Resilient Capital In Rough Waters: Building Financial Strength From Within

In this two-part article series, we examine howChief Financial Officers (CFOs) can adapt their financing structures to remain resilient and competitive in disruptive times. In ourfirst article, we explored external financing sources and the trend toward more diversified and innovative instruments. Now, we turn to the second, and often underestimated pillar: internal financing.

Refinancing faces increasingly strong headwinds. Higher interest rates, tighter covenants, and shorter maturities are making traditional bank debt less accessible and significantly more expensive (see also our recentDACH debt report,Approaching the maturity wall – Debt refinancing pressures in DACH). While innovative instruments such as working capital solutions, sale-and-lease-back structures, and asset-backed financing are gaining relevance, and private debt is debated as a structural alternative rather than a passing trend, one reality is clear: external capital is no longer