Despite the reduction in the overall volume of insolvencies by June 2026 (2,678, a -13% compared to the first half of 2025), insolvencies of larger companies are registering growth, indicating a more pronounced deterioration in the segment of large companies.
In just the second quarter of 2026, the number of large insolvencies filed reaches 34 cases, compared to the 17 recorded in the second quarter of 2025, representing a year-on-year increase of 100% and constituting the highest quarterly level of the entire series analysed since 2018, according to Solunion's analysis.
This increase is particularly observed in the range of €25 to €49 million in billing, where the figures triple, and between €50-100 million in billing, with an increase of +122%. By June 2026, so far this year, the increase is 35% compared to June 2025. If we take into account the billing volume of the insolvent companies, the increase is +60% compared to the second quarter of 2025, reaching a billed volume of €1.481 billion.
These large insolvencies are fuelling the risk of a domino effect due to their extensive networks of suppliers, which could lead to an increase in insolvencies among smaller companies in the coming quarters.
By sectors, large insolvencies are mainly concentrated in Construction, Agrifood, Services, Metal, and Retail. The Construction sector tops the ranking with 8 large insolvencies, more than doubling the levels observed the previous year (4 cases in the second quarter of 2025). Agrifood records 6 insolvencies in the second quarter of 2026. Although this represents a reduction compared to the 8 insolvencies in the same period of 2025, it continues to rank among the sectors with the highest concentration of insolvencies in these sizes of companies.
One of the most notable increases corresponds to the Services sector, which rises from 1 insolvency in the second quarter of 2025 to 5 in the second quarter of 2026, consisting of business service companies, not linked to food or consumption. Regarding the metal sector, which occupies the fourth position with 4 business insolvencies, these are companies engaged in the manufacturing of metal products, quadrupling the figures from 2025.
