Quarterly Brief

The year 2025 was characterised by a dynamic and strategically significant environment, driven by rapid advances in artificial intelligence technologies, the concentration of capital within the technology sector, and evolving geopolitical and macroeconomic conditions. Concurrently, a range of political and economic challenges emerged on the international stage, including the implementation of sanctions policies and rising political tensions in certain regions. All of these developments materially influenced risk perception, capital market structure and flows, as well as valuation approaches applied by market participants.

The KPMG Quarterly Brief provides an objective selection of key capital market data for 2025 in a comparable quarterly format. The report includes data that enables users to monitor:

• comparison of major stock market performance for the 12 months ending 31 December 2025;
• S&P Eurozone BMI Index sector multiples;
• risk-free rates for major currencies;
• country risk premiums and inflation forecasts for the BRICS countries.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.