According to the ECB's survey on corporate financing conditions for the second quarter of 2026, the Middle East conflict clearly disrupted the expectations of Eurozone companies: net 79% expect investment costs to rise in the next 12 months, net 58% expect sales prices to rise, net 43% expect wages to rise; and 40% of net corporate profits are expected to turn negative. In terms of risk exposure, the trading industry, exporters, and SMEs were hit the hardest: 35% of SMEs scored 7 points or more on a 10-point scale, compared to only 28% of large enterprises. Business employment growth expectations fell from 1.4% in the first quarter before the war to 1.0% in the second quarter. About two-thirds of companies have already begun to respond: 36% seek alternative suppliers, 31% increase energy efficiency investments, and 29% change energy channels. The mid-June memorandum of understanding between the US and Iran had limited impact on business expectations, and geopolitical risks continued after the restart of the maritime attacks in early July.

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