M&A trends in Poland for 2025: A year of transformation

In 2025, Poland’s mergers and acquisitions (M&A) market is set for transformative shifts. These changes are driven by key sectors and macroeconomic forces shaping the landscape. For businesses aiming to thrive in this dynamic environment, staying ahead of these trends will be essential. 

Sector drivers

One of the standout sectors driving M&A activity is technology and innovation. The technology sector continues to be a prime target for investment, with particular interest in artificial intelligence (AI), software-as-a-service (SaaS), and cybersecurity. These segments are attracting both local and global investors, fuelled by a broader push toward digital transformation, automation, and machine learning. Polish companies are increasingly emphasising innovation and digitalisation, creating fertile ground for mergers and acquisitions. As a burgeoning regional tech hub, Poland remains a magnet for international investors eager to tap into its thriving digital economy.

The energy sector is also experiencing a significant shift, with sustainability and green energy becoming key drivers of M&A activity. Poland’s ongoing transition to renewable energy aligns with its broader environmental objectives, creating opportunities for firms specialising in clean energy solutions, wind and solar power infrastructure, and innovative green technologies. Offshore wind projects along the Baltic Sea coast, in particular, are set to play a pivotal role in this transformation. As these initiatives progress, consolidation within the sector is expected to increase, with strategic partnerships and acquisitions helping to accelerate the development of offshore wind capacity and achieve Poland’s renewable energy targets.

Meanwhile, Poland’s healthcare sector is emerging as a focal point for M&A activity. Driven by an aging population and a growing emphasis on healthcare innovation, the biotech and pharmaceutical industries are poised for robust growth. Rising demand for advanced medical technologies, cutting-edge biotech firms, and improved healthcare infrastructure are fuelling interest in the sector. Poland’s highly skilled workforce and strong research base further amplify its appeal, making the healthcare sector a hotspot for investors.

Macroeconomic and geopolitical forces

Macroeconomic factors and geopolitical dynamics are also shaping the M&A landscape in 2025. Geopolitical uncertainties, such as the ongoing conflict in Ukraine and evolving EU-Russia relations, remain pivotal in influencing investor sentiment. Additionally, potential policy shifts in the United States under the new administration could introduce risks like trade disputes or changes to commercial relations. Polish businesses must navigate these challenges, including managing foreign investments, supply chain vulnerabilities, and shifting global policies. Nevertheless, Poland’s political stability, robust economic fundamentals, and strategic location in Europe continue to make it an attractive destination for investors.

Economic growth and stability will also play a central role in shaping the market. Poland’s post-pandemic recovery is expected to continue, supported by exports, technological advancements, and green initiatives. While inflation and interest rates remain elevated, a gradual decline is anticipated in 2025. Broader European economic challenges, such as Germany’s slowdown, may have a ripple effect on trade and investment in the region. Rising domestic energy costs are another factor that could impact corporate profitability and investment strategies. However, Poland’s National Recovery Plan (NRP) provides a significant boost through funding for infrastructure and innovation. This financial stimulus is expected to catalyse M&A activity, particularly in sectors like renewable energy, technology, and digital transformation, as businesses seek to capitalise on emerging opportunities.

A notable trend in recent M&A activity is the move away from auctions toward bilateral negotiations. Corporations and private equity (PE) firms are increasingly prioritising direct discussions with selected partners, offering greater flexibility, alignment of objectives, and control over terms. This shift reflects the need for tailored, strategic transactions in an environment characterised by volatility and rapidly changing dynamics. The “buy-and-build” strategies employed by PE-backed targets have gained traction in recent years, and this trend is expected to intensify in 2025.

Poland’s 2025 presidential elections are likely to be a pivotal factor in shaping the M&A market. Political stability and policy direction heavily influence investor confidence, and potential government changes may prompt companies to reassess strategies in anticipation of shifts in taxation, economic policies, and regulations. Election-related uncertainties could lead to a temporary slowdown in investments, particularly in sectors reliant on government support, such as energy and infrastructure. However, once the political landscape stabilises post-election, a surge in deal-making is anticipated as investors gain clarity on policy priorities and economic direction.

Keys to success

In 2025, Poland’s M&A market will be defined by a combination of sector-specific trends and broader macroeconomic factors. The technology, energy, and healthcare sectors will lead the way, while geopolitical tensions, economic growth, and the 2025 elections in Poland will influence deal-making strategies. For businesses looking to capitalise on these trends, understanding the dynamics of the market and staying agile will be crucial for success in an increasingly competitive global landscape.