A survey by the European Central Bank, conducted between April and June 2026 among 5,000 firms, reveals that 72% of euro area companies intend to fund artificial intelligence projects using internal cash flow or retained earnings.
External funding sources remain limited, with bank loans, grants, and leasing accounting for approximately 16% of financing. Equity and venture capital contribute 6%, while debt securities represent 1% of the total.
Currently, 70% of firms report some level of AI usage, though only 7% characterize their adoption as significant or intensive. Companies plan to allocate an average of 9-10% of their total capital expenditure to AI in 2026.
Businesses at moderate or significant adoption stages expect to dedicate 11-20% of their investment budgets to AI. Usage rates vary by region, with the highest activity in the Netherlands, Finland, and Austria, and the lowest in Italy and Ireland.
The ECB notes that intangible AI assets are difficult to finance through traditional channels due to lower collateral value. This reliance on internal funding may constrain the scale of European AI projects compared to competitors in the United States.
