RL Hulett：2025年第四季度全球环境服务行业并购市场研究报告（英文版）

In Q4, the NYSE Arca Environmental Services Index decreased by 1.2%, and was outperformed by a 2.0% increase in the S&P over the same period. ▪ The median EV/EBITDA multiple for reported strategic deals in the Environmental Services sector increased to 20.9x in 2025 from 15.0x in the prior year, while no private equity multiples were reported during the period. ▪ M&A deal volume in the sector increased 3.9% in Q4 to 159 deals from 153 in Q3 and increased 11.9% from 142 deals in Q4 of the prior y