Research and Consulting Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › RESEARCH AND CONSULTING SERVICES

Buyers Reward Durable Revenue as Advisory Shares Give Back Ground

This update covers what moved, what companies announced, and where the transaction record stands for Research and Consulting Services over September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › RESEARCH AND CONSULTING SERVICES

   Cover slide introducing the September 14–28, 2026 Research and Consulting Services industry and M&A update.

   This update covers what moved, what companies announced, and where the transaction record stands for Research and Consulting Services over September 14–28, 2026. We'll walk through the two-week price action, the highest-impact company events, and the deal record before closing with what it means for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › RESEARCH AND CONSULTING SERVICES Buyers Reward Durable Revenue as Advisory Shares Give Back Ground This update covers what moved, what companies announced, and where the transaction record stands for Research and Consulting Services over September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Shares Retreat Across the Group While the Deal Record Sits Still

   Shares Retreat Across the Group While the Deal Record Sits Still.

   Shares Retreat Across the Group While the Deal Record Sits Still The two-week period in one page · 10 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. 2

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   THE BI-WEEKLY BOTTOM LINE Shares Retreat Across the Group While the Deal Record Sits Still The two-week period in one page · 10 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 10 Covered Names Fell; The Median Move Was -5.9% The S&P 500 returned +0.8% over the same window, so the pullback sat in this group rather than in the broad market. Huron Consulting Group Inc. (HURN) was the only covered name to rise, at +0.8%. 2 Three Names Gave up Ground in Double Digits The Hackett Group, Inc. (HCKT) fell -14.9%, Resources Connection, Inc. (RGP) -11.1% and Roma Green Finance Limited Ordinary Shares (ROMA) -10.3%. Single worst days were smaller: -3.7% for HCKT on Sep 18 and -3.6% for RGP on Sep 24. The NeuraCap read is that the declines accumulated across the two-week period rather than landing on one day. 3 The Standing Valuation Lens Still Separates Premium from Discount NeuraCap's sector study sets the CY2027E EV/EBITDA median at 9.3x, with the Premium tier at a 12.3x median above 10.8x and the Discount tier at 4.4x below 8.4x. The period's moves test that spread; they do not redraw it. 4 No New Transactions, so the Reference Points Are Unchanged Nothing new entered the transaction record in the window. The trailing set of 40 precedent transactions carries a median EV/EBITDA of 12.6x, and that remains the number buyers and sellers argue from. +0.8% Best mover — HURN worst: HCKT -14.9% · 1 up / 9 down of 10 covered -5.9% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Where the Selling Landed, and Where the Record Speaks to It

   Details the biweekly share price moves for each covered company against the sector median and S&P 500 benchmark.

   Close-to-close moves over September 14–28, 2026 put the sector median at -5.9% against a +0.8% gain for the S&P 500, with a materiality bar of 8.8% used to flag sector-relative moves. The Hackett Group, Inc. (HCKT) led declines at -14.9%, followed by Resources Connection, Inc. (RGP) at -11.1% and Roma Green Finance Limited Ordinary Shares (ROMA) at -10.3%. Single-day moves were smaller — HCKT's worst day was -3.7% and RGP's was -3.6% — which tells us these declines built up across the window rather than landing on one day. We attribute each move only to the filings and headlines recorded in the period; where no driver is on record, we say so plainly. So what: the size and pattern of these moves point to a broad repricing across the group rather than a single shared event.

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   PUBLIC MARKET MOVERS Where the Selling Landed, and Where the Record Speaks to It Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.9% · S&P 500 +0.8% · materiality bar ±8.8% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.9% The Hackett Group, Inc. (HCKT) -14.9% No notable in-window news was identified that clearly explains the move. The -14.9% decline was the widest in the covered group against a median move of -5.9%. Group-wide moves can run ahead of any one company's news flow inside a two-week window. UNEXPLAINED Resources Connection, Inc. (RGP) -11.1% No notable in-window news was identified that clearly explains the move. At -11.1%, the decline was steeper than the group's -5.9% median. The NeuraCap read: the market is sorting this sector on how much of the revenue base renews. UNEXPLAINED Huron Consulting Group Inc. (HURN) +0.8% Huron announced on Sep 22 that Consulting Magazine named it a 2026 Best Firm to Work For. With its best day, +2.2%, coming on Sep 17, the available evidence suggests positioning rather than any single disclosure carried the +0.8% gain. Employer standing is an operating asset where the bench sets how much work a firm can deliver. COMPANY-SPECIFIC Roma Green Finance Limited Ordinary Shares (ROMA) -10.3% No notable in-window news was identified that clearly explains the move. The -10.3% decline sat below the group's -5.9% median. Smaller names in the set can move on flows alone when the whole group is under pressure. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Research Output, Client Access, One Legal Overhang

   Highlights the period's most significant company announcements across research output, client engagement and legal matters.

   This period's highest-impact events centered on what companies actually did rather than how their shares traded. CRA International, Inc. (CRAI) put leadership in front of investors and published commissioned analysis, while The Hackett Group, Inc. (HCKT) released its Fall 2026 SolutionMap. Each event links back to its underlying filing or article, and our 'why it matters' notes are calibrated reads rather than certainties. So what: these are the operational signals worth tracking alongside price, because they speak to client engagement and research credibility ahead of the next reporting cycle.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Research Output, Client Access, One Legal Overhang The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · Business Wire Huron announced it was named a 2026 Best Firm to Work For by Consulting Magazine Voluntary attrition and an unfilled senior bench show up in utilization quickly, so an employer credential speaks directly to delivery capacity. In people-led advisory, the bench and the brand that fills it are part of the revenue story. Sep 17 · NEWS · Business Wire CRA International lined up presentations at upcoming investor conferences A Premium-tier name putting senior leadership in front of investors signals confidence in how it frames its own growth and earnings quality. That is the pairing NeuraCap's standing thesis puts at the premium end. Premium-tier names set the narrative the rest of the group gets measured against. Sep 23 · NEWS · Business Wire CRA International published a client-commissioned analysis on hazardous waste management and US growth Commissioned economic analysis is policy-adjacent work that sits apart from discretionary transformation budgets. It is exactly the kind of demand the sector treats as ballast under project spending. Methodology the client cannot self-supply keeps an engagement out of a rate-card argument. Sep 23 · NEWS · PRNewsWire Gartner published its Magic Quadrant for Infrastructure Platform Consumption Services Every quadrant that vendors cite shows syndicated research doing its job. That revenue arrives on seat-based subscriptions rather than on a new sale each year. Contracted research dollars are valued differently from project dollars, and this is why. Sep 22 · NEWS · Business Wire The Hackett Group released its Fall 2026 SolutionMap evaluating procurement technology providers SolutionMap is proprietary benchmarking data that clients cannot build themselves, and it feeds the advisory work sitting on top of it. That is the route to revenue growing faster than the consultant base. Data assets break the link between adding headcount and adding revenue. Sep 22 · NEWS · GlobeNewsWire A law firm announced an investigation into potential fiduciary duty breaches at Gartner The record shows an investigation announced, not an outcome. For anyone building a reference set on a Core-tier name, it becomes a diligence workstream alongside revenue quality. Governance questions get diligenced next to contract value, not after it.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for Transactions, with the Reference Points Intact

   Reviews the M&A and precedent transaction record for the sector, noting no new deals closed in the window.

   No new transactions entered the record over September 14–28, 2026, so the reference points for buyers and sellers stayed exactly where they were. The trailing set of 40 precedent transactions carries a median EV/EBITDA of 12.6x, and that multiple continues to anchor how deals in this space get framed. We read a quiet window as a pause in new supply, not as a signal about deal appetite, and we don't re-present older transactions as fresh news. So what: the absence of new deals leaves the existing 12.6x benchmark as the working assumption for anyone pricing a transaction in this sector today.

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   M&A & STRATEGIC ACTIVITY A Quiet Window for Transactions, with the Reference Points Intact September 14–28, 2026 · precedent transactions: 40 recorded deals · median 12.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 precedent transactions still carries a median EV/EBITDA of 12.6x, so the comparables buyers and sellers work from are unchanged. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 12.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   Reading the Period: Revenue Durability and Steady Reference Points

   Translates the period's share price and deal activity into implications for owners, acquirers and advisors.

   For owners and operators, this period rewarded mix and retention — Huron Consulting Group Inc. (HURN) was the one name that held positive ground, up +0.8%, even as the wider group traded across a wide range. For acquirers, nothing new entered the transaction record, so the trailing set of 40 precedent deals and its 12.6x median EV/EBITDA remains the number to underwrite against. For advisors, the period's real evidence is operational — CRA International, Inc. (CRAI) engaged investors directly and published commissioned analysis, and The Hackett Group, Inc. (HCKT) released its Fall 2026 SolutionMap — and that is what deserves the client conversation, not two weeks of price. So what: revenue durability and steady reference points, not raw price moves, are what this period actually argued about.

   Everything on this page

   WHAT IT MEANS Reading the Period: Revenue Durability and Steady Reference Points The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.3x 10 companies in the study 3 valuation tiers Standing thesis: Research and Consulting Services Spans Generalist, Technology and Adjacent Models FOR OWNERS & OPERATORS Mix and Retention Are What This Period Rewarded Companies in the space traded across a wide range, and Huron Consulting Group Inc. (HURN) held positive ground at +0.8%. FOR ACQUIRERS Nothing New to Price Against, so the Existing Record Governs With no transactions recorded in the window, the trailing set of 40 precedent transactions and its 12.6x median EV/EBITDA remains the reference. FOR ADVISORS Lead with What Companies Did, Not with Two Weeks of Price The period's evidence is operational: CRA International, Inc. (CRAI) put leadership in front of investors and published commissioned analysis, The Hackett Group, Inc. (HCKT) released its Fall 2026 SolutionMap, and Gartner, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and disclosures.

   Every figure in this update links back to the filing, price record or transaction data it was taken from, and driver attributions use calibrated language rather than asserted causation. Sources are admitted in a fixed reliability order — SEC filings first, then press releases, then established outlets — and video or social platforms are never used. This page exists so a reader can trace any number in the deck back to its origin. So what: the update's conclusions are only as strong as this record, and we've made that record fully checkable.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Research and Consulting Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T075153Z_400_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · prnewswire.com · globenewswire.com

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