Transportation Infrastructure and Tolling Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › TRANSPORTATION INFRASTRUCTURE AND TOLLING

Grantor Decisions, Not Traffic, Separate the Airport Groups

This update covers the movers, company announcements and transaction record across Transportation Infrastructure and Tolling 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

Transportation Infrastructure and Tolling 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 › TRANSPORTATION › TRANSPORTATION INFRASTRUCTURE AND TOLLING

   This is the cover slide introducing the Transportation Infrastructure and Tolling bi-weekly industry events and M&A update for September 14–28, 2026.

   We built this bi-weekly update to walk you through what changed, who moved and most likely why, what transacted, and what it means across Transportation Infrastructure and Tolling. Over the next pages, we cover market moves, company announcements and the M&A record for September 14–28, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › TRANSPORTATION INFRASTRUCTURE AND TOLLING Grantor Decisions, Not Traffic, Separate the Airport Groups This update covers the movers, company announcements and transaction record across Transportation Infrastructure and Tolling 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 Transportation Infrastructure and Tolling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Concession Reset in Argentina Set the Tone While the Cohort Split in Two Directions

   This slide summarizes the two-week period in one page: a grantor decision in Argentina set the tone while the covered cohort split in two directions.

   We start with the headline: three of six covered names rose, and the median move of +0.9% tracked closely with the S&P 500's +0.8%, so direction wasn't the story this period — dispersion inside the airport cohort was. The single largest move came from Corporacion America Airports S.A., which closed the two weeks up +7.1% and posted a +9.1% single-day gain on September 28, the date it announced an administrative decision approving the rebalancing of its Argentine concession agreement. Grupo Aeroportuario del Pacífico also outperformed at +6.2%, while Grupo Aeroportuario del Sureste finished at -3.2%, so our standing read that these airport groups trade as one block was tested here. With no new transactions signed in the window, the 24 trailing precedents at a median of 11.5x EV/EBITDA remain the benchmark against a 7.1x CY2027E median for the six covered names — so what: grantor decisions, not traffic, are now the variable worth underwriting.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Concession Reset in Argentina Set the Tone While the Cohort Split in Two Directions The two-week period in one page · 6 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. Transportation Infrastructure and Tolling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 3 of 6 Covered Names Rose; The Median Move Was +0.9% The covered set moved broadly with the S&P 500, which returned +0.8% over the two-week period. Direction was not the story; dispersion inside the airport cohort was. 2 A Grantor Decision, Not a Traffic Print, Produced the Period's Largest Single Day Corporacion America Airports S.A. (CAAP) ended the two-week period at +7.1%, with its strongest day of +9.1% on Sep 28 — the date it announced an administrative decision approving the rebalancing of its Argentine concession agreement. 3 The Airport Groups Did Not Trade as One Block over This Window Two Discount-tier names led: CAAP at +7.1% and Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) at +6.2%. Core-tier Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) finished at -3.2%. Our standing read that these groups are priced as one block was tested here. 4 No New Transactions; The Precedent Record Stays the Reference Point With nothing new signed in the window, the 24 trailing precedents remain the benchmark at a median of 11.5x EV / EBITDA, against a 7.1x CY2027E median for the six covered names. +7.1% Best mover — CAAP worst: ASR -3.2% · 3 up / 3 down of 6 covered +0.9% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Concession Decision Moved More than Two Weeks of Traffic Data

   This slide ranks the bi-weekly close-to-close moves for the six covered names against the sector median, the S&P 500 and the materiality bar.

   We show each covered name's two-week move against a sector median of +0.9%, an S&P 500 return of +0.8%, and a materiality bar of 5.2% (sector-relative). Corporacion America Airports S.A. cleared that bar decisively, closing at +7.1% on the back of its Argentine concession decision, while Grupo Aeroportuario del Sureste moved against the grain at -3.2%. We link every move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. So what: the moves that cleared the materiality bar this period were concentrated in the airport sub-group, not spread across the covered set.

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   PUBLIC MARKET MOVERS One Concession Decision Moved More than Two Weeks of Traffic Data Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +0.9% · S&P 500 +0.8% · materiality bar ±5.2% (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. Transportation Infrastructure and Tolling 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 +0.9% Corporacion America Airports S.A. (CAAP) +7.1% Shares moved following the Sep 28 announcement that an administrative decision approving the rebalancing of CAAP's Argentine concession agreement had been issued, addressing increased capital investment requirements. Grantor action on committed capex and tariff mechanics still repriced a name faster than any month of traffic did. COMPANY-SPECIFIC Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (PAC) +6.2% No notable in-window news was identified that clearly explains the move. PAC's +6.2% sat above the +0.9% median for the covered set. Our read: inside the Discount tier, geography and currency mix separate otherwise comparable concession assets. UNEXPLAINED Grupo Aeroportuario del Sureste, S. A. B. de C. V. (ASR) -3.2% No notable in-window news was identified that clearly explains the move. ASR's -3.2% was the weakest reading in the set against a +0.9% median. A Core-tier airport name can lag the cohort even in a window where the set's median move is positive. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Two Company Announcements Carried the Period: A Concession Reset and a Traffic Print

   This slide details the two highest-impact company announcements of the period: the Argentine concession rebalancing decision and a traffic print.

   We highlight the two events that carried the period: Corporacion America Airports S.A.'s administrative decision approving the rebalancing of its Argentine concession agreement, and the window's traffic print, which showed a 0.9% year-on-year decline. Each event links back to its underlying filing or article, and our 'why it matters' framing is a NeuraCap read rather than an asserted cause. So what: with only one traffic data point in the window, the concession decision did the heavier lifting on where capital moved.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Two Company Announcements Carried the Period: A Concession Reset and a Traffic Print 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. Transportation Infrastructure and Tolling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · Business Wire CAAP announced an administrative decision approving the rebalancing of its Argentine concession The rebalancing addresses increased capital investment requirements under the concession — the mechanism that decides whether committed capex is remunerated rather than absorbed by equity. Grantor behaviour, more than operating quality, is doing the separating between otherwise similar assets. Sep 17 · NEWS · PRNewsWire Lockheed Martin Fast-Tracks PAC-3® MSE Components in Less Than One Month in Partnership with GM Defense Partnership underscores American manufacturing expertise DALLAS, Sept. 17, 2026 /PRNewswire/ -- Lockheed Martin (NYSE: LMT) today announced the first delivery of mission-critical components produced by GM Defense for the PAC-3 Missile Segment Enhancement (MSE Sep 14 · NEWS · GlobeNewsWire FEMSA Announces Accelerated Share Repurchase Agreement MONTERREY, Mexico, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE: FMX; BMV: FEMSAUBD, FEMSAUB) today announced that, as part of its ongoing efforts and consistent with its capital allocation fram Sep 18 · NEWS · CNBC Trump's $403 million war chest is finally being spent on the midterms. Now comes the hard part Trump's flagship super PAC, MAGA Inc., ended July with more than $403 million in cash, much of it held back as competitive congressional races took shape. Democratic Senate candidates entered July with roughly twice as much cash as their Republican opponents a Sep 16 · NEWS · Business Wire CAAP reported August 2026 passenger traffic, down 0.9% year on year Traffic is the input to every unit measure the sector runs on, from aeronautical revenue per passenger to EBITDA per traffic unit. A small decline sets the base that commercial densification has to work against. With traffic close to flat, the non-aeronautical line per passenger carries more of the growth burden.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed off the Record; The Precedent Median Still Sits Above the Listed Groups

   This slide reviews the M&A backdrop: no new transactions signed in the window, with the trailing precedent record providing the reference multiple.

   No new transactions were signed in this window, so we lean on the trailing record of 24 recorded precedent deals, which carries a median of 11.5x EV/LTM EBITDA. That median sits above the six covered names' 7.1x CY2027E multiple, a gap worth watching as a read on how private buyers value these assets versus the public market. Deal multiples shown are LTM at announcement where disclosed, and we do not re-present old transactions as news. So what: the precedent-to-public gap is the clearest read-through for acquirers pricing new opportunities in this space.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Stayed off the Record; The Precedent Median Still Sits Above the Listed Groups September 14–28, 2026 · precedent transactions: 24 recorded deals · median 11.5x 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. Transportation Infrastructure and Tolling 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 observable reference remains the 24 trailing precedents at a median of 11.5x EV / EBITDA, above the 7.1x CY2027E median for the six covered names. 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. 24 Recorded precedent transactions the reference set buyers and sellers price against 11.5x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Period Changes for Owners, Acquirers and Advisors

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

   For owners and operators, tariff mechanics and the commercial line carried the period, not passenger growth — the cohort's median move was +0.9%, while the window's one reported traffic figure showed a 0.9% year-on-year decline. For acquirers, the reference set is unchanged at an 11.5x EV/EBITDA precedent median against a 7.1x CY2027E listed median and a 5.6x Discount-tier median, so the Argentine decision adds a live capex data point worth underwriting into the grantor relationship itself. For advisors, the sharper story is dispersion: three of six names rose while the spread ran from Corporacion America Airports S.A. at +7.1% to Grupo Aeroportuario del Sureste at -3.2%. So what: this is analytical interpretation of the recorded evidence, not a recommendation, but it points toward positioning by regime and duration rather than by cohort average.

   Everything on this page

   WHAT IT MEANS What This Period Changes for 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. Transportation Infrastructure and Tolling Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.1x 6 companies in the study 3 valuation tiers Standing thesis: Transportation Infrastructure and Tolling Splits Three Ways: Airport Concessions, Platforms, Perimeter Land FOR OWNERS & OPERATORS Tariff Mechanics and the Commercial Line Carried the Period, Not Passenger Growth Companies in the space traded higher on balance, with a median move of +0.9%. The window's one reported traffic figure was a 0.9% year-on-year decline, so the operating levers on display were tariff and capex mechanics FOR ACQUIRERS The Reference Set Is Unchanged; The Argentine Decision Adds a Live Capex Data Point No new transactions were signed in the window, so the 24 trailing precedents at a median of 11.5x EV / EBITDA remain the anchor against a 7.1x CY2027E listed median and a 5.6x Discount-tier median. FOR ADVISORS Lead with Dispersion Inside the Airport Cohort, Not with the Cohort Average The period's best evidence is that three of six covered names rose while the cohort spread ran from CAAP at +7.1% to ASR at -3.2%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the important notice.

   Every figure in this update links back to the record it was taken from, drawing on SEC filings, precedent transaction records and market prices through September 28, 2026. We built this page so you can trace any figure back to its source before acting on it. So what: this update is designed to be checked, not just read.

   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. Transportation Infrastructure and Tolling 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. No covered name fell below the floor in 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_20260929T090835Z_426_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: businesswire.com · prnewswire.com · globenewswire.com · cnbc.com

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