The political landscape in Southern Europe has undergone profound transformation over the last two decades, with the emergence of new political actors challenging traditional relationships between business associations and political parties. These developments raise critical questions about whether and how business associations have adapted their political strategies in response to party system fragmentation, the rise of populist and anti-establishment forces, and the growing complexity of coalition governments. This study examines the evolution of business-party relationships in Italy, Portugal and Spain from the Great Recession through 2024. Our central analytical question concerns the relative weight of political vs conjunctural factors: has party system change fundamentally altered how business associations engage with political actors, or have conjunctural crises—requiring immediate policy responses and extraordinary government-business coordination—proven more consequential in shaping business political strategies? We employ qualitative analysis of two complementary data sources. First, we systematically examine official documents produced by major business associations to trace shifting priorities, rhetorical strategies, and explicit political positionings. Second, we analyse parliamentary hearings in which business representatives testify before legislative committees, offering insights into direct business-party interactions, policy advocacy patterns, and the nature of political access across different party configurations. This research contributes to broader debates about interest group resilience, the political consequences of party system change, and the changing nature of business political influence in contemporary democracies.