28% of startups in Spain and Portugal ended 2024 with positive operating results, according to a study by CaixaBank DayOne and Afi. 73% expect to achieve profitability by 2026.
Profitability remains a pending subject for emerging companies in Spain and Portugal. Only 28% of the analysed startups achieved a positive operating result in 2024, while 73% are confident of achieving it by 2026, according to the study conducted by CaixaBank DayOne and Afi (International Financial Analysts) based on the applications for the 19th edition of the EmprendeXXI Awards, corresponding to the period 2025-2026, as reported by elperiodico.com.
The report analyses 1,006 entrepreneurial projects, a record number, and shows the gap between the results already obtained and the forecasts of the companies themselves. In 2024, only 56% of the companies presented results, and fewer than three in ten closed the year with a positive operating result. By 2026, 92% expect to present results, and nearly three out of four are confident of achieving profitability.
These figures reflect expectations, not results already achieved. The study itself warns that the transition to profitable business models may take longer than expected, especially during the early stages of growth.
The age of the company is one of the factors that most influences the ability to generate profits. Younger startups are often in phases of product development, commercial validation, or market entry, making it difficult to achieve profitability. Data shows that only 49% of companies over two years old reported a positive operating result in 2024. Not even half of this group, with more experience, had managed to generate positive results by then.
Expectations for the coming years point to a widespread improvement, regardless of age, although it will depend on the ability to consolidate income and control costs. This difference between current results and future goals reflects one of the main challenges of innovative entrepreneurship: moving from developing an idea and securing funding to building an economically sustainable business.
The difficulties in achieving profitability coincide with a greater reliance on personal resources. The report notes that 79% of founding teams have turned to their own capital to finance their companies' activities.
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