The survey, based on responses from 1,200 CEOs in 21 countries, suggests that business leaders are no longer waiting for economic stability to return. Instead, they are increasingly building permanent change and volatility into their strategies.

According to EY-Parthenon, uncertainty is no longer seen by executives as a temporary phenomenon, but as a defining feature of the global business environment. This shift is pushing decision-makers away from reactive crisis management and toward more resilient forms of corporate governance. In the period ahead, CEOs are expected to focus not only on expansion, but also on risk management and strengthening stability.

Cautious confidence in growth prospects is also reflected in investment decisions. Rather than pursuing rapid market expansion, a significant majority of respondents are prioritizing the long-term and sustainable protection of profitability.

The survey identifies geopolitical uncertainty as the leading risk factor for CEOs. Respondents said developments in global politics are fundamentally influencing decisions related to entering new markets, operations and capital allocation.

Operational challenges are also intensifying. Fluctuating energy prices, supply chain disruptions and rising cyber risks are placing significant pressure on organizations, in many cases testing business models themselves. A broad group of decision-makers expects persistently rising energy prices to meaningfully worsen operating conditions.

Cost efficiency, the preservation of profitability and disciplined capital management have become top priorities, even as companies continue to allocate significant resources to transformation and modernization programs. Particular emphasis is being placed on developing digital solutions, strengthening employee skills and rethinking supply chains.

“Business leaders have much stricter expectations regarding the return on their investments. In an unpredictable environment, the key to success is consistent, disciplined operations and the efficient use of available resources,” said Tamás Vékási, CEO of EY Hungary.

“The findings of the survey are especially relevant for Hungary and the Central and Eastern European region, where energy dependence, export-oriented operations and investment decisions are closely intertwined with geopolitical and macroeconomic developments,” he added.

AI may play a decisive role in business transformation, the survey suggests. Respondents are no longer merely looking to apply AI in their processes, but expect measurable results from it. Competitive advantage will depend on how effectively organizations can use AI to improve efficiency, support decision-making and enhance the customer experience.

“AI becomes a lasting competitive advantage when it is not treated as a separate project, but becomes a decision-making and management capability built into operations. This requires orderly data assets, clear responsibilities and an operating model that makes use cases scalable and controllable. In this situation, the conscious shaping of the portfolio and targeted partnerships are often not accelerators, but conditions for turning technology into business results,” said Iván Sefer, head of EY-Parthenon in Hungary.

Most CEOs plan to increase investment in AI in the coming period, while many are using transactions, including acquisitions and business unit transformations, to accelerate the expansion of technological capabilities.

Artificial intelligence is already having a visible impact on innovation, as well as on the development of operations and strategy. At the same time, the regulatory environment remains a challenge for broader adoption.

Although CEOs almost unanimously expect AI to fundamentally reshape workforce strategy, few believe it will significantly reduce employment. Instead, organizations increasingly view AI as a tool for improving productivity. Many are preparing for a more effective combination of human and AI capabilities through retraining, upskilling and redesigning job roles.