Construction and Engineering Sector Outlook — October 2026

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INDUSTRIALS › CAPITAL GOODS › CONSTRUCTION AND ENGINEERING

Construction and Engineering: Several Markets, One Label

What buyers are pricing across listed contractors and the product and service models around them, and what separates the top of the range from the bottom.

October 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-10-25 · primary valuation basis EV / EBITDA (CY2027E)

Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   INDUSTRIALS › CAPITAL GOODS › CONSTRUCTION AND ENGINEERING

   Construction and Engineering: Several Markets, One Label

   This is the cover page introducing the Construction and Engineering sector report, dated October 2026.

   We open with the single idea this report proves: Construction and Engineering trades under one label but prices as several distinct markets. Everything that follows — the landscape, the valuation drivers and the transaction record — builds the case for that split.

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   INDUSTRIALS › CAPITAL GOODS › CONSTRUCTION AND ENGINEERING Construction and Engineering: Several Markets, One Label What buyers are pricing across listed contractors and the product and service models around them, and what separates the top of the range from the bottom. October 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-10-25 · primary valuation basis EV / EBITDA (CY2027E) Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five sections and appendix that make up the report.

   We walk through the report in five sections, starting with the bottom line so a client who reads only one page still gets the full argument. From there we move to the market landscape, public valuation, precedent transactions and strategic implications, each building on the last. This structure lets us move fast with a client who wants the headline, or slow down wherever the detail matters most to them.

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   CONTENTS What This Report Covers 01 The Bottom Line This Sector Does Not Trade as One Market 02 The Landscape Most of the Names Build; The Rest Supply the Builders 03 Valuation & Situations The Range Is Wide Enough to Be Worth Positioning Against 04 Precedent Transactions What Buyers Agreed to Pay for over the Last Three Years 05 Strategic Implications Where to Spend Management Time Next 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Construction and Engineering Splits into Three Markets: Design-Build, Adjacent Models and Oilfield Services

   This page summarizes the report's core finding that the sector splits into three pricing markets.

   We size the spread first: of the 24 companies in this set, 16 carry a forward EV/EBITDA estimate, and that rated group runs from 14.0x at the top tier to 4.1x at the bottom tier around an 8.1x median. That gap is the reason we treat this as three markets rather than one. The pages that follow show where each tier sits and why, using CY2027E consensus estimates.

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   01 · THE BOTTOM LINE Construction and Engineering Splits into Three Markets: Design-Build, Adjacent Models and Oilfield Services The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 24 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top and the Bottom of This Market Are Far Apart Of the 24 companies here, 16 carry a forward estimate on CY2027E EBITDA. The top tier of those sits at 14.0x and the bottom tier at 4.1x, with the middle of the set at 8.1x — too wide a span to read as a single market. 2 Faster Growth on Its Own Is Not Where the Premium Sits Split the 16 companies with a forward estimate at 18% revenue growth and the 8 faster names sit at 7.9x against 8.2x for the 8 slower ones. On this evidence the headline growth rate does not separate the field. 3 The Contractors Hold the Volume and Supply the Top of the Range Integrated design-build and program delivery is 62% of the names here and prices at 7.7x in the middle, yet Comfort Systems USA, Inc. (FIX) and EMCOR Group, Inc. (EME) sit in the top tier. Inside one label, the names at the top are the mechanical and electrical trades with deep self-perform craft and recurring master service agreement work. 4 Strategic Consolidators Set the Tone of the Transaction Record Across the 9 transactions shown here, QXO, Inc.'s completed purchase of Kodiak Building Partners Inc. was recorded at 10.7x and the announced NXP Semiconductors N.V. offer for Team, Inc. at 16.7x, while others were recorded well below that. Several buyers appear more than once in the record, a pattern consistent with platforms adding trades, geographies and crews. 8.1x Sector median EV/EBITDA CY2027E consensus · 16 rated of 24 companies 14.0x Premium end EV/EBITDA vs 4.1x at the discount end top quartile (n=3) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 26 Transactions with disclosed terms 101 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market map section covering where company volume and pricing sit by segment.

   We now turn to where the volume actually sits across the 24 companies, and which segment commands the higher middle of the range. Keep this frame in mind as we move into the segment detail.

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   SECTION 02 02 THE LANDSCAPE Most of the Names Build; The Rest Supply the Builders Where the volume sits, and where the higher middle sits. 02 of 06 Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most of the Names Build; The Suppliers Around Them Price Higher in the Middle

   This page groups the 24 approved companies by business segment and shows median EV/EBITDA for each group.

   Grouping the universe by segment shows most names cluster in design-build and program delivery, while the product and service suppliers around them price higher in the middle. This tells us the headline sector label is hiding real structural differences in how the market prices these businesses. We use this grouping as the foundation for every valuation page that follows.

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   02 · MARKET MAP Most of the Names Build; The Suppliers Around Them Price Higher in the Middle 24 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 5 INTEGRATED DESIGN-BUILD AND PROGRAM DELIVERY 15 cos median 7.7x Comfort Systems (FIX) EMCOR Group (EME) Jacobs Solutions (J) MasTec (MTZ) Dycom Industries (DY) IES Holdings (IESC) Construction (ROAD) Granite (GVA) Everus (ECG) Primoris Services (PRIM) Tutor Perini (TPC) Cardinal (CDNL) Concrete Pumping (BBCP) INNOVATE (VATE) Phoenix Asia (PHOE) The contracting core — 15 of the 24 names, and the group the top-tier names come out of. ADJACENT: OILFIELD AND WELLSITE SERVICES 2 cos median 3.0x North American (NOA) ProPetro Holding (PUMP) Two fleet-led names whose demand follows the oil and gas capital cycle, sitting at the bottom of the range. ADJACENT MODELS 7 cos median 9.9x Caterpillar (CAT) Core & Main (CNM) Koppers Holdings (KOP) NPK International (NPKI) Consolidated (CWCO) Perma-Pipe (PPIH) SuperX AI (SUPX) Machinery, distribution, materials, coatings and water names that sell to builders rather than bid the work, with repeat replacement demand.

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   02 · LANDSCAPE

   The Builders Hold the Volume; The Suppliers Hold the Higher Middle

   This page contrasts the builders, who hold most of the volume, against suppliers, who hold the higher median pricing.

   The builders carry the headcount and the backlog, but the suppliers around them are the ones holding the higher median multiple in this set. For a client benchmarking against this sector, that's the first signal that segment matters more than scale. Full company-level detail sits in the appendix if a client wants to check any single name.

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   02 · LANDSCAPE The Builders Hold the Volume; The Suppliers Hold the Higher Middle Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Integrated design-build and program delivery 15 63% 7.7x Comfort Systems USA, Inc. (FIX) · EMCOR Group, Inc. (EME) · +13 more The core of the sector. 15 of the names here deliver projects and programs for owners, from mechanical and electrical trades to heavy civil, and 9 of them carry a forward estimate. The group prices at 7.7x in the middle with a wide spread inside it; the names at the upper end are the trades with deep self-perform craft and recurring owner work. Adjacent: oilfield and wellsite services 2 8% 3.0x North American Construction Group Ltd. (NOA) · ProPetro Holding Corp. (PUMP) Two names, cyclical demand. North American Construction Group Ltd. (NOA) and ProPetro Holding Corp. (PUMP) are 8% of the set and price at 3.0x in the middle. Fleet-led earnings and commodity-linked demand sit behind that; on two names, treat it as a marker rather than a conclusion. Adjacent models 7 29% 9.9x Caterpillar Inc. (CAT) · Core & Main, Inc. (CNM) · +5 more They supply the builders. 7 names — machinery, distribution, materials, coatings and water — make up 29% of the set and price at 9.9x in the middle, the highest of the three groups. Repeat replacement demand and installed-base revenue are the common thread; they do not bid work, so read them as a reference point for how product-like revenue is priced.

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   SECTION 03

   03

   This divider introduces the valuation section covering the EV/EBITDA range across rated companies.

   From segment structure we move to the actual valuation range — a forward profit multiple ranked from the top of the set to the bottom. The spread is wide enough that where a company sits is worth positioning against, and that's what the next several pages unpack.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Is Wide Enough to Be Worth Positioning Against A forward profit multiple, ranked from the top of the range to the bottom. 03 of 06 Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Upper End Is Held by Recurring-Work Contractors, the Lower End by Fleet-Led Models

   This page ranks all 16 rated companies by EV/EBITDA (CY2027E) from highest to lowest against the 8.1x sector median.

   Ranking the full rated set shows recurring-work contractors holding the top of the range while fleet-led models sit at the bottom, with the sector median at 8.1x in between. This ranking is the backbone for everything we say about tiers and situations later in the deck. It gives a client a single page to see exactly where any comparable company sits today.

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   03 · PUBLIC MARKET VALUATION The Upper End Is Held by Recurring-Work Contractors, the Lower End by Fleet-Led Models EV / EBITDA (CY2027E) · all 16 rated companies, sorted descending · sector median 8.1x · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 24 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.0x CORE · median 8.4x DISCOUNT · median 4.1x Sector median 8.1x WHAT SEPARATES THE TWO ENDS The top end holds three names. Of the 24 companies on this page, 16 carry a forward estimate; 3 of them clear the top tier bar and that tier sits at 14.0x in the middle. A CY2027E multiple already credits forecast growth, so a premium that survives the forward lens points to earnings the market expects to repeat rather than to one good year. The bottom end is fleet-led. The 4 names at the lower end sit at 4.1x in the middle, and the group includes both oilfield and wellsite services names. Where fleet replacement is a permanent claim on EBITDA, buyers underwrite the number after maintenance capital expenditure, and the headline multiple compresses accordingly. Delivery model shows in the price. Across this set the upper end is weighted to negotiated, master service agreement and alternative-delivery work with self-perform craft behind it. The lower end carries more hard-bid, lump-sum and single-end-market exposure, where schedule risk and estimate revisions sit with the contractor.

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   03 · VALUATION DRIVERS

   Growth Above the Middle Has Not Carried a Higher Price in This Set

   This page compares median EV/EBITDA across revenue-growth and EBITDA-margin cohorts split at their covered medians.

   Splitting the rated names at the 18% growth median, the faster half prices at 7.9x and the slower half at 8.2x — growth above the middle has not carried a higher price in this set. We read this as an association in the data rather than a causal claim. It reframes what a client should expect the market to actually reward here.

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   03 · VALUATION DRIVERS Growth Above the Middle Has Not Carried a Higher Price in This Set 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 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=8; slower n=8; higher-margin n=8; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 18% · EBITDA-margin split at 13% The Faster Half and the Slower Half Price Within a Hair of Each Other Split the 16 companies with a forward estimate at 18% revenue growth and the 8 faster names sit at 7.9x against 8.2x for the 8 slower ones. Growth is table stakes here; the differences between companies are showing up somewhere other than the top line. The Highest Reported Margin in the Set Prices Near the Middle NPK International Inc. (NPKI) reports a 31% margin and sits at 8.6x, while Tutor Perini Corporation (TPC) reports 7% and sits at 7.1x. Reported margin and price move together loosely at best here, which is unsurprising where percentage-of-completion estimates sit behind the margin line. Fleet-Led Earnings and Labour-Led Earnings Are Priced Differently The two oilfield and wellsite services names report margins of 26% and 16% yet sit at the bottom of the range. Buyers in this sector read EBITDA after maintenance capital expenditure, and an equipment-led earnings base tends to be priced more cautiously than a labour-led one. A Growth Spike on Its Own Has Not Been Enough Cardinal Infrastructure Group Inc. (CDNL) posts 95% revenue growth and sits at 5.1x. Where growth arrives through one or two large awards, buyers look to backlog conversion and estimate-at-completion history before they credit it.

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    03 · SITUATION MAP

    The Premium Sits at the Top of the Range, While a Group of Growing Names Trades Below It

    This page maps companies on EV/EBITDA against revenue growth, both cut at their sector medians, to describe situations rather than recommendations.

    Cutting the set on multiple and on growth produces four situations, and the premium sits at the top of the range while a distinct group of growing names trades below it. We present this as a description of where companies sit today, not a buy or sell call on any one of them. It's a useful page for a client trying to locate their own position, or a target's, inside the broader set.

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    03 · SITUATION MAP The Premium Sits at the Top of the Range, While a Group of Growing Names Trades Below It Cut on EV / EBITDA vs the sector median (8.1x) (rows) and revenue growth vs the covered median (18%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 10 Priced for Delivery Above-median multiple · above-median revenue growth 4 names Comfort Systems USA, Inc. (FIX) · EMCOR Group, Inc. (EME) · MasTec, Inc. (MTZ) · +1 more Comfort Systems USA, Inc. (FIX), EMCOR Group, Inc. (EME), MasTec, Inc. (MTZ) and Everus Construction Group, Inc. (ECG) price above 8.1x while growing above the covered middle. The work here is backlog conversion: the price assumes awards turn into revenue on the schedule in the plan. Paid for Repeat Demand Above-median multiple · below-median revenue growth 4 names Caterpillar Inc. (CAT) · Core & Main, Inc. (CNM) · NPK International Inc. (NPKI) · +1 more Caterpillar Inc. (CAT), Core & Main, Inc. (CNM), NPK International Inc. (NPKI) and Consolidated Water Co. Ltd. (CWCO) hold above-middle pricing on below-middle growth. These are machinery, distribution, materials and water models where repeat and replacement demand carries more weight than this year's top line. Growth Not yet in the Price Below-median multiple · above-median revenue growth 4 names Dycom Industries, Inc. (DY) · Granite Construction Incorporated (GVA) · Cardinal Infrastructure Group Inc. (CDNL) · +1 more Dycom Industries, Inc. (DY), Granite Construction Incorporated (GVA), Cardinal Infrastructure Group Inc. (CDNL) and North American Construction Group Ltd. (NOA) are growing above the covered middle at below-middle prices. Evidence that the growth repeats — recurring master service agreement work, negotiated scope, a clean estimate-at-completion history — is what this position is being asked for. Below the Middle on Both Below-median multiple · below-median revenue growth 4 names Primoris Services Corporation (PRIM) · Tutor Perini Corporation (TPC) · Koppers Holdings Inc. (KOP) · +1 more Primoris Services Corporation (PRIM), Tutor Perini Corporation (TPC), Koppers Holdings Inc. (KOP) and ProPetro Holding Corp. (PUMP) sit below the middle on both measures. Mix is the lever: the share of negotiated, reimbursable and master service agreement work set against lump-sum schedule exposure.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Bars Has Not Come with a Higher Price Here

    This page plots the 16 rated companies on revenue growth against EBITDA margin, with median EV/EBITDA shown by quadrant.

    Even companies that clear both the growth and margin bars have not priced higher here than the rest of the set. That's a notable pattern for any client assuming that hitting both metrics guarantees a premium multiple. We show the quadrant medians plainly so a client can see exactly which combination, if any, the market is actually paying for.

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    03 · GROWTH VS PROFITABILITY Clearing Both Bars Has Not Come with a Higher Price Here Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 16 companies with both estimates · cuts at the covered medians (18% growth, 13% margin) · median EV/EBITDA per quadrant · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=4; margin-only n=4; growth-only n=4; neither n=4). CDNL plotted at the chart edge. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 80% 10% 20% 30% MARGIN ONLY median 9.3x BALANCED median 6.3x NEITHER median 7.4x GROWTH ONLY median 9.3x PRIM CWCO PUMP CNM KOP TPC NPKI CAT NOA EME GVA ECG MTZ DY FIX CDNL x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The grid sorts the 16 companies with a forward estimate by revenue growth and margin, with 4 names in each cell. The 4 clearing both bars — North American Construction Group Ltd. (NOA), Dycom Industries, Inc. (DY), Comfort Systems USA, Inc. (FIX) and Cardinal Infrastructure Group Inc. (CDNL) — sit at 6.3x, against 9.3x for those clearing one bar and 7.4x for those clearing neither. On 4 names a cell, read this as direction rather than proof. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 16 names clear it (FIX, NPKI, DY, CDNL, NOA).

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    03 · THE AGENDA

    What Buyers Pay Tracks the Kind of Earnings Base a Company Has Built

    This page frames the questions an owner or acquirer should resolve based on what the data shows about earnings quality.

    What buyers pay here tracks the kind of earnings base a company has built — recurring, self-performed and contracted work reads differently to the market than one-off, fleet-dependent earnings. We frame this as the agenda a management team or acquirer should work through, grounded in the cohort data from the prior pages. It sets up the strategic implications we cover later in the report.

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    03 · THE AGENDA What Buyers Pay Tracks the Kind of Earnings Base a Company Has Built 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 2026-10-25; 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 12 Shift the Book Toward Negotiated and Recurring Work The names at the upper end of this set carry more negotiated, master service agreement and alternative-delivery scope. Work the bid/no-bid governance and the owner list so that a larger share of next year's revenue comes from repeat owners rather than open hard bids. What changes the answer: Book-to-bill tilting back toward fixed-price scope with uncapped schedule risk. Buy or Build the Craft You Cannot Hire Quickly Self-perform depth in constrained trades is what lets a contractor take larger single jobs and hold margin per direct labour hour. The small transactions in this record — $40M and below — are mostly crews, licences and prequalification being bought rather than earnings. What changes the answer: Crew availability, not demand, becoming the limit on what you can bid. Decide How Much of the Earnings Base Sits in Fleet The fleet-led names in this set sit at the lower end of the range while reporting solid margins. Owning, leasing or carving out the equipment base changes how much of EBITDA is a permanent claim and how a buyer would underwrite the after-fleet number. What changes the answer: Maintenance capital expenditure taking a rising share of EBITDA year over year. Test Build Against Buy for Geography and Licences Regional platforms in this record have added trades and territories through bolt-ons rather than organic entry, because licensing, bonding headroom and owner prequalification transfer imperfectly. Price the organic path against a bolt-on before committing crews to a new market. What changes the answer: A target market where prequalification or licensing would take more than a bid cycle to earn.

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    SECTION 04

    04

    This divider introduces the precedent transactions section covering deals from the last three years.

    We now move from what the public market pays to what buyers have actually agreed to pay in real transactions — the deals, the geographies and the craft headcount behind them. Strategic consolidators are the dominant buyer type in this record, which the next pages lay out in full.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for over the Last Three Years Trades, geography and craft headcount, bought mostly by strategic consolidators. 04 of 06 Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Strategic Consolidators Are the Repeat Buyers in This Transaction Record

    This page profiles 3 of the 26 disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    Strategic consolidators are the repeat buyers in this transaction record, and the three case studies here — including QXO, Inc.'s completed purchase of Kodiak Building Partners Inc. at 10.7x — show the range of multiples buyers have paid for trades, geography and crews. These deal multiples sit on an LTM-at-announcement basis and are not directly comparable to the CY2027E public multiples shown earlier, so we don't draw a spread between them. The complete 26-transaction list is in the appendix for any client who wants the full record.

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    04 · DEAL CASE STUDIES Strategic Consolidators Are the Repeat Buyers in This Transaction Record 3 of 26 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 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 75 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2025 $137M North American Construction Group Ltd. North American Construction Group Ltd. buys deeper into mining support with Iron Mine Contracting… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer runs fleet-led earthworks and mining-support contracting, and the target does the same kind of work, so the transaction suggests a push for more owner relationships and crew capacity in a market the buyer already serves. It reads as capability and volume added to an existing platform rather than entry into a new model. HOW THE TARGET WAS VALUED The transaction was recorded at $137M, the largest of the three disclosed dollar values on this page. With a fleet-led buyer and a fleet-led target, the price suggests an earnings base underwritten after equipment replacement rather than on headline EBITDA. Oct-2025 $40M Cardinal Infrastructure Group Inc. Cardinal Infrastructure Group Inc. adds Red Clay Industries, Inc. in a completed bolt-on. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A fast-growing infrastructure services platform buying a smaller contractor points to added trades, crews and local prequalification rather than scale for its own sake. For a platform growing this quickly, acquired capability is one way to convert awards into self-perform hours. HOW THE TARGET WAS VALUED The transaction was recorded at $40M. At that size pricing is customarily framed off adjusted EBITDA with the working capital peg negotiated around retainage and the over- and underbillings position, so the headline figure describes only part of what moved. Jul-2023 $5M Limbach Holdings, Inc. Limbach Holdings, Inc. picks up ACME Industrial Piping, LLC to deepen self-perform piping. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A mechanical services platform acquiring an industrial piping specialist points to craft capability and licences it would otherwise have to hire or subcontract. The fit is scope the buyer already sells and can now self-perform. HOW THE TARGET WAS VALUED The transaction was recorded at $5M, the smallest disclosed value among the transactions shown here. At this size buyers are pricing crews, licences and owner relationships rather than a standalone earnings stream.

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    SECTION 05

    05

    This divider introduces the strategic implications section covering where to focus management attention next.

    With the landscape, the valuation range and the transaction record established, we turn to what this means for management time over the next twelve months — work mix, craft capacity and the earnings base behind the multiple.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where to Spend Management Time Next Work mix, craft capacity and the earnings base behind the multiple. 05 of 06 Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Across the Range, the Higher Valuations Sit Alongside Revenue Quality, Mix and Retention

    This page lays out NeuraCap's view on the questions this data raises for owners, management teams, boards and acquirers.

    Across the range, the higher valuations in this set sit alongside revenue quality, work mix and customer retention rather than growth alone. We've framed this as a set of questions for the next twelve months, not a prescription, because the data points to association rather than a guaranteed formula. This is where the report's findings turn into something a client can act on directly.

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    05 · STRATEGIC IMPLICATIONS Across the Range, the Higher Valuations Sit Alongside Revenue Quality, Mix and Retention 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 2026-10-25; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Repeatability Shows up in the Price More Clearly than Growth Does Across the 16 companies with a forward estimate, the faster and slower halves price within a fraction of each other. The pages behind this one point to work mix, self-perform depth and backlog conversion as the levers that sit under the spread. FOR MANAGEMENT TEAMS Craft Capacity and Prefabrication Carry the Operating Story Shop-loaded hours, apprentice pipeline and self-perform share determine what scope you can take without subcontracting away the margin. These are the operating moves that make a growth rate look repeatable to an outside reader. FOR BOARDS Capital Allocation Between Fleet and Craft Is a Pricing Decision The oilfield and wellsite services names in this set report healthy margins and still sit at the bottom of the range. Where the earnings base is equipment, the after-fleet number is what gets underwritten, so the fleet-versus-craft split deserves board time.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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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 Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

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

    This page lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, for the first half of the rated universe.

    Here we lay out all 16 rated companies against the 8.1x sector median, with tickers linking through to the underlying source for any client who wants to check a figure directly. The 8 companies without an eligible multiple are listed in the companion workbook rather than omitted from the record. This page is the reference point for every ranking and tier claim made earlier in the deck.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.1x); amber marks below · 16 rated companies; 8 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. All 16 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.3x · median 14.0x · 3 companies Caterpillar Inc. CAT Adjacent: earthmoving and machinery OEMs $355B 16.6x 18% 22% 35 Comfort Systems USA, Inc. FIX Integrated design-build and program delivery $40.2B 14.0x 43% 18% 38 EMCOR Group, Inc. EME Integrated design-build and program delivery $28.4B 11.6x 20% 11% 22 CORE — 6.9x–10.3x · median 8.4x · 9 companies Everus Construction Group, Inc. ECG Integrated design-build and program delivery $4.9B 10.3x 24% 9% 21 Core & Main, Inc. CNM Adjacent: waterworks and utility products distribution… $10.5B 10.3x 2% 12% 17 Consolidated Water Co. Ltd. CWCO Adjacent: regulated water utilities $326M 9.9x -3% 17% 65 NPK International Inc. NPKI Adjacent: construction materials supply $933M 8.6x 15% 31% 41 MasTec, Inc. MTZ Integrated design-build and program delivery $16.4B 8.4x 27% 9% 28 Primoris Services Corporation PRIM Integrated design-build and program delivery $4.1B 7.7x -4% 4% 18 Dycom Industries, Inc. DY Integrated design-build and program delivery $9.2B 7.5x 39% 14% 27 Tutor Perini Corporation TPC Integrated design-build and program delivery $3.8B 7.1x 15% 7% 20 Granite Construction Incorporated GVA Integrated design-build and program delivery $5.8B 7.1x 22% 13% 23 DISCOUNT — <6.9x · median 4.1x · 4 companies Koppers Holdings Inc. KOP Adjacent: construction chemicals and coatings $1.8B 6.6x 3% 13% 17 Cardinal Infrastructure Group Inc. CDNL Integrated design-build and program delivery $966M 5.1x 95% 16% 36

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

    This page continues the public comparables table on EV/EBITDA (CY2027E), grouped by valuation tier, for the remainder of the rated universe.

    This continues the same comparables table, completing the view across all 16 rated companies and the 8 names without an eligible multiple. Every row here traces back to the same sourcing as the first page, so a client can move between the two without losing context.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.1x); amber marks below · 16 rated companies; 8 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. All 16 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <6.9x · median 4.1x · 4 companies ProPetro Holding Corp. PUMP Adjacent: oilfield and wellsite services $924M 3.1x -3% 16% 39 North American Construction Group Ltd. NOA Adjacent: oilfield and wellsite services $932M 3.0x 19% 26% 35

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, for the first half of the disclosed-terms set.

    Of 101 recorded transactions, 26 carry disclosed terms, and this page lists the newest of those with deal values linking to the underlying filing. Multiples here are on an LTM-at-announcement basis and sit apart from the CY2027E public multiples used elsewhere in the deck. Transactions without a disclosed value or multiple are kept in the companion workbook rather than shown here.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (101 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 75 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 26 transactions shown; the rest are in the companion workbook. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 QXO, Inc. → Kodiak Building Partners Inc. n/a n/a 10.7x QXO, Inc. completed its purchase of Kodiak Building Partners Inc. in Feb-2026, recorded at 10.7x. Deal value is shown as recorded in the filing with the unit unresolved, so the multiple is the more useful read. Dec-2025 North American Construction Group Ltd. → Iron Mine Contracting (IMC) $137M n/a n/a North American Construction Group Ltd. completed the purchase of Iron Mine Contracting (IMC) in Dec-2025 for $137M. The buyer sits at the lower end of the listed set, which makes this a fleet-led operator buying more of the same kind of work. Nov-2025 Gulf Island Fabrication, Inc. → Primoris Services Corporation n/a n/a 3.0x Gulf Island Fabrication, Inc.'s proposed combination with Primoris Services Corporation, recorded Nov-2025, is marked terminated. It carries the same recorded EBITDA multiple as the buyer's Arcosa, Inc. transaction in the same month. Nov-2025 Gulf Island Fabrication, Inc. → Arcosa, Inc. n/a n/a 3.0x Gulf Island Fabrication, Inc. completed a transaction with Arcosa, Inc. in Nov-2025, recorded at 3.0x. Deal value is shown as recorded in the filing with the unit unresolved. Nov-2025 NXP Semiconductors N.V. → Team, Inc. n/a 3.4x 16.7x The announced NXP Semiconductors N.V. acquisition of Team, Inc. in Nov-2025 was recorded at 16.7x EBITDA and 3.4x revenue. Industrial inspection and maintenance work with repeat owner relationships was priced closer to a services asset than to a project contractor. Oct-2025 Cardinal Infrastructure Group Inc. → Red Clay Industries, Inc. $40M n/a n/a Cardinal Infrastructure Group Inc. completed the acquisition of Red Clay Industries, Inc. in Oct-2025 for $40M. Transactions at this size are how regional platforms add trades, crews and geography without a broad auction. Jul-2025 TopBuild Corp. → PR Midco LLC n/a 9.1x 9.1x TopBuild Corp.'s announced purchase of PR Midco LLC in Jul-2025 was recorded at 9.1x. That sits near the middle of what the listed set is priced at, for an installed-products model rather than a bid-work model. Aug-2024 PDC Energy, Inc. → Terminal Maintenance and Construction n/a n/a 2.3x The announced PDC Energy, Inc. acquisition of Terminal Maintenance and Construction in Aug-2024 was recorded at 2.3x. Maintenance and construction scope tied to a single end market has been recorded at the low end of this transaction record. Jul-2023 Limbach Holdings, Inc. → ACME Industrial Piping, LLC $5M n/a n/a Limbach Holdings, Inc. completed its purchase of ACME Industrial Piping, LLC in Jul-2023 for $5M. At this size a buyer is acquiring craft headcount, licences and an owner list in a defined geography.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    This completes the disclosed-terms transaction list, covering 18 of the 26 transactions shown directly, with the rest available in the companion workbook. As with the first page, these multiples are not directly comparable to the public market basis used in the valuation section.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (101 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; company disclosures via SEC EDGAR where linked. 96 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 75 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 26 transactions shown; the rest are in the companion workbook. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2023 Energy Solutions → Williams Industrial Services Group n/a 0.2x n/a Jul-2022 Arcadis N.V. → IBI Group Inc. n/a n/a 7.8x Value shown as recorded in the filing; deal value unit unresolved. Jun-2022 Primoris Services Corporation → PLH Group, Inc. n/a n/a 7.1x Value shown as recorded in the filing; deal value unit unresolved. May-2022 Legato Merger Corp. II → Southland Holdings, LLC n/a n/a 6.2x Value shown as recorded in the filing; deal value unit unresolved. Jul-2019 Advanced Drainage Systems, Inc. → Infiltrator Water Technologies, LLC n/a n/a 10.7x Apr-2019 Jacobs Engineering Group, Inc. → The KeyW Holding Corporation n/a n/a 22.6x Sep-2018 Limbach Holdings, Inc. → Dunbar Mechanical $20M n/a n/a Jul-2018 MYR Group Inc. → Huen Electric, Inc. (and affiliates) n/a 0.3x n/a Apr-2018 TopBuild Corp. → United Subcontractors, Inc. n/a 10.2x 10.2x

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    06 · REPORTED FIGURES AND THEIR FILINGS (1 OF 2)

    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 23 of 24 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. 22

    Everything on this page

    06 · REPORTED FIGURES AND THEIR FILINGS (1 OF 2) Every Reported Figure, Linked to the Filing It Was Taken From 23 of 24 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 22 Company Revenue EBITDA Net income EPS (diluted) Year Form Concrete Pumping Holdings, Inc. (BBCP) $393M A $6M A 0.09A 2025 8-K Caterpillar Inc. (CAT) $67,589M A $8,873M A 21.90A 2025 10-K Cardinal Infrastructure Group Inc. (CDNL) $164M A $34M A 2025 8-K/A Core & Main, Inc. (CNM) $7,647M A $441M A 0.34A 2026 10-K Consolidated Water Co. Ltd. (CWCO) $132M A $19M A 0.24A 2025 8-K Dycom Industries, Inc. (DY) $5,546M A $281M A 5.14A 2026 10-K Everus Construction Group, Inc. (ECG) $3,746M A $202M A 2025 8-K EMCOR Group, Inc. (EME) $16,986M A $1,168M A 25.87A 2025 8-K Comfort Systems USA, Inc. (FIX) $9,102M A $29M A 1,454.60A 2025 8-K Granite Construction Incorporated (GVA) $4,424M A $193M A -0.21A 2025 8-K IES Holdings, Inc. (IESC) $871M A $75M A 3.71A 2025 8-K Jacobs Solutions Inc. (J) $12,030M A $290M A 7.20A 2025 10-K

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    06 · REPORTED FIGURES AND THEIR FILINGS (2 OF 2)

    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 23 of 24 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. 23

    Everything on this page

    06 · REPORTED FIGURES AND THEIR FILINGS (2 OF 2) Every Reported Figure, Linked to the Filing It Was Taken From 23 of 24 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-10-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-10-25; 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 23 Company Revenue EBITDA Net income EPS (diluted) Year Form Koppers Holdings Inc. (KOP) $1,879M A $83M A 4.07A 2025 10-K MasTec, Inc. (MTZ) $14,299M A $399M A -0.13A 2025 10-K North American Construction Group Ltd. (NOA) $801M A $-20M A 0.36A 2022 6-K NPK International Inc. (NPKI) $277M A $36M A 2025 8-K Phoenix Asia Holdings Limited Ordinary Shares (PHOE) $7M A $1M A 2025 20-F Perma-Pipe International Holdings, Inc. (PPIH) $211M A $21M A 2026 8-K Primoris Services Corporation (PRIM) $7,575M A $275M A 5.62A 2025 8-K ProPetro Holding Corp. (PUMP) $1,300M A $1M A 0.15A 2025 8-K Construction Partners, Inc. (ROAD) $1,381M A $31M A 0.47A 2025 8-K Tutor Perini Corporation (TPC) $5,543M A $229M A 0.30A 2025 8-K INNOVATE Corp. (VATE) $1,246M A $-61M A -0.13A 2025 10-K

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

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

    This page sets out how the report was built: the valuation basis, what was excluded and where every underlying disclosure lives. We treat this as the reference a client returns to when checking how a specific figure was derived. Transparency here is what lets every other page in this deck stand on its own.

    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 2026-10-25 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. Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice 24 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 24 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 Construction and Engineering and it clears the coverage gate with 16 of 24 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 16 of the 16 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 7 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 1254 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 (1253) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Top of the Range Is Held by Contractors Growing Above the Middle.

    This closing page restates the report's finding that the top of the range is held by contractors growing above the middle.

    In this set, the top of the range is held by contractors growing above the middle — the clearest single read from everything we've shown. The companion tables alongside this deck carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    In This Set, the Top of the Range Is Held by Contractors Growing Above the Middle. NeuraCap AI — Construction and Engineering Coverage October 2026 · Prepared by NeuraCap AI · Confidential Construction and Engineering Coverage | October 2026 | Confidential | Not investment advice Sources & methodology 25

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