We analyze Q1 2026 data: which sectors are leading, how EBITDA multiples are moving, and where the best acquisition opportunities lie.
€1.497 billion in the Balearics alone: Spain's M&A market isn't waiting
The first quarter of 2026 has delivered a clear signal: Spain's mergers and acquisitions market has accelerated. While many analysts predicted a cautious start driven by geopolitical uncertainty, the data tells a different story. In the Balearic Islands alone, deals have reached a record €1.497 billion, and regions like Madrid, Catalonia and the Basque Country maintain sustained activity exceeding the same period in 2025.
According to reports from EY, Deloitte and PwC published in recent weeks, we're witnessing what could be defined as a paradigm shift toward transformational M&A: transactions that no longer seek just scale, but technological capabilities, access to new markets and business model reconfiguration.
The sectors driving the market
Not all sectors receive equal investor attention. Q1 data reveals a clear concentration in five verticals:
Technology and SaaS. Remains the star sector. Software companies with recurring revenue (ARR) attract EBITDA multiples ranging from 12x to 20x, especially if they operate in B2B niches with high retention. Artificial intelligence has added a new catalyst: companies with proprietary AI capabilities are receiving offers before even coming to market.
Healthcare and life sciences. Private clinics, healthtech and home healthcare services are consolidating as priority acquisition targets. Multiples range from 8x to 14x EBITDA, driven by an aging population and demand for premium health services.
Renewable energy. Solar and wind farm maintenance, along with energy storage companies, generate a steady flow of deals. Multiples hover around 7x-10x EBITDA, trending upward as Europe accelerates its climate commitments.
Agri-food and foodtech. Spain, as a European agri-food powerhouse, sees international investors seeking companies with proprietary brands, export capacity and organic product lines. Multiples range from 6x to 9x EBITDA.
B2B services and outsourcing. Consulting, HR, payroll and professional services firms with recurring contracts are attracting private equity interest seeking sector consolidation platforms. Typical multiples: 5x-8x EBITDA.
EBITDA multiples in Spain: the current picture
One of the most relevant indicators for any business owner considering a sale—or any investor looking to acquire—is understanding at how many times EBITDA deals are closing in their sector.
Aggregate data from Spain's SME market shows a median EBITDA multiple of 5.5x, an EBIT multiple of 6x and a revenue multiple of 0.9x. However, these average figures hide very significant differences between sectors and company sizes.
An industrial company with €500,000 EBITDA might receive offers of 4-5x, while a tech company with the same EBITDA but recurring revenue and 30% annual growth could close at 12-15x. Revenue recurrence, barriers to entry and growth capacity are the three factors that most separate companies selling above the average.
What's driving this activity?
Three factors converge to create the current environment:
ECB rate easing. After a hiking cycle that cooled the market in 2023-2024, the downward trend in interest rates is reopening the financing tap for leveraged transactions. Private equity funds, which accumulated record dry powder during the high-rate years, are deploying capital aggressively.
Postponed transactions. Many deals that were paused during 2025 due to price mismatches between buyers and sellers are now reactivating. Sellers have adjusted expectations and buyers find more accessible financing.
Digital transformation and AI. The need to acquire technological capabilities is generating a new type of deal: traditional companies buying startups or tech SMEs not for their size, but for their technology, team or digital customer base.
What this means for business owners and investors
If you're thinking about selling your company, the current context is favorable: there's liquidity, investor appetite and multiples remain solid. But that doesn't mean every company will receive attractive offers. The difference between a successful sale and a deal that falls through lies in preparation: having audited numbers, a normalized EBITDA, reduced founder dependency and a credible growth plan.
If you're on the buyer side, the opportunity window is open but competitive. The best assets—profitable tech companies, scaled healthcare businesses, food companies with proprietary brands—receive multiple offers. Acting decisively and having pre-approved financing makes the difference.
In either case, specialized advisory isn't a luxury: it's what separates deals that reach a successful close from those that get lost along the way.