2026 J.P. Morgan Global M&A Mid-Year Outlook (2)

2026 Global M&A Mid -Year Outlook

Complexity, conviction and confidence – driving record dealmaking, powered by AI momentum and strong boardroom action $3.2T 48 63% 50%

The first half in rear view 17 ∆ 17

Six forces that shaped the first half, and will steer the second 01 02 03 04 05 06

Boards are pivoting from capital returns toward reinvestment , and markets are rewarding scale and growth

The reinvestment shift is driving record mega -deals , supported by a policy -oriented and constructive regulatory backdrop 16 90% 11 80%+

Cross -border M&A is strengthening, increasingly anchored in strategic resilience and security alignment

Sponsors are more focused , deploying at scale while drawing on multiple pools of capital ~32,000 7 years $2.2T

As volatility and uncertainty create openings, activists are leaning in , driving record campaign activity and clarity • • • • • • • • •

All sectors grew year over year, contributing to a blockbuster first half ↑ 75% ↑ 25% ↑ 80% ↑ 35% ↑ 95% ↑ 65% ↑ 25% ↑ 1%↑20%

AI is moving from narrative to execution , attracting massive capital and raising the bar for software defensibility $650B ~20% 53% 75%

Clarity and adaptability will be the key to successful dealmaking

Global Advisory and Mergers & Acquisitions (M&A)