高盛-2025年并购展望：全球舞台上的势能构建

2025

M&AOutlook

BuildingMomentumonaGlobalStage

BUILDINGMOMENTUMONAGLOBALSTAGE

If2024markedashifttogrowth,2025willacceleratemomentumonaglobalstage.

Foroverayear,capitalmarketshavesoughtclarityontwocommonbottlenecks

forM&A:monetarypolicyandregulation.Withthesedynamicsnormalizing,a

generationaltechnologydisruptingindustries,sponsorsseekingliquidity,anda

growingdesirefromcorporatestotransformtheirportfoliosthroughM&A,we

expectsignificantupsidepotentialfordealmakingnextyear—butwithahealthy

doseofvolatilityascapitalmarketsnavigate“knownunknowns”intheformoftariffs,geopolitics,andmore.

AlthoughglobalM&Avolumesrose

+15%YoY,1

aggregatednumberstellonlyhalfthestory.M&Avolumesrelativetoglobalmarketcapcurrentlysitat20-yearlows,andsentimentisimproving,withleadersfocusednotjustonstabilitybutongrowth

.2

InaNovembersurveyofGoldmanSachsInvestmentBankingclients,whichincludes

bothcorporatesandfinancialsponsors,nearlyhalfofrespondentsbelievestrategicgrowthandtheadditionofnewcapabilitieswillbetheprimarydriversof2025M&Adecisions—withthatnumberreachingnearly60%forprivatecorporates

.3

47%

ofsurveyedclients

believestrategicgrowthandtheadditionofnewcapabilitieswillbetheprimarydriversof2025M&Adecisions

.4

“TheM&Amarketissteadilygainingstrengthassponsoractivity

rebounds,regulatoryandmonetarydynamicsnormalize,andcorporatescontinuedemonstratingtheirintentiontosimplifyportfolios.”

StephanFeldgoiseCo-HeadofGlobalM&A

2025M&AOUTLOOK2

BUILDINGMOMENTUMONAGLOBALSTAGE

M&Aisbuilding

momentumonaglobalstage,andleadershipteamsareemboldened.

Our2025Outlook

exploreswhatdriverswillunlockgrowthandtransformationintheyearahead.

2025M&AOUTLOOK

Newfoundmacroclaritywillspurthenextsubstantial

waveincorporatedealmaking

WithkeyM&Abottlenecksofmonetarypolicyandregulatoryuncertainty

addressed—atleastdirectionally—CEOconfidenceisrisingamid

broaderexpectationsthatthenewUSadministrationwillusherinmoresupportiveregulatorypolicies,fuelingcorporateM&A.

Simplificationisbecomingmoresophisticated,more

valuable,andmoreglobal

Morethanhalfofglobalseparationannouncementsin2024occurredoutsidetheUnitedStates.

5

Drivenbyamixtureofportfoliocomplexityandoptimalcapitalallocation,corporateseparationactivityremainsstrongacrosstheglobe,withfewsignsofslowing.

Facingapushtodeploy,sponsorsacknowledgeit’s

timetounwind

Sponsorsaretappingintoarangeofstrategicleverstounlock

liquidity—sponsor-to-sponsordeals,minoritystakesales,andcreative

continuationfundstructures—drivenbyhighlevelsofdrypowderprimedfordeploymentandcontinuedfocusonreturningcapitaltoinvestors.

TheAIopportunityishere—andM&Awillmaterialize

asthestackdevelops

WeviewtheAIerathroughanInfrastructure-Platform-Application

framework,withmostM&Aactivitytodateconcentratedatthe

InfrastructureandPlatformlayers.Theanticipatedwaveofindustry

transformationisalreadysparkingM&Aamongtechnologycompanies.

3

BUILDINGMOMENTUMONAGLOBALSTAGE

GreaterMacroClarityWillFuelCorporateM&A

Globally,corporatesaretransitioningfromnet-sellerstonet-buyers.Despiteelevatedinterestratesandunusuallyhigh

regulatoryuncertainty,corporatebuyersstillaccountedfor71%ofalldealactivitythroughQ3—astarkcontrasttothe61%

shareofM&Ain2021and2022

6

—reflectingacombinationofpent-updemand,strongbalancesheets,andadesiretorefreshportfoliosthroughbothseparationsandcapability-enhancingacquisitions.

IncreasingregulatoryscrutinyinrecentyearshasledtolargerUSdeals($10B+)takingnearlytwiceaslongtocloseastheydidadecadeago.

7

Thisgovernoronlarge-scaletransactionshasbeenexacerbatedbyhawkishmonetarypolicy,a“dimmerswitch”forcorporateM&Adrivingbothvaluationsanddebtfinancingcosts.Mergerarbitragefundshavebeenchallengedbyelongatedclosingtimelinesandblockedmergers,andfundamentalshareholdershavealsovoicedtheiropinions—rewardingsmaller,

strategictransactionsthatenhancescaleandarecash-flowaccretive.

Withthatsaid,investorbehaviorinthesecondhalfof2024exhibitedagrowingriskappetitefordealmakingasmorethanhalfofacquirersoutperformedthemarketuponannouncementoftransactions.Weexpectthisdemandtogrowasthecostof

capitalcomesdownandmarketsabsorbpotentialpolicychangesin2025.

23%

Oldereconomydealmakinggiveswaytoagrowth-focusedrebound

8

8%

10%

6%

15%

25%

7%

20%

2023

16%

12%

2024

YTD

11%

21%

17%

9%

Consumer

FinancialInstitutions

HealthcareIndustrial

NaturalResourcesRealEstate

TMT

Morebroadly,CEOconfidenceisrisingalongsidebroaderexpectationsofregulatorydynamicsnormalizing,usheringinanewwaveofM&A.Andhistorywouldsuggestthatoptimismisnotunfounded:overthepast40years,annualUSmergervolumeshaveincreasedbyanaverageof+101%insecond-termpresidencies(althoughtypicallyconsecutive)givengreaterinsightintothefiscal,tax,regulatory,andforeignpoliciesimpactingboardroomdecisions

.9

Corporatesimplificationshavegarneredattention,buttherehasbeenanequallyinfluentialsurgeincapability-enhancing

deals.Non-technologycompaniesacquiringtechnologycompaniesrepresented12%oftotalM&Avolumesin2024,comparedtothelonger-termaverageof7%

.10

Thisshiftalsoreflectsabroaderrebalancingacrossindustriesfrom“oldeconomy”sectorslikenaturalresourcestogrowth-focusedsectorsintechnology,consumer,andhealthcare—atrajectoryweexpectwillcontinuenextyearasAI-relatedM&Againssteam.Despitelarge-scaletransactionvolumesremainingbelowhistoricalaverages,the

numberof$10B+dealsrose

+26%YoY,11

andweexpecttoseeameaningfulpickupin2025acrosssectors—namelytechnology,healthcare,andfinancials—asregulatoryconcernsabate.

Numberof$10B+transactionsinEMEA

14

+43%YoY

Numberof$10B+transactionsglobally

13

+26%YoY

CorporateshareoftotalM&Avolumes12

71%

2025M&AOUTLOOK4

BUILDINGMOMENTUMONAGLOBALSTAGE

AGlobalShiftTowardSimplification

CorporatesimplificationscontinuetofuelM&Aascompanieslooktohighlightundervaluedassets,separatedivergent

businesses,andsharpengeographicfocus.Large-capcompanies($25B+)movingawayfromconglomeratemodelsare

especiallyactive—representing~40%ofannouncedandclosedspin-offsin2024.

15

Inthesecondquarter,3Mcompletedthe$20Bspin-offofitshealthcarebusiness—nowtradingasSolventumCorporation—toenhanceoperationalagilityandtailorcapitalallocationstrategiestoeachindependentcompany.

“Thestrongconsensustodayisthatsimplification,formanycompaniesacrossregions,isanenablerofvaluecreationbecauseofthebenefitsofmanagementfocus,incentivization,andclarityofequitystory.”

DavidDubnerGlobalHeadofM&AStructuring

Managingcorporateassetsacrossmultipleregionscarriessignificantoperationalcomplexitiesduetodifferingtaxlaws,

accountingtreatments,andregulations—nottomentioncosts.Coupledwithrisinggeopoliticaltensions,evolvingmarket

appetitescreatedbythechangingpaceofenergytransition,andafocusonoptimizingcapitalallocation,regionalseparationsarehelpingcompaniesaddressthedissynergiesassociatedwithoperatingcross-regionalcorporations.Additionally,valuationdiscrepancieshavecatalyzedcross-borderM&Abyencouragingcorporatestoseekmorefavorablecapitalmarketsthroughnewdomiciles,listings,orheadquarters.In2024,morethanhalfofthe37separationannouncementsoccurredoutsidethe

UnitedStates

16

—with40%concentratedinEMEA,whereseparations’contributiontooverallM&Ahasdoubledinthepast

decade

.17

InNovember,AngloAmericanannounceditsplanstodivesttheentiretyofitssteelmakingcoalportfolioinAustraliaforupto$4.9B,markingthelateststepinthecompany’sportfoliotransformationannouncedinMay.

18

Importantly,separationsoftengenerateadditionalM&Aactivitypost-separation.Companiesthatengageinspin-offshavehigherratesofM&A,andin~40%ofcases,companiesthatre-segmenttheirassetsenduppursuingspin-offsorotherM&Ainthefollowingyears

.19

Sponsorsarebecomingkeytosimplification

byactingascarve-outpartnerswhilecostofcapitalcontinueschallengingreturns,andbygivingbothvaluableexpertiseandcredibility

tocorporates’transactions.Simplifi

TrendsT

Creativedealstructuresareenablingmoreactivity;earnoutprovisions,collars,andequity rolloversofferinnovativesolutionstailoredtothespecificneedsofeachcompany.

cationhatWill

Shape

Corporatesarepursuingregional

separationstounlockvaluation,target

specificinvestorbases,andachievegreaterstrategicclarityinashiftinggloballandscape.

2025

Activismisacceleratingspin-offs,butspin-offsarealsoacceleratingactivismamidanewfoundfocusonSpinCos—underscoringtheimportanceofgovernanceandadequatecapitalizationfornewlyspun-offcompanies.

2025M&AOUTLOOK5

BUILDINGMOMENTUMONAGLOBALSTAGE

TheNextEraofActivism

Activistfundsarecontinuingtoraisecapital,andtheirtargetsareincreasinglylarger.Nearlyone-thirdofcampaignsin2024targeted$10B+corporations,andrecentsuccessfulcampaignsbynon-dedicatedorlesser-knownactivistfundsshould

emboldenabroadersetofactivistplayerstojointhefray.

20

Increasedactivityfromanexpandingpoolofactivistfundshasalsospurredanaccelerationof“swarming,”inwhichmultipleactiviststargetthesamecompanyinanon-coordinatedapproach—oneoutofeverytwelveS&P500companiesin2024hadtwoormoreactivistsintheirstock.21

“Investorsarerewardingcompaniesthatsimplify,andactivists

arepickinguponthisglobalphenomenon,capitalizingonit,andacceleratingthistrendfurther.”

AvinashMehrotraCo-HeadofAmericasM&A,GlobalHeadofActivism,ShareholderAdvisory&TakeoverDefensePractices

Activismispoisedtoacceleratenextyearwithpeakinterestratesintherearviewmirror,inflationmoreorlesstamed,

andregulatorydynamicsnormalizingintheUnitedStates.PortfoliosimplificationandM&Awillreceiveheightenedfocus—

comprising~40%ofbusiness-relatedactivistdemandssinceQ12022.

22

WhileactivistslargelyfocusedonsmallerobjectivesduringtheBidenpresidency—suchasCEOchangesandstructuralimprovements—thenewUSadministrationmayencourageactiviststopushtheenvelopeandpursuebolderdemands.

2025M&AOUTLOOK6

ParadigmShiftsCatalyzeGlobalSponsorM&A

Thereboundinglobalsponsoractivityhasbeenadouble-edgedsword.Buy-sidevolumesareabove2015–2021averages,butexitsremainbelowhistoricallevels,

23

evenasthenumberofsponsor-backedcompanieshassoared.Sponsorswillprioritize

exitsamidongoingpressurefordeploymentandliquidity:weexpect1,200+portfoliocompanies$1B+EVtoexitviasaleorIPOoverthenexttwotothreeyears.

24

Withinvestors'continuedfocusonfundperformance,distributionstopaid-incapital(DPI)remainfrontandcenter.DPIsits

atthelowestlevelssince2008,withpost-2019fundvintagesreceivingthegreatestscrutiny,returning0.1xDPIversus0.6x

for2015–2018vintagesatYear4.

25

Sponsorsaretappingintoarangeofcreativealternativestogenerateliquidity,including

co-control,minoritystakesales,andcontinuationfunds.Thatsaid,theoutlookforsponsoractivity—specificallyexits—isthemostpositiveit’sbeensinceearly2022.Therecentshiftsinmonetarypolicyarehelpingtoresolveproblematicvaluationgapsasdebtfinancinggetscheaperandbuyersaremorewillingtomeetsellers’prices.Thepositivevaluationre-ratingofUSstockspost-electionhasspurredmomentum,withtotalsponsorM&Aup+23%YoYinQ3andsponsor-to-sponsordealvolumesrising+54%YoY.

26

ThenormalizationofIPOvolumesisanotherboontoactivity—providinggreaterconfidenceinexitoptionsover

three-to-five-yeartimelines.GlobalsponsorIPOvolumesareup+75%YoY—renewinginterestindual-trackprocesses

.27

Globalsponsorbuy-sideactivitynormalizeswhileselleractivityhasyettorecover

28

nBuy-SidewSell-SideNet

1.6T1.2T0.8T0.4T0

(-0.4T)

2015201620172018201920202021202220232024

DryPowderSpursTake-PrivateOpportunities

Take-privatesremainanoutsizedcontributortosponsorM&A,rising+21%YoYandrepresenting30%oftotalsponsorbuy-sidevolumesin2024.

29

LowervaluationsforpubliclytradedcompaniesoutsidetheUnitedStatesalsocontinuetoofferattractive

opportunitiesforsponsorstodeployagrowingsurplusofdrypowder.

Take-privateactivityhasacceleratedglobally,butEMEA—Europespecifically—hasseenthestrongestmomentumin2024,

up+34%YoY.

30

IntheUK,take-privatedealvolumessoared+84%YoY,fueledbyheightenedactivityinthetechnologysector.

31

Whilevaluationsremainattractive,take-privateswillbeanidealmethodtodeploycapitalinadecliningrateenvironment.

“ThefundraisingpipelineputsagreaterfocusonDPI,moreinnovativeliquiditystructures,andaneedtoredressbalancebetweenexitsanddeployment,whichsetsupforanencouraging2025.”

HaideeLeeGlobalHeadofFinancialSponsorM&A

2025M&AOUTLOOK7

BUILDINGMOMENTUMONAGLOBALSTAGE

AI-DrivenM&A:AStrategicFocusontheStack

ThescaleofAI’seconomicpotentialisrivaledonlybythecapitalneededtounlockit.UShyperscalershaveinvested$200B

andareforecastedtospend$1Tby2026.

32

Alongsidetheanticipatedwaveofindustrytransformation,therehasalreadybeenasurgeofM&Ainfunctionalandverticalsoftwarecompanies—withafocusondurablebusinessmodelsandupsidepotential.

UnprecedentedinfrastructureinvestmentsarefuelingtheAIrevolution

33

$52B

Enterprise&Govt

Sinks

48%

OtherAICapEx(DataCenters,Networking,etc.)

42%

NVIDIAGPUs&Other

$52B

Tier2Cloud

34

Sources

36

$108B

USHyperscalers

3%

AMDGPUs&Other

35

4%erAIXPUs

TPUs

Infrastructure

Infrastructureactivityhascenteredaroundhyperscalers’spend—particularlyindatacentersandpowersupplyastheprimaryvectorforinnovationhasbeenthescalingofdata,compute,andmodels.Withdatacenter

vacancyatarecordlow(5%)andAIserversrequiring10xmorepowerthantraditionalhyperscale,corporates,sponsors,andsovereignshaverecognizedagenerationalinvestmentopportunity.

37

Meanwhile,semiconductorcompaniesarebolsteringtheirfull-stackcapabilities.Pressurecreatedbythestructuralbottlenecksindata

centersandpowersupplywillcontinuedrivingoutsizedinvestmentsanddealmaking.

Platform

Application

WithenterpriseAIadoptionandinvestmentaccelerating,Platformlayerspendshouldoutpaceinfrastructurespend,withplatformprovidersutilizingM&AtomarrygenerativeAIwithenterprisedatasets,workflows,

andmore.AsITvendorsoftodaystrivetobecometheAIvendorsoftomorrow,2025willseecontinuedactivity,especiallyamong"picksandshovels"targetsthatfacilitateAIfunctionality.

AI’strueeconomicandtransformationalpotentialisexpectedtobeunlockedintheApplicationlayer,butit

remainsinchoatefornow.Severalpotential“killerapps”havespurredclustersoftargetedtransactions,but

agenticAI—inwhichmodelsexecutetaskscurrentlyperformedbyhumans—hasgarneredpalpableexcitementandwillcatalyzedealmakingas"AIeatsIT"acrossindustries.GenerativeAIisexpectedtounlockefficiencies

thatwillbedeflationaryandpotentiallydisruptiveforsomeSaaScompanies—pushingdownvaluationsand,

incertaincases,drivingthemtogoprivate.Conversely,softwarecompanieswithentrenchedcustomerrelationshipsandproprietarydatasetsrepresentbeachheadsforAItransformationandhavealreadyproducedsolidM&Aoutcomes.

2025M&AOUTLOOK8

KEYFIGURES

WeviewtheAIerathroughanInfrastructure-Platform-Applicationframework,

38

withmostactivitytodate

concentratedattheInfrastructureandPlatformlayers.TheanticipatedwaveofindustrytransformationisalreadycatalyzingM&Aincertainsoftwarecompanies.

NOTABLETRANSACTIONSIN2024

ThesaleofJAGGAER,agloballeaderinenterpriseprocurement

andsuppliercollaboration,toVistaEquityPartners,andSiemens'

intenttoacquireAltair,agloballeaderincomputationalintelligence,

underscorehowsoftwarecompaniescansuccessfullyorientthemselvesfortheAIera.

SalesforceacquiredOwn,whosetoolsenableorganizationstoprotectmission-criticaldatawhilegeneratingdeeperinsights,

PlatformandIBMannounceditsintenttoacquireHashiCorptocreatea

comprehensiveend-to-endhybridcloudplatformbuiltfor

AI-drivencomplexity.

BlackstoneannounceditsintenttoacquireAirTrunk,APAC'slargestdatacenterplatform.DatacenteroperatorEquinixannounceda

Infrastructure$15BjointventurewithGICandCPPIBtobuildxScalefacilitiesfor

full-stackcapabilities—AdvancedMicroDevicesannouncedits

intenttoacquireZTSystemstogainsystem-leveldesigncapabilities.

5%

Datacentervacancyrate

39

25%

WorktaskspotentiallyautomatedbyAI

40

50%+

EstimatedAIplatformrevenueCAGR

41

AIworkloads.Semiconductorcompaniesarebolsteringtheir

Application

“Asscaling,whetherin

pre-trainingorothervectors,continuestobetheprimary

wayinwhichAIadvances,thedemandforinfrastructure

continuestogrow—spurringaflowofinvestmentcapitalanddealmakinginresponse.”

JungMinGlobalCo-COOofTechnology,Media,andTelecomInvestmentBanking

2025M&AOUTLOOK9

BUILDINGMOMENTUMONAGLOBALSTAGE

Cross-BorderM&ASurgedin2024,BolsteringExpectationsforNextYear

Afteramoresubduedperiodofactivity,cross-regionalM&Aisstartingtorebound.WithinabroaderuptickofEMEAactivity,flowsbetweentheUnitedStatesandEuropehaveseenthestrongestmomentum—accountingfor44%ofthevolumesshownbelow

42

andincludingdealslikeBritishpackagingcompanyDSSmith'sproposedsaletoUS-basedInternationalPaperCo.for

$9.8B.Aflurryofcross-bordertransactionswithinEMEAhavepropelledvolumeshigherthisyear,includingAbuDhabiNationalOilCompanyannouncingitsintentiontoacquireGermany'sCovestrofor$18B.

Theresurgenceofcross-regionalM&Ain2024isbestdemonstratedbytheuptickinAPAC—contributing~30%ofglobaltransactionvolumesandgenerating$150BofannouncedM&AinSeptemberalone.43EvenasChina—theregion’slargestmarket—hasseendeclinesinoverallM&Avolumesinrecentyears,othernationshavefilledthisvacuum.

Cross-borderM&Acontinuestopickuparoundtheglobe

44

NorthAmerica&EMEA

APAC&NorthAmerica$152B

$267B

EMEA&LATAM$15B

LATAM&NorthAmerica$15B

LATAM&APAC

APAC&EMEA

$66B

$5B

Japanexperiencedparticularlystronggrowth,withM&Avolumesrising+30%YoY.

45

Inadditiontothecontinuedappetitefor

cross-bordertransactions,corporategovernancereformsdrivenbytheTokyoStockExchangeandnewguidelinesoncorporatetakeoversfromtheMinistryofEconomy,TradeandIndustryhavefueledmomentum.

Indiahasalsoemergedasahotspotforcross-bordertransactions,driveninpartbyanM&A-friendlyenvironmentwith

supportiveregulatoryandgovernmentpolicies.CompanieswithWestern-stylecorporategovernancethattapintoIndia’sstrongmacroeconomictrendsareseeingpremiumvaluationsandattractingsignificantforeigncapital.ManymultinationalcorporationsarecapturingvaluationdifferentialsbyspinningofforpubliclylistingtheirIndiansubsidiaries:inNovember,RelianceIndustriesandWaltDisneyCorporationcompletedan$8.5Bmergerofthecompany’sIndianmediaassets.

ThebroadermomentuminIndiasuggestsarisingtide,andweanticipateM&Avolumestoremainstrongasfavorableconditionscontinuetobuild—supportedbymultinationalcorporatetransactionsanddomesticdealsacrossboth

strategicsandfinancialsponsors.

AsglobalM&Amomentumcontinuesacceleratingnextyear,weexpectcross-regionaldealmakingtocontinuegrowinginbothdepthandbreadth.

2025M&AOUTLOOK10

“We’veseenpocketsofstrengthreturnincertainregionsandproducts,butatruereboundinglobalM&Ahaseludedcapitalmarketsforthreeyears.Nowwefinallyhavethekeyingredientsconverging:favorablemacroeconomicconditions,apotentiallymorebenignregulatory

environment,andagrowingriskappetiteamongcorporates.”

MarkSorrell|Co-HeadofGlobalM&A

TheglobalM&Alandscapeispositionedforadynamic2025.

Theheightenedgeopoliticalandeconomicuncertaintiesthatcharacterized2024havegivenwaytoamaterialshiftinsentimentandstrategicfocusasthemacrobackdropclarifiesandsetsthestageforaneconomicallypivotalyear.

Aswenavigatethislandscapetogether,areadinesstocapitalizeonopportunitieswillbecriticaltoharnessmomentum.

We’rehonoredtopartnerwithourclientstounlockgrowthandtransformationintheyearahead.

#1

GlobalM&AAdvisor

47

#1

GlobalInvestmentBank

46

2025M&AOUTLOOK11

BUILDINGMOMENTUMONAGLOBALSTAGE

GlobalM&ALeadership

STEPHANFELDGOISE

Co-HeadofGlobalM&A

MARKSORRELL

Co-HeadofGlobalM&A

AVINASHMEHROTRA

Co-HeadofAmericasM&A

GlobalHeadofActivism,ShareholderAdvisory&TakeoverDefensePractices

BRIANHAUFRECT

Co-HeadofAmericasM&A

GlobalCOOofInvestmentBanking

ANDREKELLENERS

GlobalCo-HeadofConsumer/RetailInvestmentBanking

NIMESHKHIROYA

Co-HeadofEMEAM&A

CARSTENWOEHRN

Co-HeadofEMEAM&A

RAGHAVMALIAH

GlobalViceChairmanofInvestmentBanking,Co-HeadofAPACM&A

HeadofAPEJTechnology,Media&Telecom

YOSHIHIKOYANO

Co-HeadofAPACM&A

EDWITTIG

Co-HeadofAPACM&A

CHRISTINAMINNIS

HeadofGlobalCreditFinanceandGlobalAcquisitionFinance

DAVIDDUBNER

GlobalHeadofM&AStructuring

HAIDEELEE

GlobalHeadofFinancialSponsorM&A

PAMELACODO-LOTTI

GlobalCOOofActivismandShareholderAdvisory,HeadofCrossMarketsActivismandShareholderAdvisory

Co-ChairsofGlobalM&A

GENESYKES

TIMINGRASSIA

DANBLANK

DUSTYPHILIP

GILBERTOPOZZI

Contributors

PETELYON

NEILRUDISILL

BENNYPINKAS

ARJITDADHWAL

IAINDRAYTON

DARIOCLAUS

MICHAELSANTIAGO

JACKMANSON

ROBPULFORD

ASMITASINGH

BRETTSCEATS

MILAMILATOVIC

JUNGMIN

ADELAIBRAHIMI

SAHILSEEKOND

FARHANSADIQ

ANNASKOGLUND

MATTKIM

LARKYNSINCLAIR

LEIFCARLSON

MARISSAFREUND

ALEXANDERKOKIN

ROBWARD

MOLLYFALLEK

EMILYBAKER

STUARTMCKELVIE

BRADLEYBATTLE

ELIANAKAPLAN

MATTLUCAS

JUSTINMILLER

JAMIECATHERWOOD

ADAIRNGUYEN

RICHARDMORAN

RACHELNG

REBECCACOUGHLIN

ELLAPEPPER

2025M&AOUTLOOK