NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Multi-Utilities Sector Outlook — September 2026

NeuraCap's Multi-Utilities 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

14.8x
Sector median P/E
41.0x
Premium end P/E vs 7.3x at the discount end
11
Transactions with disclosed terms

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UTILITIES › UTILITIES › MULTI-UTILITIES

Multi-Utilities: Premiums Sit with Earnings Visibility

This report shows how business mix, growth, regulation and capital recovery shape standing across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Multi-Utilities are not valued as one uniform group. Regulated electric utilities anchor the peer set, while diversified, water and gas models bring different regulatory, funding and recovery profiles.

Key findings

  • The Two Ends Carry Very Different Expectations
  • Faster Growth Sits with the Higher Valuation
  • Regulatory Execution Matters as Much as Business Mix
  • The Transaction Record Suggests Strategic Buyers Value Both Scale and Portfolio Fit

What each page shows

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

  1. 01
    UTILITIES › UTILITIES › MULTI-UTILITIES

    Multi-Utilities: Premiums Sit with Earnings Visibility

    Multi-Utilities: Premiums Sit with Earnings Visibility.

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

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    UTILITIES › UTILITIES › MULTI-UTILITIES Multi-Utilities: Premiums Sit with Earnings Visibility This report shows how business mix, growth, regulation and capital recovery shape standing across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Multi-Utilities 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 Multi-Utilities Reward Clear Earnings Visibility 02 The Landscape Four Regulated Models Carry Different Value Profiles 03 Valuation & Situations The Valuation Range Leaves Room to Strengthen Market Standing 04 Precedent Transactions Precedent Transactions Favour Buyers with Conviction 05 Strategic Implications Value Depends on Turning Capital Plans into Recoverable Earnings 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Multi-Utilities Span Four Regulated Models, with Electric Utilities Anchoring the Set

    Multi-Utilities Span Four Regulated Models, with Electric Utilities Anchoring the Set.

    Multi-Utilities Span Four Regulated Models, with Electric Utilities Anchoring the Set The full story on one page · figures on P / E (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: P / E on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 9 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Multi-Utilities Span Four Regulated Models, with Electric Utilities Anchoring the Set The full story on one page · figures on P / E (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: P / E on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 9 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends Carry Very Different Expectations The premium end stands at 41.0x versus 7.3x at the discount end. With forward P / E already crediting forecast earnings, the remaining gap is associated with confidence in durability. 2 Faster Growth Sits with the Higher Valuation Across the 8 names with a forward estimate, the four faster-growing names stand at 16.0x. The four slower-growing names stand at 13.3x. 3 Regulatory Execution Matters as Much as Business Mix Regulated electric utilities represent 4 of 9 companies and anchor the peer set. Rate-base investment, regulatory lag and capital recovery remain central to earnings visibility. 4 The Transaction Record Suggests Strategic Buyers Value Both Scale and Portfolio Fit The transaction record has 9 recorded in total across whole companies and regulated assets. The range suggests that service territory, regulatory quality and future funding needs remain important to what buyers agree to pay. 14.8x Sector median P/E CY2027E consensus · 8 rated of 9 companies 41.0x Premium end P/E vs 7.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 11 Transactions with disclosed terms 12 recorded in this tier · 1 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

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    Section 02 of 06 — Four Regulated Models Carry Different Value Profiles. Jurisdiction, capital recovery and funding needs matter alongside scale. 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 Four Regulated Models Carry Different Value Profiles Jurisdiction, capital recovery and funding needs matter alongside scale. 02 of 06 Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Electric Utilities Anchor the Set, While Water Extends the Valuation Range

    Electric Utilities Anchor the Set, While Water Extends the Valuation Range.

    Electric Utilities Anchor the Set, While Water Extends the Valuation Range 9 approved companies grouped by business segment · median P / E (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 Electric Utilities Anchor the Set, While Water Extends the Valuation Range 9 approved companies grouped by business segment · median P / E (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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 REGULATED ELECTRIC UTILITIES 4 cos median 16.0x SO XEL ETR PEG The largest group links value to rate-base execution, load growth and timely recovery. DIVERSIFIED REGULATED MULTI-UTILITIES 2 cos median 7.9x SREA AQN Broader portfolios can spread jurisdiction exposure while making funding and strategic identity more complex. REGULATED WATER UTILITIES 2 cos 62.8x · 1 rated SBS GWRS Water combines essential infrastructure with concession, tariff and public-sector considerations. REGULATED GAS UTILITIES 1 cos 11.1x · 1 rated UGI Gas exposure places added weight on customer affordability, recovery mechanisms and infrastructure needs.

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    02 · LANDSCAPE

    Business Mix Changes the Path from Investment to Earnings

    Business Mix Changes the Path from Investment to Earnings.

    Business Mix Changes the Path from Investment to Earnings Segment view of the approved universe · P / E (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 Business Mix Changes the Path from Investment to Earnings Segment view of the approved universe · P / E (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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Regulated electric utilities 4 44% 16.0x The Southern Company (SO) · Xcel Energy Inc. (XEL) · +2 more Core regulated earnings base. These companies pair visible capital programs with service-territory demand. Standing depends on rate-case outcomes, load growth and disciplined funding. Diversified regulated multi-utilities 2 22% 7.9x Sempra (SREA) · Algonquin Power & Utilities Corp. (AQN) Breadth brings funding choices. These portfolios span regulated operations and jurisdictions. Their value case rests on clear capital allocation and a credible path from investment to earned returns. Regulated water utilities 2 22% 62.8x n=1 Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) · Global Water Resources, Inc. (GWRS) Infrastructure needs shape value. Water systems carry long-duration investment needs and public oversight. Tariff visibility, non-revenue water and capital recovery matter to the earnings case. Regulated gas utilities 1 11% 11.1x n=1 UGI Corporation (UGI) Recovery discipline stays central. Gas utilities balance reliability investment with affordability and commodity recovery. Regulatory lag can widen the gap between spending and earned returns.

  7. 07
    SECTION 03

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    Section 03 of 06 — The Valuation Range Leaves Room to Strengthen Market Standing. Forward P / E separates sharply across the peer set. 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 Valuation Range Leaves Room to Strengthen Market Standing Forward P / E separates sharply across the peer set. 03 of 06 Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    Forward Valuation Separates Sharply Across the Peer Set

    Forward Valuation Separates Sharply Across the Peer Set.

    Forward Valuation Separates Sharply Across the Peer Set P / E (CY2027E) · all 8 rated companies, sorted descending · sector median 14.8x · 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: P / E on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 9 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION Forward Valuation Separates Sharply Across the Peer Set P / E (CY2027E) · all 8 rated companies, sorted descending · sector median 14.8x · 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: P / E on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 9 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 41.0x CORE · median 14.8x DISCOUNT · median 7.3x Sector median 14.8x WHAT SEPARATES THE TWO ENDS The gap remains wide. The premium end stands at 41.0x, while the discount end stands at 7.3x. Forecasts are already credited. A forward P / E reflects expected earnings, so a remaining premium signals that investors also distinguish perceived durability. Execution can defend standing. Rate-base delivery, timely capital recovery and funding discipline provide the operating evidence behind a durable earnings case.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 18.0x Against 13.3x Below It

    Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 18.0x Against 13.3x Below It.

    Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 18.0x Against 13.3x Below It Median P / E (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=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 46% Margin Line Carry 18.0x Against 13.3x Below It Median P / E (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=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 5% · EBITDA-margin split at 46% Growth Separates the Two Groups Among the 8 names with a forward estimate, the four names at or above 5% growth stand at 16.0x, versus 13.3x for the four names below that threshold. Margin Alone Does Not Settle the Valuation The quadrant places companies with similar profitability in different valuation positions. Regulatory quality, funding needs and recovery timing remain relevant distinctions. Earnings Quality Completes the Growth Case Load growth is more valuable when capital spending converts into earned ROE without persistent regulatory lag or financing strain.

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    03 · SITUATION MAP

    The Clearest Position Combines Above-Market Growth with an Established Premium

    The Clearest Position Combines Above-Market Growth with an Established Premium.

    The Clearest Position Combines Above-Market Growth with an Established Premium Cut on P / E vs the sector median (14.8x) (rows) and revenue growth vs the covered median (5%) (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 The Clearest Position Combines Above-Market Growth with an Established Premium Cut on P / E vs the sector median (14.8x) (rows) and revenue growth vs the covered median (5%) (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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 3 names The Southern Company (SO) · Xcel Energy Inc. (XEL) · Entergy Corporation (ETR) The Southern Company (SO), Xcel Energy Inc. (XEL) and Entergy Corporation (ETR) sit above both the 14.8x valuation reference and the 5% growth reference. The operating task is to protect recovery, funding and delivery. Premium Awaiting Growth Above-median multiple · below-median revenue growth 1 names Global Water Resources, Inc. (GWRS) Global Water Resources, Inc. (GWRS) carries an above-reference valuation with below-reference growth. Defending that position depends on durable earnings visibility and disciplined capital recovery. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 1 names UGI Corporation (UGI) UGI Corporation (UGI) carries above-reference growth with a below-reference valuation. The gap focuses attention on earnings quality, portfolio mix and the funding burden. Rebuild the Earnings Case Below-median multiple · below-median revenue growth 3 names Public Service Enterprise Group Incorporated (PEG) · Sempra (SREA) · Algonquin Power & Utilities Corp. (AQN) Public Service Enterprise Group Incorporated (PEG), Sempra (SREA) and Algonquin Power & Utilities Corp. (AQN) sit below both references. A clearer path through rate-base delivery, portfolio focus and earned returns could strengthen their standing.

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    03 · GROWTH VS PROFITABILITY

    Profitability and Growth Reveal Different Routes to a Premium

    Profitability and Growth Reveal Different Routes to a Premium.

    Profitability and Growth Reveal Different Routes to a Premium Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 8 companies with both estimates · cuts at the covered medians (5% growth, 46% margin) · median P/E 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 P/E (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). 11

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    03 · GROWTH VS PROFITABILITY Profitability and Growth Reveal Different Routes to a Premium Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 8 companies with both estimates · cuts at the covered medians (5% growth, 46% margin) · median P/E 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 P/E (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -5% 0% 5% 10% 30% 40% 50% 60% MARGIN ONLY median 33.1x BALANCED median 18.0x NEITHER median 13.3x GROWTH ONLY median 13.2x SREA GWRS AQN PEG SO UGI ETR XEL x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Among the 8 names with a forward estimate, two names clear both the 5% growth bar and the 46% margin bar; that two-name group stands at 18.0x. The two-name margin-only group stands at 33.1x, while the two-name growth-only group stands at 13.2x. The Southern Company (SO) and Entergy Corporation (ETR) occupy the balanced position. The pattern shows association, not a single formula for value. The margin-only median rests on 2 names and is lifted by GWRS at 62.8x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 7 of 8 names clear it.

  12. 12
    03 · THE AGENDA

    Recoverable Earnings Sit at the Center of the Sector’s Capital Allocation Choices

    Recoverable Earnings Sit at the Center of the Sector’s Capital Allocation Choices.

    Recoverable Earnings Sit at the Center of the Sector’s Capital Allocation Choices 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. 12

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    03 · THE AGENDA Recoverable Earnings Sit at the Center of the Sector’s Capital Allocation Choices 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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Concentrate on Regulated Earnings Test whether portfolio simplification would sharpen strategic identity and direct capital toward operations with visible recovery. What changes the answer: The answer changes when non-core operations absorb funding without a clear route to earned returns. Prioritise Executable Rate-Base Investment Sequence infrastructure spending around jurisdictional support, affordability and the capacity to deliver projects without overruns. What changes the answer: The answer changes when regulatory lag or financing needs weaken the link between investment and earnings. Use Partnerships Where Funding Is Constrained Consider joint ventures or minority capital where shared ownership can support large infrastructure programs while preserving operating focus. What changes the answer: The answer changes when internal funding capacity can support the plan without pressuring dividend or credit priorities. Pursue Scale Where Fit Is Clear Assess build-versus-buy choices through service-territory logic, regulatory compatibility and future capital requirements. What changes the answer: The answer changes when an asset adds complexity without improving earnings visibility or portfolio focus.

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    SECTION 04

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    Section 04 of 06 — Precedent Transactions Favour Buyers with Conviction. Strategic utilities have paid across a wide range for whole companies and regulated assets. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Buyers with Conviction Strategic utilities have paid across a wide range for whole companies and regulated assets. 04 of 06 Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Strategic Utilities Have Agreed to a Wide Range of Values for Regulated Scale

    Strategic Utilities Have Agreed to a Wide Range of Values for Regulated Scale.

    Strategic Utilities Have Agreed to a Wide Range of Values for Regulated Scale 1 of 11 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. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 1 recorded transaction with neither a disclosed value nor a multiple is 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 Strategic Utilities Have Agreed to a Wide Range of Values for Regulated Scale 1 of 11 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. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 1 recorded transaction with neither a disclosed value nor a multiple is 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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2026 $116B NextEra Energy, Inc. NextEra Energy, Inc. and Dominion Energy, Inc. set a large-scale utility benchmark. EV / LTM revenue 6.6x EV / LTM EBITDA 15.0x WHY THE DEAL HAPPENED The transaction suggests a strategic case built around regulated scale, infrastructure investment and a broader operating footprint. The fit also places funding capacity and regulatory approvals at the centre of execution. HOW THE TARGET WAS VALUED The recorded value is $116B, with pricing at 6.6x revenue and 15.0x EBITDA. Those references sit above several EBITDA precedents in the transaction record.

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    SECTION 05

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    Section 05 of 06 — Value Depends on Turning Capital Plans into Recoverable Earnings. Owners should align portfolio mix, funding and regulatory execution. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Value Depends on Turning Capital Plans into Recoverable Earnings Owners should align portfolio mix, funding and regulatory execution. 05 of 06 Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Next Move Must Strengthen Earnings Visibility Without Overstretching Funding

    The Next Move Must Strengthen Earnings Visibility Without Overstretching Funding.

    The Next Move Must Strengthen Earnings Visibility Without Overstretching Funding 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. 16

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    05 · STRATEGIC IMPLICATIONS The Next Move Must Strengthen Earnings Visibility Without Overstretching Funding 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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Make Portfolio Identity Unmistakable Direct capital toward regulated operations where rate-base growth, recovery timing and service-territory demand reinforce one another. FOR MANAGEMENT Close the Gap to Earned Returns Focus operating plans on rate-case execution, project delivery, reliability and cost control so allowed returns translate into earnings. FOR BOARDS Balance Investment with Funding Capacity Test capital plans against affordability, financing requirements and dividend priorities before committing to the next investment cycle.

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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. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (14.8x); amber marks below · 8 rated companies; 1 not rated (no eligible P/E) · 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 8 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. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (14.8x); amber marks below · 8 rated companies; 1 not rated (no eligible P/E) · 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 8 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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.3x · median 41.0x · 2 companies Global Water Resources, Inc. GWRS Regulated water utilities $362M 62.8x 3% 46% 52 Entergy Corporation ETR Regulated electric utilities $76.0B 19.2x 10% 46% 61 CORE — 12.0x–17.3x · median 14.8x · 4 companies The Southern Company SO Regulated electric utilities $101B 16.7x 6% 47% 55 Xcel Energy Inc. XEL Regulated electric utilities $79.5B 15.3x 11% 46% 58 Public Service Enterprise Group Incorporated PEG Regulated electric utilities $57.2B 14.3x 4% 39% 46 Algonquin Power & Utilities Corp. AQN Diversified regulated multi-utilities $11.1B 12.3x 4% 40% 46 DISCOUNT — <12.0x · median 7.3x · 2 companies UGI Corporation UGI Regulated gas utilities $14.3B 11.1x 8% 24% n/a Sempra SREA Diversified regulated multi-utilities $48.0B 3.4x -5% 65% 71

  19. 19
    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 11 transactions with disclosed terms in this tier (12 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. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 1 recorded transaction with neither a disclosed value nor a multiple is 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 (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (12 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. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 1 recorded transaction with neither a disclosed value nor a multiple is 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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 NextEra Energy, Inc. → Dominion Energy, Inc. $116B 6.6x 15.0x NextEra Energy, Inc. and Dominion Energy, Inc. establish the largest disclosed value in the transaction record at $116B, with pricing at 6.6x revenue and 15.0x EBITDA. May-2024 salesforce.com, inc. → Avangrid, Inc. n/a 11.2x n/a The announced salesforce.com, inc. transaction involving Avangrid, Inc. carries an 11.2x revenue reference. Jun-2018 CenterPoint Energy, Inc. → Vectren Corporation n/a n/a 13.6x CenterPoint Energy, Inc. agreed to acquire Vectren Corporation at 13.6x EBITDA. May-2018 NextEra Energy, Inc. → Gulf Power Company; Florida City Gas; Oleander and Stanton natural-gas generating plants n/a n/a 12.7x NextEra Energy, Inc. acquired Gulf Power Company; Florida City Gas; Oleander and Stanton natural-gas generating plants at 12.7x EBITDA. Jul-2017 Exelon Corporation → Pepco Holdings, Inc. n/a 0.7x 8.8x Exelon Corporation acquired Pepco Holdings, Inc. at 0.7x revenue and 8.8x EBITDA. Mar-2017 Algonquin Power & Utilities Corp. → The Empire District Electric Company n/a n/a 12.7x Algonquin Power & Utilities Corp. agreed to acquire The Empire District Electric Company at 12.7x EBITDA. n/a SAP AG → Progress Energy Inc. n/a 9.8x n/a The announced SAP AG transaction involving Progress Energy Inc. carries a 9.8x revenue reference. n/a n/a → OGE Energy Corp. n/a n/a 10.7x The terminated transaction involving OGE Energy Corp. carries a 10.7x EBITDA reference. n/a n/a → Avista Corp n/a n/a 9.7x The announced transaction involving Avista Corp carries a 9.7x EBITDA reference.

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    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 11 transactions with disclosed terms in this tier (12 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. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 1 recorded transaction with neither a disclosed value nor a multiple is 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. 20

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (12 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. 56 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 1 recorded transaction with neither a disclosed value nor a multiple is 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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters n/a n/a → MGE Energy Inc n/a n/a 12.0x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Unitil Corp n/a n/a 8.6x 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. 21

    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. Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 9 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Multi-Utilities and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 1 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 339 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 (338) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Peer Set, Premium Valuations Sit with Visible, Recoverable Earnings.

    In This Peer Set, Premium Valuations Sit with Visible, Recoverable Earnings..

    Closing — In This Peer Set, Premium Valuations Sit with Visible, Recoverable 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. 22

    Everything on this page

    In This Peer Set, Premium Valuations Sit with Visible, Recoverable Earnings. NeuraCap AI — Multi-Utilities Coverage September 2026 · Prepared by NeuraCap AI · Confidential Multi-Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Multi-Utilities (Utilities › Utilities › Multi-Utilities) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Multi-Utilities 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: Algonquin Power & Utilities Corp. (AQN), Entergy Corporation (ETR), Global Water Resources, Inc. (GWRS), Public Service Enterprise Group Incorporated (PEG), Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS), The Southern Company (SO), Sempra (SREA), UGI Corporation (UGI), Xcel Energy Inc. (XEL). The market map groups them by business vertical — Regulated electric utilities: 4 companies (SO, XEL, ETR, PEG); Diversified regulated multi-utilities: 2 companies (SREA, AQN); Regulated water utilities: 2 companies (SBS, GWRS); Regulated gas utilities: 1 company (UGI). 8 of the 9 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 Multi-Utilities (Utilities › Utilities › Multi-Utilities) with market data and consensus estimates as of September 28, 2026. The company universe is the 9 listed companies whose core business is Multi-Utilities 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: Algonquin Power & Utilities Corp. (AQN), Entergy Corporation (ETR), Global Water Resources, Inc. (GWRS), Public Service Enterprise Group Incorporated (PEG), Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS), The Southern Company (SO), Sempra (SREA), UGI Corporation (UGI), Xcel Energy Inc. (XEL). The market map groups them by business vertical — Regulated electric utilities: 4 companies (SO, XEL, ETR, PEG); Diversified regulated multi-utilities: 2 companies (SREA, AQN); Regulated water utilities: 2 companies (SBS, GWRS); Regulated gas utilities: 1 company (UGI). 8 of the 9 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

1 record failed a validation gate and never feed a statistic in this report (1 excluded from universe). Each exclusion, with its reason: BIP — The ticker BIP carries a preferred, warrant or unit suffix and the security name gives no sign of an operating company (effect: excluded from universe)

Primary valuation basis and how it was chosen

Primary valuation basis: P / E on CY2027E consensus (8 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 9 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Multi-Utilities and it clears the coverage gate with 8 of 9 companies (89%). EV / Revenue is carried as a cross-check. 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: 8 of 9 companies; EV / rEVenue: 9 of 9 companies; P/E: 8 of 9 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 ≥17.3x, Core 12.0x–17.3x, Discount <12.0x — 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: 14.8x = median(pe_ratio CY2027E) (8 rated companies) · 41.0x = median(pe_ratio CY2027E) within Premium tier (n=2) · 14.8x = median(pe_ratio CY2027E) within Core tier (n=4) · 7.3x = median(pe_ratio CY2027E) within Discount tier (n=2) · 16.0x = median(pe_ratio CY2027E) | growth ≥ 5% (n=4) · 13.3x = median(pe_ratio CY2027E) | growth < 5% (n=4) · 18.0x = median(pe_ratio CY2027E) | EBITDA margin ≥ 46% (n=4) · 13.3x = median(pe_ratio CY2027E) | EBITDA margin < 46% (n=4) · 51% = median Rule of 40 score (revenue growth + EBITDA margin) (n=8) · 18.0x = median(pe_ratio CY2027E) within balanced quadrant (n=2) · 33.1x = median(pe_ratio CY2027E) within marginOnly quadrant (n=2) · 13.2x = median(pe_ratio CY2027E) within growthOnly quadrant (n=2) · 13.3x = median(pe_ratio CY2027E) within neither quadrant (n=2) · 62.8x = pe_ratio CY2027E for GWRS (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Multi-Utilities 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. 12 transactions were recorded for this industry; 11 are shown. 1 recorded transaction with neither a disclosed value nor a multiple is omitted because it says nothing about price; it remains 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: 50 × no evidence record; 2 × deal value unit unresolved; 4 × duplicate precedent id. Case studies lead with the 1 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. 343 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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