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While the upward trend seen since mid-2025 has paused, the composition of the index shows some internal shifts. The macroeconomic sub-index stood at -14 points, indicating that earlier improvements are stabilizing rather than reversing. Meanwhile, the corporate sub-index, reflecting microeconomic factors, edged up to 1 point, marking a slight but positive change compared to the fourth quarter.
The unchanged headline figure suggests what analysts describe as a “wait-and-see” approach among corporate leaders, as they navigate a volatile international economic environment without losing confidence in their overall outlook.
“Although the main index currently shows stagnation, the slight improvement in the corporate sub-index suggests that decision-makers are focusing on optimizing internal processes and efficiency following a previous growth phase, while adapting as best they can to the challenges of the current global economic environment. This period may support more deliberate preparation, laying the groundwork for sustainable growth in the future,” said Tibor Bodor, head of K&H’s corporate division.
The survey segments large companies into three categories based on annual revenue: HUF 2 billion-4 bln, HUF 4 bln-10 bln, and over HUF 10 bln.
Expectations appear largely independent of company size. The largest firms reported an index of -4 points, while the other two categories both stood at -3 points, with all segments showing only minimal adjustments.
This alignment suggests a broad consensus across the sector, with companies of all sizes assessing the economic environment in a similar way. The convergence of expectations also points to a shared equilibrium that could serve as a stable basis for planning in the coming period.
Differences across sectors and regions have also diminished when it comes to expectations for the year ahead. Companies in industry, trade and services reported broadly similar outlooks, largely regardless of geographic location.
This cross-sector alignment may signal cautious optimism, as market participants appear to share a common view of future opportunities despite ongoing economic uncertainties.
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