Tools and Hardware Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › TOOLS AND HARDWARE

Tools and Hardware: One Sector, Two Pricing Regimes

A read on six listed tools and hardware names: where the forward earnings multiple sits, what sits alongside it in margin and channel, and what the transaction record shows.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   INDUSTRIALS › CAPITAL GOODS › TOOLS AND HARDWARE

   Tools and Hardware: One Sector, Two Pricing Regimes

   Cover slide introducing the sector outlook and its dual pricing framing.

   We open with the sector's core tension: one label, two ways the market prices it. This deck walks through six listed names and six recorded transactions to show where that split shows up and why it matters for the next move.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › TOOLS AND HARDWARE Tools and Hardware: One Sector, Two Pricing Regimes A read on six listed tools and hardware names: where the forward earnings multiple sits, what sits alongside it in margin and channel, and what the transaction record shows. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents slide listing the report's five numbered sections plus appendix.

   We've structured this deck so the bottom line comes first — read section one and you have the whole story. The sections that follow build the evidence: the landscape, the valuation drivers, the deal record and the strategic implications.

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   CONTENTS What This Report Covers 01 The Bottom Line Position in the Range Matters More than the Sector Label 02 The Landscape Three Business Models Sit Under the Tools and Hardware Label 03 Valuation & Situations Four of the Six Names Carry a Forward Estimate, and They Do Not Price Alike 04 Precedent Transactions What Buyers Agreed to Pay Across Six Recorded Tools Transactions 05 Strategic Implications What Moves a Tools Business up the Range 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Tools and Hardware Trades as Three Businesses, and Trade Tool Makers Sit at Both Ends of the Range

   Bottom-line slide showing the sector splits into three business models with trade tool makers spanning the valuation range.

   Of six listed names, four carry a forward EV/EBITDA estimate for CY2027E, and the sector median sits at 12.4x, with the range running from 5.2x at the bottom to 13.6x at the top. Trade tool makers make up two thirds of that set and set the reference price the other segments are read against. So the real question for any name in this space is not which segment it sits in, but where in that range its margin and channel profile put it.

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   01 · THE BOTTOM LINE Tools and Hardware Trades as Three Businesses, and Trade Tool Makers Sit at Both Ends of the Range 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 (4 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Distance Between the Top and the Bottom Is Worth More than the Label Of the six listed names, four carry a forward EV / EBITDA estimate for CY2027E, and the middle of the range sits at 12.4x. The top of the range is 13.6x and the bottom is 5.2x, so where a company sits inside the sector carries more weight than the sector itself. 2 Trade Tool Makers Are Two Thirds of the Set and Set the Reference Price Tool and accessory manufacturing for the trades accounts for 67% of the six listed names, and the middle of that group prices at 11.1x. Connected cutting tools for makers and builders' hardware are single-name groups read against that reference rather than the other way round. 3 With Growth Bunched up, Margin Is Where These Names Separate Five of the six listed names show growth of 4% or below, with Kennametal Inc. (KMT) at 17%. Margins across the four names with a forward EBITDA estimate run from 11% to 27%, a wider spread than the growth readings. 4 Where a Deal Filled a Gap in the Buyer's Range, the Multiple Ran Higher Across six recorded transactions in tools and hardware, what buyers agreed to pay ranges from 7.0x to 13.0x EBITDA. The upper end sits with a branded hand-tool line moving to a diversified tools owner; the lower end sits with welding and industrial consumables assets. 12.4x Sector median EV/EBITDA CY2027E consensus · 4 rated of 6 companies 13.6x Premium end EV/EBITDA vs 5.2x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 6 Transactions with disclosed terms 13 recorded in this tier · 0 told as case studies, the full list in the appendix

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   02

   Divider introducing the market-map section covering three business models in tools and hardware.

   Three business models sit under one label — trade tools, maker devices and builders' hardware — and they sell to different buyers. We move into that landscape next to set up the valuation reading that follows.

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   SECTION 02 02 THE LANDSCAPE Three Business Models Sit Under the Tools and Hardware Label Trade tools dominate the count; maker devices and builders' hardware sell to different buyer groups. 02 of 06 Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Two Thirds of the Set Makes Tools for the Trades; The Rest Sells to Different Buyer Groups

   Market-map slide grouping six companies by business segment with median EV/EBITDA per group.

   Trade tool manufacturing accounts for 67% of the six listed names, and that group prices at a median of 11.1x. The other two segments, connected cutting tools for makers and builders' hardware, are single-name groups that sit alongside rather than drive the reference price. So the sector's center of gravity is the trades segment, and that is the multiple worth anchoring on.

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   02 · MARKET MAP Two Thirds of the Set Makes Tools for the Trades; The Rest Sells to Different Buyer Groups 6 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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 TOOL AND ACCESSORY MANUFACTURING FOR THE TRADES 4 cos median 11.1x Stanley Black & (SWK) Snap-on (SNA) The Toro (TTC) Kennametal (KMT) Four of the six listed names sit here and the middle of the group prices at 11.1x, but pro-brand equity, channel and accessory pull-through separate them from one another. CONNECTED PRECISION CUTTING TOOLS AND CONSUMABLES FOR MAKERS 1 cos 13.6x · 1 rated Cricut (CRCT) Cricut, Inc. (CRCT) sells a connected device into a materials and subscription annuity, so attach rate and repeat purchase carry the case rather than jobsite durability. BUILDERS' HARDWARE AND LONG-HANDLE JOBSITE TOOLS 1 cos no rated names Griffon (GFF) Griffon Corporation (GFF) is read on end-market mix and channel position, with demand associated with residential construction and home improvement activity.

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   02 · LANDSCAPE

   One Label, Three Ways to Make Money in Tools and Hardware

   Segment slide detailing what each of the three business models does and why it matters to valuation.

   Tool and accessory manufacturing for the trades, connected cutting tools for makers, and builders' hardware each carry a different buyer relationship, and the group medians reflect that split. Full company-level detail sits in the appendix for anyone who wants to trace a specific name. So the label 'tools and hardware' hides three distinct businesses, each worth pricing on its own terms.

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   02 · LANDSCAPE One Label, Three Ways to Make Money in Tools and Hardware 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. Tools and Hardware 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 Tool and accessory manufacturing for the trades 4 67% 11.1x Stanley Black & Decker, Inc. (SWK) · Snap-on Incorporated (SNA) · +2 more Two thirds of the set. Stanley Black & Decker, Inc. (SWK), Snap-on Incorporated (SNA), The Toro Company (TTC) and Kennametal Inc. (KMT) sit here, 67% of the six listed names. They share a label but not a model: big-box durable goods, a franchised van channel, seasonal outdoor equipment and metalcutting consumables, with different margin structures across the four. Connected precision cutting tools and consumables for makers 1 17% 13.6x n=1 Cricut, Inc. (CRCT) One device, recurring consumables. Cricut, Inc. (CRCT) sells a connected cutting machine into materials, accessories and subscription revenue underneath it. Razor-and-blade economics make attach rate and repeat purchase the operating question, which is a different underwriting frame from the trade tool names. Builders' hardware and long-handle jobsite tools 1 17% — Griffon Corporation (GFF) Tied to housing turnover. Griffon Corporation (GFF) covers builders' hardware and long-handle jobsite tools, where demand is associated with residential construction and home improvement activity. It carries no forward EBITDA estimate in this set, so it is read on end-market mix, brand pull and channel position rather than on the lens.

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   Divider introducing the valuation section covering the four rated companies' pricing spread.

   Four of the six names carry a forward estimate, and they do not price alike — the gap between the top and bottom of the range is wider than the gap in growth. We open the valuation record next to show exactly where that gap sits.

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   SECTION 03 03 VALUATION & SITUATIONS Four of the Six Names Carry a Forward Estimate, and They Do Not Price Alike The gap between the top and the bottom of the range is wider than the gap in growth. 03 of 06 Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds a Premium That a Forward Lens Has Already Credited

   Ranked valuation slide showing all four rated companies' EV/EBITDA multiples against the sector median.

   Across the four rated companies, EV/EBITDA (CY2027E) runs from 5.2x to 13.6x, with the sector median at 12.4x. The top of the range holds a premium that the forward lens has already priced in. So the multiple a name commands today already reflects a view on where its margin and channel profile are heading, not just where they stand now.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds a Premium That a Forward Lens Has Already Credited EV / EBITDA (CY2027E) · all 4 rated companies, sorted descending · sector median 12.4x · 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 (4 of 6 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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.6x CORE · median 12.4x DISCOUNT · median 5.2x Sector median 12.4x WHAT SEPARATES THE TWO ENDS The top sells through franchisees. Snap-on Incorporated (SNA) runs a franchised van channel with a credit arm attached and carries a 27% EBITDA margin — service and financing margin that a big-box route does not carry. That profile is what sits alongside the top of the range here. The bottom carries capex beta. Kennametal Inc. (KMT) carries growth of 17%, above the rest of the six listed names, and still sits at the bottom of the range. Metalcutting consumables consumption tracks machine hours and industrial production, so earnings move with a customer capex cycle the pro tool names are less tied to. A forward multiple already credits growth. The lens is CY2027E, so the multiple has already taken forecast growth into account. A premium that survives a forward lens is a statement about how durable the earnings are held to be, not about next year's order book.

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   03 · VALUATION DRIVERS

   Growth Sits Close Together; Margin and Channel Sit Far Apart

   Cohort slide comparing EV/EBITDA by revenue-growth group and by EBITDA-margin group.

   Growth readings sit close together across the covered names, while margins run from 11% to 27% — a wider spread than growth shows. That gap is where the valuation difference actually lives, not in top-line trajectory. So margin quality, not growth alone, is the variable worth underwriting.

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   03 · VALUATION DRIVERS Growth Sits Close Together; Margin and Channel Sit Far Apart Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Growth Readings Cluster in a Narrow Band Growth across the six listed names clusters at 4% and below, with Cricut, Inc. (CRCT) at 1%. When the growth line looks alike, the pricing question moves to what the earnings are made of. Attachment Underneath the Installed Base Battery platform breadth and accessory pull-through turn a one-time tool sale into repeat consumables revenue. Buyers read that annuity differently from unit shipments, and the names in this set carry very different amounts of it. Pro, Van and Dealer Routes Against Big-Box Dependence Pro and van channels carry service and price realisation that a big-box planogram does not, and they behave differently through a channel destock. Customer concentration with a handful of large retailers is the other side of the same trade. Sourcing Footprint Sits Inside the Gross Margin Bridge Landed cost, country of origin and tariff classification move gross margin week to week, and near-market manufacturing is a cost-and-risk trade rather than a fix. Where price/cost holds through a tariff move, the margin line holds with it.

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    03 · SITUATION MAP

    Four Names, Four Corners: Where Margin and Multiple Line Up

    Four-quadrant map placing each rated company by EV/EBITDA and EBITDA margin against their covered medians.

    Cutting the four rated names on the sector median of 12.4x and the covered margin median of 15% sorts them into four distinct situations. These are observations on where each name sits, not a recommendation to act. So the map is a starting point for asking why a name sits where it does, not a verdict on it.

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    03 · SITUATION MAP Four Names, Four Corners: Where Margin and Multiple Line Up Cut on EV / EBITDA vs the sector median (12.4x) (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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up with Margin Behind It Above-median multiple · above-median EBITDA margin 1 names Snap-on Incorporated (SNA) Snap-on Incorporated (SNA) sits above the multiple line and above the margin line, the one of the four rated names in this corner. A franchised van channel with credit attached carries service margin that a retail route does not, and that is the profile sitting alongside the top of the range. Priced up Ahead of Margin Above-median multiple · below-median EBITDA margin 1 names Cricut, Inc. (CRCT) Cricut, Inc. (CRCT) prices above the multiple line with a margin below the covered middle of 15%. The weight of that position rests on consumables attachment and repeat purchase rather than on current profitability. Margin in Place, Multiple Below Below-median multiple · above-median EBITDA margin 1 names Kennametal Inc. (KMT) Kennametal Inc. (KMT) carries a margin above the middle of the four rated names while pricing at the bottom of the range. Metalcutting consumables consumption tracks machine hours and industrial production, and that cyclicality is the trade-off sitting alongside the margin. Below Both Lines Below-median multiple · below-median EBITDA margin 1 names Stanley Black & Decker, Inc. (SWK) Stanley Black & Decker, Inc. (SWK) sits below both lines, with growth of 2% and a margin at the bottom of the four rated names. The case here runs through the gross margin bridge — price/cost, mix and productivity — and through channel inventory normalising against sell-through.

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    03 · THE AGENDA

    Decide Where the Next Dollar Earns the Higher Multiple

    Slide framing the questions an owner or acquirer should resolve given the valuation spread.

    With growth bunched together and margin doing the separating, the open question is where the next dollar of investment earns the higher multiple. This is framed as questions to resolve, not conclusions to act on. So the agenda for any owner or acquirer in this space starts with margin mix and channel, not with growth alone.

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    03 · THE AGENDA Decide Where the Next Dollar Earns the Higher Multiple 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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Grow the Consumables Annuity Under the Installed Base Accessory and consumables pull-through per tool sold is what turns a durable-goods sale into repeat earnings, and it is the part of the P&L that reads as annuity rather than shipment. The question is how much of the installed base is actually being monetised after the first sale. What changes the answer: Attach rate and consumables revenue per unit moving ahead of tool shipments over consecutive quarters. Weight the Mix Toward Channels That Hold Price Pro, van and dealer routes carry service and price realisation that a big-box planogram does not, and they behave differently when the channel destocks. Concentration with a handful of large retailers is the exposure on the other side of that mix. What changes the answer: Sell-through holding while sell-in falls, with pro-channel share of revenue rising through the cycle. Price the Sourcing Footprint Against Tariff Exposure Landed cost by sourcing country and customs classification are live gross-margin variables, and near-market manufacturing is a cost-and-risk trade with a real capital bill attached. The decision is which categories can carry price and which cannot. What changes the answer: Price/cost holding positive in the gross margin bridge through a tariff or freight move. Test Build Against Buy on the Categories You Are Missing The recorded transactions cluster around brands and consumables lines that completed a buyer's range or reached a channel it did not have. The same test applies internally: whether a missing category is cheaper to develop than to acquire. What changes the answer: A gap in the range that repeat customers are filling from another supplier.

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    Divider introducing the precedent-transactions section covering six recorded tools deals.

    Six recorded transactions span branded hand tools, welding, hardware carve-outs and tooling know-how, one completed and five announced. We turn to what buyers actually agreed to pay next.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Across Six Recorded Tools Transactions One completed and five announced, spanning branded hand tools, welding, hardware carve-outs and tooling know-how. 04 of 06 Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    The Wider Multiples in the Record Sit with Tool Brands That Fit an Existing Platform

    Case-study slide on two of six transactions with disclosed multiples, showing where the wider pricing sat.

    Across the six recorded transactions, disclosed multiples run from 7.0x to 13.0x EBITDA on an LTM-at-announcement basis. The wider end sits with tool brands that fit an existing platform. So the deal record points to fit with the buyer's existing range, not just deal size, as the driver of where pricing lands — an association the recorded cases support, not a rule.

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    04 · DEAL CASE STUDIES The Wider Multiples in the Record Sit with Tool Brands That Fit an Existing Platform 2 of 6 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. 22 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. 7 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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2012 n/a Spectrum Brands Holdings, Inc. acquires Hardware & Home Improvement Group of Stanley Black & Decker, Inc. EV / LTM revenue n/a EV / LTM EBITDA 7.4x WHY THE DEAL HAPPENED Spectrum Brands Holdings, Inc. moved for Hardware & Home Improvement Group of Stanley Black & Decker, Inc. in Oct-2012; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. May-2010 n/a CGI Group acquires Stanley EV / LTM revenue 1.2x EV / LTM EBITDA 11.7x WHY THE DEAL HAPPENED CGI Group moved for Stanley in May-2010; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    Divider introducing the strategic-implications section on what moves a tools business up the range.

    Margin mix, channel and attachment are the operating levers the figures point to. We close the analysis with the moves that follow from that reading.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What Moves a Tools Business up the Range Margin mix, channel and attachment are the operating levers these figures point to. 05 of 06 Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Three Moves That Strengthen Where a Tools Business Sits in the Range

    Slide setting out three strategic moves that strengthen a tools business's position in the valuation range.

    The evidence points to three levers worth working: margin quality, channel mix and attachment economics. These are framed as questions for the next twelve months, not settled recommendations. So the practical next step is testing which of these levers is already moving in a given business, and which is not.

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    05 · STRATEGIC IMPLICATIONS Three Moves That Strengthen Where a Tools Business Sits in the Range 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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Margin Quality Is Where This Set Separates Growth readings sit close together across the six listed names while margins spread widely, so the mix of revenue behind the margin is the part worth working on. Aftermarket and MRO exposure, consumables attachment and pro-channel weighting are the components that hold up when a cycle turns. FOR OPERATORS Attachment Is the Lever Under a Durable-Goods P&L Battery platform ownership and accessory pull-through convert one-time tool sales into repeat revenue, and that is visible in the gap between the names at the top and bottom of this range. Managing new product vitality and inventory turns alongside it keeps cash conversion in step with the revenue mix. FOR CAPITAL ALLOCATION The Record Shows Where Buyers Stretch Across six recorded transactions, the wider multiples sit with branded tool lines that completed a buyer's range, and the tighter ones with welding and hardware carve-outs. That pattern is a useful reference for pricing internal investment in categories, brands and channel reach.

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    06

    Divider introducing the appendix covering the full comparable set, methodology and sources.

    The appendix carries the full universe behind every figure in the body, the valuation basis, and where each underlying disclosure lives. We close with that reference material next.

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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 Tools and Hardware 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

    Appendix table of all six comparable companies grouped by valuation tier on EV/EBITDA (CY2027E).

    Four of the six companies carry an eligible EV/EBITDA (CY2027E) rating; two do not. The full field set for every name sits in the companion workbook. So this table is the traceable source behind every multiple quoted earlier in the deck.

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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 (12.4x); amber marks below · 4 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 4 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. Tools and Hardware 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 — ≥13.6x · median 13.6x · 1 companies Snap-on Incorporated SNA Tool and accessory manufacturing for the trades $18.7B 13.6x 4% 27% 31 CORE — 9.6x–13.6x · median 12.4x · 2 companies Cricut, Inc. CRCT Connected precision cutting tools and consumables for… $1.1B 13.6x 1% 11% 12 Stanley Black & Decker, Inc. SWK Tool and accessory manufacturing for the trades $20.4B 11.1x 2% 12% 14 DISCOUNT — <9.6x · median 5.2x · 1 companies Kennametal Inc. KMT Tool and accessory manufacturing for the trades $3.0B 5.2x 17% 17% 35

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Appendix table listing all six precedent transactions with disclosed terms, sorted newest first.

    Six of the recorded transactions carry disclosed terms and sit in this list; the rest are kept in the companion workbook. Deal multiples are read on an LTM-at-announcement basis and are not directly comparable to the CY2027E public basis. So this table is where any deal-level figure quoted earlier can be traced back to its filing.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (13 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. 22 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. 7 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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2021 Worthington Industries, Inc. → General Tools & Instruments Company LLC n/a 1.8x 7.9x Worthington Industries, Inc. completed its purchase of General Tools & Instruments Company LLC in February 2021 at 7.9x EBITDA and 1.8x revenue. A metals group taking a branded measuring and marking line is a move toward consumer and trade shelf position. Apr-2017 Lincoln Electric Holdings Inc. → Air Liquide Welding n/a n/a 7.0x Lincoln Electric Holdings Inc. announced the acquisition of Air Liquide Welding at 7.0x EBITDA, at the lower end of the recorded range. Welding consumables and equipment sit close to the metalcutting side of this sector, where earnings move with industrial production. Mar-2017 Stanley Black & Decker, Inc. → Tools business (unit of Tools business of Newell Brands Inc.) n/a n/a 13.0x Stanley Black & Decker, Inc. announced the acquisition of the Tools business (unit of Tools business of Newell Brands Inc.) in March 2017 at 13.0x EBITDA. A diversified tools owner taking branded hand tools it could route through retail and pro channels it already… Oct-2012 Spectrum Brands Holdings, Inc. → Hardware & Home Improvement Group of Stanley Black & Decker, Inc. n/a n/a 7.4x Spectrum Brands Holdings, Inc. announced the purchase of the Hardware & Home Improvement Group of Stanley Black & Decker, Inc. in October 2012 at 7.4x EBITDA. A diversified parent moving a non-core hardware line to a consumer products group is the carve-out pattern… Jan-2012 Kennametal Inc. → Deloro Stellite Group n/a n/a 8.0x Kennametal Inc. announced the acquisition of Deloro Stellite Group at 8.0x EBITDA. Adding coatings and alloy know-how to an existing tooling franchise points at application engineering and specification position rather than volume. May-2010 CGI Group → Stanley n/a 1.2x 11.7x CGI Group announced the acquisition of Stanley in May 2010 at 11.7x EBITDA and 1.2x revenue. That multiple sits in the upper half of the six recorded transactions, above the welding and hardware carve-outs and below the branded hand-tool transaction.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology slide explaining sourcing, assumptions and data-quality treatment behind the report.

    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. This is the page to check before relying on any specific number. So the report is built to be traced, not just read.

    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. Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (4 of 6 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 Tools and Hardware and it clears the coverage gate with 4 of 6 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 4 of the 4 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 0 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 294 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 (293) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    Across Six Listed Names, the Top of the Range Sits Alongside Margin and Channel Quality.

    Closing slide restating that the top of the valuation range sits alongside margin and channel quality.

    Across six listed names, the top of the range sits alongside margin and channel quality. The companion tables carry the full universe and source index for any figure worth tracing further.

    Everything on this page

    Across Six Listed Names, the Top of the Range Sits Alongside Margin and Channel Quality. NeuraCap AI — Tools and Hardware Coverage September 2026 · Prepared by NeuraCap AI · Confidential Tools and Hardware Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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