PRESS RELEASE
Paris, November 4, 2026
80% of mid-sized companies continue to invest despite growing economic and geopolitical uncertainties
The Heroes' Compass,2nd Edition
An exclusive survey conducted by OpinionWay for GENEO Capital Entrepreneur and KPMG among a representative sample of 132 executives from medium-sized French companies.
While the latest economic indicators point to a slowdown in the French economy—particularly in investment— the second edition of the “Boussole des Héros” survey, conducted by OpinionWay for GENEO Capital Entrepreneur and KPMG, offers a more nuanced picture: 8 out of 10 mid-sized companies are prepared to maintain (46%) or increase (33%) their investments, even as 82% are facing increased pressure on their costs or margins due to the geopolitical context. However, this resilience should not obscure the increasingly difficult trade-offs companies face in an uncertain economic and geopolitical environment.
In this gloomy climate, more than financial aid, business leaders are expressing, above all, a strong desire for stability and predictability: two-thirds list fiscal stability and medium-term predictability among their priorities with regard to the government, and 63% cite administrative simplification.
Despite the pressure, a large majority of mid-sized companies are focusing on organic growth, and international expansion is gaining momentum
In 2026, mid-sized companies plan to build on their core strengths: 71% cite organic growth as their primary driver of development, through innovation, business development, or new offerings. External growth remains a key driver, with one in four mid-sized companies citing it as a primary driver of their future development.
Despite a complex geopolitical landscape, international expansion remains a key strategic focus: 60% of the mid-sized companies surveyed have an international operation or strategy, and among them, 57% want to accelerate their expansion into new markets—either through exports or by establishing new operations—compared with 40% last year.
Skills, AI, Cybersecurity: Execution Becomes the Critical Factor
Mid-sized companies must now drive multiple transformations simultaneously, while maintaining their profitability, which has been weakened by the sluggish economy and multiple pressures on their costs and margins. Human capital remains at the heart of their priorities: 63% rank recruitment, training, and skills development as their top investment. Next come digital transformation, information systems, and data (46%), cybersecurity (40%), and artificial intelligence, automation, and robotics (38%).
Cybersecurity maturity is on the rise: nearly eight out of ten executives at mid-sized companies now consider this risk to be significant or even critical. This maturity paves the way for accelerated adoption of AI. In this area, progress is underway but still in its early stages: more than three out of four mid-sized companies have initiated a review or project on the subject, but only 13% have already deployed AI across multiple business lines or processes. The challenge now is to accelerate this deployment by supporting and training teams, with the help of capable partners who, through their guidance, can provide the expertise, tools, and long-term commitment necessary for this transformation.
Mid-sized companies are calling for more stability rather than financial aid
With less than six months to go before the presidential election, 65% of the executives surveyed cite fiscal stability and medium-term predictability among their priorities, 63% cite administrative simplification, 54% cite a reduction in production-related taxes and fees, and 47% cite greater stability and clarity in regulations.
Only 39% of mid-sized companies cite support for investment financing, while 35% cite access to competitive energy. Opinions on government assistance are also divided: 48% of mid-sized companies say they are satisfied with it, while 44% are dissatisfied.
La Boussole thus highlights a key expectation: to continue making long-term investments, executives want to be able to better anticipate the tax, regulatory, and administrative rules that govern their decisions.
The GENEO Community: Companies More Focused on Expansion and Leaders Taking the Initiative
The survey, conducted separately among executives in the GENEO Community, highlights certain distinctive features: 42% of its companies cite external growth as their primary driver of development, compared with 24% of all respondents; 63% wish to accelerate their international expansion. Technological priorities are also more pronounced: 68% cite digital technology, information systems, and data, compared with 46% of the overall sample. Finally, 47% consider cybersecurity a critical issue, compared with 24% of all mid-sized companies surveyed.
“The strongest signal from this edition is that mid-sized companies are maintaining their investment capacity despite the constraints. They want to stay in the driver’s seat and act on the levers they control, combining growth, performance, and transformation. Maturity in cybersecurity is paving the way for the deployment of AI, which is still in its early stages. In a complex French business environment, the focus on international expansion is gaining prominence in their strategies. From the government, they do not expect subsidies, but rather stability and predictability,” says Fanny Letier, co-founder of GENEO Capital Entrepreneur.
“Leaders of mid-sized companies aren’t giving up on their ambitions, but they’re making more trade-offs. Their challenge is knowing where to invest, where to accelerate, and sometimes where to cut back, all while maintaining control over their trajectory. These choices are very concrete: investing in industrial infrastructure, recruiting and developing talent, integrating new technologies, or entering new markets. For companies deeply rooted in their local communities, these decisions extend beyond their own trajectory and impact an entire ecosystem. The challenge, therefore, is to accelerate growth while preserving the strength of their business model,” adds Vincent Broyé, Partner and Executive Director of the Mid-Sized Companies Market at KPMG France.
* * *
About the Heroes' Compass
Launched in 2025 by GENEO Capital Entrepreneur, the Boussole des Héros is an annual survey focused on the strategic decisions of French mid-sized companies. Its second edition, conducted by OpinionWay for GENEO Capital Entrepreneur and KPMG, is based on a survey of 132 executives from mid-sized companies conducted between May 4 and June 19, 2026. It analyzes their decisions regarding growth, investment, and transformation, as well as their perceptions of the economic and geopolitical environment.
About GENEO Capital Entrepreneur
Through its “evergreen” investment firm, GENEO Capital Entrepreneur provides agile capital that adapts to each company’s pace with responsiveness and flexibility. As a business partner, it provides operational and human support for the execution of business plans through a “Growth Roadmap” tailored to each company, as well as access to specialized “business partners” and a network of experts. Its community of more than 270 families and entrepreneurs offers a unique opportunity to share experiences and access a business network unlike any other in France.
For more information: www.geneocapitalentrepreneur.com
About KPMG
KPMG, a leading provider of audit, advisory, legal, and tax services, brings together 8,000 professionals in France and French-speaking Africa to serve large corporations and mid-sized companies. As a trusted partner committed to helping clients stay competitive, KPMG safeguards their financial and non-financial information, assists them with transactions, and supports their technological, operational, and environmental transformations. Through its multidisciplinary model, KPMG combines sector-specific expertise and draws on its Technology and Sustainability Centers of Excellence in France to support sustainable growth initiatives for all economic stakeholders.
KPMG offers its clients the strength of a global network spanning 138 countries and stands out for its local presence in France.
Since 2022, KPMG has been a mission-driven firm, with a purpose to work and innovate with passion at the heart of the economy, communities, and society—to build trust, combine performance with responsibility, and foster talent. kpmg.fr
About OpinionWay
OpinionWay is a market research firm founded in 2000 by Hugues Cazenave, Benjamin Gratton, and Yann Aledo. As a rapidly growing company (up 50% in 2007), the firm is firmly committed to new data collection techniques (NTRD) and innovation to better serve its clients. Its mission is to maximize the added value of the information it provides and to better support its clients in their initiatives based on the results produced.
Press contact
For GENEO Capital Entrepreneur:
Achille Dupont – 06.40.98.09.26 – geneo@rudpedersen.com
