Logistics and Supply Chain Services Bi-Weekly Industry Events & M&A Update — September 11–25, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES

Freight Names Slide as Disclosure and Guidance Set the Tone

What moved, what companies announced, and what the transaction record shows for September 11–25, 2026.

September 11–25, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25

Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice

Sources & methodology

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

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES

   Cover page introducing the Logistics and Supply Chain Services bi-weekly industry events and M&A update for September 11–25, 2026.

   We open with the two-week snapshot for Logistics and Supply Chain Services — what changed, who moved, what transacted, and what it means. This sets up the read for the rest of the deck.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES Freight Names Slide as Disclosure and Guidance Set the Tone What moved, what companies announced, and what the transaction record shows for September 11–25, 2026. September 11–25, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-25 · events and transactions from the two-week period 2026-09-11 → 2026-09-25 Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broadly Negative Window for Freight

   Summarizes the two-week window across 21 covered names on a close-to-close basis.

   We start with the headline: this was a broadly negative window for freight, with weakness sitting inside the sector rather than across the broader market. 18 of 21 covered names fell and the median move was -3.7%, against the S&P 500's +1.1% return over the same span. That gap tells us the pressure is sector-specific, not macro-driven — so what matters next is which names diverged and why.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broadly Negative Window for Freight The two-week period in one page · 21 covered names, close-to-close · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Selling Was Wide, Not Narrow 18 of 21 covered names fell; the median move was -3.7%. The S&P 500 returned +1.1% over the same window, so the weakness sat inside the sector rather than across the market. 2 The Biggest Move Had a Filing Behind It Hub Group, Inc. (HUBG) returned -16.7%. Shares moved following a September 15 preliminary results filing — first-half revenue of $1.70–$1.80 billion and full-year guidance of $3.6–$3.8 billion — and a restatement update issued the day before. 3 Regulated Handling Kept Its Own Rhythm Cryoport, Inc. (CYRX) rose +11.9%, one of three names higher in the set. The record under the name points to cell and gene therapy commercialisation and a return to adjusted EBITDA profitability in 2Q26. 4 Nothing New Priced, so the Reference Set Stands No transactions printed in the two-week period. The trailing record of 40 precedent transactions carries a median of 8.6x EV/EBITDA, against a sector study lens of 7.6x on CY2027E EV/EBITDA. +11.9% Best mover — Cryoport, Inc. (CYRX) worst: HUBG -16.7% · 3 up / 18 down of 21 covered -3.7% Sector median two-week return vs S&P 500 +1.1% 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   The Biggest Move Had a Filing Behind It; Three Did Not

   Reviews the biggest bi-weekly share price moves and links them to filings where a driver is recorded.

   We attribute each large move only to filings and headlines recorded in the window, and we say so plainly when no driver exists. The biggest move, Hub Group's -16.7%, sits behind a September 15 preliminary results filing and a restatement update the day before — a case where the record explains the move. Three other moves in the set had no recorded catalyst, which is itself a signal for where to dig further. So what: filed disclosure, not sentiment, drove the sector's largest swing.

   Everything on this page

   PUBLIC MARKET MOVERS The Biggest Move Had a Filing Behind It; Three Did Not Bi-Weekly moves, close-to-close · September 11–25, 2026 · sector median -3.7% · S&P 500 +1.1% · materiality bar ±7.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.7% Hub Group, Inc. (HUBG) -16.7% Shares moved following the September 15 preliminary results filing — first-half revenue of $1.70–$1.80 billion, full-year guidance of $3.6–$3.8 billion When the reported numbers are themselves in question, buyers discount the earnings stream, not just a quarter. COMPANY-SPECIFIC Cryoport, Inc. (CYRX) +11.9% The in-window record is a September 25 piece citing cell and gene therapy commercialisation and a return to adjusted EBITDA profitability in 2Q26. Qualified, temperature-controlled work trades on its own contract quality, not on truckload rates. COMPANY-SPECIFIC Werner Enterprises, Inc. (WERN) -10.2% No notable in-window news was identified that clearly explains the move. At -10.2%, Werner Enterprises, Inc. (WERN) fell further than the -3.7% median. Discount-tier names carried the sharper end of a broadly negative window. UNEXPLAINED Pamt Corp. (PAMT) -12.1% No notable in-window news was identified that clearly explains the move. At -12.1%, Pamt Corp. (PAMT) finished well below the -3.7% median for the set. Down windows are widest at the edges of the set; the median understates the range. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Automation, Partnerships and a Rail Merger Campaign Fill a Deal-Free Window

   Catalogs the two-week period's highest-impact events across automation, partnerships, and a rail merger campaign.

   We surface the events that moved the needle even though no deal printed in the window — automation rollouts, partnership announcements, and an active rail merger campaign. Each item links back to its source, and our why-it-matters read stays separate from the underlying filing or article. So what: the strategic narrative kept moving even while the deal tape stayed quiet.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Automation, Partnerships and a Rail Merger Campaign Fill a Deal-Free Window The two-week period's highest-impact events · titles link to the underlying filing or article · September 11–25, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 17 · NEWS · GlobeNewsWire GXO puts an automated fulfilment system to work for a fashion customer in the Netherlands The system lifts throughput at the site and extends the customer's operations across EMEA and Asia. Embedded, automated sites are the kind of contract logistics work that carries genuine switching cost. In warehousing, density is measured in throughput per site, not in square footage. Sep 17 · NEWS · Accesswire AIAI Holdings' Constellation Network Launches Dôr Patient Journey with Proactive MD(R), Expanding Transformational AI In Healthcare Constellation Brings Dôr's Retail Intelligence Architecture to Healthcare Connects Clinical, Scheduling, Call-Center and Staffing Data to Predict Care Needs, Optimize Provider Capacity and Improve Patient Access DALLAS, TX / ACCESS Newswire / September 17, 202 Sep 16 · NEWS · Business Wire Lyft signs a multi-year deal as the official rideshare partner of a Las Vegas venue Venue agreements concentrate demand into known places and times, which is how a network lifts utilisation without adding supply. Committed demand is worth more than opportunistic demand in any network business. Named, repeatable demand is the cheapest capacity a network can buy. Sep 16 · NEWS · Accesswire 2026 Canada's Top 40 Under 40(R) Honourees Announced TORONTO, ON / ACCESS Newswire / September 16, 2026 / Canada's Top 40 Under 40® 2026 Honourees have been officially announced today by Media Partner Financial Post. The program is owned by Founding Partner Caldwell (TSX:CWL), and supported by Presenting Partner Sep 16 · NEWS · PRNewsWire Norfolk Southern points to broad shipper support for its proposed rail combination Shippers are being cited on expanded market access and stronger supply chains. Rail consolidation is being argued on service and market access, in public. Sep 15 · NEWS · Newsfile Corp Graphene Manufacturing Group to Host Live Fireside Chat on G(R)CELLS Battery Milestones and G(R)FLUID Launch Brisbane, Queensland, Australia--(Newsfile Corp. - September 15, 2026) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) ("GMG" or the "Company") is pleased to announce that Chief Executive Officer and Managing Director Craig Nicol will participat

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Prints; The Existing Record Does the Pricing Work

   Confirms no new transactions printed in the window and restates the trailing precedent set of 40 deals at a median 8.6x EV/EBITDA.

   No new prints this period, so the existing record does the pricing work: 40 recorded precedent transactions at a median of 8.6x EV/LTM EBITDA. We treat this as the reference point for anyone underwriting a deal today. So what: the absence of new data doesn't reset the anchor — it reinforces it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Prints; The Existing Record Does the Pricing Work September 11–25, 2026 · precedent transactions: 40 recorded deals · median 8.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 precedent transactions carries a median of 8.6x EV/EBITDA, and that remains the reference point while new prints are absent. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Down Window with No Deals Changes

   Translates the window's findings into implications for owners, acquirers, and advisors.

   We turn the two-week read into three audience-specific takeaways: operators are living the mix and operating-ratio story, acquirers still have the 40-transaction record as their anchor, and advisors should lead with dispersion — 18 of 21 names down against Cryoport's +11.9% gain. These are observations drawn from the recorded evidence, not recommendations. So what: the same two weeks tell different people different things to do next.

   Everything on this page

   WHAT IT MEANS What a Down Window with No Deals Changes The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-25. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-25 EV / EBITDA (CY2027E) median 7.6x 22 companies in the study 3 valuation tiers Standing thesis: Logistics and Supply Chain Services Prices as Three Different Businesses Under One Label FOR OWNERS & OPERATORS Mix and Operating Ratio Carry the Story Now Most companies in the space traded lower while a life-sciences logistics name traded higher. FOR ACQUIRERS The Reference Set Is Unchanged; The Diligence List Is Not Nothing printed in the two-week period, so the 40-transaction trailing record and its 8.6x EV/EBITDA median remain the anchor. FOR ADVISORS Lead with Dispersion Inside the Label The theme is spread, not direction: 18 of 21 covered names fell; the median move was -3.7%, while Cryoport, Inc. (CYRX) rose +11.9%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sourcing and methodology behind every figure in the update.

   We close by showing our work: every figure traces to a filing, a price, or a publisher-linked article, and the sourcing order is fixed. This is how we keep calibrated language calibrated. So what: the update is only as useful as it is checkable, and we've built it to be checked.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 11–25, 2026 · market data through 2026-09-25 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Logistics and Supply Chain Services Bi-Weekly Update | September 11–25, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260925T155546Z_424_prod (market data as of 2026-09-25) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · accessnewswire.com · businesswire.com · prnewswire.com · newsfilecorp.com

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