According to KPMG, activity in the Ukrainian M&A market has remained stable for the second year in a row, indicating cautious investor confidence despite the ongoing war. In the first nine months of the year, the number of deals decreased by only 2.7% compared to last year, while the total value of deals increased by 2.9%, reaching $643M. Even in the war, foreign investors are showing interest in Ukrainian companies, especially in the technology sector. The average deal size during this time increased from $27M to $38M, indicating a trend towards larger and more valuable transactions. Despite a decrease in transparency, activity by Ukrainian companies in international markets has increased, accounting for 28% of the total transaction volume. Privatization auctions demonstrate investor interest in sectors such as agriculture and real estate. International defense companies are also increasing their Ukrainian presence, expanding their production facilities, investing in technology, and strengthening the country’s defense capabilities. Forecasts for the M&A market’s development remain positive.