Paris—The third edition of the Argos x Boston Consulting Group (BCG) barometer shows that the ecological transition is critically important to a large majority of the European mid-market companies surveyed. The barometer included the UK for the first time, and 700 mid-market companies in seven European countries took part. The results also show that 85% of companies surveyed (18 points more than in 2024) regard decarbonisation as a strategic opportunity, and are structuring their methods for reducing emissions accordingly. Driven by customer demand and regulatory requirements, they state that financial constraints are the main barrier to taking action.
A consensus is forming about the critical importance of the ecological transition
The climate transition is a top priority for mid-market companies, with 88% regarding it as "important" or "critical". Their main targets relate to reducing greenhouse gas (GHG) emissions, preventing pollution and developing the circular economy. For 85% of companies, reducing GHG emissions is a strategic opportunity, up 18 points relative to 2024. This percentage has increased across all sectors, including among companies in the agriculture and agri-food sectors, where it reached 80% in 2025 as opposed to barely 50% in 2024.
The level of commitment is not wavering despite the uncertain political and economic backdrop
In 2025, 88% of European SMEs and mid-sized companies are taking action in favour of the ecological transition despite an unstable political context, and nearly half (48%) are investing in decarbonisation. Reaching a new level of maturity, 32% are now investing with a structured plan and clear roadmaps—three times more than in 2023. The momentum is underway, even among companies that have not yet invested in decarbonisation, with 65% planning to assess their carbon footprint within the next three years.
The ecological transition is more than just a compliance issue: it is a genuine strategic performance driver for companies, one that is already delivering tangible benefits in terms of their commercial potential and operational efficiency. However, 62% of them still mention financial constraints as an obstacle to investment.
Simon Guichard, Partner at Argos, said "This third edition highlights the key role played by investment funds in structuring the decarbonisation strategies of mid-market companies: among the companies supported by investment funds, 13% more make commitments to decarbonisation compared with those that are not. This confirms that our ecosystem provides crucial support in helping our companies achieve their environmental transition."
Action is being motivated mainly by pressure from customers
Among the main drivers of decarbonisation, 63% of companies mention the resulting increase in appeal to customers, especially in the B2B market. 29% regard decarbonisation as a competitive advantage and over half (53%) expect it to become a key distinguishing factor, giving them access to new markets and helping them win market share.
Following customer appeal, regulation remains the main driver, with 70% of companies viewing it as a key lever for structuring their decarbonisation strategy. However, half of respondents regard the complexity of new policies and their lack of clarity as an obstacle to taking action.
Fabien Hassan , Partner at BCG, said "When large corporations calculate their emissions, mid-market companies are included in Scope 3 and they represent 60% of large companies' indirect emissions. As a result, they play a crucial role in decarbonising value chains. This interdependence is increasing the pressure in all sectors, and particularly in the B2B market, although consumer demand is also a major motivation in terms of B2C relations."
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Methodology
The survey was carried out by OpinionWay based on a global sample made up of 700 mid-market companies across five regions of Europe (France, Germany, Italy, Benelux and the UK), with 150 companies per region except in Italy (96). 79% of respondents have managerial roles, with the remainder having direct responsibility for CSR. The survey covered around 100 publicly or privately owned mid-market companies in each of seven sectors that are crucial for decarbonisation, with revenue of less than €500 million and between 50 and 1,000 employees. The study aims to measure trends in mid-market companies’ decarbonisation efforts, highlighting the key role they play in combating climate change. With this barometer, Argos Wityu and BCG aim to track these trends and support mid-market companies with their path towards a more sustainable future.
For further information, view the detailed report .
About Argos
One company, two strategies. Argos Wityu is an independent European private-equity group supporting the transformation and growth of SMEs and mid-caps.
With €2 billion in assets under management and 35 years of experience, Argos has supported more than 100 companies so far and operates from offices in Amsterdam, Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. The group seeks to acquire majority interests and invests between €10 million and €100 million per deal via its two strategies:
- The Argos Climate Action (SFDR article 9) fund aims to shape European environmental champions by facilitating their grey-to-green transition.
- The Argos Mid-Market fund helps companies arrange changes of ownership in order to accelerate growth.
About Boston Consulting Group
BCG partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders – empowering organisations to grow, build sustainable competitive advantage, and drive positive societal impact.
Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organisation, fuelled by the goal of helping our clients thrive and enabling them to make the world a better place.