Sensors and Instrumentation Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › SENSORS AND INSTRUMENTATION

Sensors and Instrumentation: Value Splits by Model

This report shows where valuation sits across operating models, growth profiles and precedent transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   INDUSTRIALS › CAPITAL GOODS › SENSORS AND INSTRUMENTATION

   Sensors and Instrumentation: Value Splits by Model

   Cover slide introducing the Sensors and Instrumentation sector outlook and its valuation framing.

   We open with the sector's core question: how value splits across sensing hardware, engineered instruments and adjacent models. Over the next few pages we'll show where that split shows up in the data — so you can see exactly where your business sits.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › SENSORS AND INSTRUMENTATION Sensors and Instrumentation: Value Splits by Model This report shows where valuation sits across operating models, growth profiles and precedent transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus appendix.

   We've structured this deck so the bottom line comes first — section one gives you the whole story, and everything after supports it. That way, even a five-minute read leaves you with the full picture.

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   CONTENTS What This Report Covers 01 The Bottom Line Different Operating Models Earn Different Market Treatment 02 The Landscape The Sector Spans Three Distinct Operating Models 03 Valuation & Situations The Premium End Retains a Clear Forward Valuation Gap 04 Precedent Transactions Precedent Transactions Span Strategic Expansion and Private Capital 05 Strategic Implications Value Improves When Growth Is Supported by Durable Revenue Quality 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Sensors and Instrumentation Spans Sensing Hardware, Engineered Instruments and Adjacent Models

   Summarizes the sector's core finding: three operating models, valuation gaps by growth and margin, and precedent activity.

   This is the whole argument on one page: sensing hardware, engineered instruments and adjacent models sit close together on a segment basis, while the premium and discount ends of the market remain far apart. Faster-growing names already carry a valuation premium, and margin cohorts split the multiple further. Nine precedent transactions confirm buyers are active across several of these positions. So the question for any operator here is which quadrant you're in — and what would move you to a better one.

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   01 · THE BOTTOM LINE Sensors and Instrumentation Spans Sensing Hardware, Engineered Instruments 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 (10 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Faster-Growing Names Hold the Higher Forward Valuation Among five names above 6% growth, forward EV / EBITDA is 16.3x; among five names at or below 6%, it is 14.6x. With forecast growth already reflected in the multiple, the remaining gap is consistent with investors also valuing durability. 2 Operating Model Shapes the Revenue-Quality Question Across four sensing hardware names with estimates, the middle of the range is 15.4x; across two engineered instrumentation names, it is 15.1x; across four adjacent models, it is 14.2x. Specified-in positions, aftermarket attachment and calibration cycles remain the operating tests behind those figures. 3 The Two Ends of the Market Remain Far Apart Across three names at the premium end, forward EV / EBITDA is 17.7x, compared with 12.9x across three names at the discount end. The spread leaves meaningful room for revenue mix, earnings durability and execution to change a company's standing. 4 Buyer Interest Extends Across Several Strategic Paths Nine transactions recorded in total span industrial buyers, private capital and an investment company. The pairings suggest interest in sensing, industrial controls, identification and broader instrumentation positions. 14.9x Sector median EV/EBITDA CY2027E consensus · 10 rated of 14 companies 17.7x Premium end EV/EBITDA vs 12.9x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 12 Transactions with disclosed terms 31 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the three operating models that make up the sector.

   Before we get into the numbers, it's worth resetting on how this sector is built: hardware, engineered instruments and adjacent models each carry a different revenue-quality question. Keeping that structure in mind makes the valuation pages that follow much easier to place.

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   SECTION 02 02 THE LANDSCAPE The Sector Spans Three Distinct Operating Models Hardware, engineered instruments and adjacent models carry different revenue-quality questions. 02 of 06 Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Scale Is Spread Across Hardware, Engineered Instruments and Adjacent Models

   Groups the approved companies by business segment and shows the median valuation for each group.

   We've grouped the full approved universe into their operating segments, then taken the median forward multiple for each. This shows scale is spread fairly evenly across the three models rather than concentrated in one. So no single model dominates the sector; the differentiation has to come from within each group.

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   02 · MARKET MAP Scale Is Spread Across Hardware, Engineered Instruments and Adjacent Models 14 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SENSING COMPONENTS AND INSTRUMENT HARDWARE 4 cos median 15.4x Fortive (FTV) Ralliant (RAL) Sensata (ST) Vishay Precision (VPG) This group links sensing elements and instrument hardware to specified-in positions and replacement demand. MACHINERY-EMBEDDED MEASUREMENT AND ENGINEERED INSTRUMENTATION 4 cos median 15.1x Mirion (MIR) Standex (SXI) Perma-Pipe (PPIH) HUHUTECH (HUHU) This group serves embedded and engineered applications where design wins and project timing shape revenue. ADJACENT MODELS 6 cos median 14.2x Honeywell (HON) Roper Technologies (ROP) Veralto (VLTO) MSA Safety (MSA) NVE (NVEC) Coda Octopus Group (CODA) This group broadens the set into software, safety, monitoring and diversified measurement platforms.

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   02 · LANDSCAPE

   Three Operating Models Carry Different Paths to Durable Earnings

   Describes what each operating model does and why it matters for durable earnings.

   Each of the three models — hardware, engineered instruments and adjacent — carries its own path to durable earnings, and we lay out what each one does and why that matters commercially. This is the segment lens you'll need before we get into individual company valuations. So use this page as the map before you read the multiples.

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   02 · LANDSCAPE Three Operating Models Carry Different Paths to Durable Earnings 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. Sensors and Instrumentation 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 Sensing components and instrument hardware 4 29% 15.4x Fortive Corporation (FTV) · Ralliant Corp (RAL) · +2 more Hardware anchors the set. Across four names with estimates, the segment sits at 15.4x. Its standing depends on specified-in content, sensing differentiation and the replacement activity behind the installed base. Machinery-embedded measurement and engineered instrumentation 4 29% 15.1x Mirion Technologies, Inc. (MIR) · Standex International Corporation (SXI) · +2 more Engineering depth matters here. Across two names with estimates, the segment sits at 15.1x. Design wins, content per machine and the balance of short-cycle versus project business shape the earnings profile. Adjacent models 6 43% 14.2x Honeywell International Inc. (HON) · Roper Technologies, Inc. (ROP) · +4 more Adjacencies broaden the model. Across four names with estimates, the segment sits at 14.2x. Software, safety and monitoring exposure can add recurring economics, but the mix varies across the group.

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   SECTION 03

   03

   Section divider introducing the public market valuation analysis.

   Next we move from segment structure to company-level valuation, where the premium end of the market retains a clear gap even after forecast growth is priced in. That gap is the central tension the rest of this section works through.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Retains a Clear Forward Valuation Gap Forecast growth is already credited, raising the importance of durable earnings. 03 of 06 Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Retains Its Gap After Forecast Growth Is Credited

   Ranks the rated companies by EV/EBITDA (CY2027E) against the sector median of 14.9x.

   Across the rated companies, forward multiples range widely around a sector median of 14.9x. Even sorted purely by descending multiple, the premium names hold a visible gap over the rest of the set. That persistence, after growth is already reflected in the multiple, is exactly why we push further into what's driving it. So the next few pages ask what separates the top of this range from the bottom.

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   03 · PUBLIC MARKET VALUATION The Premium End Retains Its Gap After Forecast Growth Is Credited EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 14.9x · 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 (10 of 14 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 17.7x CORE · median 14.9x DISCOUNT · median 12.9x Sector median 14.9x WHAT SEPARATES THE TWO ENDS The top holds its premium. The premium end sits at 17.7x, while the discount end sits at 12.9x. Because the lens uses forward EV / EBITDA, the gap remains after forecast growth has already entered the valuation. Durability needs operating proof. Installed-base attachment, calibration cadence and specified-in positions can support confidence in the earnings forecast. Project exposure and limited aftermarket create a less settled profile. Mix can change the standing. A higher share of recurring service, consumables and replacement demand can strengthen earnings quality. Commodity sensing and concentrated platform exposure can work in the other direction.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 25% Margin Line Carry 13.5x Against 16.7x Below It

   Splits the rated set by growth and by margin, showing the median multiple in each cohort.

   When we cut the set at the covered median for revenue growth and again at the covered median for margin, growth shows up clearly: faster-growing names sit at 16.3x versus 14.6x for slower growers. On margin, the higher-margin cohort holds 13.5x against 16.7x for the lower-margin cohort. These are cohort medians, not causal claims — but they're the clearest signal in the dataset for where the market is placing its confidence. So margin alone doesn't explain the premium; growth does more of the work here.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 25% Margin Line Carry 13.5x Against 16.7x Below It 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=5; slower n=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 25% Three Segments Frame the Value Debate Sensing hardware, engineered instrumentation and adjacent models sit within a relatively narrow valuation band. Their operating economics differ, so segment labels alone do not settle the quality question. Faster Growth Carries the Observed Premium Among five names above 6% growth, forward EV / EBITDA is 16.3x. Among five names at or below 6%, it is 14.6x, showing an association between faster growth and higher valuation in this set. Revenue Quality Remains the Test The key operating questions are whether growth comes with aftermarket attachment, recurring calibration and durable design wins. Those features help distinguish installed-base economics from project-led expansion.

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    03 · SITUATION MAP

    Higher Valuations Sit with the Faster-Growing Names — Ask Which Quadrant Your Business Is In

    Maps companies into quadrants by valuation versus the sector median and growth versus the covered median.

    Plotting valuation against growth this way puts every rated company into one of four quadrants relative to the sector median of 14.9x and the covered growth median of 6%. Higher valuations sit with the faster-growing names, which is a pattern worth testing against your own trajectory. This is a map of situations, not a recommendation. So the useful question is simply: which quadrant are you in, and is that where you want to be?

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    03 · SITUATION MAP Higher Valuations Sit with the Faster-Growing Names — Ask Which Quadrant Your Business Is In Cut on EV / EBITDA vs the sector median (14.9x) (rows) and revenue growth vs the covered median (6%) (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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 3 names Ralliant Corp (RAL) · Standex International Corporation (SXI) · Vishay Precision Group, Inc. (VPG) Three names combine above-range growth with above-range valuation. The priority is sustaining growth through durable design wins, aftermarket attachment and disciplined capacity investment. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 2 names Honeywell International Inc. (HON) · Veralto Corporation (VLTO) Two names retain above-range valuation despite below-range growth. The central question is whether installed-base economics and margin quality can protect that standing. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 2 names MSA Safety Incorporated (MSA) · Mirion Technologies, Inc. (MIR) Two names show above-range growth with below-range valuation. The operating task is to test whether mix, concentration or investment needs are limiting confidence in the forecast. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 3 names Roper Technologies, Inc. (ROP) · Fortive Corporation (FTV) · Sensata Technologies Holding plc (ST) Three names sit below both reference points. The agenda centers on portfolio focus, cost structure and products that can improve recurring revenue quality.

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    03 · GROWTH VS PROFITABILITY

    Growth and Margin Alone Do Not Order the Valuation Range

    Plots revenue growth against EBITDA margin for the covered companies and shows the median multiple per quadrant.

    Companies with both growth and margin estimates split cleanly at the covered medians of 6% growth and 25% margin, and we take the median multiple inside each quadrant. The result is that growth and margin together still don't fully order the valuation range — some quadrants overlap more than a simple two-factor story would predict. That's a useful caution against over-simplifying the driver story. So there's more than growth and margin behind where a name sits.

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    03 · GROWTH VS PROFITABILITY Growth and Margin Alone Do Not Order the Valuation Range Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 10 companies with both estimates · cuts at the covered medians (6% growth, 25% margin) · median EV/EBITDA per quadrant · 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. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=3; growth-only n=3; neither n=2). Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 4% 6% 8% 20% 30% MARGIN ONLY median 14.6x BALANCED median 13.2x NEITHER median 19.7x GROWTH ONLY median 16.7x HON FTV ST VLTO ROP RAL MIR VPG SXI MSA x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Two names clear both the growth and margin bars, yet that group sits at 13.2x. Two names clear neither bar and sit at 19.7x. Three names clear only the margin bar, while three clear only the growth bar. The pattern indicates that business mix and forecast durability sit alongside headline growth and margin. The neither median rests on 2 names and is lifted by HON at 30.6x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 10 names clear it (ROP).

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    03 · THE AGENDA

    Mix, Pricing and Retention Are the Earnings Levers in a Build-Versus-Buy Decision

    Frames mix, pricing and retention as the operating questions behind a build-versus-buy decision.

    Given what the data shows about growth and margin, we frame the practical agenda around three levers: mix, pricing and retention. These are the questions an owner or acquirer should be resolving, not recommendations to act on any specific transaction. So treat this page as the checklist for the strategic conversation that follows.

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    03 · THE AGENDA Mix, Pricing and Retention Are the Earnings Levers in a Build-Versus-Buy Decision 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Installed-Base Economics Increase aftermarket attachment across consumables, calibration, recertification and replacement sensors. What changes the answer: The answer changes when attachment rates and service cadence vary materially by product family. Concentrate Engineering Investment Direct product spending toward design wins, specified-in positions and sensing elements with limited second-source exposure. What changes the answer: The answer changes when platform concentration or qualification timing outweighs expected content gains. Rebalance the Portfolio Mix Shift resources toward products with recurring demand and away from project exposure with limited aftermarket. What changes the answer: The answer changes when project work carries strategic specification access or attractive follow-on service. Test Build Versus Buy Compare internal development with targeted additions in sensing, monitoring, identification and industrial controls. What changes the answer: The answer changes when certification, design-win timing or integration risk makes one route materially more practical.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    We now turn to the deal record, which spans strategic buyers and private capital across a wide range of valuation outcomes. That spread is itself informative about how differently the market prices similar-looking assets.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Span Strategic Expansion and Private Capital The record shows wide valuation outcomes across targets and buyer types. 04 of 06 Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Have Pursued Sensing, Controls and Adjacent Instrumentation at Widely Different Valuations

    Walks through a selection of the sector's disclosed precedent transactions as case studies.

    We've selected transactions with fully disclosed terms out of the recorded set to illustrate how differently buyers have valued sensing, controls and adjacent instrumentation targets. The complete list, including transactions without full disclosure, sits in the appendix. These multiples are LTM at announcement, so they aren't directly comparable to the CY2027E public basis shown earlier — we don't claim a spread between the two. So use these case studies for the buyer logic, not for a direct read-across to today's public multiples.

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    04 · DEAL CASE STUDIES Buyers Have Pursued Sensing, Controls and Adjacent Instrumentation at Widely Different Valuations 3 of 12 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. 33 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. 19 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2026 $17M steute Industrial Controls, Inc. steute Industrial Controls, Inc. added Electro-Sensors, Inc. to an industrial controls position. EV / LTM revenue 1.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a strategic fit between industrial controls and sensing. It points to buyer interest in adding measurement capability close to the machine. HOW THE TARGET WAS VALUED The disclosed value was $17M at 1.7x revenue. The revenue multiple provides a benchmark for a smaller sensing transaction. Aug-2022 $2.7B SPX Technologies, Inc. SPX Technologies, Inc. paired with SPX Corporation in a large industrial transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests strategic consolidation within industrial technology. The pairing is consistent with a buyer seeking broader scale across related operations. HOW THE TARGET WAS VALUED The disclosed value was $2.7B. It stands above the other disclosed values in the selected case studies. Apr-2021 $3M Brady Corporation Brady Corporation extended into Nordic ID Oyj through a focused adjacency. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests an extension from Brady Corporation into identification technology. It indicates a targeted adjacency rather than a broad platform combination. HOW THE TARGET WAS VALUED The disclosed value was $3M. It provides a benchmark for a focused identification transaction.

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    SECTION 05

    05

    Section divider introducing the strategic implications for owners and management.

    The final analytical section turns to what drives value forward: durable revenue quality, installed-base economics and disciplined investment. This is where the report moves from observation to operating agenda.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Value Improves When Growth Is Supported by Durable Revenue Quality The operating agenda centers on mix, installed-base economics and disciplined investment. 05 of 06 Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Growth Is Associated with Better Revenue Mix, Beyond Growth Spending Alone

    Sets out the operating questions this data raises for owners, management and strategic planners over the next year.

    Durable growth in this dataset is associated with a better revenue mix, not simply more growth spending — an association, not a proven cause. We frame this as questions for owners, management and strategic planners to work through over the next twelve months. This page is directional, drawing on the analysis already shown rather than adding new figures. So the next step is applying this lens to your own product and customer mix.

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    05 · STRATEGIC IMPLICATIONS Durable Growth Is Associated with Better Revenue Mix, Beyond Growth Spending Alone 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Recurring Core Prioritize installed-base attachment, calibration cycles and replacement demand when allocating capital across product families. FOR MANAGEMENT Back Defensible Design Wins Focus engineering resources on specified-in positions, certified applications and sensing technology that is difficult to second-source. FOR STRATEGIC PLANNERS Separate Cycle from Execution Distinguish short-cycle recovery and project timing from gains in content per unit, recurring mix and customer retention.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    The final section carries the complete detail behind every figure in the body: the full comparable set, every precedent transaction, and the methodology and sources behind each. Use it to trace any figure back to where it came from.

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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 Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Lists all rated public comparables with EV/EBITDA (CY2027E), shaded by tier against the sector median.

    This page carries all rated companies on the EV/EBITDA (CY2027E) basis, shaded above or below the sector median of 14.9x, with additional names carried but not rated due to no eligible multiple. Every ticker links back to its underlying source. So this is the full 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 (14.9x); amber marks below · 10 rated companies; 4 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 10 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥16.6x · median 17.7x · 3 companies Honeywell International Inc. HON Diversified instrumentation and measurement platforms $154B 30.6x 2% 25% 26 Vishay Precision Group, Inc. VPG Sensing components and instrument hardware $904M 17.7x 8% 14% 22 Standex International Corporation SXI Machinery-embedded measurement and engineered… $3.8B 16.7x 8% 23% 31 CORE — 13.3x–16.6x · median 14.9x · 4 companies Ralliant Corp RAL Sensing components and instrument hardware $8.8B 16.3x 7% 22% 29 Veralto Corporation VLTO Emissions and effluent monitoring instrumentation $25.1B 15.3x 5% 26% 32 Fortive Corporation FTV Sensing components and instrument hardware $20.3B 14.6x 4% 31% 35 Mirion Technologies, Inc. MIR Machinery-embedded measurement and engineered… $4.5B 13.5x 7% 27% 34 DISCOUNT — <13.3x · median 12.9x · 3 companies Roper Technologies, Inc. ROP Measurement software and instrumentation analytics $46.3B 13.2x 6% 39% 45 MSA Safety Incorporated MSA Worker safety detection and protective instrumentation $7.5B 12.9x 9% 26% 35 Sensata Technologies Holding plc ST Sensing components and instrument hardware $8.3B 8.9x 4% 23% 28

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, the first of two pages.

    This page begins the full list of precedent transactions with disclosed terms, ordered newest first, with deal values linking to their underlying filings. A subset of the recorded transactions in this tier carry disclosed terms; the remainder are carried in the companion workbook. So this is the primary reference for anyone tracing a specific deal's terms.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 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. 33 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. 19 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 steute Industrial Controls, Inc. → Electro-Sensors, Inc. $17M 1.7x n/a steute Industrial Controls, Inc. acquired Electro-Sensors, Inc. at a disclosed value of $17M and 1.7x revenue, suggesting a direct strategic adjacency. Aug-2025 GTCR LLC & Sycamore Partners Management L.P. → Curtis Instruments, Inc. n/a 9.4x 23.1x GTCR LLC & Sycamore Partners Management L.P. announced the acquisition of Curtis Instruments, Inc. at 9.4x revenue and 23.1x EBITDA. Sep-2024 Goldman Sachs BDC, Inc. → Insights Business n/a 1.0x n/a Goldman Sachs BDC, Inc. announced the acquisition of Insights Business at 1.0x revenue. Aug-2022 SPX Technologies, Inc. → SPX Corporation $2.7B n/a n/a SPX Technologies, Inc. announced the acquisition of SPX Corporation at a disclosed value of $2.7B. Apr-2021 Brady Corporation → Nordic ID Oyj $3M n/a n/a Brady Corporation announced the acquisition of Nordic ID Oyj at a disclosed value of $3M. Jun-2019 TE Connectivity Ltd. → First Sensor AG n/a n/a 12.6x TE Connectivity Ltd. announced the acquisition of First Sensor AG at 12.6x EBITDA. Apr-2019 Parker-Hannifin Corporation → LORD Corporation n/a n/a 15.1x Parker-Hannifin Corporation announced the acquisition of LORD Corporation with a disclosed EBITDA valuation. Jul-2018 Advanced Energy Industries, Inc. → LumaSense Technologies Holdings, Inc. n/a 1.4x n/a Advanced Energy Industries, Inc. announced the acquisition of LumaSense Technologies Holdings, Inc. at 1.4x revenue. Dec-2017 Xylem Inc. → Pure Technologies Ltd. n/a n/a 24.4x Xylem Inc. announced the acquisition of Pure Technologies Ltd. at 24.4x EBITDA.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the full list of precedent transactions with disclosed terms, newest first.

    This second page completes the disclosed-terms transaction list, continuing the same newest-first ordering and linking structure as the prior page. Together the two pages carry every transaction in this tier with usable terms. So between them you have the complete disclosed record behind the deal commentary earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 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. 33 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. 19 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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2017 Fortive Corporation → Landauer, Inc. n/a n/a 16.7x Aug-2016 XYLEM INC. → Sensus USA Inc. n/a 10.7x 10.7x Jun-2014 TE Connectivity Ltd. → Measurement Specialties, Inc. n/a n/a 19.5x

21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, assumptions, and how data-quality exclusions were handled.

    This page documents how the report was built: what was included, what was excluded, and where every underlying disclosure lives. Every figure in the body links to its source record, and where it doesn't, the appendix names the source and basis directly. So if a client wants to verify any number in this deck, the trail starts here.

    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. Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 14 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 Sensors and Instrumentation and it clears the coverage gate with 10 of 14 companies (71%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 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 2 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 518 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 (517) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    The Observed Premium Sits with Growth That the Market Views as Durable.

    Closing slide restating that the observed valuation premium sits with growth the market views as durable.

    The observed premium in this sector sits with growth that the market views as durable, not with growth alone. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further. That's the note we'd leave you on as you think about where your own business sits in this range.

    Everything on this page

    The Observed Premium Sits with Growth That the Market Views as Durable. NeuraCap AI — Sensors and Instrumentation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Sensors and Instrumentation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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