Payments Study 2026: results of the 22nd edition of the CRIBIS Observatory

From the 2026 CRIBIS Payment Study, developed in collaboration with the Dun & Bradstreet Worldwide Network and analyzing the payment habits of Italian and international companies in 2025, Europe once again appears divided between virtuous countries and others facing difficulties, with Italy losing ground in the international comparison.

Now in its twenty-second edition, the report compares the fourth quarter of 2025 (Q4 2025) with the fourth quarter of 2024 and is based on over 2 billion payment experiences collected across 37 countries, representing more than 90% of global GDP.

Payments: punctuality worsens in Italy, but severe delays decrease

In Q4 2025, the share of Italian companies paying on time stands at 43.4%, down 1.7% compared to Q4 2024. This signal growing difficulty in liquidity management, which is also reflected in the country’s international ranking: Italy falls to 21st place in Europe (from 16th) and 28th worldwide (from 24th).

A partially positive element emerges in relation to the most severe delays (over 90 days), which decline to 4.1%, a decrease of 0.3%. This suggests greater attention to managing the most critical exposures, despite an overall fragile environment.

Denmark is the most punctual country for payments

Looking beyond national borders, payment trends vary significantly from country to country. At the European level, Central and Northern European countries confirm their position as the most punctual:

• Denmark 94.9%
• Poland 86.6%
• Netherlands 74.7%

Switzerland (68.5%) is followed by Germany and the Czech Republic (63.8%), the United Kingdom (60.5%), Slovakia (60.2%), Sweden (56.7%), Luxembourg (54.8%), Finland (54.7%), Belgium (47.3%), and Ireland (45.5%).

Among the countries with the most significant changes in payment punctuality, Luxembourg stands out, rising from 41.5% to 54.8%, while Ireland records the sharpest decline in the region (-12.8%), dropping to 45.5%, affected by the gap between large companies and SMEs. Positive signals come from Belgium (+9.2%, to 47.3%). Germany shows a slight deterioration, but the overall context remains solid.

In Southern Europe, the picture of payment punctuality is even more heterogeneous:

• Hungary 75.8%
• Slovenia 53.3%
• France 46.5%
• Turkey 46.4%
• Spain 45.9%
• Croatia 44.7%
• Italy 43.4%
• Serbia 41.9%
• Greece 34.1%
• Portugal 20.2%
• Bulgaria 19.2%

Greece shows the strongest recovery in the region (+9.2%, to 34.1%). Conversely, Bulgaria records the worst increase in severe delays (+6.6%, to 9.6%) and ranks among the least virtuous countries together with Portugal.

Payment punctuality worldwide: improvements in the United States and China

Among the three North American countries analyzed, the United States remains stable with 60.3% of payments made on time (+1.4%), along with a slight reduction in severe delays (-0.1%).

Canada (42.3%) also shows continuity (+0.7%) compared to the previous year, while Mexico shows a decline in on-time payments (32.3%, down 4.3%) and a worsening in severe delays (+3.4% vs. 2024).

Turning to Asia, Thailand (74.8%, up 20.4%), Taiwan (72.4%), and the Philippines (61.2%) are the most punctual countries. China stands at 57.4%, with a slight improvement in punctuality and a reduction in severe delays to 3.2%.

Following China are India (55.4%), Israel (30.2%), Hong Kong (26.6%), and the United Arab Emirates (21.5%).

It is worth noting that, despite a generally stable environment compared to the previous year, the Philippines shows a sharp deterioration, with punctuality dropping from 81.4% to 61.2% (-20.2%) and delays over 90 days increasing by 7.3%.

In Oceania, New Zealand confirms its position as the most virtuous country, with 83.1% of payments made on time and very low levels of severe delays (0.8%). Australia, on the other hand, sees punctuality fall to 64.7%, with a decline of -4.2% in Q4 2025 compared to Q4 2024 and a higher incidence of delays over 90 days (2.9%).

How the global economy affects payment punctuality

The data from the CRIBIS Payment Study, developed in collaboration with the Dun & Bradstreet Worldwide Network, reflect a complex macroeconomic and geopolitical environment. In 2025, international tensions—from the conflict in Ukraine to instability in the Middle East—have impacted energy costs and supply chains, increasing volatility and pressure on business liquidity. The beginning of 2026 further confirms a growing climate of uncertainty.

In this scenario, the role of credit risk management becomes increasingly important. The adoption of structured models based on advanced data and predictive tools is now essential to navigate an increasingly fragmented market.

In a multi-speed global economy, the ability to manage payments and liquidity is a key competitive factor.