EMIS & CMS PRESENT THE

Emerging Europe M&A Report 2025/26

EMIS, along with leading global law firm CMS, are pleased to bring to you the 15th edition of the annual Emerging Europe M&A Report for 2025/26.

The CEE region delivered a standout year for M&A in 2025. Overcoming global uncertainty with remarkable strength, dealmaking accelerated across almost every market. This was driven by renewed investor confidence, steadier financial conditions, and a marked resurgence in strategic consolidation. Transaction volumes and values both reached historic highs as megadeals returned across multiple sectors - from banking and retail to manufacturing and mining.

The EMIS/CMS Emerging Europe M&A Report 2025/26 findings confirm that Emerging Europe remains one of the most resilient and opportunity‑rich regions for international and regional investors alike.

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Deal activity reaches record highs
Dealmaking in 2025 surpassed all expectations, with transaction volumes climbing to 1,568 deals, a 22.4% increase compared with 2024 and the highest annual total ever recorded. Aggregate values also rebounded strongly, rising by 42.5% to EUR 36.64bn, driven by the return of large‑cap and megadeal activity across several key sectors. This renewed momentum reflects both the region’s inherent resilience and the growing confidence of buyers willing to deploy significant capital across CEE.
Largest sectors

By aggregate deal value, the strongest‑performing sectors in 2025 were Finance & Insurance, Manufacturing, and Real Estate & Construction, which together accounted for a significant share of the year’s high‑value activity. Finance & Insurance led the region with EUR 8.76bn in recorded value, supported by several landmark banking transactions. Manufacturing followed with EUR 7.06bn, reflecting renewed strategic investment and capacity expansion across the region. Real Estate & Construction reached EUR 5.65bn, fuelled by sustained investor appetite. Collectively, these sectors illustrate where consolidation, modernisation and long‑term structural demand are shaping investor priorities across CEE.
Private equity involvement reaches new highs
Private equity remained a major force across the region in 2025, with involvement rising to 330 transactions: a 18.7% increase compared to the previous year. Aggregate PE deal value also grew strongly, reaching EUR 17.24bn, up 24.2% year‑on‑year. Several landmark transactions underscored the depth of investor appetite, including GTCR’s EUR 4.1bn acquisition of Zentiva and the CVC/Mehiläinen acquisition of Regina Maria & MediGroup for EUR 1.3bn. Together, these developments highlight private equity’s continued focus on high‑quality healthcare, consumer and industrial assets across CEE.

Cross-border deal activity strengthens further

Cross‑border M&A accelerated notably in 2025, rising to 953 transactions, an increase of 22.8% compared with the previous year. Total cross‑border deal value also recovered strongly, reaching EUR 32.2bn. The US, UK, and Germany were the most active foreign investors by volume, while Austria, the US and the Netherlands led by deal value. Domestic activity followed a similarly positive trajectory: domestic transactions increased from 505 to 616 deals, with domestic deal value almost doubling to EUR 4.5bn, underscoring the breadth and depth of regional investment momentum across Emerging Europe.

M&A Activity Time Trend

Across CEE, the M&A market demonstrated clear momentum throughout the year.

Transaction volumes climbed from 1,281 in 2024 to 1,568 in 2025, a continuation of the region’s long‑term upward trajectory.
Deal values also rebounded sharply, rising from EUR 25.7bn to EUR 36.64bn, driven by the renewed presence of EUR 1bn+ transactions.
Where 2024 saw a heavier weighting toward small and mid‑market deals, 2025 marked a return to high‑value strategic consolidation, enhancing both deal size and overall market confidence.

Country M&A Deal Volumes

The most active M&A markets in the region by deal volume:

Poland - 331 deals (up from 269)

Romania - 272 deals (up from 187; highest level in more than a decade)

Czech Republic - 195 deals (up from 128)

Ukraine - 132 deals (stable and resilient)

Many other countries - including Slovenia, Serbia, Croatia, Bosnia & Herzegovina, Slovakia and Albania - also recorded notable increases in activity, confirming the region‑wide breadth of last year’s rebound.

Sector Highlights

Sector performance in 2025 highlighted strong momentum across several key industries.

Finance & Insurance, Manufacturing, and Real Estate & Construction delivered some of the most significant gains of the year, with deal values rising to EUR 8.76bn, EUR 7.06bn, and EUR 5.65bn respectively, supported by major high‑value domestic and cross‑border transactions. Driven by sustained investment in digital infrastructure and operator consolidation across CEE, Telecoms & IT also continued to expand, reaching 285 deals and EUR 5.24bn in total value.
Pharma & Healthcare, underpinned by sustained demand and investor appetite, reached 124 deals.

Activity remained robust in Real Estate & Construction, where transaction volumes increased to 249 deals, reflecting continued appetite for core and infrastructure‑linked assets throughout the region. Food & Beverage similarly recorded stronger activity, with deals rising to 84, supported by consumer‑driven growth and strategic consolidation among local and regional players. Energy & Utilities also remained an active segment of the market, with 107 transactions recorded and strong interest in renewable generation and energy‑storage solutions (BESS) as the region continues to advance its long‑term energy transition. Together, these shifts demonstrate the breadth of investment across CEE and the increasing focus on scalable, future‑oriented sectors.

Transaction Trends in M&A: CEE Dealmaking

Discover how CEE is evolving as investors pivot to fewer, higher-value deals—find out which sectors are leading the charge and what’s reshaping M&A activity across the region.

Banking & Finance Momentum

Banking M&A is resurgent as mega-deals and mid-market moves redefine the CEE landscape—explore what's fuelling this momentum and whether strategic consolidation will continue.

Energy in Transition: Renewables, Storage & Resilience

The next wave of energy M&A is here: from renewables to battery storage, find out how new technologies and investors are transforming the sector, who is investing, and where.

Inside Healthcare & Pharma in CEE

As resilient assets and new digital health platforms grab investor attention, get the inside track on what drives healthcare and pharma deals and where the next big opportunities lie.

Retail and F&B: Consolidation and Cross-Border Playbooks

Powered by shifting consumer trends and landmark cross-border deals, discover what’s shaping M&A strategies and where foreign investment in retail and F&B is heading.

National Security & Foreign Investment Screening

As security and screening tighten across CEE, impacting deal timelines and investor focus, learn about the most affected sectors and the developing regulatory landscape.

Ukraine Rebuilds: New Horizons for Investors and Business

New opportunities are on the horizon for investors in Ukraine—explore the sectors attracting most interest and how companies are navigating risks and regulatory changes.

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EMIS’ industry research division, EMIS Insights, provides in-depth, industry research in key emerging markets worldwide, featuring market overviews, industry trend analysis, legislation and profiles of the leading sector companies provided by experienced locally-based industry analysts.

EMIS Insights M&A Reports

EMIS Insights M&A reports provide analytical summary of M&A activity in key emerging regions and countries. Contents include an overview of M&A activity by deal volume and value, activity by sectors, foreign investors, private equity, valuation trends, top M&A deals and IPOs, advisory league tables, and analysis of the latest developments and future expectations.