2026年水务并购报告

Turning the corner The global water sector's M&A market rebounded in 2025,posting its first year-on-year growth since the post-pandemic peak of 2021. With 436 completed transactions The recovery was welcome following three years ofdecline. Deal counts had fallen from 760 transactions Yet conditions remained challenging in 2025: Global tradetensions, ongoing geopolitical conflicts, and regulatory The fundamentals driving long-term investment remaincompelling. Aging infrastructure, increasing regulatoryscrutiny around water quality and PFAS contamination,climate-driven water stress, and accelerating demand Deal activity returns as investors While the 8 % increase in transaction count marks a welcome reversal,the scale of recovery remains modest when viewed against the sector’srecent history. The 436 deals completed in 2025 represent just 57 % of the This disconnect suggests the 2025 recovery was driven more by a returnof mid-market activity than by the mega-deals that characterized theimmediate post-pandemic period. Smaller, strategic transactions and Several factors converged to support this rebound: •Legislative momentum from earlier policy frameworkscontinued toprovide tailwinds, including in the UK where the AMP8 framework isexpected to nearly double water utility investment over the next five •Technology integration and digital transformationemerged as amajor theme, with AI-driven water efficiency solutions commandingpremium valuations. Predictive analytics, advanced sensors, and •Interest rate stabilizationalso played a role, providing greater debtavailability and financing clarity compared to the volatile conditionsof 2023 and early 2024. While rates remain elevated by historical Regional dynamics: Familiar North America and Europe continue to account for nearly 90 % oftotal deal count, maintaining the geographical patterns that havecharacterized water M&A for years. These regions benefit from However, Brazil deserves particular attention. Building on momentumwe flagged in our previous reports, the country advanced several •Piauí concession:A 35-year full-service concession awardedto Aegea Saneamento for USD 175 million, with investment •Sanepar:A 24-year wastewater treatment PPP program involvingthree concession lots awarded to Acciona, Iguá, and Saneamento •Sergipe concession:A 35-year water and sewage servicesconcession awarded to Iguá Saneamento for USD 815 million, •Pernambuco:A 35-year concession for water and sewerage servicesawarded to a BRK-Acciona consortium, involving approximately North America, Europe, and Asia continue to lead indeal volume but Brazil is one of the sector's most relevant A 'scarcity premium' may continue Water assets continued to command premium valuations in 2025, albeitfrom a limited sample of transactions with disclosed multiples. The average Valuation trends: The scarcity premium persists Water industry average transaction multiples - xEBITDA Several key 2025 transactions, including those supported by RolandBerger, pointed to a "best bid wins" environment where heightened •EQT's acquisition of Seven Seasshowcased private equity's continuedrole in the sector, particularly in decentralized water treatment •TAQA's acquisition of GS Inimaunderlined Middle Eastern players'ambitions to expand internationally and build platforms for •Ecolab's acquisition of Ovivo Electronicsrepresented a major move inthe semiconductor sector, with the USD 1.8 billion deal positioning Looking forward For investors and strategic players looking to capitalize on the nextphase of growth, three themes warrant particular attention as the 1.Build or acquire digital capabilities now, before the premium widensfurther.AI-driven efficiency, predictive analytics, and advancedmonitoring systems are becoming core competitive advantages. 2.Don't overlook emerging markets where regulatory reform is creatingopportunity at scale.While North America and Europe continue todominate transaction volumes, Brazil demonstrates how policy shifts 3.Prepare for larger transactions by strengthening due diligence andfinancing relationships.Larger transactions require moresophisticated due diligence - particularly around non-revenue water Your contactsat Roland Berger Geoff Gage Senior Partner+44 7946 417-839 Mathieu De Kervenoael Partner+33 1 7092-8939 Christophe Guillet Partner+973 33 575 587 Claire Pernet Partner+33 1 7039-4276 Bastien Simeon Partner+33 1 7092-8935 Bill Malarkey Partner+1 267 240 5563 ROLAND BERGERis one of the world's leading strategyconsultancies with a wide-ranging service portfolio forall relevant industries and business functions. Foundedin 1967, Roland Berger is headquartered in Munich. 02.2026 ROLANDBERGER.COM This publication has been prepared for general guidance only. The reader should notact according to any information provided in this publication without receiving specificprofessional advice. Roland Berger GmbH shall not be liable for any dam