Electrical Equipment and Components Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 22

←→Full screen

INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS

Electrical Equipment: Visible Earnings Are Associated with Higher Valuations

How the forward profit multiple splits across gear and distribution equipment, solar-linked hardware and engineered fittings, and what the transaction record shows about what buyers agreed to pay.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 22 · INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

   INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS

   This is the cover page for NeuraCap's September 2026 sector outlook on Electrical Equipment and Components.

   We open with this sector's core finding: earnings that are visible and durable are associated with higher valuation multiples across this set. The pages that follow unpack how that split shows up across gear and distribution equipment, solar-linked hardware and engineered fittings.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS Electrical Equipment: Visible Earnings Are Associated with Higher Valuations How the forward profit multiple splits across gear and distribution equipment, solar-linked hardware and engineered fittings, and what the transaction record shows about what buyers agreed to pay. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

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

   We've built this report so the bottom line comes first — a reader who stops after section one still has the whole story. The sections that follow walk through the market landscape, public valuation, precedent transactions and the strategic questions this data raises.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line Code-Driven Gear Sits at the Upper End of This Sector; Project-Linked Hardware Sits Below It 02 The Landscape Gear and Distribution Equipment Carries Half the Set; Three Other Models Sit Beside It 03 Valuation & Situations Where a Company Sits in the Range Matters More than the Sector Average 04 Precedent Transactions What Buyers Agreed to Pay in Electrical Hardware, and on What Basis 05 Strategic Implications The Range Is Wide, and Where a Company Sits in It Is an Operating Question 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Electrical Equipment and Components Is Three Markets: Code-Driven Gear, Solar-Linked Hardware and Engineered Fittings

   This page summarizes the report's central finding: the sector splits into three pricing groups tied to different demand types.

   We find the middle of the CY2027E EV/EBITDA range across the 10 rated companies sits at 14.7x, with code-driven gear and distribution equipment — 53% of the set — pricing above that middle at 18.2x. The premium end of the range sits at 21.2x while the discount end sits at 9.0x, a gap that lines up with how demand arrives: replacement and specification pull versus award and interconnection timing. So the headline for any name in this set is less about the sector average and more about which of these three demand clocks it runs on.

   Everything on this page

   01 · THE BOTTOM LINE Electrical Equipment and Components Is Three Markets: Code-Driven Gear, Solar-Linked Hardware and Engineered Fittings The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 15 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Middle of the Range Is a Starting Point, Not an Answer Of the 15 companies in the set, 10 carry a forward estimate, and the middle of the range on CY2027E EV / EBITDA is 14.7x. A forward multiple already gives credit for the growth in analysts' models, so a premium that survives it points to earnings the market expects to hold. 2 Code-Driven Gear Carries Half the Set, and It Prices Above the Sector Middle Switchgear and electrical distribution equipment is 8 of the 15 names, 53% of the set, and sits at 18.2x on CY2027E EV / EBITDA. Demand there is associated with code adoption, failure-driven replacement and grid and data centre load, with less reliance on a single project award. 3 The Top of the Range and the Bottom Are Priced Like Different Industries The 3 names at the premium end sit at 21.2x on CY2027E EV / EBITDA; the 3 names at the discount end sit at 9.0x. That gap sits alongside a difference in how demand arrives — replacement and specification pull on one side, award and interconnection timing on the other. 4 A Fast Growth Rate on Its Own Does Not Line up with the Upper End On the 10 names with a forward estimate, the 5 above 22% revenue growth sit at 15.3x and the 5 below sit at 14.0x — a narrow gap. The wider spread sits with segment and with where the earnings come from: installed base, specification position and aftermarket attach rather than award timing. 14.7x Sector median EV/EBITDA CY2027E consensus · 10 rated of 15 companies 21.2x Premium end EV/EBITDA vs 9.0x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 22 Transactions with disclosed terms 75 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   This divider introduces the market-map section covering four business models within the sector.

   We now turn to how this sector actually splits: one label covering four business models, each running on its own demand clock.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE Gear and Distribution Equipment Carries Half the Set; Three Other Models Sit Beside It Four groups under one sector label, with different demand clocks behind them. 02 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Over Half the Set Builds Gear and Distribution Equipment; The Rest Splits Three Ways

   This page groups the 15 approved companies by business segment and shows the median valuation for each group.

   Across the 15 companies in the set, 53% build gear and distribution equipment, with the remaining names split across three other segments. Group medians are read on rated names only, and the gear and distribution group's median sits above the covered figures for the other segments. So the segment a company sits in tells us as much about its multiple as any single financial metric does.

   Everything on this page

   02 · MARKET MAP Over Half the Set Builds Gear and Distribution Equipment; The Rest Splits Three Ways 15 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SWITCHGEAR AND ELECTRICAL DISTRIBUTION EQUIPMENT 8 cos median 18.2x ETN VRT NVT AYI ATKR PLPC LYTS RFIL The code- and replacement-driven core of the sector: 8 of the 15 names selling gear and controls through the distributor and contractor channel. SOLAR POWER ELECTRONICS AND BALANCE-OF-SYSTEM 3 cos median 9.0x SEDG SHLS ARRY Project-linked hardware — module-level power electronics, torque tube and tracker row, electrical balance of system — where award and interconnection timing govern the revenue line. ELECTRICAL FITTINGS AND INSTALLATION HARDWARE 2 cos median 14.7x APH BELFA Engineered connection content, valued on design wins, content per unit and program life rather than on one construction cycle. ADJACENT MODELS 2 cos no rated names TEL CLFD TE Connectivity plc (TEL) and Clearfield, Inc. (CLFD) sell into overlapping channels and carry no forward estimate in this set, so they inform the map without entering the ranked range.

6. 06
   02 · LANDSCAPE

   One Sector Label, Four Business Models, Four Different Demand Clocks

   This page describes what each of the four business models does and why its demand pattern matters for valuation.

   Each segment in this set runs on a different demand clock — code adoption and replacement in one, project award and interconnection timing in another, design wins and program life in a third. We read these differences as associated with, not a guarantee of, where a name prices. So understanding which clock a company runs on is the first filter before comparing it to the sector median.

   Everything on this page

   02 · LANDSCAPE One Sector Label, Four Business Models, Four Different Demand Clocks Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Switchgear and electrical distribution equipment 8 53% 18.2x Eaton Corporation plc (ETN) · Vertiv Holdings Co (VRT) · +6 more The code-driven core. 8 of the 15 names and 53% of the set, spanning gear and controls, busway and panelboard and lighting. Value here rests on specification position, UL listing and agency approvals, distributor shelf position and lead times when gear is capacity constrained. Solar power electronics and balance-of-system 3 20% 9.0x SolarEdge Technologies, Inc. (SEDG) · Shoals Technologies Group, Inc. (SHLS) · +1 more Project awards and policy. Three names selling module-level power electronics, tracker hardware and electrical balance of system. Revenue lands with award and interconnection timing, and incentive regimes can be redrafted, so backlog convertibility is underwritten harder than reported growth. Electrical fittings and installation hardware 2 13% 14.7x Amphenol Corporation (APH) · Bel Fuse Inc. (BELFA) Engineered content, long programs. Two names selling connection and installation hardware into equipment builders and the channel. The economics run on design wins, content per unit and program life, so the design win pipeline is read alongside margin. Adjacent models 2 13% — TE Connectivity plc (TEL) · Clearfield, Inc. (CLFD) Beside the core set. TE Connectivity plc (TEL) and Clearfield, Inc. (CLFD) sell connectivity and outside-plant hardware into channels this sector already serves. Neither carries a forward estimate here, so they sit on the map without entering the ranked range.

7. 07
   SECTION 03

   03

   This divider introduces the valuation section, ranking companies from premium to discount on CY2027E EV/EBITDA.

   We rank the covered set on CY2027E EV/EBITDA, premium end against discount end, to show where durability is priced and where award timing is priced.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS Where a Company Sits in the Range Matters More than the Sector Average Ranked on CY2027E EV / EBITDA: premium end against discount end. 03 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   Durability Sits at the Top of the Range; Award Timing Sits at the Bottom

   This page ranks all 10 rated companies by CY2027E EV/EBITDA and shows the sector median.

   Across the 10 rated companies, sorted descending on CY2027E EV/EBITDA, the sector median sits at 14.7x. The names at the top of the range are associated with durability — installed base and specification position — while the names at the bottom are associated with award timing. So the tier a company sits in tells a client more than the single sector median does.

   Everything on this page

   03 · PUBLIC MARKET VALUATION Durability Sits at the Top of the Range; Award Timing Sits at the Bottom EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 14.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 15 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. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.2x CORE · median 14.7x DISCOUNT · median 9.0x Sector median 14.7x WHAT SEPARATES THE TWO ENDS The top sells critical power. The 3 names at the premium end sit at 21.2x on CY2027E EV / EBITDA. Two of the three sell into data centre and grid power build, where lead time, gear availability and specification position are frequently the binding constraint rather than order intake. The bottom sells project hardware. The 3 names at the discount end sit at 9.0x. Two of them sit in solar power electronics and balance-of-system, where revenue lands with award and interconnection timing rather than with code-driven replacement demand. A forward multiple already credits growth. CY2027E EV / EBITDA gives credit for the growth already in the models, so a premium that survives the forward lens is a statement about durability rather than momentum. That is why the two ends read as different underwriting problems, not as one cheap group and one expensive group.

9. 09
   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 21% Margin Line Carry 18.2x Against 10.3x Below It

   This page splits the rated set by growth and by margin to show which driver lines up with a higher multiple.

   Splitting the rated set at its covered median, names above the 21% margin line carry 18.2x against 10.3x below it — a wider gap than the one we see on growth alone. This points to profitability, not growth, as the driver most associated with the upper end of this range. So margin discipline reads as the more decision-relevant lens for where a name sits in this set.

   Everything on this page

   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 21% Margin Line Carry 18.2x Against 10.3x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 22% · EBITDA-margin split at 21% Split at 22% Growth, the Two Halves Price Close Together Splitting the 10 names with a forward estimate at 22% revenue growth, the faster half sits at 15.3x on CY2027E EV / EBITDA and the slower half at 14.0x. Growth is broadly present across this set, so on its own it separates very little. Margin Funds the Growth, and It Is Held Unevenly Reported margin across the set runs from 0% at SolarEdge Technologies, Inc. (SEDG) to 34% at Amphenol Corporation (APH). Price/cost spread and pass-through lag on copper, steel, aluminum and resins is where that difference gets argued out in diligence. Specification Position Is the Asset That Does Not Transfer with a Plant Buyers in this sector diligence UL listing and agency approvals, basis-of-design standing and distributor shelf position as hard as they diligence earnings. Those positions are slow for a specifier to unwind, and they sit alongside installed base and aftermarket attach in how the earnings base is assessed. Channel Restock and Destock Moves a Quarter Without Moving Installed Demand Distributor sell-in and sell-through diverge, which is why the normalized EBITDA base is the contested number here. Pricing is customarily set off that base, with the argument concentrated on commodity pass-through timing, channel movement and non-recurring project awards.

10. 10
    03 · SITUATION MAP

    Where the Money Sits Today: 3 Names Hold Both a High Multiple and High Growth

    This page maps each company on valuation against growth, split at the sector median and the covered growth median.

    Cutting the set on the 14.7x sector median and the 22% covered growth median, 3 names hold both a high multiple and high growth today. These are observations on where the market currently sits, not recommendations. So this map is a starting point for asking why a name sits where it does, not a verdict on it.

    Everything on this page

    03 · SITUATION MAP Where the Money Sits Today: 3 Names Hold Both a High Multiple and High Growth Cut on EV / EBITDA vs the sector median (14.7x) (rows) and revenue growth vs the covered median (22%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid up and Growing Above-median multiple · above-median revenue growth 3 names Amphenol Corporation (APH) · Vertiv Holdings Co (VRT) · nVent Electric plc (NVT) Amphenol Corporation (APH), Vertiv Holdings Co (VRT) and nVent Electric plc (NVT) sit above the set's middle on both the CY2027E multiple and revenue growth. The work here is holding price/cost discipline, lead times and specification position while volume scales, because the forward multiple already credits the growth. Paid up on Durability Above-median multiple · below-median revenue growth 2 names Eaton Corporation plc (ETN) · SolarEdge Technologies, Inc. (SEDG) Eaton Corporation plc (ETN) and SolarEdge Technologies, Inc. (SEDG) carry above-middle multiples on below-middle growth. For Eaton Corporation plc (ETN) that sits alongside installed base and aftermarket attach on critical power; for SolarEdge Technologies, Inc. (SEDG) it sits on a reported margin of 0%, so the forward number rests on earnings not yet in the base. Growing Without the Multiple Below-median multiple · above-median revenue growth 2 names Shoals Technologies Group, Inc. (SHLS) · LSI Industries Inc. (LYTS) Shoals Technologies Group, Inc. (SHLS) and LSI Industries Inc. (LYTS) grow above the set's middle while pricing below it. Backlog convertibility, customer concentration and whether price holds after input costs roll off are the questions an owner in this position can act on. Below the Middle on Both Below-median multiple · below-median revenue growth 3 names Acuity Brands, Inc. (AYI) · Bel Fuse Inc. (BELFA) · Array Technologies, Inc. (ARRY) Acuity Brands, Inc. (AYI), Bel Fuse Inc. (BELFA) and Array Technologies, Inc. (ARRY) sit below the middle on both measures. Mix — which products and end markets carry the specification position and the replacement pull — is where an argument for a different multiple starts.

11. 11
    03 · GROWTH VS PROFITABILITY

    Combining Growth and Profitability Is Uncommon and Sits at the Upper End of Valuation

    This page plots the 10 companies with both estimates on growth against margin, with a valuation median in each quadrant.

    Among the 10 names with both estimates, cut at 22% growth and 21% margin, combining growth and profitability is the least common combination in the set and it sits at the upper end of valuation. So the market is associated with paying up specifically for that combination, not for either driver alone.

    Everything on this page

    03 · GROWTH VS PROFITABILITY Combining Growth and Profitability Is Uncommon and Sits at the Upper End of Valuation Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 10 companies with both estimates · cuts at the covered medians (22% growth, 21% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=2; growth-only n=2; neither n=3). Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 40% 50% 0% 10% 20% 30% MARGIN ONLY median 17.6x BALANCED median 18.2x NEITHER median 10.3x GROWTH ONLY median 9.8x AYI SEDG ARRY BELFA ETN LYTS SHLS VRT NVT APH x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Read across for revenue growth and up for margin; the bars are the set's own middle, with the margin bar at 21%. Three of the 10 names with a forward estimate clear both — Vertiv Holdings Co (VRT), nVent Electric plc (NVT) and Amphenol Corporation (APH) — and that group sits at 18.2x on CY2027E EV / EBITDA. The 2 names clearing the margin bar only sit at 17.6x, close behind, while the 2 clearing the growth bar only sit at 9.8x. The neither median rests on 3 names and is lifted by SEDG at 22.0x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 6 of 10 names clear it (ETN, VRT, NVT, APH, BELFA, SHLS).

12. 12
    03 · THE AGENDA

    Capital and Engineering Choices Trade Product Growth Against Cost Discipline

    This page frames the operating questions that capital and engineering choices raise for owners and acquirers in this sector.

    The data points to a trade owners and acquirers keep making: product growth against cost discipline. We frame this as questions to resolve, not as a recommendation. So the next section tests these questions against what buyers have actually agreed to pay.

    Everything on this page

    03 · THE AGENDA Capital and Engineering Choices Trade Product Growth Against Cost Discipline NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Weight the Mix Toward Code-Driven Replacement Demand The part of this set priced at the upper end sells gear and controls into replacement and load-growth demand, where code adoption and agency approvals slow substitution. Shifting mix toward specified, listed product with aftermarket and retrofit attach is the operating version of that position. What changes the answer: Order rate and book-to-bill splitting cleanly between replacement and new-build demand. Hold the Price/cost Spread Through the Commodity Cycle Reported margin across this set runs wide, and the price/cost bridge is underwritten before growth is. Price actions announced through the channel that stick after a copper, aluminum or resin move are what separates pass-through from margin retention. What changes the answer: A full commodity cycle where realized price holds once the input cost rolls off. Decide Which Concentration Is Worth Carrying Data centre and utility load growth is the live demand vector in this market, and it arrives with program concentration. The question is which programs earn a capacity commitment and which leave the earnings base tied to one customer's capital plan. What changes the answer: Backlog coverage by customer and the cancellation terms on the largest program. Test Build Against Buy on Approvals and Channel Agency listings, basis-of-design standing and distributor shelf position take years to build and are diligenced as hard as earnings in this sector. Where a lineup gap would take that long to qualify, acquiring a qualified position is the faster route, and the transaction record shows steady mid-market supply. What changes the answer: Quote-to-order hit rate where the switchgear lineup or product range is incomplete.

13. 13
    SECTION 04

    04

    This divider introduces the precedent-transactions section and the deal case studies within it.

    We turn now to what buyers agreed to pay in electrical hardware transactions, and on what basis, with disclosure uneven across the record.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay in Electrical Hardware, and on What Basis Nine recorded transactions, with disclosure uneven across them. 04 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

14. 14
    04 · DEAL CASE STUDIES

    The Deals That Set the Market's Reference Points

    This page walks through 3 of 22 transactions with disclosed terms as detailed case studies.

    We select 3 of the 22 transactions with disclosed terms to walk through as case studies, each on LTM financials at announcement where disclosed. These are the reference points the market has actually set, not a comprehensive list — the complete record sits in the appendix. So a client tracing any single multiple in this deck can follow it back to the underlying filing.

    Everything on this page

    04 · DEAL CASE STUDIES The Deals That Set the Market's Reference Points 3 of 22 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 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. 53 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. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2026 $8500B SKYX Platforms Corp. SKYX Platforms Corp. acquires Deako, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED SKYX Platforms Corp. moved for Deako, Inc. in Sep-2026; the record shows it as announced. HOW THE TARGET WAS VALUED The filing records $8500B of enterprise value, the benchmark buyers in this segment start from. Apr-2022 $540M Littelfuse, Inc. Littelfuse, Inc. acquires C&K Switches EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Littelfuse, Inc. moved for C&K Switches in Apr-2022; the record shows it as announced. HOW THE TARGET WAS VALUED The filing records $540M of enterprise value, the benchmark buyers in this segment start from. Sep-2024 $400M Bel Fuse Inc. Bel Fuse Inc. acquires Enercon Technologies Ltd. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Bel Fuse Inc. moved for Enercon Technologies Ltd. in Sep-2024; the record shows it as completed. HOW THE TARGET WAS VALUED The filing records $400M of enterprise value, the benchmark buyers in this segment start from.

15. 15
    SECTION 05

    05

    This divider introduces the strategic-implications section, framed from an owner's perspective.

    We close the analysis by reading the range from the owner's chair: the range is wide, and where a company sits in it is an operating question, not just a market one.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS The Range Is Wide, and Where a Company Sits in It Is an Operating Question Reading the set from the owner's chair. 05 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

16. 16
    05 · STRATEGIC IMPLICATIONS

    Mix, Specification Position and Price Discipline Carry the Value Argument

    This page lays out the operating questions on mix, specification position and price discipline that this data raises for the next twelve months.

    The data points to mix, specification position and price discipline as the three levers that carry the value argument in this set. We frame these as questions for owners, management teams, acquirers and capital providers to work through, not as recommendations. So the report's conclusion is operational: know where your own product sits before benchmarking against the sector median.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Mix, Specification Position and Price Discipline Carry the Value Argument NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which of Your Products Sits in Which Half of the Range In this set the upper part of the CY2027E range sits with specified, code-driven product and critical power exposure, and the lower part with project-award and policy-linked hardware. Read your own revenue on that split before you read it by end market. FOR MANAGEMENT TEAMS The Measures That Move the Argument Are the Ones Buyers Test Book-to-bill by end market, backlog convertibility, channel inventory weeks and price/cost spread are how this sector's earnings base gets tested. Those are also the levers a management team can move inside a single planning cycle. FOR ACQUIRERS Fragmentation in Fittings, Enclosures and Conduit Is Still Material The transaction record here shows scaled electrical strategics buying adjacency into lineups and channels they already serve, alongside sponsors building platforms among family- and founder-owned manufacturers. Carve-outs from large platforms are a steady source of assets in this sector.

17. 17
    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

    Everything on this page

    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 Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This page lists all 10 rated companies on CY2027E EV/EBITDA, grouped by valuation tier, alongside 5 companies not rated.

    This appendix carries all 10 rated companies on the CY2027E EV/EBITDA basis used throughout the report, shaded against the 14.7x sector median, alongside the 5 names without an eligible multiple. Every row here links back to its source. So a client can trace any figure in the body of this report back to the underlying comparable.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (14.7x); amber marks below · 10 rated companies; 5 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 10 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. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥19.8x · median 21.2x · 3 companies SolarEdge Technologies, Inc. SEDG Solar power electronics and balance-of-system $1.8B 22.0x 10% 0% 17 Eaton Corporation plc ETN Switchgear and electrical distribution equipment $192B 21.2x 20% 23% 36 Vertiv Holdings Co VRT Switchgear and electrical distribution equipment $98.0B 20.3x 37% 25% 56 CORE — 10.3x–19.8x · median 14.7x · 4 companies nVent Electric plc NVT Switchgear and electrical distribution equipment $28.0B 18.2x 40% 23% 44 Amphenol Corporation APH Electrical fittings and installation hardware $221B 15.3x 53% 34% 53 Bel Fuse Inc. BELFA Electrical fittings and installation hardware $2.8B 14.0x 20% 23% 31 LSI Industries Inc. LYTS Switchgear and electrical distribution equipment $1.1B 10.5x 25% 9% 28 DISCOUNT — <10.3x · median 9.0x · 3 companies Acuity Brands, Inc. AYI Switchgear and electrical distribution equipment $10.2B 10.3x 3% 19% 26 Shoals Technologies Group, Inc. SHLS Solar power electronics and balance-of-system $1.5B 9.0x 32% 20% 35 Array Technologies, Inc. ARRY Solar power electronics and balance-of-system $1.2B 4.6x 12% 15% 28

19. 19
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, on an LTM-at-announcement basis.

    This appendix lists the transactions with disclosed terms in this tier, newest first, each on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than the CY2027E public multiples used elsewhere in this report, so we don't draw a direct spread between the two. So this is the primary reference set for what buyers have actually agreed to pay in this sector.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (75 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 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. 53 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 22 transactions shown; the rest are in the companion workbook. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2026 SKYX Platforms Corp. → Deako, Inc. $8500B n/a n/a SKYX Platforms Corp. paid $8500B. Jul-2025 TransDigm Group Inc. → Servotronics, Inc. n/a n/a 29.5x TransDigm Group Inc. paid n/a. Jul-2025 Kingsway Financial Services Inc. → Roundhouse Electric & Equipment Co., Inc. $22M n/a n/a Kingsway Financial Services Inc. paid $22M. Sep-2024 Bel Fuse Inc. → Enercon Technologies Ltd. $400M n/a n/a Bel Fuse Inc. paid $400M. Apr-2024 Prysmian S.p.A. → Encore Wire n/a n/a 8.2x Prysmian S.p.A. paid n/a. Apr-2023 nVent Electric plc → ECM Industries n/a n/a 10.6x nVent Electric plc paid n/a. Apr-2023 Undisclosed buyer → nVent Electric plc $8.0B 2.7x n/a Undisclosed buyer paid $8.0B at 2.7x LTM revenue. Jun-2022 Fernweh AIS Acquisition LP → AZZ Infrastructure Solutions Segment (excluding AZZ Crowley Tubing) $120M n/a n/a Fernweh AIS Acquisition LP paid $120M. May-2022 Clearfield, Inc. → Nestor Cables Ltd n/a 0.5x n/a Clearfield, Inc. paid n/a at 0.5x LTM revenue.

20. 20
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    This is the continuation of the precedent-transaction list, on the same LTM-at-announcement basis as the prior page. Together the two pages carry the transactions with disclosed terms that anchor the deal multiples referenced earlier in this report. So a client working a specific segment can find the closest disclosed comparable here.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (75 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 80 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. 53 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 22 transactions shown; the rest are in the companion workbook. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2022 Littelfuse, Inc. → C&K Switches $540M n/a n/a Sep-2020 Diploma Plc → Windy City Wire Cable & Technology n/a n/a 8.0x Jul-2019 Eaton Corporation plc → Souriau-Sunbank Connection Technologies n/a n/a 12.0x Aug-2018 Gibraltar Industries, Inc. → SolarBOS, Inc. n/a 0.4x n/a Mar-2018 Advent International Corporation → Laird PLC n/a 1.3x n/a Dec-2017 Prysmian S.p.A. → General Cable Corporation n/a n/a 13.5x Jul-2017 Schneider Electric → ASCO Power Technologies n/a n/a 11.7x Jul-2015 Delphi Automotive PLC → HellermannTyton Group PLC n/a 2.7x n/a Apr-2015 Deltronics (Netherlands) BV → Eltek ASA n/a n/a 9.9x

21. 21
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains how the report was built, the valuation basis applied, and what was excluded from the analysis.

    This page sets out how we built this report — the valuation basis applied, what was excluded and why, and where each underlying disclosure lives. Every figure in this deck links to the record it was taken from, or the appendix names its source directly. So a client can verify any number in this report back to its origin without needing anything beyond what's linked here.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 15 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 Electrical Equipment and Components and it clears the coverage gate with 10 of 15 companies (67%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 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 8 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 739 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 (738) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    Across These 15 Names, the Wider Multiples Sit with Specified, Code-Driven Product.

    This is the closing page, restating that wider multiples sit with specified, code-driven product across the 15 names.

    Across these 15 names, the wider multiples sit with specified, code-driven product — the through-line of everything in this report. The companion tables carry the full universe and complete source index for any figure a client wants to trace further. So the takeaway travels beyond this deck: earnings visibility, more than growth alone, is what this market pays for.

    Everything on this page

    Across These 15 Names, the Wider Multiples Sit with Specified, Code-Driven Product. NeuraCap AI — Electrical Equipment and Components Coverage September 2026 · Prepared by NeuraCap AI · Confidential Electrical Equipment and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

More coverage in Industrials

• Bi-Weekly Update · Sep 28, 2026Electrical Equipment and Components Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 25, 2026Electrical Equipment and Components Bi-Weekly Industry Events & M&A Update — September 11–25, 2026
• Sector Report · Sep 28, 2026Pumps, Compressors and Fluid Handling Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Propulsion and Engine Systems Bi-Weekly Industry Events & M&A Update — September 14–28, 2026