Despite improving activity levels, expectations around deal size Collectively, these dynamics point to a more megadeals. Dealmakers are prioritizing transactions where environment in 2026. Activity is being led by the integration, capability acquisition and portfolio optimization can assumptions evolve more rapidly, organizations from how effectively deals are executed. Pricing discussions are reassessing not only whether to transact, but are also becoming more iterative, as dealmakers incorporate how to structure portfolios to remain resilient, shifting assumptions around cost structures, regulatory expand relative to 2025. While expectations vary by region, the