Spanish firms report improved financing access, higher rates

Spanish companies faced a mixed economic landscape in the first quarter of 2026.

A net 10 percent reported increased sales, a six percentage point slowdown from the prior quarter.

Concurrently, a substantial net 71 percent saw rising labor costs and 69 percent faced higher other costs, resulting in a net negative 6 percent reporting increased profits—the first decline since Q1 2024.

Access to bank financing continued to improve, albeit at a decelerating pace, with a net 3 percent of firms noting better availability.

This was largely due to banks' increased willingness to lend (net 10 percent) and companies' credit history (net 12 percent).

However, a negative general economic outlook, cited by a net 34 percent of firms, partially counteracted this.

The proportion of firms facing difficulties in obtaining bank loans decreased to 4.5 percent, primarily due to fewer discouraged applicants, which fell from 5.2 percent to 2.1 percent.

In a notable shift, a net 27 percent of Spanish companies reported an increase in bank loan interest rates during Q1 2026, marking the first rise after six consecutive quarters of decreases.

This upward trend in financing costs was observed across both SMEs and large companies.

Additionally, both required guarantees and other non-interest costs also increased.

Conversely, firms benefited from an expansion in the amounts granted and extended maturity periods for loans.

The deleveraging process among Spanish companies continued, with a net 12 percent reporting a decrease in their debt-to-asset ratio.

Looking ahead, only a net 2 percent of firms anticipated further improvement in access to bank financing in the second quarter of 2026.