Investment by non-financial enterprises (NFEs) stagnated in Q4 2025 (-0.1% after +1.1% in Q3). Investment in goods fell sharply (-1.2% after +0.4%), hampered by a fall in purchases of transport equipment (-1.6% after +1.1%). Purchases of capital goods also fell (-1.1% after +1.8%), while purchases of “other industrial products” continued to decline (-0.8% after -1.4%). Construction investment rose for the third consecutive quarter (+0.4% after +1.0% and +0.4% in Q2), a situation not seen since 2019. Lastly, investment expenditure on services rose only moderately (+0.4% after +1.7%). This trend reflects a contrasting situation, with, on the one hand, a sustained rise in expenditure on services to enterprises (+1.1% after +2.0%) and, on the other hand, stagnation in spending on information and communication (after +1.6%), which has nevertheless provided significant support for activity in France since the health crisis...