Travel and Experience Services Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER SERVICES › TRAVEL AND EXPERIENCE SERVICES

Travel and Experience Services: Value Splits by Model

The report shows how business model, demand quality and earnings shape relative value across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   CONSUMER DISCRETIONARY › CONSUMER SERVICES › TRAVEL AND EXPERIENCE SERVICES

   This is the cover page for the Travel and Experience Services sector outlook, dated September 2026.

   We open with the Travel and Experience Services sector as of September 2026, framed on a forward EV/EBITDA basis. The finding that follows is simple: valuation splits by tier, not by sector label, and that's the lens for everything ahead.

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   CONSUMER DISCRETIONARY › CONSUMER SERVICES › TRAVEL AND EXPERIENCE SERVICES Travel and Experience Services: Value Splits by Model The report shows how business model, demand quality and earnings shape relative value across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five sections and appendix that structure the report.

   We walk through five sections plus an appendix — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications. The bottom line comes first by design, so a reader who stops there still leaves with the full story. That structure lets us move straight to what matters most in the client conversation.

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   CONTENTS What This Report Covers 01 The Bottom Line Different Travel Models Earn Different Market Positions 02 The Landscape Business Model Defines the Right Comparison 03 Valuation & Situations The Two Ends of the Range Reflect Different Earnings Profiles 04 Precedent Transactions Precedent Transactions Show Several Routes to Strategic Fit 05 Strategic Implications Demand Quality and Earnings Discipline Strengthen Market Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Travel and Experience Services Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   This page states the report's central finding: valuation splits into tiers defined by more than the sector label.

   The premium end of this set trades at 18.8x versus 5.0x at the discount end, on the same forward EV/EBITDA (CY2027E) basis. Because a forward multiple already credits forecast earnings, the remaining spread is associated with confidence in that earnings' durability. Tier membership — not sector membership — is the real conversation for any name in this space. We unpack what separates the tiers over the pages that follow.

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   01 · THE BOTTOM LINE Travel and Experience Services Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation 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). Qualitative characterisations are NeuraCap views. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Is Associated with More than Sector Exposure Across the 8 of 9 names with a forward estimate, the premium end sits at 18.8x versus 5.0x at the discount end. A forward EV / EBITDA multiple already credits forecast earnings, so the remaining spread is associated with confidence in their durability. 2 Travel Agencies Carry Most of the Set and the Higher Benchmark Retail and managed travel agencies represent 78% of the set and sit at 7.4x. Adjacent models represent 22% and sit at 5.8x, alongside different supply, direct-booking and operating economics. 3 Headline Growth Alone Does Not Secure a Premium On the 8 names with growth estimates, the four at or above 10% sit at 6.5x, versus 7.2x for the four below. The observed result keeps attention on direct mix, repeat demand, take rate and the earnings retained after customer acquisition. 4 Corporate Travel Consolidation Remains Visible Global Business Travel Group, Inc. completed its transaction for CWT Holdings, LLC with a recorded value of $540M. The combination suggests that client density and managed-travel reach can support strategic interest. 6.5x Sector median EV/EBITDA CY2027E consensus · 8 rated of 9 companies 18.8x Premium end EV/EBITDA vs 5.0x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 45 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

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   This divider introduces the section on business models and how they shape the comparison.

   We're moving into how business model defines the right peer comparison. Travel agencies dominate this set, while adjacent models carry different operating economics. Keep that distinction in mind as we build out the landscape.

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   SECTION 02 02 THE LANDSCAPE Business Model Defines the Right Comparison Travel agencies dominate the set, while adjacent models bring different economics. 02 of 06 Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Sector Boundary Combines Distribution-Led Businesses with Different Operating Economics

   This page groups the approved companies by business segment and shows each group's median valuation.

   We group the approved companies by business segment and take the median EV/EBITDA (CY2027E) within each group. This shows the sector boundary combines distribution-led businesses with meaningfully different operating economics. So any comparison across segments has to account for that difference before drawing conclusions.

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   02 · MARKET MAP The Sector Boundary Combines Distribution-Led Businesses with Different Operating Economics 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 RETAIL AND MANAGED TRAVEL AGENCY SERVICES 7 cos median 7.4x Expedia Group (EXPE) Trip.com Group (TCOM) Travel + Leisure (TNL) MakeMyTrip Limited (MMYT) Lindblad (LIND) Tripadvisor (TRIP) Yatra Online (YTRA) This group brings together booking, managed-travel and experience businesses whose value rests on demand quality, take rate and supply access. ADJACENT MODELS 2 cos median 5.8x Ryanair Holdings (RYAAY) trivago N.V. (TRVG) Airline supply and booking technology sit beside the agency group but carry different capacity, customer-acquisition and margin structures.

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   02 · LANDSCAPE

   Travel Agencies Hold the Sector Benchmark, While Adjacent Models Require a Different Lens

   This page compares travel agencies against adjacent business models on the same valuation basis.

   Travel agencies hold the sector benchmark in this set, at 7.4x, while adjacent models sit lower, at 5.8x. That gap tells us the two groups warrant a different lens, not a single sector-wide read. We carry this segment view into the appendix for full company-level detail.

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   02 · LANDSCAPE Travel Agencies Hold the Sector Benchmark, While Adjacent Models Require a Different Lens 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. Travel and Experience Services 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 Retail and managed travel agency services 7 78% 7.4x Expedia Group, Inc. (EXPE) · Trip.com Group Limited (TCOM) · +5 more Distribution economics set the test. The group accounts for 78% of the set and carries a 7.4x benchmark. Direct mix, repeat booking, take rate and supplier relationships shape how much gross bookings convert into durable earnings. Adjacent models 2 22% 5.8x Ryanair Holdings plc (RYAAY) · trivago N.V. (TRVG) Different economics change comparison. The group accounts for 22% of the set and carries a 5.8x benchmark. Airline capacity and booking technology introduce operating exposures that differ from retail and managed travel agencies.

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   This divider introduces the section on how earnings profile shapes the valuation range.

   Now we turn to why the two ends of the valuation range look so different. A forward multiple already credits forecast earnings, so durability becomes the commercial test. That's the lens we apply through this section.

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   SECTION 03 03 VALUATION & SITUATIONS The Two Ends of the Range Reflect Different Earnings Profiles A forward multiple already credits forecast earnings, making durability the commercial test. 03 of 06 Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Lead on the Same Forward Earnings Basis

   This page ranks all rated companies by EV/EBITDA (CY2027E) against the sector median.

   Across the rated companies, the premium end holds a wide lead over the sector median of 6.5x. Because every multiple here sits on the same forward EV/EBITDA basis, the spread reflects the market's differing confidence in each company's forward earnings. That gap is the starting point for the driver analysis that follows.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead on the Same Forward Earnings Basis EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 6.5x · 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). 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.8x CORE · median 6.5x DISCOUNT · median 5.0x Sector median 6.5x WHAT SEPARATES THE TWO ENDS The range remains wide. The premium end sits at 18.8x, compared with 5.0x at the discount end. The gap is observed on the same forward EV / EBITDA basis. The premium profiles differ. MakeMyTrip Limited (MMYT) and Lindblad Expeditions Holdings, Inc. (LIND) reach the premium end with different growth and margin profiles. The sample does not point to one operating formula. Durability remains the test. A forward multiple already gives credit for forecast EBITDA. The premium therefore sits with names where the market appears more confident that earnings can hold.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 19% Margin Line Carry 6.5x Against 9.7x Below It

   This page splits the rated set by growth and by margin cohort and compares median valuation across each split.

   Names above the 19% margin line carry 6.5x against 9.7x for those below it, on the covered set's own median splits. This observed pattern is an association, not a causal claim, but it puts margin quality squarely in the conversation. It tells us profitability, more than headline growth, separates the two ends of this range.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 19% Margin Line Carry 6.5x Against 9.7x Below It 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=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 19% The Observed Growth Split Runs Against a Simple Premium Story On the 8 names with growth estimates, the four at or above 10% sit at 6.5x, while the four below sit at 7.2x. The relationship is descriptive and does not establish what caused the difference. Demand Quality Matters Beyond the Headline Growth Rate Direct and app-led demand, loyalty and repeat booking can support revenue quality without requiring the same paid acquisition on every booking cycle. Supply Position Shapes the Earnings That Growth Can Retain Owned capacity, permits, operator agreements and diversified supplier access can affect take rate, full-trip margin and exposure to supplier direct-booking pressure.

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    03 · SITUATION MAP

    Growth and Scale Positions Point to Different First Questions: Pricing, Retention or Capital Allocation

    This page cuts the set on valuation against the sector median and on growth against the covered median to frame first questions.

    We cut the set on EV/EBITDA against the sector median and on revenue growth against the covered median. The resulting positions point to different first questions — pricing, retention or capital allocation — depending on where a company sits. These are observations on the data shown, not recommendations.

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    03 · SITUATION MAP Growth and Scale Positions Point to Different First Questions: Pricing, Retention or Capital Allocation Cut on EV / EBITDA vs the sector median (6.5x) (rows) and revenue growth vs the covered median (10%) (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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth with Premium Above-median multiple · above-median revenue growth 2 names Trip.com Group Limited (TCOM) · Lindblad Expeditions Holdings, Inc. (LIND) These names sit above the set on both valuation and revenue growth. The management test is whether direct demand, take rate and earnings quality can sustain that position. Premium Without Growth Above-median multiple · below-median revenue growth 2 names Travel + Leisure Co. (TNL) · MakeMyTrip Limited (MMYT) These names carry an above-set valuation alongside below-set growth. The key question is whether margin durability, repeat demand or differentiated supply supports the current standing. Growth Without Premium Below-median multiple · above-median revenue growth 2 names Expedia Group, Inc. (EXPE) · trivago N.V. (TRVG) These names deliver above-set growth but remain below the set on valuation. The operating question is how more of that growth converts into durable EBITDA and repeat direct demand. Rebuild Both Below-median multiple · below-median revenue growth 2 names Ryanair Holdings plc (RYAAY) · Tripadvisor, Inc. (TRIP) These names sit below the set on both measures. The priority question is which changes in mix, customer acquisition and cost structure can improve the earnings profile.

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    03 · GROWTH VS PROFITABILITY

    In This Set, the Valuation Range Spans Several Growth-and-Margin Positions

    This page maps revenue growth against EBITDA margin and shows median valuation for each quadrant.

    Across the companies with both estimates, the valuation range spans several combinations of growth and margin, cut at the covered medians. This tells us no single growth-and-margin position monopolizes the premium tier in this sample. The picture argues for reading growth and margin together, not in isolation.

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    03 · GROWTH VS PROFITABILITY In This Set, the Valuation Range Spans Several Growth-and-Margin Positions Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 8 companies with both estimates · cuts at the covered medians (10% growth, 19% margin) · median EV/EBITDA per quadrant · 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. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -10% 0% 10% 5% 10% 15% 20% 25% MARGIN ONLY median 7.2x BALANCED median 6.5x NEITHER median 14.1x GROWTH ONLY median 9.7x TRIP RYAAY TNL MMYT EXPE LIND TRVG TCOM x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The 8 names split evenly across the four positions, with 2 names in each. Expedia Group, Inc. (EXPE) and Trip.com Group Limited (TCOM) clear both operating bars. The names clearing neither sit at 14.1x, while the growth-only names sit at 9.7x. The pattern is descriptive and suggests that other business-model and demand-quality factors remain relevant. The growth-only median rests on 2 names and is lifted by LIND at 14.0x. The neither median rests on 2 names and is lifted by MMYT at 23.5x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 8 names clear it.

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    03 · THE AGENDA

    The Next Move Depends on Whether the Gap Sits in Demand Quality, Earnings Conversion or Both

    This page frames the questions an owner or acquirer should resolve based on the valuation gap.

    The next move for any name in this set depends on whether its gap sits in demand quality, earnings conversion, or both. This is a NeuraCap view built on the cohort data shown earlier — an observation, not a recommendation. It sets up the strategic implications we cover later in the report.

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    03 · THE AGENDA The Next Move Depends on Whether the Gap Sits in Demand Quality, Earnings Conversion or Both 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Strengthen Repeat and Direct Demand A higher direct mix can reduce repeated dependence on paid channels and improve the quality of incremental bookings. What changes the answer: The answer changes when repeat bookers and app-led demand rise without weaker conversion. Protect Take Rate Through Customer Value Dynamic packaging, ancillary revenue and supplier value can support net revenue without relying only on booking volume. What changes the answer: The answer changes when net revenue grows with stable supplier relationships and customer conversion. Convert Growth into Durable EBITDA Marketing discipline, product mix and operating leverage determine how much revenue growth remains after customer acquisition. What changes the answer: The answer changes when incremental growth carries improving earnings without weaker demand quality. Choose Where Ownership Matters Owned capacity, permits or operator agreements can deepen supply access and capture more of the trip economics. What changes the answer: The answer changes when build-versus-buy offers a clearer route to differentiated supply.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions across the sector.

    We turn now to what buyers have actually agreed to pay. Deals span corporate travel, accommodation, technology and regional distribution. The terms agreed point to several distinct routes to strategic fit.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Several Routes to Strategic Fit Buyers have agreed terms across corporate travel, accommodation, technology and regional distribution. 04 of 06 Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay May Point to Several Forms of Strategic Fit

    This page walks through transactions with disclosed terms as case studies of strategic fit.

    We highlight transactions with disclosed terms, including Global Business Travel Group, Inc.'s completed transaction for CWT Holdings, LLC at a recorded value of $540M. These multiples are calculated on LTM financials at announcement and are not directly comparable to the CY2027E public basis shown earlier, so we draw no spread between them. What buyers agreed to pay across this set points to several different forms of strategic fit, which is why we walk through them individually rather than as one blended average.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay May Point to Several Forms of Strategic Fit 1 of 16 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. 61 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 29 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jan-2025 $540M Global Business Travel Group, Inc. Global Business Travel Group, Inc. completed its combination with CWT Holdings, LLC. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a strategic case around client density, managed-travel reach and operating overlap. Those attributes can matter where contracts and service coverage support recurring volume. HOW THE TARGET WAS VALUED The transaction carries a disclosed value of $540M. That figure provides an absolute benchmark for the scale of a corporate travel combination.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for owners, management and boards.

    We close the analysis by turning to what strengthens market standing over the next twelve months. Direct mix, repeat demand and durable take rate remain the central operating questions. This is where the data turns into action.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Demand Quality and Earnings Discipline Strengthen Market Standing Direct mix, repeat demand and durable take rate remain central operating questions. 05 of 06 Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Stronger Value Is Associated with Earnings Quality and Durability, and Owners Can Act on Both

    This page sets out the questions this data raises for owners, management and boards over the next twelve months.

    Stronger value in this sample is associated with earnings quality and durability, and owners can act on both. We frame this as a set of questions — on demand that doesn't need to be repurchased, on growth tested against retained earnings, and on capital set against differentiated supply. These are NeuraCap views drawn from the analysis in this report, not recommendations to buy or sell any security.

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    05 · STRATEGIC IMPLICATIONS Stronger Value Is Associated with Earnings Quality and Durability, and Owners Can Act on Both 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Demand That Does Not Need to Be Repurchased Direct mix, loyalty and repeat behaviour can reduce dependence on paid search and support a more durable customer-acquisition model. FOR MANAGEMENT Test Growth Against Retained Earnings Revenue growth carries more commercial weight when take rate, marketing discipline and operating leverage preserve EBITDA. FOR BOARDS Set Capital Against Differentiated Supply Build-versus-buy decisions should weigh inventory access, permits, operator relationships and the share of trip economics the company can retain.

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    SECTION 06

    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    We close with the full comparable universe, the valuation methodology, and where each underlying figure comes from. This is the reference section for any figure a client wants to trace back.

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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 Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all rated and unrated companies with their EV/EBITDA (CY2027E) multiple, shaded against the sector median.

    All rated companies appear here, shaded against the sector median, alongside the one name without an eligible multiple. This is the full comparable set behind every figure shown earlier in the report. The companion workbook carries the complete field set for anyone who wants to go deeper.

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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 (6.5x); 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.7x · median 18.8x · 2 companies MakeMyTrip Limited MMYT Retail and managed travel agency services $5.2B 23.5x 9% 15% 33 Lindblad Expeditions Holdings, Inc. LIND Retail and managed travel agency services $2.4B 14.0x 12% 17% 26 CORE — 5.9x–9.7x · median 6.5x · 4 companies Travel + Leisure Co. TNL Retail and managed travel agency services $9.6B 8.3x 4% 26% 31 Trip.com Group Limited TCOM Retail and managed travel agency services $19.0B 6.6x 13% 23% 35 Expedia Group, Inc. EXPE Retail and managed travel agency services $29.2B 6.4x 10% 26% 34 Ryanair Holdings plc RYAAY Adjacent: airline seat supply and direct-to-traveller… $26.4B 6.1x 2% 21% 28 DISCOUNT — <5.9x · median 5.0x · 2 companies trivago N.V. TRVG Traveller booking engines and trip-management technology $275M 5.4x 12% 4% 16 Tripadvisor, Inc. TRIP Retail and managed travel agency services $1.1B 4.7x -15% 15% 15

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, continuing across two pages.

    We list the transactions with disclosed terms here, newest first, with deal multiples calculated on LTM financials at announcement. These multiples sit on a different basis than the CY2027E public comparables, so we don't draw a spread between the two. The full set continues on the next page, with the remaining recorded transactions kept in the companion workbook.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (45 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. 61 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 29 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2025 Global Business Travel Group, Inc. → CWT Holdings, LLC $540M n/a n/a Global Business Travel Group, Inc. completed its transaction for CWT Holdings, LLC. The combination suggests a strategic case around client reach and corporate travel density. Dec-2021 n/a → Apollo Tourism & Leisure Ltd n/a 1.2x n/a The announced transaction involving Apollo Tourism & Leisure Ltd used 1.2x EV / Revenue. That basis fits a transaction where revenue scale was the disclosed valuation reference. Sep-2021 Inspirato Inc → Thayer Ventures Acquisition Corporation n/a n/a 5.8x Inspirato Inc and Thayer Ventures Acquisition Corporation announced a transaction using EV / EBITDA as the disclosed benchmark. The structure linked a travel offering with a transaction platform. Apr-2021 TPG Pace Solutions Corp. → Vacasa Holdings LLC $88M n/a n/a TPG Pace Solutions Corp. announced its transaction for Vacasa Holdings LLC with a recorded value of $88M. The pairing suggests interest in managed accommodation inventory and traveller demand. Nov-2020 VICUS GROUP AG → Travel24.com AG (nka:German Values Property Group AG) n/a n/a 35.1x VICUS GROUP AG announced its transaction for Travel24.com AG (nka:German Values Property Group AG) at 35.1x EV / EBITDA. The disclosed multiple marks the upper end of the transaction record shown. Oct-2019 Vitruvian Partners LLP → Sykes Cottages Ltd. n/a n/a 18.8x Vitruvian Partners LLP announced its transaction for Sykes Cottages Ltd. The pairing suggests interest in accommodation supply, booking demand and the earnings of an operator-led model. Apr-2019 Despegar.com, Corp → Viajes Falabella Ltda n/a n/a 7.7x Despegar.com, Corp completed its transaction for Viajes Falabella Ltda at 7.7x EV / EBITDA. The combination suggests a strategic fit around regional distribution and customer reach. Jul-2018 Corporate Travel Management Limited → Lotus Tours Limited n/a 0.7x 8.8x Corporate Travel Management Limited announced its transaction for Lotus Tours Limited at 0.7x EV / Revenue and 8.8x EV / EBITDA. The pairing suggests a density play across travel distribution and client coverage. Aug-2017 Twenty-First Century Fox, Inc. → JacTravel Group (Holdings) Ltd. n/a n/a 9.4x Twenty-First Century Fox, Inc. announced its transaction for JacTravel Group (Holdings) Ltd. at 9.4x EV / EBITDA. The disclosed benchmark places earnings at the centre of the valuation.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    This page completes the list of transactions with disclosed terms, again on an LTM-at-announcement basis. Together with the prior page, this covers every transaction in this tier that carries disclosed terms. The remaining recorded transactions without a disclosed value or multiple sit in the companion workbook.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (45 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. 61 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; financial target ev not meaningful); figures are shown as recorded in the filing. 29 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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2016 Ctrip.com International, Ltd. → Andrew Jones Travel Pty. Ltd n/a 0.7x 8.8x Apr-2016 Apollo Management, Inc. → Hotelbeds Group (TUI AG) n/a n/a 9.8x Value shown as recorded in the filing; deal value unit unresolved. Nov-2015 Expedia, Inc. → HomeAway, Inc. n/a 36.4x 36.4x Oct-2015 Interval Leisure Group → Vistana Signature Experiences n/a n/a 12.0x Feb-2015 TEGNA Inc. → Orbitz Worldwide, Inc. n/a n/a 12.0x Value shown as recorded in the filing; deal value unit unresolved. Feb-2015 Expedia, Inc. → Orbitz Worldwide, Inc. n/a 1.7x n/a Nov-2012 priceline.com Incorporated → KAYAK Software Corporation n/a 27.6x 27.6x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, valuation basis and data-quality exclusions.

    This analysis draws on market data and consensus estimates as of September 28, 2026, with company disclosures sourced via SEC EDGAR where linked. The primary valuation basis is EV/EBITDA on CY2027E consensus, and multiples failing the platform's plausibility checks are excluded rather than plotted. This page names the source and basis behind every figure used earlier, keeping the full chain of evidence visible.

    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. Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice 21 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). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Travel and Experience Services 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 4 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 398 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 (397) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Sample, Value Separates by Earnings Profile, Model and Demand Quality.

    This is the closing page restating that value separates by earnings profile, model and demand quality.

    In this sample, value separates by earnings profile, business model and demand quality. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure worth tracing further. That's the note we leave the room on.

    Everything on this page

    In This Sample, Value Separates by Earnings Profile, Model and Demand Quality. NeuraCap AI — Travel and Experience Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Travel and Experience Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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