{"id":5506,"date":"2026-05-26T18:08:14","date_gmt":"2026-05-26T18:08:14","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=5506"},"modified":"2026-05-26T18:08:14","modified_gmt":"2026-05-26T18:08:14","slug":"fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209\/","title":{"rendered":"Fewer Insolvent Companies in Poland at the Start of 2026, but Experts Warn Pressure May Return"},"content":{"rendered":"<p>In the first quarter of 2026, the number of insolvent companies in Poland fell year on year for the first time since the pre-pandemic period. According to Coface data, 1,288 companies declared insolvency, 10.1% fewer than in the same period of 2025.<\/p>\n<p>Experts point out, however, that the improvement may prove temporary. In the coming months, companies may be more strongly affected by macroeconomic and geopolitical factors, including commodity prices, inflation, interest rates and tensions related to the situation in the Middle East and the blockade of the Strait of Hormuz.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209\/#Companies_benefited_from_a_temporary_improvement_in_demand_and_liquidity\" >Companies benefited from a temporary improvement in demand and liquidity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209\/#Costs_inflation_and_interest_rates_will_become_increasingly_important\" >Costs, inflation and interest rates will become increasingly important<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209\/#Construction_remains_under_the_greatest_pressure\" >Construction remains under the greatest pressure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209\/#Transport_and_agriculture_improve_but_risks_remain\" >Transport and agriculture improve, but risks remain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ceo.com.pl\/en\/fewer-insolvent-companies-in-poland-at-the-start-of-2026-but-experts-warn-pressure-may-return-50209\/#Coface_expects_insolvencies_to_rise_later_in_the_year\" >Coface expects insolvencies to rise later in the year<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Companies_benefited_from_a_temporary_improvement_in_demand_and_liquidity\"><\/span>Companies benefited from a temporary improvement in demand and liquidity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The beginning of 2026 brought some relief for businesses. Companies benefited from stronger demand, improved liquidity and a slower increase in wage costs. These factors may have contributed to a lower number of insolvencies in the first months of the year.<\/p>\n<p>At the same time, Coface notes that part of the economic activity was anticipatory in nature. Companies increased production due to concerns over possible disruptions in the availability of raw materials and components, while consumers brought forward purchases in anticipation of possible increases in fuel prices and other goods.<\/p>\n<p>According to Dr Mateusz Dadej, Chief Economist of Coface in Poland and the Central and Eastern Europe region, the effects of the blockade of the Strait of Hormuz were limited for the Polish economy in the first quarter and, in some areas, may even have temporarily stimulated activity. Examples included a 9.4% year-on-year increase in industrial production in March and an 8.7% year-on-year rise in retail sales.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Costs_inflation_and_interest_rates_will_become_increasingly_important\"><\/span>Costs, inflation and interest rates will become increasingly important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In recent years, insolvency statistics in Poland have been strongly linked to the growing popularity of restructuring proceedings. Companies have increasingly chosen this route as a way to protect their business from complete closure. However, the pace of growth in the number of such proceedings is now beginning to slow.<\/p>\n<p>If this trend continues, economic factors such as inflation, financing costs, energy and commodity prices, and the level of demand will play a greater role in the condition of companies. Geopolitical events may also have an impact, especially those affecting the prices of oil, gas, fertilisers, aluminium or sulphur.<\/p>\n<p>Coface points out that disruptions in access to raw materials may, over time, translate into higher costs across many industries. This applies both to directly energy-intensive sectors and to companies dependent on transport, packaging, industrial components or petroleum-based products.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Construction_remains_under_the_greatest_pressure\"><\/span>Construction remains under the greatest pressure<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The largest number of insolvencies was recorded in services. In the first quarter of 2026, the problem affected 379 companies in this sector, accounting for 29% of all cases. At the same time, construction was the only major sector in which the number of insolvencies continued to rise.<\/p>\n<p>In construction, 259 companies declared insolvency, representing around 20% of all companies included in the statistics. The increase in this sector amounted to 13.1% year on year. Coface notes that since 2022, when monetary policy tightening began, construction has steadily increased its share in total insolvencies.<\/p>\n<p>The sector remains particularly sensitive to high interest rates, financing costs, material prices and delays in investment projects. Pressure may be visible among general contractors, subcontractors and companies dependent on investors\u2019 liquidity.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Transport_and_agriculture_improve_but_risks_remain\"><\/span>Transport and agriculture improve, but risks remain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The largest decline in the number of insolvent companies was recorded in transport, where it fell by 36% year on year. However, the improvement may prove short-lived if pressure from fuel prices and operating costs in the transport sector persists.<\/p>\n<p>A similar situation applies to agriculture. In the first quarter, the number of insolvencies in the sector fell by 25%, but economists point to the risk of a deterioration in the coming months. The main source of pressure may be rising prices of fertilisers and other production inputs.<\/p>\n<p>Pawe\u0142 Tobis, Vice-President of the Management Board for Operations and Risk Assessment at Coface, believes that an energy shock linked to higher oil prices may worsen consumer sentiment and limit economic activity. He also points to the risk of a decline in real household incomes if inflation rises while wage growth weakens.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Coface_expects_insolvencies_to_rise_later_in_the_year\"><\/span>Coface expects insolvencies to rise later in the year<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Coface experts say 2026 will be a test of resilience for Polish companies. Although the corporate sector currently maintains a high level of liquidity, cost pressure, high interest rates and a possible deterioration in demand may gradually reduce its safety margin.<\/p>\n<p>According to Coface, an increase in insolvencies may appear only in the later quarters of 2026. Companies may be able to absorb higher costs for some time thanks to accumulated liquidity reserves, but if pressure persists for longer, their resilience will weaken.<\/p>\n<p>Dr Mateusz Dadej notes that each additional day of disruption in the Strait of Hormuz increases the potential economic consequences. Limited access to raw materials important for energy, industry, agriculture and transport may raise companies\u2019 operating costs and reduce consumer spending on other goods and services.<\/p>\n<p>Coface forecasts that Poland\u2019s economic growth will reach 3.5% in 2026. This means that despite the temporary improvement in insolvency statistics in the first quarter, companies will continue to operate in an environment of elevated risk. The key factors in the coming months will be financing costs, commodity prices, consumption levels and companies\u2019 ability to maintain liquidity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first quarter of 2026, the number of insolvent companies in Poland fell year on year for the first time since the pre-pandemic period. According to Coface data, 1,288 companies declared insolvency, 10.1% fewer than in the same period of 2025. Experts point out, however, that the improvement may prove temporary. In the coming [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5508,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[3479,2754,64],"class_list":["post-5506","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-coface","tag-play","tag-poland"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=5506"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5506\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/5508"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}