Episode 23 of Mergerspresso, Addleshaw Goddard’s corporate finance podcast, rounds off 2025 with a festive review of the year in markets, M&A and capital markets. Hosts Simon Wood and Lucy Robson reflect on the highs, lows and green shoots of the past year, drawing on crowdsourced insights from Mergerspresso listeners.

Simon and Lucy look back at the IPO market through a seasonal lens, discussing why the IPO window may finally open wider in 2026 and taking encouragement from strong post-listing performances in 2025, including Applied Nutrition, Beauty Tech and MHA. They also assess the broader tone of the year, with cautious optimism emerging despite the absence of blockbuster deal-making.

The episode adds a lighter twist with festive analogies for corporate performance, fictional listed Christmas movie companies, and a tongue-in-cheek ranking of corporate finance Christmas parties. Simon and Lucy close by sharing listeners’ most memorable deal horror stories from Christmases past, before signing off with seasonal wishes and an optimistic outlook for 2026.