Report Highlights

Highlights from our 2025 UK M&A Valuation Indices, covering UK M&A transaction multiples for M&A deals completed in 2025.

Indices Commentary

M&A valuations in 2025 suggest a more cautious environment. Our All Cap index registered a fall from a median EV/ EBITDA multiple of 6.5x in 2024 to 6.1x in 2025. Customers tell us that geopolitical uncertainty, tariff tensions, and AI-related workforce changes have contributed to buyer nervousness, which has fed-through to valuations. Whilst the year-on-year picture is negative, the 2025 figure was back in-line with our 2023 All-Cap multiple.

Figure 1: MarktoMarket Nano Cap Index EV/EBITDA (Median)

The Nano Cap index, which consists of M&A transactions valued at under £2.5m, is designed to be representative of the smallest companies in the UK.

Our provisional data suggests that Nano-Cap multiples improved slightly in 2025, with a median EV/EBITDA of 3.9x, up from 3.3x in 2024. However, valuations remain some way below the highs of 2021 and 2022, when median multiples were 4.3x.

SECTOR-BASED INDICES

Figure 2: MarktoMarket Industrials & Business Support Services Index

Valuations improved in the I&BSS sector in 2025. The median EBITDA multiple expanded modestly from 5.5x to 5.8x.

*see the full report for our definition of outliers.

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