is expressed as a median EV/EBITDA7 and an EV/Sales ratio. After subdued valuations in 2024, EV/EBITDA multiples increased throughout 2025, rising from 9.2x in Q1 to 10.7x in Q4. This trend reflects renewed investor confidence in the fundamental quality and resilience of Swiss equities, particularly among mid-cap Companies which often have less international exposure. Despite persistent macroeconomic and geopolitical uncertainties, investor confidence was rewarded as many Swiss SMEs' demonstrated superior returns and strong margins, leading to higher valuations from Q2 multiples) and is expressed as a median EV/EBITDA ratio. The index fell to 8.7x in Q3 2025, its lowest level since Q1 2017, marking a clear sustainability, the longer-term impact and uncertainty regarding US trade policy, and ongoing geopolitical tensions. The decline in the Argos Mid-Market index was also a driver in the recovery in M&A activity throughout 2025, as the gap between sellers' valuation expectations and buyers' willingness to pay starts to reduce, becoming more aligned with current economic and geopolitical realities. 7 Enterprise value to earnings before interest, taxes, depreciation, and amortisation