Specialty Chemicals Sector Outlook — September 2026

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MATERIALS › MATERIALS › SPECIALTY CHEMICALS

Specialty Chemicals: Priced as Three Markets, Not One

How the market is currently reading fourteen specialty chemicals names, what separates the top of the range from the bottom, and what buyers have paid for whole companies and carve-outs.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   MATERIALS › MATERIALS › SPECIALTY CHEMICALS

   Specialty Chemicals: Priced as Three Markets, Not One

   This is the cover slide introducing the September 2026 specialty chemicals sector outlook and its central finding that the group prices as three distinct markets.

   We're opening this walkthrough with the sector's central finding: specialty chemicals trades as three separate markets rather than one label. Over the next few pages we'll show where each of the fourteen names sits and what separates the top of the range from the bottom.

   Everything on this page

   MATERIALS › MATERIALS › SPECIALTY CHEMICALS Specialty Chemicals: Priced as Three Markets, Not One How the market is currently reading fourteen specialty chemicals names, what separates the top of the range from the bottom, and what buyers have paid for whole companies and carve-outs. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix, in the order the argument is built.

   We've structured this report so the bottom line comes first — if a client only has time for one section, it's this one. From there we move through the landscape, valuation and situations, precedent transactions, and the strategic implications those figures point to. That order lets us build the argument once and let the evidence carry it.

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   CONTENTS What This Report Covers 01 The Bottom Line Start Here: One Sector Label, Several Markets 02 The Landscape The Diversified Core and Its Two Adjacencies 03 Valuation & Situations The Range Runs Wide on the Same Forward Lens 04 Precedent Transactions Buyers Have Stayed Active at the Top End of Value 05 Strategic Implications Where the Next Dollar of Capital Earns A Higher Multiple 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Specialty Chemicals Prices as Three Markets: A Diversified Core, an Oilfield-Linked Adjacency and a Small Premium Group

   This slide states the report's core conclusion: the sector prices as a diversified core, an oilfield-linked adjacency, and a small premium group, on a CY2027E EV/EBITDA basis as of September 28, 2026.

   We start with the finding itself: specialty chemicals separates into three pricing groups even though it carries one sector label. That separation shows up clearly on a single, consistent basis — EV / EBITDA on CY2027E consensus, measured across the companies with an eligible multiple. Everything that follows in this report is built to explain why those three groups sit where they do, so a reader who stops here still leaves with the shape of the market.

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   01 · THE BOTTOM LINE Specialty Chemicals Prices as Three Markets: A Diversified Core, an Oilfield-Linked Adjacency and a Small Premium Group 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 (12 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Is A Three-Name Group, and the Gap to the Bottom Is Wide Three of the 14 companies on the page sit at 17.7x on CY2027E EV / EBITDA, alongside three at the bottom at 6.6x, with the middle of the range at 8.9x. Same lens, same period, one sector label — the spread is where the commercial question lives. 2 The Premium Sits with the Faster-Growing Half of the Set The six names growing revenue above 8% carry a middle multiple of 14.0x, against 8.2x for the six below that line. A forward lens already credits the forecast, so a premium that survives it points to earnings the market expects to hold rather than one good year. 3 Four in Five Names Sit in the Diversified Core, and the Adjacency Prices Above It 11 of the 14 companies, 79% of the set, are diversified specialty chemicals formulators, and the middle of that group sits at 8.4x. The two oilfield-linked names sit at 12.4x — a base of only two companies, so read it as direction rather than a rule. 4 Operating Buyers Are Lining up with Specification-Led Targets, Which Reads as A Capability Fit The transaction record carries two pending deals of scale: Solstice Advanced Materials Inc for Element Solutions Inc at $16.4B, and Olin Corporation for Huntsman Corporation at $6.8B. Both buyers are operating chemical companies, which reads as adding adjacent chemistries and registrations rather than a financial thesis. 8.9x Sector median EV/EBITDA CY2027E consensus · 12 rated of 14 companies 17.7x Premium end EV/EBITDA vs 6.6x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 41 Transactions with disclosed terms 134 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on the diversified core and its two adjacencies.

   We're moving into the market map — who sits where, what each group sells, and how each is priced. This section gives the structure the rest of the valuation argument builds on.

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   SECTION 02 02 THE LANDSCAPE The Diversified Core and Its Two Adjacencies Who sits where, what each group sells and how each is priced. 02 of 06 Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Four in Five Names Formulate Across End Markets; The Adjacencies Hold the Rest

   This slide groups the 14 approved companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   We've grouped every company on the page by what it actually sells, not just by sector label. Four in five of these names formulate across end markets as diversified specialty chemicals businesses, and the two adjacencies split off the rest. That grouping is what lets us compare like with like on the pages that follow, so the pricing differences we'll show aren't an artefact of mixing dissimilar businesses.

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   02 · MARKET MAP Four in Five Names Formulate Across End Markets; The Adjacencies Hold the Rest 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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED SPECIALTY CHEMICALS 11 cos median 8.4x Ecolab (ECL) LyondellBasell (LYB) Eastman Chemical (EMN) NewMarket (NEU) Calumet (CLMT) Avient (AVNT) Minerals (MTX) WD-40 (WDFC) Innospec (IOSP) Stepan (SCL) Northern (NTIC) The weight of the set: formulators selling into construction, consumer, electronics and industrial applications, with mix running from specified-in chemistry to merchant tonnage. ADJACENT: OILFIELD EQUIPMENT AND FIELD SERVICES 2 cos median 12.4x Flotek Industries (FTK) TETRA Technologies (TTI) Chemistry and services tied to well activity, where end-market cycle timing is read separately from portfolio quality. ADJACENT: CHEMICAL HANDLING, DISPENSING AND APPLICATION EQUIPMENT 1 cos 10.3x · 1 rated Universal Display (OLED) One name with licensing and royalty economics, where the earnings are cash-like and capital intensity is light.

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   02 · LANDSCAPE

   The Core Is Broad and Prices Below Both of Its Adjacencies

   This slide compares the diversified core against its two adjacencies on EV/EBITDA (CY2027E) medians.

   The diversified core is the broadest group on the page, and it also prices below both of its adjacencies on this basis. That's a useful anchor: it tells us the premium in this sector isn't simply a function of size or breadth. We'll come back to what does explain it in the next section.

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   02 · LANDSCAPE The Core Is Broad and Prices Below Both of Its Adjacencies 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. Specialty Chemicals 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 Diversified specialty chemicals 11 79% 8.4x Ecolab Inc. (ECL) · LyondellBasell Industries N.V. (LYB) · +9 more The weight of the set. 11 of the 14 companies, 79% of the set, formulate across construction, consumer, electronics and industrial end markets, and the middle of the group sits at 8.4x on CY2027E EV / EBITDA. Mix inside the group runs from specified-in chemistry with long qualification cycles to substitutable volume priced off a raw material spread, and the names price far apart because of it. Adjacent: oilfield equipment and field services 2 14% 12.4x Flotek Industries, Inc. (FTK) · TETRA Technologies, Inc. (TTI) Two names tied to activity. Flotek Industries, Inc. (FTK) and TETRA Technologies, Inc. (TTI) supply chemistry and field services into well activity, and on those two names the middle sits at 12.4x. Concentration in one cyclical end market cuts both ways: it lifts pricing when activity is forecast up, and it is the first thing a buyer stress-tests. Adjacent: chemical handling, dispensing and application equipment 1 7% 10.3x n=1 Universal Display Corporation (OLED) One name, licensing economics. Universal Display Corporation (OLED) sits here on its own at 10.3x, with a patent estate and royalty streams on proprietary materials rather than a blending footprint. On a base of one company the figure is a marker, not a segment read — but it shows what the market pays for materials that are specified into a customer's process.

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   SECTION 03

   03

   This divider introduces the section on how wide the valuation range runs on a consistent forward basis.

   We're now turning to the range itself — where the top and the bottom sit, and what the two ends have in common. This is where the commercial question in this sector actually lives.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Runs Wide on the Same Forward Lens Where the top and the bottom of the range sit, and what the two ends share. 03 of 06 Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Three Names Hold the Top of the Range, and Growth Is What They Share

   This slide ranks all 12 rated companies by EV/EBITDA (CY2027E) against a sector median of 8.9x.

   Three names hold the top of the range, and growth is the attribute they share. The gap between that group and the bottom of the range is wide against a sector median of 8.9x, which tells us this sector's headline multiple hides more dispersion than the label suggests. We'll unpack what separates the top from the bottom on the next page.

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   03 · PUBLIC MARKET VALUATION Three Names Hold the Top of the Range, and Growth Is What They Share EV / EBITDA (CY2027E) · all 12 rated companies, sorted descending · sector median 8.9x · 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 (12 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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 17.7x CORE · median 8.9x DISCOUNT · median 6.6x Sector median 8.9x WHAT SEPARATES THE TWO ENDS The top three price at 17.7x. WD-40 Company (WDFC), Ecolab Inc. (ECL) and Flotek Industries, Inc. (FTK) sit at the top of the range at 17.7x on CY2027E EV / EBITDA. All three report revenue growth above the covered middle, and two of the three combine that with margins above the set's midpoint. The bottom three price at 6.6x. Eastman Chemical Company (EMN), Minerals Technologies Inc. (MTX) and LyondellBasell Industries N.V. (LYB) sit at the bottom of the range at 6.6x. Two of the three report growth below the covered middle, and the market appears to be reading more substitutable volume and feedstock spread exposure into this end of the set. A forward lens already credits growth. The lens is CY2027E EV / EBITDA, so the earnings recovery this group is forecast to deliver is already inside today's price. Fourteen companies sit on this page and 12 of them carry a forward estimate, which means a premium that survives the forward test is a statement about durability rather than about the next print.

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   03 · VALUATION DRIVERS

   Growth Above the Covered Middle Is Where the Multiple Steps Up

   This slide splits rated names into faster- and slower-growth cohorts, and higher- and lower-margin cohorts, and shows the median EV/EBITDA (CY2027E) for each.

   Growth above the covered middle is where the multiple steps up in this set, and margin moves in the same direction. We're reading this as an association on the data shown, not a claim that growth causes the premium — but it's a strong enough pattern to shape how we look at every name on the page. That's the lens we carry into the situation map next.

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   03 · VALUATION DRIVERS Growth Above the Covered Middle Is Where the Multiple Steps Up 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=6; slower n=6; higher-margin n=6; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 18% The Growth Line Is Where the Pricing Step Appears On the 12 names with a forward estimate, the six growing revenue above 8% carry a median 14.0x on CY2027E EV / EBITDA against 8.2x for the six below. Six names a side is a small base, so the step is a direction of travel rather than a formula — but it is the clearest split on the page. Margin on Its Own Shows a Smaller Step Split the same names at 18% EBITDA margin and the picture flattens: the group with margin above that line but growth below it prices close to the middle of the range. Margin is priced in this set, but on this evidence it travels with growth rather than standing in for it. Pass-Through Architecture Is What Holds Contribution The names that held contribution through the feedstock cycle did it with index-linked or contractual pass-through and value-in-use pricing, not with cost recovery arguments after the fact. Where pass-through lag is short and documented in the contract, a buyer will underwrite mid-cycle earnings closer to the reported number. Single-End-Market Exposure Is Read Name by Name Inside the oilfield-linked adjacency the two names sit far apart: Flotek Industries, Inc. (FTK) at 16.9x and TETRA Technologies, Inc. (TTI) at 8.0x on the same forward lens. On a base of two companies that suggests buyers are pricing activity exposure case by case rather than treating the adjacency as one block.

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    03 · SITUATION MAP

    Four Situations in This Set: Where a Company Sits on Growth and Profitability Points to a Different Agenda

    This slide places companies into four situations based on EV/EBITDA relative to the 8.9x sector median and revenue growth relative to the 8% covered median.

    Where a company sits on growth and profitability points to a different set of questions for that business, not a verdict on it. We're presenting this as an observation on the cohort's own medians, not a recommendation to buy or sell any security. It's a map for thinking about capital allocation, which is exactly how we use it in the sections that follow.

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    03 · SITUATION MAP Four Situations in This Set: Where a Company Sits on Growth and Profitability Points to a Different Agenda Cut on EV / EBITDA vs the sector median (8.9x) (rows) and revenue growth vs the covered median (8%) (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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Credited and Delivering Above-median multiple · above-median revenue growth 4 names Ecolab Inc. (ECL) · Calumet Inc. (CLMT) · WD-40 Company (WDFC) · +1 more The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median revenue growth 2 names Universal Display Corporation (OLED) · Innospec Inc. (IOSP) The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median revenue growth 2 names LyondellBasell Industries N.V. (LYB) · Stepan Co (SCL) The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median revenue growth 4 names Eastman Chemical Company (EMN) · Avient Corporation (AVNT) · Minerals Technologies Inc. (MTX) · +1 more Priced as what it is today; ownership, structure and capital-allocation questions dominate.

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    03 · GROWTH VS PROFITABILITY

    Two of the 12 Names with a Forward Estimate Clear Both the Growth Bar and the Margin Bar, at the Top of the Range

    This slide plots revenue growth against EBITDA margin for the 12 companies with both estimates, cut at the covered medians of 8% growth and 18% margin.

    Only two of the twelve names with a forward estimate clear both the growth bar and the margin bar, and they sit at the top of the range. That's a small group, so we'd treat it as a directional read rather than a rule — but it's consistent with what the driver analysis showed on the prior page. It tells us the premium in this sector is earned on two dimensions at once, not one.

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    03 · GROWTH VS PROFITABILITY Two of the 12 Names with a Forward Estimate Clear Both the Growth Bar and the Margin Bar, at the Top of the Range Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 12 companies with both estimates · cuts at the covered medians (8% growth, 18% 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=4; growth-only n=4; neither n=2). FTK, OLED plotted at the chart edge. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 40% 10% 20% 30% 40% MARGIN ONLY median 8.2x BALANCED median 19.2x NEITHER median 8.3x GROWTH ONLY median 9.3x OLED AVNT TTI MTX EMN IOSP SCL LYB ECL WDFC CLMT FTK x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The horizontal split is revenue growth against the covered middle; the vertical split is EBITDA margin at 18%. Two names clear both bars — Ecolab Inc. (ECL) and WD-40 Company (WDFC) — and on those two companies the median is 19.2x. Four names clear growth only and sit near 9.3x, four clear margin only, and two clear neither. Each cell here is a handful of names, so read the cells as direction and test the mechanism in your own portfolio. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 12 names clear it (FTK, OLED).

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    03 · THE AGENDA

    Growth, Margin and Scale Are the Three Attributes That Sit with the Names at the Top of the Range

    This slide frames growth, margin and scale as the three attributes shared by the names at the top of the range, as questions for an owner or acquirer to resolve.

    We're framing this page as questions, not conclusions: where does an owner's growth come from, does the margin hold through a cycle, and does scale support the specification positions that seem to travel with the premium. These are the same three attributes we've seen sit with the top of the range throughout this section. They set up the transaction evidence in the next section, where we can see what buyers have actually paid for them.

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    03 · THE AGENDA Growth, Margin and Scale Are the Three Attributes That Sit with the Names at the Top of the Range 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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Put Formulation Spend Behind Specified-in Applications The pricing evidence favours chemistry that is written into a customer's process or product, where the qualification cycle creates switching cost once won. That argues for concentrating application development and technical service on the applications with the longest qualification path and the clearest value-in-use case. What changes the answer: Qualification pipeline converting to spec positions while contribution per pound holds. Harden Pass-Through Before the Next Feedstock Swing Index-linked and contractual pass-through mechanics are what let a business carry margin through a raw material move rather than arguing it back afterwards. Shortening the lag and widening contractual coverage changes the earnings a buyer is willing to treat as mid-cycle. What changes the answer: Contribution margin holding through a period when feedstock moves sharply. Decide Whether to Price or Prune the Commodity Tail Merchant, substitutable volume exposed to imported supply sits at the discount end of this set. The choice is to reprice it on service and dosing economics, or to move capital out of it toward lines with registrations and specification positions behind them. What changes the answer: A sub-scale line failing to earn its fixed-cost absorption across a full cycle. Test Build-Versus-Buy on Registrations and Specification Positions The transaction record shows operating buyers paying up for adjacent chemistries, registrations and qualified positions, and shows corporates selling non-core lines as carve-outs. Both sides of that flow are available to an owner weighing whether to qualify a new application or acquire one already specified. What changes the answer: A carve-out coming available in an application where your own qualification path is years long.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions and what buyers have paid at the top end of value.

    We're turning now to the deal record — what acquirers have agreed to pay for whole companies, and for carve-outs of single lines. This is where the valuation argument meets actual transaction evidence.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Stayed Active at the Top End of Value What acquirers paid for whole companies and for carve-outs of single lines. 04 of 06 Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Whole Companies: Two Pending Deals of Scale Anchor the Record

    This slide walks through three of the 41 disclosed transactions as case studies, including two pending deals of scale.

    Two pending deals of scale anchor this record: Solstice Advanced Materials Inc's agreement to acquire Element Solutions Inc at $16.4B, and Olin Corporation's agreement to acquire Huntsman Corporation at $6.8B. Both acquirers are operating chemical companies, which is consistent with buyers adding adjacent chemistries and registrations. The complete list of transactions sits in the appendix for any client who wants to trace a specific deal.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Whole Companies: Two Pending Deals of Scale Anchor the Record 3 of 41 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. 175 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. 93 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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jul-2026 $16.4B Solstice Advanced Materials Inc acquires Element Solutions Inc EV / LTM revenue 5.2x EV / LTM EBITDA 26.0x WHY THE DEAL HAPPENED Solstice Advanced Materials Inc makes advanced materials and Element Solutions Inc formulates specialty chemistry for electronics and industrial assembly. A transaction of this size reads as acquiring specification positions, registrations and qualified customer platforms that would otherwise take years of qualification cycles to build. HOW THE TARGET WAS VALUED Terms are recorded at $16.4B and 26.0x EV / EBITDA, pending as of July 2026. That earnings multiple sits well above the top of the public range on the forward lens, which is the kind of gap whole-company purchases of specified-in chemistry have carried in this record. Jun-2026 $6.8B Olin Corporation Olin Corporation's $6.8B move on Huntsman Corporation puts two plant-heavy producers together. EV / LTM revenue 1.2x EV / LTM EBITDA 29.4x WHY THE DEAL HAPPENED Both companies run capital-intensive chemistry with feedstock and energy cost position at the centre of competitiveness. The pairing reads as scale, feedstock position and fixed-cost absorption rather than entry into new end markets. HOW THE TARGET WAS VALUED Recorded at $6.8B, 1.2x revenue and 29.4x EBITDA, pending as of June 2026. A low revenue multiple sitting alongside a high earnings multiple is the signature of a trough period, and it is exactly the case both sides argue toward mid-cycle earnings to normalise. Jun-2022 $123M OneWater Marine Inc. acquires Ocean Bio-Chem, Inc. EV / LTM revenue 1.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED OneWater Marine Inc. sells and services boats; Ocean Bio-Chem, Inc. formulates branded marine care chemistry. The purchase reads as putting a consumable product line behind an installed customer base and dealer network. HOW THE TARGET WAS VALUED Recorded at $123M and 1.9x revenue, announced June 2022. Revenue multiples at that level sit with branded consumable chemistry sold through a channel, and in this sector they are read alongside contribution margin rather than on their own.

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    SECTION 05

    05

    This divider introduces the section on where the next dollar of capital earns a higher multiple.

    We move next to the operating implications — the capital and portfolio moves this pricing evidence points to for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Next Dollar of Capital Earns A Higher Multiple The operating moves this pricing evidence points to. 05 of 06 Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Where the Higher Multiples Sit in This Set, and the Capital Choices That Go with Them

    This slide sets out where the higher multiples sit in this set and the capital choices that go with them, framed as questions for the next twelve months.

    We're presenting this page as NeuraCap's view on where the evidence points, not a recommendation to buy or sell any security. The questions it raises — where to put formulation spend, how to harden pass-through, what to do with commodity-tail volume, and how to weigh build-versus-buy — follow directly from the pricing pattern we've walked through. That's the practical use of this report: turning the pricing evidence into a short list of capital-allocation questions.

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    05 · STRATEGIC IMPLICATIONS Where the Higher Multiples Sit in This Set, and the Capital Choices That Go with Them 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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Mix Travels with the Multiple The top of the range in this peer set pairs growth above the covered middle with margins that hold, and the bottom carries more substitutable volume. The practical move is at the portfolio level: which applications get technical service and capacity, how price is defended on value-in-use, and which lines are asked to earn their fixed cost. FOR BOARDS Build-Versus-Buy Is Live at These Levels Two pending deals of scale and a steady run of carve-outs in the record show operating buyers paying for chemistry already specified in, and corporates pruning tails. That frames the capital allocation question plainly: qualify the next application yourself, or acquire a position that is already qualified. FOR BUYERS AND INVESTORS The Earnings Bridge Is Where the Work Sits Pricing in this sector is negotiated off adjusted EBITDA both sides argue toward mid-cycle, so the diligence that moves value is on pass-through and lag, inventory accounting through the period, turnaround timing inside the window, and environmental reserves that travel with the sites.

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    06

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

    We close with the full universe and the methodology behind every figure in this deck, so any number here can be traced back to its source.

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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 Specialty Chemicals 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

    This slide lists all 12 rated public comparables on EV/EBITDA (CY2027E), grouped by valuation tier against the 8.9x sector median.

    This page carries every rated company on the same basis we've used throughout the report, shaded against the 8.9x sector median. It's the reference table behind every multiple quoted in the body of the deck. Tickers link through to the underlying source for a client who wants to verify a specific figure.

    Everything on this page

    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 (8.9x); amber marks below · 12 rated companies; 2 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 12 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. Specialty Chemicals 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 — ≥12.5x · median 17.7x · 3 companies WD-40 Company WDFC Diversified specialty chemicals $2.7B 20.8x 12% 18% 24 Ecolab Inc. ECL Diversified specialty chemicals $87.4B 17.7x 11% 26% 34 Flotek Industries, Inc. FTK Adjacent: oilfield equipment and field services $1.1B 16.9x 50% 16% 29 CORE — 7.5x–12.5x · median 8.9x · 6 companies Calumet Inc. CLMT Diversified specialty chemicals $7.1B 11.0x 19% 14% 9 Universal Display Corporation OLED Adjacent: chemical handling, dispensing and… $3.1B 10.3x -3% 45% 53 Innospec Inc. IOSP Diversified specialty chemicals $2.2B 9.3x 7% 12% 18 Avient Corporation AVNT Diversified specialty chemicals $5.3B 8.4x 5% 18% 21 TETRA Technologies, Inc. TTI Adjacent: oilfield equipment and field services $1.0B 8.0x 5% 18% 25 Stepan Co SCL Diversified specialty chemicals $2.0B 7.6x 9% 10% 16 DISCOUNT — <7.5x · median 6.6x · 3 companies Eastman Chemical Company EMN Diversified specialty chemicals $12.3B 7.3x 6% 18% 20 Minerals Technologies Inc. MTX Diversified specialty chemicals $2.8B 6.6x 5% 18% 23 LyondellBasell Industries N.V. LYB Diversified specialty chemicals $28.9B 6.5x 10% 14% 9

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, the first of two pages.

    This is the transaction record behind the case studies we walked through earlier, sorted newest first. Deal multiples here are measured on LTM financials at announcement, which is a different basis from the CY2027E public comparables — we're not claiming a spread between the two. The full list continues on the next page and in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 41 transactions with disclosed terms in this tier (134 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. 175 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. 93 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. 18 of 41 transactions shown; the rest are in the companion workbook. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2026 Solstice Advanced Materials Inc → Element Solutions Inc $16.4B 5.2x 26.0x Solstice Advanced Materials Inc agreed in July 2026 to acquire Element Solutions Inc, recorded at 5.2x revenue and pending. Values are shown as recorded in the filing. Jun-2026 Olin Corporation → Huntsman Corporation $6.8B 1.2x 29.4x Olin Corporation's June 2026 agreement for Huntsman Corporation is recorded at 1.2x revenue and pending. Revenue multiples at that level sit with plant-heavy chemistry priced off a spread rather than on value-in-use. Dec-2025 Stonepeak → Castrol $10.0B n/a n/a Stonepeak's December 2025 agreement for Castrol is recorded at $10.0B and pending. Branded lubricants offer steady cash conversion, which is the profile long-hold and family capital has competed for in this sector. Nov-2025 n/a → Church & Dwight Co., Inc. n/a n/a 15.5x The November 2025 transaction recorded for Church & Dwight Co., Inc. carries 15.5x EBITDA. That level sits at the branded consumer-maintenance end, where earnings are cash-like and sustaining capital is light. Aug-2025 Hostess Brands → Fortress fire-retardant business n/a n/a 16.0x Hostess Brands' August 2025 transaction for the Fortress fire-retardant business is recorded at 16.0x EBITDA. Carve-outs of single application lines are a recurring shape here, and the registrations and dossiers travel with the assets. Jun-2025 Korea Water Resources Corporation → Water Solutions business of LG Chem, Ltd n/a 6.3x n/a Korea Water Resources Corporation's June 2025 transaction for the Water Solutions business of LG Chem, Ltd is recorded at 6.3x revenue. A corporate pruning a non-core line to an end-market operator is a recurring seller behaviour in this sector. Oct-2024 Nxu, Inc. → Verde Bioresins, Inc. $307M n/a n/a Nxu, Inc.'s October 2024 transaction for Verde Bioresins, Inc. is recorded at $307M. Values at this size mark the lower end of the record, where single-chemistry platforms and unproven application pipelines change hands. Nov-2022 Standard Industries Holdings Inc. → W.R. Grace & Co. n/a 3.6x 16.4x Standard Industries Holdings Inc.'s November 2022 transaction for W.R. Grace & Co. is recorded at 3.6x revenue and 16.4x EBITDA, with status recorded as terminated. It marks what a catalysts and materials platform was underwritten at in that window. Jun-2022 OneWater Marine Inc. → Ocean Bio-Chem, Inc. $123M 1.9x n/a OneWater Marine Inc.'s June 2022 purchase of Ocean Bio-Chem, Inc. is recorded at $123M. A distribution owner buying a consumable chemistry brand to pull product through its own channel is a recurring shape in this record.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    This page completes the transaction list shown in the body of this report. As on the prior page, deal multiples are measured on LTM financials at announcement, not on the CY2027E basis used for the public comparables. The remaining transactions beyond what's shown here sit in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 41 transactions with disclosed terms in this tier (134 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. 175 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. 93 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. 18 of 41 transactions shown; the rest are in the companion workbook. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2021 Consortium (including Giant Investment (HK) Limited) → Delf (UK) Ltd. n/a 6.1x 13.0x Oct-2021 Ecolab Inc. → Purolite Corporation n/a n/a 23.0x Value shown as recorded in the filing; deal value unit unresolved, party direction corrected. Aug-2021 Lanxess AG → International Flavors & Fragrances Inc. (IFF)—Microbial Control business n/a n/a 13.0x Value shown as recorded in the filing; deal value unit unresolved. Mar-2021 Cerberus Capital Management, L.P. / Koch Minerals & Trading, LLC → PQ Group Holdings Inc.’s PQ Performance’s Chemicals Business n/a n/a 7.7x Feb-2021 Bain Capital Private Equity; Cinven → Lonza Group AG—Specialty Ingredients business n/a n/a 13.0x Value shown as recorded in the filing; deal value unit unresolved. Apr-2020 EQT → Schülke & Mayr GmbH n/a n/a 13.3x Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 Undisclosed buyer → Koppers Holdings Inc. $1.6B 0.9x n/a Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. Nov-2018 Univar Inc. → Nexeo Solutions, Inc. n/a n/a 9.6x Jul-2018 AptarGroup, Inc. → CSP Technologies S.à r.l. n/a n/a 13.0x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide sets out the report's sources, valuation basis and data-quality exclusions.

    Every figure in this deck links back to the record it was taken from, and this page names the basis for any figure without a direct link. It also sets out what was excluded, such as multiples that failed the platform's plausibility gates and transactions with neither a disclosed value nor a multiple. That transparency is what lets a client trust the figures on every page before this one.

    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. Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (12 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 Specialty Chemicals and it clears the coverage gate with 12 of 14 companies (86%). EV / Revenue, P / E are carried as a cross-check. The set earns: 12 of the 12 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 9 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 653 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 (652) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    On the 12 Names with a Forward Estimate, the Premium Sits with Growth That Holds.

    This is the closing slide, restating that the premium among names with a forward estimate sits with growth that holds.

    We'll leave the client with the finding that ties the whole report together: among the twelve names with a forward estimate, the premium sits with growth that holds, not one good year. That conclusion is drawn from the growth and margin cohorts we walked through earlier in this deck. The companion tables beside this deck carry the full universe and the source index for any figure a client wants to trace further.

    Everything on this page

    On the 12 Names with a Forward Estimate, the Premium Sits with Growth That Holds. NeuraCap AI — Specialty Chemicals Coverage September 2026 · Prepared by NeuraCap AI · Confidential Specialty Chemicals Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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