Experian recently released its Enterprise Capital Raise Radar data covering the close of the first nine months of 2026 (January–September).
When looking at the size of companies, the radar data reflect differences by segment. Small businesses remained the main backbone of activity, leading the nine-month tally with 21,068 transactions (up 6.37% versus 2025) and mobilizing €10,841,571,757.34 in capital (up 30.30% from €8,320,568,491.20 in 2025).
In contrast, the larger-size segments posted year-to-date declines. Medium-sized companies registered 1,179 transactions (down 22.38%) and €2,197,886,286.91 of capital raised (-22.79%). Meanwhile, large companies accounted for 386 transactions (-10.44%) and raised capital worth €3,587,079,577.96, a 17.95% year-over-year drop compared with €4,371,720,284.02 in the same period of 2025.
Capital injections rise 5.21% year to date
The figures analyzed by the Experian Spain Economic Studies Center confirm activity in corporate capitalization mechanisms across our country. During the first nine months of the year, the number of capital-raising movements grew 3.27%, totaling 24,282 transactions compared with 23,513 signed in the same period the previous year.
Regarding the injected volume, the cumulative amount of capital-raising operations from January through September reached €18.03 billion, representing a 5.21% year-over-year increase against €17.137 billion recorded in the first nine months of 2025. In September 2026, companies mobilized €1.065 billion through 1,844 transactions, up 7.71% in capital versus September 2025 (€989.464 million).
From the cumulative number of operations through September 2026, the Real Estate Activities sector ranks first with 3,989 moves. In second place is the Financial Activities and Insurance sector with 2,886 transactions, and in third position is Construction, with 2,648 records (closely followed by Wholesale and Retail Trade; Vehicle Repair, with 2,641 transactions).
Meanwhile, if we look at the total monetary amount injected over the first nine months, the sectoral distribution stands as follows:
- Financial Activities and Insurance: Leads the aggregate with €5,183,327,572.91 raised (a 41.24% year-over-year advance compared with the same period in 2025).
- Real Estate Activities: Occupies second place with €3,119,727,265.38 mobilized (+4.84% YoY).
- Construction: Completes the sector podium with injections worth €2,035,629,567.31 (+10.26% YoY).
Madrid leads in volume and in number of moves
In geographic analysis, the Community of Madrid remains at the forefront in the number of transactions by concentrating 6,052 moves (up 5.69% YoY), followed by Catalonia with 4,923 transactions (+5.73%) and Andalusia with 3,101 records (+4.03%). The Valencian Community adds 2,302 transactions (+6.18%).
Regarding the financial volume injected by region between January and September 2026:
- Community of Madrid: Continues to be the region with the largest capital raised, totaling €5,169,743,669.96, representing a 21.81% contraction versus the first nine months of 2025 (€6,611,715,710.56).
- Catalonia: Ranks second with a volume of €3,147,590,733.11, up 15.65% YoY (vs €2,721,682,569.43 in 2025).
- Andalusia: Rises to third in capital, reaching €2,036,615,675.22, posting a 60.01% increase compared with the same period of the previous year (€1,272,764,758.24).
