Security and Alarm Products Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › SECURITY AND ALARM PRODUCTS

Security and Alarm: The Premium Sits with Margin Quality

How the six listed security and alarm names are valued today, what buyers agreed to pay across the recorded transactions, and where the value separates.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › SECURITY AND ALARM PRODUCTS

   This is the cover slide identifying the sector as Security and Alarm Products within Consumer Discretionary.

   We open on Security and Alarm Products, valued primarily on EV / EBITDA (CY2027E) as of September 28, 2026. This report separates the recurring-monitoring core from a long tail of single-product device makers, and shows where the value sits.

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › SECURITY AND ALARM PRODUCTS Security and Alarm: The Premium Sits with Margin Quality How the six listed security and alarm names are valued today, what buyers agreed to pay across the recorded transactions, and where the value separates. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five report sections plus the appendix, starting with the bottom line.

   We've structured this report so the bottom line comes first — section one carries the whole story on its own, even for a reader who stops there. From there we walk the market landscape, valuation and situations, precedent transactions, and strategic implications, each building on the last. Use this page as your map for how deep to go in the conversation.

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   CONTENTS What This Report Covers 01 The Bottom Line Security and Alarm: The Whole Argument on One Page 02 The Landscape Recurring Monitoring Anchors the Set; The Tail Sells One Product Each 03 Valuation & Situations A Tight Forward Range at the Top, Real Distance at the Bottom 04 Precedent Transactions Industrial Platforms Have Been Buying Fire, Access and Residential Brands 05 Strategic Implications What This Means for the Way You Run the Business 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Security and Alarm Products: A Recurring-Monitoring Core, Then a Long Tail of Single-Product Device Makers

   This slide summarizes the full findings on one page: a recurring-monitoring core with a long tail of single-product device makers, valued on EV / EBITDA (CY2027E).

   This is the whole argument in one page: Security and Alarm Products splits into a recurring-monitoring core and a long tail of single-product device makers. Only three of the six companies we track carry a forward EV / EBITDA estimate for CY2027E, and it's those three that set the market's price. The rest of the story — margin, deal multiples, and strategic implications — builds from this page, so what follows should feel like detail, not surprise.

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   01 · THE BOTTOM LINE Security and Alarm Products: A Recurring-Monitoring Core, Then a Long Tail of Single-Product Device Makers 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 (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Only Three of the Six Names Carry a Forward Earnings Estimate Six companies clear the screen for Security and Alarm Products, and 3 of the 6 carry a forward EV / EBITDA estimate for CY2027E. Read the market's pricing off those three names and treat the rest on operating evidence rather than on a multiple. 2 The Names with Estimates Are Priced Close Together Across the 3 names with a forward estimate, the middle of the range sits at 12.7x forward EV / EBITDA for CY2027E, with the middle band running 11.3x to 12.8x. A forward multiple already credits the growth in the forecast, so a level that holds there reads as a price for durable earnings rather than for the top line. 3 Your Recurring Service Line Is Where the Set Becomes Comparable The alarm monitoring and recurring security services group holds 33% of the 6 companies, the largest group on the page; the connectivity, components and adjacent groups carry one name apiece. With groups that thin, recurring monthly revenue, attach rate and attrition are the measures a buyer can actually compare. 4 Strategic Platforms Have Been Doing the Buying Of the 9 transactions shown, acquirers such as Honeywell International Inc., Resideo Technologies, Inc. and MSA Safety Incorporated account for most of the buying. Where an earnings multiple is disclosed it runs from 7.2x to 9.9x, below the middle of the listed range. 12.7x Sector median EV/EBITDA CY2027E consensus · 3 rated of 6 companies 13.0x Premium end EV/EBITDA vs 9.8x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 17 Transactions with disclosed terms 31 recorded in this tier · 3 told as case studies, the full list in the appendix

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   This divider introduces the market map: recurring monitoring anchors the set while the tail sells one product each.

   We now turn to the market map — five groups, six listed names, and one group that clearly anchors the set. This sets up why comparability is thin outside recurring monitoring.

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   SECTION 02 02 THE LANDSCAPE Recurring Monitoring Anchors the Set; The Tail Sells One Product Each Five groups, six listed names. 02 of 06 Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Recurring Monitoring Carries Two of the Six Names; The Others Stand Alone in Their Groups

   This slide groups the six approved companies by business segment and shows median EV / EBITDA (CY2027E) per group.

   Recurring monitoring carries two of the six names in our universe, while the other four stand alone in their own groups. That concentration matters: it means the market has one comparable pairing to lean on and four single-company readings elsewhere. We size each group here so you can see exactly where the comparability runs thin.

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   02 · MARKET MAP Recurring Monitoring Carries Two of the Six Names; The Others Stand Alone in Their Groups 6 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ALARM MONITORING AND RECURRING SECURITY SERVICES 2 cos 13.0x · 1 rated ALLE NSSC The group where recurring monthly revenue, attach rate and central station economics sit behind the hardware sold. ALARM COMMUNICATORS AND MONITORING CONNECTIVITY 1 cos 9.8x · 1 rated ARLO Connectivity into the monitoring base, with a replacement cadence set by carrier network sunsets. ADJACENT: INDUSTRIAL AND EQUIPMENT MANUFACTURING 1 cos 12.7x · 1 rated FSS An adjacent manufacturer carried as a reference point for how diversified industrial earnings are valued on the same forward basis. ADJACENT: SECURE CHIP AND SENSING SILICON 1 cos no rated names INVE The silicon layer under readers and credentials, where growth is running ahead of reported earnings. SECURITY DEVICE COMPONENTS AND OEM SUBASSEMBLIES 1 cos no rated names WRAP Component and subassembly supply, where agency adoption and certification govern the pace of revenue.

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   02 · LANDSCAPE

   The Five Groups Differ Sharply in How Much of Their Revenue Recurs

   This slide compares the five groups on how much of their revenue recurs and on EV / EBITDA (CY2027E) medians.

   The five groups differ sharply in revenue mix — some earn on a recurring basis, others sell a single product and start over each quarter. We show what each group does and why it matters commercially, with the group-level multiples reported only on rated names. This is the map to keep in mind before we move into valuation.

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   02 · LANDSCAPE The Five Groups Differ Sharply in How Much of Their Revenue Recurs 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. Security and Alarm Products 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 Alarm monitoring and recurring security services 2 33% 13.0x n=1 Allegion plc (ALLE) · Napco Security Technologies, Inc. (NSSC) Recurring revenue, two names. Allegion plc (ALLE) and Napco Security Technologies, Inc. (NSSC) sit here, the largest group on the page at 33% of the 6 companies. This is where attach rate on hardware sold, attrition and central station monitoring economics carry the value. Alarm communicators and monitoring connectivity 1 17% 9.8x n=1 Arlo Technologies, Inc. (ARLO) Connectivity into the monitoring base. Arlo Technologies, Inc. (ARLO) stands alone in this group. Carrier network sunsets set a periodic replacement cadence for communicators, while the consumer-facing side of the mix meets promotional pressure at retail and low-cost imported supply. Adjacent: industrial and equipment manufacturing 1 17% 12.7x n=1 Federal Signal Corporation (FSS) An adjacent industrial reference point. Federal Signal Corporation (FSS) is carried as an adjacent manufacturer rather than a pure security name. It sits in the middle of the valuation range and gives a read on how diversified industrial earnings are valued on the same forward basis. Adjacent: secure chip and sensing silicon 1 17% — Identiv, Inc. (INVE) Silicon behind the credential. Identiv, Inc. (INVE) covers secure chip and sensing silicon, the layer under readers and credentials. It carries the highest growth estimate shown on this page and no forward EV / EBITDA estimate on this basis. Security device components and OEM subassemblies 1 17% — Wrap Technologies, Inc. (WRAP) Components and agency adoption. Wrap Technologies, Inc. (WRAP) represents security device components and OEM subassemblies. Buyers for restraint and public-safety product skew toward groups that already hold agency relationships and procurement approvals, which shapes both the buyer set and the pace of adoption.

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   This divider introduces public market valuation: a tight forward range at the top, real distance at the bottom.

   Next we look at how the market actually prices these names — a tight range at the top of the forward multiple set, and real distance further down. Three names carry a forward estimate; that's the group we price off.

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   SECTION 03 03 VALUATION & SITUATIONS A Tight Forward Range at the Top, Real Distance at the Bottom Forward EV / EBITDA on CY2027E across the 3 names with a forward estimate. 03 of 06 Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium Holds Even Though the Forward Multiple Already Credits Growth

   This slide plots EV / EBITDA (CY2027E) for every approved company, marking names without an eligible multiple as n/a.

   The premium holds even though the forward multiple already credits growth in the forecast — that's a meaningful signal about how the market is reading durability, not just growth. Of the six companies, three carry an eligible multiple; the rated set has a median of 12.7x. We show every name here, rated or not, so you can see exactly where the coverage gap sits.

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   03 · PUBLIC MARKET VALUATION The Premium Holds Even Though the Forward Multiple Already Credits Growth EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · 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 (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 12.7x median of the rated set. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Allegion plc ALLE $15.3B 13.0x 5% 25% Allegion plc holds the top of the range in this set, at the upper end on both multiple and margin among the 3 names with a forward estimate. Arlo Technologies, Inc. ARLO $1.2B 9.8x 6% 20% Arlo Technologies, Inc. sits at the bottom of the range, a connected-device business where the service line is scaling behind the hardware. Federal Signal Corporation FSS $7.5B 12.7x 6% 21% Federal Signal Corporation sits in the middle of the range, an adjacent industrial and equipment manufacturer carried here as a valuation reference point. Identiv, Inc. INVE n/a n/a 39% n/a Identiv, Inc. brings the secure chip and sensing silicon adjacency and carries the highest growth estimate shown on this page. Napco Security Technologies, Inc. NSSC $1.1B n/a 8% n/a Napco Security Technologies, Inc. sits in the alarm monitoring and recurring security services group, with a growth estimate but no forward EV / EBITDA estimate on this basis. Wrap Technologies, Inc. WRAP $68M n/a n/a n/a Wrap Technologies, Inc. represents security device components and OEM subassemblies, where agency adoption and certification set the pace.

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   03 · VALUATION DRIVERS

   Margin Is Where the Distance Shows; Growth Sits in a Narrow Band

   This slide splits median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort among rated names with estimates.

   Margin is where the distance between these names actually shows up; growth sits in a narrow band across the set. That's an association we observe in the data, not a claim that margin causes the multiple — but it's a strong steer on where to focus. With so few rated names, we read these splits as directional, not statistical.

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   03 · VALUATION DRIVERS Margin Is Where the Distance Shows; Growth Sits in a Narrow Band 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Margin Is Where the Three Names with a Forward Estimate Separate Forward EBITDA margin among the 3 names with a forward estimate runs from 20% at Arlo Technologies, Inc. (ARLO) to 25% at Allegion plc (ALLE). The higher margin sits with the top of the valuation range in this set; on three names that is an association worth testing, not a rule. Growth Sits in a Narrow Band Where the Earnings Are Already Banked Across the 3 names with a forward estimate, growth estimates run from 5% to 6%. Napco Security Technologies, Inc. (NSSC) and Identiv, Inc. (INVE) are the faster growers on the page, and both are among the names without a forward EV / EBITDA estimate on this basis. Acquirers Underwrite the Monitoring Book Separately from the Hardware Pricing convention here is an adjusted EBITDA multiple on a run-rate basis, with the recurring monitoring book frequently valued on a multiple of recurring monthly revenue and then bridged back into the enterprise value. Attach rate and attrition are underwritten apart from hardware cyclicality, so the shape of the revenue is argued before the multiple is. Listings, Codes and Spec-in Positions Are Slow for Entrants to Copy Product listings, authority-having-jurisdiction approval and life-safety codes gate market access and set replacement timing that is not discretionary. Carrier network sunsets add a periodic communicator replacement wave, and federal procurement restrictions on certain foreign-manufactured equipment reshape the competitive set in access and surveillance.

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    03 · SITUATION MAP

    Higher Multiples and Higher Margins Sit Together in This Set

    This slide cuts the rated names on EV / EBITDA versus the sector median and EBITDA margin versus the covered median.

    Higher multiples and higher margins sit together in this set — an observation, not a recommendation to buy or sell any security. We use the cohort's own medians as the boundary lines, so the read is relative to this group rather than to the broader market. This page is meant to characterise situations, not to call a trade.

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    03 · SITUATION MAP Higher Multiples and Higher Margins Sit Together in This Set Cut on EV / EBITDA vs the sector median (12.7x) (rows) and EBITDA margin vs the covered median (21%) (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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up on a Fuller Margin Above-median multiple · above-median EBITDA margin 2 names Allegion plc (ALLE) · Federal Signal Corporation (FSS) Two of the 3 names with a forward estimate sit here: Allegion plc (ALLE) and Federal Signal Corporation (FSS), both above the middle of the range on multiple and at or above the 21% margin mark for the covered names. On a base of two names, read this as the shape of the set rather than a settled pattern. Priced up on a Thinner Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Priced Down on a Fuller Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Priced Down on a Thinner Margin Below-median multiple · below-median EBITDA margin 1 names Arlo Technologies, Inc. (ARLO) Arlo Technologies, Inc. (ARLO) is the one name below the middle on both measures. The route out of this cell runs through mix: more service and recurring monthly revenue behind the hardware, rather than more units.

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    03 · THE AGENDA

    Higher Multiples Line up with the Recurring Side of a Security Business

    This slide frames the questions an owner or acquirer should resolve given that higher multiples line up with the recurring side of the business.

    Higher multiples line up with the recurring side of a security business, and that reframes the agenda for owners and acquirers alike. We treat this as directional advisory judgment grounded in the cohort data shown earlier, not as investment advice. The question worth sitting with: how much of the next dollar of growth should come from recurring service versus hardware.

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    03 · THE AGENDA Higher Multiples Line up with the Recurring Side of a Security Business 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Decide How Fast the Service Line Should Outgrow the Hardware Line The valuation evidence here sits with recurring revenue and margin, and acquirers underwrite the monitoring book on its own terms. Settle what share of new hardware should carry an attached service contract next year, and what that costs in dealer incentive. What changes the answer: Attach rate on newly sold panels flattening while unit volume keeps rising. Name the Products That Must Hold a Specification Position Spec-in wins with architects, consultants and authorities having jurisdiction are slow for entrants to replicate and carry the replacement cycle with them. Choose the two or three lines where basis-of-design status is defended with engineering and listing spend, and let the rest compete on price. What changes the answer: Losing basis-of-design status on a flagship line in a major metro. Defend Margin Against Channel and Import Pressure Margin is where the three names with a forward estimate separate, and the pressure points are familiar: promotional activity at retail, low-cost imported cameras and sensors, and component, tariff and freight exposure on manufactured product. Price on content per opening rather than on unit price where the specification supports it. What changes the answer: Sell-through slowing behind sell-in, or channel inventory building through a season. Settle Build-Versus-Buy on the Software Layer Video management, access head-end and mobile credentials pull follow-on spend and keep the credential ecosystem in your name. The transaction record shows strategic buyers acquiring adjacent sensing, connectivity and software capability rather than waiting to build it. What changes the answer: A dealer program or large integrator asking for a head-end you do not own.

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    This divider introduces the precedent transactions section: industrial platforms have been buying fire, access and residential brands.

    We now turn to the deal record — nine transactions from July 2021 through May 2026, with industrial platforms as the recurring buyer type. This is where we test whether the public market's read matches what buyers have actually paid.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Industrial Platforms Have Been Buying Fire, Access and Residential Brands Nine transactions, from Jul-2021 to May-2026. 04 of 06 Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Strategic Platforms Are the Buyers Behind Most of These Precedent Transactions

    This slide walks through case studies among the disclosed-terms transactions, showing multiples on LTM financials at announcement.

    Strategic platforms are the buyers behind most of these precedent transactions, including names like Honeywell International Inc., Resideo Technologies, Inc. and MSA Safety Incorporated. Where a multiple is disclosed, it runs from 7.2x to 9.9x — below the middle of the listed public range, which is a useful anchor when a deal conversation starts. These are LTM-at-announcement multiples, not directly comparable to the CY2027E public basis, so we don't claim a spread; we simply show what buyers agreed to pay.

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    04 · DEAL CASE STUDIES Strategic Platforms Are the Buyers Behind Most of These Precedent Transactions 3 of 17 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. 43 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 14 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2024 $1.3B Resideo Technologies, Inc. Resideo Technologies, Inc. completed a $1.3B purchase of Snap One Holdings Corp. and bought its way… EV / LTM revenue 1.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A products and technology group buying a distribution business that serves dealers and integrators suggests the target was wanted for channel reach and content per installation rather than for a single product line. The transaction points to upstream product meeting downstream channel in one owner. HOW THE TARGET WAS VALUED Recorded at $1.3B enterprise value and 1.3x revenue as shown in the filing. A revenue multiple of that shape benchmarks a product-and-channel business rather than a monitoring annuity, which the record values on earnings. Dec-2023 $5.0B Honeywell International Inc. acquires Global Access Solutions EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A diversified industrial adding access control brings readers, credentials and the access head-end into a building-products platform. The size suggests the buyer was acquiring specification position and installed base at scale, not a product gap. HOW THE TARGET WAS VALUED The disclosed enterprise value is $5.0B, the largest among the 9 transactions shown, and the transaction is recorded as pending. It benchmarks a platform purchase against the brand and component deals elsewhere in the record. May-2026 $555M MSA Safety Incorporated MSA Safety Incorporated completed a $555M purchase of Autronica Fire and Security, adding fire… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A safety equipment maker buying listed fire-detection product suggests an adjacency bought for code-driven demand, approvals and specification position with authorities having jurisdiction. Listings and certifications of this kind are slow for entrants to replicate, which is part of what changes hands. HOW THE TARGET WAS VALUED Value is $555M as recorded in the filing. It sits between the component-scale transactions and the platform-scale purchases in the record shown.

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    This divider introduces strategic implications for owners, acquirers and boards.

    Now we turn the data into decisions — what this means for the way you run the business, whether you're an owner, an acquirer or sitting on a board.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What This Means for the Way You Run the Business Read across to owners, acquirers and boards. 05 of 06 Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Build Value Where Buyers Pay: Recurring Mix, Retention and Revenue Quality

    This slide sets out the questions the data puts on the table for owners, acquirers and boards over the next twelve months.

    Build value where buyers pay: recurring mix, retention and revenue quality are the levers this data points to. These are NeuraCap views drawn from the analysis in this report — observations, not recommendations. For owners, acquirers and boards alike, these are the questions worth putting on the agenda for the next twelve months.

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    05 · STRATEGIC IMPLICATIONS Build Value Where Buyers Pay: Recurring Mix, Retention and Revenue Quality 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Mix Between Hardware and Service Is the Lever You Control In this set the top of the range sits with the higher-margin names, and the industry prices recurring monthly revenue separately from hardware cyclicality. Attach rate, attrition and the service share of gross margin are the levers that move where a business stands against these markers. FOR ACQUIRERS What Buyers Agreed to Pay Sits Below the Listed Range Across the 9 transactions shown, disclosed earnings multiples sit below where the 3 names with a forward estimate are valued, and most of the buying comes from strategic industrial and products platforms. Diligence in this industry concentrates on channel sell-through, warranty reserves, listing transferability and dealer contract assignability. FOR BOARDS Thin Coverage Means Operating Evidence Carries the Story 3 of the 6 companies on the page carry a forward EV / EBITDA estimate, so comparison across the rest runs on operating measures rather than on multiples. Backlog and book-to-bill on non-residential projects, subscriber attrition and content per opening are what a buyer will test.

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    This divider introduces the appendix: the full universe, methodology and sources.

    The appendix carries the full comparables universe, the precedent transaction list, the valuation basis and the source for every disclosure behind this report.

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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 Security and Alarm Products 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

    This slide lists the public comparables on EV / EBITDA (CY2027E), grouped by valuation tier, with three companies rated and three not rated.

    This is the full comparables set behind every figure in the body — three rated companies and three without an eligible multiple. Shading marks each name above or below the 12.7x sector median, so you can see at a glance where each company sits. Every row here is also in the companion workbook, which carries the complete field set.

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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 (12.7x); amber marks below · 3 rated companies; 3 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 3 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. Security and Alarm Products 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 — ≥12.8x · median 13.0x · 1 companies Allegion plc ALLE Alarm monitoring and recurring security services $15.3B 13.0x 5% 25% 30 CORE — 11.3x–12.8x · median 12.7x · 1 companies Federal Signal Corporation FSS Adjacent: industrial and equipment manufacturing $7.5B 12.7x 6% 21% 27 DISCOUNT — <11.3x · median 9.8x · 1 companies Arlo Technologies, Inc. ARLO Alarm communicators and monitoring connectivity $1.2B 9.8x 6% 20% 25

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, out of the transactions with disclosed terms and the larger recorded total.

    Here is the full list of precedent transactions with disclosed terms, newest first — a subset of the total recorded transactions in this tier carry disclosed terms. Deal multiples are LTM at announcement and are not directly comparable to the CY2027E public basis, so we show them as recorded rather than forcing a spread. Recorded transactions without a disclosed value or multiple are held in the companion workbook rather than plotted here.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (31 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. 43 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 14 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 MSA Safety Incorporated → Autronica Fire and Security $555M n/a n/a MSA Safety Incorporated completed its purchase of Autronica Fire and Security in May-2026 at $555M, as recorded in the filing. A safety equipment group adding listed fire-detection product is the code-driven adjacency this record keeps returning to. Aug-2024 AlphaVest Acquisition Corp → AMC Corporation $175M n/a n/a AlphaVest Acquisition Corp announced a $175M transaction for AMC Corporation in Aug-2024. It sits at the small end of the 9 transactions shown and remains recorded as announced. Apr-2024 Resideo Technologies, Inc. → Snap One Holdings Corp. $1.3B 1.3x n/a Resideo Technologies, Inc. completed Snap One Holdings Corp. in Apr-2024 at $1.3B, recorded at 1.3x revenue. A products group buying a dealer and integrator distribution business is a channel move rather than a product move. Dec-2023 Honeywell International Inc. → Global Access Solutions $5.0B n/a n/a Honeywell International Inc. agreed a $5.0B purchase of Global Access Solutions in Dec-2023; the transaction is recorded as pending. It is the largest disclosed value among the 9 transactions shown. Dec-2022 NRG Energy, Inc. → Vivint Smart Home, Inc. n/a n/a 7.2x NRG Energy, Inc. announced its acquisition of Vivint Smart Home, Inc. in Dec-2022 at 7.2x EBITDA. An energy retailer buying a residential monitoring base points to recurring monthly revenue and reach into the home, as the pairing suggests. Dec-2022 Fortune Brands Home & Security, Inc. → The Emtek and Schaub premium residential hardware brands and the Yale and August residential smart home locks brands n/a n/a 8.9x Fortune Brands Home & Security, Inc. announced the purchase of The Emtek and Schaub premium residential hardware brands and the Yale and August residential smart home locks brands in Dec-2022 at 8.9x EBITDA. Brand trust and residential channel position are the assets… Dec-2022 Fortune Brands Home & Security, Inc. → Select Brands of ASSA ABLOY, Inc. n/a 8.9x 8.9x The record also carries Fortune Brands Home & Security, Inc. and Select Brands of ASSA ABLOY, Inc., announced in Dec-2022 at 8.9x. Carve-outs of this shape routinely run on transition services while manufacturing, tooling and listings are separated. Feb-2022 Resideo Technologies, Inc. → First Alert, Inc. n/a n/a 9.9x Resideo Technologies, Inc. announced First Alert, Inc. in Feb-2022 at 9.9x EBITDA. A products group adding an insurance-recognised residential safety brand sits inside the code-driven replacement cycle. Jul-2021 Independence Buyer, Inc. → Liberty Safe Holding Corporation $148M n/a n/a Independence Buyer, Inc. announced Liberty Safe Holding Corporation in Jul-2021 at $148M. It marks the small end of the record and a consumer-brand asset rather than a monitoring book.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of precedent transactions with disclosed terms, newest first.

    This continues the same list of disclosed-terms transactions, newest first, with the same basis and the same caveats on comparability. Deal values link to the underlying filing for any name you want to trace further. Together with the previous page, this is the complete disclosed-terms record behind our precedent analysis.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 17 transactions with disclosed terms in this tier (31 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. 43 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 14 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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2020 Continental Aktiengesellschaft → Fortune Brands Home & Security, Inc. n/a n/a 9.0x Value shown as recorded in the filing; deal value unit unresolved. Dec-2020 Bure Equity AB (publ) → Allgon AB (publ) n/a 2.0x 12.2x Dec-2020 LARSON Manufacturing → Fortune Brands Home & Security, Inc. n/a 8.8x 9.9x Aug-2020 Sunrun Inc. → Vivint n/a 8.1x 29.9x Dec-2019 ADT Inc. → Defender Holdings, Inc. $381M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2018 Motorola Solutions, Inc. → Avigilon Corporation n/a 16.5x 16.5x Value shown as recorded in the filing; deal value unit unresolved. Jul-2016 AGM → Outerwall, Inc. n/a n/a 3.5x Apr-2016 CCL Industries Inc. → Checkpoint Systems, Inc. n/a n/a 6.7x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide documents the sources, assumptions and data-quality treatment behind the report.

    Every figure in this report links to the record it was taken from, and where it doesn't, the appendix names the source and the basis on which it was read. This is where we show what was included, what was excluded, and why — the plausibility gates on multiples, the data-quality flags on precedent records, and the transactions held back for lacking a disclosed value or multiple. Treat this page as the reference point whenever you want to verify a number elsewhere in the deck.

    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. Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 6 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 Security and Alarm Products and it clears the coverage gate with 3 of 6 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 3 of the 3 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 10 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 226 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 (225) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Top of the Range Sits with Recurring Service and Fuller Margins.

    This closing slide restates that the top of the valuation range sits with recurring service and fuller margins.

    In this set, the top of the range sits with recurring service and fuller margins. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    In This Set, the Top of the Range Sits with Recurring Service and Fuller Margins. NeuraCap AI — Security and Alarm Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Security and Alarm Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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