Industrials M&A Update

RESOURCE HIGHLIGHTS

• In Q3, the S&P 500 Industrials Index decreased 9.9%, underperforming a 2.0% increase in the S&P 500.
• The median EV/EBITDA multiple for reported private equity deals in the Industrials sector increased to 10.9x YTD through Q3 2026 from 9.0x in 2025, while strategic deals rose to 11.4x from 10.9x in 2025.
• M&A deal volume in the sector increased 4.6% in Q3 to 655 deals from 626 in Q2, and increased 25.0% from 524 in Q3 2025.
• Europe was the most active region in Q3 with 275 deals in the sector. The most notable European deal was Dubai Aerospace
  Enterprise’s $9.0 billion acquisition of Macquarie AirFinance, a Dublin-based aircraft leasing company.
• Strategic acquirers accounted for 67.5% of total capital invested YTD through Q3 2026, up from 56.8% in 2025, as PE’s share
  declined to 32.5% from 43.2%.