Although geopolitical tensions and economic uncertainty persist, experienced dealmakers have successfully navigated market volatility to drive a rebound in M&A activity. Supported by substantial availability of capital, the aggregate value and number of global M&A deals grew in 2025. Globally 41,362 deals were completed (with an aggregate value of CHF 3.7 trillion) compared to 39,644 in 2024 (aggregate value, CHF 2.9 trillion), representing a 28% increase in deal value. European companies were involved in 19,175 deals (value, CHF 1.3 trillion), either as a buyer or a seller, and US companies were involved in 14,475 deals (value, CHF 2.3 trillion).3 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 among Europe's strongest M&A markets, with international buyers targeting Swiss companies' innovation capabilities and niche market Despite the strong Swiss Franc, Switzerland's Significant decrease in outbound for foreign investors amid global uncertainty. 3 Source: Mergermarket, as at 14 January 2025 for 2024 transactions