Specialty Chemicals Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › SPECIALTY CHEMICALS

Operators Stay Quiet While Buyers Move on Carve-Out Assets

This update covers what moved, what companies announced, and what changed in the deal record across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   MATERIALS › MATERIALS › SPECIALTY CHEMICALS

   Cover slide introducing the Specialty Chemicals bi-weekly industry events and M&A update for September 14–28, 2026.

   This update covers what moved, what companies announced, and what changed in the deal record across the two-week period. We'll walk through market movers, the period's major news, and the one agreed transaction that sets the current pricing marker.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › SPECIALTY CHEMICALS Operators Stay Quiet While Buyers Move on Carve-Out Assets This update covers what moved, what companies announced, and what changed in the deal record across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Process News, Not Production News, Framed the Two-Week Period

   A one-page summary showing that process news, not production news, defined the two-week period across 14 covered names.

   Nine of the fourteen names we track rose over the period, with the median move at +1.2% against a +1.6% return for the S&P 500. The company news that moved names was largely financing and litigation activity rather than operating updates. Calumet Inc. expanded its credit capacity, and the only agreed transaction was an asset purchase in industrial minerals with terms undisclosed. That combination tells us the period's price action was driven more by balance-sheet and legal developments than by underlying demand signals.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Process News, Not Production News, Framed the Two-Week Period The two-week period in one page · 14 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 14 Covered Names Rose; The Median Move Was +1.2% The S&P 500 returned +1.6% over the window, so the middle of the set sat just behind the broad index. The widest gain was Flotek Industries, Inc. (FTK) at +12.1%, including +8.8% on September 17. 2 Calumet Enlarged Its Financing Capacity Calumet Inc. (CLMT) executed an eleventh amendment to its credit agreement on September 11, 2026, lifting the total commitment by $100M and amending its monetization facility alongside it. 3 One Agreed Asset Purchase, and the Precedent Record Still Sets the Marker An agreement to acquire certain minerals assets was announced in the window, with no price disclosed. The trailing record carries a median of 16.4x EV/EBITDA across 40 transactions. 4 The Period's Moves Crossed All Three of the Sector's Markets NeuraCap's standing view prices the sector at a median 8.9x CY2027E EV/EBITDA, with the Premium tier at 17.7x and the Discount tier at 6.6x. This window produced movers in each of the three. +12.1% Best mover — Flotek Industries, Inc. (FTK) worst: LYB -7.3% · 9 up / 5 down of 14 covered +1.2% Sector median two-week return vs S&P 500 +1.6% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Gains and Losses Ran Across All Three Tiers, Not Along the News Flow

   A chart of bi-weekly price moves across the covered names, showing gains and losses spread across all three sector tiers.

   Moves this period ran across every tier of the sector rather than concentrating in one segment, with the sector median at +1.2% against the S&P 500's +1.6% and a materiality bar of ±6.7% on a sector-relative basis. Flotek Industries, Inc. (FTK) posted the widest gain in the set at +12.1%, including an +8.8% move on a single day. We tie each move only to the filings and headlines recorded in the window, and where no driver is on record we say so plainly. That discipline means the moves you see here are grounded in evidence, not narrative.

   Everything on this page

   PUBLIC MARKET MOVERS Gains and Losses Ran Across All Three Tiers, Not Along the News Flow Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +1.2% · S&P 500 +1.6% · materiality bar ±6.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +1.2% Flotek Industries, Inc. (FTK) +12.1% No notable in-window news was identified that clearly explains the move. At +12.1%, the gain ran well ahead of the sector's median +1.2%. In the Premium tier, price can travel well ahead of the set without a fresh operating disclosure. UNEXPLAINED Innospec Inc. (IOSP) +7.4% No notable in-window news was identified that clearly explains the move. The +7.4% gain sat above the set's median +1.2%. Core-tier additives franchises can re-rate on mix and the durability of unit margin rather than on a headline. UNEXPLAINED LyondellBasell Industries N.V. (LYB) -7.3% No notable in-window news was identified that clearly explains the move. At -7.3%, the move sat well below the median +1.2%. NeuraCap read: pass-through coverage is what separates the Discount tier from the diversified core. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Financing Capacity and Litigation Carried the Period's Company News

   A list of the period's highest-impact company news items, centered on financing capacity and litigation.

   The two most consequential items this period were Calumet Inc.'s credit agreement amendment, which lifted total commitment by $100M, and continuing investor notices tied to a securities class action in the Flotek Industries, Inc. record. Each item here links back to its underlying filing or article, and our "why it matters" read is clearly marked as our own interpretation. This is process news rather than production news, so what for what it's worth what it signals is capacity and legal exposure, not demand. For operators and advisors alike, that's the read to carry into client conversations this period.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Financing Capacity and Litigation Carried the Period's Company News The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · 8-K · SEC EDGAR Calumet enlarges its total credit commitment and amends its monetization facility The amendment gives a Core-tier operator more headroom to fund turnarounds, working capital and debottlenecking work. Lender willingness to extend commitment is a read on how the asset base is viewed. Financing headroom is the buffer that lets operators ride a feedstock swing without cutting into unit margin. Sep 15 · NEWS · Newsfile Corp Board appointment and stock option grant reported in minerals coverage tagged to MTX The item concerns a separate junior minerals issuer rather than an action by Minerals Technologies Inc. (MTX). It is a reminder that symbol-tagged feeds mix adjacent issuers into a Discount-tier name's record. Check the party before treating a feed item as a company development. Sep 14 · NEWS · PRNewsWire Securities class action filed against Flotek, with an October 26, 2026 lead plaintiff deadline A live claim over alleged contract misstatements puts revenue quality at the centre of the equity story for a Premium-tier name. Contract recognition, not volume, is the question being asked. Where a single contract carries the growth case, buyers and holders test how that revenue was booked. Sep 14 · NEWS · GlobeNewsWire A second investor notice restates the Flotek claim and its filing deadline Repeated notices indicate the claim is being publicised across multiple plaintiffs' firms ahead of lead plaintiff selection. That extends the period over which the matter stays in the record. Litigation calendars run on their own clock and sit alongside, not inside, the operating story. Sep 14 · NEWS · Newsfile Corp A third plaintiffs' notice confirms the Flotek action is being widely circulated The volume of notices is itself the observable fact: the matter is being marketed to holders rather than resolved. Management attention is a real cost while it runs. Disputes of this kind absorb bandwidth that would otherwise sit on qualification pipelines and price/mix work. Sep 14 · NEWS · GlobeNewsWire Investor notice links the Flotek claim to the unwound Puerto Rico agreement This notice names the specific commercial event behind the claim, which makes it the most informative of the set for anyone tracking the company. Concentrated contract exposure shows up in valuation long before it shows up in volumes.

5. 05
   M&A & STRATEGIC ACTIVITY

   An Agreed Asset Purchase in Industrial Minerals Sets the Period's Deal Marker

   A summary of the period's M&A activity: one agreed asset purchase in industrial minerals, set against the precedent transaction record.

   The window produced one agreed asset purchase in industrial minerals, announced without a disclosed price. Against that single new data point, the standing precedent record carries 40 recorded transactions at a median 16.4x EV/LTM EBITDA, and that multiple remains the reference the market is pricing against. No older transactions are re-presented as new activity here. For anyone framing a valuation conversation this period, the 16.4x precedent median is the anchor to use until further deal evidence arrives.

   Everything on this page

   M&A & STRATEGIC ACTIVITY An Agreed Asset Purchase in Industrial Minerals Sets the Period's Deal Marker September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 16.4x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Minerals Technologies Inc. (MTX) Asset-purchase agreement announced for certain minerals assets, carried in the MTX news feed A buyer agreed to take specific assets rather than a whole company — the carve-out pattern the sector's larger processes follow. No price was disclosed, so the precedent record's 16.4x trailing median remains the reference. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 16.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   A translation of the period's evidence into implications for operators, acquirers, and advisors.

   For owners and operators, the read-through is that positioning held up even without production news: 9 of 14 covered names rose and the median move was +1.2%. For acquirers, the period added one agreed carve-out in industrial minerals while the broader precedent set stayed largely unchanged. For advisors, the evidence favors leading with specification quality and revenue durability, since the period's news was concentrated in financing and litigation rather than volume or pricing signals. These are our observations on the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.9x 14 companies in the study 3 valuation tiers Standing thesis: Specialty Chemicals prices as three markets: a diversified core, an oilfield-linked adjacency and a small premium group FOR OWNERS & OPERATORS Unit Margin and Pass-Through Still Decide the Spread Companies in the space traded higher over the two-week period: 9 of 14 covered names rose and the median move was +1.2%. FOR ACQUIRERS One Agreed Carve-Out, and the Reference Set Is Broadly Unchanged The window added an agreed asset purchase in industrial minerals and no completed transactions. FOR ADVISORS Lead with Specification Quality and Revenue Durability The period's evidence is light on production news and heavy on process items: a credit amendment at Calumet Inc. (CLMT), an agreed minerals asset purchase, and a securities class action running through the Flotek Industries, Inc. (FTK) record.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   A closing slide explaining the sources and methodology behind every figure in the update.

   Every figure in this update links back to the record it was taken from, and the sources drawn on for the period are listed on this page. We hold to a fixed reliability order — SEC filings first, then press releases, then established outlets — and we do not draw on video or social platforms. This transparency is what lets you trust the reads on the preceding pages as calibrated, evidence-based conclusions rather than assertions.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Specialty Chemicals Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T082657Z_320_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: sec.gov · newsfilecorp.com · prnewswire.com · globenewswire.com

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