Quarterly Multiples Update Q2 2026

Executive summary

Q2 2026 shows stabilisation. Benelux median EV/EBITDA stays at 4.1x, in line with Q1. Sector moves: IT services climbs +0.2x to 5.4x median on elevated PE demand around Eindhoven-Antwerp; hospitality slips -0.1x to 2.7x on weaker consumer spend; manufacturing holds at 3.9x. Cross-border BE↔NL buyer share grows to 33% (Q1: 31%). Earn-out attach rate stable around 40%. No significant shock in normalisation lines versus the annual report.

Key findings

1. 01

   Benelux median holds at 4.1x

   Q2 2026 EV/EBITDA median: 4.1x, identical to Q1. No directional shift in the headline figure: sectoral compositions move, but the aggregate is stable.

2. 02

   IT services up +0.2x on PE demand

   IT-services median EV/EBITDA climbs to 5.4x (from 5.2x in Q1). Driver: increased PE bidder activity in the Eindhoven-Antwerp corridor, with 4 confirmed roll-up platforms making sector visits in April-May.

3. 03

   Hospitality slips -0.1x on consumer demand

   Restaurants and food-service median drops to 2.7x (from 2.8x). Pressure: weaker discretionary consumer spend across Benelux in Q2 + reduced cross-border tourism. Multi-unit operators hold value better than single-unit.

4. 04

   Cross-border BE↔NL share: 33%

   Up from 31% in Q1. Antwerp-Eindhoven and Bruges-Breda corridors continue to drive convergence. We project the share to clear 35% by year-end if the rate of growth holds.

Sample data: sector medians (€-weighted)

Headline EV/EBITDA medians for 12 sectors, Belgium and Netherlands separately. The full report covers 183 business types; the table below is the published lite snapshot.

Methodology

Identical to the annual SME M&A Multiples Report: Benelux Edition. k-anonymisation (k=5), NACE/SBI 4-digit classification, fused data from Upswitch platform runs, public registers and partner accountant feeds. Difference from the annual edition: smaller sample (n=380) means sector-median moves below ±0.15x are not statistically significant: interpret with appropriate caution.