Specialized Consumer Services Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER SERVICES › SPECIALIZED CONSUMER SERVICES

Specialized Consumer Services: Where Valuation Sits with Earnings

How the market prices these eleven consumer service operators, which attributes sit at the top of the range, and what buyers agreed to pay for whole companies in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › SPECIALIZED CONSUMER SERVICES

   Cover page introducing the September 2026 Specialized Consumer Services sector outlook, valued on EV/EBITDA (CY2027E) as of 2026-09-28.

   We open with where valuation sits against earnings across Specialized Consumer Services, using EV / EBITDA (CY2027E) as our lead basis. This sets up the rest of the deck: which attributes sit at the top of this range, and what buyers have actually paid for whole companies in the recorded deals.

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   CONSUMER DISCRETIONARY › CONSUMER SERVICES › SPECIALIZED CONSUMER SERVICES Specialized Consumer Services: Where Valuation Sits with Earnings How the market prices these eleven consumer service operators, which attributes sit at the top of the range, and what buyers agreed to pay for whole companies in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five numbered sections plus appendix, and notes the Bottom Line section alone carries the full argument.

   We've structured this report so section one — the bottom line — carries the complete story on its own, with the landscape, valuation, precedent transactions and strategic implications each building on it afterward. If time is short, we'd point a reader there first. That way every reader leaves with the same view, whether they read five pages or fifty.

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   CONTENTS What This Report Covers 01 The Bottom Line Contracted Route Work and Deferrable Project Work Are Priced Apart 02 The Landscape Most of This Set Sits Outside the Personal Care Names 03 Valuation & Situations The Top of the Range Prices Near Twice the Bottom 04 Precedent Transactions Precedent Transactions Favour Route-Based, Recurring-Service Targets 05 Strategic Implications Where the Next Turn of Multiple Is Earned: Mix, Density and Retention 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Specialized Consumer Services Is Two Markets: Contracted Route Businesses and Deferrable Project Work

   This page frames Specialized Consumer Services as two distinct markets — contracted route businesses and deferrable project work — based on EV/EBITDA (CY2027E) across 11 companies, 7 of which carry a forward estimate.

   On CY2027E EV / EBITDA, the middle of the 7 rated names sits at 9.3x, but the range runs from 7.2x to 11.9x — too wide for a single sector multiple to guide a board decision. The premium is associated with growth pace: names forecast above 5% growth trade at 11.1x versus 7.8x for the slower cohort. Layering in margin, only Rollins, Frontdoor and Service Corporation International clear both the margin and multiple midpoints together, while Carriage Services clears margin but still prices at the bottom of the range. In the transaction record, disclosed multiples run from 8.8x on a carve-out to 17.0x on a pest control tuck-in, with route-based, recurring-service targets commanding the higher marks — so the two markets in the title carry two different playbooks.

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   01 · THE BOTTOM LINE Specialized Consumer Services Is Two Markets: Contracted Route Businesses and Deferrable Project Work 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 (7 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 One Sector Multiple Would Mislead Your Board On CY2027E EV / EBITDA the middle of the range sits at 9.3x, and the band runs from 7.2x to 11.9x across the 7 names with a forward estimate. That is wide enough that pricing here has to be read business by business, not off a single sector number. 2 The Faster-Growing Names Carry the Premium Here Among the 7 names with a forward estimate, the 4 forecast to grow above 5% sit at 11.1x and the 3 at or below that pace sit at 7.8x. The premium is associated with growth pace, and it survives a forward lens that already credits the forecast. 3 The Higher Multiples Do Not Sit with Margin on Its Own Measured against the 22% EBITDA margin in the middle of the 7 names with a forward estimate, 3 of them sit above the middle on both price and margin: Rollins, Inc. (ROL), Service Corporation International (SCI) and Frontdoor, Inc. (FTDR). Carriage Services, Inc. (CSV) clears the margin bar and still prices at the bottom of the range. 4 What Buyers Agreed to Pay Tracks Route Density Across the 8 transactions in the record, disclosed EBITDA multiples run from 8.8x on a residential design services carve-out to 17.0x for a pest control tuck-in, with Mister Car Wash, Inc. agreed at 9.6x and recorded as pending. The higher marks sit with route-based, recurring-service targets. 9.3x Sector median EV/EBITDA CY2027E consensus · 7 rated of 11 companies 14.4x Premium end EV/EBITDA vs 6.4x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 67 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing Section 02: most of the eleven-company set operates in adjacent service models outside personal care.

   Eight of the eleven companies in this set sit outside personal care, in adjacent service models with different capital needs. We'll map those segments next.

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   SECTION 02 02 THE LANDSCAPE Most of This Set Sits Outside the Personal Care Names 8 of the 11 companies operate in adjacent service models with different capital needs. 02 of 06 Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Set Is Mostly Adjacent Service Models, and They Price at the Higher Middle

   This page groups the 11 approved companies by business segment and shows median EV/EBITDA (CY2027E) per group, with adjacent service models pricing at the higher middle of the range.

   Grouping the approved universe by segment shows the set is weighted toward adjacent service models rather than personal care, and those groups price at the higher middle of the range on EV / EBITDA (CY2027E). That grouping follows the platform's classification, and medians are calculated only on rated names. For a board setting sector expectations, the mix of segments in the comparable set matters as much as the multiple itself.

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   02 · MARKET MAP The Set Is Mostly Adjacent Service Models, and They Price at the Higher Middle 11 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PERSONAL CARE AND LIFESTYLE SERVICE BUSINESSES 3 cos median 9.3x Service (SCI) Frontdoor (FTDR) Carriage Services (CSV) Deathcare and home warranty: preneed backlog, protection plans and prepaid float are the earnings engine, and 3 of the 11 companies sit here. ADJACENT MODELS 8 cos median 10.4x Rollins (ROL) IES Holdings (IESC) Primo Brands (PRMB) Chemed (CHE) CAVA Group (CAVA) Monro (MNRO) SNDL Zeo Energy (ZEO) Pest routes, water delivery, hospice, dining, service bays, contracting, solar and licensed retail: 8 companies, with a median of 10.4x on CY2027E EBITDA across the 4 of them that carry a forward estimate.

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   02 · LANDSCAPE

   Two Groups, Different Buyer Groups, Very Different Capital Intensity

   This page contrasts two segment groups by buyer base and capital intensity, using EV/EBITDA (CY2027E) medians on rated names.

   The two groups in this set answer to different buyer bases and carry very different capital intensity, which is why we keep them separate rather than blending them into one sector line. Company-level detail behind each group sits in the appendix. Understanding which group a target belongs to is the first filter before any multiple comparison is useful.

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   02 · LANDSCAPE Two Groups, Different Buyer Groups, Very Different Capital Intensity 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Personal care and lifestyle service businesses 3 27% 9.3x Service Corporation International (SCI) · Frontdoor, Inc. (FTDR) · +1 more Prepaid float, regulated disclosure. Service Corporation International (SCI), Frontdoor, Inc. (FTDR) and Carriage Services, Inc. (CSV) make up 27% of the set. Funeral Rule disclosure, state preneed trust rules and insurance regulation of service contract products shape both how revenue lands and what a buyer spends diligence time on. Adjacent models 8 73% 10.4x Rollins, Inc. (ROL) · IES Holdings, Inc. (IESC) · +6 more Routes, trucks and licences. The other 73% spans pest routes at Rollins, Inc. (ROL), water and beverage delivery at Primo Brands Corporation (PRMB), hospice at Chemed Corporation (CHE), restaurants at CAVA Group, Inc. (CAVA), service bays at Monro Inc. (MNRO), contracting at IES Holdings, Inc. (IESC), solar at Zeo Energy Corp. (ZEO) and licensed retail at SNDL Inc. (SNDL). Capital intensity differs sharply across them.

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   SECTION 03

   03

   Divider introducing Section 03: the valuation range runs from the top of the set pricing near twice the bottom, across all 11 companies with 7 carrying a forward estimate.

   Across all eleven companies, the top of the valuation range prices near twice the bottom, and seven names carry a forward EV / EBITDA (CY2027E) estimate. We turn to that range next.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Prices Near Twice the Bottom All 11 companies are shown; 7 carry a forward estimate on CY2027E EV / EBITDA. 03 of 06 Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Non-Discretionary, Route-Based Demand Holds the Top of This Range

   This page ranks the 7 rated companies by EV/EBITDA (CY2027E) in descending order against a 9.3x sector median, split into tier zones.

   Sorting the seven rated companies by EV / EBITDA (CY2027E) against the 9.3x sector median shows non-discretionary, route-based demand holding the top of the range. Tier zones here are NeuraCap groupings cut at the rated set's quartiles, and every multiple on this page uses the same basis. For a client benchmarking a specific business, the tier a comparable sits in tells you more than the sector median alone.

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   03 · PUBLIC MARKET VALUATION Non-Discretionary, Route-Based Demand Holds the Top of This Range EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 9.3x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 11 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.4x CORE · median 9.3x DISCOUNT · median 6.4x Sector median 9.3x WHAT SEPARATES THE TWO ENDS The top end holds recurring demand. The two names in the top tier sit at 14.4x on CY2027E EBITDA. Pest routes and hospice demand are break-fix or clinically driven work that does not defer when the consumer cycle turns, and both models run on route density and a recurring service relationship with the installed base. The bottom end carries structural friction. The two names at the bottom of the range sit at 6.4x. Deathcare earnings run through preneed trust and backlog accounting that is harder to read from outside, and in licensed retail the available buyer pool is constrained by federal illegality. A forward lens already credits growth. The lead convention here is EV / EBITDA on CY2027E, and 7 of the 11 companies carry one. Because that multiple already reflects forecast profit, a premium that holds at the top tier reads as durability in the demand and the renewal base rather than one good forecast year.

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   03 · VALUATION DRIVERS

   Growth Pace Is Where the Premium Sits in This Set

   This page splits the rated set into faster/slower growth cohorts and higher/lower margin cohorts and compares median EV/EBITDA (CY2027E) for each.

   Splitting the rated names at their own covered medians, the faster-growth cohort — four companies forecast above 5% — carries a clear premium in EV / EBITDA (CY2027E) over the three slower names. This is an association we observe in the supplied estimates, not a causal claim. It tells a board which lever — growth pace or margin — this market is actually paying for.

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   03 · VALUATION DRIVERS Growth Pace Is Where the Premium Sits in This Set 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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 22% Growth Pace Separates the Two Halves of the Rated Set Among the 7 names with a forward estimate, the 4 above 5% forecast growth sit at 11.1x on CY2027E EBITDA and the 3 at or below sit at 7.8x. That gap is associated with pace, and it holds on a lens that has already priced in the forecast. High Margin by Itself Has Not Moved a Name up the Range Carriage Services, Inc. (CSV) reports a 31% EBITDA margin and prices at the bottom of the range, while Chemed Corporation (CHE) sits in the top tier on a 19% margin. Where deferred, prepaid and trust balances carry the earnings, buyers appear to look past the margin line to retention and backlog conversion. Project Growth Reads Differently from Route Growth IES Holdings, Inc. (IESC) carries 47% forecast growth and no forward EBITDA estimate in this set, and the residential contracting work behind it is installation and percent-of-completion revenue. In that model the binding constraint is usually technician hiring rather than demand, and warranty and callback exposure travels with the revenue.

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    03 · SITUATION MAP

    The Money Sits Where an Above-Middle Multiple and an Above-Middle Margin Come Together

    This page cuts the rated set on EV/EBITDA versus the 9.3x sector median and EBITDA margin versus the 22% covered median to map where multiple and margin sit together.

    Cutting the rated set on the 9.3x sector median and the 22% margin median together shows where an above-middle multiple and an above-middle margin actually coincide, and where they don't. These are observations built on the cohort's own medians, not recommendations. That gap between price and margin is exactly where the next section's questions start.

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    03 · SITUATION MAP The Money Sits Where an Above-Middle Multiple and an Above-Middle Margin Come Together Cut on EV / EBITDA vs the sector median (9.3x) (rows) and EBITDA margin vs the covered median (22%) (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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above the Middle on Both Above-median multiple · above-median EBITDA margin 3 names Rollins, Inc. (ROL) · Service Corporation International (SCI) · Frontdoor, Inc. (FTDR) Rollins, Inc. (ROL), Service Corporation International (SCI) and Frontdoor, Inc. (FTDR) sit above the 9.3x middle on CY2027E EBITDA and above the 22% margin middle of the 7 names with a forward estimate. Recurring service plans and route or branch density are the shared operating features; the work from here is holding annual price realisation through renewal without giving back retention. Premium Multiple, Thinner Margin Above-median multiple · below-median EBITDA margin 1 names Chemed Corporation (CHE) Chemed Corporation (CHE) prices in the top tier on a margin below the middle of the 7 names with a forward estimate. Medicare hospice reimbursement and cap structures bound the margin line, so the pricing appears to rest on demand that does not defer with the consumer cycle. High Margin, Below-Middle Multiple Below-median multiple · above-median EBITDA margin 1 names Carriage Services, Inc. (CSV) Carriage Services, Inc. (CSV) converts revenue at a margin above the middle and still prices at the bottom of the range. Preneed trust and backlog accounting make the earnings harder to read from outside, and continued mix shift toward cremation keeps reshaping revenue per case and facility utilisation. Below the Middle on Both Below-median multiple · below-median EBITDA margin 2 names Primo Brands Corporation (PRMB) · SNDL Inc. (SNDL) Primo Brands Corporation (PRMB) and SNDL Inc. (SNDL) sit below the middle on both measures. For water and beverage delivery the levers are route density and stops per day; for licensed retail the constraint is a buyer pool limited by federal illegality.

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    03 · THE AGENDA

    The Decision Is Which Half of This Market You Are Building Toward

    This page frames the strategic choice as which half of this market — contracted route or deferrable project — an owner or acquirer is building toward.

    The data in this section points to a single question for any owner or acquirer in this space: which half of this market are you building toward, the contracted route side or the deferrable project side? This is a NeuraCap advisory view grounded in the cohort data shown earlier, framed as questions rather than a recommendation. Answering it early shapes the capital allocation choices that follow.

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    03 · THE AGENDA The Decision Is Which Half of This Market You Are Building Toward 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Shift Mix Toward Contracted, Auto-Renewing Work The names at the top of this range run on service plans and renewals rather than one-off jobs. The practical moves are attach rate on every truck roll, renewal pricing that holds without lifting churn, and cross-sell into the installed base. What changes the answer: Attach rate and renewal retention moving together, rather than one at the expense of the other. Decide Whether You Are the Consolidator or the Tuck-in In this sector small local operators are bought at one level and owned inside a platform at another. That choice sets your capital allocation: branch density and integration capability on one side, local brand and lead technician continuity on the other. What changes the answer: Whether acquired customer retention after the first renewal cycle holds at the level your model assumes. Test Whether Your Growth Is Demand-Led or Hiring-Led Where labour is the binding constraint, lead volume converts only as fast as technicians can be hired and utilised. Route density, stops per day and callback rate tell you whether more demand would actually turn into more EBITDA. What changes the answer: Technician utilisation rising while callback and rework rates stay flat. Read Your Cash Quality, Not Just Your Margin Prepaid billing, service plan deferred revenue and trust balances create float; trucks, bays, crematories and build-outs consume it. Cash conversion after maintenance capex is the cross-comparison buyers in this sector keep coming back to. What changes the answer: Maintenance capex per unit of EBITDA moving out of line with peers in your sub-vertical.

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    SECTION 04

    04

    Divider introducing Section 04: precedent transactions in the record favour route-based, recurring-service targets, spanning eight deals from March 2016 to February 2026.

    Eight transactions sit in the record, spanning March 2016 to February 2026, and the pattern favours route-based, recurring-service targets. We walk through the disclosed cases next.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Route-Based, Recurring-Service Targets 8 transactions in the record, from March 2016 to February 2026. 04 of 06 Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Higher Marks in the Transaction Record Sit with Density, from Store-Level Adds to Platform Deals

    This page walks through 3 of the 8 disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    Of the eight transactions with disclosed terms, we highlight three as case studies, spanning store-level adds to platform deals, each on LTM financials at announcement. These multiples sit on a different basis to the CY2027E public comparables, so we don't draw a spread between them. The read on why each deal happened is our own view of the recorded evidence — and the pattern across these cases is that density commands the higher marks.

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    04 · DEAL CASE STUDIES Higher Marks in the Transaction Record Sit with Density, from Store-Level Adds to Platform Deals 3 of 8 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. 59 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2022 $7.4B Rentokil Initial plc Rentokil Initial plc goes after Terminix Global Holdings, Inc. and buys pest routes at platform scale. EV / LTM revenue 3.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A pest control operator acquiring another pest control operator is a density transaction: overlapping branches, shared technician capacity and one service plan base to renew. At this size the logic reads as adding national route coverage in a single step rather than through the usual run of local tuck-ins. HOW THE TARGET WAS VALUED Recorded at $7.4B and 3.5x revenue in September 2022. That revenue mark sits well above the 0.7x and 0.8x marks elsewhere in this record, which attach to design, installation and home mechanical service work. Feb-2026 $3.2B Leonard Green & Partners, L.P. Leonard Green & Partners, L.P. agrees $3.2B for Mister Car Wash, Inc. EV / LTM revenue 3.1x EV / LTM EBITDA 9.6x WHY THE DEAL HAPPENED A sponsor buying a national car wash network is buying subscription membership, site density and a repeatable format to add locations against. The pending status and the scale suggest a platform position rather than a bolt-on. HOW THE TARGET WAS VALUED Recorded at $3.2B, 3.1x revenue and 9.6x EBITDA, with the transaction pending as of February 2026. That EBITDA mark sits inside the band the 7 names with a forward estimate trade in on CY2027E EBITDA, rather than at the pest-route end of the record. Mar-2023 $3M SNDL Inc. SNDL Inc. adds Dutch Love stores for $3M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A licensed operator buying a retail division from another licensed operator is a store-count and licence transaction. With the buyer pool in licensed retail constrained by federal illegality, consolidation tends to happen among operators already inside the regulatory perimeter. HOW THE TARGET WAS VALUED Recorded at $3M in March 2023. At that absolute size it reads as a store-level addition, while the large marks in this record sit with route-based service networks.

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    SECTION 05

    05

    Divider introducing Section 05: the operating moves — mix, density and retention — that this market appears to reward with the next turn of multiple.

    The next section turns to the operating moves — mix, density and retention — that speak to what this market is pricing. These are the levers management teams can actually pull.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Next Turn of Multiple Is Earned: Mix, Density and Retention Operating moves that speak to what this market is pricing. 05 of 06 Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Where This Set Trades at a Premium, and Where It Trades at a Discount

    This page sets out where this set trades at a premium and where it trades at a discount, framed as questions for owners, boards and acquirers over the next twelve months.

    We frame where this set trades at a premium and where it trades at a discount as three sets of questions — for owners on revenue mix, for boards on density and labour capacity, and for acquirers on what tuck-in value survives integration. These are directional views drawn from the analysis in this report, not recommendations. Each audience has a different lever to pull, and this page names it.

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    05 · STRATEGIC IMPLICATIONS Where This Set Trades at a Premium, and Where It Trades at a Discount 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Revenue Quality Is the Lever Closest to Hand The top of this range is populated by non-discretionary, route-based work with a renewal relationship attached. Moving project and installation revenue toward planned maintenance and service plans changes the shape of the earnings buyers are underwriting, and it is a mix decision you control quarter by quarter. FOR BOARDS Density and Labour Capacity Set the Growth Ceiling Branch and route economics turn on drive time and stops per day, and hiring is usually the binding constraint on servable demand. A growth plan that assumes demand without a matching technician and driver plan will show up as callbacks and lost retention before it shows up in revenue. FOR ACQUIRERS Tuck-in Value Shows up in Retained Customers After Integration Higher disclosed marks in this record are associated with route-based, recurring-service targets, while store-level and installation assets sit at lower absolute values and lower multiples. Retained customer base, lead technician continuity and licence transferability are where the gap between what you pay and what you keep is settled.

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    SECTION 06

    06

    Divider introducing Section 06: the full comparable universe, methodology and sources behind every figure in the report.

    The final section carries the full universe, the valuation methodology, and the sources behind every figure in the body. This is the reference section for anyone who wants to trace a number back to its filing.

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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 Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix lists public comparables on EV/EBITDA (CY2027E) grouped by valuation tier, covering 7 rated and 4 not-rated companies.

    This table carries all seven rated companies against the 9.3x sector median, plus the four names without an eligible multiple. Tickers link back to the underlying source for anyone who wants to verify a figure directly. It's the full comparable set behind every chart earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.3x); amber marks below · 7 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 7 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.9x · median 14.4x · 2 companies Rollins, Inc. ROL Multi-service home services platforms $15.7B 15.7x 9% 22% 31 Chemed Corporation CHE Consumer home health and hospice services $7.0B 13.0x 6% 19% 25 CORE — 7.2x–11.9x · median 9.3x · 3 companies Service Corporation International SCI Personal care and lifestyle service businesses $15.6B 10.9x 4% 31% 35 Frontdoor, Inc. FTDR Personal care and lifestyle service businesses $5.7B 9.3x 6% 27% 33 Primo Brands Corporation PRMB Home and office water and beverage delivery services $12.5B 7.8x 4% 22% 26 DISCOUNT — <7.2x · median 6.4x · 2 companies Carriage Services, Inc. CSV Personal care and lifestyle service businesses $923M 6.5x 5% 31% 36 SNDL Inc. SNDL Adjacent: branded beverage production $319M 6.4x 2% 5% 9

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists all 8 precedent transactions with disclosed terms, newest first, out of the recorded total.

    This is the complete list of the eight transactions with disclosed terms, sorted newest first with multiples on LTM financials at announcement. Deal values link to the underlying filing. Because this basis differs from the CY2027E public multiples used elsewhere, we don't claim a spread between the two.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (67 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. 59 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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Leonard Green & Partners, L.P. → Mister Car Wash, Inc. $3.2B 3.1x 9.6x Leonard Green & Partners, L.P. is recorded against Mister Car Wash, Inc. in February 2026 at $3.2B and 3.1x revenue, with the transaction pending. Subscription membership and site density are what a sponsor is buying in this model. Apr-2025 Undisclosed buyer → Carriage Services, Inc. $1.2B 2.8x 10.1x An announced April 2025 transaction for Carriage Services, Inc. is recorded at $1.2B, 2.8x revenue and 10.1x EBITDA. Preneed trust balances, backlog and cremation mix are negotiated items in this corner of the market, not mechanical ones. Apr-2025 Olam International (Olam Food Ingredients) → Carriage Services, Inc. n/a n/a 11.5x Olam International (Olam Food Ingredients) is recorded against Carriage Services, Inc. in April 2025 at 11.5x EBITDA, with enterprise value recorded as n/a. The multiple is the usable reference point here, and it sits above the public deathcare mark in this set. Mar-2023 SNDL Inc. → Dutch Love (division of Lightbox Enterprises Ltd.) $3M n/a n/a SNDL Inc. announced the purchase of Dutch Love (division of Lightbox Enterprises Ltd.) in March 2023 at $3M. In licensed retail the buyer pool is largely other licensed operators, which keeps small store portfolios changing hands at modest absolute values. Sep-2022 Rentokil Initial plc → Terminix Global Holdings, Inc. $7.4B 3.5x n/a Rentokil Initial plc announced the acquisition of Terminix Global Holdings, Inc. in September 2022 at $7.4B. Overlapping routes, technician density and a large service plan base are the arithmetic behind a transaction of that size. May-2021 An affiliate of Blackstone Inc. → Select Interior Concepts, Inc. - Residential Design Services segment n/a 0.7x 8.8x An affiliate of Blackstone Inc. completed the purchase of Select Interior Concepts, Inc. - Residential Design Services segment in May 2021 at 0.7x revenue and 8.8x EBITDA. Design and installation work priced below the route-based marks in this record. Jan-2020 Rollins, Inc. → Clark Pest Control, Inc. n/a n/a 17.0x Rollins, Inc. announced Clark Pest Control, Inc. in January 2020 at 17.0x EBITDA, the highest disclosed EBITDA mark among the 8 transactions shown. Density in a defined geography is what a pest platform is adding when it buys a local operator. Mar-2016 Enercare Solutions Inc. → Service Experts LLC n/a 0.8x n/a Enercare Solutions Inc. announced Service Experts LLC in March 2016 at 0.8x revenue. Residential mechanical networks with a service plan base have been transacting in this sector well before the current cycle.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the report's sources, assumptions and data-quality exclusions.

    Every figure in this report links back to the record it was taken from, and where it doesn't, the appendix names the source and basis. This is where we set out what was included, what was excluded, and why. It's the page to return to whenever a number needs to be traced or challenged.

    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. Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 11 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 Specialized Consumer Services and it clears the coverage gate with 7 of 11 companies (64%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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 4 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 445 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 (444) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Set, the Premium Sits with Contracted, Route-Based Demand.

    Closing page restating that the premium across this set sits with contracted, route-based demand.

    Across this set, the premium sits with contracted, route-based demand. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    Across This Set, the Premium Sits with Contracted, Route-Based Demand. NeuraCap AI — Specialized Consumer Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Specialized Consumer Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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