Specialized Financing in Portugal with mixed results in the first quarter of 2026

• Factoring hits an all-time high for a first quarter, exceeding 14 billion euros;

• Real estate leasing grows by 5%;

• Renting fleet nears 150 000 vehicles, with electric vehicles accounting for a growing share.

The Portuguese Association of Leasing, Factoring, and Renting (ALF) has released the first-quarter 2026 results for the three products it represents: Factoring (and Confirming), Leasing (Vehicle and Equipment and Real Estate), and Renting. The data show mixed performance across the different segments, with Factoring reaching a new all-time high in the first quarter of the year, Real Estate Leasing maintaining a growth trajectory, and Renting consolidating its fleet, albeit amid a decline in new vehicle production.

Key indicators

• Factoring – Turnover: 14 billion euros | Year-over-year change: +21.7%

• Export Factoring – Turnover: 1.42 billion euros | Year-over-year change: +5.6%

• Vehicle and Equipment Leasing – Total volume: 487 million euros | Year-over-year change: -8.5%

• Real Estate Leasing – Total volume: 183.8 million euros | Year-over-year change: +5.0%

• Renting – Production: 9 020 light vehicles | Year-over-year change: -10.3%

• Renting – Fleet: 147 115 vehicles | Year-over-year change: +6.2%

Factoring: All-time high for a first quarter, exceeding 14 billion euros

Factoring closed the first quarter of 2026 with total turnover of 14 billion euros, a 21.7% increase compared to the 11.5 billion euros recorded in the same period of 2025. This result reinforces the product’s role in supporting cash flow and financing the operations of Portuguese companies.

Domestic factoring grew by 15.4% to 5.3 billion euros. International factoring reached 1.58 billion euros (+9.5%), with exports totaling 1.42 billion euros (+5.6%) and imports accelerating by 62%, albeit from a lower base.

Confirming remained the segment with the highest volume, with receivables totaling 7.2 billion euros, a 30% increase compared to the first quarter of 2025, highlighting companies’ growing adoption of integrated supplier payment management solutions.

The sector’s portfolio under management reached 11.65 billion euros (+8.3%), with the balance sheet total of granted credit amounting to 10.58 billion euros (also +8.3%). Turnover from private entities grew by 26.8%, while the public sector grew by 5.6%. Within the public sector, the public health sector accounted for 1.58 billion euros (+5.7%).

Vehicle and Equipment Leasing: Overall production drops 8.5% in a quarter marked by more subdued investment in equipment, but grows in the heavy vehicles

Cumulative production in the vehicle and equipment leasing sector for the first quarter of 2026 totaled 487 million euros, a decline of 8.5% compared to the 532.1 million euros recorded in the same period last year. Light Vehicles remained the leading segment, with production of 199.1 million euros (-3.9%), while Heavy Vehicles grew 8.4% to reach 151.3 million euros. Leasing accounted for the financing of approximately 60% of heavy vehicles in Portugal.

In the light vehicle segment, extrapolating the collected data to the broader market, the growth of electrified engines stands out: electric vehicles totaled 45.5 million euros (+23.4%) and plug-in hybrids 37.5 million euros (+41.5%), compared to a decline in gasoline-powered vehicles (-9.2%).

Real Estate Leasing: 5% Growth, with industrial properties standing out

Real estate leasing volume totaled 183.8 million euros in the first quarter of 2026, a 5% increase compared to the 175 million euros recorded in the same period of the previous year. Companies and public entities continue to dominate the segment, accounting for 97.8% of the total value.

By property type, Commercial Real Estate remained the leading segment, at 63.8 million euros, although this represented a 15% decline. Residential Real Estate totaled 57 million euros (-5.1%), while Industrial Real Estate rose 23.4% to 30 million euros.

Combining the two components — vehicle and equipment and real estate — leasing financed investments totaling 670.8 million euros in the first quarter of 2026.

Renting (Operational Leasing): Fleet exceeds 147 000 vehicles, with electric vehicles accounting for a growing share

In the first quarter of 2026, light vehicle leasing recorded a cumulative total of 9 284 new vehicles among member companies, a 10.0% decline compared to the 10,321 units in the same period of the previous year, with the investment value falling 6.5% to 255.5 million euros.

In contrast, the fleet managed by ALF member companies continued to grow, reaching 147 115 vehicles in circulation—a 6.2% increase compared to the end of the first quarter of 2025—with a book value of 3.2 billion euros (+10.7%).

Renting's contribution to the energy transition remained fundamental. Zero-emission vehicles already accounted for 30.2% of total production for the quarter, and their penetration in the managed fleet grew by 39.3% compared to 2025, exceeding 29,500 units. Electric and plug-in hybrid vehicles in the leasing segment accounted for 51.6% of the number of new vehicles acquired in the first quarter of 2026.

“The results for the first quarter of 2026 confirm the structural role of the Leasing, Factoring, and Renting sectors in financing and modernizing the Portuguese economy. Factoring reached a new all-time high for a first quarter, Renting continued to accelerate the electrification of its fleet, and Real Estate Leasing maintained a solid growth trajectory—all in a quarter that saw declines in some segments. Given these products’ strong link to investment in the national economy, these developments may signal a more subdued economic outlook”, states Luís Augusto, President of ALF.