German corporate insolvencies surge to 12,900 in H1 2026, highest since 2013, as energy shock and structural crisis bite

Insolvencies climb to 13-year high

German corporate insolvencies rose 7.8 percent to 12,900 in the first half of 2026, the highest level since the first six months of 2013, when 13,310 cases were recorded, according to a Creditreform study. The increase reflects a deep structural crisis exacerbated by the Iran conflict and the blockade of the Strait of Hormuz, which triggered an oil and energy price shock. "After several years of economic stagnation and recession, many companies are financially weakened," Creditreform noted. The peak has not yet been reached, warned Patrick-Ludwig Hantzsch, head of Creditreform economic research.

This development will only stabilize when the economy finally grows. According to current status, at the earliest in 2027.

Regional divide

The insolvency wave is unevenly distributed. While Saarland saw an 11.1 percent decline to 80 cases, neighboring Rhineland-Palatinate recorded a 21.2 percent jump to 630. North Rhine-Westphalia led in absolute numbers with 3,290 insolvencies, followed by Bavaria (1,780) and Baden-Württemberg (1,630). The insolvency rate per 10,000 companies ranged from 37 in Thuringia to 120 in Berlin, against a national average of 82.

Sectors and jobs under pressure

The service sector, which accounts for the largest share of insolvencies, saw a 12.6 percent increase. Construction insolvencies rose 4.5 percent, while manufacturing stabilized and retail recorded a slight decline, partly due to earlier market consolidation. Large companies with more than 250 employees suffered a 28.6 percent jump in bankruptcies, including the Hellweg hardware store chain and toy retailer Rofu Kinderland. Young firms up to two years old saw a 25.3 percent surge to 1,140 cases. "The difficult environment forgives no miscalculations," Hantzsch said. An estimated 165,000 jobs are at risk, up from 143,000 a year ago, while the damage sum fell to €28.5 billion from €31.2 billion.

Consumer strain and outlook

Personal insolvencies also rose, by 2.3 percent to 38,800, though the increase was smaller than in previous years. Rising living costs and inflation are weighing on households, but the labor market remains relatively robust, Creditreform said. An Ifo Institute survey found that 8 percent of companies fear for their existence, with the figure reaching 17 percent in retail. Official data for the first quarter showed 6,275 corporate insolvencies, up 6.5 percent year-on-year, following a full-year 2025 total of 24,064, the highest since 2014.