Specialty Retail Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › SPECIALTY RETAIL

Specialty Retail: The Largest Platform Sits Mid-Field

This report shows where valuation separates across category-killer chains and which operating strengths support durable earnings.

September 2026 · Prepared by NeuraCap AI · Confidential

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

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

Sources & methodology

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   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › SPECIALTY RETAIL

   This is the cover slide identifying the report as NeuraCap's Specialty Retail sector outlook dated September 28, 2026.

   This report examines how Specialty Retail's category-killer chains price in the public markets and in precedent transactions, using EV/EBITDA on CY2027E consensus as of September 28, 2026. We'll walk through where the group's largest platform actually sits in the valuation range and what separates the premium end from the discount end, so you leave with a clear view of what the market is paying for and why.

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   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › SPECIALTY RETAIL Specialty Retail: The Largest Platform Sits Mid-Field This report shows where valuation separates across category-killer chains and which operating strengths support durable earnings. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Specialty Retail 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 the appendix, starting with the bottom line.

   We've structured this report so the bottom line comes first — if you only read section one, you still get the whole story. From there we move through the competitive landscape, valuation and situations, precedent transactions, and strategic implications, with full comparables and methodology in the appendix. This sequencing lets you go as deep as you need, so the headline finding is never buried.

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   CONTENTS What This Report Covers 01 The Bottom Line Specialty Retail Does Not Price as One Group 02 The Landscape Shared Formats Mask Different Earnings Profiles 03 Valuation & Situations The Largest Platform Does Not Sit at the Top 04 Precedent Transactions Precedent Transactions Reward Different Strategic Attributes 05 Strategic Implications Durable Traffic and Four-Wall Economics Strengthen the Story 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Specialty Retail’s Category-Killer Chains Do Not Price as One Group

   This slide states the report's core finding: Specialty Retail's category-killer chains do not price as one group on EV/EBITDA (CY2027E).

   Across the five rated names in this sector, forward EV/EBITDA multiples span from 12.3x at the premium end to 5.4x at the discount end — a wide range for companies operating in the same category-killer format. This tells us format alone doesn't explain valuation; something else is doing the work. Over the following sections we unpack what separates the premium end from the discount end and what that means for owners and operators positioning their own businesses.

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   01 · THE BOTTOM LINE Specialty Retail’s Category-Killer Chains Do Not Price as One 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Largest Platform Sits in the Middle of the Field The 5 names with a forward estimate span 12.3x at the premium end and 5.4x at the discount end. The observed range separates platform size from valuation without suggesting that scale is irrelevant. 2 The Premium Position Pairs Growth with Margin Among the 5 names with a forward estimate, Ulta Beauty, Inc. (ULTA) pairs 5% growth with a 14% margin. Its position is consistent with a market preference for earnings that can hold up after forecast growth is already reflected in the multiple. 3 High Margin Still Needs a Durable Traffic Story Bath & Body Works, Inc. (BBWI) carries a 16% margin alongside a 5.9x forward valuation. The pairing suggests that margin alone does not settle questions around traffic, merchandise mix and earnings durability. 4 Whole-Company Prices Widen the Benchmark Set Across the transaction set, disclosed EV / EBITDA ranges from 4.2x to 20.3x. The spread suggests that buyers distinguish sharply among fleet quality, assets and strategic fit. 7.6x Sector median EV/EBITDA CY2027E consensus · 5 rated of 8 companies 12.3x Premium end EV/EBITDA vs 5.4x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 23 Transactions with disclosed terms 59 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces Section 02, on how shared retail formats mask different earnings profiles.

   Category authority matters, but it isn't the whole story. In this section we look at how traffic quality, merchandise mix and fleet flexibility separate businesses that look similar on the surface.

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   SECTION 02 02 THE LANDSCAPE Shared Formats Mask Different Earnings Profiles Category authority matters, but traffic quality, merchandise mix and fleet flexibility separate the businesses. 02 of 06 Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Category-Killer Chains Share the Map but Span Different Valuations

   This slide maps 8 approved companies by business segment, showing median EV/EBITDA (CY2027E) for each group.

   We've grouped the approved universe of 8 companies by business segment and calculated median forward multiples for each group. Even within a shared category-killer map, the group medians move apart — segment membership alone doesn't predict where a company sits. That's the first signal that operating differences, not format, are driving the spread we explore next.

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   02 · MARKET MAP Category-Killer Chains Share the Map but Span Different Valuations 8 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 Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CATEGORY-KILLER SPECIALTY CHAINS 8 cos median 7.6x Ulta Beauty (ULTA) Tractor Supply (TSCO) DICK'S Sporting (DKS) Bath & Body Works (BBWI) GameStop (GME) Sally Beauty (SBH) Barnes & Noble (BNED) Build-A-Bear (BBW) These businesses compete through destination assortments, category authority and store formats built around distinct trade areas.

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   02 · LANDSCAPE

   One Retail Format Contains Very Different Earnings Stories

   This slide breaks down the segment view of the approved universe, pairing what each group does with why the valuation gap matters.

   One retail format can contain very different earnings stories, and this page shows why: we pair each segment's median EV/EBITDA (CY2027E) with a plain description of what the businesses in it actually do. The full company-level detail sits in the appendix if you want to trace any single name. So what this tells us is that the group-level story only holds up once you understand the earnings profile underneath it.

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   02 · LANDSCAPE One Retail Format Contains Very Different Earnings Stories 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 Retail 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 Category-killer specialty chains 8 100% 7.6x Ulta Beauty, Inc. (ULTA) · Tractor Supply Company (TSCO) · +6 more One format, different economics. The peer set brings together destination-led chains with different traffic patterns, replenishment mixes, merchandise margins and lease profiles. Those differences shape four-wall economics and the durability of consolidated earnings.

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   SECTION 03

   03

   This divider introduces Section 03, on why the largest platform in the peer set does not sit at the top of the valuation range.

   Forward valuation spans a wide range even though this peer set shares a category-killer format. In this section we show where the range sits, what drives it, and what it means for strategic priorities.

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   SECTION 03 03 VALUATION & SITUATIONS The Largest Platform Does Not Sit at the Top Forward valuation spans a wide range even though the peer set shares a category-killer format. 03 of 06 Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Sustains a Clear Lead over the Discount End

   This slide ranks all 5 rated companies by EV/EBITDA (CY2027E) in descending order against a sector median of 7.6x.

   Sorting all five rated companies by forward multiple shows a clear split: the premium end sustains a lead over the discount end, with the sector median sitting at 7.6x. We've grouped the set into tier zones cut at the rated set's quartiles, so you can see at a glance where any name sits relative to peers. This ranking is the foundation for the driver analysis that follows, so what matters next is why the premium end holds its lead.

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   03 · PUBLIC MARKET VALUATION The Premium End Sustains a Clear Lead over the Discount End EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 7.6x · 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 (5 of 8 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 Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.3x CORE · median 7.6x DISCOUNT · median 5.4x Sector median 7.6x WHAT SEPARATES THE TWO ENDS The top sustains traffic. Ulta Beauty, Inc. (ULTA) combines category authority, service content and a loyalty relationship that can support repeat destination trips. Its premium-end median is 12.3x. Margin still needs context. Buyers and public investors look through consolidated margin to traffic versus ticket, merchandise mix and four-wall contribution. A high margin carries more weight when those inputs appear durable. Fleet flexibility protects options. Lease duration, trade-area white space and new store payback influence how confidently a business can allocate capital. The discount-end median is 5.4x.

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   03 · VALUATION DRIVERS

   Margin Alone Does Not Map Cleanly to Forward Valuation

   This slide compares median EV/EBITDA (CY2027E) across revenue-growth cohorts and EBITDA-margin cohorts, each split at its covered median.

   We split the rated names into faster- and slower-growth cohorts, and separately into higher- and lower-margin cohorts, each cut at the group's own covered median. The pattern shows margin alone does not map cleanly to forward valuation — a reading we treat as an association in this dataset, not a causal claim. So what this means is that valuation premium is earned through a combination of factors, not a single lever.

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   03 · VALUATION DRIVERS Margin Alone Does Not Map Cleanly to Forward Valuation Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Profitability Needs Support from Traffic and Merchandise Quality Bath & Body Works, Inc. (BBWI) pairs a 16% margin with 5.9x. In this sample, margin ranking and valuation ranking do not move together. Growth Carries More Weight When Margin Also Holds Ulta Beauty, Inc. (ULTA) combines 5% growth with a 14% margin. Because the multiple is forward, its position suggests confidence in the durability of the forecast rather than simple credit for growth already expected. Four-Wall Economics Connect the Fleet to Enterprise Value Comp store sales, occupancy cost ratio, markdown cadence and store-level contribution show whether consolidated earnings rest on repeatable unit economics. These measures also frame capital allocation across openings, closures and remodels.

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    03 · SITUATION MAP

    Margin and Valuation Point to Different Strategic Priorities

    This slide cross-cuts EV/EBITDA against the sector median of 7.6x and EBITDA margin against the covered median of 13% to characterise situations, not recommendations.

    Cutting the peer set on EV/EBITDA (CY2027E) against the 7.6x sector median, and EBITDA margin against the 13% covered median, produces four situations rather than four verdicts. This page characterises where companies sit — it does not recommend buying or selling any security. So what this gives you is a shared vocabulary for the strategic conversation on the next page.

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    03 · SITUATION MAP Margin and Valuation Point to Different Strategic Priorities Cut on EV / EBITDA vs the sector median (7.6x) (rows) and EBITDA margin vs the covered median (13%) (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 Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Valuation, Premium Margin Above-median multiple · above-median EBITDA margin 1 names Ulta Beauty, Inc. (ULTA) Ulta Beauty, Inc. (ULTA) occupies this position in the sample. The strategic task is to protect traffic quality, loyalty engagement and merchandise margin while funding credible white space. Premium Valuation, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Tractor Supply Company (TSCO) · DICK'S Sporting Goods, Inc. (DKS) Tractor Supply Company (TSCO) and DICK'S Sporting Goods, Inc. (DKS) sit here. Their valuations suggest confidence that extends beyond current margin, placing emphasis on sustaining category authority and improving operating leverage. Lower Valuation, Premium Margin Below-median multiple · above-median EBITDA margin 2 names Bath & Body Works, Inc. (BBWI) · Build-A-Bear Workshop, Inc. (BBW) Bath & Body Works, Inc. (BBWI) and Build-A-Bear Workshop, Inc. (BBW) sit here. The opportunity is to connect existing profitability with a more durable view of traffic, mix and reinvestment returns. Lower Valuation, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Revenue Mix, Pricing and Cost Control Travel with Steadier Margins

    This slide sets out the questions an owner or acquirer should resolve around revenue mix, pricing and cost control.

    Revenue mix, pricing discipline and cost control travel together with steadier margins in this data, and we frame that pattern as a set of questions rather than a prescription. These are observations grounded in the cohort data shown earlier, not investment advice. So what this means for you is a practical checklist for where to focus before the next planning cycle.

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    03 · THE AGENDA Revenue Mix, Pricing and Cost Control Travel with Steadier Margins 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 Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Destination Proposition Concentrate assortment, service and loyalty investment where the business owns the customer mission. Category authority is more defensible when traffic does not depend heavily on landlords, licensors or promotions. What changes the answer: The answer changes when traffic quality, repeat purchase behaviour or vendor access weakens. Reallocate Capital Across the Fleet Compare openings, remodels and closures through four-wall contribution, new store payback and trade-area capacity. Lease flexibility can preserve options when local demand shifts. What changes the answer: The answer changes when occupancy pressure, cannibalisation or site-level returns move outside the investment case. Improve Merchandise and Inventory Economics Use owned brands, markdown discipline and GMROI to strengthen merchandise margin without compromising the customer proposition. Replenishment mix can also reduce reliance on discretionary demand. What changes the answer: The answer changes when inventory turns slow, clearance deepens or vendor concentration increases. Set the Build-Versus-Buy Boundary Assess whether category adjacency, customer access or fleet density is better developed internally or through a transaction. The decision should rest on integration demands and the quality of the acquired earnings base. What changes the answer: The answer changes when internal payback compares poorly with an available target’s store economics and strategic fit.

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    SECTION 04

    04

    This divider introduces Section 04, on how precedent transactions reward different strategic attributes.

    Whole-company prices reflect the target's earnings base, its assets, and its fit with the buyer. In this section we walk through case studies and the full precedent transaction set to show how those attributes show up in disclosed multiples.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Different Strategic Attributes Whole-company prices reflect the target’s earnings base, assets and fit with the buyer. 04 of 06 Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Asset-Backed Platforms and Specialty Banners

    This slide presents 2 of 23 disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    We've selected two transactions from the 23 with disclosed terms to walk through as case studies, each showing why the deal happened in the acquirer's own strategic terms. These multiples sit on an LTM-at-announcement basis and are not directly comparable to the CY2027E public-market basis we used earlier — we're not claiming a spread between the two. So what this shows is that buyers pay for fleet quality, assets and fit as much as for the earnings line itself.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Asset-Backed Platforms and Specialty Banners 2 of 23 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. 62 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 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 Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2026 $2.3B Blackstone Infrastructure Partners L.P. Blackstone Infrastructure Partners L.P. agreed to acquire MarineMax, Inc. as an asset-backed specialty platform. EV / LTM revenue 1.0x EV / LTM EBITDA 20.3x WHY THE DEAL HAPPENED The pairing suggests interest in a business where operating cash flow sits alongside physical assets and a location network. For an infrastructure buyer, those attributes can support a longer-duration underwriting case. HOW THE TARGET WAS VALUED The disclosed value is $2.3B, with 1.0x EV / Revenue and 20.3x EV / EBITDA. The earnings multiple sits at the upper end of the disclosed transaction benchmarks in this set. Aug-2018 $0M GrowGeneration Corp. acquires Heavy Gardens EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The relevant logic would centre on destination traffic, four-wall economics and fleet flexibility. Merchandise mix and the quality of the loyalty relationship would shape that assessment. HOW THE TARGET WAS VALUED EV / EBITDA is the relevant lens, reconciled for rent and lease structure. The benchmark should reflect earnings quality, store-level contribution and capital needs.

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    SECTION 05

    05

    This divider introduces Section 05, on durable traffic and four-wall economics as sources of strategic strength.

    Owners can improve their standing through revenue quality, fleet choices and disciplined capital allocation. This section turns the analysis into a set of practical priorities for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Traffic and Four-Wall Economics Strengthen the Story Owners can improve their standing through revenue quality, fleet choices and disciplined capital allocation. 05 of 06 Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Top of the Range Sits with Revenue Quality, Retention and Margin Durability

    This slide argues that the top of the valuation range sits with revenue quality, retention and margin durability.

    Based on everything we've shown, the top of the range in this data belongs to businesses with durable revenue quality, strong retention and margins that hold up rather than spike. These are NeuraCap's directional views drawn from the analysis in this report, not recommendations. So what this means is that the questions worth putting on the table now are about durability, not just growth.

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    05 · STRATEGIC IMPLICATIONS The Top of the Range Sits with Revenue Quality, Retention and Margin Durability 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 Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of Revenue Focus on destination traffic, replenishment mix and loyalty activity that can support repeat demand. Revenue quality gives margin and growth a more durable operating foundation. FOR OPERATORS Manage the Fleet as Capital Use site-level contribution, occupancy exposure and trade-area capacity to decide where to open, remodel or close. Fleet flexibility is an operating asset when demand and landlord traffic change. FOR BOARDS Tie Capital Allocation to Unit Economics Compare organic investment and transaction options through payback, cash conversion and execution risk. The relevant question is which path improves the durability of earnings without stretching the cost structure.

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    SECTION 06

    06

    This divider introduces Section 06, the full comparables universe, methodology and sources.

    This section holds the comparables detail behind every figure in the body, the valuation basis we used, and where each underlying disclosure lives.

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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 Retail 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 5 rated and 3 not-rated companies.

    This table carries all 5 rated companies plus the 3 companies without an eligible multiple, shaded by whether each sits above or below the 7.6x sector median. Every ticker links back to its underlying source, and the companion workbook carries the complete field set. So what this gives you is a fully traceable record behind every multiple used in this report.

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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 (7.6x); amber marks below · 5 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 5 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 Retail 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 — ≥11.4x · median 12.3x · 1 companies Ulta Beauty, Inc. ULTA Category-killer specialty chains $25.8B 12.3x 5% 14% 21 CORE — 5.9x–11.4x · median 7.6x · 3 companies Tractor Supply Company TSCO Category-killer specialty chains $23.0B 11.4x 4% 12% 16 DICK'S Sporting Goods, Inc. DKS Category-killer specialty chains $18.8B 7.6x 3% 10% 14 Bath & Body Works, Inc. BBWI Category-killer specialty chains $7.1B 5.9x 2% 16% 18 DISCOUNT — <5.9x · median 5.4x · 1 companies Build-A-Bear Workshop, Inc. BBW Category-killer specialty chains $417M 5.4x 3% 13% 18

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists precedent transactions with disclosed terms, newest first, the first of two pages covering 23 transactions.

    This page begins the full list of 23 transactions with disclosed terms out of the recorded set, ordered newest first, with deal values linking to the underlying filing. Sixty-two recorded records carry data-quality flags such as unresolved deal-value units or reassigned divestiture roles, and figures are shown as recorded in the filing. So what this gives you is the raw transaction evidence behind the case studies shown earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (59 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. 62 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 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 23 transactions shown; the rest are in the companion workbook. Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Blackstone Infrastructure Partners L.P. → MarineMax, Inc. $2.3B 1.0x 20.3x Blackstone Infrastructure Partners L.P.’s announced transaction for MarineMax, Inc. places an asset-backed specialty platform in an infrastructure buyer’s frame. The $2.3B value suggests a broader underwriting lens than retail earnings alone. Apr-2026 Bed Bath & Beyond, Inc. → The Container Store Holdings, LLC $752M 1.0x n/a Bed Bath & Beyond, Inc.’s announced transaction for The Container Store Holdings, LLC at $752M and 1.0x suggests a strategic interest in adjacent home-focused assortments and customer relationships. Oct-2025 n/a → Ethan Allen Interiors Inc. n/a n/a 13.9x The announced transaction involving Ethan Allen Interiors Inc. carries a disclosed 13.9x EV / EBITDA benchmark. It provides a reference point for a mature specialty platform with an established retail footprint. May-2023 Tempur Sealy International, Inc. → Mattress Firm Group Inc. n/a n/a 9.3x Tempur Sealy International, Inc.’s announced transaction for Mattress Firm Group Inc. at 9.3x suggests value in connecting branded products with a scaled specialty retail network. Feb-2023 BP Products North America Inc. → TravelCenters of America Inc. $2.9B n/a n/a BP Products North America Inc.’s pending transaction for TravelCenters of America Inc. at $2.9B suggests that location networks and customer access can matter alongside reported retail earnings. Nov-2021 Franchise Group, Inc. → W.S. Badcock Corporation n/a n/a 4.2x Franchise Group, Inc.’s announced transaction for W.S. Badcock Corporation at 4.2x shows that whole-company pricing can sit below public-market reference points when the earnings and fleet profile differ. Aug-2021 Boyd Gaming Corporation → Hoagtech Hydroponics n/a n/a 7.2x Boyd Gaming Corporation’s announced transaction for Hoagtech Hydroponics at 7.2x provides a benchmark for a focused specialty format serving a defined customer group. May-2021 Hellman & Friedman → At Home Group Inc. n/a n/a 7.9x Hellman & Friedman’s announced transaction for At Home Group Inc. at 7.9x suggests a focus on cash generation, store economics and the flexibility embedded in a scaled fleet. Mar-2021 Apollo Global Management, Inc. → The Michaels Companies, Inc. n/a n/a 6.8x Apollo Global Management, Inc.’s announced transaction for The Michaels Companies, Inc. at 6.8x suggests that a defined assortment and destination-led customer proposition can attract private equity interest.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix completes the list of precedent transactions with disclosed terms, newest first.

    This page finishes the list of 23 disclosed-terms transactions, again on an LTM-at-announcement basis that is not directly comparable to the CY2027E public multiples used earlier. The 36 recorded transactions without a disclosed value or multiple are omitted here but kept in the companion workbook. So what this leaves you with is a complete, traceable transaction record to support any follow-up diligence.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (59 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. 62 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 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 23 transactions shown; the rest are in the companion workbook. Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2021 SIGNA Sports United GmbH → WiggleCRC n/a 1.2x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2020 Harbin Pharmaceutical Group Holding Co., Ltd → GNC Holdings LLC n/a n/a 6.9x Value shown as recorded in the filing; deal value unit unresolved. Dec-2019 Franchise Group, Inc. → American Freight Group, Inc. n/a n/a 9.6x Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 Franchise Group, Inc. → Vitamin Shoppe, Inc. n/a n/a 3.8x Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 Canadian Tire Corporation → Party City (Canada) n/a n/a 9.9x Value shown as recorded in the filing; deal value unit unresolved. Jun-2019 Elliott Management Advisors → Barnes & Noble, Inc. n/a n/a 5.7x Value shown as recorded in the filing; deal value unit unresolved. Aug-2018 GrowGeneration Corp. → Heavy Gardens $0M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2018 Harbin Pharmaceutical Group Co., Ltd. → GNC Holding, Inc. n/a n/a 7.3x Jun-2017 Natura Cosmetics S.A. → The Body Shop 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 explains the report's sources, assumptions and data-quality treatment.

    Every figure in this report links to the record it was taken from, and where no link exists, the appendix names the source and the basis on which it was read. This is where we explain what was included, what was excluded, and why, so you can trust every number in the pages before it.

    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 Retail Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 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 Retail and it clears the coverage gate with 5 of 8 companies (62%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 5 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 3 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 414 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 (413) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Sample, Scale and the Premium Do Not Move in Lockstep.

    This closing slide states that scale and valuation premium do not move in lockstep in this sample.

    In this sample, scale and the premium do not move in lockstep — the largest platform does not command the top multiple. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further. So what this leaves you with is a clear, evidence-based starting point for your next conversation on where value sits in this sector.

    Everything on this page

    In This Sample, Scale and the Premium Do Not Move in Lockstep. NeuraCap AI — Specialty Retail Coverage September 2026 · Prepared by NeuraCap AI · Confidential Specialty Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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