德勤2026年瑞士中小企业并购活动研究报告

The pieces of the puzzle finally come together to drive the long-awaited M&A recovery February2026 About this report This is the 20th edition of the Deloitte study on M&A activity of SMEs in Switzerland.It uses various sources of information to identify transactions involving Swiss SMEs. Contents Introduction4M&A activity overview5Transactions in Switzerland6Outbound transactions7Private equity8Interview with Christophe Utelli, CEO of Cité Gestion SA9Economic environment in Switzerland11Deloitte Swiss Small & Mid Cap index132026 outlook14 Introduction Increase of16%in Swiss transactionsThere were 208 M&A transactions We are pleased to present the latest edition of our review of mergers and acquisitions(M&A) activity, covering sales and acquisitions of small and medium-sized enterprises Globally, M&A activity increased markedly in 2025, with approximately 41,000 dealscompleted, a 4% increase year-on-year, and a resurgence in mega-deals, bringing theaggregate value of all deals to CHF 3.7 trillion, close to 2021 levels. This momentum was Inbound transactionsjumped by65% The number of inbound M&Atransactions strongly increased to 104 IT services and software transactions were the primary growth driver, representing90% of the volume increase and underscoring the strategic importance and ongoingconsolidation of this sector. Inbound transactions surged by 65% to a record 104 deals,helped by the stability of Switzerland’s economy amid global volatility. Domestic M&Atransactions increased slightly (+10%), reflecting consistent dealmaker confidence in Predominance of IT services& software deals Private equity (PE) activity continued as a major driver, with deals involving privateequity firms rising by 45% to 116 transactions, accounting for 56% of the total of 208transactions. This growth was mainly driven by a 156% leap in inbound private equity Swiss IT services &software companies werethe most sought-after targets(31% total inbound and 21% of The US administration’s April 2025 tariff announcement sparked global uncertainty.Despite this, Swiss CFOs who were interviewed in September 2025 remained optimistic 10.7xEV/EBITDA The Deloitte Small & MidCap index increased during 2025from 9.2x (Q1) to reach 10.7x at the year Following the recovery in 2025, M&A activity is expected to accelerate further in 2026 asprivate equity still has abundant dry powder, interest rates should be cut further, andSwitzerland’s macroeconomic environment should remain resilient. However, persistent We would like to thank Christophe Utelli, CEO of Cité Gestion SA, who was interviewedfor this study. Growing importance ofprivate equity activity We hope you enjoy reading this report. The number of deals involving privateequity increased by 45% to 116 in 2025 Jean-François LagasséVice-Chairman & Partner,Strategy, Risk and Transactions Kristina FaddoulManaging Partner, M&A activity overview Increased number of transactions despite market volatility Global M&A market Although geopolitical tensions and economic uncertainty persist, experienced dealmakers have successfully navigated market volatility todrive a rebound in M&A activity. Supported by substantial availability of capital, the aggregate value and number of global M&A deals grewin 2025. Globally 41,362 deals were completed (with an aggregate value of CHF 3.7 trillion) compared to 39,644 in 2024 (aggregate value, In 2025, a total of 208 transactions involving Swiss SMEs were recorded, reflecting a 16% increase from 179 in 2024 and aligning with levelsseen in the post-Covid boom of 2021. This growth was largely driven by a 65% rise in inbound transactions, which also contributed signif-icantly to a 70% year-on-year surge in aggregate deal value across the entire Swiss M&A market. As a result, Switzerland positioned itself Domestic confidence remained strong,with many companies pursuing localacquisitions to expand market share and Significant decrease in outboundtransactions as Swiss companies focusedon core competencies in the context ofmacroeconomic caution and tariff Transactions in Switzerland(Domestic and inbound M&A transactions, excluding outbound deals) Transactions involving the sale of Swiss SMEs rose by 41% from2024 to 2025, driven mainly by the growth in inbound deals Swiss SMEs transactions in 20252025 marked a turnaround for the sale of Swiss SMEs, with 157 transactions completed. This reversed the downward trend that saw activity fall from 163 transactions in 2021 to 111 in 2024. Inbound transactions rose by 65% to 104 deals, predominantly driven byconsolidation in the IT services and software sector, which accounted for 56% of total inbound growth. Domestic acquisitions grew slightly acquisitions, ahead of Germany (19%). Nordic investors emerged asan important force, rising to 13% of the total, from 3% in 2024, drivenby their strategic emphasis on technology and AI, and reflecting their IT services and software dominated with 28% of domest