Transportation Technology and Management 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 TECHNOLOGY AND MANAGEMENT

Revenue Quality Holds up Better than the Long-Dated Story

This update covers sector moves, company developments and agreed transactions from 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 Technology and Management 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 › TRANSPORTATION › TRANSPORTATION TECHNOLOGY AND MANAGEMENT

   Cover slide introducing the Transportation Technology and Management bi-weekly industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Transportation Technology and Management, covering the two weeks from September 14–28, 2026. Over the following pages we walk through what changed, who moved and why, what transacted, and what it means for the market.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › TRANSPORTATION TECHNOLOGY AND MANAGEMENT Revenue Quality Holds up Better than the Long-Dated Story This update covers sector moves, company developments and agreed transactions from 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 Technology and Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Paid-for-Today Revenue Held Better than Promised-for-Later Revenue

   This page summarizes the two-week period's market moves and the top-level bottom line across 11 covered names.

   We tracked 11 covered names over the two weeks and found 8 of them fell, with a median move of -4.4%, against a +0.8% return for the S&P 500. That gap tells us the weakness sat inside the sector rather than across the broad market. Autonomy and discount-tier names carried the heaviest marks, while Duos Technologies Group, Inc. (DUOT) stood out with a +9.1% gain. The one agreed transaction in the period came from the maritime adjacency, where Hafnia Limited (HAFN) added to a listed position. So what: paid-for-today revenue held up better than promised-for-later revenue this period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Paid-for-Today Revenue Held Better than Promised-for-Later Revenue The two-week period in one page · 11 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 Technology and Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 8 of 11 Covered Names Fell; The Median Move Was -4.4% The S&P 500 returned +0.8% over the same window, so the weakness sat inside the sector rather than across the broad market. 2 Autonomy and the Discount Tier Took the Heaviest Marks Aurora Innovation, Inc. (AUR) fell -18.1%, Verra Mobility Corporation (VRRM) -17.6% and PowerFleet, Inc. (AIOT) -14.1%. AUR's largest single day was -12.4% on Sep 28. 3 Duos Technologies Was the Period's Standout Gainer Duos Technologies Group, Inc. (DUOT) rose +9.1%, with a +6.3% move on Sep 24, its largest single day of the two-week period. 4 One Agreed Transaction, and It Came from the Maritime Adjacency Hafnia Limited (HAFN) agreed on Sep 16 to add to a listed shareholding. The trailing record of 40 precedent transactions carries a median of 15.9x EV / EBITDA. +9.1% Best mover — DUOT worst: AUR -18.1% · 3 up / 8 down of 11 covered -4.4% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   Autonomy and the Discount Tier Carried the Period's Losses

   This page shows individual company share-price moves for the two-week period, ranked by size, against sector and market benchmarks.

   Aurora Innovation, Inc. (AUR) fell -18.1%, Verra Mobility Corporation (VRRM) fell -17.6% and PowerFleet, Inc. (AIOT) fell -14.1%, making autonomy and the discount tier the biggest drags on the period. AUR's single worst day was -12.4% on September 28. Against that, the sector median move was -4.4% versus a +0.8% return for the S&P 500, and our materiality bar for this window sits at 13.7% on a sector-relative basis. So what: the size of these moves separates names carrying near-term revenue risk from those with steadier books.

   Everything on this page

   PUBLIC MARKET MOVERS Autonomy and the Discount Tier Carried the Period's Losses Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.4% · S&P 500 +0.8% · materiality bar ±13.7% (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 Technology and Management 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 -4.4% Aurora Innovation, Inc. (AUR) -18.1% Shares moved following the 2030 driverless truck scaling plan and profitability timeline Aurora set out at its Sep 23 Analyst and Investor Day; the reaction was consistent with investors marking the cash needed to get there. Autonomy is still priced on the funding required before driver-out scale, not on the size of the plan. COMPANY-SPECIFIC Verra Mobility Corporation (VRRM) -17.6% No notable in-window news was identified that clearly explains the move. The decline sat well below the period's -4.4% median. Discount-tier pricing in tolling and violation processing still swings ahead of procurement and re-bid news. UNEXPLAINED PowerFleet, Inc. (AIOT) -14.1% No notable in-window news was identified that clearly explains the move. The decline sat below the period's -4.4% median. Discount-tier installed bases are not yet being paid for their recurring revenue share. UNEXPLAINED Duos Technologies Group, Inc. (DUOT) +9.1% The largest single day landed on Sep 24, alongside a reported director share purchase at an average cost of $8 and a reported increase in an institutional holder's position. The available evidence suggests ownership news set the tone. A Core-tier name can outperform on ownership signals when operating news is quiet. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Customer Wins and Capital Moves While Autonomy Sells the Long View

   This page lists the period's highest-impact company news and industry events, each linked to its source filing or article.

   The two weeks combined customer wins and capital moves with Aurora Innovation, Inc. (AUR) selling the long view at its September 23 Analyst and Investor Day, where it laid out a 2030 driverless truck scaling plan and profitability timeline. Each event on this page links back to the filing or article it comes from, and every why-it-matters line is our read of that evidence. So what: the contrast between operational wins today and a distant profitability story is exactly what the market repriced this period.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Customer Wins and Capital Moves While Autonomy Sells the Long View 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 Technology and Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · Business Wire Samsara signed its first professional hockey sponsorship, a season-long team partnership For a Premium-tier name, a first-of-its-kind sponsorship signals continued go-to-market spend aimed at the field-operations buyer. Our read is that customer acquisition, not product proof, is where the money is going. Premium valuations in this sector still carry a heavy go-to-market cost base underneath. Sep 24 · NEWS · Business Wire Hafnia returned for a further block of A shares in the same listed peer A second purchase inside the same two-week period shows the buyer building rather than testing. The available evidence suggests conviction on the value of the underlying tonnage exposure. Repeat buying in the maritime adjacency is the period's clearest signal of live appetite. Sep 24 · NEWS · Business Wire Samsara won a global vegetation management and infrastructure services fleet to its platform A large field-services operator selecting Samsara Inc. (IOT) for crew safety and response speed is exactly the multi-asset, mixed fleet win that supports ARPU per asset and module attach. Breadth of asset coverage keeps winning enterprise fleets away from single-purpose trackers. Sep 23 · NEWS · Business Wire Hafnia held an extraordinary general meeting and reported the outcome Formal shareholder authorisations moved through a vote during an active period of purchases and funding for the same company. Our read is that governance steps are keeping pace with the pace of capital deployment. Shareholder consent mechanics matter when a buyer is accumulating in public markets. Sep 23 · NEWS · Business Wire Aurora set out its 2030 driverless truck scaling plan at its Analyst and Investor Day Aurora Innovation, Inc. (AUR) put a commercial and profitability timeline in front of the market and walked investors through live driverless operations. Milestone and capability terms, not revenue multiples, remain the language of autonomy value. Sep 18 · NEWS · Business Wire Vontier signed a retail forecourt automation and integration partnership Vontier Corporation (VNT) added a forecourt customer that integrates its technologies into day-to-day operations. Installed equipment footprints remain the cheapest route into connected operations revenue.

5. 05
   M&A & STRATEGIC ACTIVITY

   Hafnia Builds a Listed Position as the Period's One Agreed Transaction

   This page covers the period's one agreed transaction and places it against a precedent set of 40 recorded deals.

   The period's only agreed transaction came from Hafnia Limited (HAFN), which built on a listed shareholding on September 16. We hold that against a precedent set of 40 recorded deals, which carries a median of 15.9x EV/LTM EBITDA. Deal multiples are LTM at announcement where disclosed, and our read of why the deal happened is drawn from the recorded evidence. So what: this period adds accumulation to the record, not a fresh whole-company benchmark for buyers to underwrite against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Hafnia Builds a Listed Position as the Period's One Agreed Transaction September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 15.9x 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. Transportation Technology and Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 16 · Hafnia Limited (HAFN) Hafnia Limited (HAFN) agreed to acquire an additional block of A shares in a listed peer Hafnia added to an existing holding and returned for more later in the period, alongside a prospectus supplement following its priced offering. The evidence suggests continued appetite for listed exposure in the maritime cohort. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 15.9x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   This page translates the period's market moves and transaction activity into implications for operators, acquirers and advisers.

   For owners and operators, the period's customer wins went to multi-asset deployments across mixed fleets rather than single-purpose trackers. For acquirers, the reference set now includes one live agreed transaction: Hafnia Limited (HAFN) added to its position on September 16 and again on September 24, so the period adds accumulation rather than a whole-company benchmark. For advisers, the period reinforces that different models sit at different valuation positions, with 8 of 11 covered names falling at a median of -4.4% while Premium- and Core-tier names logged customer wins. So what: recurring revenue quality, not the size of the growth plan, is what set pricing this period.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, 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. Transportation Technology and Management Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.6x 9 companies in the study 3 valuation tiers Standing thesis: Transportation Technology and Management Splits Across Applications, Fleet Data and Adjacent Models FOR OWNERS & OPERATORS The Wins That Landed Were About Safety, Compliance and Mixed Fleets The period's customer news went to multi-asset deployments across mixed fleets, not to single-purpose trackers. FOR ACQUIRERS The Reference Set Now Includes One Live Agreed Transaction Hafnia Limited (HAFN) agreed to add to a listed shareholding on Sep 16 and bought again on Sep 24, so the period adds accumulation, not a whole-company benchmark. FOR ADVISORS Lead with Paid-for-Today Revenue, Not the Long-Dated Plan The period extends the standing view that different models occupy different valuation positions: 8 of 11 covered names fell, with a median move of -4.4%, while Premium-tier and Core-tier names logged customer wins. Aurora Innovation, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update's figures and calibrated language.

   Every figure in this update links to the record it was taken from, and the sources drawn on for the period are set out on this page. So what: readers can trace each claim back to its filing or article rather than take our word for 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. Transportation Technology and Management 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_20260929T091925Z_427_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

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