Research and Consulting Services Sector Outlook — September 2026

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › RESEARCH AND CONSULTING SERVICES

Research and Consulting: Premiums Sit with Growth

The report shows how revenue direction, earnings quality and transferability distinguish market positions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › RESEARCH AND CONSULTING SERVICES

   Cover slide introducing the Research and Consulting Services sector outlook as of September 2026.

   We open the Research and Consulting Services outlook as of September 28, 2026, built on EV/EBITDA (CY2027E) as the primary valuation lens. This framing sets up the finding that follows: premiums sit with growth, while durable revenue remains the test.

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   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › RESEARCH AND CONSULTING SERVICES Research and Consulting: Premiums Sit with Growth The report shows how revenue direction, earnings quality and transferability distinguish market positions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page laying out the report's five sections plus appendix.

   We've structured this report so the bottom line comes first, giving you the full story in section one before the evidence that supports it. So what: you can stop after section one and still leave with the complete argument, or continue into the landscape, valuation, precedent transactions and strategic implications.

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   CONTENTS What This Report Covers 01 The Bottom Line Growth and Durable Revenue Distinguish the Better-Priced Names 02 The Landscape Different Revenue Engines Sit Beneath the Same Sector Label 03 Valuation & Situations The Premium Sits with Growth, but Margin Alone Does Not Sort the Market 04 Precedent Transactions Announced Deals Show What Buyers Agreed to Pay for Different Earnings Profiles 05 Strategic Implications Durable Revenue and Transferable Client Relationships Strengthen Market Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Research and Consulting Services Spans Generalist, Technology and Adjacent Models

   The bottom line slide summarizing how the sector splits into generalist, technology and adjacent revenue models.

   Among the five companies with a CY2027E EV/EBITDA estimate, CRA International sits at 12.3x while Forrester Research sits at 4.4x — a gap that the forward lens already credits to differences in earnings durability. Generalist consultancies carry the sector's higher segment benchmark, and revenue quality that extends beyond the current project book — contractual revenue, wallet retention, engagement backlog — gives buyers more confidence in the earnings base. Transferable client relationships matter too: a franchise that wins work beyond one partner is easier to underwrite. So what: the market is not pricing this sector on margin alone; it is pricing durability and transferability.

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   01 · THE BOTTOM LINE Research and Consulting Services Spans Generalist, Technology and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Pairs Growth with Credible Earnings Among the 5 companies with a CY2027E EV / EBITDA estimate, CRA International, Inc. (CRAI) sits at 12.3x while Forrester Research, Inc. (FORR) sits at 4.4x. Because the lens is forward, that gap already credits forecast earnings and is consistent with a market distinction around durability. 2 Generalist Advice Holds the Higher Segment Benchmark Four generalist management consultancies with an estimate sit at 10.0x. The technology consulting benchmark is 8.4x and rests on one company, so the contrast is informative rather than conclusive. 3 Revenue Quality Extends Beyond the Current Project Book Contractual revenue, wallet retention and engagement backlog can give buyers greater confidence in the earnings base. Episodic work can still command value when proprietary methods, mandated demand or institutional client relationships support repeat work. 4 Transferable Client Relationships Strengthen Buyer Confidence A franchise that wins work beyond an individual partner is easier to underwrite. Bench depth, consultant retention and a functioning promotion pyramid also matter because buyers assess whether client revenue and delivery capacity can travel together. 9.3x Sector median EV/EBITDA CY2027E consensus · 5 rated of 10 companies 12.3x Premium end EV/EBITDA vs 4.4x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 42 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the section on revenue models across the sector.

   Generalist advice, technology consulting and adjacent models offer different paths to durable revenue, even though they sit under one sector label. So what: understanding which engine a company runs is the first step to reading its valuation correctly.

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   SECTION 02 02 THE LANDSCAPE Different Revenue Engines Sit Beneath the Same Sector Label Generalist advice, technology consulting and adjacent models offer different paths to durable revenue. 02 of 06 Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Generalist Consultancies Hold the Sector’s Main Valuation Benchmark

   Market map showing the approved companies grouped by business segment with median EV/EBITDA per group.

   We group the approved companies by business segment and compare median EV/EBITDA (CY2027E) per group, using rated names only. Generalist consultancies hold the sector's main valuation benchmark, at 10.0x across the generalist names with an estimate. So what: segment matters before company-specific factors even enter the picture.

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   02 · MARKET MAP Generalist Consultancies Hold the Sector’s Main Valuation Benchmark 10 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 GENERALIST MANAGEMENT CONSULTANCIES 6 cos median 10.0x Huron Consulting (HURN) ICF International (ICFI) CRA International (CRAI) Roma Green (ROMA) Forrester Research (FORR) Resources (RGP) This group represents 60% of the peer set and carries a 10.0x benchmark across the names with estimates. TECHNOLOGY IMPLEMENTATION AND DIGITAL TRANSFORMATION CONSULTING 2 cos 8.4x · 1 rated Gartner (IT) The Hackett Group (HCKT) This group represents 20% of the peer set, with its 8.4x benchmark resting on one company. ADJACENT MODELS 2 cos no rated names Resolute (RHLD) Franklin Covey (FC) This group represents 20% of the peer set and broadens the sector beyond conventional project consulting.

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   02 · LANDSCAPE

   Revenue Model Matters More than a Shared Sector Label

   Segment view of the approved universe comparing EV/EBITDA medians across generalist, technology and adjacent models.

   The technology consulting benchmark sits at 8.4x, versus 10.0x for generalist consultancies, though the technology reading rests on a single company and is informative rather than conclusive. Revenue model, not the shared sector label, is what separates these outcomes. So what: comparing a technology consultancy to a generalist peer without adjusting for model risks a mismatched read.

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   02 · LANDSCAPE Revenue Model Matters More than a Shared Sector Label Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Generalist management consultancies 6 60% 10.0x Huron Consulting Group Inc. (HURN) · ICF International, Inc. (ICFI) · +4 more Advice spans client needs. The group covers broad management consulting, where institutional brand, rate-card realization and the ability to move from diagnosis into delivery shape revenue quality. Technology implementation and digital transformation consulting 2 20% 8.4x n=1 Gartner, Inc. (IT) · The Hackett Group, Inc. (HCKT) Delivery follows the diagnosis. These businesses connect advice with implementation, making engagement backlog, book-to-bill and exposure to discretionary technology budgets important to the earnings story. Adjacent models 2 20% — Resolute Holdings Management, Inc. (RHLD) · Franklin Covey Co. (FC) Different engines broaden the set. Resolute Holdings Management, Inc. (RHLD) and Franklin Covey Co. (FC) bring economic and expert-services work alongside capability-building and certification practices.

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   SECTION 03

   03

   Divider introducing the section on public market valuation and its drivers.

   The premium sits with growth, but margin alone does not sort this market — the forward earnings lens already credits forecasts, which raises the test from growth to durability. So what: we move next into what separates the top and bottom of the forward earnings range.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium Sits with Growth, but Margin Alone Does Not Sort the Market The forward earnings lens already credits forecasts, raising the test from growth to durability. 03 of 06 Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Growth Separates the Two Ends of the Forward Earnings Range

   All rated companies ranked by EV/EBITDA (CY2027E), sorted descending against the 9.3x sector median.

   Across the rated companies, EV/EBITDA (CY2027E) ranges from CRA International at 12.3x to Forrester Research at 4.4x, against a sector median of 9.3x. Growth separates the two ends of this range, and because the lens is forward-looking, that separation already reflects the market's read on which forecasts it trusts. So what: the multiple gap is a proxy for perceived earnings durability, not simply current scale.

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   03 · PUBLIC MARKET VALUATION Growth Separates the Two Ends of the Forward Earnings Range EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 9.3x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.3x CORE · median 9.3x DISCOUNT · median 4.4x Sector median 9.3x WHAT SEPARATES THE TWO ENDS Growth sits at the top. Among the 5 companies with a CY2027E EV / EBITDA estimate, CRA International, Inc. (CRAI) carries 10% growth at the 12.3x premium end, while Forrester Research, Inc. (FORR) carries -11% growth at the 4.4x discount end. The forward lens raises durability. A CY2027E multiple already credits forecast earnings. A premium that remains on that basis is consistent with confidence in the durability of revenue and earnings rather than a single period of delivery. Margin does not sort cleanly. Gartner, Inc. (IT) carries a 25% margin in the core tier, while CRA International, Inc. (CRAI) carries a 12% margin at the premium end. The sample therefore does not show a simple progression from higher margin to higher valuation.

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   03 · VALUATION DRIVERS

   Revenue Durability and Delivery Quality Frame the Next Valuation Test

   Median EV/EBITDA compared across revenue-growth and EBITDA-margin cohorts split at the covered median.

   We cut the rated set at its own covered medians for revenue growth and EBITDA margin to see where the premium concentrates. Coverage on these specific cohorts is currently limited, so we treat this as a frame for the next test rather than a settled read. So what: revenue durability and delivery quality, not margin alone, are the questions this valuation test raises next.

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   03 · VALUATION DRIVERS Revenue Durability and Delivery Quality Frame the Next Valuation Test Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability Still Depends on Operating Discipline Utilization, realization, rate-card progress and pyramid leverage remain the practical tests of whether growth converts into a repeatable earnings base. Contractual Revenue Gives Forecasts Firmer Support Subscriptions, retainers and long-dated task orders can reduce dependence on the next project win. Renewal quality and wallet retention determine how much confidence that revenue deserves. Client Ownership Affects Transferability Institutional origination is easier to underwrite than revenue concentrated around a small partner group. A deep bench and credible retention plan can strengthen that position. Mandated Work Can Support Demand Resilience Regulatory, litigation and government-facing work may hold up differently from discretionary transformation budgets. Vehicle eligibility, recompete exposure and client concentration still shape the quality of that demand.

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    03 · SITUATION MAP

    The Right Operating Agenda Depends on Margin and Market Standing

    A two-by-two map cutting companies on EV/EBITDA versus the 9.3x sector median and EBITDA margin versus the 12% covered median.

    We cut the observed companies on EV/EBITDA against the 9.3x sector median and on EBITDA margin against the 12% covered median, producing four situations rather than one universal template. These are observations, not recommendations, and the boundaries follow each cohort's own median. So what: the right operating agenda depends on where a company sits on this map, not on a single sector-wide prescription.

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    03 · SITUATION MAP The Right Operating Agenda Depends on Margin and Market Standing Cut on EV / EBITDA vs the sector median (9.3x) (rows) and EBITDA margin vs the covered median (12%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Valuation · Higher Margin Above-median multiple · above-median EBITDA margin 2 names Huron Consulting Group Inc. (HURN) · CRA International, Inc. (CRAI) Huron Consulting Group Inc. (HURN) and CRA International, Inc. (CRAI) pair above-midpoint valuation with above-midpoint margin. The operating test is to sustain growth, utilization and client retention without weakening delivery quality. Higher Valuation · Lower Margin Above-median multiple · below-median EBITDA margin 1 names ICF International, Inc. (ICFI) ICF International, Inc. (ICFI) carries above-midpoint valuation with below-midpoint margin. Better realization, rate-card progress and delivery mix could strengthen the earnings support beneath that standing. Lower Valuation · Higher Margin Below-median multiple · above-median EBITDA margin 1 names Gartner, Inc. (IT) Gartner, Inc. (IT) carries below-midpoint valuation with above-midpoint margin. The question is whether revenue direction, renewal quality and wallet retention can support a different market view. Lower Valuation · Lower Margin Below-median multiple · below-median EBITDA margin 1 names Forrester Research, Inc. (FORR) Forrester Research, Inc. (FORR) sits below both reference points. The operating agenda is broader, spanning revenue stabilization, cost structure and the durability of syndicated research and seat-based subscription demand.

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    03 · THE AGENDA

    Operating Priorities Change with Revenue Durability and Market Position

    Operating priorities framed as questions an owner or acquirer should resolve, based on revenue durability and market position.

    Building on the situation map, we frame the operating agenda as questions for an owner or acquirer to resolve, grounded in the cohort data shown earlier. This is directional, advisory judgment, not investment advice. So what: the priority list changes depending on where a firm sits on durability and market position, and treating all firms the same risks the wrong fix.

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    03 · THE AGENDA Operating Priorities Change with Revenue Durability and Market Position NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Strengthen the Recurring Revenue Mix Shift commercial focus toward subscriptions, retainers and repeatable offerings where the client need supports them. Protect renewal quality and wallet retention rather than treating contracted revenue as sufficient on its own. What changes the answer: Choose this path when project-by-project work limits visibility beyond the current engagement backlog. Convert Growth into Dependable Earnings Tighten utilization, realization and pyramid leverage while preserving the senior bench required to win and deliver work. The aim is growth that does not depend on repeated cost resets. What changes the answer: Choose this path when revenue is progressing but margin and cash conversion remain inconsistent. Reduce Dependence on Individual Partners Broaden client ownership, deepen the next leadership tier and make proprietary methods usable across teams. This can improve continuity when relationships or senior consultants move. What changes the answer: Choose this path when client origination and delivery authority remain concentrated in a small group. Build or Acquire Missing Capability Compare internal investment with targeted capability expansion in sectors, delivery models or recurring offerings. Capital allocation should follow the route that strengthens revenue quality without stretching the bench. What changes the answer: Choose this path when client demand extends beyond the firm’s current delivery capacity or expertise.

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    SECTION 04

    04

    Divider introducing the section on precedent transactions.

    Announced deals show what buyers agreed to pay for different earnings profiles, spanning both revenue-led and earnings-led valuation approaches. So what: the transaction record gives us a second, deal-tested view alongside the public market lens.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Announced Deals Show What Buyers Agreed to Pay for Different Earnings Profiles The transaction record spans revenue-led and earnings-led valuation approaches. 04 of 06 Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Announced Transactions Show What Buyers Agreed to Pay Across the Sector

    Case-study transactions with disclosed terms, illustrating multiples paid on LTM financials at announcement.

    We walk through a small set of the disclosed-terms transactions as case studies, with multiples on LTM financials at announcement where disclosed; the complete list sits in the appendix. These deal multiples are not directly comparable to the CY2027E public basis, so we don't claim a spread between the two. So what: precedent transactions tell us what buyers have actually paid for specific earnings profiles, which is a useful check against where public markets price the same profiles today.

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    04 · DEAL CASE STUDIES Announced Transactions Show What Buyers Agreed to Pay Across the Sector 3 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 40 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2017 $5.0B Quarterhill Inc. Quarterhill Inc. agreed to acquire Conduent Incorporated in a platform-level transaction. EV / LTM revenue 0.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests expansion through a sizable whole-company acquisition. Its scale points to a broader platform commitment rather than a narrow capability purchase. HOW THE TARGET WAS VALUED The transaction was recorded at $5.0B and 0.8x EV / Revenue. That revenue benchmark sits below the 3.4x recorded for Avelead Consulting LLC. Jul-2026 $3.7B Viking ParentCo, Inc. Viking ParentCo, Inc. agreed to acquire CBIZ, Inc. as a whole-company platform investment. EV / LTM revenue 1.3x EV / LTM EBITDA 8.5x WHY THE DEAL HAPPENED The pairing suggests a buyer willing to underwrite the target’s established earnings base. The transaction’s size is consistent with a platform-level commitment. HOW THE TARGET WAS VALUED The transaction was recorded at $3.7B, 1.3x EV / Revenue and 8.5x EV / EBITDA. Its earnings multiple sits below the 10.6x recorded for Bowman Consulting Group Ltd. Aug-2026 $842M Bernhard Capital Partners Bernhard Capital Partners agreed to acquire Bowman Consulting Group Ltd. as a sponsored consulting… EV / LTM revenue 1.6x EV / LTM EBITDA 10.6x WHY THE DEAL HAPPENED The pairing suggests financial sponsorship of an established consulting earnings base. The transaction indicates interest in both revenue scale and current profitability. HOW THE TARGET WAS VALUED The transaction was recorded at $842M, 1.6x EV / Revenue and 10.6x EV / EBITDA. Both benchmarks sit above the 1.3x and 8.5x recorded for CBIZ, Inc.

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    SECTION 05

    05

    Divider introducing the section on strategic implications for owners and management.

    Durable revenue and transferable client relationships strengthen market standing, and owners can focus their operating choices on revenue mix, retention, pricing and bench depth. So what: this section turns the valuation evidence into a concrete operating agenda.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Revenue and Transferable Client Relationships Strengthen Market Standing Owners can focus operating choices on revenue mix, retention, pricing and bench depth. 05 of 06 Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Durable Revenue, Delivery Discipline and Transferability Deserve Equal Attention

    Strategic implications framed as questions for owners, management teams and boards over the next twelve months.

    We set out the questions this data puts on the table for owners, management teams and boards over the next twelve months — from the revenue mix worth compounding to whether growth is converting into durable earnings. This is directional, our view drawn from the analysis in this report, offered as observations rather than recommendations. So what: durable revenue, delivery discipline and transferability deserve equal attention, not just the metric that happens to be easiest to track.

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    05 · STRATEGIC IMPLICATIONS Durable Revenue, Delivery Discipline and Transferability Deserve Equal Attention NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Choose the Revenue You Want to Compound Prioritize offerings with repeat demand, credible pricing and a delivery model that does not depend on one partner or one client. FOR MANAGEMENT TEAMS Make Growth Work Through the Model Align hiring, utilization, realization and pyramid leverage so that new revenue supports earnings quality rather than masking bench or pricing pressure. FOR BOARDS Test Build-Versus-Buy Against Durability Assess whether capital is better directed toward internal capability, recurring offerings or targeted acquisitions that deepen client relevance and delivery capacity.

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    SECTION 06

    06

    Divider introducing the appendix covering the full universe, methodology and sources.

    This section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. So what: any figure in this deck can be traced back to its source from here.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Full comparables table on EV/EBITDA (CY2027E) grouped by valuation tier, covering rated and not-rated companies.

    Within the universe, some companies carry a rated EV/EBITDA (CY2027E) multiple and some do not; teal shading marks a multiple above the 9.3x sector median, amber marks below. All rated rows appear here and in the companion workbook, which carries the complete field set. So what: this is the full rated comparable set behind every valuation claim made earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.3x); amber marks below · 5 rated companies; 5 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.8x · median 12.3x · 1 companies CRA International, Inc. CRAI Generalist management consultancies $1.3B 12.3x 10% 12% 17 CORE — 8.4x–10.8x · median 9.3x · 3 companies Huron Consulting Group Inc. HURN Generalist management consultancies $3.4B 10.8x 10% 15% 25 ICF International, Inc. ICFI Generalist management consultancies $2.1B 9.3x 2% 11% 17 Gartner, Inc. IT Technology implementation and digital transformation… $14.1B 8.4x -1% 25% 29 DISCOUNT — <8.4x · median 4.4x · 1 companies Forrester Research, Inc. FORR Generalist management consultancies $134M 4.4x -11% 8% 9

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full list of disclosed-terms precedent transactions, sorted newest first.

    This page lists the disclosed-terms transactions newest first, with multiples on LTM financials at announcement where disclosed and deal values linked to the underlying filing. A number of these records carry data-quality flags and are shown as recorded in the filing rather than adjusted. So what: this is the primary evidence behind the deal case studies discussed earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (42 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 40 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Bernhard Capital Partners → Bowman Consulting Group Ltd. $842M 1.6x 10.6x The announced pairing of Bernhard Capital Partners and Bowman Consulting Group Ltd. suggests continued sponsor interest in a consulting platform with an established earnings base. Jul-2026 Viking ParentCo, Inc. → CBIZ, Inc. $3.7B 1.3x 8.5x The announced transaction involving Viking ParentCo, Inc. and CBIZ, Inc. points to buyer appetite for a whole-company platform rather than a narrow capability purchase. Aug-2021 Streamline Health Solutions Inc. → Avelead Consulting LLC n/a 3.4x n/a Streamline Health Solutions Inc. agreed to acquire Avelead Consulting LLC, illustrating how a focused consulting capability can attract an operating buyer. Nov-2020 Jacobs Solutions Inc. → PA Consulting Group Limited n/a n/a 15.3x The announced pairing of Jacobs Solutions Inc. and PA Consulting Group Limited shows operating-buyer interest in a broad consulting franchise. Aug-2020 Triton; Triton Fund V L.P. → HiQ International AB (publ) n/a 2.1x 15.5x Triton; Triton Fund V L.P. agreed to acquire HiQ International AB (publ), pointing to financial-buyer interest in technology-oriented consulting. Apr-2018 Ashford Inc. → Remington Project Management n/a n/a 12.5x Ashford Inc. agreed to acquire Remington Project Management, showing how specialist delivery capability can complement an existing operating platform. Sep-2017 Quarterhill Inc. → Conduent Incorporated $5.0B 0.8x n/a The announced transaction involving Quarterhill Inc. and Conduent Incorporated suggests a sizable commitment to whole-company expansion. Sep-2017 GSE Systems, Inc. → Absolute Consulting, Inc. n/a 0.2x n/a GSE Systems, Inc. agreed to acquire Absolute Consulting, Inc., illustrating operating-buyer interest in a focused consulting business. Aug-2017 UnitedHealth Group Incorporated → The Advisory Board Company n/a n/a 14.1x UnitedHealth Group Incorporated agreed to acquire The Advisory Board Company, showing interest in a research and advisory platform from outside the traditional consulting peer set.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page continuing the full list of disclosed-terms precedent transactions, newest first.

    This page continues the same disclosed-terms transaction list, newest first, on the same LTM-at-announcement basis as the prior page. So what: together these two pages give you the complete disclosed-terms record behind the precedent analysis.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (42 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 40 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 26 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2017 Gartner, Inc. → CEB Inc. n/a n/a 13.3x Value shown as recorded in the filing; deal value unit unresolved. Oct-2015 General Employment Enterprises Inc. (nka:GEE Group, Inc.) → Access Data Consulting Corporation n/a 0.7x 6.0x Value shown as recorded in the filing; deal value unit unresolved. Mar-2015 Science Applications International Corporation → Scitor Holding, Inc. n/a n/a 12.7x Value shown as recorded in the filing; deal value unit unresolved. Sep-2014 Q-Free ASA → Open Roads Consulting Inc. n/a n/a 13.9x Jul-2012 Engility → Dynamics Research n/a n/a 7.3x Value shown as recorded in the filing; deal value unit unresolved. n/a n/a → Booz Allen Hamilton Holding Corporation $9.3B 1.4x 0.6x n/a n/a → Booz Allen Hamilton Holding Corporation $0M 1.4x 0.6x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Research and Consulting Services and it clears the coverage gate with 5 of 10 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 6 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 389 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (388) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    In This Sample, Premiums Sit with Growth While Durable Revenue Remains the Test.

    Closing slide restating that premiums sit with growth while durable revenue remains the test.

    In this sample, premiums sit with growth while durable revenue remains the test — that's the throughline of everything we've shown. So what: the companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace.

    Everything on this page

    In This Sample, Premiums Sit with Growth While Durable Revenue Remains the Test. NeuraCap AI — Research and Consulting Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Research and Consulting Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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