Windows, Doors and Openings Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › WINDOWS, DOORS AND OPENINGS

Buyers Keep Building Capability While the Public Set Gives Ground

This update covers share moves, company announcements and transaction activity across windows, doors and openings for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

   INDUSTRIALS › CAPITAL GOODS › WINDOWS, DOORS AND OPENINGS

   Cover slide framing the bi-weekly windows, doors and openings update for September 14–28, 2026.

   We open this bi-weekly update on windows, doors and openings, covering what changed, who moved and what transacted between September 14 and 28, 2026. It sets up a two-week read on public market moves, company news and the one transaction the period recorded.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › WINDOWS, DOORS AND OPENINGS Buyers Keep Building Capability While the Public Set Gives Ground This update covers share moves, company announcements and transaction activity across windows, doors and openings for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Company Action Moved Forward While Share Prices Drifted Back

   Summarizes the two-week period: 4 of 5 covered names fell while Apogee closed its GroGlass acquisition.

   We open with the takeaway: 4 of 5 covered names fell, with a sector median move of -5.5% against the S&P 500's +0.8% for the same window. Griffon Corporation was the lone gainer, up +2.4%, while Apogee Enterprises closed its GroGlass acquisition, the period's only recorded transaction. So the story of this period is company action outrunning share-price sentiment — worth watching for anyone tracking where capability is being built ahead of pricing.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Company Action Moved Forward While Share Prices Drifted Back The two-week period in one page · 5 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 4 of 5 Covered Names Fell; The Median Move Was -5.5% The S&P 500 returned +0.8% over the same two-week period. Griffon Corporation (GFF) was the only covered name higher, at +2.4%. 2 Apogee Closed a Deal While the Group Traded Lower Apogee Enterprises, Inc. (APOG) completed its acquisition of GroGlass on Sep 18, the one transaction the window recorded. It sits in the Discount tier against the study's 6.5x CY2027E sector median. 3 JELD-WEN Posted the Period's Widest Decline JELD-WEN Holding, Inc. (JELD) finished the two-week period at -13.7%, even though its strongest single session, Sep 22, was +7.6%. +2.4% Best mover — Griffon Corporation (GFF) worst: JELD -13.7% · 1 up / 4 down of 5 covered -5.5% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   One Name Held Its Ground; The Rest Gave Some Back

   Ranks each covered name's close-to-close move against the sector median and S&P 500 over the period.

   Over the two-week period, sector performance ranged widely: JELD-WEN Holding fell -13.7%, the period's steepest decline, while Griffon Corporation gained +2.4%, the only name higher. The sector median came in at -5.5%, well behind the S&P 500's +0.8%, and our materiality bar for the period sits at +8.2% sector-relative. We link each move only to filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. So what: dispersion this wide means name selection is doing more work than sector exposure right now.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Held Its Ground; The Rest Gave Some Back Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.5% · S&P 500 +0.8% · materiality bar ±8.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -5.5% Griffon Corporation (GFF) +2.4% No notable in-window news was identified that clearly explains the move. The +2.4% gain stood apart from the covered set's -5.5% median. Diversified platforms with mixed end-market exposure can hold ground when the rest of the openings group is soft. UNEXPLAINED JELD-WEN Holding, Inc. (JELD) -13.7% No notable in-window news was identified that clearly explains the move. At -13.7%, the move sat well below the covered set's -5.5% median. Names weighted toward new construction demand tend to carry the widest swing when the covered set turns down. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Apogee Adds Coated Materials Capability and Refreshes Its Board

   Details Apogee's coated materials capability addition and board refresh as the period's highest-impact events.

   The period's headline event is Apogee Enterprises adding coated materials capability and refreshing its board, the two-week window's highest-impact development. Each item on this page links back to its underlying filing or article, and our "why it matters" reads are calibrated judgments, not asserted fact. So what: capability additions like this one signal where a leading player is positioning ahead of the next cycle, not just reacting to it.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Apogee Adds Coated Materials Capability and Refreshes Its Board The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · Business Wire Apogee completed its acquisition of GroGlass, adding coated materials capability The purchase extends Apogee's high-performance coated materials line alongside its architectural building products. Glazing and coated materials capability is being acquired by platforms that already own channel and specification reach. Sep 14 · NEWS · Business Wire Julie K. Streich joined the board of directors at Apogee Enterprises The appointment lands in the same window as a completed acquisition. NeuraCap's read: it signals the governance side is being staffed while the portfolio is being reshaped. Board changes tend to track where a platform intends to put its next increment of capital. Sep 15 · NEWS · Business Wire Apogee set the reporting date for its fiscal 2027 second quarter results Scheduling the print shortly after closing GroGlass puts the acquisition in front of shareholders on a normal calendar. The next public read on price/cost and repair-and-remodel mix in openings comes from Apogee.

5. 05
   M&A & STRATEGIC ACTIVITY

   Apogee Closes GroGlass — the Period's Single Transaction Marker

   Covers Apogee's closed GroGlass acquisition, the period's single recorded transaction, against precedent deal multiples.

   Apogee Enterprises closed its acquisition of GroGlass in the window, the period's single recorded transaction, and it sits in the Discount tier against the study's 6.5x CY2027E sector median. Precedent transactions run 28 recorded deals with a 9.7x EV/LTM EBITDA median, giving us a benchmark for where this deal landed. So what: one closed deal at a discount to sector multiples tells buyers and targets alike that capability, not just multiple expansion, is driving current activity.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Apogee Closes GroGlass — the Period's Single Transaction Marker September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 28 recorded deals · median 9.7x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 18 · Apogee Enterprises, Inc. (APOG) Apogee Enterprises, Inc. (APOG) completed its acquisition of GroGlass Terms are not in the record, so the read is about intent rather than price. A platform adding coated materials capability next to architectural building products fits the buyer pattern this sector has shown. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 28 Recorded precedent transactions the reference set buyers and sellers price against 9.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Soft Public Set and One Closed Deal Change

   Translates the soft public set and single closed deal into implications for operators, acquirers and advisors.

   We read this period as company action moving forward while share prices drifted back: for owners and operators, mix and price/cost do the work when the group trades in a wide band; for acquirers, one completed deal still priced above the public middle keeps discipline in view; for advisors, the case should lead with what a business owns, not where it screens. So what: each audience gets a different lever to pull, but all three point toward capability as the current differentiator.

   Everything on this page

   WHAT IT MEANS What a Soft Public Set and One Closed Deal Change The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.5x 5 companies in the study 3 valuation tiers Standing thesis: Windows, Doors and Openings Splits Three Ways: Glass Fabrication, Installed Glazing and an Industrial Adjacency FOR OWNERS & OPERATORS Mix and Price/cost Do the Work When the Group Drifts Companies in the space traded across a wide band over the two-week period, with Griffon Corporation (GFF) at +2.4%. FOR ACQUIRERS One Completed Deal, and Agreed Prices Still Sit Above the Public Middle Apogee Enterprises, Inc. (APOG) completed GroGlass in the window, the only transaction recorded. FOR ADVISORS Lead with What the Business Owns, Not Where It Screens The period's evidence is a completed coated materials acquisition and a soft public set, with 4 of 5 covered names lower.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and disclosures behind every figure in this bi-weekly update.

   Every figure in this update links to the filing, release or market data point it was taken from, and we hold our attributions to a fixed reliability order — SEC filings, press releases, then established outlets. This page exists so any number we cite can be checked independently. So what: transparency on sourcing is what lets you act on this update with confidence rather than caveats.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Windows, Doors and Openings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T051637Z_357_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com

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