Report Highlights

Highlights from our UK M&A Valuation Indices H1 2026, covering UK M&A transaction multiples for M&A deals completed between January – June 2026.

The MarktoMarket All-Cap Index, encompassing data from deals below an enterprise value of £250million, reflects a relatively stable valuation environment.

The median Enterprise Value to EBITDA (EV/EBITDA) multiple paid during the first half of 2026, excluding outliers, was 6.0x, which compares to our full year 2025 reported figure of 6.2x.

In addition to the All Cap Index (all deals under £250 million), we present five size indices. This is in order to help our customers understand, justify and defend size-related discounts and premiums.

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 our coverage. Due to the limited disclosure required from very small private businesses, information can be difficult to obtain. However, MarktoMarket’s technology and in-house research team, alongside contributions from our customers, allow us to create an index for these tiny companies.

Our provisional data suggests that Nano-Cap multiples continued to improve slightly in H1 2026, with a median EV/EBITDA of 3.7x, up from 3.6x across the full year 2025

SECTOR-BASED INDICES

The Industrials & Business Support Services (I&BSS) sector remains the largest contributor to the indices, accounting for more than half of our H1 2026 sample. The Consumer sector followed with a modest increase in its weighting to 21% during the period under review, while the Technology, Media & Telecommunications sector, which has historically commanded higher valuation multiples, accounted for a smaller share of the sample.

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