Insights
AlixPartners' 2026 H1 DACH Debt Report: Cash flow meets capital structure
Corporate borrowers in Germany, Austria, and Switzerland are facing a stern test. Our sample of more than 1,000 companies in DACH shows...
Twice a year, AlixPartners publishes the DACH Debt Report, providing an in‑depth analysis of debt and refinancing conditions across Germany, Austria, and Switzerland (DACH). In the report, our experts examine how corporates are navigating an increasingly demanding financing environment shaped by higher funding costs, tighter credit conditions, and greater lender scrutiny.
Drawing on detailed data analysis and market observations, each edition explores how refinancing outcomes are evolving, the role and reliability of private debt as a funding source, and how balance sheet strength, leverage, and cash flow generation influence access to capital. Recent editions have highlighted the growing importance of disciplined cash flow management as a prerequisite for successful refinancing, particularly as significant volumes of corporate debt approach maturity.
In addition to regional market analysis, the DACH Debt Report regularly includes sector perspectives and industry deep dives – for example in Automotive and Chemicals –, offering insight into areas facing elevated refinancing pressure and illustrating how macroeconomic, structural, and sector‑specific factors intersect in the current debt landscape.
This page brings together all previously published editions of the DACH Debt Report, providing a comprehensive view of how debt markets in the region are evolving over time:
2026 H1 Survey Findings
Key themes of this year's report include:
• Cash generation is getting harder, making refinancing more difficult as lenders focus more on free cash flow than earnings.
• Refinancing pressure is rising, with more than €150 billion of DACH corporate debt maturing in 2027, much of it below investment grade.
• Private debt is becoming a less dependable funding source as funds face liquidity constraints and lend more selectively.
• The automotive sector is especially exposed due to weak demand, transformation pressure, higher financing costs, and heavy investment needs.
"The balance sheets of many companies in the DACH region remain structurally heavily indebted as a result of several successive crises. These legacy burdens are compounded by an operating environment in which free cash flow has shown little improvement over the years—due, in part, to persistent weak demand. As a result, these companies’ financial flexibility remains structurally limited."
