Automotive Semiconductors Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › AUTOMOTIVE SEMICONDUCTORS

Automotive Semiconductors: Priced for Delivery

How the market is currently valuing automotive-qualified silicon, from scaled analog supply through pre-production sensing and perception compute, and what separates the two ends of the band.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-25 · primary valuation basis EV / Revenue (CY2027E)

Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › AUTOMOTIVE SEMICONDUCTORS

   This is the cover slide for the Automotive Semiconductors sector outlook, dated September 25, 2026.

   We built this outlook to show how the market is pricing automotive-qualified silicon today, from scaled analog suppliers to pre-production sensing names. The pages that follow lay out where the premium sits and what has to happen next to earn it.

   Everything on this page

   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › AUTOMOTIVE SEMICONDUCTORS Automotive Semiconductors: Priced for Delivery How the market is currently valuing automotive-qualified silicon, from scaled analog supply through pre-production sensing and perception compute, and what separates the two ends of the band. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-25 · primary valuation basis EV / Revenue (CY2027E) Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix.

   We've structured this deck so the bottom line comes first — read section one and you have the full story, then use the sections after it to go as deep as you need. Each section builds on the last, from the market map through valuation, deal evidence and strategic implications.

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   CONTENTS What This Report Covers 01 The Bottom Line One Sector Label, Two Businesses, and a Very Wide Price Band 02 The Landscape Everyone Here Sells into the Same Sockets, at Different Stages of the Programme Cycle 03 Valuation & Situations A Wide Band: Two Names Hold the Top of the Range, Two Sit at the Bottom 04 Precedent Transactions Buyers Reach for Automotive Content Through Acquisition, and the Record Is Thin 05 Strategic Implications The Next Two Years Are About Conversion, Not a Better Story 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   The Automotive Semiconductors Sector Holds Two Businesses: Scaled Analog Platforms and Pre-Production Sensing Silicon

   This slide summarizes the core finding: the sector splits into scaled analog platforms and pre-production sensing silicon, priced on EV/Revenue (CY2027E).

   We price this sector on EV/Revenue (CY2027E) because forward profitability isn't yet consistent across the group, and all 8 rated companies carry a usable estimate on that basis. The sector splits cleanly into two businesses — installed analog platforms and pre-production sensing silicon — and that split is what drives where each name sits in the band. So the rest of this deck is really about closing the gap between what's priced in and what's been delivered.

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   01 · THE BOTTOM LINE The Automotive Semiconductors Sector Holds Two Businesses: Scaled Analog Platforms and Pre-Production Sensing Silicon The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (8 of 8 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Revenue Is the Yardstick Here, Because Forward Profit Is Not yet Consistent 8 of 8 companies carry a CY2027E revenue estimate, and the middle of the range sits at 4.5x. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis, with 4 of 8 names showing a meaningful EBITDA. 2 The Faster Growers Carry the Higher Price, and the Delivery Burden Comes with It Split at 23% forward growth, the 4 faster-growing names sit at 7.8x against 2.6x for the 3 slower ones. A forward multiple already credits the growth that is forecast, so a price held above the group is associated with delivery that has to land in the next two years. 3 Similar Margins, Different Prices Across the Names We Can Map On the 4 names carrying both a forward multiple and an EBITDA margin, Allegro MicroSystems, Inc. (ALGM) at a 30% margin sits above the middle on price while STMicroelectronics N.V. (STM) at 29% sits below it. Profitability alone is not where the higher price sits; programme position and stage sit alongside it. 4 Both Announced Transactions Landed on Automotive Content Businesses The transaction record here is thin: two transactions, both announced. Infineon Technologies AG's acquisition of the automotive ethernet business is recorded at $2.5B, and Intel Corporation's acquisition of Mobileye N.V. was agreed at 41.0x revenue. 4.5x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue and 1 of 8 names are… 12.1x Premium end EV/Revenue vs 1.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/Revenue — the spread the report explains 2 Transactions with disclosed terms 2 recorded in this tier · 0 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market-map section.

   Everyone in this group sells into the same automotive sockets, just at different stages of the programme cycle. The next two pages map where the money actually sits.

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   SECTION 02 02 THE LANDSCAPE Everyone Here Sells into the Same Sockets, at Different Stages of the Programme Cycle One automotive-qualified group, two stages of business inside it. 02 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where the Money Sits: One Automotive-Qualified Pool, Priced Across a Wide Band

   This slide groups the 8 approved companies by business segment and shows the median EV/Revenue (CY2027E) for each group.

   We group the approved universe by segment and price each group on its own median EV/Revenue, so the spread you see reflects business mix, not noise. One qualified-silicon pool spans a wide pricing band, and that band is the story for the rest of this section. So the question for any name in this group is which segment it actually competes in, not just which sector label it carries.

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   02 · MARKET MAP Where the Money Sits: One Automotive-Qualified Pool, Priced Across a Wide Band 8 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 AUTOMOTIVE-QUALIFIED ANALOG, SENSING AND SIGNAL-CHAIN SILICON 8 cos median 4.5x Analog Devices (ADI) STMicroelectronic (STM) Allegro (ALGM) Ambarella (AMBA) Aeva Technologies (AEVA) indie (INDI) Valens (VLN) Arbe Robotics (ARBE) The 8 companies here sell into the same vehicle programmes and the same qualification regime, so the spread in price reflects stage and programme position rather than different end markets.

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   02 · LANDSCAPE

   One Qualified-Silicon Group, Two Stages of Business Sitting Inside It

   This slide describes what each segment does and why its position in the pricing band matters.

   We lay out what each segment actually does, because the pricing gap between them tracks where each one sits in the programme cycle, not just how big it is. One qualified-silicon group holds two different businesses inside it, and conflating them misreads the multiple. So understanding which business you're looking at is the first step before comparing any two names on price.

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   02 · LANDSCAPE One Qualified-Silicon Group, Two Stages of Business Sitting Inside It Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Automotive-qualified analog, sensing and signal-chain silicon 8 100% 4.5x Analog Devices, Inc. (ADI) · STMicroelectronics N.V. (STM) · +6 more One pool, two stages. The 8 companies here sell automotive-qualified analog, sensing and signal-chain silicon into vehicle programmes, spanning scaled broad-line supply through imaging radar, LiDAR and perception compute. The middle of the group sits at 4.5x CY2027E revenue, and the spread around that middle tracks stage in the design-win-to-start-of-production cycle more than end market.

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   SECTION 03

   03

   This divider introduces the public-market valuation section.

   It's a wide band: two names hold the top of the range, two sit at the bottom. The next pages show where the premium and the discount actually sit on CY2027E revenue.

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   SECTION 03 03 VALUATION & SITUATIONS A Wide Band: Two Names Hold the Top of the Range, Two Sit at the Bottom Where the premium end and the discount end sit on CY2027E revenue. 03 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Sits with the Faster-Growing Names, and the Forward Lens Already Credits That Growth

   This slide ranks all 8 rated companies by EV/Revenue (CY2027E) against a sector median of 4.5x.

   We use EV/Revenue here because this is how practitioners price this growth set, and because forward EBITDA isn't a workable lens for the whole group. The premium end of the range sits with the faster-growing names, and a forward multiple already credits the growth the market expects from them. So a price held above the sector median comes with a delivery obligation attached, not just a growth story.

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   03 · PUBLIC MARKET VALUATION The Premium End Sits with the Faster-Growing Names, and the Forward Lens Already Credits That Growth EV / Revenue (CY2027E) · all 8 rated companies, sorted descending · sector median 4.5x · EV/Revenue is the lens because practitioners price this growth set on revenue and 1 of 8 names are loss-making on forward EBITDA · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (8 of 8 companies), so this report follows it. 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 / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.1x CORE · median 4.5x DISCOUNT · median 1.9x Sector median 4.5x WHAT SEPARATES THE TWO ENDS The top end runs fastest. The premium end sits at 12.1x on CY2027E revenue, and it sits alongside the two highest forward growth figures on the page: Aeva Technologies, Inc. (AEVA) at 75% and Analog Devices, Inc. (ADI) at 37%. Because a CY2027E multiple already credits forecast growth, a price that survives the forward lens points to durability rather than to a single-year ramp. The bottom end carries scale. The discount end sits at 1.9x, where STMicroelectronics N.V. (STM) and Valens Semiconductor Ltd. (VLN) sit. Automotive-qualified volume and installed programme content are in place there; forward growth of 22% and 13% respectively is where the gap with the top of the range shows up. Four names hold the middle. The core band between the two ends holds Ambarella, Inc. (AMBA), Allegro MicroSystems, Inc. (ALGM), Arbe Robotics Ltd. (ARBE) and indie Semiconductor, Inc. (INDI) — 4 of the 8 companies with a CY2027E revenue estimate. Design-win conversion and start-of-production timing are the operating variables that separate them, and that evidence is company-specific.

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   03 · VALUATION DRIVERS

   Where Forward Growth Is Faster, the Price Sits Higher

   This slide splits the rated names into faster- and slower-growth cohorts and compares their median EV/Revenue (CY2027E).

   We split the rated set at its own median growth rate and compare the two halves on the same EV/Revenue basis. Faster-growing names sit at 7.8x versus 2.6x for the slower cohort — a clear association between forecast growth and price, though the data shows association, not a guaranteed outcome. So growth already forecast is being paid for today, which is exactly why converting that forecast into shipped revenue is the work ahead.

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   03 · VALUATION DRIVERS Where Forward Growth Is Faster, the Price Sits Higher Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=3; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 23% · EBITDA-margin split at n/a The Faster Half Carries the Higher Price Split at 23% forward growth, the 4 faster-growing names sit at a median of 7.8x on CY2027E revenue against 2.6x for the 3 slower names. One name has no forward growth estimate in this run, so the split rests on 7 of the 8 companies with a CY2027E revenue estimate. Qualification and Functional Safety Hold the Socket Automotive qualification, ASIL-rated design and the requalification cost of any change are what keep a socket in place once it is won. A forward revenue multiple cannot see that directly; it shows up later as programme coverage, socket retention at model refresh and content per vehicle. Design Win to Start of Production Is the Cash Test The pre-production names in this group fund development until nominated sockets convert to volume, while the scaled suppliers manage channel inventory weeks and annual price-down expectations instead. Both are timing questions, and both sit inside the same forward multiple. Position in Zonal and Domain Compute Compounds Content Content per vehicle rises fastest where a supplier sits in zonal architecture and domain controllers rather than in discrete, legacy-node parts. That positioning is qualitative in this data, but it is the operating line that decides whether a socket grows at each model refresh.

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    03 · SITUATION MAP

    Higher Price and Higher Margin Sit Together in Only One of the Four Mapped Names

    This slide maps the four names with both valuation and margin data across a grid cut at the sector median and covered margin median.

    We cut this two-by-two on the group's own medians — EV/Revenue against EBITDA margin — to see where price and profitability actually line up. Only one of the four mapped names sits in the high-price, high-margin quadrant, so premium pricing and current profitability are not the same thing in this group. That's an observation about where each name sits today, not a recommendation on any of them.

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    03 · SITUATION MAP Higher Price and Higher Margin Sit Together in Only One of the Four Mapped Names Cut on EV / Revenue vs the sector median (4.5x) (rows) and EBITDA margin vs the covered median (22%) (columns) · 4 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Profitable Above-median multiple · above-median EBITDA margin 1 names Allegro MicroSystems, Inc. (ALGM) Allegro MicroSystems, Inc. (ALGM) is the one name of the 4 mapped here sitting above the middle on both price and profitability, at a 30% EBITDA margin. Socket retention at model refresh and rising content per vehicle on platforms already won are the operating lines that keep a standing like this in place. Priced Ahead of Current Margin Above-median multiple · below-median EBITDA margin 1 names Ambarella, Inc. (AMBA) Ambarella, Inc. (AMBA) sits above the middle on price with a 9% EBITDA margin, so the price is carrying perception compute programmes ahead of today's profitability. Conversion of design wins into start of production is where that gap narrows or widens. Profitable, Priced Below the Middle Below-median multiple · above-median EBITDA margin 1 names STMicroelectronics N.V. (STM) STMicroelectronics N.V. (STM) sits below the middle on price with a 29% EBITDA margin — the profile of scaled, qualification-heavy supply working through an inventory correction. Channel inventory weeks and content per vehicle on the next platform generation are the lines to watch here. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names indie Semiconductor, Inc. (INDI) indie Semiconductor, Inc. (INDI) sits below the middle on both, at a 15% EBITDA margin. Its case rests on the design-win book converting to programme revenue, which the forward multiple currently credits only modestly.

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    03 · THE AGENDA

    The Content Work Buyers Have Agreed to Pay for Is Where the Next R&D and Capital Question Sits

    This slide frames the R&D and capital questions that follow from where each company sits in the pricing band.

    We turn the cohort data from the last few pages into the questions an owner or acquirer should actually be resolving. The content work buyers have already agreed to pay for points to where the next R&D and capital decision sits. So this is where the valuation analysis turns into an operating agenda.

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    03 · THE AGENDA The Content Work Buyers Have Agreed to Pay for Is Where the Next R&D and Capital Question Sits 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 2026-09-25; 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Push Content per Vehicle on Sockets Already Secured The cheapest growth in this sector is more ASIL-rated content on a platform that has already qualified you. Shifting the mix from discrete parts toward zonal and domain positions raises lifetime programme value without restarting the qualification clock. What changes the answer: A nomination on a high-volume platform with a named start-of-production date and defined content scope. Close the Gap Between Design Win and Start of Production Programme timing sits with the vehicle OEM, so the controllable is everything that shortens your side of the path: applications engineering depth, qualification throughput and foundry and packaging assurance for automotive-grade parts. What changes the answer: Programme slippage of more than one model year on a socket that carries a large share of forecast revenue. Fund the Ramp so Cash Does Not Run Past the Ramp Cash burn extending past start of production is the detractor this market marks down hardest in the pre-production part of the group. Matching the funding runway to the programme calendar, rather than to the forecast, is the decision that protects the price. What changes the answer: Lead-programme cash needs extending beyond the current funded runway. Decide Build Versus Buy on Perception and Connectivity Both transactions on record are strategic acquisitions of automotive content, and carve-outs of non-core product lines from larger semiconductor groups are a recurring source of supply. The question for a board is whether the capability can be qualified organically inside one programme cycle. What changes the answer: A carve-out or a development agreement that would give qualified content years earlier than an internal build.

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    SECTION 04

    04

    This divider introduces the precedent-transactions section.

    Buyers reach for automotive content through acquisition, and the disclosed-terms record here is thin. The next page walks through what buyers agreed to pay in the two announced transactions on record.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Reach for Automotive Content Through Acquisition, and the Record Is Thin What buyers agreed to pay in the two announced transactions on record. 04 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Two Announced Transactions, Both Centred on Automotive Content

    This slide walks through the two announced transactions with disclosed terms as case studies.

    We tell these as case studies because the disclosed-terms record is genuinely thin — two transactions, both strategic and both centred on automotive content. Infineon's automotive ethernet acquisition closed at $2.5B, and Intel's acquisition of Mobileye was agreed at 41.0x revenue; both are LTM-at-announcement multiples and aren't directly comparable to the CY2027E public basis. So the read here is on deal rationale, not on where public multiples should sit.

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    04 · DEAL CASE STUDIES Two Announced Transactions, Both Centred on Automotive Content 1 of 2 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 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. 7 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Mar-2017 n/a Intel Corporation acquires Mobileye N.V. EV / LTM revenue 41.0x EV / LTM EBITDA 89.5x WHY THE DEAL HAPPENED Intel Corporation moved for Mobileye N.V. in Mar-2017; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    This divider introduces the strategic-implications section.

    The next two years are about conversion, not a better story. The following page sets out what the evidence means for owners, boards and buyers of automotive-qualified silicon.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Next Two Years Are About Conversion, Not a Better Story What the evidence means for owners, boards and buyers of automotive-qualified silicon. 05 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Turning Pre-Production Programs into Shipped Revenue Is What This Market Is Pricing Today

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

    We think what this market is pricing today is the conversion of pre-production programmes into shipped revenue, not a new narrative. That reframes the operating agenda for owners, the diligence questions for boards, and the constraints buyers face on timing. So the work in front of every audience here is the same: turn what's already priced in into delivered results.

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    05 · STRATEGIC IMPLICATIONS Turning Pre-Production Programs into Shipped Revenue Is What This Market Is Pricing Today 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 2026-09-25; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Delivery on Programmes Already Won Is the Next Two Years' Work Prices on CY2027E revenue already carry a steep ramp, so the work in front of management is conversion: nominated wins reaching start of production, content per vehicle rising on platforms already secured, and channel inventory kept honest through the cycle. That is operating evidence, and it is what a buyer or an investor can underwrite. FOR BOARDS Test Where the Company Sits in the Band, and on What Evidence The top of the range is held by 2 of the 8 companies with a CY2027E revenue estimate, and the bottom of the range by 2 more. The board's question is which operating lines — socket retention, programme coverage, gross margin by product family, R&D per design win — would move the company's standing inside that band. FOR BUYERS The Credible Buyer Set Here Is Narrow and the Clock Is Long Both transactions in the record are strategic and announced, and cross-border review and foreign-investment screening shape who can credibly bid for automotive silicon. For anyone weighing an acquisition of perception or connectivity capability, the binding constraint is usually the clearance and integration timetable rather than appetite.

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    SECTION 06

    06

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

    The appendix carries the full universe behind every figure in this deck — the comparables set, the transaction detail and where each underlying disclosure lives. Use it to trace any number back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix lists all 8 rated companies with their EV/Revenue (CY2027E) multiples, grouped by valuation tier.

    We show every rated company here, shaded against the sector median, so you can see exactly which names sit above or below the 4.5x line. Each ticker links to its underlying source for anyone who wants to check the number directly. So this page is the full backup for every multiple referenced earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (4.5x); amber marks below · 8 rated companies · tickers link to the underlying source · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.9x · median 12.1x · 2 companies Aeva Technologies, Inc. AEVA Automotive-qualified analog, sensing and signal-chain… $986M 14.0x 75% n/a n/a Analog Devices, Inc. ADI Automotive-qualified analog, sensing and signal-chain… $192B 10.2x 37% n/a n/a CORE — 2.7x–6.9x · median 4.5x · 4 companies Ambarella, Inc. AMBA Automotive-qualified analog, sensing and signal-chain… $2.8B 5.8x 13% 9% 21 Allegro MicroSystems, Inc. ALGM Automotive-qualified analog, sensing and signal-chain… $6.7B 5.4x 25% 30% 48 Arbe Robotics Ltd. ARBE Automotive-qualified analog, sensing and signal-chain… $55M 3.5x n/a n/a n/a indie Semiconductor, Inc. INDI Automotive-qualified analog, sensing and signal-chain… $970M 2.7x 23% 15% 48 DISCOUNT — <2.7x · median 1.9x · 2 companies STMicroelectronics N.V. STM Automotive-qualified analog, sensing and signal-chain… $44.2B 2.6x 22% 29% 48 Valens Semiconductor Ltd. VLN Automotive-qualified analog, sensing and signal-chain… $111M 1.2x 13% n/a n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists both precedent transactions with disclosed terms, newest first.

    We list both disclosed-terms transactions here with their LTM-at-announcement multiples, and each deal value links to the underlying filing. These multiples sit on a different basis than the CY2027E public comparables, so we don't draw a spread between them. So this page is the complete transaction record referenced in the case-study section.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 2 transactions with disclosed terms in this tier (2 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. 7 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; no evidence record); figures are shown as recorded in the filing. Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2025 Infineon Technologies AG → automotive ethernet business (unit of automotive ethernet business) $2.5B n/a n/a Infineon Technologies AG's announced acquisition of the automotive ethernet business is recorded at $2.5B, with the value unit unresolved in the filing and divestiture roles reassigned in the record. It fits the buyer logic this sector shows: a broad-line supplier… Mar-2017 Intel Corporation → Mobileye N.V. n/a 41.0x 89.5x Intel Corporation's announced acquisition of Mobileye N.V. in Mar-2017 was agreed at 41.0x revenue and 89.5x EBITDA, for a perception platform already embedded with vehicle OEMs. That is a different vintage and a different basis from the CY2027E lens used here, so…

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    06 · REPORTED FIGURES AND THEIR FILINGS

    Every Reported Figure, Linked to the Filing It Was Taken From

    Every Reported Figure, Linked to the Filing It Was Taken From.

    Every Reported Figure, Linked to the Filing It Was Taken From 8 of 8 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Each figure links to the company's own filing on SEC EDGAR, and the link carries a text fragment so the browser scrolls to the number inside the document. Figures shown are as reported (not estimates); a blank cell means the platform holds no filing-sourced value for that figure. 19

    Everything on this page

    06 · REPORTED FIGURES AND THEIR FILINGS Every Reported Figure, Linked to the Filing It Was Taken From 8 of 8 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Each figure links to the company's own filing on SEC EDGAR, and the link carries a text fragment so the browser scrolls to the number inside the document. Figures shown are as reported (not estimates); a blank cell means the platform holds no filing-sourced value for that figure. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Revenue EBITDA Net income EPS (diluted) Year Form Analog Devices, Inc. (ADI) $11,020M A $2,267M A 10.09A 2025 10-K Aeva Technologies, Inc. (AEVA) $18M A $-145M A -2.17A 2025 8-K Allegro MicroSystems, Inc. (ALGM) $890M A $-15M A 0.39A 2026 10-K Ambarella, Inc. (AMBA) $391M A $27M A 0.62A 2026 8-K Arbe Robotics Ltd. (ARBE) $1M A $-46M A 2025 6-K indie Semiconductor, Inc. (INDI) $217M A $-58M A -0.08A 2025 8-K STMicroelectronics N.V. (STM) $11,837M A $167M A 0.37A 2025 20-F Valens Semiconductor Ltd. (VLN) $71M A $-32M A -0.15A 2025 6-K

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, valuation basis and data-quality treatment behind the analysis.

    We built this analysis on public market data, consensus estimates and company filings via SEC EDGAR, using EV/Revenue on CY2027E consensus as the primary basis because it's the industry-standard lens for this group. Every figure in this deck traces back to a specific filing, estimate or market price, and any multiple that failed our plausibility checks was excluded rather than plotted. So the numbers in this deck are ones you can check line by line.

    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 2026-09-25 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. Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (8 of 8 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Automotive Semiconductors and it clears the coverage gate with 8 of 8 companies (100%). P / E is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (4 of 8 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 30 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 343 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 (342) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    Prices Here Already Carry the Ramp; The Next Two Years Are About Delivery.

    This is the closing slide, restating that current prices already assume delivery over the next two years.

    Prices in this sector already carry the ramp, so the next two years are about delivery, not a better story. The companion tables alongside this deck carry the full universe and source index for any figure you want to trace further.

    Everything on this page

    Prices Here Already Carry the Ramp; The Next Two Years Are About Delivery. NeuraCap AI — Automotive Semiconductors Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automotive Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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