macroeconomic, regulatory and geopolitical conditions, resulting in a more measured outlook. Yet rather than Deal momentum is strengthening globall, but unevenly. US- Global M&A activity regained momentum through 2025, as dampening appetite, these conditions are sharpening how dealmakers re-entered the market with growing confidence. opportunity is pursued, reinforcing a shift towards focused, readiness to transact, reflecting economic resilience, capital supported renewed activity, but discipline has remained intact. availability and strategic urgency. Higher expected deal Rather than a broad-based surge, activity is increasingly region's higher representation of private equity participants, transactions aligned to clear strategic intent. who typically anticipate more active deal pipelines.