TransactionTrends

FinnishM&Aupdate-Q12025

FinnishM&Amarkettakingabreatherafterastrongeryear-endperformance

parthenon

EY-Parthenon|StrategyandTransactions

EYStrategyandTransactionserviceshavenowmergedunderoneEY-

Parthenonbrand-tobecomeworldleadingtransformativeadvisorthatworkin

practice,notjustonpaper

WHATWEHAVE

Infrastructure

Auniqueglobalstrategyandtransactionconsultancywitha25,000+professionals.BenefitingfromEY’sfullspectrumofservicesdeliveredby400,000peopleglobally.

WHATWEDO

Productsandservices

Transformativestrategyandtransactions.Auniquecombinationofstrategy,

transactionsandcorporatefinancetoworkinaworldofincreasingcomplexity.

HOWWEDOIT

Skillsandapproach

Solutionsthatworkinpractice,notjustonpaper.Takinganinvestormindset,wecombinedeepfunctionalandsectorexpertise,withinnovativeAI-powered

technology.Wedesignonlywhatwecandeliver.

WHOWEARE

Peopleandvalues

Highlycollaborativeadvisorsinvestedinyoursuccess.WepartnerwithCEOs,boards,privateequityandgovernmentseverystepoftheway.

WHYWEDOIT

Outcomes

Tocreatenewtypesofreal-worldvalueforourclientsandbroaderstakeholders–helpingthemtoshapethefuturewithconfidence.

Page2|TransactionTrendsQ12025

25,000+professionalsglobally

Specialistsacrosssixcoreindustries

ConsumerandHealth

FinancialServices

GovernmentandInfrastructure

Industrialsandenergy

PrivateEquity

Technology,MediaandEntertainment,Telecommunications

EY-Parthenon|StrategyandTransactions

Quartersummary

120ε88mIndustrials

(Q42024:199)(Q42024:€43m)

#oftransactions

announced

Highlights|Page4

Averagediscloseddeal

value

Keytransactions|Page6

Mostactivesectorwith

37deals

Sectortrends|Page7

32%

1

5

(Q42024:36%)

(Q42024:1)

Shareofforeignbuyers

ListingsonNasdaqHelsinki

HighlightsofEYadvisingintransactions

Transactiongeography|Page8

Marketupdate|Page10

EYtransactionhighlights|Page11

TransactionTrends,publishedbyEY-Parthenon,isaquarterlypublicationthataimstoidentifytrendsintheFinnishM&A

market.

ThenewsletterreflectsallquarterlytransactionsinvolvingaFinnishtarget,buyer,orvendor,basedondatapresentedbyMergermarket.Thismakes

TransactionTrendsthemostcomprehensivetransactionnewsletteravailablefortheFinnishmarket.Wehopethatyoufindthisnewsletterinterestingandthatyouwillfollowourcomingquarterlyupdates.

Toaddyournametothemailinglistforthispublication,pleaseaccess

EYEmailPreferenceCenter

andselect?Transactions?inthe?Topics?subscriptionsection.

TheTransactionTrendsEditorialTeam

Page3|TransactionTrendsQ12025parthenon

EY-Parthenon|StrategyandTransactions

PlateauingoftheFinnishM&Amarketvolumesafterastrongeryear-end

Duringthefirstquarterof2025,weobserved120transactionsintheFinnishM&Amarket.The

quarterslightlyunderperformedonaYoYbasiswithdealvolumesdownc.8%comparedtoQ12024.

Alike,LTMdealvolumestabilizedto597deals.LTMdealactivitywasprimarilydrivenbytheTMT(29%)andIndustrials(26%)sectors.ThedealcountinQ12025increasedbyc.19%forTMT,whileit

LTMnumberoftransactionsintheFinnishM&Amarketmarket.Thesefactorsmightpromptcautiontothe719734722

Source:Mergermarket,EYanalysisM&Aexecution.631614649663673676622607597

546538542527539571564527535

483505496479443463470458432454496500475464481486

401416381365378368360352342355358370393404402398412392407429429

312

220

117137140152128123116

76

186

20

135

174

1119080

151

43

103

100

96

95

89

136

48

133

25

70

58

decreasedbyc.24%forIndustrials,comparedtoQ12024.

DealvolumeswererathermoderateinQ12025,

aftertheturnaroundinLTMvolumesstartedinQ32024,andstronglycontinuedduringthenext

quarter.

IntermsofM&Aactivity,thecurrenteconomic

landscapecanbeseenastwo-folded.Ononeside,Finnishinflation(CPI)hasdroppedbelow1.0%,andtheECBhascontinueditsinterestratecuts,

creatingafavourableenvironmentforM&A.In

contrast,geopoliticaltensionsarearisingfromtheUStariffsimposedonEuropeangoods,theFinnishunemploymentratehasrisento9.4%(Q12024:

189

152138152

11713099150121168103135133104

959911694939513074108

92879383

92

7.8%)andlaidoffsarenegativelyaffectingthejob

ThequarterhasbeencalmalsofortheFinnishPEs

butforeignPEshavebeenactiveonthebuy-sideinthelargestPEtransactions.TheFinnishPEshavebeenactiveontheM&Apreparationsandmany

fundshaveeitherexitpressureorspacefornew

investmentswhichcouldindicateincreasedactivityinthecomingquarters.

Q12025hasbeenquietalsoforIPOs,only

NightingaleHealthhastransferredtoNasdaq

Helsinki’smainlistfromFirstNorth.However,therearemultiplecompaniesactivelyengagedinIPO

203

199

181188191

173

162

154

135

127130

124120

116

processes,supportedbythestrongperformanceofHelsinki’sstockmarketduringthefirstquarter.

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420092010201120122013201420152016201720182019202020212022202320242025

Page4|TransactionTrendsQ12025

PerquarterLTMdeals

Highlights|Keytransactions|Sectortrends|Transactiongeography

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

parthenon

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

PaPgaeg5|T|rTarnasnascatciinorTernednsd0220525

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

Quarterhighlights

Averagedealvalue(€m)

Source:Mergermarket

Note:Onlyalimitednumberoftransactionshavediscloseddealvalue

271

RealEstate,Hospitality&Construction(RHC)

165

150

134

106

91

78

64

49

26

88

159

43

76

84

83

67

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q12121212122222222232323232424242425

TransactionsinQ12025

Thenumberoftransactionsobservedinthequarteramountedto120.Theaveragedealvaluestoodat

€88mbasedon34transactionswithannounceddealvalues.

Ofthe34transactions,50%sawdealvaluesbelow

€10m,while26%reporteddealvaluesbetween€10and€100m,andtheremaining24%exceeded€100m.Duetothemultipleover€100mdeals,thisquarter's

combinedreporteddealvalueamountedto€3.0bn,higherthanthe€2.6bnreportedinQ42024.

LTMshareoftransactionspersector

Source:Mergermarket

Power&Utilities

9%

HealthSciences&6%4%

Wellness(HS&W)

Financial

Services

ConsumerProducts(CP)

12%

597

Technology,Mediaand

Telecommunications(TMT)29%

13%

26%

Industrials

Dealspersector

ComparedtoQ12024,thedealactivityinQ12025hasfluctuatedconsiderablyinalmostallsectors.For

instance,FinancialServicesandHealthSciences&

Wellnesssectors’activityimprovedby100%and50%,respectively,comparedtoQ12024.TheIndustrials

sectorsawthelargestdeclineindealvolumes,withthenumberofdealsdecreasingfrom49to37onaYoY

basis.

IntheLTMperiod,TMTcontributesthehighestnumberofdeals(29%),followedbyIndustrials(26%),RHC(13%)andCP(12%).

LTMshareoftransactionsinvolvingPrivateEquityfirms

Source:Mergermarket

PrivateEquity

32%

68%

Other

32%

PEdealactivity

InQ12025,thenumberoftransactionswithPrivate

Equityparticipationwas38,indicatingashareof32%oftotaltransactions,inlinewiththeLTMshare(32%)buthigherthanthethree-yearrollingaverage(28%).

AmongtheFinnishPElandscape,StaffPointhas

changedownershipfromSponsorCapitaltoMBfunds,SenticaPartnershasexitedUrsvikenTechnology,andHartwallCapitalhasmadeaninvestmentinLinkity.

ThelargestPEdealofthequarterhasbeentheSweden-basedPolhemInfra’sacquisitionofa49%stakeinPoriEnergiafromthecityofPorifor€360m.

EY-Parthenon|StrategyandTransactions

Keytransactionsthisquarteracrosssectors

Dealvalue*

5

Avg.

88m

360m

300m

1234

SectorDescription

1

121m

185m

Thisquarter,theaveragedeal

value(fortransactionswith

reporteddealvalues)was€88m.

Thenumberoftransactionswithreporteddealvalueamountedto34outof120transactions

announced.

On10March,

MandatumPlc,the

Finnishlistedfinancialservicesprovider,and

GeelyFinancials

DenmarkA/S,agreedtosellalltheirshares(19.9%and49.9%)inSaxoBankA/S,the

Danishinternetbank.Thetransaction

supportsMandatum’sstrategicfocuson

capital-lightbusiness.

FinancialServices

126m

On20January,the

SwedishinfrastructurefundPolhemInfraABannouncedthe

acquisitionofa49%

stakeofPoriEnergia

Oy,theFinnishenergycompany.The

partnershipaimsto

enhancePoriEnergia’sfinancialstabilityandalignswithPolhem

Infra’ssustainableinvestingstrategy.

On23March,AgilitasPrivateEquityLLP,theUK-basedprivate

equitycompany,

announcedthe

acquisitionoftheTechServicesbusinessfromTietoEVRYOyj,the

FinnishlistedIT

company.The

divestmentallows

TietoEVRYtofocusonsoftwareanddigital

engineering.

On29January,

MeriauraGroupOyj,

theFinnishlisted

marinelogistics

company,announcedashareexchange

agreementwithSummaDefenceOy,theFinnishdefenceandsecurity

group.Thenew

companywillbecalledSummaDefenceOyjonHelsinki’sstock

exchange.

On12March,the

Sweden-basedlisted

operatorofdisabled

andelderlycare

centers,AmbeaAB,

agreedtoacquire

ValidiaOy,theFinnishcareprovider.The

acquisitionstrengthensAmbea’sabilitytomeetitsfinancialtargetsandprovidesaplatformforgrowthinFinland.

Industrials

Technology,Media&Telecommunications

Industrials

HealthSciences&Wellness

*Pleasenotethatfiguresareineuros,ifnotstatedotherwise.Source:Mergermarket,companywebsites

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

PaPgaeg6|T|rTarnasnascatciinorTernednsd0220525

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page7|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

3-yearmedian

EV/

Rev

EV/

EBITDA

EV/

EBIT

0.7x

8.8x

14.4x

0.7x

6.5x

13.4x

2.2x

13.2x

13.2x

n.a.

n.a.

n.a.

2.3x

14.0x

14.9x

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

15.3x

n.a.

7.9x

2.5x

22.9x

21.0x

1.5x

13.1x

15.0x

#ofobservations

EV/

Rev

EV/

EBITDA

EV/

EBIT

19

15

14

8

4

5

9

8

8

n.a.

n.a.

n.a.

6

1

2

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

2

n.a.

1

25

19

15

69

47

45

EY-Parthenon|StrategyandTransactions

Activitybysectorandobservedmultiples

ActivitybySector

#oftransactions

Sector

20232024

Qrt.

Avg.

21-25

Q1

2024

Q1

2025

Q1

Trend

Industrials

201

169

50

49

37

ConsumerProducts

99

82

21

18

10

FinancialServices

17

19

4

3

6

Government,PublicSector&Organisations

2

3

2

2

-

HealthSciences&Wellness

41

49

14

10

15

Oil&Gas

2

2

2

-

-

Power&Utilities

24

34

7

6

8

RealEstate,Hospitality&Construction

69

83

13

16

13

TMT

167

166

39

26

31

Total

622

607

152

130

120

Source:Mergermarket,S&PCapitalIQ

Note:The3YEV/Revenue,EV/EBITDAandEV/EBITmultiplesarebasedonatotalof69,47and45observations,respectively.Pleasenotethatthenumberoftransactionsisverylowinsomesectors,andthusthepresentedmedianmultiplesmaynotaccuratelyreflectrealisticlong-termvaluationlevels.

Sectoractivity

DealactivityinQ12025hasshownmixed

volumesacrossthevarioussectorsonaYoY

basis.FinancialServiceshasimprovedfrom3

dealsinQ12024to6inQ12025,ledby

bankingandaccountingcompanies.Ontheothersideofthespectrum,IndustrialsandConsumerProducts’dealvolumeshavedecreasedthemostcomparedtobothQ12024andthequarter

averagesince2021.

Multiples

TheshareofdealswithdisclosedtransactionvalueinQ12025was28%,whichisslightlylowerthanthe30%ofQ42024.

Transactionmultipleshaveslightlydecreasedformostsectors,evidencingthenarrowingvaluationgap.However,forexampleNordeaand

Mandatumhavebeenabletodivestathigher

multiplesincomparisontoprevioustransactionswithintheFinancialServicessector.

TheFinnishstockmarketshowedapositive

performanceforthefirstquarter,increasingthetradingmultiplesforlistedcompanies,theappealforIPOsandseemstohaveresultedtoapauseinlastyear’sdelistingtrend.

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page8|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

Transactiongeography

Buyerregion,Q12025

Source:Mergermarket,S&PCapitalIQ

LTMbuyerregionperQ12025

Source:Mergermarket,S&PCapitalIQ

18%

68%

68%

11%

2%

Finland

Nordics(excl.Finland)

18%

65%

5%

65%

2%

10%

RestofEuropeAmericas

Asia-Pacific

Undisclosed

Buyerregion

Finnishbuyersaccountedfor68%ofthedealsannouncedinQ12025,four

percentagepointsmorethaninQ42024(64%)andthisismainlydrivenbya

decreasedshareofNordic(excl.Finland)andNorth-Americanbuyers.The

quarterlybuyerregionsplitisratherinlinewiththeLTMsplit,withFinlandandAmericasslightlydiverginginoppositedirections.

ForeignbuyershavemostlybeeninterestedinFinnishIndustrialsandTMT

companies,withrespectively12IndustrialsandnineTMTcompaniesacquiredbyforeignbuyers.Forinstance,NeqstPartnerAB,Sweden-basedPEfirm,

announcedtoacquirethecybersecurityconsultingbusinessfromWithSecureOyj.

Targetregion,Q12025

Source:Mergermarket,S&PCapitalIQ

LTMtargetregionperQ12025

Source:Mergermarket,S&PCapitalIQ

14%

10%

73%2%2%

73%

13%

11%

73%2%2%

73%

Finland

RestofEuropeAmericas

口Nordics(excl.Finland)口

Asia-PacificUndisclosed

Targetregion

ThenumberofFinnishtargetsdecreasedfrom142inthepreviousquarterto87inQ12025.Still,theshareofFinnishtargetsincreasedby2percentagepointscomparedtoQ42024,from71%to73%.

Amongforeigntargets,Finnishbuyersacquired11companieswithinTMTsector,sevenIndustrialssectorandsixHealthSciences&Wellnesssectorcompanies.Forexample,MetsoOyjannouncedtheacquisitionofthescreeningbusiness,

operationsandkeyassetsofaChineseminingequipmentsupplierSelm(Beijing)TechnologyCo.

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page9|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

Transactionarena

Shareofdomesticvs.cross-bordertransactions

Source:Mergermarket,S&PCapitalIQ

Q12025

LTM

2021-Q12025

Cross-border

58%

61%

61%

Domestic

42%

39%

39%

Transactiongeography

TheshareofdomestictransactionsinQ12025(42%)washigherthanboththe

LTMperiod(39%)andthehistoricalaveragefrom2021toQ12025(39%).

MajorityofFinancialServices,TMT,Power&Utilities,HealthSciences&WellnessandIndustrialssectordealswerecross-border.

Theaveragecross-borderdealvalueincreasedto€130minQ12025,comparedtotheLTMaverageof€118m.Ontheotherhand,domesticdealvalueof€20minQ12025wasslightlybelowtheLTMaverageof€26m.

Shareofpublic*vs.privatetransactions

Source:Mergermarket,S&PCapitalIQ

Q12025

LTM

2021-Q12025

Private

72%

68%

69%

Public

32%

31%

28%

*Publictransactionsaredefinedasthosewhereeitherthetarget,buyerorvendorcompanyisalistedentity.

Transactiontype

TheshareofpublictransactionsinQ12025(28%)wasbelowboththeLTMperiod(32%)andthehistoricalaveragefrom2021toQ12025(31%),with71%ofthe

publictransactionsbeingcross-border.

Amongthepublictransactions,76%hadapublicbuyer.Tomentionafew,Alma

MediaacquiredEdilexLakitietoOy,adirectorybusiness,Koskisenacquired

IisvedenMets?Oy,awoodproductsprovider,andSwecoacquiredSiptiConsultingOy,atechnicalconsultingcompany.Inaddition,MandatumandTietoEVRYhave

divestedpartsoftheirbusinesses.

TheobservedaveragedealvalueofpublicdealsinQ12025was€164m,whichissomewhathigherthantheLTMaveragevalueof€158m.

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page10|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

Marketupdate

OMXH25Index

Source:S&PCapitalIQ

6,000

+15.0%

5,000

4,000

3,000

2,000

LTMQ12025

2.6%

Q12025

4.4%

1,000

-

20182019202020212022202320242025

Q12025hasbeenapositivestartfortheOMXH25

index,amidstgeopoliticalandeconomical

turbulences,withanincreaseof4.4%.ThebestLargeCapperformerduringQ12025hasbeenOrionafterapositiveearningsrelease,anticipatedbyapositiveprofitwarning.Also,Outokumpuhasbeenableto

rankamongthebestperformersforthequarter,

despitethechallengingearningrelease,asmarket’sexpectationsweresetlowafterDecember’snegativeprofitwarning.Theworstperformerofthequarter

wasNeste,whichsharepricecontinueditsdeclineafteranegativeearningsreleaseandthe

announcementoflaidoffstocutexpenses.

IndexperformanceQ12025

Source:S&PCapitalIQ

STOXX600SP500

OMXS30

14%

12%

OMXH25OMXC25OBX

10%

8%

6%

4%

2%

-

-2%

-4%

-6%

-8%

1.1.202531.1.202528.2.202531.3.2025

DuringQ12025,NasdaqOMXH25performedratherinlinewithEurope(STOXXEurope600:+5.2%)and

rankedsecondinperformanceincomparisontothe

otherNordicmarkets(OMXCopenhagen25:-6.2%,

OMXStockholm30:+0.4%,OsloOBX:+8.6%),andtheUSmarket(S&P500,-4.6%).

Newlistings

Source:NasdaqHelsinki

32

28

24

20

16

12

8

4

-

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

31

NasdaqHelsinki

8

FirstNorthHelsinki

14

6

13

7

6

14

12

5

7

11

6

5

9

3

6

23

8

7

2

6

5

1

7

3

5

2

3

3

1

1

8

4

1

1

5

2

2

6

3

NasdaqHelsinkisawonelistingduringthefirst

quarterof2025asNightingaleHealthtransferred

fromFirstNorthtothemainlist.However,IPO

processeshavebeenongoingwithmultiple

companies,suchasNokianPanimo,oneofthelargestFinnishbreweries,GRKInfra,activewithinthe

infrastructureconstructionbusiness,Summa

Defence,anewplayerwithinthedefencesector,andSunborn,luxuryyachthoteloperator.NokianPanimoandGRKhadongoingsubscriptionperiodsinQ1,

whileSummaDefencepreparedtoenterthemarket

throughashareexchangewithMeriaura.AllthreeareexpectedtostartpubliclytradinginApril2025.

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page11|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

HighlightsofEYsupportedtransactionsofthequarter

Buyer

Target

Seller

primary

UPM-KymmeneOyj

Metamark(UK)Ltd

PrimaryCapitalLtd

Dealdescription

?UPMRaflatac,partofUPM-KymmeneOyj,theFinnishlistedpulpandpapermanufacturer,hasacquiredMetamark,aUK-basedmanufacturerand

distributorofgraphicssolutions.

?ThedealacceleratesUPMRaflatac’sgrowthintheGraphicsmarket,bringingmajorsynergiesandmakingUPMRaflatacasignificantplayerinthefast-

growing,highvalue-addedGraphicssegment.

EYFinlandsupportedUPMRaflatacinthetransactionprocess,providing...

BuyerTargetSeller

InvaldaAB

Mehil?inen

InMedicaGroup

Dealdescription

?Mehil?inen,theFinland’slargestsocialcareandhealthcareprovider,has

acquiredInMedicaGroup,theLithuaniabasedoperatorofhealthcareclinics.

?InMedicaGroup’sserviceportfolioandbusinessmodelaligncloselywith

Mehil?inen’s,andtheexpansionintoLithuaniasupportsMehil?inen’sstronginternationalgrowthstrategy.

EYFinlandsupportedMehil?ineninthetransactionprocess,providing…

Tax

structuring

work

Technologyduediligence

ESGqualityassessment

HRDiligence

FinancialandTaxdue

diligence

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page12|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

Realestateserviceshighlights:EY-Parthenonsupportsitsrealestateservices

clientsthroughoutthewholelifecycleofthecompany

ThesectorhasseenconsolidationwhichhasoftenbeenledbyPEs

Fromliquiditychallengestogrowth.Despiterecent

liquidityandbankruptcychallengesinthesector,growthisseenintheconstructionandrealestatevaluechains,leadingtoincreasedtransactions

IncreasedM&Aactivity.In2024,therewereintotal20%morerealestateandconstructionrelatedtransactionsinFinlandcomparedto2023.InQ1of2025numberofdealsisalmostinpartoQ12024

PrivateEquitiestypicallydrivetheconsolidation.

Consolidationisoftendrivenbyprivateequityfirms,

whichthroughadd-onacquisitionsaimtoturnportfoliocompanieswithgrowthpotentialintomarketleaders

withintheFinnishandNordicmarkets

EYsupportsownersthroughouttheentirelifecycle

EY-Parthenon

supportedCervi

inmultipleadd-on

acquisitons

throughoutrecent

years

EY-Parthenon

supportedAltorin

itsdivestmentof

RettaIs?nn?intiin

3

1

multiple

workstreams

Maximizingexitvalue

Identifying

CERVI

&validating

target

2

EY-Parthenon

EY-Parthenon

supportsits

clientstocreate

valuethrough

multiplevalue

creationlevers

performeda

Valuecreation

strategy

clarificationand

operatingmodel

redesignfor

parthenon

Highlights|Keytransactions|Sectortrends|Transactiongeography

Page13|TransactionTrendsQ12025

Transactionarena|Marketupdate|EYtransactionhighlights|Nordicoverview

EY-Parthenon|StrategyandTransactions

Nordicoverview

Nordicquarterlytransactions,numberofdeals

1,500

1,400

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

-

Source:Mergermarket

●NordicLTMdeals

3,2393,160

3,0632,976

808

647

3,1273,118

2,8702,8052,900

847

901

782

220

162

195

131

119

216

273

692

163

104

164

261

702

146

117

157

282

125

171

183

368

674

108

112

126

328

134

171

152

351

139

96

152

260

174

187

320

161

267

742

Q1,

2023

Q4,

2023

Q2,

2023

Q3,

2023

Q1,

2024

Q2,

2024

Q4,

2024

Q1,

2025

Q3,

2024

DenmarkFinlandNorwaySweden

Note:CountrysplithierarchyconsidersfirsttargetgeographyandthenbuyergeographyfortransactionswithinNordiccountriestoavoidanyduplicates.

DuringQ12025,wesawadecreaseinthenumberofdealscomparedtotheremarkablyactivequarterofQ4

2024.However,Q12025wasmoreinlineonaYoYbasis,withdealvolumessimilartoQ12024.

Alike,NordicLTMdealvolumestabilizedat3118deals,aftertheturnaroundinLTMvolumesthatstartedinQ32024andstronglycontinuedduringthenextquarter.

Nordicsectorsplit,Q12025

Source:Mergermarket

LTMNordicsectorsplit,perQ12025

Source:Mergermarket

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Power&

Utilities

5%

Industrials30%

4%

Wellness(HS&W)8%

FinancialServices

HealthSciences&

9%

RealEstate, Hospitality&Construction(RHC)

692

18%

ConsumerProducts(CP)

25%

Technology,Mediaand

Telecommunications(TMT)

9%

3118

15%

26%

Power&

Utilities

FinancialServices5%HealthSciences&5%

Industrials31%

Wellness(HS&W)

8%

RealEstate, Hospitality&Construction(RHC)

ConsumerProducts(CP)

Technology,Mediaand

Telecommunications(TMT)

DuringQ12025,Industrials(30%)hasbeenthemostactivesectorwithintheNordiccountries,followedbyTMT(25%),andCP(18%).ThissplitisinlinewithLTMsplit,confirmingthepredominanceofIndustrialsandTMTasthemostactivesectorswithintheNordicM&Alandscape.

AlikeQ42024,CPhasbeencontinuingtoincreaseitsshareduringQ12025comparedtotheLTM,suggestingapositivemomentumforthesector.Ontheotherhand,Industrials’andTMT’sshareslightlydecreasedduringthelastquarter,despiteremainingastheleadingsectors.

EY-Parthenon|StrategyandTransactions

EY-Parthenoncontacts

TransactionDiligence

Mikko?ij?l?

mikko.aijala@

+358407092907

LasseLaurio

lasse.laurio@

+358405616140

JaakkoSomersalmi

jaakko.somersalmi@

+358407015686

TimoReijonen

timo.reijonen@

+358505604199

IPOservices

P?iviPakarinen

paivi.pakarinen@

+358407548419

CorporateFinance

KingaCharpentier

kinga.cha