Retail and Hospitality Software Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

Retail and Hospitality Software: Premiums Sit with Growth

The report shows how growth, business model and operating balance shape relative positioning across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE

   Cover slide introducing the Retail and Hospitality Software sector outlook dated September 2026.

   This report sizes up eight retail and hospitality software companies on forward earnings, growth and margin, benchmarked against a thin but instructive transaction record. We open with the finding stripped to its simplest form: position in the valuation range tracks the business model more than the sector label.

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   INFORMATION TECHNOLOGY › SOFTWARE AND SERVICES › RETAIL AND HOSPITALITY SOFTWARE Retail and Hospitality Software: Premiums Sit with Growth The report shows how growth, business model and operating balance shape relative positioning across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus the appendix.

   We've structured this report so the bottom line comes first: five numbered sections carry the argument from headline finding through market landscape, valuation, precedent deals and strategic implications, followed by a full appendix. The Bottom Line section stands on its own, telling the whole story in one page. So if you only have five minutes, section one is where we'd point you.

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   CONTENTS What This Report Covers 01 The Bottom Line Growth and Business Model Separate the Premium from the Rest 02 The Landscape Four Business Models Create Different Valuation Starting Points 03 Valuation & Situations Faster-Growing Platforms Occupy the Premium End 04 Precedent Transactions Precedent Transactions Show Selective Conviction Across the Sector 05 Strategic Implications Value Strengthens When Growth Quality and Earnings Quality Move Together 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Retail and Hospitality Software Is Four Businesses: Hospitality Systems Sit High in the Range, Store Estates Low

   The headline finding that the sector splits into four business types, with hospitality systems pricing high and store estates pricing low.

   Across the eight names we rate on CY2027E EBITDA, the sector median sits at 6.7x, but the range runs from 5.0x at the bottom to 20.0x at the top. Hospitality and property management applications cluster near 15.2x, while store and venue systems deployment sits at 4.9x on its single name. The faster-growing half of this set trades at 11.7x against 5.7x for the slower half, and only two names — Shift4 Payments and Agilysys — clear both the growth and margin bars, at 15.5x combined. So the label 'retail and hospitality software' hides four different businesses, and knowing which one a company runs explains more than the sector average ever could.

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   01 · THE BOTTOM LINE Retail and Hospitality Software Splits Across Four Models; Premiums Sit with Faster-Growing Hospitality and Commerce Platforms 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 (8 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 21%, 8 of 8 names with a meaningful EBITDA), so EV / EBITDA leads and EV / Revenue is the cross-check. Qualitative characterisations are NeuraCap views. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Durability Test The premium end stands at 19.8x versus 4.9x at the discount end. These are forward EV / EBITDA multiples, so the spread already credits forecast earnings and places durability under scrutiny. 2 Faster Growth Sits Alongside Higher Valuation Among the 8 companies with a forward EBITDA estimate, the 4 above 9% growth sit at 11.8x. The 4 below that line sit at 5.6x, with the valuation gap alongside the growth split. 3 Business Model Shapes the Starting Point Hospitality and property management applications sit at 14.8x, while store and venue systems deployment and managed services sit at 4.8x. Recurring software, payments attach and implementation intensity remain central to how these models are assessed. 4 Operating Balance Distinguishes a Small Group Only 2 of 8 companies clear both the growth and margin bars, and that group sits at 15.2x. Payments attach, module attach and cloud conversion of the installed base are practical tests of whether growth can coexist with profitability. 6.7x Sector median EV/EBITDA CY2027E consensus · 8 rated of 8 companies 19.8x Premium end EV/EBITDA vs 4.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 34 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the four-group market landscape.

   Four groups sell into adjacent markets on different terms: venue commerce, hospitality applications, managed travel and store estates. Each carries its own operating test, and the pages ahead walk through what separates them.

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   SECTION 02 02 THE LANDSCAPE Four Business Models Create Different Valuation Starting Points Software depth, payments attach and installed-base exposure shape how the peer set is assessed. 02 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Venue Commerce Is Where the Names Cluster; Hospitality Applications Sit at the Top of the Range

   Market map grouping the eight approved companies by business segment with median EV/EBITDA per group.

   Venue commerce is where the names in this set cluster, while hospitality applications sit at the top of the range at a median 15.2x, and store and venue systems deployment sits at the bottom at 4.9x. Grouping the eight companies by segment shows each group being underwritten on a different test. So a company's segment membership is a useful first read on where it should sit in the range, before growth or margin enter the picture.

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   02 · MARKET MAP The Sector Spans Four Models with Different Paths to Durable Earnings 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MERCHANT COMMERCE AND PAYMENT INFRASTRUCTURE FOR VENUES 3 cos median 7.1x TOST FOUR SABR This group combines venue software with payment and transaction economics tied to the merchant relationship. HOSPITALITY AND PROPERTY MANAGEMENT APPLICATIONS 2 cos median 14.8x DBD AGYS These platforms sit deep in property workflows, where switching costs and module expansion can support recurring economics. MANAGED CORPORATE TRAVEL PLATFORMS 2 cos median 7.5x EXPE GBTG These businesses connect buyers, suppliers and distribution channels, with exposure to booking activity and supplier connectivity. STORE AND VENUE SYSTEMS DEPLOYMENT AND MANAGED SERVICES 1 cos 4.8x · 1 rated VYX This model centres on implementation, support and estate management, where service intensity can weigh on operating quality.

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   02 · LANDSCAPE

   The Four Groups Are Underwritten on Different Tests: Attach, Connectivity and Cash Conversion

   Segment view describing the different underwriting tests — attach, connectivity and cash conversion — across the four groups.

   Each of the four groups is underwritten on a different test: attach economics for venue commerce, integration depth for hospitality applications, connectivity for managed travel, and cash conversion for store estates. The appendix carries full company-level detail behind this grouping. So understanding which test a company is being underwritten on matters more than comparing it against the sector median directly.

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   02 · LANDSCAPE Software Depth and Transaction Exposure Separate the Four Business 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. Retail and Hospitality Software 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 Merchant commerce and payment infrastructure for venues 3 38% 7.1x Toast, Inc. (TOST) · Shift4 Payments, Inc. (FOUR) · +1 more Payments deepen venue economics. The 3-company group sits at 7.1x. Payment attach, location count and module expansion can deepen the relationship beyond the initial point-of-sale deployment. Hospitality and property management applications 2 25% 14.8x Diebold Nixdorf, Incorporated (DBD) · Agilysys, Inc. (AGYS) Workflow depth supports durability. The 2-company group sits at 14.8x. Property management systems embedded across front of house and back of house can support switching costs and broader module attach. Managed corporate travel platforms 2 25% 7.5x Expedia Group, Inc. (EXPE) · Global Business Travel Group, Inc. (GBTG) Connectivity carries cyclical exposure. The 2-company group sits at 7.5x. Supplier connectivity and content create strategic relevance, while booking volumes retain exposure to travel demand. Store and venue systems deployment and managed services 1 13% 4.8x n=1 NCR Voyix Corporation (VYX) Services intensity limits comparability. The single company sits at 4.8x. Implementation work, hardware cycles and managed services create a different earnings profile from software-led platforms.

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   SECTION 03

   03

   Section divider introducing the public market valuation analysis on forward earnings.

   Forward earnings is the currency here, and the range is wide: all eight approved names carry a CY2027E EBITDA estimate. The pages ahead walk through where the sector clears and what explains the spread.

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   SECTION 03 03 VALUATION & SITUATIONS Faster-Growing Platforms Occupy the Premium End The forward earnings lens already credits forecast growth, putting durability at the centre of the valuation debate. 03 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Sector Clears at 6.7x EV/EBITDA — the Range Around That Median Is the Story

   The sector's public market valuation on EV/EBITDA (CY2027E), showing all eight rated companies sorted with the median marked.

   The sector clears at a median 6.7x EV/EBITDA on CY2027E consensus, with all eight rated names sorted around that midpoint. This set is profitable — median forward EBITDA margin of 21% across all eight — so EV/EBITDA leads as the primary basis and EV/Revenue serves only as a cross-check. The tier zones on this page are cut at the rated set's own quartiles. So the median is a useful anchor, but the real story is how far individual names sit from it.

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   03 · PUBLIC MARKET VALUATION The Valuation Range Widens Where Growth Durability Remains Credible EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 6.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 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 21%, 8 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 19.8x CORE · median 6.7x DISCOUNT · median 4.9x Sector median 6.7x WHAT SEPARATES THE TWO ENDS The premium spread is wide. The 2 names at the premium end sit at 19.8x, while the 2 names at the discount end sit at 4.9x. Forward pricing raises the bar. A forward EV / EBITDA multiple already credits expected earnings. A spread that remains on this basis places greater weight on the durability of growth and cash conversion. Business mix shapes confidence. Recurring software, payment attach and module expansion can support visibility. Implementation intensity and slower estate conversion can create a more demanding path.

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   03 · VALUATION DRIVERS

   Growth Above 9% Is Where the Wider Multiples Sit Across These Eight Names

   Median EV/EBITDA split by revenue-growth and EBITDA-margin cohorts across the rated set.

   Splitting the eight rated names by growth, the four faster-growing companies trade at 11.7x against 5.7x for the four slower ones — growth above 9% is where the wider multiples in this set sit. This is a cohort-level association drawn from the data shown, not a claim that growth alone explains the multiple. So when we see a name trading rich, checking its growth cohort first tells us whether that premium is broadly consistent with peers.

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   03 · VALUATION DRIVERS Faster Growth Is Associated with the Higher Forward Valuation 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=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 9% · EBITDA-margin split at 21% The Growth Split Carries a Clear Valuation Gap On the 8 companies with a forward EBITDA estimate, the 4 above 9% growth sit at 11.8x versus 5.6x for the 4 below. Margin Alone Does Not Identify the Premium End The operating map uses a 21% margin bar, yet higher-margin names appear across different valuation positions. Profitability matters, but the observed premium is concentrated among faster-growing platforms. Sector KPIs Test the Quality Behind Growth Location count, payment attach, module attach and time-to-go-live help distinguish durable expansion from growth that remains implementation-heavy or hardware-dependent.

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    03 · SITUATION MAP

    Three Names Sit Above the Middle on Both Multiple and Growth, and Three Below

    A four-quadrant map cutting the rated names on multiple versus growth relative to the sector medians.

    Cutting the eight rated names on EV/EBITDA against the 6.7x sector median and on growth against the 9% covered median splits the set into quadrants: three names sit above the middle on both measures, and three sit below on both. These are observations on where each name currently sits, not recommendations. So the map is a starting point for asking why a given name sits where it does, not a verdict on it.

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    03 · SITUATION MAP Growth and Valuation Divide the Peer Set into Four Operating Agendas Cut on EV / EBITDA vs the sector median (6.7x) (rows) and revenue growth vs the covered median (9%) (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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 3 names Toast, Inc. (TOST) · Global Business Travel Group, Inc. (GBTG) · Agilysys, Inc. (AGYS) Toast, Inc. (TOST), Global Business Travel Group, Inc. (GBTG) and Agilysys, Inc. (AGYS) sit above both reference lines. The central test is whether growth can remain durable as the earnings base expands. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 1 names Sabre Corporation (SABR) Sabre Corporation (SABR) sits above the valuation line but below the growth line. Its position places emphasis on defending earnings quality and the durability of supplier connectivity and content. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 1 names Shift4 Payments, Inc. (FOUR) Shift4 Payments, Inc. (FOUR) sits above the growth line but below the valuation line. The gap points to the importance of translating payment and location expansion into sustained earnings confidence. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 3 names Expedia Group, Inc. (EXPE) · Diebold Nixdorf, Incorporated (DBD) · NCR Voyix Corporation (VYX) Expedia Group, Inc. (EXPE), Diebold Nixdorf, Incorporated (DBD) and NCR Voyix Corporation (VYX) sit below both reference lines. Their agenda centres on growth credibility, mix improvement and cash conversion.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Bars Is Uncommon, and That Pair Sits High in the Range

    A scatter of revenue growth against EBITDA margin for the eight rated companies, with median EV/EBITDA per quadrant.

    Plotting revenue growth against EBITDA margin for the eight rated companies, cut at the covered medians of 9% growth and 21% margin, shows that clearing both bars at once is uncommon — only two names manage it, and that pair carries the highest median multiple of the four quadrants. This pairing appears in the data as an association across the eight names, not a guarantee of future results. So the combination of growth and margin, not either alone, is the rarer and more rewarded trait in this set.

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    03 · GROWTH VS PROFITABILITY Only a Small Group Combines Above-Range Growth with Above-Range Margin Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (9% growth, 21% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 5% 10% 15% 20% 15% 20% 25% MARGIN ONLY median 5.6x BALANCED median 15.2x NEITHER median 6.0x GROWTH ONLY median 11.8x VYX DBD SABR EXPE GBTG FOUR AGYS TOST x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The upper-right position contains 2 of 8 companies and sits at 15.2x. Agilysys, Inc. (AGYS) and Shift4 Payments, Inc. (FOUR) clear both operating bars. Two companies clear only the margin bar, two clear only the growth bar and two clear neither. The map separates operating balance from valuation rank rather than treating either measure as a cause. The balanced median rests on 2 names and is lifted by AGYS at 24.7x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 8 names clear it (AGYS).

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    03 · THE AGENDA

    The Operating Moves That Travel with the Top of the Range

    A set of operating questions associated with sitting at the top of the valuation range, framed for owners and acquirers.

    These are the operating questions the data points to for a business trying to move toward the top of this range: recurring mix, attach economics, and how growth is funded. This page is directional — NeuraCap's advisory judgment grounded in the cohort data shown earlier, not investment advice. So we'd use this agenda as a discussion starter with management teams, not as a checklist to grade them against.

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    03 · THE AGENDA Growth Credibility and Earnings Quality Define the Strategic Agenda 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Software and Payment Attach A larger share of economics from software, modules and payments can improve revenue quality within the installed base. What changes the answer: The answer changes when payment attach and module attach rise without weaker retention. Accelerate Cloud Conversion of the Estate Faster migration can shift the mix away from declining maintenance and create a broader base for recurring products. What changes the answer: The answer changes when live conversions outpace implementation drag and legacy attrition. Reset Implementation and Service Intensity A more disciplined delivery model can shorten time-to-go-live and reduce the cost burden attached to growth. What changes the answer: The answer changes when backlog converts faster without higher delivery cost or customer disruption. Test Build-Versus-Buy by Capability Payments, supplier connectivity and workflow modules can be assessed against internal build time, channel access and integration complexity. What changes the answer: The answer changes when an external capability reaches customers faster than an internal build.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    Seven transactions are recorded with disclosed terms, and the ones with terms are carried on earnings. The pages ahead walk through what buyers agreed to pay across announced deals in venue software and travel.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Selective Conviction Across the Sector The transaction record spans strategic combinations and sponsor activity, but pricing evidence remains limited. 04 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Agreed to Pay 8.6x to 15.7x on Earnings Across a Thin Record

    Case studies on two of the seven disclosed-terms transactions, showing multiples buyers agreed to pay on LTM earnings.

    Buyers agreed to pay between 8.6x and 15.7x on LTM earnings across the two case-study transactions we highlight here, out of seven deals with disclosed terms in total. These deal multiples are struck on LTM financials at announcement, so they aren't directly comparable to the CY2027E public market basis shown elsewhere in this report — we don't draw a spread between them. So the transaction record is thin, and any read on pricing should treat these two data points as case studies rather than a statistical sample.

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    04 · DEAL CASE STUDIES Precedent Transactions Show Buyer Interest, but Pricing Evidence Is Selective 2 of 7 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. 33 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. 27 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2023 $36M Nayax Ltd. Nayax Ltd. added Retail Pro International to broaden its merchant-facing software position. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests a wider role across retail operations and the merchant relationship. Retail software can sit alongside transaction capabilities within the same customer base. HOW THE TARGET WAS VALUED The filing records $36M, with the unresolved unit limiting direct comparison. The transaction is therefore more useful as evidence of strategic fit than as a valuation benchmark. Nov-2020 $0M Lightspeed POS Inc. Lightspeed POS Inc. paired with ShopKeep Inc. to extend its point-of-sale platform. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests value in combining merchant software platforms serving independent operators. A broader installed base can create more opportunities for software and payment attach. HOW THE TARGET WAS VALUED The filing records $0M, with the unresolved unit limiting direct comparison. The transaction informs buyer logic more clearly than pricing.

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    SECTION 05

    05

    Section divider introducing the report's strategic implications.

    What does the range reward in the next planning cycle? Recurring mix, conversion pace and funding growth out of earnings are the threads the pages ahead pull together.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Value Strengthens When Growth Quality and Earnings Quality Move Together The practical agenda centres on monetisation, conversion execution and cost discipline. 05 of 06 Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Position in the Range Tracks the Operating Plan More Closely than the Label

    Strategic implications organized by audience — owners, boards and deal teams — tied back to the report's findings.

    Position in this range tracks the operating plan more closely than the sector label a business carries. For owners, the wider multiples sit with the faster growers and with the pair clearing both the growth and margin bars. For boards, the question is whether next year's growth is funded out of earnings or out of margin. So the practical takeaway across audiences is the same: the operating plan, not the label, is what moves a business through this range.

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    05 · STRATEGIC IMPLICATIONS The Stronger Position Combines Durable Growth with Better Revenue Quality 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Focus the Operating Model on Repeatable Expansion Pricing, retention, payment attach and module expansion provide practical routes to deepen economics within existing locations. FOR MANAGEMENT TEAMS Align Growth with Delivery Discipline Implementation capacity, time-to-go-live and service intensity shape whether signed demand becomes recurring earnings. FOR BOARDS Allocate Capital Around Durable Capabilities Build-versus-buy decisions can centre on merchant access, workflow depth, supplier connectivity and the pace of cloud conversion.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    This closing section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives.

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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 Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    The full table of eight rated public comparables on EV/EBITDA (CY2027E), grouped by valuation tier.

    This appendix lists all eight rated companies on the same EV/EBITDA (CY2027E) basis used throughout the report, grouped by valuation tier against the 6.7x sector median. Every row here matches a name discussed earlier in the deck. So this page is the reference point for tracing any multiple quoted in the body back to its company.

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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 (6.7x); amber marks below · 8 rated companies · 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.2x · median 19.8x · 2 companies Agilysys, Inc. AGYS Hospitality and property management applications $2.6B 24.7x 18% 26% 43 Toast, Inc. TOST Merchant commerce and payment infrastructure for venues $15.9B 14.8x 18% 12% 31 CORE — 5.5x–10.2x · median 6.7x · 4 companies Global Business Travel Group, Inc. GBTG Managed corporate travel platforms $6.2B 8.7x 10% 19% 29 Sabre Corporation SABR Merchant commerce and payment infrastructure for venues $4.5B 7.1x 4% 21% 25 Expedia Group, Inc. EXPE Managed corporate travel platforms $29.2B 6.4x 7% 26% 34 Shift4 Payments, Inc. FOUR Merchant commerce and payment infrastructure for venues $7.4B 5.7x 11% 24% 35 DISCOUNT — <5.5x · median 4.9x · 2 companies Diebold Nixdorf, Incorporated DBD Hospitality and property management applications $2.9B 4.9x 4% 14% 18 NCR Voyix Corporation VYX Store and venue systems deployment and managed services $2.2B 4.8x -1% 21% 20

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    The full list of seven transactions with disclosed terms, newest first.

    This appendix lists all seven transactions with disclosed terms out of the recorded total, each with its LTM multiple at announcement. These multiples sit on a different basis than the public market comparables — LTM at announcement versus CY2027E consensus — so we treat them as a separate reference rather than a like-for-like comparison. So this table is where a client would go to check the terms behind any deal referenced earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (34 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. 33 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. 27 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2023 Nayax Ltd. → Retail Pro International $36M n/a n/a Nayax Ltd. and Retail Pro International suggest a combination of merchant-facing software and transaction capabilities. The strategic fit sits around a broader role in store operations. Aug-2022 Thoma Bravo → MENU Technologies AG n/a 2.0x 13.3x Thoma Bravo and MENU Technologies AG were announced at 13.3x EV / EBITDA and 2.0x EV / Revenue. The two measures frame both earnings capacity and the revenue base. Nov-2020 Lightspeed POS Inc. → ShopKeep Inc. $0M n/a n/a Lightspeed POS Inc. and ShopKeep Inc. suggest consolidation around merchant software and point-of-sale relationships. The pairing is consistent with broader reach across independent operators. Aug-2020 Oak Hill Capital Partners → Linx S.A. n/a n/a 11.0x Oak Hill Capital Partners and Linx S.A. were announced at 11.0x EV / EBITDA. The benchmark points to the relevance of earnings and cash conversion for established software estates. May-2017 Montefiore Investment, SA → QCNS Cruise SAM (nka: Cruiseline S.A.M.) n/a n/a 8.6x Montefiore Investment, SA and QCNS Cruise SAM (nka: Cruiseline S.A.M.) were announced at 8.6x EV / EBITDA. The pricing provides an earnings reference for specialised travel technology. Jun-2014 Oracle → MICROS n/a n/a 15.7x Oracle and MICROS were announced at 15.7x EV / EBITDA. The benchmark reflects what a strategic buyer agreed to pay for an established hospitality technology platform. n/a MINDBODY, Inc. → Booker Software, Inc. $0M 5.3x n/a MINDBODY, Inc. and Booker Software, Inc. were announced at 5.3x EV / Revenue. The revenue benchmark offers a cross-check for vertical software where earnings are not the primary reference.

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    06 · REPORTED FIGURES AND THEIR FILINGS

    Every Reported Figure, Linked to the Filing It Was Taken From

    Every Reported Figure, Linked to the Filing It Was Taken From.

    Every Reported Figure, Linked to the Filing It Was Taken From 8 of 8 companies carry a filing source · latest reported year per figure · estimates are consensus and have no filing to link · as of 2026-09-25 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-25; company disclosures via SEC EDGAR where linked. Each figure links to the company's own filing on SEC EDGAR, and the link carries a text fragment so the browser scrolls to the number inside the document. Figures shown are as reported (not estimates); a blank cell means the platform holds no filing-sourced value for that figure. 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. Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 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 21%, 8 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 Retail and Hospitality Software and it clears the coverage gate with 8 of 8 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 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 2 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 384 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 (383) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, assumptions, and how data quality issues were handled.

    This report draws on market data and consensus estimates as of 2026-09-25, with company disclosures linked via SEC filings where available. Every figure links to the record it was taken from, and where a figure has no link, the appendix names its source and basis. So the methodology page is where a client checks exactly how any number in this report was built before relying on it.

    Everything on this page

    The Observed Premium Sits Where Growth, Recurring Mix and Operating Balance Align. NeuraCap AI — Retail and Hospitality Software Coverage September 2026 · Prepared by NeuraCap AI · Confidential Retail and Hospitality Software Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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    Across These Eight Names, the Wider Multiples Sit Alongside the Faster Growers.

    Closing statement reiterating that wider multiples sit alongside faster growth across these eight names.

    Across these eight names, the wider multiples sit alongside the faster growers — an observed association across this set, not a rule we'd extrapolate beyond it. The pair clearing both the growth and margin bars carries the highest multiple we've shown, and the transaction record adds a thin but consistent cross-check. So 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.

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