Stout is pleased to present our Commercial Services Industry Update - 2025 Year in Review. We hope that you find this report helpful and that it serves as a valuable resource to you in staying up to date on the market. We look forward to staying in touch and encourage you to contact us directly if you would like to discuss our perspectives on current market trends or potential M&A opportunities, or to discuss our relevant advisory experience.

Overview for This Edition

• Key Insights and Observations
• Themes Across Commercial Services
• Subsector Spotlight: Fire and Life Safety
• Public Market Performance
• 2025 M&A Highlights
• Recent Stout Transactions