EBITDA Multiples DACH 2026

EBITDA multiples for SMEs in the DACH region (Germany, Austria, Switzerland) typically range from 3.5x to 10.0x, depending on the industry, company size, and growth profile. Software and SaaS companies trade at 6.2x to 10.4x depending on size class — notably, SaaS multiples have declined in 2025/2026 due to AI disruption compressing perceived moats. Traditional manufacturing and construction businesses are valued at 3.0x to 7.0x. Switzerland generally sees multiples 10-20% higher than Germany due to higher profitability and economic stability.

DACH multiples are broadly in line with Western European averages but benefit from the region's strong industrial base and SME ecosystem (Mittelstand). Compared to the UK, DACH multiples tend to be slightly lower for services businesses but comparable for industrial companies. Scandinavian multiples are similar, while Southern European markets typically see a 10-20% discount. The key differentiator in DACH is the depth of the Mittelstand — the 3+ million family-owned SMEs that create a uniquely active M&A market.

The three most impactful factors are: (1) Revenue quality — recurring revenue models (subscriptions, maintenance contracts) command significantly higher multiples than project-based businesses. (2) Growth rate — companies growing above 10% CAGR achieve materially higher valuations. (3) Owner dependency — businesses that operate independently of the founder are more valuable to acquirers. Additional factors include market position, customer concentration, management depth, and regulatory environment.

EBIT multiples include depreciation and amortization in their base figure, making them lower than EBITDA multiples for the same company. For capital-intensive industries (machinery, logistics), the difference is significant. EBITDA multiples are more commonly used in M&A because they allow better comparison across companies with different depreciation policies. For asset-light businesses (consulting, software), the difference is minimal.

Enterprise Value = EBITDA x Multiple. To derive the equity value (what the seller actually receives), subtract net financial debt and add excess cash. Example: An IT services company with EUR 1.2M EBITDA and a 7.0x multiple has an Enterprise Value of EUR 8.4M. With EUR 0.8M net debt, the Equity Value is EUR 7.6M. Note that the actual transaction price may deviate 10-30% based on negotiation dynamics, synergies, and deal structure.

The multiples shown here are representative of SMEs with EBITDA between EUR 0.5M and EUR 5M. Larger companies (EBITDA > EUR 10M) typically achieve higher multiples due to lower risk, better diversification, and more institutional buyer interest. Platform acquisitions by PE funds are generally valued 1.0-2.0x higher than add-on acquisitions in the same sector. For companies above EUR 50M EBITDA, public market comparables and DCF valuations become more relevant benchmarks.