Testing, Inspection and Certification Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › TESTING, INSPECTION AND CERTIFICATION

Sponsor Capital Prices Accredited Inspection Near the Middle of the Range

This update covers the sector's movers, company news and transactions 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

Testing, Inspection and Certification Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › TESTING, INSPECTION AND CERTIFICATION

   This slide introduces the bi-weekly Testing, Inspection and Certification update for September 14–28, 2026.

   We open this bi-weekly update on the Testing, Inspection and Certification sector, covering what changed, who moved, what transacted and what it means for the two weeks ended September 28, 2026. The pages that follow walk through price action, company news and the period's single disclosed transaction.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › TESTING, INSPECTION AND CERTIFICATION Sponsor Capital Prices Accredited Inspection Near the Middle of the Range This update covers the sector's movers, company news and transactions 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 Testing, Inspection and Certification Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Private Capital Sets the Reference Price While the Listed Set Drifts Lower

   This slide summarizes the two-week period's price action and its one transaction across seven covered names.

   Over this two-week window, five of the seven names we cover gave ground, with a median move of -1.1% against a +0.8% gain for the S&P 500. The period's clearest pricing signal came from outside the public market: H.I.G. Capital's agreed acquisition of Mistras Group, Inc. at $848M, 1.1x revenue and 10.3x EBITDA. UL Solutions Inc. carried the company newsflow with certification and testing-capacity additions during the window. Together, the price drift and the single transaction tell a consistent story: private capital, not the listed set, is setting the sector's reference price this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Private Capital Sets the Reference Price While the Listed Set Drifts Lower 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. Testing, Inspection and Certification Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Gave Ground over the Two-Week Period 5 of 7 covered names fell; the median move was -1.1%, against +0.8% for the S&P 500 over the same window. 2 H.I.G. Capital Agrees to Buy an Accredited Inspection Platform Announced Sep 17: H.I.G. Capital to acquire Mistras Group, Inc. at $848M enterprise value, 1.1x revenue and 10.3x EBITDA. It is the period's single transaction and its most usable pricing evidence. 3 Scope and Capacity Additions Carried the Company Newsflow UL Solutions Inc. (ULS), a Premium-tier name, launched a certification program for vehicle-to-grid technologies on Sep 14 and expanded softlines testing at its Retail Center of Excellence in Northwest Arkansas on Sep 17. 4 The Agreed Price Landed Between the Two Halves of the Set NeuraCap's standing view puts the Premium tier at a 15.0x median and the Discount tier at 7.2x, against a 9.7x sector median. The period's agreed multiple of 10.3x sits between them, inside the Core band of 8.5x–12.1x. +5.8% Best mover — Team, Inc. (TISI) worst: TIC -7.4% · 2 up / 5 down of 7 covered -1.1% Sector median two-week return vs S&P 500 +0.8% 1 Transactions announced in the two-week period $848M of disclosed value

3. 03
   PUBLIC MARKET MOVERS

   Two Names Set the Range While the Covered Set Drifted Lower

   This slide charts each covered name's close-to-close move for the two-week period against the sector median and the S&P 500.

   The covered set's median move was -1.1% for the period, trailing the S&P 500's +0.8% return over the same window. Two names set the range for the group, while the rest of the set clustered closer to the median. We hold moves to a materiality bar so the page highlights what is sector-relevant rather than noise. For owners and acquirers, the spread between the range-setters and the median is the clearest read on where investor attention is concentrated.

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   PUBLIC MARKET MOVERS Two Names Set the Range While the Covered Set Drifted Lower Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.1% · S&P 500 +0.8% · materiality bar ±7.0% (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. Testing, Inspection and Certification 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 -1.1% TIC Solutions, Inc. (TIC) -7.4% No notable in-window news was identified that clearly explains the move. TIC Solutions, Inc. (TIC), a Core-tier name, fell -7.4%, with its largest single day of -7.9% on Sep 16, against a covered-set median of -1.1%. Core-tier names sit closest to the sector median and carry the least valuation cushion when the set slips. UNEXPLAINED Team, Inc. (TISI) +5.8% No notable in-window news was identified that clearly explains the move. Team, Inc. (TISI) rose +5.8% over the two-week period against a covered-set median of -1.1%. Price can move ahead of any visible change in accreditation scope or workload in a standards-driven demand base. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Certification Bodies Add Scope Where Standards Create the Work

   This slide lists the period's highest-impact company news events and links each to its source.

   The two-week period's newsflow centered on certification bodies adding scope where standards create the work. UL Solutions Inc. launched a certification program for vehicle-to-grid technologies on September 14 and expanded softlines testing at its Retail Center of Excellence in Northwest Arkansas on September 17. Each event on this page links back to the filing or article it is drawn from, and where no driver is recorded, we say so. For owners and operators, these are the kind of scope and capacity moves worth benchmarking against.

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   MAJOR NEWS & INDUSTRY CATALYSTS Certification Bodies Add Scope Where Standards Create the Work 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. Testing, Inspection and Certification Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · Accesswire Arrive AI Strengthens Executive Leadership Team, Names Bill Karwoski Chief Revenue Officer and Promotes Michael Trovato to Chief Technology Officer Leadership additions position autonomous delivery infrastructure company for accelerated commercial growth and continued technology innovation INDIANAPOLIS, IN / ACCESS Newswire / September 22, 2026 / Arrive AI (NASDAQ:ARAI), the company building the world's f Sep 17 · NEWS · GlobeNewsWire The Office Gurus Strengthens Executive Leadership Team to Accelerate Next Phase of Global Growth ST. PETERSBURG, Fla., Sept. 17, 2026 (GLOBE NEWSWIRE) -- The Office Gurus (TOG), a business segment of Superior Group of Companies, Inc. (NASDAQ: SGC), announced the appointments of Mark Lyndsell as Executive Vice President of Global Operations and Troy Sander Sep 17 · NEWS · Business Wire UL Solutions expands its Retail Center of Excellence in Northwest Arkansas with softlines testing Laboratory capacity placed next to a dense retail client base is a throughput and turnaround decision first. It speaks directly to network density, one of the value drivers buyers underwrite in lab estates. Capacity sited close to the customer is still the most direct lever on sample turnaround time. Sep 15 · NEWS · GlobeNewsWire Serapha Bio Appoints Kenneth T. Mills as Chief Executive Officer and Names Senior Leadership Team to Advance Potential Best-in-Class in vivo Base Editing Progra - Daphne Karydas appointed as President and Chief Financial Officer - Weston Miller, MD, appointed as Chief Medical Officer - Additional appointments: Nina Hunter, PhD, as Chief Development Officer and Shiva G. Fritsch as Chief Corporate Affairs Officer - Lea Sep 15 · NEWS · PRNewsWire Crock-Pot® Brand and Valspar® Team Up to Bring Color to the Heart of the Home New collaboration pairs six Crock-Pot Brand Design Series slow cooker colorways with expertly curated Valspar paint palettes to inspire an approachable kitchen refresh Key Points Crock-Pot® Brand and Valspar, two trusted names in the home, are coming together Sep 15 · NEWS · GlobeNewsWire Teads Strengthens Leadership Team with Two Senior Appointments NEW YORK, Sept. 15, 2026 (GLOBE NEWSWIRE) -- Teads (Nasdaq: TEAD), the omnichannel outcomes platform, today announced two senior leadership appointments: Alex Underwood as Managing Director of North America and Alena Morris as Senior Vice President, Client Sol

5. 05
   M&A & STRATEGIC ACTIVITY

   One Transaction, and It Prices the Middle of the Range

   This slide presents the period's one announced transaction and its disclosed pricing.

   The period produced a single announced transaction: H.I.G. Capital's agreement to acquire Mistras Group, Inc. at $848M, or 1.1x revenue and 10.3x EBITDA. That multiple lands inside our standing Core band, between 8.5x and 12.1x, above the 7.2x Discount-tier median and below the 15.0x Premium-tier median, and above the 9.7x sector median. With only one data point this period, this deal is doing outsized work as the sector's reference price. For acquirers and advisers, it is the number to anchor conversations to until the next transaction updates it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY One Transaction, and It Prices the Middle of the Range 1 transaction announced · September 14–28, 2026 · $848M of disclosed value · figures link to the filing 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. Testing, Inspection and Certification Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 17 $848M H.I.G. Capital H.I.G. Capital agrees to acquire Mistras Group, Inc. at $848M enterprise value EV / LTM revenue 1.1x EV / LTM EBITDA 10.3x WHY THE DEAL HAPPENED Announced Sep 17. The buyer's logic is consistent with the sponsor buy-and-build pattern in this sector: an accredited asset-integrity and in-service inspection platform with branch density to build around. HOW THE TARGET WAS VALUED $848M enterprise value equates to 1.1x revenue and 10.3x EBITDA. That sits inside the Core band of 8.5x–12.1x and above the standing 9.7x sector median, well short of the 15.0x Premium-tier median.

6. 06
   WHAT IT MEANS

   Where the Period Leaves Owners, Buyers and Advisers

   This slide translates the period's price action and transaction into implications for owners, acquirers and advisers.

   For owners and operators, the two weeks reward visible scope and capacity work over headline momentum. For acquirers, the record now carries a current reference price in the Core band: an accredited inspection platform agreed at $848M, 1.1x revenue and 10.3x EBITDA. For advisers, the evidence supports leading with accreditation scope breadth, recurring revenue share and renewal behaviour rather than short-term price moves. Taken together, these observations point toward mix and durability as the more decision-relevant lens this period.

   Everything on this page

   WHAT IT MEANS Where the Period Leaves Owners, Buyers and Advisers 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. Testing, Inspection and Certification Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.7x 8 companies in the study 3 valuation tiers Standing thesis: Testing, Inspection and Certification Splits Into Two Halves — Outsourced Inspection and Adjacent Models FOR OWNERS & OPERATORS Mix and Utilization Carry the Story Companies in the space that showed visible scope and capacity work had the most to point to this period. FOR ACQUIRERS A Current Reference Price in the Core Band The record now carries an accredited inspection platform agreed at $848M, 1.1x revenue and 10.3x EBITDA. FOR ADVISORS Lead with Mix, Not Momentum The period's evidence supports the standing split between mandated recurring work and capital-project exposure. Lead with accreditation scope breadth, recurring revenue share and renewal behaviour; the H.I.G.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methods used to build the update and how each statement is supported.

   Every figure in this update links to the record it was taken from, drawing on SEC filings, transaction records and market prices through September 28, 2026. We use a fixed source-reliability order, filings first, then press releases, then established outlets, and we never draw on video or social platforms. Driver attributions and 'why it matters' reads are calibrated NeuraCap judgments on the recorded evidence, not asserted causation. This page is the reference for how confident readers should be in every claim made elsewhere 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. Testing, Inspection and Certification 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_20260929T081029Z_404_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: accessnewswire.com · globenewswire.com · businesswire.com · prnewswire.com

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