The 15th survey, conducted last fall, highlights a tension between immediate operational challenges and the strategic investments needed to remain competitive. While CEOs remain broadly optimistic about the global economic outlook, they are increasingly cautious about Hungary’s economic prospects and report limited financial returns so far from investments in AI.
One of the most striking findings is how much attention is absorbed by near-term concerns. Hungarian CEOs say they spend about 60% of their time dealing with issues that have a time horizon of less than one year, markedly higher than the 47% reported globally. As a result, only around 10% of their working time is devoted to decisions with a horizon of more than five years.
Confidence in companies’ revenue prospects has also weakened. Only 31% of Hungarian CEOs expect their firms’ revenues to grow over the next 12 months, the lowest level recorded in the survey’s 15-year history. However, the longer-term outlook appears brighter: 48% expect revenue growth over the next three years, in line with the global average of 49%.
Economic expectations among Hungarian executives remain relatively cautious. Respondents predict an average exchange rate of 397 forints to the euro in 2026, alongside inflation of 4.6% and GDP growth of about 1.5%.
Hungarian CEOs appear more optimistic than their global peers about the outlook for the global economy. Some 71% expect global economic growth to accelerate, compared with 61% worldwide. At the same time, confidence in Hungary’s economic performance has slipped, with only 53% expecting domestic growth to accelerate, down from 60%.
The survey also found that perceptions of risk are rising again. For the first time since 2023, executives reported a significant increase in concerns about external threats. Regulatory changes topped the list, cited by 51% of respondents. Inflation and macroeconomic volatility followed closely, each mentioned by 43% of CEOs. Geopolitical conflict and cybersecurity threats were also significant, both cited by 37% of respondents.
At the same time, some traditional risks have become less prominent. Concerns about the availability of key skills fell from 44% to 32%, while worries about technology disruption declined from 35% to 24%.
Geopolitical uncertainty is also affecting corporate investment decisions. Nearly one-fifth of Hungarian CEOs say the geopolitical situation has made them less likely to pursue large new investments.
The pace of technological change, particularly the rapid development of AI, has emerged as the biggest strategic challenge facing CEOs. Yet despite widespread experimentation with AI, tangible financial benefits remain limited. In Hungary, only 13% of companies report additional revenue linked to AI adoption, while 77% say they have not yet seen improvements in either costs or revenues.
“Now that AI has been around for a while, more and more connections are revealed. One of the key findings from this year’s survey is that AI readiness in Hungary has realized limited results. The question is whether we all understand readiness in the same way, and if so, what other reasons might explain the more modest results? We can only speculate at the moment, but exciting findings could emerge in the coming years that will impact the use of AI,” said Szabolcs Mezei, partner at PwC Hungary.
Hungarian CEOs report using AI most extensively in areas such as demand generation (18%), customer experience (17%) and support services (12%).
Organizations with robust technology environments, responsible AI processes and clear implementation roadmaps are roughly three times more likely to achieve measurable gains. Among such companies in Hungary, 28% reported revenue growth over the past year and 33% achieved cost reductions linked to AI, compared with 9% and 12% respectively among firms without strong AI foundations.
Still, the share of Hungarian companies reporting both revenue growth and cost reductions from AI is only 6%, roughly half the global figure of 12%.
The survey also indicates that companies are increasingly exploring opportunities beyond their traditional sectors. Over the past five years, 35% of Hungarian CEOs said they have begun competing in new industries, compared with 42% globally.
However, economic uncertainty appears to be dampening expansion plans. Among CEOs planning at least one major acquisition over the next three years, only 34% in Hungary expect the deal to be outside their current sector, compared with 44% globally.
Innovation also remains a central ambition for many, although implementation often falls short of expectations. While 53% of Hungarian CEOs say innovation is central to their strategy, only 18% of companies are willing to pursue high-risk innovation projects. Just 16% have established processes to regularly halt underperforming research and development initiatives.
Companies are facing rising expectations around trust and transparency. According to the survey, 81% of Hungarian CEOs say their organizations experienced stakeholder concerns in the past year related to issues such as AI safety, data privacy, transparency and the impact of climate change on performance.
Despite growing awareness, relatively few companies have fully integrated sustainability considerations into decision-making processes. Only about one-third have established systems to incorporate climate-related risks into their strategies.
“As the structure of the economy transforms, value will increasingly come from organizations that can connect the dots across traditional industry boundaries. By focusing on evolving customer needs and using technology to dramatically change the way business operates, business leaders can unlock a step change in growth,” said László Radványi, country managing partner, PwC Hungary.
He emphasized that trust and strong relationships will become even more important as companies navigate uncertain conditions.
“Feedback from CEOs confirms that in times of uncertainty, every organization must rely on its own values and community. Trust, transparency, and cooperation are the principles we can depend on, even as the world around us rapidly changes,” Radványi said.
“To remain competitive in the long term, we must now consciously strengthen our relationships with our clients and be bold enough to redefine old operating models. If we make good use of this opportunity, we will not only adapt but also benefit from it,” he added.
The survey ultimately points to what PwC describes as “the tyranny of the urgent,” the challenge of balancing immediate operational pressures with the need for long-term transformation.
“Today, CEOs must navigate long-term, technology-driven transformation in a fundamentally unfavorable investment environment. Hesitation is not an option. Trusting AI is no longer a question, but decision-making, preparedness and proper use are major challenges,” Radványi concluded.
This article was first published in the Budapest Business Journal print issue of March 13, 2026.
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