Our latest webinar in our series 'Company Valuation webinar: The data and stories emerging from the last 3 months of UK valuations' is now available on demand. Understanding the quarterly trends of valuation multiples across the market is vital when making any strategic decision for the long-term future of your business, whether planning a future sale, M&A, identifying growth opportunities to maximise valuation or even for tax reporting purposes. With substantial experience valuing SME businesses in a variety of sectors, the Strategic Corporate Finance team at Price Bailey ran their latest webinar of 2025 in a series of in-depth quarterly valuation webinars, using the very latest market data, in partnership with MarkToMarket, to analyse UK M&A transaction multiples, evaluating interesting trends across various sectors and reviewing the sentiment towards valuation multiples. This session provided an update on the latest valuation data in the UK and then moved on to discuss three key themes that the team are seeing in the valuations market. This discussion ranged from the difference between price and value becoming more pronounced, observations on some recent work from larger peers that may not have met expected standards and the overlap between valuation and IHT. We finished, as always, with a Q&A session.

1. Valuation Webinar
September 2025

2. Fluctuation in M&A transactions with UK-based targets
Between July 2024 and
June 2025, there were
351 reported UK
acquisitions with reported
EBITDA multiples made by
trade and PE.
Of these, 187 were
profitable, reported an
EBITDA multiple and were
not considered outliers
(Multiple >25x).
Q4 2024 had the most
transactions at 108.
Q1 2025 had the fewest
transactions at 55.
Page 2
Outliers are companies that did not report an EBITDA multiple, were loss-making or had
an EBITDA multiple in excess of 25x.
103
108
55
85
60 60
22
45
72 76
35
49
42 40
14
27
0
20
40
60
80
100
120
Jul24 - Sep24 Oct24 - Dec24 Jan25 - Mar25 Apr25 - Jun25
No. of Transactions - UK Targets
All Transactions All Transactions exc. Outliers
Sub £50m Sub £50m EV exc. Outliers

3. 7.03
7.53
7.81
7.29
5.95
5.48
7.42
6.90
5
6
7
8
Jul24 - Sep24 Oct24 - Dec24 Jan25 - Mar25 Apr25 - Jun25
EBITDA Multiples by Quarter
Median EBITDA Multiple Median EBITDA Multiple (Sub £50m EV)
Variation in EBITDA Multiples between all deals and
the sub £50m EV deals closed in the last year
EBITDA multiples have
remained relatively
steady at an overall level
between 7.03x and
7.81x.
However EBITDA
multiples for sub £50m
EV transactions have
shown a notable increase
in the last two quarters,
closing the gap.
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Outliers are companies that did not report an EBITDA multiple, were loss-making or had
an EBITDA multiple in excess of 25x.
2.05
1.09
σ 3.78
0.39
0.39

4. Growing EBITDA has an outsized impact on valuations
however 5x EBITDA remains common for smaller
businesses
The normal expectation
is that a larger company
would warrant a higher
EBITDA multiple than its
smaller counterparts due
to factors such as greater
market share and pricing
power.
This valuation gap is
evidenced by the
multiples achieved by the
various EV bands in the
chart opposite.
Page 4
Outliers are companies that did not report an EBITDA multiple, were loss-making or had
an EBITDA multiple in excess of 25x.
5.00
7.52
7.25
7.50
10.08
5.00
7.39
8.67
10.81
11.48
0
2
4
6
8
10
12
Less than £5m £5m - £25m £25m - £50m £50m - £250m Over £250m
Median EBITDA Multiple by EV
Year ended 30 June 2025 Year ended 30 June 2024

5. High levels of volatility persist in most sectors
After removing outliers,
most sectors show a
wide spread within
individual industries.
Companies in the
property industry
achieved the highest
median EBITDA multiple
at 9.57x.
TMT companies also
remain highly valued
with a median multiple
of 9.05x EBITDA.
Page 5
Outliers are companies that did not report an EBITDA multiple, were loss-making or had
an EBITDA multiple in excess of 25x.
Consumer
TMT
Industrials & Business Support
Financial Services
Healthcare
Property
Energy & Utilities
0
5
10
15
20
25
EBITDA Multiples by Sector

6. US continues to dominate overseas acquisitions of UK
firms
Overseas transactions
are typically reserved for
the most valuable
companies – in part due
to the complexity of
completing the deal and
managing operations in a
foreign jurisdiction.
Of 123 transactions
valued at under £50m EV,
just 7% were acquired by
an overseas entity
compared with over 22%
of all UK-based targets.
Page 6
Acquirer
Country
No. of Transactions Median EV
No. of Transactions
(Sub £50m EV)
Last Webinar's
Median EV
UK 273 £7,500,000 115 £6,625,000
US 39 £335,155,000 0 £242,015,000
Canada 4 £80,100,000 1 £14,480,000
India 3 £21,000,000 1 £64,980,000
Sweden 5 £22,036,000 1 £230,000,000
Denmark 3 £588,000,000 0 £424,000,000
Other 24 £55,500,000 5 £47,000,000
Total 351 £12,000,000 123 £12,000,000

7. Limitations
Financial information may be incomplete for some entries – Our sources
of information are limited to the disclosures made by either party in a
particular transaction, or through investigative journalism conducted by
our data providers or other reputable news source in discussion with
either company participating in the transaction.
Financial information is subject to restatement – A subject company may
restate various financial data at a date later than the analysis was
conducted.
Various deals may not be captured by the above search criteria –
Reasonable efforts have been made to ensure that the entries included
within the dataset are appropriate, but we cannot ensure that all
relevant details are captured, as this is influenced by the classification
techniques of our data providers and by the disclosures made by
transacting companies.
Previous deal data may not be indicative of future market trends –
Valuations (and multiples) may fluctuate with the economic cycle.
Adjustments made to Enterprise Value are subjective – The adjustments
made to the Enterprise Value to arrive at Equity Value will depend on
the particular companies and transactions in a number of respects.
We note that the data analysis may be naturally limited in some respects.
Page 7

8. Thanks for joining
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Page 8
Simon Blake
Board Member and Partner
e: simon.blake@pricebailey.co.uk
m: 07702 665342
Chand Chudasama
Partner
e: chand.chudasama@pricebailey.co.uk
m: 07824 145475
Eleanor Lothian
Senior Manager
e: eleanor.lothian@pricebailey.co.uk
d: 01223 941358