Polish leasing companies financed PLN 61.9 billion worth of business investment in the first half of 2026, up 8.9% from a year earlier. Heavy vehicles recorded the strongest growth, at 25.5%, while financing of machinery and equipment increased by 1.7%, although trends varied considerably between industries. The Polish Leasing Association maintains its forecast that the leasing and leasing-loan market will grow by 8.4% in 2026, reaching PLN 129.5 billion.
Leasing companies financed business investments with a total value of PLN 61.9 billion in the first half of 2026, compared with PLN 56.8 billion a year earlier, according to data from the Polish Leasing Association (ZPL). This represents market growth of nearly 9%.
Movable assets accounted for the overwhelming majority of financed investments. Their value reached PLN 61.8 billion in the first half of the year, while real estate financing amounted to PLN 109.1 million.
Vehicle investment, particularly in the heavy transport segment, had the greatest impact on the first-half result. Meanwhile, the machinery and equipment market maintained positive growth, although investment activity varied significantly across individual industries.
– The first half of the year brought solid growth in the leasing and leasing-loan market. Following a very strong first quarter, market growth in the second quarter was somewhat slower, but remained positive. This shows that businesses are continuing to invest. We are therefore maintaining our growth forecast for the full year 2026 – says Monika Constant, President of the Polish Leasing Association.
The Polish Leasing Association expects the market to grow by 8.4% in 2026. This would mean financing business investments worth approximately PLN 129.5 billion, compared with PLN 119.5 billion in 2025.
The forecast assumes that companies will maintain their investment activity and that investment across the broader economy will accelerate markedly in the second half of the year.
This is expected to be supported by the accumulation of funding from Poland’s National Recovery Plan, EU cohesion policy funds under the 2021–2027 financial framework and the SAFE programme.
Because of project delays and slower disbursement of funds to beneficiaries, a significant portion of investment financed through the National Recovery Plan has shifted from 2025 into 2026.
The Polish Leasing Association estimates that investment expenditure financed by EU funds could reach approximately PLN 182 billion this year, compared with around PLN 70 billion in 2025 and PLN 26 billion in 2024.
Such a significant increase should provide a strong boost to private investment, particularly among SMEs, which in turn is expected to support further development of the leasing market.
Heavy transport drives growth
Vehicles remain the largest category of financed assets. In the first half of the year, leasing companies financed PLN 47.1 billion worth of investment in this segment, an increase of 12.3% year on year.
The strongest growth was recorded in heavy vehicles, where financing jumped by 25.5% to PLN 11.8 billion.
The result was driven primarily by:
- a 31.2% increase in financing for tractor units,
- a 27.8% increase for trucks weighing more than 3.5 tonnes,
- a 39.0% increase for buses,
- and a 4.8% increase for trailers and semi-trailers.
– Despite continued weakness in the eurozone manufacturing sector, Polish exports remain active, which is translating into investment by transport companies. Another factor was the stricter EU CO₂ emission requirements for new heavy-duty vehicles applicable from 1 July. Many hauliers decided to bring forward purchases and financing of new vehicles ahead of the full implementation of these changes. This is why financing grew fastest for vehicles used in international road freight transport – says Marcin Nieplowicz, Chief Economist at EFL and the Polish Leasing Association.
Financing of light vehicles increased by 8.3% to PLN 34.7 billion. Within this category, passenger car financing rose by 8.0%, while financing for light commercial vehicles weighing up to 3.5 tonnes increased by 10.9%.
– Strong growth in passenger car and light commercial vehicle financing has continued for several years. More and more entrepreneurs are choosing to finance new vehicles, although the average value of an individual transaction is slightly lower than a year ago. This confirms that business investment activity remains high – adds Marcin Nieplowicz.
Machinery: one market, different directions
The value of machinery and equipment financing rose by 1.7% to PLN 13.0 billion, but the headline figure masks significant differences between individual segments.
Financing grew strongly for machinery used in the food industry, medical equipment and metalworking machinery. At the same time, agricultural machinery financing was lower than a year earlier.
This was largely due to the very high comparison base from 2025, when investment accelerated thanks to the accumulation of support programmes, improved access to financing and the release of previously postponed demand. In 2026, the market has entered a period of natural stabilisation.
– In agriculture, we are seeing a natural slowdown after a very strong 2025, when investment was supported by an accumulation of aid programmes and pent-up demand. In construction, however, we expect a gradual recovery, supported by the growing number of projects financed with EU funds. This is one of the factors that should have a positive impact on business investment activity in the coming quarters – says Monika Constant, President of the Polish Leasing Association.
– We are not yet seeing a clear breakthrough in machinery financing, but the first positive signals are emerging. June brought the long-awaited rebound in the construction machinery segment, while investment activity in agriculture remains subdued due to weaker market conditions. At the same time, interest in used machinery is increasing, showing that companies are continuing to invest while adapting their decisions to current market conditions – adds Marcin Nieplowicz.
Market structure remains stable
Growth was driven by both financing products offered by leasing companies.
The value of traditional leasing increased at a single-digit pace in the first half of the year, rising by 6.8% to PLN 51.8 billion. Leasing loans, meanwhile, maintained double-digit growth, increasing by 21.6% to PLN 10.0 billion.
Vehicles continue to dominate the market, accounting for more than three quarters of the value of financed investments.
Machinery and equipment remain the second-largest category, with a 21% share. Their contribution has for years reflected investment activity in sectors including manufacturing, construction, agriculture and healthcare.
Financing by asset category was as follows:
- Vehicles: PLN 47.1 billion, up 12.3% year on year, including:
- light vehicles: PLN 34.7 billion, up 8.3%,
- heavy vehicles: PLN 11.8 billion, up 25.5%,
- other vehicles: PLN 0.6 billion, up 14.7%;
- Machinery and equipment: PLN 13.0 billion, up 1.7%;
- Other movable assets: PLN 1.7 billion, down 1.1%;
- Real estate: PLN 0.1 billion, down 70.2%.
The customer structure confirms that leasing remains primarily a financing tool for SMEs.
More than half of the value of investments financed in the first half of 2026, or 52.1%, was generated by companies with annual revenue of up to PLN 5 million.
The largest companies, with revenue exceeding PLN 20 million, accounted for 29.6% of financing, while businesses with annual revenue of between PLN 5 million and PLN 20 million represented 14.6%.
Deregulation to support investment
The Polish Leasing Association is also continuing its efforts to improve the regulatory environment for the market.
The organisation has submitted proposals to the Ministry of Finance for inclusion in the next deregulation package.
Among other measures, ZPL is calling for leasing companies to have broader access to Credit Information Bureau data, for automated credit decisions to be permitted and for more effective information-sharing mechanisms to help prevent fraud.
According to the association, these changes would improve the security of the financial market, remove unnecessary regulatory barriers and streamline the financing of business investment.
– Good regulation should make it easier to finance business investment. Our proposals for the next deregulation package will increase market security, remove unnecessary barriers and allow financing decisions to be made more quickly – says Monika Constant, President of the Polish Leasing Association.
