Cláudia Cruz de Almeida, Head of Practice Partner of Corporate and M&A Area, was quoted by ECO in an analysis of the outlook for Portugal’s M&A market in 2026, in what was described as a climate of “cautious optimism”, underpinned by the recent recovery in the deal market and an anticipated pipeline expected to be “particularly active” in the first quarter.

According to Cláudia Cruz de Almeida, “macroeconomic stability, a well-capitalised banking sector, declining public debt, high liquidity, competitive energy prices and advanced digital infrastructure” are expected to support a return of larger transactions, as well as increased investment by private equity.

In terms of deal execution, the VdA Partner also points to a narrowing of the gap between sellers’ price expectations and market valuations, while anticipating that there will still be a need to structure transactions to mitigate remaining differences, notably through earn-outs and phased disposals.

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