Median liquidity per account in companies has fallen from €21,934 to €14,732 in the first half of 2026, according to an analysis by the fintech Embat. The Euribor exceeds 2.8% and the ECB has raised rates to 2.25%.
Spanish companies face the second half of 2026 with less liquidity than ever. Median cash per account has dropped from €21,934 to €14,732 in just six months, a collapse of 33% that reflects the impact of rising rates and the tightening of bank credit. This is revealed by an analysis from the fintech Embat, which cross-references data from its platform with indicators from the ECB, the INE, and the Bank of Spain.
The Euribor and the ECB tighten treasury
The 12-month Euribor stands at 2.809% in June 2026, 72 basis points higher than in the same month the previous year. The ECB, for its part, raised the deposit facility to 2.25% in its June meeting, and the market anticipates at least one more rate hike before the end of the year, up to 2.50%. This increase in the cost of money directly penalises the cash position of companies.
Inflation is also relentless. The general CPI in Spain stood at 3.2% year-on-year in May, the third consecutive month at this level, while the core inflation rose to 3.0%. The Bank of Spain expects to close the year at 3.6%, which anticipates a continued erosion of purchasing power and additional pressure on business margins.
“This scenario is compounded by inflation that shows no signs of easing. The Bank of Spain expects to close the year at 3.6%, which anticipates a continued erosion of purchasing power and additional pressure on business margins,” says Antonio Berga, co-CEO of Embat.
Confirming doubles as an alternative to credit
Faced with the tightening of access to bank credit, companies are turning to working capital financing solutions that do not depend on the decision of a financial institution. The percentage of Embat clients using confirming has risen from 7.0% to 12.0% in the first half of 2026, nearly doubling.
This movement coincides with the macroeconomic trend: the Bank of Spain and the ECB have documented a widespread tightening of lending criteria, with a particular impact on SMEs, and a drop in business credit demand greater than expected. The result is that confirming and factoring have ceased to be auxiliary instruments and have become central pieces of the financial strategy for many companies.
For the average CFO, the combination of high rates and restrictive credit necessitates more active treasury management. Companies that do not monitor their cash in real-time risk being caught off guard by an unexpected liquidity need with a very high financing cost.
What to expect in the second half of 2026
The analysis from Embat points to three major risk vectors for the coming months: the rising cost of credit, persistent inflation, and falling liquidity. Companies that have already started to diversify their funding sources towards confirming and factoring are better positioned to face the second half.
The market anticipates that the ECB could raise rates once more before the year ends, which would further increase any unforeseen financing needs. The experts' recommendation is clear: review payment terms with suppliers, negotiate committed credit lines, and maintain a sufficient cash cushion to cover at least three months of operating expenses.
The next key date for CFOs will be the ECB meeting in September, where it will be decided whether rates continue to rise. Until then, treasury will remain the most accurate thermometer of the financial health of Spanish companies.
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