The outlook for Italian M&A in 2026 remains cautiously optimistic. Assuming interest rates stabilise and tariff escalation is avoided, the market is expected to maintain its focus on domestic consolidation, particularly in financial services and regulated energy sectors.  This panel will address how Italy's M&A market in 2026 is shifting from 2025's mega-deals toward a higher volume of mid-market transactions, with domestic M&A reaching nearly €33 billion, driven largely by consolidation within the banking sector, private equity add-ons, distressed assets and carve-outs and industrial combinations among Italian firms. A rebalancing from mega-deals to higher deal volume is expected in 2026, driven by Italy's deep industrial base - including automotive, aerospace and defence, healthcare & medical, and consumer sectors - alongside growing interest from international companies and financial sponsors.

• Domestic consolidation vs internationalisation: As cross-border activity returns, how should firms balance domestic consolidation with international expansion, and which strategies are proving most effective in delivering returns?
• To what extent are rising restructuring activity and SME bankruptcies creating actionable opportunities in distressed M&A?
• Value maximisation: Accelerating corporate carve-outs, take-private transactions, and non-core divestments (particularly across the retail and food sectors), and what is the current state of IPO in Italy?
• How are new deals being structured to ensure good outcomes for GPs, LPs, portfolio companies and lenders?  Are earn-outs and deferred pricing mechanisms becoming more widely adopted, and how effective are they in ensuring alignment and business continuity?