NEURACAP
Sector ReportSep 28, 2026 · 21 pages · Free to read

Internet Services and Infrastructure Sector Outlook — September 2026

NeuraCap's Internet Services and Infrastructure sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

10.4x
Sector median EV/EBITDA
23.4x
Premium end EV/EBITDA vs 8.1x at the discount end
14
Transactions with disclosed terms

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INTERNET SERVICES AND INFRASTRUCTURE

Earnings Delivery Sits at the Heart of Internet Infrastructure Value

The report shows how business model, earnings quality and operating profile align with valuation across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Internet services and infrastructure contains distinct operating models rather than a single valuation pattern. Forward EV / EBITDA places the focus on earnings delivery, while segment references, margin positions and precedent transactions show that retention, renewal economics, security attach and network efficiency still shape how owners and buyers assess durability.

Key findings

  • Premiums Survive the Forward Earnings Lens
  • Web Presence Carries the Higher Segment Reference
  • Margin and Valuation Do Not Move in Lockstep
  • Transaction Terms Reflect Different Asset Economics

What each page shows

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

  1. 01

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INTERNET SERVICES AND INFRASTRUCTURE

    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INTERNET SERVICES AND INFRASTRUCTURE.

    Cover — Internet Services and Infrastructure sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › INTERNET SERVICES AND INFRASTRUCTURE Earnings Delivery Sits at the Heart of Internet Infrastructure Value The report shows how business model, earnings quality and operating profile align with valuation across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Internet Infrastructure Rewards Durable Earnings 02 The Landscape Different Revenue Models Carry Different Valuation Profiles 03 Valuation & Situations The Premium Persists After Forecast Growth Is Credited 04 Precedent Transactions Precedent Transactions Price the Asset, Not the Sector Label 05 Strategic Implications Revenue Quality and Infrastructure Efficiency Sit at the Center of Value 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Internet Services and Infrastructure Spans Edge Platforms and Web Presence Models with Distinct Valuation Profiles

    Internet Services and Infrastructure Spans Edge Platforms and Web Presence Models with Distinct Valuation Profiles.

    Internet Services and Infrastructure Spans Edge Platforms and Web Presence Models with Distinct Valuation Profiles 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 33%, 5 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Internet Services and Infrastructure Spans Edge Platforms and Web Presence Models with Distinct Valuation Profiles 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 33%, 5 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Premiums Survive the Forward Earnings Lens Among the five names with a forward EV / EBITDA estimate, the premium end is 23.4x and the discount end is 8.1x. A forward multiple already credits forecast growth, so the remaining spread points to differing views of earnings durability. 2 Web Presence Carries the Higher Segment Reference Website creation and digital presence platforms sit at 16.0x, compared with 10.4x for edge security and internet infrastructure platforms. Renewal economics, product bundling and security attach provide the operating context for that difference. 3 Margin and Valuation Do Not Move in Lockstep Two of the five names with a forward EV / EBITDA estimate pair above-middle valuation with above-middle EBITDA margin, while one pairs above-middle valuation with below-middle margin. Network utilization, traffic mix and reinvestment needs remain important alongside profitability. 4 Transaction Terms Reflect Different Asset Economics Disclosed EV / revenue terms extend from 0.5x to 14.3x across the transaction record. The range is consistent with buyers distinguishing mature domain assets from communications and infrastructure platforms. 10.4x Sector median EV/EBITDA CY2027E consensus · 5 rated of 8 companies 23.4x Premium end EV/EBITDA vs 8.1x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 42 recorded in this tier · 0 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Different Revenue Models Carry Different Valuation Profiles. Edge infrastructure and web presence platforms pair distinct operating economics with distinct market references. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Different Revenue Models Carry Different Valuation Profiles Edge infrastructure and web presence platforms pair distinct operating economics with distinct market references. 02 of 06 Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    The Market Splits Between Network Infrastructure and Digital Presence

    The Market Splits Between Network Infrastructure and Digital Presence.

    The Market Splits Between Network Infrastructure and Digital Presence 8 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. 5

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    02 · MARKET MAP The Market Splits Between Network Infrastructure and Digital Presence 8 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 EDGE SECURITY AND INTERNET INFRASTRUCTURE PLATFORMS 6 cos median 10.4x Cloudflare (NET) VeriSign (VRSN) Akamai (AKAM) GoDaddy (GDDY) Tucows (TCX) Xunlei Limited (XNET) This group brings together network, registry, registrar and infrastructure models where utilization, security attach and renewal economics matter. WEBSITE CREATION AND DIGITAL PRESENCE PLATFORMS 2 cos median 16.0x Fastly (FSLY) Wix.com (WIX) This group centers on customer acquisition, retention, product bundling and recurring web presence revenue.

  6. 06
    02 · LANDSCAPE

    Web Presence Holds the Higher Reference Across Two Distinct Models

    Web Presence Holds the Higher Reference Across Two Distinct Models.

    Web Presence Holds the Higher Reference Across Two Distinct Models 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. 6

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    02 · LANDSCAPE Web Presence Holds the Higher Reference Across Two Distinct Models 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. Internet Services and Infrastructure 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 Edge security and internet infrastructure platforms 6 75% 10.4x Cloudflare, Inc. (NET) · VeriSign, Inc. (VRSN) · +4 more Infrastructure economics shape outcomes. The group spans edge networks, content delivery, domains and related infrastructure. Across the three names with a forward EV / EBITDA estimate, the segment reference is 10.4x. Website creation and digital presence platforms 2 25% 16.0x Fastly, Inc. (FSLY) · Wix.com Ltd. (WIX) Recurring presence earns attention. The two names combine digital presence exposure with recurring customer relationships. Their segment reference is 16.0x, with retention and product mix central to the operating case.

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    SECTION 03

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    Section 03 of 06 — The Premium Persists After Forecast Growth Is Credited. The gap between the two ends of the peer set remains wide on forward EV / EBITDA. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium Persists After Forecast Growth Is Credited The gap between the two ends of the peer set remains wide on forward EV / EBITDA. 03 of 06 Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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    03 · PUBLIC MARKET VALUATION

    The Premium End Holds a Wide Lead on Forward Earnings

    The Premium End Holds a Wide Lead on Forward Earnings.

    The Premium End Holds a Wide Lead on Forward Earnings EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 10.4x · 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 33%, 5 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. 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. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead on Forward Earnings EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 10.4x · 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 (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 33%, 5 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 23.4x CORE · median 10.4x DISCOUNT · median 8.1x Sector median 10.4x WHAT SEPARATES THE TWO ENDS Growth differs at the ends. Among the five names with a forward EV / EBITDA estimate, Fastly, Inc. (FSLY) sits at 23.4x with 19% growth, while GoDaddy Inc. (GDDY) sits at 8.1x with 6% growth. The forward test is demanding. The ranking already incorporates forecast earnings. A premium that remains on this basis is associated with confidence in the durability of future EBITDA, not simply the presence of growth. Business mix still matters. Security attach, developer-led adoption and network utilization can support a broader platform case. Domain base, renewal economics and cash conversion frame a different underwriting profile.

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    03 · VALUATION DRIVERS

    Profitability Separates Operating Profiles, While Valuation Still Varies

    Profitability Separates Operating Profiles, While Valuation Still Varies.

    Profitability Separates Operating Profiles, While Valuation Still Varies Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates Operating Profiles, While Valuation Still Varies Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Margins Span Mature Infrastructure and Reinvestment-Heavy Platforms Across the five names with a forward EV / EBITDA estimate, VeriSign, Inc. (VRSN) reports a 70% margin, Akamai Technologies, Inc. (AKAM) 40%, GoDaddy Inc. (GDDY) 34%, Fastly, Inc. (FSLY) 20% and Wix.com Ltd. (WIX) 16%. Growth Is Visible Beyond the Names Carrying Valuation Estimates Among the seven names with growth estimates, Cloudflare, Inc. (NET) reports 32%, Tucows Inc. (TCX) 27% and Fastly, Inc. (FSLY) 19%. The available valuation data does not place these growth profiles on a common footing. Network Economics Shape the Quality of Reported Earnings Traffic mix, bandwidth efficiency and compute utilization influence how revenue converts into earnings. Customer concentration and long-duration infrastructure commitments can weaken that conversion.

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    03 · SITUATION MAP

    Operating Position, Not Margin Alone, Distinguishes the Peer Set

    Operating Position, Not Margin Alone, Distinguishes the Peer Set.

    Operating Position, Not Margin Alone, Distinguishes the Peer Set Cut on EV / EBITDA vs the sector median (10.4x) (rows) and EBITDA margin vs the covered median (34%) (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. 10

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    03 · SITUATION MAP Operating Position, Not Margin Alone, Distinguishes the Peer Set Cut on EV / EBITDA vs the sector median (10.4x) (rows) and EBITDA margin vs the covered median (34%) (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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium and Profitable Above-median multiple · above-median EBITDA margin 2 names VeriSign, Inc. (VRSN) · Akamai Technologies, Inc. (AKAM) VeriSign, Inc. (VRSN) and Akamai Technologies, Inc. (AKAM) pair above-middle valuation with above-middle EBITDA margin. Their positions place earnings scale alongside established infrastructure franchises. Premium and Reinvesting Above-median multiple · below-median EBITDA margin 1 names Fastly, Inc. (FSLY) Fastly, Inc. (FSLY) pairs above-middle valuation with below-middle EBITDA margin. Its position is consistent with the market crediting a forward platform case alongside current reinvestment. Profitable at a Discount Below-median multiple · above-median EBITDA margin 1 names GoDaddy Inc. (GDDY) GoDaddy Inc. (GDDY) pairs below-middle valuation with above-middle EBITDA margin. Its position puts attention on growth, renewal economics and the durability of its domain base. Below Both References Below-median multiple · below-median EBITDA margin 1 names Wix.com Ltd. (WIX) Wix.com Ltd. (WIX) sits below the valuation and EBITDA margin reference points. Its position keeps customer acquisition, retention, packaging and cost structure central to the operating agenda.

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    03 · THE AGENDA

    The Strategic Choice Turns on Revenue Quality, Capability Gaps and Capital

    The Strategic Choice Turns on Revenue Quality, Capability Gaps and Capital.

    The Strategic Choice Turns on Revenue Quality, Capability Gaps and Capital 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. 11

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    03 · THE AGENDA The Strategic Choice Turns on Revenue Quality, Capability Gaps and Capital 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen the Core Platform Focus investment on retention, security attach, developer adoption and product bundling where the existing customer base offers a credible path to higher-quality recurring revenue. What changes the answer: The answer changes when retention, customer concentration or infrastructure commitments weaken the return from further organic investment. Add Adjacent Capability Assess build-versus-buy for security, communications or web presence capabilities that fit the current customer base and operating model. What changes the answer: The answer changes when integration needs or network architecture make an adjacent capability harder to scale than expected. Improve Infrastructure Efficiency Rework traffic mix, capacity commitments and compute utilization where network costs are absorbing the benefit of recurring revenue growth. What changes the answer: The answer changes when service resilience or cross-border data requirements limit flexibility in network deployment. Refine Pricing and Packaging Test whether renewal economics, security attach and product bundles support a better revenue mix without raising churn. What changes the answer: The answer changes when customer behavior shows that higher pricing or broader bundles weaken retention.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Price the Asset, Not the Sector Label. Revenue quality, maturity and strategic fit sit alongside a broad range of agreed terms. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Price the Asset, Not the Sector Label Revenue quality, maturity and strategic fit sit alongside a broad range of agreed terms. 04 of 06 Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Buyers Have Agreed a Wide Range of Terms for Different Internet Assets

    Buyers Have Agreed a Wide Range of Terms for Different Internet Assets.

    Buyers Have Agreed a Wide Range of Terms for Different Internet Assets 3 of 14 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. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 28 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.

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    04 · DEAL CASE STUDIES Buyers Have Agreed a Wide Range of Terms for Different Internet Assets 3 of 14 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. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 28 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Nov-2019 n/a OpenText Corporation acquires Carbonite, Inc. EV / LTM revenue 2.8x EV / LTM EBITDA 14.0x WHY THE DEAL HAPPENED OpenText Corporation moved for Carbonite, Inc. in Nov-2019; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Oct-2018 n/a Twilio acquires SendGrid, Inc. EV / LTM revenue 14.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Twilio moved for SendGrid, Inc. in Oct-2018; the record shows it as completed. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Aug-2018 n/a Siris Capital Group, LLC acquires Web.com Group, Inc. EV / LTM revenue n/a EV / LTM EBITDA 11.2x WHY THE DEAL HAPPENED Siris Capital Group, LLC moved for Web.com Group, Inc. in Aug-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

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    Section 05 of 06 — Revenue Quality and Infrastructure Efficiency Sit at the Center of Value. Retention, product mix and network economics shape the operating case behind the multiple. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

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    SECTION 05 05 STRATEGIC IMPLICATIONS Revenue Quality and Infrastructure Efficiency Sit at the Center of Value Retention, product mix and network economics shape the operating case behind the multiple. 05 of 06 Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Durable Revenue and Efficient Delivery Strengthen the Valuation Case

    Durable Revenue and Efficient Delivery Strengthen the Valuation Case.

    Durable Revenue and Efficient Delivery Strengthen the Valuation Case 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. 15

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    05 · STRATEGIC IMPLICATIONS Durable Revenue and Efficient Delivery Strengthen the Valuation Case 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Treat Retention as an Operating Asset Renewal economics, churn and product attach shape the quality of recurring revenue. Pricing and packaging choices can then be judged against customer durability rather than gross additions alone. FOR MANAGEMENT Connect Growth to Network Economics Growth carries more weight when traffic mix, bandwidth efficiency and compute utilization support earnings conversion. Infrastructure commitments deserve the same attention as customer demand. FOR BOARDS Frame Capital Around Capability Fit Capital allocation is clearest when organic investment and acquisitions are tested against retention, product adjacency, integration demands and the resilience of the resulting earnings base.

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    SECTION 06

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    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. 16

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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 Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

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

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.4x); amber marks below · 5 rated companies; 3 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 5 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. 17

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.4x); amber marks below · 5 rated companies; 3 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 5 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥19.9x · median 23.4x · 1 companies Fastly, Inc. FSLY Website creation and digital presence platforms $4.0B 23.4x 19% 20% 32 CORE — 8.6x–19.9x · median 10.4x · 3 companies VeriSign, Inc. VRSN Edge security and internet infrastructure platforms $26.9B 19.9x 6% 70% 80 Akamai Technologies, Inc. AKAM Edge security and internet infrastructure platforms $20.8B 10.4x 7% 40% 53 Wix.com Ltd. WIX Website creation and digital presence platforms $3.4B 8.6x 13% 16% 27 DISCOUNT — <8.6x · median 8.1x · 1 companies GoDaddy Inc. GDDY Edge security and internet infrastructure platforms $15.0B 8.1x 6% 34% 39

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (42 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. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 28 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

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (42 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. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 28 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2023 Clearlake Capital Group → Endurance International n/a 2.7x n/a Clearlake Capital Group agreed to acquire Endurance International at 2.7x EV / revenue. The transaction suggests an emphasis on recurring hosting and web presence revenue. Feb-2021 Centre Lane Partners, LLC → Synacor, Inc. n/a 1.1x 21.9x Centre Lane Partners, LLC agreed to acquire Synacor, Inc. at 1.1x EV / revenue and 21.9x EV / EBITDA. The two measures show a modest revenue reference alongside a higher earnings reference. Oct-2020 Akamai Technologies → Asavie n/a 7.0x n/a Akamai Technologies agreed to acquire Asavie at 7.0x EV / revenue. The transaction suggests value in adding security capability to an established edge network. Nov-2019 OpenText Corporation → Carbonite, Inc. n/a 2.8x 14.0x OpenText Corporation agreed to acquire Carbonite, Inc. at 2.8x EV / revenue and 14.0x EV / EBITDA. The terms benchmark a recurring software asset on both revenue and earnings. Oct-2018 Twilio → SendGrid, Inc. n/a 14.3x n/a Twilio acquired SendGrid, Inc. at 14.3x EV / revenue. The transaction suggests a high value placed on adjacent communications capability and customer access. Aug-2018 Siris Capital Group, LLC → Web.com Group, Inc. n/a n/a 11.2x Siris Capital Group, LLC agreed to acquire Web.com Group, Inc. at 11.2x EV / EBITDA. The earnings reference fits a mature web presence business with recurring customer relationships. Apr-2017 Tucows Inc. → eNom, Incorporated n/a 0.5x 61.6x Tucows Inc. agreed to acquire eNom, Incorporated at 0.5x EV / revenue and 61.6x EV / EBITDA. The gap between the measures highlights how revenue scale and current earnings can produce different valuation readings. Dec-2016 GoDaddy → HEG n/a n/a 12.9x GoDaddy agreed to acquire HEG at 12.9x EV / EBITDA. The transaction suggests strategic value in adding domain base and registrar channel scale. Dec-2016 Golden Gate Capital → NeuStar, Inc. n/a n/a 11.2x Golden Gate Capital agreed to acquire NeuStar, Inc. at 11.2x EV / EBITDA. The transaction points to the appeal of established infrastructure earnings and renewal visibility.

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

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (42 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. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 28 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. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (42 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. 37 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 28 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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2016 Warburg Pincus → 1&1 Hosting n/a n/a 12.5x Jul-2016 B. Riley Financial, Inc. → United Online, Inc. n/a 0.5x 4.7x Value shown as recorded in the filing; deal value unit unresolved. Jan-2013 ACI Worldwide, Inc. → Online Resources Corp. n/a n/a 7.3x Aug-2011 Web.com Group → Network Solutions n/a n/a 9.2x n/a n/a → Fastly n/a 2.3x n/a Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    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. 20

    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. Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 33%, 5 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Internet Services and Infrastructure and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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 5 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 271 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 (270) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Premium Sits with Confidence in Durable Future Earnings.

    In This Set, the Premium Sits with Confidence in Durable Future Earnings..

    Closing — In This Set, the Premium Sits with Confidence in Durable Future Earnings. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    In This Set, the Premium Sits with Confidence in Durable Future Earnings. NeuraCap AI — Internet Services and Infrastructure Coverage September 2026 · Prepared by NeuraCap AI · Confidential Internet Services and Infrastructure Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

Sources and methodology

This report covers Internet Services and Infrastructure (Information Technology › Software and Services › Internet Services and Infrastructure) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Internet Services and Infrastructure according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Akamai Technologies, Inc. (AKAM), Fastly, Inc. (FSLY), GoDaddy Inc. (GDDY), Cloudflare, Inc. (NET), Tucows Inc. (TCX), VeriSign, Inc. (VRSN), Wix.com Ltd. (WIX), Xunlei Limited (XNET). The market map groups them by business vertical — Edge security and internet infrastructure platforms: 6 companies (NET, VRSN, AKAM, GDDY, TCX, XNET); Website creation and digital presence platforms: 2 companies (FSLY, WIX). 5 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Internet Services and Infrastructure (Information Technology › Software and Services › Internet Services and Infrastructure) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Internet Services and Infrastructure according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Akamai Technologies, Inc. (AKAM), Fastly, Inc. (FSLY), GoDaddy Inc. (GDDY), Cloudflare, Inc. (NET), Tucows Inc. (TCX), VeriSign, Inc. (VRSN), Wix.com Ltd. (WIX), Xunlei Limited (XNET). The market map groups them by business vertical — Edge security and internet infrastructure platforms: 6 companies (NET, VRSN, AKAM, GDDY, TCX, XNET); Website creation and digital presence platforms: 2 companies (FSLY, WIX). 5 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

5 records failed a validation gate and never feed a statistic in this report (5 excluded from aggregate). Each exclusion, with its reason: FSLY — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NET — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TCX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TCX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · TCX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners also quote EV / Revenue in this industry; this set is profitable (median forward EBITDA margin 33%, 5 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Internet Services and Infrastructure and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 8 companies; EV / rEVenue: 6 of 8 companies; P/E: 6 of 8 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥19.9x, Core 8.6x–19.9x, Discount <8.6x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 10.4x = median(ev_ebitda CY2027E) (5 rated companies) · 23.4x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 10.4x = median(ev_ebitda CY2027E) within Core tier (n=3) · 8.1x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 40% = median Rule of 40 score (revenue growth + EBITDA margin) (n=5)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Internet Services and Infrastructure recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 42 transactions were recorded for this industry; 14 are shown. 28 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 11 × deal value unit unresolved; 20 × no evidence record; 2 × duplicate precedent id; 1 × duplicate filings collapsed; 2 × divestiture roles reassigned; 1 × financial target ev not meaningful. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 275 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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