Test, Measurement and Inspection Equipment Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › TEST, MEASUREMENT AND INSPECTION EQUIPMENT

Buyers Move on the Low-Rated End While the Market Pays up at the Top

This update covers share moves, company announcements and M&A across test, measurement and inspection for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

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

Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   INDUSTRIALS › CAPITAL GOODS › TEST, MEASUREMENT AND INSPECTION EQUIPMENT

   Cover slide introducing NeuraCap's bi-weekly update on the test, measurement and inspection equipment sector for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for test, measurement and inspection equipment between September 14 and 28, 2026. We'll walk through public market moves, major catalysts, M&A activity and the implications for operators, buyers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › TEST, MEASUREMENT AND INSPECTION EQUIPMENT Buyers Move on the Low-Rated End While the Market Pays up at the Top This update covers share moves, company announcements and M&A across test, measurement and inspection for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Cash Take-Private at One End of the Rating Range, Broad Gains at the Other

   This slide summarizes the two-week period: broad share price gains alongside one agreed cash take-private.

   Six of the seven names we cover rose over the period, with a median move of +10.5% against the S&P 500's +0.8% — this sector carried its own weight this cycle. Viavi Solutions and Mettler-Toledo led the gains at +20.8% and +20.2%, spanning both a Core-tier and a Premium-tier name, so strength wasn't confined to one end of the rating range. At the same time, Mistras Group agreed to be acquired for $20.35 per share in cash, landing at the lower-rated end of the range against a trailing record of 40 transactions at a 13.2x median EV/EBITDA. So what: the period shows both public and private capital active at once — pay attention to where each is placing its bets.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Cash Take-Private at One End of the Rating Range, Broad Gains at the Other The two-week period in one page · 7 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 7 Covered Names Rose; The Median Move Was +10.5% The S&P 500 returned +0.8% over the same window, so the covered names carried this two-week period on their own. Only one covered name fell. 2 Viavi and Mettler-Toledo Led the Period's Gains Viavi Solutions Inc. (VIAV) rose +20.8% and Mettler-Toledo International Inc. (MTD) rose +20.2%. One is a Core-tier name and the other Premium-tier, so the gains were not confined to one end of the rating range. 3 An Agreed Cash Sale Lands at the Lower-Rated End Mistras Group, Inc. (MG) agreed to be acquired for $20.35 per share in cash. The trailing record stands at 40 transactions with a median EV / EBITDA of 13.2x. 4 The Period Fits NeuraCap's Standing Split in Ratings The standing sector lens sits at 17.2x CY2027E EV / EBITDA, with a Premium tier median of 22.2x and a Discount tier median of 10.1x. A buyer acting at the Discount end while Premium-tier names gained is consistent with that split rather than against it. +20.8% Best mover — Viavi Solutions Inc. (VIAV) worst: OSIS -3.5% · 6 up / 1 down of 7 covered +10.5% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   Gains Concentrated Where Accreditation and Test-Intensive Demand Sit

   This slide shows which covered names moved most and links each move to the accreditation and demand drivers we could identify.

   Gains this period concentrated in names tied to accreditation wins and test-intensive end-market demand. Viavi Solutions rose +20.8%, including a +9.3% single-day move on Sep 25 following a Sep 24 certification announcement — a pairing our calibrated language treats as associated, not asserted as causal. Mettler-Toledo added +20.2% with no in-window record we could point to as an explanation, which we flag rather than guess at. So what: where a driver is recorded we name it, and where it isn't, we say so — that discipline is what makes a sector median of +10.5% against a materiality bar of +15.8% meaningful.

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   PUBLIC MARKET MOVERS Gains Concentrated Where Accreditation and Test-Intensive Demand Sit Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +10.5% · S&P 500 +0.8% · materiality bar ±15.8% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median +10.5% Viavi Solutions Inc. (VIAV) +20.8% Shares moved following the Sep 24 announcement that VIAVI achieved CMMC Level 2 certification, which the company framed as strengthening its standing with government, defense and national security customers. Accreditation that gates who may supply regulated customers is being priced as a durable position, not a compliance cost. COMPANY-SPECIFIC Mettler-Toledo International Inc. (MTD) +20.2% No notable in-window news was identified that clearly explains the move. The +20.2% gain ran well ahead of the +10.5% median across covered names. A Premium-tier name can move sharply in a period with no company announcement to point to. UNEXPLAINED OSI Systems, Inc. (OSIS) -3.5% The move came alongside a Sep 15 law-firm investigation notice, even as OSI Systems, Inc. (OSIS) announced roughly $90 million of RF communication orders from U.S. Government customers on Sep 16. Order intake does not always carry a period when a legal overhang is also in the record. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   One Agreed Sale, Government and Industrial Orders, and AI Test Demonstrations

   This slide lists the two-week period's highest-impact events, including an agreed sale, government and industrial orders, and AI test demonstrations.

   The period's highest-impact events span an agreed sale, government and industrial order activity, and demonstrations of AI-enabled test capability. Each event on this page links back to the underlying filing or article, and our 'why it matters' lines are calibrated reads rather than claims. So what: this gives operators and advisors an evidence-linked record of what moved the sector, not a narrative built after the fact.

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   MAJOR NEWS & INDUSTRY CATALYSTS One Agreed Sale, Government and Industrial Orders, and AI Test Demonstrations The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · GlobeNewsWire Mistras agrees to an all-cash take-private at $20.35 per share A listed inspection-services operator agreed to move into private hands for cash. Inspection-services platforms with accredited sites are live acquisition targets, not orphaned small caps. Sep 17 · NEWS · Business Wire OSI Systems books roughly $8 million of component orders from a global industrial customer The Optoelectronics and Manufacturing division added order intake outside the security franchise. It is a reminder that book-to-bill in this sector is fed by several end markets that run on their own cycles. Order announcements across divisions are the visible half of backlog conversion the board tracks. Sep 21 · NEWS · Business Wire Keysight takes part in an optical link-training interoperability demonstration at ECOC 2026 Interoperability demonstrations are how test vendors get designed-in at the specification for the next standards transition. Participation signals where Keysight Technologies, Inc. Standards work is a leading indicator of the next test equipment refresh. Sep 21 · NEWS · PRNewsWire A law firm opens an investigation into the price and process of the agreed Mistras sale Scrutiny of terms is a normal accompaniment to an agreed take-private at the smaller end. It shapes how long signing-to-closing runs for sellers in this sector. Boards agreeing a sale should expect the process itself to be examined publicly. Sep 21 · NEWS · Business Wire Second investigation announced into the adequacy of price and process at Mistras A second notice on the same agreed transaction keeps attention on how the board ran the sale. For the sector, it underlines that the process record matters as much as the headline number. Documentation of a competitive process is part of what a seller is judged on. Sep 20 · NEWS · Business Wire Keysight shows end-to-end test solutions for scaling AI infrastructure at ECOC 2026 AI infrastructure build-out is one of the test-intensive end markets pulling instrument demand. Showing a full design-to-validation stack is how a vendor stays specified in across the qualification cycle. Exposure to AI and high-speed optical build-out is becoming a named driver of instrument demand.

5. 05
   M&A & STRATEGIC ACTIVITY

   Private Capital Agrees Cash Terms for an Inspection-Services Platform

   This slide details the period's one agreed acquisition and places it against the trailing precedent set of 40 transactions.

   Private capital agreed cash terms for an inspection-services platform this period: Mistras Group at $20.35 per share. That deal sits alongside a trailing record of 40 transactions at a median EV/EBITDA of 13.2x, giving buyers and targets a fresh, comparable reference point. Deal multiples shown are LTM at announcement where disclosed, and our 'why the deal happened' read is drawn from recorded evidence only. So what: this is a live cash reference at the lower-rated end of the range for anyone benchmarking a similar transaction.

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   M&A & STRATEGIC ACTIVITY Private Capital Agrees Cash Terms for an Inspection-Services Platform September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 13.2x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 18 · Mistras Group, Inc. (MG) Mistras Group, Inc. (MG) agrees to be acquired in cash at $20.35 per share A Discount-tier inspection-services operator agreed to go private for cash, which the NeuraCap read takes as appetite for the recurring non-destructive testing and service annuity beneath the equipment sale Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 13.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for Operators, Buyers and Advisors

   This slide translates the period's evidence into observations for operators, acquirers and advisors.

   For owners and operators, the annuity beneath the box — order intake, accreditation and end-market exposure — is what carried the period's share price gains. For acquirers, the period adds a fresh cash reference point at $20.35 per share against a trailing 13.2x median EV/EBITDA. For advisors, the standing gap between general-purpose instruments and higher-rated adjacent models is the dominant theme, and this period extends it rather than challenges it. So what: these are observations drawn from recorded evidence, not recommendations — use them to frame the next conversation.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 17.2x 8 companies in the study 3 valuation tiers Standing thesis: Test, Measurement and Inspection Equipment Splits Between General-Purpose Instruments and Higher-Rated Adjacent Models FOR OWNERS & OPERATORS The Annuity Beneath the Box Is What Carried the Period Companies in the sector traded higher over the two-week period, and the visible record was order intake, accreditation and end-market exposure. FOR ACQUIRERS A Fresh Cash Reference Point at the Lower-Rated End The period adds an agreed all-cash take-private at $20.35 per share to the reference set, against a trailing record of 40 transactions at a 13.2x median EV / EBITDA. FOR ADVISORS Lead with the Split, Then the Evidence Behind It The dominant theme is the gap between general-purpose instruments and higher-rated adjacent models, and this two-week period extends it rather than challenges it.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure in the update.

   Every figure in this update links to the record it was taken from, and the publishers and filings drawn on for the period are listed here. We rank sources in a fixed reliability order — SEC filings, press releases, then established outlets — and never draw on video or social platforms. So what: this gives you a transparent trail back to primary evidence for every claim in the deck.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Test, Measurement and Inspection Equipment Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T060444Z_377_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com

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