Steady Q4 momentum, regional standouts and clear signals for early 2026

December closed the year with a reassuring level of consistency across European IT distribution. While seasonality naturally softened some week-on-week comparisons, overall performance held up well into the final weeks of Q4, underlining that demand did not fall away as sharply as many had anticipated earlier in the year.

Across Western Europe, distribution revenues remained ahead of 2024 levels through much of December. Several of the major markets continued to post positive results late into the quarter, suggesting that end customer demand was converting into real orders rather than simply being delayed or deferred. Retail and reseller channels were particularly important in sustaining activity as the year came to a close, offsetting some of the caution seen earlier in the quarter.

One of the clearest stories of the month was Spain’s continued strength. Over multiple weeks in December, Spain outperformed the wider European average and consistently featured as one of the strongest growth markets in distribution. Momentum was visible across both value and volume, with solid contributions from consumer driven channels alongside healthy activity in core business categories. Licences, networking and printing consumables were among the areas supporting this performance, reinforcing Spain’s position as a key growth engine going into 2026.

At a category level, December highlighted the uneven nature of recovery across the IT stack. Notebook demand remained resilient, supported by education, mobility requirements and ongoing refresh activity, while desktop performance also held firm after years of deferred upgrades. Component pricing dynamics, particularly around memory, continued to influence average selling prices and cost structures, feeding through into broader PC economics. Infrastructure related categories such as servers, storage and networking maintained stable value trends, although volume performance varied by country and segment.

Outside Europe, the South African market offered an interesting contrast. Improving macroeconomic indicators towards the end of the year helped support IT spending sentiment, even as certain computing categories remained under pressure. In several areas, value growth continued to outpace volume, reflecting a cautious but targeted approach to investment that mirrors patterns seen in parts of Europe earlier in the year.

Overall, December reinforced a message of measured confidence rather than exuberance. While year-end inventory management remained a factor for some partners, demand signals stayed broadly positive and, in some weeks, volumes reached among the strongest levels seen in 2025. Retail chains and resellers showed particular resilience, setting a constructive base for Q1.

As the market moves into 2026, the close of the year points to a more stable planning environment. Channel partners and vendors will be looking to build on late-Q4 momentum, refine forecasting assumptions and align incentives to capture early-year demand. The underlying message from December is clear: while challenges remain, the market enters the new year on firmer ground than it did twelve months ago.

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