EBITDA multiples by sector: Q1 2026 update

We publish this quarterly update of EV/EBITDA multiples in the Spanish middle market with a dual objective: to offer business owners and advisors an updated reference for calibrating valuation expectations, and to document the trends we observe as active buyers in the market.

Methodology

Our data is based on transactions we have directly analysed, participated in, or have reliable information about through our network. We focus exclusively on the middle-market segment (enterprise values of 10-250 million euros) and exclude outliers, distressed transactions, and deals with significant non-cash consideration. The multiples reflect enterprise value divided by normalised trailing twelve-month EBITDA.

Q1 2026 multiples by sector

Sector	Median multiple	Trend vs Q4 2025
Technology & IT services	11.5x	Stable
Healthcare	10.2x	Slight increase
Hospitality (quality assets)	10.0x	Stable
Food & beverage	8.0x	Stable
Logistics & transport	7.2x	Slight increase
Renewable energy services	7.0x	Stable
Industrial services	6.5x	Increase
Engineering	6.0x	Slight increase
Construction services	5.0x	Stable
Circular economy	7.5x	Increase

Key observations

Industrial services gaining recognition. The most notable trend in Q1 2026 is the continued upward movement in industrial services multiples, which have increased from 5.5x eighteen months ago to 6.5x today. This reflects growing institutional interest in a sector previously dominated by family office and strategic buyers.

Hospitality stable at premium levels. Quality hotel assets continue to trade at 10x or above, supported by record tourism numbers and a persistent supply-demand imbalance in prime locations. However, secondary and tertiary locations are seeing some softness.

Technology compression. While still commanding the highest multiples, technology company valuations have compressed modestly from the 12-13x levels seen in 2024, as investors become more discriminating about the quality and sustainability of recurring revenue.

Circular economy emerging. This is the first quarter where we have sufficient data to include the circular economy as a distinct category. The 7.5x median reflects the market’s growing recognition of the structural growth and defensibility of circular business models.

What drives multiples higher

Based on our analysis of recent transactions, the factors that consistently push multiples above the sector median include:

• Revenue quality (recurring > project-based)
• Growth rate (above sector average)
• Margin quality (expanding > stable > contracting)
• Management independence from the founder
• Diversified customer base (no single customer above 10% of revenue)
• Clean financial reporting and governance
• Defensible market position

What suppresses multiples

• Heavy founder dependence
• Customer concentration
• Declining or cyclical revenue
• Poor financial reporting quality
• Significant capex requirements
• Regulatory risk
• Complex corporate structures

Conclusion

Valuations in the Spanish middle market remain healthy, supported by strong transaction volumes, ample capital, and favourable financing conditions. Business owners considering a transaction should use these multiples as a starting reference, while recognising that individual company valuations can vary significantly from sector medians based on the qualitative factors described above. As always, the best time to calibrate expectations is before entering the market — not during negotiations.