Test, Measurement and Inspection Equipment Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › TEST, MEASUREMENT AND INSPECTION EQUIPMENT

Test, Measurement and Inspection: Value Splits by Model

The report shows how business model, margin and earnings durability distinguish valuation across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › TEST, MEASUREMENT AND INSPECTION EQUIPMENT

   Cover page introducing the Test, Measurement and Inspection Equipment sector outlook as of September 2026.

   We open the Test, Measurement and Inspection Equipment sector outlook as of September 28, 2026, built on EV / EBITDA (CY2027E) as the primary valuation basis. The pages that follow show how business model splits the peer set's ratings.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › TEST, MEASUREMENT AND INSPECTION EQUIPMENT Test, Measurement and Inspection: Value Splits by Model The report shows how business model, margin and earnings durability distinguish valuation across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five numbered sections plus the appendix.

   We walk through five sections — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications — before closing with the appendix. We lead with the bottom line so a reader who stops there still has the full story, so what follows only adds depth.

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   CONTENTS What This Report Covers 01 The Bottom Line Business Model and Earnings Quality Divide the Sector 02 The Landscape One Sector Label Covers Two Different Earnings Models 03 Valuation & Situations The Premium End Retains a Clear Forward Valuation Gap 04 Precedent Transactions Strategic Fit and Platform Potential Shape Buyer Interest 05 Strategic Implications Strengthen the Earnings Mix Before Choosing the Next Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Test, Measurement and Inspection Equipment Splits Between General-Purpose Instruments and Higher-Rated Adjacent Models

   This page summarizes the split between general-purpose instruments and higher-rated adjacent models across the sector.

   The sector does not trade as one business model: adjacent models sit at 19.5x against 14.1x for general-purpose instruments, and the premium end holds 22.2x against 10.1x at the discount end. Faster forecast growth sits with the lower rating in this set, while higher margins sit with the higher-rated names. This is the one page a client needs if they read nothing else, so it anchors every argument that follows.

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   01 · THE BOTTOM LINE Test, Measurement and Inspection Equipment Splits Between General-Purpose Instruments and Higher-Rated Adjacent Models 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Adjacent Models Sit Above General-Purpose Instruments Adjacent models sit at 19.5x in the middle of their range, alongside 14.1x for general-purpose bench and handheld test instruments. The higher-rated group includes businesses positioned around specialist measurement, communications testing and screening programme services. 2 Forward Pricing Leaves a Wide Gap Between the Two Ends The premium end sits at 22.2x, against 10.1x at the discount end. A forward EV / EBITDA multiple already credits forecast earnings, so the remaining gap signals a market judgment about their durability. 3 Higher Forecast Growth Sits with the Lower Rating Among the six names with a forward EV / EBITDA estimate, the three above the 7% growth split sit at 16.3x, while the other three sit at 20.9x. Forecast growth alone does not organise valuation in this set. 4 Higher Margins Sit on the Higher-Rated Side Three names sit above both the valuation midpoint and the 24% margin midpoint, while three sit below both. Installed-base aftermarket, calibration and repair, and method qualification are the operating qualities that can support durable margins. 17.2x Sector median EV/EBITDA CY2027E consensus · 6 rated of 8 companies 22.2x Premium end EV/EBITDA vs 10.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 40 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the market map and landscape section, contrasting general-purpose and adjacent business models.

   We reset here before showing how one sector label covers two different earnings models. General-purpose instruments and adjacent models differ in revenue quality, operating risk and valuation, so the distinction matters before we move into the detail.

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   SECTION 02 02 THE LANDSCAPE One Sector Label Covers Two Different Earnings Models General-purpose instruments and adjacent models bring different revenue quality, operating risk and valuation. 02 of 06 Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Adjacent Models Carry the Higher Rating Across an Evenly Split Market

   This page groups the eight approved companies by business segment and shows median EV / EBITDA (CY2027E) per group.

   Across an evenly split market, adjacent models carry the higher median rating of the two groups. Grouping the approved universe by segment shows the rating gap is structural, not incidental, so it frames where the valuation story starts.

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   02 · MARKET MAP Adjacent Models Carry the Higher Rating Across an Evenly Split Market 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 GENERAL-PURPOSE BENCH AND HANDHELD TEST INSTRUMENTS 4 cos median 14.1x Keysight (KEYS) Ralliant (RAL) OSI Systems (OSIS) MIND Technology (MIND) This group represents 50% of the approved companies and sits at 14.1x in the middle of its rated range, with differentiation resting on installed base, aftermarket attach and product position. ADJACENT MODELS 4 cos median 19.5x AMETEK (AME) Mettler-Toledo (MTD) Viavi Solutions (VIAV) Mistras Group (MG) This group represents 50% of the approved companies and sits at 19.5x in the middle of its range, spanning specialist measurement, communications testing and screening programme services.

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   02 · LANDSCAPE

   Different Revenue Models Sit Behind the Sector Label

   This page describes the different revenue models sitting behind the sector label, with segment-level EV / EBITDA (CY2027E) medians.

   Behind a single sector label sit different revenue models, each earning a different rating. We show what each segment does and why it matters for how the market prices it, so a reader can map any name in the universe to the right operating story.

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   02 · LANDSCAPE Different Revenue Models Sit Behind the Sector Label 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. Test, Measurement and Inspection 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 General-purpose bench and handheld test instruments 4 50% 14.1x Keysight Technologies, Inc. (KEYS) · Ralliant Corp (RAL) · +2 more Installed base shapes resilience. Instrument economics depend on design wins, method qualification and the calibration, repair and spares pulled through after placement. Commoditised hardware and thin aftermarket attach can weaken that profile. Adjacent models 4 50% 19.5x AMETEK, Inc. (AME) · Mettler-Toledo International Inc. (MTD) · +2 more Specialisation broadens the model. The group spans electrical and analytical measurement, communications test systems and screening programme services. Its value case rests on proprietary technology, qualified applications, service content or programme durability.

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   03

   Divider introducing the public market valuation and situations section.

   We turn next to public market valuation, where the premium end retains a clear forward gap over the discount end. That gap already credits forecast earnings, so durability — not growth alone — is what the market is scrutinizing.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Retains a Clear Forward Valuation Gap That gap already credits forecast earnings and therefore puts durability under scrutiny. 03 of 06 Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Pricing Separates the Premium End from the Discount End

   This page ranks all six rated companies by EV / EBITDA (CY2027E) against the sector median of 17.2x.

   Forward pricing separates a premium tier from a discount tier across the rated set, with the sector median sitting at 17.2x. The tier zones are cut at the rated set's own quartiles, so the gap reflects the market's own distribution rather than an external benchmark. That separation is the starting point for every valuation question in this report.

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   03 · PUBLIC MARKET VALUATION Forward Pricing Separates the Premium End from the Discount End EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 17.2x · 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 22.2x CORE · median 17.2x DISCOUNT · median 10.1x Sector median 17.2x WHAT SEPARATES THE TWO ENDS The forward gap remains wide. The premium end sits at 22.2x, while the discount end sits at 10.1x. As these are forward EV / EBITDA ratings, the comparison already incorporates forecast earnings. Specialisation sits near the top. AMETEK, Inc. [AME] and Mettler-Toledo International Inc. [MTD] occupy specialist electrical, power, laboratory and analytical measurement positions at the premium end. Revenue quality still matters. The commercial test is whether installed-base service, calibration and repair, consumables or qualified methods can support earnings through short-cycle and programme volatility.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 20.9x Against 11.8x Below It

   This page splits the rated names by revenue growth and by EBITDA margin cohort and compares median EV / EBITDA (CY2027E) for each.

   Profitability separates the two ends more cleanly than growth: names above the 24% margin line carry 20.9x against 11.8x below it. Growth cuts the other way — the three names above the 7% growth split sit at 16.3x versus 20.9x for the other three — an association, not a causal claim, on the data as supplied. So margin, not growth, is the variable that lines up with the higher rating in this set.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 20.9x Against 11.8x Below It 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 24% The Growth Split Runs Against a Simple Premium Story Among the six names with a forward EV / EBITDA estimate, the three above the 7% growth split sit at 16.3x, versus 20.9x for the other three. This is an observed association, not evidence that growth lowers valuation. Aftermarket Can Steady the Earnings Base Calibration and repair, spares and consumables can reduce dependence on book-and-ship instruments or milestone-driven systems work. The relevant operating test is attach, renewal and installed-base activity. Qualification Can Protect Customer Position Method qualification, accreditation and approved-vendor status can deepen switching costs. Their value depends on whether they translate into repeat orders, service activity and durable margin.

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    03 · SITUATION MAP

    Valuation and Margin Move Together Across the Rated Names

    This page maps each rated company by EV / EBITDA (CY2027E) versus the sector median and EBITDA margin versus the covered median.

    Valuation and margin move together across the rated names when cut against the sector median of 17.2x and the covered margin median of 24%. These are observations on where each name sits, not recommendations to buy or sell any security. The pattern gives us a shared map before we discuss what any one quadrant should do next.

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    03 · SITUATION MAP Valuation and Margin Move Together Across the Rated Names Cut on EV / EBITDA vs the sector median (17.2x) (rows) and EBITDA margin vs the covered median (24%) (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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 3 names AMETEK, Inc. (AME) · Mettler-Toledo International Inc. (MTD) · Viavi Solutions Inc. (VIAV) AMETEK, Inc. [AME], Mettler-Toledo International Inc. [MTD] and Viavi Solutions Inc. [VIAV] sit above both the 17.2x valuation midpoint and the 24% margin midpoint. Their position puts margin durability and earnings quality at the centre of the value discussion. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 3 names Ralliant Corp (RAL) · OSI Systems, Inc. (OSIS) · Mistras Group, Inc. (MG) Ralliant Corp [RAL], OSI Systems, Inc. [OSIS] and Mistras Group, Inc. [MG] sit below both midpoints. The operating question is whether mix, pricing, aftermarket attach or utilisation can improve earnings durability.

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    03 · THE AGENDA

    The Operating Paths Ahead Differ in the Earnings Quality They Can Build

    This page frames the operating questions an owner or acquirer should resolve given the earnings-quality differences across the paths ahead.

    The operating paths ahead differ in the earnings quality they can build, and we frame that as a set of questions rather than answers. These are NeuraCap's directional views grounded in the cohort data shown earlier, not investment advice. So what matters next is which questions apply to which name in a client's own portfolio.

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    03 · THE AGENDA The Operating Paths Ahead Differ in the Earnings Quality They Can Build 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Installed-Base Economics Prioritise calibration and repair, spares, consumables and service renewals where the installed base can support repeat activity and steadier earnings. What changes the answer: Attach, renewal and active-unit trends show that recurring activity can outgrow short-cycle instrument demand. Focus the Portfolio Around Qualified Niches Concentrate investment where proprietary measurement, method qualification, accreditation or approved-vendor status support customer retention and margin. What changes the answer: Product and customer analysis shows durable repeat demand around qualified applications. Build or Buy the Missing Capability Compare internal investment with acquisitions in sensing, software, calibration and repair, or service density. The choice should reflect integration capacity and the quality of the resulting revenue mix. What changes the answer: The capability gap is clear, customer pull is visible and the economics exceed the internal development case.

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    SECTION 04

    04

    Divider introducing the precedent transactions section.

    We move now to the transaction record, where strategic fit and platform potential shape buyer interest. That record spans scaled strategic combinations, specialist additions and sponsor-backed platforms, so the deal evidence is broader than any single template.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Fit and Platform Potential Shape Buyer Interest The transaction record spans scaled strategic combinations, specialist additions and sponsor-backed platforms. 04 of 06 Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Show Several Routes to Strategic Fit

    This page presents three of fourteen disclosed-terms precedent transactions as case studies, with multiples on LTM financials at announcement where disclosed.

    We walk through three precedent transactions in detail to show the range of routes to strategic fit in this sector. These are LTM-at-announcement multiples from filings, not directly comparable to the CY2027E public basis, so no spread between the two is claimed. The case studies show why each deal happened in NeuraCap's read of the recorded evidence, so a client can see the logic before checking the full list in the appendix.

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    04 · DEAL CASE STUDIES Precedent Transactions Show Several Routes to Strategic Fit 3 of 14 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. 57 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. 26 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Apr-2023 $8.3B Emerson Electric Co. Emerson Electric Co. Put Scale Behind National Instruments Corp. EV / LTM revenue 4.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests Emerson Electric Co. viewed a scaled test and measurement platform as strategically relevant to its industrial portfolio. The size also indicates conviction in a broad platform rather than a narrow product addition. HOW THE TARGET WAS VALUED National Instruments Corp. was valued at $8.3B and 4.9x revenue. That provides a disclosed revenue benchmark for a scaled strategic combination. May-2026 $5.0B Bain Capital Bain Capital Backed NIRLAB SA as a Scaled Platform EV / LTM revenue 6.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests Bain Capital saw platform potential in NIRLAB SA. The disclosed size points to a substantial sponsor commitment within the sector. HOW THE TARGET WAS VALUED NIRLAB SA was valued at $5.0B and 6.8x revenue. That places the transaction toward the upper end of the disclosed revenue multiples in the record. May-2025 $920M AMETEK, Inc. AMETEK, Inc. [AME] Added FARO Technologies to Its Measurement Portfolio EV / LTM revenue 2.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a strategic fit between AMETEK, Inc. [AME] and an adjacent measurement asset. The pairing is consistent with an industrial buyer extending its specialist instrumentation portfolio. HOW THE TARGET WAS VALUED FARO Technologies was valued at $920M and 2.7x revenue. The disclosed revenue multiple provides a reference point for a strategic measurement addition.

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    SECTION 05

    05

    Divider introducing the strategic implications section.

    We close the analysis by turning to what the valuation split means for the next twelve months. Installed-base revenue, margin durability and portfolio focus are the operating questions this data puts on the table.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Mix Before Choosing the Next Move Installed-base revenue, margin durability and portfolio focus are the operating questions to resolve. 05 of 06 Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Valuation Split Points the Work Toward Revenue Mix, Pricing and Retention

    This page sets out the strategic questions the valuation split raises around revenue mix, pricing and retention.

    The valuation split points the work toward revenue mix, pricing and retention rather than growth alone. These are NeuraCap's directional views drawn from the analysis in this report, framed as observations rather than recommendations. So the next step for any reader is to test these questions against their own portfolio.

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    05 · STRATEGIC IMPLICATIONS The Valuation Split Points the Work Toward Revenue Mix, Pricing and Retention 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Durable Earnings Base Separate repeat installed-base activity from short-cycle orders and project work. Direct capital toward the products and services with stronger retention, aftermarket attach and margin durability. FOR MANAGEMENT Make Portfolio Choices Explicit Test which franchises benefit from method qualification, proprietary measurement or service density. Reallocate investment where those advantages translate into repeat demand and resilient economics. FOR BOARDS Set the Build-Versus-Buy Boundary Define which sensing, software, service or geographic capabilities belong inside the platform. Use customer pull, integration capacity and earnings quality to frame capital allocation.

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    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    We close with the full universe, the methodology and the source index behind every figure in this report. This is where a client can trace any number back to its underlying disclosure.

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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 Test, Measurement and Inspection 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 page lists all six rated and two not-rated companies on EV / EBITDA (CY2027E), grouped by valuation tier against the 17.2x sector median.

    Every rated company in the approved universe sits in this table, shaded against the 17.2x sector median, with tickers linking to the underlying source. The two names without an eligible multiple are listed separately in the companion workbook. This is the complete public comparable set behind every valuation claim 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 (17.2x); 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. Test, Measurement and Inspection 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 — ≥20.2x · median 22.2x · 2 companies Mettler-Toledo International Inc. MTD Laboratory and analytical measurement instruments $33.4B 23.5x 5% 31% 37 AMETEK, Inc. AME Electrical and power measurement instrumentation $59.7B 20.9x 7% 32% 39 CORE — 12.9x–20.2x · median 17.2x · 2 companies Viavi Solutions Inc. VIAV Lab and production test systems for communications… $10.2B 18.2x 12% 27% 40 Ralliant Corp RAL General-purpose bench and handheld test instruments $8.8B 16.3x 7% 20% 29 DISCOUNT — <12.9x · median 10.1x · 2 companies OSI Systems, Inc. OSIS General-purpose bench and handheld test instruments $3.9B 11.8x 9% 16% 26 Mistras Group, Inc. MG Screening programme services and checkpoint operations $879M 8.5x 5% 13% 18

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, out of 14 in this tier against 40 recorded.

    We list every transaction with disclosed terms in this tier, newest first, with deal values linking to the underlying filing. Multiples shown are LTM at announcement from filings and are not directly comparable to the CY2027E public basis. This is the primary evidence base behind the deal case studies shown earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (40 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. 57 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. 26 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Bain Capital → NIRLAB SA $5.0B 6.8x n/a Bain Capital announced the acquisition of NIRLAB SA at $5.0B and 6.8x revenue. The transaction suggests sponsor interest where a measurement platform can support further development. May-2025 AMETEK, Inc. → FARO Technologies $920M 2.7x n/a AMETEK, Inc. [AME] announced the acquisition of FARO Technologies at $920M and 2.7x revenue. The pairing points to continued strategic interest in adjacent measurement capabilities. Jul-2024 Spectris plc → MICROMERITICS INSTRUMENT CORPORATION n/a 0.7x 8.8x Spectris plc announced the acquisition of MICROMERITICS INSTRUMENT CORPORATION at 0.7x revenue and 8.8x EBITDA. The disclosed measures provide both revenue and earnings reference points. Mar-2024 GTCR LLC → The L.S. Starrett Co. n/a n/a 6.9x GTCR LLC announced the acquisition of The L.S. Starrett Co. at 6.9x EBITDA. The transaction suggests financial interest can extend beyond service-led platforms. Apr-2023 Emerson Electric Co. → National Instruments Corp. $8.3B 4.9x n/a Emerson Electric Co. announced the acquisition of National Instruments Corp. at $8.3B and 4.9x revenue. The transaction points to the strategic relevance of scaled test and measurement platforms. Jul-2021 Viavi Solutions Inc. → EXFO Inc. n/a 1.3x 14.1x Viavi Solutions Inc. [VIAV] announced the acquisition of EXFO Inc. at 1.3x revenue and 14.1x EBITDA. The combination suggests strategic logic in expanding a focused communications testing position. May-2021 MKS Instruments, Inc. → Photon Control Inc. n/a n/a 16.5x MKS Instruments, Inc. announced the acquisition of Photon Control Inc. at 16.5x EBITDA. The disclosed multiple benchmarks a specialist addition on forward earnings. Apr-2021 Spectris plc (via subsidiary Hottinger Brüel & Kjær A/S) → Concurrent Real-Time, Inc n/a n/a 8.8x The transaction involving Spectris plc (via subsidiary Hottinger Brüel & Kjær A/S) and Concurrent Real-Time, Inc was terminated after being recorded at 8.8x EBITDA. Dec-2020 Amphenol Corporation → MTS Systems Corporation n/a n/a 14.2x Amphenol Corporation announced the acquisition of MTS Systems Corporation at 14.2x EBITDA. The pairing suggests a strategic route for adding adjacent measurement capabilities.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    The list continues here, completing the disclosed-terms transactions in this tier. As before, these multiples are LTM at announcement from filings and sit on a different basis from the CY2027E public multiples used elsewhere in this report. Together with the prior page, this is the full disclosed-terms record.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (40 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. 57 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. 26 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. Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2018 Motec GmbH → AMETEK, Inc. n/a 2.6x n/a Apr-2017 Keysight Technologies → Ixia, Inc. n/a 13.7x 15.9x May-2014 Cobham plc → Aeroflex Holding Corp. n/a n/a 11.1x Apr-2014 AMETEK, Inc. → Zygo Corp. n/a n/a 12.3x n/a n/a → Bruker Corporation n/a 2.6x 15.3x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, assumptions and data-quality treatment.

    Every figure in this report links to the record it was taken from, or the appendix names its source and basis. We show what was included, what was excluded under the platform's plausibility gates, and why, so a client can rely on the number set with full visibility into its construction.

    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. Test, Measurement and Inspection 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 Test, Measurement and Inspection 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 7 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 4 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 408 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 (407) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher Ratings Sit Alongside Margin, Specialisation and Durable Earnings.

    Closing page restating that higher ratings sit alongside margin, specialisation and durable earnings.

    Higher ratings in this sector sit alongside margin, specialisation and durable earnings, not simply scale or growth. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    Higher Ratings Sit Alongside Margin, Specialisation and Durable Earnings. NeuraCap AI — Test, Measurement and Inspection Equipment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Test, Measurement and Inspection Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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