The Argos Index® rose 2.3% to 8.8x EBITDA. The price rebound that began in Q1 2026 was confirmed in Q2, although gradually, across both buyer types and market segments. Investment fund median multiples rose to 10.2x EBITDA and strategic buyer multiples to 7.9x. By size segment, the upper mid-market (€150–500m) drove the increase, while the lower mid-market (€15–150m) held broadly stable.

The share of transactions above 15.0x EBITDA continued to decline, to 5% from 6% in Q1, remaining at a historical low, while the share below 7.0x EBITDA rose to 27%, from 22%. This highlights downward pressure on prices and the fragility of the rebound, but also diverging sector-level dynamics: emerging pressure on some traditionally high-multiple sectors such as software (whose SAAS model is threatened by IA), alongside a normalisation in lower-growth sectors, where sellers have adjusted their price expectations.

Prices strengthened despite a volatile geopolitical and macro-economic environment. Mid-market M&A activity lost momentum in Q2 2026: estimated deal volume fell 8% quarter-on-quarter, with year-on-year growth decelerating to 5% from around 30% in Q1, reflecting Europe’s exposure to the Iran conflict, oil price spike, and resulting inflation risk. Long-term eurozone rates rose over the quarter(1) at a pace similar to Q1, leaving rates at an elevated level.

The Index recovery despite this backdrop reflects Eurozone’s mid-market structural resilience, as sponsors and corporates increasingly target the region’s fragmentation, need for local expertise, and lower entry multiples than North America, while sponsors remain under pressure to deploy dry powder regardless of the rate backdrop. Whether this pricing rebound persists into H2 2026 will depend on the resolution of current geopolitical tensions and the evolution of the macro-financial environment, including the ECB’s policy stance following its June rate increase.