Trading Companies and Distributors Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › TRADING COMPANIES AND DISTRIBUTORS

Margin Quality Earns the Rating While the Sector Trades Flat

This update covers what moved, what companies announced, and where the transaction record stands across 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

Trading Companies and Distributors Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   INDUSTRIALS › CAPITAL GOODS › TRADING COMPANIES AND DISTRIBUTORS

   Cover page introducing the Trading Companies and Distributors bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers what changed across Trading Companies and Distributors, who moved and why, what transacted, and what it means for the period ending September 28, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › TRADING COMPANIES AND DISTRIBUTORS Margin Quality Earns the Rating While the Sector Trades Flat This update covers what moved, what companies announced, and where the transaction record stands across 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 Trading Companies and Distributors Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Profit Quality Did the Work in a Flat Two Weeks

   Summarizes the two-week period across 25 covered names on a close-to-close basis.

   We start with the bottom line: across 25 covered names, the median move was +0.1% while the S&P 500 returned +0.8% over the same window. The spread ran from Climb Global Solutions at +15.1% to Resideo Technologies at -6.2%, with most names clustered near flat. Where names did move, the record shows profit-quality evidence behind it, including margin commentary at Avnet and a ratings upgrade at WESCO. So what: in a flat tape, the market is paying for demonstrated profitability, not top-line noise.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Profit Quality Did the Work in a Flat Two Weeks The two-week period in one page · 25 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. Trading Companies and Distributors Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 13 of 25 Covered Names Rose; The Median Move Was +0.1% The S&P 500 returned +0.8% over the same window. The spread ran from Climb Global Solutions, Inc. (CLMB) at +15.1% to Resideo Technologies, Inc. (REZI) at -6.2%, with most of the set clustered close to flat. 2 The Gains Sat Where the Record Showed Profit Progress Avnet, Inc. (AVT) rose +9.9% alongside in-window commentary on margin expansion momentum entering FY27. WESCO International, Inc. (WCC) rose +8.3% after a research upgrade to Strong Buy on Sep 16. NeuraCap reads both as the market paying for evidence on profitability rather than on volume. 3 The Precedent Record Added No New Entries This Period The trailing set of 40 transactions still carries a median EV / EBITDA of 9.9x, against the standing study's public reference median of 11.6x on CY2027E EBITDA. NeuraCap's read: that gap remains the frame owners and buyers negotiate inside. 4 A Controlling Shareholder Moved to Buy in the Public Minority Distribution Solutions Group, Inc. (DSGR) agreed to be acquired by its controlling shareholder in a transaction cashing out remaining public investors at $35.00 per share, announced Sep 14. A law firm has said it is reviewing whether shareholders receive fair value. +15.1% Best mover — CLMB worst: REZI -6.2% · 13 up / 12 down of 25 covered +0.1% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Margin Evidence and an Earnings Upgrade Led a Narrow Set

   Details the individual stock moves and the materiality bar used to flag significant names.

   The sector median moved +0.1% against a materiality bar of 3.6%, sector-relative, meaning only a narrow set of names cleared the bar this period. Avnet rose +9.9% alongside commentary on margin expansion into FY27, and WESCO rose +8.3% after a research upgrade to Strong Buy on September 16. We attribute each move only to filings and headlines recorded in the window, and where no driver is on record we say so plainly. So what: the moves that mattered were concentrated and evidence-backed, which is where we'd focus diligence next.

   Everything on this page

   PUBLIC MARKET MOVERS Margin Evidence and an Earnings Upgrade Led a Narrow Set Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +0.1% · S&P 500 +0.8% · materiality bar ±3.6% (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. Trading Companies and Distributors 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 +0.1% Avnet, Inc. (AVT) +9.9% Shares rose +9.9%. The move followed in-window commentary on margin expansion momentum entering FY27 (Zacks, Sep 15) and repeated value-screen placements; a new institutional stake of $684,000 was also disclosed on Sep 15. A Discount-tier name can re-rate on evidence of margin progress rather than on higher volume. COMPANY-SPECIFIC WESCO International, Inc. (WCC) +8.3% Shares gained +8.3%. The reaction was consistent with a Sep 16 research upgrade to Strong Buy and a return to the same publisher's value list on Sep 24; the company separately announced Great Place To Work certification on Sep 18. Electrical and industrial breadth still draws buyers when earnings expectations are revised upward. COMPANY-SPECIFIC Global Industrial Co (GIC) +7.8% No notable in-window news was identified that clearly explains the move. The +7.8% gain compares with a +0.1% median across the covered set. Core-tier industrial distribution held its ground comfortably across this window. UNEXPLAINED Resideo Technologies, Inc. (REZI) -6.2% Shares fell -6.2%. Resideo launched new First Alert smoke and carbon monoxide alarms on Sep 16 Consumer-facing product launches carry less weight with the market than evidence on margin and fill. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Framework Setting, an AI Power Line Addition and a Take-Private

   Covers the period's highest-impact events, including a framework announcement, an AI power line addition, and a take-private.

   The two-week period's highest-impact events include framework-setting commentary, an AI-ready power capacity addition to a distributor's line card, and a take-private agreement. Each event on this page links back to its underlying filing or article, and our 'why it matters' read follows a fixed source-reliability order. Distribution Solutions Group agreed to be acquired by its controlling shareholder at $35.00 per share, announced September 14, with a law firm reviewing whether shareholders receive fair value. So what: this period's catalysts point toward margin and capacity positioning as the themes to track next.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Framework Setting, an AI Power Line Addition and a Take-Private 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. Trading Companies and Distributors Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · Newsfile Corp Metalsource Mining Extends High Grade Mineralization at Depth as Silver Hill Exploration Enters Major Expansion Phase Holes SH26-22 and SH26-23 return up to 930 g/t AgEq within broader mineralized horizons as ongoing step out drilling expands Silver Hill and the Company prepares for significantly larger step outs along strike Vancouver, British Columbia--(Newsfile Corp. - Sep Sep 15 · 8-K · SEC EDGAR Ingram Micro reaffirmed Q3 guidance and set out a multi-year financial framework through FY2029 The framework targets gross-profit growth ahead of net-sales growth. In broadline technology distribution, where revenue can be booked gross or net, that is the comparison that actually reflects what the business earns. Gross profit dollars, not booked revenue, are the yardstick investors and buyers apply to the channel. Sep 15 · NEWS · Business Wire Global Industrial Company sent its CEO and finance leadership to investor conferences NeuraCap reads senior management's presence at investor meetings as a signal the company is comfortable being measured against the comparison set on its current trading. Investor visibility is part of how Core-tier distributors defend their rating. Sep 15 · NEWS · PRNewsWire TD SYNNEX partnered with Hammerhead AI to bring AI-ready power capacity to its reseller network The collaboration adds technical content to the line card aimed at AI data center build-outs, and places the reseller network, rather than the product alone, at the center of the offer. Technical content on the line card is the channel's answer to buyers going around the distributor. Sep 14 · NEWS · GlobeNewsWire Distribution Solutions Group agreed to be acquired by its controlling shareholder at $35.00 per share A controlling holder buying in the public minority is a direct read on what an insider believes the branch network, line card and customer book are worth. A law firm has said it is reviewing whether the price is fair. Controlling-shareholder buy-ins give privately held distributors a visible reference point. Sep 15 · NEWS · GlobeNewsWire DNOW Inc. faced a securities class action tied to its 2025 special-meeting record date Litigation attached to a prior corporate action becomes a standing diligence item for any counterparty and can absorb management attention that would otherwise sit on branch and working capital priorities. Shareholder-vote and change-of-control mechanics carry a long tail in distribution transactions.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Entries on the Record, so the Precedent Set Still Anchors Pricing

   Shows that no new M&A entries were recorded this period, leaving the 40-deal precedent set at a 9.9x median EV/EBITDA to anchor pricing.

   No new transactions entered the record over September 14–28, so the trailing set of 40 recorded deals still carries a median of 9.9x EV/LTM EBITDA. We do not re-present old transactions as news, and every multiple shown is LTM at announcement where disclosed. That gap against the standing study's 11.6x public reference median is the frame we see owners and buyers negotiating inside. So what: with the precedent set unchanged, pricing conversations this period should anchor to the existing 9.9x median rather than a new mark.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Entries on the Record, so the Precedent Set Still Anchors Pricing September 14–28, 2026 · precedent transactions: 40 recorded deals · median 9.9x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Trading Companies and Distributors Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 transactions carries a median EV / EBITDA of 9.9x, which remains the working reference for buyers and sellers in the channel. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 9.9x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Flat Two Weeks Tells Owners, Acquirers and Advisors

   Translates the period's evidence into observations for owners, acquirers and advisors.

   For owners and operators, the read is that profit quality, gross margin dollars, inventory turns, and fill rates on critical items, is what the market rewarded this period. For acquirers, the precedent record held at 40 deals and 9.9x median EV/EBITDA, with the Distribution Solutions Group agreement the clearest new price mark on a listed name. For advisors, the evidence points toward leading with gross-profit quality and service attachment in client conversations. So what: these are observations drawn from the two-week record, not recommendations, but they set the agenda for the next period.

   Everything on this page

   WHAT IT MEANS What a Flat Two Weeks Tells Owners, Acquirers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Trading Companies and Distributors Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 11.6x 26 companies in the study 3 valuation tiers Standing thesis: Trading Companies and Distributors Price Industrial Breadth Above Technology and Adjacent Models FOR OWNERS & OPERATORS Profit Quality Is What the Market Read This Period Companies in the space that showed progress on profitability drew the stronger moves. The operating evidence behind that is familiar ground: gross margin dollars per line item, inventory turns and aged stock, line-item fill on critical spares FOR ACQUIRERS The Reference Set Held, and One Insider Put a Price on a Listed Name The precedent record added no new entries over the two-week period, so the trailing set of 40 transactions at a 9.9x median EV / EBITDA still frames pricing. The clearest new mark was the agreement for Distribution Solutions Group, Inc. FOR ADVISORS Lead with Gross Profit Quality and Service Attachment The period's evidence points one way. Ingram Micro Holding Corporation (INGM) framed several years ahead with gross-profit growth targeted above net-sales growth, TD Synnex Corp (SNX) added AI-ready power capacity to its line card, and Avnet, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure in the update.

   Every figure in this update links back to the record it was taken from, and the publishers and filings we drew on for the period are listed on this page. So what: readers can trace any number in this deck to its source before acting on it.

   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. Trading Companies and Distributors 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_20260929T071819Z_385_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: newsfilecorp.com · sec.gov · businesswire.com · prnewswire.com · globenewswire.com

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