Deal activity across CEE & SEE decelerated in Q3, with 272 transactions by 29.1% over the same period to 12.4bn, though it is worth noting that Q3 2024 was a recent nadir for the market. Overall, the 12.4bn Poland made a notably low contribution to overall M&A value in Q3, but remains a relative bright spot from a macro perspective. CEE's largest economy expanded by a solid 3.8% year-on-year in Q2 and with inflation now below 3% and domestic demand firming, indicators point to continued momentum through the end of 2025. Across the wider CEE8 (the eight EU member states of the region), sentiment