Sporting Goods and Equipment Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › SPORTING GOODS AND EQUIPMENT

Sporting Goods: Profitable Growth Is the Uncommon Commodity

A read on where this market is pricing a premium, what buyers agreed to pay in the recorded transactions, and where each company in the set sits today.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › SPORTING GOODS AND EQUIPMENT

   This is the cover slide introducing the Sporting Goods and Equipment sector outlook, dated September 2026.

   We're opening our September 2026 look at Sporting Goods and Equipment, built on CY2027E EV/EBITDA as the primary lens on value. What follows sets out where this market pays a premium and why, so you can see exactly where your own name would sit against it.

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › SPORTING GOODS AND EQUIPMENT Sporting Goods: Profitable Growth Is the Uncommon Commodity A read on where this market is pricing a premium, what buyers agreed to pay in the recorded transactions, and where each company in the set sits today. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lays out the report's five sections plus the appendix, starting with the bottom line.

   We start with the bottom line so if you read nothing else, you still leave with the full story. From there we walk the market map, the valuation drivers, the precedent deals, and what all of it means going forward. So what: you can go as deep as you want into this report and still walk away with the answer.

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   CONTENTS What This Report Covers 01 The Bottom Line Sporting Goods and Equipment Is Not Being Priced as One Market 02 The Landscape Recreation Hardgoods Holds the Larger Share of the Field 03 Valuation & Situations The Market Pays up for Category Position That Survives a Forward Lens 04 Precedent Transactions Buyers Have Agreed to Pay up for Brands with a Category to Lead 05 Strategic Implications Mix, Attach and Channel Are the Levers This Market Rewards 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Sporting Goods and Equipment Splits Two Ways: Recreation Hardgoods Sit Above the Adjacent Brands

   This slide is the report's core finding: Recreation Hardgoods commands a higher valuation than the Adjacent Brands group.

   Of the 8 companies we track, the sector median sits at 7.8x EV/EBITDA on CY2027E estimates, with the top two names near 13.2x and the bottom two near 6.3x. Recreation Hardgoods carries the larger share of this set and the higher price tag, while the Adjacent Brands group prices behind it. That split holds when we cut the set on growth and margin together, and it's the thread the rest of this report follows. So what: where a company sits in that split is the single biggest driver of how the market is pricing it today.

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   01 · THE BOTTOM LINE Sporting Goods and Equipment Splits Two Ways: Recreation Hardgoods Sit Above the Adjacent Brands 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 (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of This Set Carry Very Different Valuations Of the 8 companies here, 6 names carry a forward estimate, and the middle of that group sits at 7.8x on CY2027E EV / EBITDA. The two names at the top sit at 13.2x against 6.3x for the two at the bottom. A CY2027E multiple already credits forecast growth, so a premium that holds at this lens reads as investors expecting those earnings to last. 2 Recreation Hardgoods Carries the Higher Price Tag Recreational, backyard and game-room equipment is 5 of the 8 companies and 62% of the set, and on the 4 of those 5 with a forward estimate the middle multiple is 10.7x. The 3 adjacent businesses — suspension components, firearms and skate specialty retail — come in at 7.2x on the 2 of them with a forward estimate. 3 The Premium Sits with the Faster-Growing Names, and Not with the Higher-Margin Ones Split the 6 names with a forward estimate at -1% forecast growth: the three above that line sit at 8.2x, the three below at 7.4x. Peloton Interactive, Inc. (PTON) carries a 21% EBITDA margin and still sits below the middle of the range, so margin on its own is not tracking with where the market pays. 4 Two Names Clear Both the Valuation Bar and the Margin Bar, and That Pairing Is the One to Match Amer Sports, Inc. (AS) and Acushnet Holdings Corp. (GOLF) are the 2 of the 6 names with a forward estimate sitting above both the 7.8x line and the 15% EBITDA margin line. Profitable growth is the uncommon combination in this set, and the money is sitting where both are already visible in the numbers. 7.8x Sector median EV/EBITDA CY2027E consensus · 6 rated of 8 companies 13.2x Premium end EV/EBITDA vs 6.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 22 Transactions with disclosed terms 31 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This is the divider introducing section two, the market map of the sector.

   Section two shows who competes where, and how each pool is priced. Recreation Hardgoods holds the larger share of the field, and we set up exactly where that shows up in the numbers next.

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   SECTION 02 02 THE LANDSCAPE Recreation Hardgoods Holds the Larger Share of the Field Who competes where, and how each pool is priced. 02 of 06 Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where the Sector Splits: Recreation Hardgoods on One Side, the Adjacent Brands on the Other

   This slide groups the 8 companies by business segment and shows the median valuation for each group.

   We split the approved universe into Recreation Hardgoods and the Adjacent Brands, and price each group on its own median CY2027E multiple. Recreation Hardgoods is both the larger pool and the higher-priced one, which suggests the market is paying for scale and category depth together, not one on its own. So what: where a company sits in this map tells you which price umbrella it already trades under.

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   02 · MARKET MAP Where the Sector Splits: Recreation Hardgoods on One Side, the Adjacent Brands on the Other 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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 RECREATIONAL, BACKYARD AND GAME-ROOM EQUIPMENT 5 cos median 10.7x Amer Sports (AS) Acushnet Holdings (GOLF) Peloton (PTON) Escalade (ESCA) American Outdoor (AOUT) The core of the field: branded hardgoods sold through pro shops, specialty dealers and owned channels, where replacement cycle and accessory attach carry the earnings. ADJACENT MODELS 3 cos median 7.2x Fox Factory (FOXF) Smith & Wesson (SWBI) Zumiez (ZUMZ) Businesses that touch the same consumer through a different economic model — ride components, shooting sports and skate specialty retail — and are priced accordingly.

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   02 · LANDSCAPE

   The Larger Pool of Companies Here Also Sits at the Upper End of the Valuation Range

   This slide shows that the larger group of companies also trades at the higher end of the valuation range.

   The segment carrying more companies also carries the higher median multiple, an association worth noting rather than a proven cause. Recreation Hardgoods' scale in this set lines up with where the market is paying up. So what: scale and pricing appear to move together here, and that's worth testing against a company's own segment position before benchmarking it against this set.

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   02 · LANDSCAPE The Larger Pool of Companies Here Also Sits at the Upper End of the Valuation Range 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. Sporting Goods and Equipment 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 Recreational, backyard and game-room equipment 5 63% 10.7x Amer Sports, Inc. (AS) · Acushnet Holdings Corp. (GOLF) · +3 more Branded hardgoods, specialty channel. Amer Sports, Inc. (AS), Acushnet Holdings Corp. (GOLF), Peloton Interactive, Inc. (PTON), Escalade, Incorporated (ESCA) and American Outdoor Brands, Inc. (AOUT) make up 62% of the set. On the 4 of these 5 with a forward estimate the middle multiple is 10.7x. What they share is category depth in a defined sport, pro-shop and specialty relationships, and a replacement cycle a buyer can underwrite. Adjacent models 3 38% 7.2x Fox Factory Holding Corp. (FOXF) · Smith & Wesson Brands, Inc. (SWBI) · +1 more Components, firearms, skate retail. Fox Factory Holding Corp. (FOXF), Smith & Wesson Brands, Inc. (SWBI) and Zumiez Inc. (ZUMZ) are 38% of the set and sit at 7.2x on the 2 of the 3 with a forward estimate. These are supplier and retail economics rather than owned-brand hardgoods: key account concentration, shelf space and regulatory licensing shape the earnings a buyer will pay for.

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   SECTION 03

   03

   This is the divider introducing section three, public market valuation across all 8 companies.

   Section three ranks all 8 companies on CY2027E EV/EBITDA and looks at what's driving the spread. We'll show where the premium holds and why it holds.

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   SECTION 03 03 VALUATION & SITUATIONS The Market Pays up for Category Position That Survives a Forward Lens All 8 companies ranked on CY2027E EV / EBITDA. 03 of 06 Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   At the Top of the Range, the Premium Still Holds on Forward Numbers

   This slide ranks the rated companies on CY2027E EV/EBITDA against the sector median.

   Sorted descending, the rated set shows a clear premium tier holding at the top of the range against a 7.8x sector median. That premium survives even on a forward-looking basis that already prices in expected growth. So what: a multiple that holds up this far out reads as the market backing the durability of those earnings, not just the growth rate behind them.

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   03 · PUBLIC MARKET VALUATION At the Top of the Range, the Premium Still Holds on Forward Numbers EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 7.8x · 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 (6 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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.2x CORE · median 7.8x DISCOUNT · median 6.3x Sector median 7.8x WHAT SEPARATES THE TWO ENDS The top holds category position. The two names at the top of the range sit at 13.2x on CY2027E EV / EBITDA against 6.3x for the two at the bottom. Acushnet Holdings Corp. (GOLF) sells through pro shops and the specialty channel with tour validation and a steady replacement cycle behind it. A forward lens already credits growth. CY2027E EBITDA already reflects what the market expects, so a premium that survives this lens is being paid for earnings judged to repeat. Acushnet Holdings Corp. (GOLF) carries 4% forecast growth and American Outdoor Brands, Inc. (AOUT) -2%, so pace on its own is not what separates the two ends. The bottom carries cycle questions. Fox Factory Holding Corp. (FOXF) and Peloton Interactive, Inc. (PTON) both sit at the lower end while the market tests where mid-cycle demand settles. Both are hardgoods businesses where channel inventory and the promotional reset that follows sit alongside the lower multiple.

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   03 · VALUATION DRIVERS

   The Higher Multiples Sit with the Faster Growers, and Margin Is Uneven Behind Them

   This slide splits the rated companies by revenue-growth and margin cohorts to see which one lines up with higher multiples.

   Splitting the rated set at its own growth median, the faster-growing half sits at 8.2x against 7.4x for the slower half. Margin cohorts don't show the same clean separation, which is an association in the data rather than a stated cause. So what: growth appears more closely tied to premium pricing here than margin alone, a distinction worth checking before assuming a higher margin buys a higher price.

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   03 · VALUATION DRIVERS The Higher Multiples Sit with the Faster Growers, and Margin Is Uneven Behind Them 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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at -1% · EBITDA-margin split at 15% Above the -1% Growth Line, Multiples Run Higher Of the 6 names with a forward estimate, three sit above that growth line and three below. The three above sit at 8.2x on CY2027E EV / EBITDA; the three below sit at 7.4x. The direction is clear on three names a side, but that is a small base, so read it as a lean in the market's preference rather than a rule. Margin Appears on Both Sides of the Middle Multiple Amer Sports, Inc. (AS) at a 20% EBITDA margin and Peloton Interactive, Inc. (PTON) at 21% sit on opposite sides of the sector's middle multiple, and Zumiez Inc. (ZUMZ) at 5% sits in the middle group. Margin is associated with the multiple in part of this set and not across it, so profitability alone is not where the separation is showing up. Attach and Replacement Cadence Sit Behind the Premium End The names at the top of the range run on an installed base that pulls consumables, accessories and a predictable refresh, which is the earnings shape buyers here normalize to a mid-cycle level. Hardware-only economics with no consumable or service attach sit at the other end of the same argument. Channel Mix Frames the Lower End of the Range Dependence on a concentrated wholesale shelf puts the pre-book calendar and the annual key account negotiation in charge of the year, while owned DTC and deep specialty door count give first-party demand data and more control of price. Where the sector's lower multiples sit, retailer concentration and closeout exposure sit with them.

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    03 · SITUATION MAP

    Where the Premium Sits: Two Names Clear Both the Multiple and the Margin Line

    This slide cuts the rated set on valuation against margin to show which companies clear both lines.

    Cutting on the 7.8x sector median and the 15% margin line, two names clear both bars at once. That combination — priced above median and profitable above median — is the smallest and most valuable box on this map. So what: it's a short list, and it's the one worth understanding in detail before comparing any other name against it.

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    03 · SITUATION MAP Where the Premium Sits: Two Names Clear Both the Multiple and the Margin Line Cut on EV / EBITDA vs the sector median (7.8x) (rows) and EBITDA margin vs the covered median (15%) (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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Profitable Above-median multiple · above-median EBITDA margin 2 names Amer Sports, Inc. (AS) · Acushnet Holdings Corp. (GOLF) Amer Sports, Inc. (AS) and Acushnet Holdings Corp. (GOLF) sit above the sector's middle multiple and above the covered margin line. This is the profile the market is currently paying for: depth in a defined sport with the earnings already showing. Priced up, Margin Still to Come Above-median multiple · below-median EBITDA margin 1 names American Outdoor Brands, Inc. (AOUT) American Outdoor Brands, Inc. (AOUT) trades above the middle of the range on CY2027E EV / EBITDA with a margin below the covered line. The price carries an expectation, and holding it means the margin arriving on the timetable the forecast assumes. Profitable, Priced Below the Middle Below-median multiple · above-median EBITDA margin 1 names Peloton Interactive, Inc. (PTON) Peloton Interactive, Inc. (PTON) reports a margin above the covered line while trading below the middle multiple. That combination points to a debate about the durability of demand after an at-home cycle rather than about current profitability. Below on Both Lines Below-median multiple · below-median EBITDA margin 2 names Fox Factory Holding Corp. (FOXF) · Zumiez Inc. (ZUMZ) Fox Factory Holding Corp. (FOXF) and Zumiez Inc. (ZUMZ) sit below the middle on both lines. Channel inventory exposure and a concentrated wholesale or retail footprint sit alongside the lower multiple in both cases.

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    03 · THE AGENDA

    The Next Point of Value Sits in Revenue Mix and Margin Quality

    This slide frames revenue mix and margin quality as the open questions for the sector's next stage.

    The data points to mix and margin quality as the next lever, not just growth or scale on their own. These are framed as open questions for an owner or acquirer to work through, not settled conclusions. So what: the companies that answer these questions first are the likeliest to move up this valuation range.

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    03 · THE AGENDA The Next Point of Value Sits in Revenue Mix and Margin Quality 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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Turn the Installed Base into Attach Revenue The names at the top of this range run on durable hardgoods that pull consumables, accessories and replacement parts behind them. Building attach into the product platform changes the shape of earnings buyers normalize, because repeat revenue survives a soft shipment year. What changes the answer: Attach rate and consumables mix moving with the installed base rather than with new unit sales. Own More of the Demand Without Breaking Specialty Owned DTC gives first-party demand data and more control of price, while specialty and pro-shop depth is what gives a brand authenticity with core participants. The work is growing one without damaging the other, and MAP policy and dealer protection are where that balance is set. What changes the answer: DTC mix rising while specialty door count and pro-shop sell-through hold their level. Lead One Category Rather than Fill More Shelf Category leadership in a defined sport sits behind the premium end of this set, while breadth without depth sits alongside the lower multiples. SKU rationalization and a clearer platform refresh cadence concentrate spend where the brand actually wins. What changes the answer: Share gains in one defined sport showing up in at-once orders, not only in the pre-book. Buy Adjacent Brands Where Shared Infrastructure Pays The recorded transactions here are led by multi-brand consolidators assembling category-leading brands across shared sourcing, logistics and dealer infrastructure. Build-versus-buy in an adjacent category is a live question when the back-office overlap is real and the target brings its own demand. What changes the answer: Cost overlap in sourcing and logistics that holds up against a through-cycle earnings base, not a peak one.

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    SECTION 04

    04

    This is the divider introducing section four, the recorded precedent transactions.

    Section four turns to what buyers have actually agreed to pay across the recorded transactions in this market. A handful of those deals get a closer look as case studies next.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Agreed to Pay up for Brands with a Category to Lead Nine recorded transactions and what each was valued on. 04 of 06 Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Whole-Company Prices Here Run from Small Tuck-Ins to Multi-Billion-Dollar Platforms

    This slide profiles a small set of disclosed transactions as case studies, with the full list in the appendix.

    Whole-company prices here run from $81M up to $15.7B, told through 3 of 22 disclosed transactions with the complete list carried in the appendix. Deal multiples are read on LTM financials at announcement and span 5.5x to 18.5x. So what: the multiple a target commands here tracks how much of the buyer's thesis rests on category leadership already showing up in the numbers.

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    04 · DEAL CASE STUDIES Whole-Company Prices Here Run from Small Tuck-Ins to Multi-Billion-Dollar Platforms 3 of 22 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. 72 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2026 $712M Beretta Holding S.A. acquires Sturm, Ruger & Company, Inc. EV / LTM revenue 1.2x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Beretta Holding S.A. is an international firearms group and Sturm, Ruger & Company, Inc. is a listed U.S. manufacturer with its own brand, dealer base and domestic production. The transaction suggests a buyer adding U.S. manufacturing and distribution reach to an existing shooting sports portfolio, in a category where licensing regimes gate ownership changes. HOW THE TARGET WAS VALUED The deal is recorded at $712M and 1.2x revenue, on an announced basis. That revenue multiple sits well below the revenue-based multiples recorded for branded hardgoods targets elsewhere in this record. Mar-2023 $81M Deep Medicine TruGolf, Inc. finds a buyer for golf simulation at a small-deal price EV / LTM revenue 4.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Deep Medicine agreed to acquire TruGolf, Inc., a golf simulation business, in the smallest disclosed transaction here. The pairing suggests a buyer taking on a branded off-course golf technology asset rather than consolidating like-for-like manufacturing. HOW THE TARGET WAS VALUED The transaction is recorded at $81M with 4.3x revenue. That dollar value is the lowest of the three disclosed here, and the revenue multiple sits between the firearms transaction and the branded hardgoods trades in this record. Nov-2023 $572M Fox Factory, Inc. Fox Factory, Inc. adds Wheelhouse Holdings Inc. to its ride components platform EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Fox Factory, Inc. builds suspension and ride components for powersports and bikes, and Wheelhouse Holdings Inc. fits a platform assembling adjacent vehicle accessory brands. The transaction suggests shared sourcing, distribution and dealer infrastructure across brands rather than a single product addition. HOW THE TARGET WAS VALUED The deal is recorded at $572M and completed, the second of the three disclosed dollar values in this record. It is recorded in the same month as the Marucci Sports, LLC purchase under Fox Factory Holding, so two platform additions sit side by side.

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    SECTION 05

    05

    This is the divider introducing section five, the strategic implications for planning.

    Section five turns the valuation and deal evidence into questions for the next planning cycle. Mix, attach and channel are the levers this market is rewarding.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix, Attach and Channel Are the Levers This Market Rewards What the evidence means for the next planning cycle. 05 of 06 Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Higher Multiples Sit with Growth That Has Margin Behind It; Flat Revenue Sits at the Lower End

    This slide sets out the strategic questions raised by the growth-margin-valuation pattern in this data.

    Higher multiples sit with growth that has margin behind it, and flat revenue sits at the lower end of this range. These are framed as open questions for the next twelve months, not settled recommendations. So what: a company's positioning on mix, attach and channel is what determines which end of this range it moves toward.

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    05 · STRATEGIC IMPLICATIONS Higher Multiples Sit with Growth That Has Margin Behind It; Flat Revenue Sits at the Lower End 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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Earnings That Repeat Outprice Earnings That Arrive Once Pricing here is customarily set on EBITDA normalized to a mid-cycle demand level, so a restocking year gets stripped back out in diligence. The multiple attaches to the part of the base that repeats: replacement cycles, consumables and accessory attach, and pre-book visibility with the specialty channel. FOR BOARDS Mix Decides Which Half of This Range a Company Sits In Recreation hardgoods with category depth sits above the adjacent models in this set, and the two names above both the multiple and the margin line show what the combination is worth. Capital allocation between categories, channel build and product platform refresh is the lever that moves a company across that line. FOR BUYERS Precedent Transactions Favour Buyers with Conviction on Brand Position Recorded EBITDA multiples in this transaction record span 5.5x to 18.5x, with carve-outs at the lower end and brand-led specialty targets at the upper end. Earnouts and seller rollover are common where the thesis rests on a product pipeline, an athlete relationship or a DTC transition that has not yet matured.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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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 Sporting Goods and Equipment 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 slide lists all 8 companies split into rated and not-rated names, grouped by valuation tier.

    6 companies carry an eligible CY2027E EV/EBITDA and are shown against the 7.8x sector median; 2 names have no eligible multiple. Tickers link back to the underlying source, and the full field set sits in the companion workbook. So what: this is the complete rated set behind every median quoted earlier 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 (7.8x); amber marks below · 6 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 6 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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.9x · median 13.2x · 2 companies American Outdoor Brands, Inc. AOUT Recreational, backyard and game-room equipment $224M 13.2x -2% 8% 13 Acushnet Holdings Corp. GOLF Recreational, backyard and game-room equipment $6.0B 13.2x 4% 17% 20 CORE — 7.1x–11.9x · median 7.8x · 2 companies Amer Sports, Inc. AS Recreational, backyard and game-room equipment $15.7B 8.2x 25% 20% 36 Zumiez Inc. ZUMZ Action sports and skate specialty retail $321M 7.4x -2% 5% 8 DISCOUNT — <7.1x · median 6.3x · 2 companies Fox Factory Holding Corp. FOXF Powersports and bike suspension and ride components $1.4B 7.0x -1% 14% 17 Peloton Interactive, Inc. PTON Recreational, backyard and game-room equipment $2.7B 5.5x 0% 21% 18

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists the disclosed precedent transactions, newest first, showing 18 of 22.

    22 of the 31 recorded transactions carry disclosed terms, and 18 of those 22 appear across these two pages with the rest in the companion workbook. Multiples are read on LTM financials at announcement, and deal values link back to the underlying filing. So what: this is the full priced record behind the deal range quoted earlier in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (31 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 72 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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 22 transactions shown; the rest are in the companion workbook. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 Beretta Holding S.A. → Sturm, Ruger & Company, Inc. $712M 1.2x n/a Beretta Holding S.A. agreed to acquire Sturm, Ruger & Company, Inc. at $712M, recorded at 1.2x revenue. The transaction is recorded as announced, and the value is shown as filed. Oct-2024 Vista Outdoor → Marucci Sports, LLC n/a n/a 11.4x Vista Outdoor's agreement for Marucci Sports, LLC is recorded at 11.4x EBITDA. That sits toward the upper end of the EBITDA multiples in this record, alongside a category-leading brand in a defined sport. May-2024 SAP SE → Crosman n/a 8.8x n/a SAP SE is recorded as acquiring Crosman at 8.8x revenue, on an announced basis. The multiple is recorded on the revenue line as filed, so it reads against the revenue-based entries in this record rather than the EBITDA ones. Dec-2023 JDH Capital Company → Sierra Bullets, L.L.C. (“Sierra Bullets”) and Barnes Bullets – Mona, LLC (“Clarus Precision Sports Segment”) n/a n/a 6.5x JDH Capital Company's agreement for Sierra Bullets, L.L.C. (“Sierra Bullets”) and Barnes Bullets – Mona, LLC (“Clarus Precision Sports Segment”) is recorded at 6.5x EBITDA. Component and consumables assets in shooting sports sit toward the lower end of this record. Nov-2023 Fox Factory Holding → Marucci Sports, LLC n/a 11.4x 11.4x Fox Factory Holding completed the purchase of Marucci Sports, LLC, recorded at 11.4x on both the revenue and the EBITDA line as filed. Marucci Sports, LLC appears twice in this record, first under Fox Factory Holding and later under Vista Outdoor. Nov-2023 Fox Factory, Inc. → Wheelhouse Holdings Inc. $572M n/a n/a Fox Factory, Inc. completed the acquisition of Wheelhouse Holdings Inc. at $572M. It is one of two completed transactions in this record; the rest are recorded as announced. Oct-2023 Czechoslovak Group a.s. → Sporting Products Business n/a n/a 5.5x Czechoslovak Group a.s. is recorded as acquiring the Sporting Products Business at 5.5x EBITDA. The multiple sits alongside a carve-out of a non-core business rather than a branded platform with its own dealer base. Mar-2023 Deep Medicine → TruGolf, Inc. $81M 4.3x n/a Deep Medicine's agreement for TruGolf, Inc. is recorded at $81M and 4.3x revenue. It is the lowest of the three disclosed dollar values in this record. Jul-2022 Vista Outdoor → Simms Fishing Products LLC n/a n/a 18.5x Vista Outdoor's agreement for Simms Fishing Products LLC is recorded at 18.5x EBITDA, the highest EBITDA multiple among these 9 transactions. Brand-led targets with authenticity in a specialty category sit at the top of this record.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    This page continues the same disclosed-transaction list, newest first, completing the 18 of 22 shown across these two pages. The remaining transactions sit in the companion workbook alongside the full field set. So what: together these two pages carry the priced deal evidence behind the range discussed earlier in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (31 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 72 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 9 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 22 transactions shown; the rest are in the companion workbook. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2022 Kohlberg Kravis Roberts & Co. LP, Teslin Capital Management B.V. → Accell Group N.V. n/a n/a 13.4x Value shown as recorded in the filing; deal value unit unresolved. May-2021 Centroid Investment Partners → TaylorMade Golf n/a n/a 15.2x Oct-2020 Ackroo Canada Inc. → GGGolf Inc n/a 2.2x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2020 Lululemon Athletica Inc. → Curiouser Products Inc., dba MIRROR n/a 5.0x n/a Value shown as recorded in the filing; deal value unit unresolved. Mar-2020 Compass Diversified Holdings → Marucci Sports, LLC n/a n/a 14.1x Value shown as recorded in the filing; deal value unit unresolved. Jul-2019 Long Range Acquisition LLC → Savage Arms business n/a n/a 5.7x Value shown as recorded in the filing; deal value unit unresolved. Sep-2018 Anta Sports Products Ltd., FountainVest Partners, Tencent Holdings Ltd. → Amer Sports, Inc. n/a n/a 18.9x Value shown as recorded in the filing; deal value unit unresolved. Jun-2017 Compass Diversified Holdings → Crosman Corp. n/a n/a 7.6x Value shown as recorded in the filing; deal value unit unresolved. Feb-2016 Vista Outdoor → Bell Sports Corp. n/a n/a 11.6x 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, valuation basis and data-quality treatment.

    Every figure in this report links back to the record it was taken from, and where it doesn't, the appendix names the source and basis instead. This page also lays out what was excluded and why, so the numbers you see are the ones that passed the platform's checks. So what: this is the page to open first if you want to trace any figure back to its source.

    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. Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 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 Sporting Goods and Equipment and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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 5 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 460 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 (459) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across These 8 Companies, the Premium Has Sat with Proven Profitable Growth.

    This is the closing slide restating the report's core conclusion across all 8 companies.

    Across these 8 companies, the premium has sat with proven profitable growth, not with scale or margin alone. The companion tables carry the full universe, the exclusion ledger, and the source index for any figure you want to trace further. So what: use this as the checklist for where your own portfolio or target sits against a market that is clearly pricing profitable growth over size alone.

    Everything on this page

    Across These 8 Companies, the Premium Has Sat with Proven Profitable Growth. NeuraCap AI — Sporting Goods and Equipment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Sporting Goods and Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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