According to the Oaklins M&A Outlook 2026, sentiment among Swiss companies has improved slightly since the beginning of the year but remains at a low level. Only 15 percent of respondents expect economic conditions to be good or rather good over the next twelve months. In January, this figure stood at just 6 percent.

The financing environment also remains challenging. Forty percent of respondents consider the availability of debt financing to be high or rather high, while only 31 percent rate the availability of cash in the same way – a historic low.

«The volatile economic environment is increasingly affecting the financial strength of many companies,» said Jürg Stucker, author of the study and partner at Oaklins Switzerland. «In the current environment, many companies are focused on their own operations. The priority is cost savings, restructuring and portfolio optimisation.»

The willingness to sell business interests is also declining. Seventy-three percent of respondents point to falling or stable valuation multiples. Potential sellers are therefore likely to wait, which could further slow activity in the M&A market. Only 17 percent of respondents consider the sale of business units a viable option, compared with 37 percent at the beginning of the year.

Only 46 Percent Plan Acquisitions

The uncertain environment is also weighing on expansion plans. Only 46 percent of respondents intend to pursue an acquisition over the next twelve months. This marks the first time since the survey was launched that the figure has fallen below the 50 percent threshold.

«Global uncertainty, geopolitical tensions, volatile energy and commodity markets, and changing trade policy frameworks continue to shape the decision-making process of many companies,» Stucker said. «In this environment, buyers are acting selectively, and successful transactions require more persuasion than during periods of broad market liquidity.»

This is also influencing the strategic priorities of Swiss companies. Rather than pursuing expansion, firms are focusing on operational stability, cost efficiency and internal processes.

According to Stucker, however, this environment is also creating new M&A opportunities. «Particularly in the industrial and energy sectors, M&A continues to play a key role in implementing strategic growth and transformation plans.» Companies are reviewing their portfolios, divesting non-strategic or underperforming business units, and exploring new partnerships.

Accordingly, 64 percent of respondents expect the strongest activity to occur in restructuring and turnaround-related M&A transactions. Against this backdrop, the M&A Index has recovered slightly since the beginning of the year but remains at a low level of 86 points.

(The index reflects the projected development of M&A activity involving Swiss companies over the next six to twelve months, based on survey responses. Source: Oaklins M&A Outlook.)

According to the survey, a broad-based recovery in Swiss transaction activity is unlikely in the near term. Only 26 percent of respondents expect high or rather high M&A activity over the next twelve months.

TMT Sector Among the Most Active Industries

There are, however, significant differences between sectors. The TMT sector (technology, media and telecommunications) is expected to remain one of the most active areas, driven by digitalisation, automation and artificial intelligence.

At the same time, the industrial sector is increasingly coming into focus, particularly where energy prices, supply-chain disruptions and raw-material availability are putting pressure on margins and making structural adjustments necessary.

The focus of acquisition-minded companies remains firmly on Europe. Within Europe, however, Switzerland is continuing to lose importance as a target market. Only 21 percent of respondents plan acquisitions in Switzerland, down from 33 percent in mid-2025. As a result, the share of planned acquisitions elsewhere in Europe is increasing. North America remains an attractive destination, although its share has declined slightly in favour of Asia.

According to Stucker, a meaningful recovery in the M&A market will require greater certainty. He cites geopolitical crises, energy prices, tariffs and interest-rate developments as key factors.

«M&A is an international business for Swiss companies. Rising interest rates in the United States or the eurozone have a negative impact,» he said.

Technology-related business opportunities could provide fresh momentum. «This affects all sectors, albeit at different speeds.»