Data from Experian Spain’s Center for Economic Studies shows that the first quarter of 2026 ended with 1,561 insolvency filings, down 12.2% from 1,778 recorded in the same period of 2025. The three months of the quarter exhibit year-over-year declines: January (-14.4%), February (-15.7%), and March (-6.8%), consolidating a sustained downward trend that breaks with the 5.7% growth surge that closed 2025.
This improvement is also structural. When adjusting insolvency filings for the volume of active companies in Spain, the insolvency incidence rate declined over the quarter: from an average of 4.0 filings per 10,000 active companies in Q1 2025 to 3.4 in Q1 2026, a 15% improvement. In March, the quarter’s close stands at 3.8 filings per 10,000 active companies, versus 4.2 in March 2025. In other words, if a year ago roughly 1 in 2,400 companies started an insolvency process, today it’s 1 in 2,600.
When examining sector data, Wholesale and Retail Trade and Repair of Motor Vehicles remains the sector with the highest number of insolvencies in the quarter, with 346 filings, though it records the steepest drop among the major sectors: a -26.7% compared to Q1 2025. In second place is Construction with 230 filings (-12.9%). Manufacturing Industry ranks third with 218 filings, and with a minimal decline of 4.4% shows the greatest resilience to downturn. By the end of the quarter, Manufacturing records the highest insolvency incidence rate among the major sectors, at 6.0 filings per 10,000 active companies in March, well above the national average (3.8). They are followed by Hospitality (5.5 per 10,000) and Trade (4.8 per 10,000). Construction, despite ranking second in absolute numbers, has reduced its rate to 4.1 per 10,000, below last year’s average.
The geographic analysis of the first quarter shows that Catalonia leads in absolute terms with 397 filings, although it improves 16.2% from the intense Q1 2025. Madrid is second with 346 filings (-11.7%) and the Valencian Community is fourth with 181 filings (-19.2%). By contrast, Andalusia, with 188 filings, is the only large region to record an increase in insolvency filings in the quarter (+3.3%), reflecting a geographic redistribution of insolvency risk that is also evident in its rising incidence rate, which moves upward compared with declines seen in the rest of the large communities.
New company formations reach an all-time quarterly high
Experian Spain’s Radar recorded in Q1 2026 a total of 38,194 new companies formed, the best figure for this period in the historical series, up 28.3% from 29,763 in the same period of 2025. The monthly progression is especially noteworthy: January posted 11,269 new companies (+8.5% YoY), February rose to 12,983—the highest February figure in the last three years—and March closed the quarter with 13,942 new incorporations, +31.5% compared with March 2025. This corporate dynamism aligns with Spain’s favorable macroeconomic moment, which ended 2025 with GDP growth of 2.9%, according to the Ministry of Economy, Trade and Industry.
Looking at sector data, Construction emerges as the most dynamic sector of the quarter with 5,686 new incorporations and a 36.1% gain. Wholesale and Retail Trade and Repair of Motor Vehicles accounts for 5,606 new companies (+18.2%). In third place, Professional, Scientific and Technical Activities added 3,967 new companies (+18.1%). Notably, the strong growth in Financial and Insurance Activities (+45.6%) and Information and Communications (+59.4%) reflects the momentum of the digital economy and the financial sector at the start of the year.
The geographic analysis shows that Madrid leads the quarter with 8,196 new companies (+24.2%), followed by Catalonia with 7,108 (+29.1%) and Andalusia with 6,287 (+27.9%). These three regions together account for more than 56% of all new incorporations in the quarter. The Valencian Community stands out for its dynamism, with 4,925 new incorporations, the largest relative growth among the large regions (+34.8%), solidifying its role as one of the main engines of business creation in Spain.
Slight rise in company dissolutions
In Q1 2026, 23,128 companies were dissolved, a moderate 5.6% increase from 21,907 in the same period of 2025. The pace of dissolutions remains well below that of formations, contributing to the excellent quarterly net balance. There is, however, a noticeable acceleration in March, with 5,963 dissolutions (+13.1% YoY), compared with January (+1.7%) and February (+5.3%).
Analyzing dissolutions by sector, Wholesale and Retail Trade and Repair of Motor Vehicles records the largest number of dissolved companies, with 4,695 closures (+12.2% vs Q1 2025). It is followed by Construction with 3,299 dissolutions (+5.7%). In third place are Professional, Scientific and Technical Activities with 2,711 dissolved companies (+3.5%).
Geographically, Madrid is the only large community recording a drop in dissolutions in Q1, with 5,179 companies dissolved (-2.9% vs Q1 2025). It is followed by Catalonia with 3,585 dissolutions (+7.4%) and Andalusia with 3,579 (+13.2%).
The quarter’s net balance marks the strongest start in years
The net balance for Q1 2026 — the difference between formations and dissolutions — stands at 15,066 net new companies, versus 7,856 in the same period of 2025. This 91.8% year-over-year increase in the net balance makes Q1 2026 the strongest start for Spain’s business fabric in recent years.
“The data for Q1 2026 are extraordinarily positive for Spain’s business fabric. Formations hit historic records, insolvencies have fallen for three consecutive months, and the net balance nearly doubles that of the same quarter last year. This start confirms that Spain is solidifying a virtuous cycle of business creation with lower insolvency risk. At Experian we put our technology and analytics at the service of companies and financial institutions to anticipate early-warning indicators, optimize credit decisions, and support truly sustainable growth,” concludes Jorge Hernández, General Manager of Experian Spain.
