NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Transportation Technology and Management Sector Outlook — September 2026

This sector outlook maps Transportation Technology and Management into applications, fleet data infrastructure and adjacent models, showing why each commands a different valuation. It covers public comparables, precedent transactions and strategic implications for owners and management teams.

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Key figures

8.6x
Sector Median Valuation
EV/EBITDA, CY2027E consensus
50.8x
Premium-Tier Multiple
Top of rated range, EV/EBITDA (CY2027E)
4.7x
Discount-Tier Multiple
Bottom of rated range, EV/EBITDA (CY2027E)
23.6x
Faster-Growth Cohort Median
vs 7.9x for slower-growth cohort

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INDUSTRIALS › TRANSPORTATION › TRANSPORTATION TECHNOLOGY AND MANAGEMENT

Transportation Technology: One Label, Separate Prices

This report shows how business model, growth and earnings quality distinguish the sector’s valuation bands.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Transportation Technology and Management spans distinct business models with different economics: applications, fleet data infrastructure and adjacent operating models. The observed valuation premium sits alongside faster forecast growth, while margin alone does not separate the field. Multiples span from 8.6x at the sector median to 50.8x at the top of the rated range, and durable, recurring earnings quality is associated with the highest forward multiples. Owners can strengthen their position through revenue quality, retention and disciplined capital allocation.

Key findings

  • Business model, not sector label, drives the valuation differences.
  • Fleet data infrastructure holds the highest segment multiples in the group.
  • Faster-growth peers trade at premium multiples versus slower-growth peers.
  • Premium multiples pair with durable, recurring earnings quality.

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01

    INDUSTRIALS › TRANSPORTATION › TRANSPORTATION TECHNOLOGY AND MANAGEMENT

    Cover slide introducing the Transportation Technology and Management sector outlook as of September 2026.

    We open with a single question: why does one sector label produce such different prices? This report, dated as of September 28, 2026, sets out to answer that using EV/EBITDA on CY2027E consensus as the primary lens.

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    INDUSTRIALS › TRANSPORTATION › TRANSPORTATION TECHNOLOGY AND MANAGEMENT Transportation Technology: One Label, Separate Prices This report shows how business model, growth and earnings quality distinguish the sector’s valuation bands. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Table of contents outlining the report's five sections plus the appendix.

    We've structured this report so the bottom line comes first — Section 01 gives the whole story in one page. From there we move through the market landscape, valuation and situations, precedent transactions, and strategic implications, before closing with the full comparable set and methodology. A reader pressed for time can stop after the first section and still leave with the complete argument. So what: the structure itself signals where the conclusion sits, letting a client engage at whatever depth they need.

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    CONTENTS What This Report Covers 01 The Bottom Line Applications, Fleet Data and Adjacent Models Occupy Distinct Positions 02 The Landscape Business Model Matters More than the Shared Sector Label 03 Valuation & Situations The Two Ends of the Market Carry Sharply Different Forward Prices 04 Precedent Transactions Precedent Transactions Span Strategic Fit, Installed Bases and Data Access 05 Strategic Implications A Stronger Position Starts with Revenue Quality, Module Depth and Cash Conversion 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Transportation Technology and Management Splits Across Applications, Fleet Data and Adjacent Models

    Summary slide stating that the sector splits into applications, fleet data infrastructure and adjacent models with different valuation outcomes.

    We lead with the finding: business model explains the valuation spread far better than the shared sector label does. EV/EBITDA on CY2027E consensus is our primary basis, covering 8 of the 9 companies in the set, with EV/Revenue as the cross-check given a profitable set with a 25% median forward EBITDA margin. So what: any conversation about where a company sits in this market has to start with which of the three operating models it actually runs.

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    01 · THE BOTTOM LINE Transportation Technology and Management Splits Across Applications, Fleet Data and Adjacent Models 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 (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Different Models Occupy Different Valuation Positions Transportation management and carrier revenue management applications represent 44% of the peer set, fleet data infrastructure represents 22%, and adjacent models represent 33%. Their economics differ across subscriptions, hardware, public contracts and managed operations. 2 Faster Growth Sits with the Higher-Priced Names On the 7 names with growth estimates, the 4 above the 11% split carry 23.6x, compared with 7.9x for the 3 below it. The observed premium sits alongside faster forecast growth. 3 The Pricing Gap Requires a Company-Specific Case The premium end carries 50.8x, while the discount end carries 4.7x. Owners need to frame their position through recurring mix, retention, installed-base depth and cash conversion. 4 Durable Earnings Quality Sits with the Higher Forward Multiples EV / EBITDA is the lead lens, with 8 of 9 approved companies carrying an estimate and 8 of the 8 companies with reported forward EBITDA carrying a meaningful result. A forward multiple is already measured against forecast growth, and a premium that survives that basis is associated with confidence in durability. 8.6x Sector median EV/EBITDA CY2027E consensus · 8 rated of 9 companies 50.8x Premium end EV/EBITDA vs 4.7x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 29 Transactions with disclosed terms 76 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Section divider introducing the market landscape and business model discussion.

    This section makes the case that business model matters more than the shared sector label. Applications, fleet data infrastructure and adjacent models serve different buyers and carry different economics.

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    SECTION 02 02 THE LANDSCAPE Business Model Matters More than the Shared Sector Label Applications, fleet data infrastructure and adjacent models serve different buyer needs and carry different economics. 02 of 06 Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Money Sits Across Three Distinct Operating Models

    Market map grouping the 9 approved companies into three operating models with median EV/EBITDA per group.

    We group the approved universe into three operating models and show the median EV/EBITDA for each. This lets us see, at a glance, which model the market is paying up for and which it treats as commodity. So what: positioning conversations start with which group a company belongs to, not just its headline growth rate.

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    02 · MARKET MAP The Money Sits Across Three Distinct Operating Models 9 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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 TRANSPORTATION MANAGEMENT AND CARRIER REVENUE MANAGEMENT APPLICATIONS 4 cos median 10.0x Aurora Innovation (AUR) Via Transportation (VIA) Karooooo (KARO) Duos (DUOT) Applications combine workflow depth with exposure to carrier, transit and public-procurement cycles. FLEET DATA, DEVICE MANAGEMENT AND TELEMATICS INTEGRATION INFRASTRUCTURE 2 cos median 21.0x Samsara (IOT) PowerFleet (AIOT) Fleet data infrastructure can compound through connected assets, module attach and deeper use of the installed base. ADJACENT MODELS 3 cos median 7.9x Vontier (VNT) Verra Mobility (VRRM) Ituran Location (ITRN) Adjacent models bring different mixes of equipment, connectivity, managed operations and compliance-linked revenue.

  6. 06
    02 · LANDSCAPE

    Fleet Data Infrastructure Sits at the Top of the Segment Range

    Segment view showing fleet data infrastructure holding the highest median EV/EBITDA in the approved universe.

    Fleet data infrastructure sits at the top of the segment range on median EV/EBITDA. We set out what each group does and why the market appears to value it the way it does, drawing on the rated names' financials. So what: owners in the fleet data space have a valuation ceiling worth understanding, and owners elsewhere have a target to explain their distance from.

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    02 · LANDSCAPE Fleet Data Infrastructure Sits at the Top of the Segment Range 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. Transportation Technology and Management 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 Transportation management and carrier revenue management applications 4 44% 10.0x Aurora Innovation, Inc. (AUR) · Via Transportation, Inc. (VIA) · +2 more Workflow depth supports relevance. This group represents 44% of the peer set and carries 10.0x across the names with an estimate. Contract duration, procurement rhythm and integration into daily transport workflows shape revenue quality. Fleet data, device management and telematics integration infrastructure 2 22% 21.0x Samsara Inc. (IOT) · PowerFleet, Inc. (AIOT) Installed bases widen monetisation. This group represents 22% of the peer set and carries 21.0x. Connected assets can support ARPU expansion through video safety, compliance, maintenance and asset-module attach. Adjacent models 3 33% 7.9x Vontier Corporation (VNT) · Verra Mobility Corporation (VRRM) · +1 more Mixed economics require precision. This group represents 33% of the peer set and carries 7.9x. Equipment exposure, connectivity revenue and managed operations require separate treatment when assessing durability and cash conversion.

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    SECTION 03

    03

    Section divider introducing the valuation and situation analysis.

    This section shows that the two ends of the market carry sharply different forward prices, anchored to the sector median of 8.6x. We use that median as the reference point for everything that follows.

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    SECTION 03 03 VALUATION & SITUATIONS The Two Ends of the Market Carry Sharply Different Forward Prices The middle of the approved names with an estimate is 8.6x, while the endpoints sit much farther apart. 03 of 06 Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    At the Premium End, Growth and Durability Show up Together

    Ranking of all 8 rated companies on EV/EBITDA (CY2027E), sorted from premium to discount.

    We sort the rated set from the premium end to the discount end on EV/EBITDA (CY2027E), with the sector median at 8.6x. At the premium end, growth and durability tend to show up together. So what: the market is pricing more than growth alone — it's pricing confidence that the growth will hold.

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    03 · PUBLIC MARKET VALUATION At the Premium End, Growth and Durability Show up Together EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 8.6x · 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 (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. 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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 50.8x CORE · median 8.6x DISCOUNT · median 4.7x Sector median 8.6x WHAT SEPARATES THE TWO ENDS The endpoints remain far apart. The premium end carries 50.8x, compared with 4.7x at the discount end. The range argues for company-specific positioning rather than one sector benchmark. Forward pricing raises the bar. The ranking uses forward EV / EBITDA, which already gives credit for forecast earnings. A durable premium therefore needs support from revenue quality, retention and confidence in forecast delivery. Mix shapes the valuation case. Subscription share, hardware intensity, device subsidy and installation costs can leave similar businesses with different reported economics. Cash conversion helps distinguish accounting presentation from operating quality.

  9. 09
    03 · VALUATION DRIVERS

    The Higher-Priced Names Also Carry Faster Forecast Growth

    Comparison of median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort among rated names with estimates.

    We split the rated names with estimates into faster- and slower-growth cohorts, and separately into higher- and lower-margin cohorts, each cut at its own covered median. The higher-priced names in this set also carry faster forecast growth. So what: growth, more than margin alone, is associated with where a name sits on the valuation curve — though we read this as association, not proof of cause.

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    03 · VALUATION DRIVERS The Higher-Priced Names Also Carry Faster Forecast Growth 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=4; slower n=3; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 25% Growth Separates the Observed Valuation Groups On the 7 names with growth estimates, the 4 above the 11% split carry 23.6x, while the 3 below it carry 7.9x. This is an observed association rather than evidence that growth alone determines valuation. Recurring Mix Determines How Growth Is Judged Growth from subscribed units, ARPU and module attach carries different durability from hardware shipments or upfront installation work. Net revenue retention and unit churn help distinguish those paths. Device Economics Can Obscure Cash Performance Device subsidy, installation capitalisation and hardware gross margin can change reported profitability without changing customer economics. Subscriber acquisition cost and payback remain central to the operating assessment. Mandate-Backed Workflows Can Support Resilience Compliance, tolling and public-sector workflows can remain embedded in daily operations, while discretionary safety or productivity modules may face different budget scrutiny. Contract structure and procurement exposure still matter.

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    03 · SITUATION MAP

    The Same Margin Profile Can Carry a Different Market Position

    Two-by-two map cutting the rated set on EV/EBITDA versus the sector median and EBITDA margin versus the covered median.

    We cut the rated universe on valuation versus the sector median and on margin versus the covered median, producing four situations rather than one label. The same margin profile can sit in different quadrants depending on how the market prices it. So what: two companies with similar margins can face very different investor expectations, and that difference is worth naming explicitly.

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    03 · SITUATION MAP The Same Margin Profile Can Carry a Different Market Position Cut on EV / EBITDA vs the sector median (8.6x) (rows) and EBITDA margin vs the covered median (25%) (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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 2 names Karooooo Ltd. (KARO) · Ituran Location and Control Ltd. (ITRN) Karooooo Ltd. (KARO) and Ituran Location and Control Ltd. (ITRN) pair higher profitability with an above-middle multiple. Their position supports attention to earnings durability as well as margin level. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 2 names Samsara Inc. (IOT) · Via Transportation, Inc. (VIA) Samsara Inc. (IOT) and Via Transportation, Inc. (VIA) carry an above-middle multiple despite lower profitability. Their position is consistent with the market giving weight to growth and future earnings development. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 2 names Verra Mobility Corporation (VRRM) · PowerFleet, Inc. (AIOT) Verra Mobility Corporation (VRRM) and PowerFleet, Inc. (AIOT) pair higher profitability with a below-middle multiple. Their position suggests that margin alone does not secure a higher valuation. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 2 names Vontier Corporation (VNT) · Duos Technologies Group, Inc. (DUOT) Vontier Corporation (VNT) and Duos Technologies Group, Inc. (DUOT) sit below the middle on both measures. Revenue mix, growth and confidence in earnings development remain relevant questions.

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    03 · THE AGENDA

    Operating Priorities Depend on Where the Revenue Base Can Compound

    Framework of questions an owner or acquirer should resolve, organized by where the revenue base can compound.

    We turn the valuation cuts into a set of questions: where can the revenue base actually compound, and what does that mean for operating priorities? This is a directional view grounded in the cohort data shown earlier, not a recommendation on any security. So what: it gives owners a starting checklist for the conversations that follow from their position on the map.

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    03 · THE AGENDA Operating Priorities Depend on Where the Revenue Base Can Compound 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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Module Attach Expand safety, compliance, maintenance and asset modules across the installed base where customer adoption and unit economics support it. What changes the answer: The answer changes when module attach improves ARPU without weakening net revenue retention or extending subscriber payback. Rebalance Hardware Economics Test pricing, device subsidy and installation choices against cash conversion rather than reported margin alone. What changes the answer: The answer changes when hardware terms improve cash payback without raising fleet-level churn. Focus the Customer Mix Allocate commercial effort toward customer groups with stronger renewal behaviour, deeper workflow integration and better cross-sell potential. What changes the answer: The answer changes when retention and acquisition economics differ materially by fleet size or customer type. Choose Build Versus Buy Compare internal development with acquisition for modules, data capabilities and channels that extend the current installed base. What changes the answer: The answer changes when time to market, integration risk and customer overlap alter the economic case.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    This section turns to the deal record: precedent transactions span strategic fit, installed bases and data access. Buyers have pursued different assets at widely separated valuation levels.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Span Strategic Fit, Installed Bases and Data Access The transaction record shows buyers pursuing different assets at widely separated valuation levels. 04 of 06 Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Buyers Have Agreed Prices Across a Wide Range of Strategic Contexts

    Three case-study transactions drawn from the disclosed-terms precedent list, illustrating different strategic rationales.

    We walk through three transactions with disclosed terms as case studies, each priced on LTM financials at announcement. These deal multiples aren't directly comparable to the CY2027E public basis, and we don't claim a spread between the two. So what: the rationale behind each deal — strategic fit, installed base, data access — tells us as much as the price itself about what buyers are willing to pay for.

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    04 · DEAL CASE STUDIES Buyers Have Agreed Prices Across a Wide Range of Strategic Contexts 3 of 29 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. 88 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. 47 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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Nov-2024 $234M Kpler Holding SA Kpler Holding SA added Maritime Business to a specialised transport information offering. EV / LTM revenue 5.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests an extension of maritime data and workflow coverage. It also points to the strategic relevance of specialised information within transport markets. HOW THE TARGET WAS VALUED The transaction carried a disclosed value of $234M and a 5.8x revenue reference. That provides a revenue benchmark for a specialised maritime information asset. Aug-2026 $500M Volato Group, Inc. Volato Group, Inc. combined with Alignment Engine, Inc. at meaningful disclosed scale. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a broader transportation technology proposition through combination. The strategic fit is visible in the alignment of transportation activity and enabling technology. HOW THE TARGET WAS VALUED The disclosed value was $500M. It benchmarks the scale attached to the transaction without a disclosed revenue or EBITDA multiple. Mar-2025 $95M BGM Group Ltd BGM Group Ltd moved into management technology through YX Management Company Limited. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests interest in adding management capability through a corporate transaction. The target’s management focus provides the clearest strategic link. HOW THE TARGET WAS VALUED The disclosed value was $95M. It provides a transaction-size reference without a disclosed revenue or EBITDA multiple.

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    SECTION 05

    05

    Section divider introducing the strategic implications for the sector.

    This section argues that a stronger position starts with revenue quality, module depth and cash conversion. The operating agenda differs by business model, but durable recurring economics stay central throughout.

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    SECTION 05 05 STRATEGIC IMPLICATIONS A Stronger Position Starts with Revenue Quality, Module Depth and Cash Conversion The operating agenda differs by business model, but durable recurring economics remain central. 05 of 06 Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Revenue Quality and Cash Conversion Define the Next Operating Agenda

    Directional view of the operating questions this data raises for owners, management teams and boards over the next twelve months.

    We translate the valuation and deal evidence into questions for the next twelve months: where to prioritize retention, module attach and disciplined device economics. This is a directional view drawn from the analysis in this report, not a specific recommendation. So what: it gives owners, management teams and boards a shared starting point for capital-allocation conversations.

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    05 · STRATEGIC IMPLICATIONS Revenue Quality and Cash Conversion Define the Next Operating Agenda 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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Build Value Through the Installed Base Prioritise retention, ARPU and module attach where existing connected assets can support efficient growth. Keep device subsidy and installation economics tied to cash payback. FOR MANAGEMENT TEAMS Separate Durable Growth from Shipment Growth Manage subscription, hardware and installation economics as distinct operating streams. That distinction sharpens pricing, capital allocation and customer selection. FOR BOARDS Set Capital Against Defensible Economics Evaluate product investment and build-versus-buy choices through retention, workflow depth, procurement exposure and cash conversion.

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    SECTION 06

    06

    Section divider introducing the full comparable universe, methodology and sources.

    This closing section carries the full universe behind every figure in the report, along with the valuation basis and methodology. It's the reference section for anyone who wants to trace a specific number back to its source.

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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 Transportation Technology and Management 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

    Full list of the 8 rated companies on EV/EBITDA (CY2027E), grouped by valuation tier, plus 1 unrated name.

    We list all 8 rated companies with an eligible EV/EBITDA multiple, grouped by valuation tier against the 8.6x sector median. One company in the approved set carries no eligible multiple and is flagged as unrated rather than plotted. So what: this is the full comparable set behind every median and cohort figure used earlier in the report.

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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 (8.6x); amber marks below · 8 rated companies; 1 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 8 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. Transportation Technology and Management 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 — ≥16.8x · median 50.8x · 2 companies Via Transportation, Inc. VIA Transportation management and carrier revenue… $2.0B 64.4x 22% 5% 27 Samsara Inc. IOT Fleet data, device management and telematics… $21.4B 37.2x 20% 24% 44 CORE — 5.2x–16.8x · median 8.6x · 4 companies Karooooo Ltd. KARO Transportation management and carrier revenue… $1.9B 10.0x 16% 41% 57 Ituran Location and Control Ltd. ITRN Connected-vehicle connectivity and network services $1.1B 9.3x 5% 27% 33 Vontier Corporation VNT In-vehicle devices and mobility and fuelling equipment $6.1B 7.9x 1% 25% 26 Duos Technologies Group, Inc. DUOT Transportation management and carrier revenue… $72M 5.4x n/a 8% 205 DISCOUNT — <5.2x · median 4.7x · 2 companies PowerFleet, Inc. AIOT Fleet data, device management and telematics… $624M 4.8x 11% 26% 37 Verra Mobility Corporation VRRM Carrier IT systems integration and managed transport… $1.5B 4.6x -3% 35% 32

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First half of the 29 disclosed-terms precedent transactions, listed newest first with multiples on LTM financials at announcement.

    We list the disclosed-terms transactions newest first, with multiples on LTM financials at announcement where disclosed. A number of records carry data-quality flags, and we show those figures as recorded rather than adjusting them. So what: this is the primary evidence behind the deal patterns discussed earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 29 transactions with disclosed terms in this tier (76 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. 88 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. 47 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. 18 of 29 transactions shown; the rest are in the companion workbook. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Volato Group, Inc. → Alignment Engine, Inc. $500M n/a n/a Volato Group, Inc. completed its transaction for Alignment Engine, Inc. The pairing points to a broader transportation technology proposition. May-2026 Modaxo USA Holdings, Inc. → Conduent Transport Solutions, Inc. n/a 1.2x 4.7x Modaxo USA Holdings, Inc. announced its transaction for Conduent Transport Solutions, Inc. The 1.2x revenue reference provides one benchmark for the asset. Feb-2026 KORE → Powerfleet, Inc. n/a n/a 18.7x KORE completed its transaction for Powerfleet, Inc. The 18.7x EBITDA reference shows the price attached to the combination. Nov-2025 Undisclosed buyer → CCC Intelligent Solutions Holdings Inc. $6.0B 5.9x 14.3x An Undisclosed buyer announced a $6.0B transaction for CCC Intelligent Solutions Holdings Inc. The disclosed references were 5.9x revenue and 14.3x EBITDA. Mar-2025 BGM Group Ltd → YX Management Company Limited $95M n/a n/a BGM Group Ltd announced its transaction for YX Management Company Limited. The transaction adds another strategic reference within the broader market. Nov-2024 Kpler Holding SA → Maritime Business $234M 5.8x n/a Kpler Holding SA announced its transaction for Maritime Business. The pairing suggests value in adding specialised transport information to an existing offering. Sep-2024 Powerfleet, Inc. → Fleet Complete, Inc. n/a n/a 18.7x Powerfleet, Inc. announced its transaction for Fleet Complete, Inc. The 18.7x EBITDA reference shows the price attached to fleet technology scale. Apr-2024 Antelope Brands Bidco Inc. → Euronav Ship Management Hellas n/a n/a 12.0x Antelope Brands Bidco Inc. announced its transaction for Euronav Ship Management Hellas. The 12.0x EBITDA reference provides a benchmark for a managed transport operation. Nov-2023 Powerfleet, Inc. → MiX Telematics Limited n/a n/a 3.9x Powerfleet, Inc. announced its transaction for MiX Telematics Limited. The 3.9x EBITDA reference sits below several other disclosed transaction benchmarks.

  19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second half of the 29 disclosed-terms precedent transactions, continuing the newest-first list.

    We continue the disclosed-terms transaction list, keeping the same newest-first ordering and LTM-at-announcement basis. Transactions without a disclosed value or multiple sit outside this list, in the companion workbook. So what: together these two pages give the complete disclosed-terms record supporting the deal discussion in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 29 transactions with disclosed terms in this tier (76 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. 88 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. 47 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. 18 of 29 transactions shown; the rest are in the companion workbook. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2023 Guardian Capital Group Limited and Rieber & Søn AS → Q-Free ASA n/a n/a 17.5x Jun-2022 Mundys S.p.A. (f/k/a Atlantia S.p.A.) → Yunex Traffic (division of Siemens AG) n/a n/a 17.6x Dec-2020 Iteris, Inc. → TrafficCast International, Inc. n/a n/a 13.3x May-2019 Powerfleet, Inc. → Pointer Telocation Ltd. n/a n/a 10.0x Apr-2019 Geotab Inc. → BSM Technologies Inc. n/a n/a 16.2x Dec-2018 GreenBox POS, LLC; Cultivate Technologies, LLC → MTrac Tech Corp n/a 0.7x 8.8x Jun-2018 Gores Holding II, Inc. → Verra Mobility Corporation n/a 7.9x 13.1x Jun-2018 n/a → Kapsch TrafficCom AG n/a n/a 6.4x Jun-2018 n/a → Cubic Corporation n/a n/a 19.0x Value shown as recorded in the filing; deal value unit unresolved.

  20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of the report's sources, valuation basis, exclusions and data-quality treatment.

    We set out how this report was built: the valuation basis, what was excluded and why, and where each figure's underlying disclosure sits. Every figure carries a defined source — a filing, a consensus estimate or a market price — so a reader can trace it back to where it came from. So what: this page is the reference point for anyone who wants to check a specific number before acting on it.

    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. Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Transportation Technology and Management and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 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 21 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 419 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 (418) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  21. 21

    The Higher Prices Sit with Growth, Recurring Mix and Confidence in Durable Earnings.

    Closing slide restating that higher prices sit with growth, recurring mix and confidence in durable earnings.

    We close on the throughline: higher prices sit with growth, recurring revenue mix and confidence in durable earnings. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further. So what: the sector's pricing gap is explainable, and that makes it actionable for owners positioning their story.

    Everything on this page

    The Higher Prices Sit with Growth, Recurring Mix and Confidence in Durable Earnings. NeuraCap AI — Transportation Technology and Management Coverage September 2026 · Prepared by NeuraCap AI · Confidential Transportation Technology and Management Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Transportation Technology and Management (Industrials › Transportation › Transportation Technology and Management) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Transportation Technology and Management according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: PowerFleet, Inc. (AIOT), Aurora Innovation, Inc. (AUR), Duos Technologies Group, Inc. (DUOT), Samsara Inc. (IOT), Ituran Location and Control Ltd. (ITRN), Karooooo Ltd. (KARO), Via Transportation, Inc. (VIA), Vontier Corporation (VNT), Verra Mobility Corporation (VRRM). The market map groups them by business vertical — Transportation management and carrier revenue management applications: 4 companies (AUR, VIA, KARO, DUOT); Fleet data, device management and telematics integration infrastructure: 2 companies (IOT, AIOT); Adjacent models: 3 companies (VNT, VRRM, ITRN). 8 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Transportation Technology and Management (Industrials › Transportation › Transportation Technology and Management) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Transportation Technology and Management according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: PowerFleet, Inc. (AIOT), Aurora Innovation, Inc. (AUR), Duos Technologies Group, Inc. (DUOT), Samsara Inc. (IOT), Ituran Location and Control Ltd. (ITRN), Karooooo Ltd. (KARO), Via Transportation, Inc. (VIA), Vontier Corporation (VNT), Verra Mobility Corporation (VRRM). The market map groups them by business vertical — Transportation management and carrier revenue management applications: 4 companies (AUR, VIA, KARO, DUOT); Fleet data, device management and telematics integration infrastructure: 2 companies (IOT, AIOT); Adjacent models: 3 companies (VNT, VRRM, ITRN). 8 of the 9 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

21 records failed a validation gate and never feed a statistic in this report (18 excluded from aggregate; 3 quarantined). Each exclusion, with its reason: AIOT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AIOT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AIOT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AUR — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AUR — Implied EBITDA margin -22766.7% outside the plausible band [-100%, 80%] (effect: quarantined) · AUR — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AUR — Implied EBITDA margin -5193.7% outside the plausible band [-100%, 80%] (effect: quarantined) · AUR — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · AUR — Implied EBITDA margin -393.8% outside the plausible band [-100%, 80%] (effect: quarantined) · AUR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AUR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AUR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · AUR — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DUOT — EBITDA 300000.0000 is below the $1000000 materiality floor; any multiple would be meaningless (effect: excluded from aggregate) · DUOT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · DUOT — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VIA — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · VIA — EBITDA is non-positive; EV/EBITDA is n/m (effect: excluded from aggregate) · VIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · VIA — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 25%, 8 of 9 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Transportation Technology and Management and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 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. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 8 of 9 companies; EV / rEVenue: 8 of 9 companies; P/E: 8 of 9 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥16.8x, Core 5.2x–16.8x, Discount <5.2x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 8.6x = median(ev_ebitda CY2027E) (8 rated companies) · 50.8x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 8.6x = median(ev_ebitda CY2027E) within Core tier (n=4) · 4.7x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 23.6x = median(ev_ebitda CY2027E) | growth ≥ 11% (n=4) · 7.9x = median(ev_ebitda CY2027E) | growth < 11% (n=3) · 7.0x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 25% (n=4) · 22.6x = median(ev_ebitda CY2027E) | EBITDA margin < 25% (n=4) · 33% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Transportation Technology and Management recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 76 transactions were recorded for this industry; 29 are shown. 47 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 39 × deal value unit unresolved; 35 × no evidence record; 9 × duplicate precedent id; 5 × divestiture roles reassigned. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 423 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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