Survey on the Access to Finance of Enterprises (SAFE) Q4 2025 (European Central Bank)

Summary

• A net 12% of euro area firms reported an increase in bank loan interest rates, up from 2% in the previous quarter.p.3
• The euro area bank loan financing gap indicator increased to 3% as needs rose by a net 3% while availability declined by a net 2%.p.4
• Fixed investment remained the most common use of financing, cited by 39% of surveyed enterprises.p.4
• The proportion of enterprises applying for bank loans rose to 23% from 17% in the previous survey round.p.5
• A net 7% of firms reported higher turnover, though a net 10% of enterprises continued to signal deteriorating profits.p.5
• The availability of skilled labour and rising production or labour costs were both identified as major concerns by 59% of firms.p.5
• Enterprises expect their selling prices to increase by an average of 2.9% over the next 12 months.p.6

Key insights

1. In net terms, 12% of large firms and 13% of SMEs reported tightening interest rates on bank loans.p.3
2. A net 20% of euro area enterprises indicated that a worsening general economic outlook constrained external financing availability.p.4
3. Banks' willingness to lend slightly improved, with a net 4% of firms reporting positive perceptions.p.5
4. Financially vulnerable firms accounted for 4% of total enterprises, remaining stable quarter-on-quarter.p.5
5. A net 9% of firms anticipate an increase in fixed investment during the first quarter of 2026.p.5
6. Around 27% of euro area enterprises do not currently use artificial intelligence technologies, while 7% use them significantly.p.6
7. Firms plan to allocate an average of 9% of their total investment to artificial intelligence over the next twelve months.p.6
8. Average expected wage increases for the upcoming year reached 3.1%, rising from 3% in the prior quarter.p.6
9. Median inflation expectations among firms stood at 2.6% for one year ahead and 3% for both three and five-year horizons.p.28
10. More than half of surveyed firms (56%) perceive upside risks to their long-term inflation outlook five years ahead.p.29