Windows, Doors and Openings Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › WINDOWS, DOORS AND OPENINGS

Windows, Doors and Openings: Where the Premium Sits

A read on five listed openings names, what separates their forward earnings multiples, and what buyers agreed to pay in the transaction record.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   INDUSTRIALS › CAPITAL GOODS › WINDOWS, DOORS AND OPENINGS

   Windows, Doors and Openings: Where the Premium Sits

   This cover introduces the September 2026 sector outlook on Windows, Doors and Openings.

   This is our September 2026 read on five listed openings names, built on EV/EBITDA against CY2027E consensus. Here's the headline we'll defend: the higher forward multiple sits outside glass fabrication, and that finding is what the rest of this book unpacks.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › WINDOWS, DOORS AND OPENINGS Windows, Doors and Openings: Where the Premium Sits A read on five listed openings names, what separates their forward earnings multiples, and what buyers agreed to pay in the transaction record. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This page lists the report's structure: the bottom line, the companies, valuation and situations, precedent transactions, and strategic implications, plus an appendix.

   We built this deck so the bottom line comes first — read section one and you already have the whole story. Everything after that exists to show our work: the companies, the valuation drivers, the precedent transactions and what it means for how the business is run. So what: you can stop after page three and still walk away with the conclusion.

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   CONTENTS What This Report Covers 01 The Bottom Line Three Business Models Under One Openings Label, and the Top of the Range Sits Outside Fabrication 02 The Companies Glass Fabrication Carries the Weight of This Set 03 Valuation & Situations A Narrow Band of Forward Earnings Multiples, with the Top Sitting Outside Fabrication 04 Precedent Transactions Strategics and Sponsors Are Both Bidding for Openings Assets 05 Strategic Implications Demand Is the Same for Everyone; Mix, Price and Footprint Are Yours 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Windows, Doors and Openings Splits Three Ways: Glass Fabrication, Installed Glazing and an Industrial Adjacency

   This page summarizes the report's core finding: the sector splits into glass fabrication, installed glazing, and an adjacent industrial name, valued on EV/EBITDA (CY2027E).

   Three of the five names in this set carry a CY2027E EBITDA estimate, and the middle of that group sits at 6.5x. Glass fabrication is the center of gravity — it covers 60% of the set — but it isn't where the top of the range sits; that belongs to the adjacent industrial name. Growth here is thin while margins spread wide, which tells us the separation between these businesses is an earnings-quality story, not a volume story. So what: benchmark this set on margin structure, not on growth.

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   01 · THE BOTTOM LINE Windows, Doors and Openings Splits Three Ways: Glass Fabrication, Installed Glazing and an Industrial Adjacency 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 (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Public Market Prices This Set in a Tight Band Three of the five names carry a CY2027E EBITDA estimate, and the middle of those three sits at 6.5x. A forward multiple already credits the growth in the forecast, so any premium that survives it is a read on how durable the earnings base looks rather than on this year's print. 2 Fabrication Is the Centre of Gravity, Not the Top of the Range Glass fabrication and glazing components covers 3 of the 5 names and 60% of the set, and the middle of that group sits at 6.1x on the two names in it with an estimate. The higher forward multiple sits with the adjacent energy well completion and industrial products name, and not with the fabrication group. 3 Growth Is Thin Here While Margins Spread Wide Forward growth across the five names runs from 2% to 7%. Reported margins run from 4% to 25%, so the operating gap between these businesses shows up in earnings quality — price/cost recovery, channel mix and replacement weighting — far more than in volume. 4 What Buyers Agreed to Pay Sits Above the Public Middle At the top end of the disclosed values here, QXO, Inc.'s completed purchase of TopBuild Corp. came in at $17.1B and 16.5x EBITDA. Across the transactions reviewed, whole-company purchases in openings appear to be negotiated on a normalized earnings base, and the seven transactions here with a disclosed EBITDA multiple sit above the middle of the public marks. 6.5x Sector median EV/EBITDA CY2027E consensus · 3 rated of 5 companies 9.0x Premium end EV/EBITDA vs 5.7x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 9 Transactions with disclosed terms 28 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section on the five companies covered.

   Glass fabrication carries the weight of this set, alongside one installed-glazing name and one adjacent industrial name. Let's look at where each one sits before we get to valuation.

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   SECTION 02 02 THE COMPANIES Glass Fabrication Carries the Weight of This Set Fabrication, installed glazing and one adjacent industrial name, side by side. 02 of 06 Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · THE COMPANIES

   Where the Openings Work Actually Sits: Fabrication, Installation and One Adjacency

   This page presents the five approved companies, grouped by fabrication, installation and industrial adjacency, with EV/EBITDA (CY2027E) shown where rated.

   Five companies make up this set: a fabrication group that dominates by count, one installed-glazing and building-envelope name, and one industrial adjacency. We show EV/EBITDA on CY2027E consensus where the estimate is eligible, and mark it n/a where it isn't. So what: knowing which bucket a comparable sits in is the first filter before any multiple means anything.

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   02 · THE COMPANIES Where the Openings Work Actually Sits: Fabrication, Installation and One Adjacency 5 approved companies · EV / EBITDA (CY2027E) where rated · 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. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 APOG Apogee Enterprises, Inc. Enterprise value $1.0B EV/EBITDA (CY2027E) 5.7x Revenue growth 5% EBITDA margin 10% Apogee Enterprises, Inc. (APOG) sits at the bottom of the ranked range while reporting a margin above the middle of the covered names. BOOM DMC Global Inc. Enterprise value $431M EV/EBITDA (CY2027E) 9.0x Revenue growth 7% EBITDA margin 6% DMC Global Inc. (BOOM) is the adjacent energy well completion and industrial products name, growing 7% and holding the top of the ranked range. GFF Griffon Corporation Enterprise value $5.8B EV/EBITDA (CY2027E) n/a Revenue growth 4% EBITDA margin 25% Griffon Corporation (GFF) sits in glass fabrication and glazing components with forward growth of 4% and no CY2027E EBITDA estimate in this set. JBI Janus International Group, Inc. Enterprise value $1.1B EV/EBITDA (CY2027E) 6.5x Revenue growth 3% EBITDA margin 17% Janus International Group, Inc. (JBI) sits in the core tier and reports a 17% margin, above the middle of the covered names on both measures. JELD JELD-WEN Holding, Inc. Enterprise value $1.5B EV/EBITDA (CY2027E) n/a Revenue growth 2% EBITDA margin 4% JELD-WEN Holding, Inc. (JELD) is the single name mapped to glazing installation and building envelope contracting, with forward growth of 2%.

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   SECTION 03

   03

   This divider introduces the section on public market valuation.

   A narrow band of forward multiples covers this set, and the top of that band sits outside fabrication. Let's walk through the multiples and what's driving the spread.

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   SECTION 03 03 VALUATION & SITUATIONS A Narrow Band of Forward Earnings Multiples, with the Top Sitting Outside Fabrication Three of the five names carry a CY2027E EBITDA estimate, and they rank close together. 03 of 06 Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Sits with the Adjacent Industrial Name, Not with Glass Fabrication

   This page ranks EV/EBITDA (CY2027E) across the five approved companies against the 6.5x sector median, marking names without an eligible multiple as n/a.

   Three of the five names carry an eligible CY2027E multiple, and they cluster against a 6.5x median. The top of that range sits with the adjacent industrial name, not with glass fabrication. So what: paying up for fabrication exposure in this set means paying for the label, not for where the premium actually sits.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Sits with the Adjacent Industrial Name, Not with Glass Fabrication EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · 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 (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 6.5x median of the rated set. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Apogee Enterprises, Inc. APOG $1.0B 5.7x 5% 10% Apogee Enterprises, Inc. (APOG) sits at the bottom of the ranked range while reporting a margin above the middle of the covered names. DMC Global Inc. BOOM $431M 9.0x 7% 6% DMC Global Inc. (BOOM) is the adjacent energy well completion and industrial products name, growing 7% and holding the top of the ranked range. Griffon Corporation GFF $5.8B n/a 4% 25% Griffon Corporation (GFF) sits in glass fabrication and glazing components with forward growth of 4% and no CY2027E EBITDA estimate in this set. Janus International Group, Inc. JBI $1.1B 6.5x 3% 17% Janus International Group, Inc. (JBI) sits in the core tier and reports a 17% margin, above the middle of the covered names on both measures. JELD-WEN Holding, Inc. JELD $1.5B n/a 2% 4% JELD-WEN Holding, Inc. (JELD) is the single name mapped to glazing installation and building envelope contracting, with forward growth of 2%.

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   03 · VALUATION DRIVERS

   Margins Spread Far Wider than Growth Across These Five Names

   This page splits median EV/EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort across the rated names.

   Margins spread far wider than growth across these five names — reported margins run from 4% to 25%, while forward growth runs from 2% to 7%. That gap is where the valuation story lives: earnings quality separates these businesses more than top-line pace does. So what: track margin trajectory as the leading indicator, not shipment growth.

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   03 · VALUATION DRIVERS Margins Spread Far Wider than Growth Across These Five Names 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 The Margin Range Runs End to End Reported margins across the five names run from 6% to 25%, with Janus International Group, Inc. (JBI) at 17% inside that span. Owners here will recognise the usual sources of a spread that wide: price/cost recovery on aluminum, glass and resin, and the weight of installed work against product-only shipments. Growth Is Thin for the Names with Estimates Forward growth is 3% at Janus International Group, Inc. (JBI) and 5% at Apogee Enterprises, Inc. (APOG), on the three names with a CY2027E EBITDA estimate. With volume that modest, incremental earnings in this set are more likely to come from mix and price discipline than from units shipped — a judgment, not a measurement. Code Content and Replacement Work Are the Ballast Energy and impact requirements raise content per opening, and replacement demand moves on a steadier clock than starts. Buyers in openings routinely apply a discount where exposure is concentrated in new construction, so the mix an owner builds toward is associated with how the business is valued.

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   03 · SITUATION MAP

   Higher Margin Is Associated with the Higher Multiple in One of the Three Names with an Estimate

   This page maps EV/EBITDA against the 6.5x sector median and EBITDA margin against the covered median, cutting the rated names into quadrants.

   Cutting the three rated names on multiple versus margin, higher margin lines up with the higher multiple in one of the three — an association on this small sample, not a rule to generalize from. This page characterizes situations; it isn't a recommendation to buy or sell any of them. So what: use it to frame the question for your own numbers, not to read across as an average.

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   03 · SITUATION MAP Higher Margin Is Associated with the Higher Multiple in One of the Three Names with an Estimate Cut on EV / EBITDA vs the sector median (6.5x) (rows) and EBITDA margin 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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Paid for the Margin Above-median multiple · above-median EBITDA margin 1 names Janus International Group, Inc. (JBI) Janus International Group, Inc. (JBI) sits above the middle on both the forward multiple and reported margin. For an owner this is the position where operating performance and market pricing point the same way, and the live question is whether that margin holds through the next construction cycle. Priced Ahead of Current Margin Above-median multiple · below-median EBITDA margin 1 names DMC Global Inc. (BOOM) DMC Global Inc. (BOOM) sits above the middle on the forward multiple with a margin below the middle of the covered names. Because the lens already credits the forecast, the read is that the market is looking through current profitability to the earnings base it expects. Margin Ahead of the Multiple Below-median multiple · above-median EBITDA margin 1 names Apogee Enterprises, Inc. (APOG) Apogee Enterprises, Inc. (APOG) sits above the middle on reported margin and below it on the forward multiple. Where the profitability is already there, the gap usually turns on how durable and how visible the earnings look from the outside, which is an operating and mix question before it is a market one. No Names in This Position Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    In Openings, Value Tracks How Existing Units Perform Alongside How Many New Ones Open

    This page frames the questions an owner or acquirer should resolve, based on how existing units perform against how many new ones open.

    In openings, value tracks how existing units perform alongside how many new ones open — replacement intensity matters as much as new construction. These are observations grounded in the cohort data, not recommendations. So what: the questions on this page are worth putting in front of your own numbers before the next planning cycle.

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    03 · THE AGENDA In Openings, Value Tracks How Existing Units Perform Alongside How Many New Ones Open 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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Decide Which Revenue You Want More Of Product-only shipments and installed openings carry different margin shapes and different earnings quality. Settle which mix you are building toward over the next two planning cycles, and price the installed work on margin-at-completion rather than on volume won. What changes the answer: A sustained shift in installed sales share, or margin-at-completion moving on open project work. Hold the Code-Driven Content in Price Energy and impact requirements keep raising content per opening. The question is whether that content shows up in average selling price per opening and stays there, or whether it is competed away through dealer and home center rebate programs. What changes the answer: Average selling price per opening rising with content, or flattening while content requirements rise. Own the Channel You Sell Through Dealer depth and specification position with architects are the assets buyers in this industry underwrite; concentration in a few builder or home center relationships is the discount. Decide where to invest dealer support and where the concentration risk is worth carrying. What changes the answer: Movement in dealer count and dealer depth, or a change in share held by your largest channel relationships. Test Build Against Buy on Footprint Freight economics and product fragility set the radius a plant can serve, which makes footprint structural. Sponsors in this record underwrote consolidation and purchasing scale; the same arithmetic applies to your own network before it applies to anyone else's. What changes the answer: A fabrication or installation asset inside your freight radius changing hands, or a plant consolidation case clearing its hurdle rate.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions.

    Strategics and sponsors are both bidding for openings assets — nine transactions with disclosed terms span manufacturing, fabrication, distribution and installed service. Let's look at what buyers agreed to pay.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategics and Sponsors Are Both Bidding for Openings Assets Nine transactions across manufacturing, fabrication, distribution and installed service. 04 of 06 Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

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    04 · DEAL CASE STUDIES

    Buyers Agreed to Pay Above the Middle of the Public Marks, and Sponsors Bid Alongside Strategics

    This page presents two of the nine transactions with disclosed terms as case studies, with multiples on LTM financials at announcement.

    QXO, Inc.'s completed purchase of TopBuild Corp. closed at $17.1B and 16.5x EBITDA — the largest disclosed deal in this set. Buyers here agreed to pay above the middle of the public marks, and sponsors bid alongside strategics rather than sitting out. Deal multiples are LTM at announcement, so we don't claim a direct spread against the CY2027E public basis. So what: whole-company buyers appear to be underwriting a normalized earnings base, which is worth understanding before comparing a bid to today's trading multiple.

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    04 · DEAL CASE STUDIES Buyers Agreed to Pay Above the Middle of the Public Marks, and Sponsors Bid Alongside Strategics 2 of 9 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. 54 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 19 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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Apr-2026 $17.1B QXO, Inc. QXO, Inc.'s completed purchase of TopBuild Corp. is the largest disclosed value among the nine transactions here. EV / LTM revenue 9.1x EV / LTM EBITDA 16.5x WHY THE DEAL HAPPENED The transaction suggests a buyer willing to pay for installed service reach and distribution density rather than for product manufacturing alone. At this size it also suggests a platform intent, with purchasing scale and shared channels as the logic an acquirer would underwrite. HOW THE TARGET WAS VALUED The recorded enterprise value is $17.1B at 16.5x EBITDA, as shown in the filing. That sits above every other disclosed EBITDA multiple in this record and well above the middle of the public marks on forward earnings. Feb-2024 $3.3B Owens Corning Owens Corning acquires Masonite International Corporation EV / LTM revenue 1.2x EV / LTM EBITDA 8.6x WHY THE DEAL HAPPENED A diversified building products manufacturer adding an openings category is the classic strategic move in this industry: channel and specification overlap with builders, dealers and architects. The transaction suggests the buyer valued category adjacency and shared distribution over a purely operational thesis. HOW THE TARGET WAS VALUED The recorded value is $3.3B at 8.6x EBITDA, with revenue at 1.2x. On earnings that sits above the middle of the public marks in this set and below the top of the disclosed transaction multiples here.

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    SECTION 05

    05

    This divider introduces the section on strategic implications.

    Demand is the same for everyone in this set; mix, price and footprint are what management controls. Let's turn to what this evidence means for how an openings business is run from here.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Demand Is the Same for Everyone; Mix, Price and Footprint Are Yours What this evidence means for how an openings business is run from here. 05 of 06 Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    Mix, Price and Footprint Are the Levers Inside Your Control

    This page lays out the operating levers — mix, price and footprint — this analysis puts on the table for the next twelve months.

    With the public band this narrow and growth this thin, the separation available to any openings business comes from replacement weighting, content per opening and installed attachment. Buyers in this record negotiate on a normalized EBITDA base — price realization, rebate accruals, warranty reserves and margin on open project work — so those are operating outcomes long before they become diligence topics. Strategic and sponsor buyers are both active across this chain, with sponsors underwriting footprint and procurement theses. So what: these are the levers inside management's control, whichever side of the table you sit on.

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    05 · STRATEGIC IMPLICATIONS Mix, Price and Footprint Are the Levers Inside Your Control 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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS The Band Is Narrow, so Mix Is What Moves You Within It With the public marks clustered and growth thin across the five names, the separation available to an openings business comes from replacement weighting, content per opening and installed attachment. Those are the choices that change the earnings base a buyer or an analyst underwrites. FOR FINANCE LEADERS The Negotiation in This Industry Is About the Earnings Base Buyers here work on a normalized EBITDA base: price realization against input cost, rebate and co-op accruals, warranty and field quality reserves, and margin on open project work. Each of those is an operating outcome long before it becomes a diligence topic. FOR STRATEGIC AND SPONSOR BUYERS Both Buyer Types Are Active Across the Openings Chain This record includes building products platforms, an industrial acquirer, a distributor reaching upstream and three financial sponsors. Where channel and specification overlap is real, strategic logic is visible in the record; where the thesis is footprint and procurement, sponsors have been the ones underwriting it.

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    SECTION 06

    06

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

    The full universe, the valuation methodology and the source behind every figure in this book follow here. Use it to trace any number back to where it came from.

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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 Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix page lists all public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, with 3 companies rated and 2 not rated.

    All five approved companies appear here, shaded above or below the 6.5x sector median, with the two names lacking an eligible multiple marked separately. So what: this is the complete rated set behind every multiple used earlier in this deck.

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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 · 3 rated companies; 2 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 3 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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥7.7x · median 9.0x · 1 companies DMC Global Inc. BOOM Adjacent: energy well completion and industrial products $431M 9.0x 7% 6% 14 CORE — 6.1x–7.7x · median 6.5x · 1 companies Janus International Group, Inc. JBI Glass fabrication and glazing components $1.1B 6.5x 3% 17% 20 DISCOUNT — <6.1x · median 5.7x · 1 companies Apogee Enterprises, Inc. APOG Glass fabrication and glazing components $1.0B 5.7x 5% 10% 17

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists the transactions with disclosed terms, newest first, with multiples on LTM financials at announcement.

    Nine transactions carry disclosed terms in this tier, and we show them newest first with multiples on LTM financials at announcement. Deal multiples aren't directly comparable to the CY2027E public basis, so no spread is claimed. So what: this is the complete disclosed-terms record behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (28 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. 54 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 19 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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 QXO, Inc. → TopBuild Corp. $17.1B 9.1x 16.5x QXO, Inc.'s completed purchase of TopBuild Corp. in April 2026 carries the highest disclosed revenue multiple in this record at 9.1x. It shows a buyer with conviction about installed service reach pricing an asset differently from the public market. Apr-2024 Quanex Building Products Corporation → MasterBrand, Inc. $1.1B n/a n/a Quanex Building Products Corporation's $1.1B approach to MasterBrand, Inc. in April 2024 is recorded as terminated. Combinations inside openings and cabinetry get worked repeatedly, and a terminated file still tells an owner that appetite existed at that size. Feb-2024 Owens Corning → Masonite International Corporation $3.3B 1.2x 8.6x Owens Corning's announced acquisition of Masonite International Corporation in February 2024 was struck at 1.2x revenue. It is the clearest case in this record of a building products platform adding an openings category with overlapping channel and specification… May-2022 Nucor Corporation, Arthur Holdings L.P. → Arthur Holdings Corp. n/a n/a 13.0x Nucor Corporation, Arthur Holdings L.P. announced the acquisition of Arthur Holdings Corp. in May 2022, recorded at 13.0x EBITDA. Heavier industrial buyers compete for the same building products earnings that openings platforms underwrite. May-2022 Heritage Distribution Holdings → Reeb Millwork Corporation n/a 0.7x n/a Heritage Distribution Holdings' announced acquisition of Reeb Millwork Corporation in May 2022 was recorded at 0.7x revenue. Distributors moving into millwork and door fabrication is a recurring pattern here: secure the supply, capture the fabrication margin. Apr-2022 Bridgepoint Group plc → Stanley Access Technologies n/a n/a 15.2x Bridgepoint Group plc's announced acquisition of Stanley Access Technologies in April 2022 was recorded at 15.2x EBITDA. Automatic entrances carry service and aftermarket revenue attached to the opening, and that earnings shape is associated with the higher disclosed… Feb-2022 KPS Capital Partners, LP → Oldcastle BuildingEnvelope Inc. n/a n/a 9.6x KPS Capital Partners, LP announced the acquisition of Oldcastle BuildingEnvelope Inc. in February 2022 at 9.6x EBITDA. A carve-out at that level shows sponsors underwriting footprint consolidation and purchasing scale on glass and aluminum. Jan-2018 • Clayton, Dubilier & Rice, LLC → Ply Gem Holdings, Inc. n/a n/a 9.7x Clayton, Dubilier & Rice, LLC announced the acquisition of Ply Gem Holdings, Inc. in January 2018 at 9.7x EBITDA. Branded windows with dealer depth and replacement weighting have drawn platform capital across more than one cycle. n/a PGT Innovations, Inc. → CGI Windows & Doors Holdings, Inc. n/a 0.7x 8.8x PGT Innovations, Inc.'s completed acquisition of CGI Windows & Doors Holdings, Inc. was recorded at 8.8x EBITDA and 0.7x revenue. Impact-rated and hurricane code product is certification-gated, and acquiring a labeled, tested line is faster than building one.

18. 18
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, assumptions and data-quality treatment behind the analysis.

    Every figure in this analysis links back to the filing, consensus estimate or market price it was taken from, as of September 28, 2026. Where a number has no link, this page names its source and the basis on which it was read. So what: nothing in this deck should be taken on faith when the underlying disclosure is one click away.

    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. Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice 18 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 5 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 Windows, Doors and Openings and it clears the coverage gate with 3 of 5 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 3 of the 3 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 6 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 281 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 (280) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

19. 19

    On This Set, the Higher Forward Multiple Sits Outside Glass Fabrication.

    This closing page restates the report's core finding: on this set, the higher forward multiple sits outside glass fabrication.

    On this set, the higher forward multiple sits outside glass fabrication — that's the finding worth carrying out of the room. The comparables and the transaction record behind it are here whenever you want to check a number against your own.

    Everything on this page

    On This Set, the Higher Forward Multiple Sits Outside Glass Fabrication. NeuraCap AI — Windows, Doors and Openings Coverage September 2026 · Prepared by NeuraCap AI · Confidential Windows, Doors and Openings Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19

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