Retail and Hospitality Software Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

Balance Sheets Get Refinanced While Most Names Give Back Ground

This update covers what moved, what companies announced and what changed in transactions across retail and hospitality software from September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

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

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

   Cover page introducing the Retail and Hospitality Software bi-weekly industry events and M&A update for September 11–25, 2026.

   We open this bi-weekly update on Retail and Hospitality Software, covering the period September 11–25, 2026. Over the next pages we walk through what changed, who moved and why, what transacted, and what it means for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE Balance Sheets Get Refinanced While Most Names Give Back Ground This update covers what moved, what companies announced and what changed in transactions across retail and hospitality software from September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Contract Wins and a Refinancing Sequence Ran Alongside Broad Price Weakness

   Summarizes the two-week period's covered set performance against the S&P 500 alongside a refinancing headline.

   Six of the eight names we track fell over the period, with a median move of -5.5% against a +1.1% gain for the S&P 500, so the covered set gave back ground versus the broad market. At the same time, Sabre ran a funded balance-sheet plan that stood out from the rest of the group. This split between price weakness and one company's financing progress sets up the detail on the following pages. The contrast is the headline for this two-week period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Contract Wins and a Refinancing Sequence Ran Alongside Broad Price Weakness The two-week period in one page · 8 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 8 Covered Names Fell; The Median Move Was -5.5% The S&P 500 returned +1.1% over the same two-week period, so the covered set gave ground against the broad market. Only two names finished higher. 2 Two Outsized Declines Did Most of the Damage NCR Voyix Corporation (VYX) finished -17.3% and Shift4 Payments, Inc. (FOUR) finished -15.3%, both well beyond the -5.5% median for the covered set. Neither carried an in-window record that explains the move. 3 Sabre Put a Funded Balance-Sheet Plan on the Board Sabre Corporation (SABR) ended the two-week period +3.7%, with its biggest day +11.0% on Sep 16, one day after it priced an upsized senior secured notes offering at $1,350,000,000 and launched further cash tender offers for existing secured debt. 4 The Standing Thesis Still Frames the Set NeuraCap's standing view is that the premium sits with the faster-growing names rather than the higher-margin ones. On the CY2027E EV/EBITDA lens the sector median is 6.7x, with the Premium tier at 20.0x and the Discount tier at 5.0x. This period's prices moved; the framing did not. +3.7% Best mover — Sabre Corporation (SABR) worst: VYX -17.3% · 2 up / 6 down of 8 covered -5.5% Sector median two-week return vs S&P 500 +1.1%

3. 03
   PUBLIC MARKET MOVERS

   One Refinancing Story, Two Large Declines the Record Does Not Account For

   Shows individual share-price moves for the covered set, flagging two large declines the recorded evidence does not explain.

   NCR Voyix finished the period -17.3% and Shift4 Payments finished -15.3%, both well beyond the -5.5% median for the covered set, and neither carried an in-window filing or headline that accounts for the move. We hold a materiality bar of ±8.3% sector-relative, so both declines clear the bar for attention even without a recorded driver. Sabre was the standout gainer at +3.7%, with its biggest single day at +11.0% the day after it priced its notes offering. So what: price alone does not tell us what happened at NCR Voyix or Shift4 — the record is the honest constraint here.

   Everything on this page

   PUBLIC MARKET MOVERS One Refinancing Story, Two Large Declines the Record Does Not Account For Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -5.5% · S&P 500 +1.1% · materiality bar ±8.3% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. 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. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.5% Shift4 Payments, Inc. (FOUR) -15.3% No notable in-window news was identified that clearly explains the move. At -15.3%, the decline was well beyond the -5.5% median for the covered set. A payments-led Core-tier model can reprice sharply without a company announcement sitting behind it. UNEXPLAINED Sabre Corporation (SABR) +3.7% Shares moved following back-to-back balance-sheet actions: a senior secured notes offering and a cash tender offer for existing secured debt announced Sep 14, then pricing of the upsized notes at $1,350,000,000 on Sep 15. In travel distribution, refinancing the debt stack can matter to the equity as much as the next contract win. COMPANY-SPECIFIC NCR Voyix Corporation (VYX) -17.3% No notable in-window news was identified that clearly explains the move. At -17.3%, the decline was well beyond the -5.5% median for the covered set. Discount-tier store-systems names still carry the widest swings when the in-window record is quiet. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Sold into Their Installed Base While Sabre Reworked Its Debt

   Details the two-week period's highest-impact company announcements, including contract wins and Sabre's debt refinancing.

   Several companies in the set sold further into their existing installed base — a multi-year airline platform selection, a hospitality property expanding its technology use, and a new advertising category launched on a travel platform. Sabre reworked its debt, pricing an upsized senior secured notes offering at $1,350,000,000 and launching cash tender offers for existing secured debt. Each event here links back to its filing or article, so the read is traceable rather than asserted. Together these are the operating and financing moves that the price action alone would not show.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Sold into Their Installed Base While Sabre Reworked Its Debt The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "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. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · PRNewsWire Kenya Airways selects Sabre to modernise reservations, ticketing and check-in on Sabre Mosaic A named airline moving onto offer-and-order retailing is a multi-year distribution contract, not a one-time sale. It is the kind of supplier connectivity win that anchors recurring economics in travel distribution. Enterprise contracts with long terms remain the clearest evidence of durable revenue in distribution. Sep 22 · NEWS · Business Wire Angel of the Winds expands its use of Agilysys hospitality technology across the property Agilysys, Inc. (AGYS) is expanding inside a location it already serves, which is module attach in its plainest form. For a Premium-tier name, expansion within the installed base is the growth line buyers underwrite. Selling the next module into an existing property is cheaper growth than winning a new one. Sep 22 · NEWS · PRNewsWire Expedia Group signs a multi-year travel protection advertising partnership with Redion Expedia Group, Inc. (EXPE) is opening a new advertiser category across its brands, which adds a revenue layer that does not depend on booking volume alone. The NeuraCap read is that this is mix work, not volume work. Two-sided platforms can add monetisation layers without adding transaction risk. Sep 24 · NEWS · PRNewsWire Sabre reports results of its cash tender offers for existing secured debt The results close out the exchange step of the refinancing sequence Sabre began earlier in the two-week period. Capital structure work is a live variable for travel distribution names, alongside contract wins. Sep 21 · NEWS · PRNewsWire Sabre makes its case that customers are already live on modern AI-enabled distribution The company is positioning on execution rather than roadmap in the connectivity debate. That framing matters because supplier and agency content agreements are won on what is in production, not what is planned. In distribution, live deployments are the competitive claim that carries weight with suppliers. Sep 15 · NEWS · PRNewsWire Sabre publishes an industry study on how travel firms are setting their AI and modernisation plans The study reports that travel executives are protecting and in many cases accelerating modernisation while prioritising near-term efficiency and automation. Buyer intent to modernise looks intact; pace of conversion remains the variable to watch.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions to Price Against This Period

   Notes that no new M&A transactions priced in the period and points to the trailing precedent set for reference.

   No new transactions priced against the sector in this two-week period, so we are not presenting a fresh deal to size. The reference point remains the trailing record of 34 recorded deals, alongside the CY2027E EV/EBITDA lens where the sector median sits at 6.7x, spanning a Discount tier at 5.0x to a Premium tier at 20.0x. We do not re-present older transactions as if they were new news. So what: valuation conversations this period rest on that trailing benchmark, not on a fresh print.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions to Price Against This Period September 11–25, 2026 · precedent transactions: 34 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. 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. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The reference set is unchanged, and buyers still work from the 34 transactions in the trailing record. 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. 34 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for the People Who Run, Buy and Advise These Businesses

   Translates the two-week period's events into observations for owners, acquirers and advisors.

   For owners and operators, the period rewarded expansion inside the installed base — the airline selection, the hospitality module attach, and the new travel advertising category are all live evidence of that. For acquirers, the reference set did not move even though the operating evidence did, so the CY2027E EV/EBITDA framing — 6.7x median, 5.0x to 20.0x range — still anchors any pricing conversation. For advisors, the split between a -5.5% median price move and real contract and financing progress argues for leading with revenue quality and funded plans rather than price alone. These are observations on the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for the People Who Run, Buy and Advise These Businesses 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 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 6.7x 8 companies in the study 3 valuation tiers Standing thesis: Retail and hospitality software: the premium sits with the faster-growing names, and not with the higher-margin ones FOR OWNERS & OPERATORS The Period Rewarded Expansion Inside the Installed Base The visible wins were a multi-year airline platform selection, a property expanding its use of hospitality technology, and a new advertising category on a travel platform. Those are live locations, module attach and revenue mix in action. FOR ACQUIRERS The Reference Set Did Not Move; The Operating Evidence Did With no new transactions announced, pricing benchmarks rest on the trailing record and on the CY2027E EV/EBITDA lens, where the sector median is 6.7x and the spread runs from a Discount tier at 5.0x to a Premium tier at 20.0x. FOR ADVISORS Lead with Revenue Quality and Funded Plans The theme of the two-week period was a split between operating progress and price: 6 of 8 covered names fell, median -5.5%, while companies announced contract wins and a completed refinancing sequence.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and states the report's limitations.

   Every figure in this update ties back to the record it was taken from — SEC filings, publisher-sourced news, and market prices through September 25, 2026. We use calibrated language throughout: where the evidence supports an association, we say so, and where it does not, the page says so as well. This is analytical interpretation, not investment advice, so read the driver attributions as our reads of the recorded evidence rather than certainties. So what: the sourcing here is built for scrutiny, not just headline conclusions.

   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 11–25, 2026 · market data through 2026-09-25 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. Retail and Hospitality Software Bi-Weekly Update | September 11–25, 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_20260925T162303Z_663_prod (market data as of 2026-09-25) — 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: prnewswire.com · businesswire.com

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