Leading a firm in times of global uncertainty

In the year ahead, CEOs see a world beset by challenges. They have grown significantly less confident about the short-term growth outlook for their companies and more worried about a range of threats, including macroeconomic volatility, cyber risk, and geopolitical conflict. They are also focusing on multiyear opportunities to reinvent their businesses. CEOs are forging ahead with investment in AI even though immediate returns are often elusive. They are prioritising innovation and many are entering new sectors.

Importantly, CEOs who are rapidly reinventing their companies are outperforming their peers.

Key findings from this year’s survey:

• Higher financial return on investments in AI is still expected. Although close to a third (30%) of global CEOs report increased revenue from AI in the last 12 months and a quarter (26%) are seeing lower costs, 65% of CEOs globally, 73% of CEOs in the CEE, and 60% of CEOs from Slovakia report little or no revenue gain on AI investments. Overall, the results show that Slovak CEOs are more optimistic about returns on AI investment than global business leaders (39% vs 33%).
• CEOs seeking growth opportunities outside of their sectors. More than 40% of CEOs globally, 49% of CEOs in the CEE, and 54% of CEOs in Slovakia say their companies have begun competing in new sectors in the last five years. Slovak CEOs have been far more active in this direction - they see new sectors not only as an opportunity for growth, but also as a natural part of diversification that can strengthen the stability of their business in an increasingly dynamic market environment.
• CEOs are less confident about their company’s near-term revenue growth prospects. Only 30% of CEOs globally, 42% of CEOs in the CEE, and 21% of CEOs in Slovakia are very or extremely confident about revenue growth over the next 12 months. Globally, this is a decrease from 38% in last year’s survey and the peak of 56% in 2022. Compared to last year, Slovak CEOs are equally pessimistic; they noted geopolitical threats earlier than CEOs globally, who are only now starting to perceive these threats.
• Specific threats as the reason of the lowest confidence in business growth in Slovakia. While global business leaders see cyber risks and macroeconomic volatility as the biggest threats (both 31%), Slovak CEOs are most concerned about the lack of skilled workforce. This threat was stated by 46% of Slovak CEOs, compared to 22% globally. Concerns about geopolitical conflicts were confirmed by 39%, and cyber risks by 38% of Slovak CEOs. Only 13% of global and 11% of Slovak CEOs consider climate change to be a threat to their business.
• New tariffs among major threats. 20% of global CEOs, 15% of CEOs in the CEE, and 29% of Slovak CEOs state that new tariffs are a threat to their business. Tariff risks are becoming a strategic issue for Slovak companies, with the automotive and electronics industries being the most exposed sectors.
• Slovak CEOs are more open to innovation than global CEOs. Slovak CEOs place significantly more emphasis on innovation than their global peers – 76% consider it a key element of their strategy, compared to only 50% globally. Half of them are testing new ideas directly with customers, which is also higher than the global average. They are also fostering innovation via collaboration with external partners, and a third of them are implementing procedures to rapidly terminate ineffective projects.

AI at enterprise scale

When we asked CEOs to pick the question that concerns them most these days, there was a clear winner: are we transforming our business fast enough to keep up with technology, including AI?

Around one-third of global CEOs (30%) and 23% of CEOs in Slovakia say their company has seen tangible results from AI adoption over the last 12 months in the form of additional revenues. As regards costs, 26% of global CEOs and 28% of CEOs in Slovakia say costs have decreased due to AI, while 22% respondents worldwide and 11% in Slovakia report an increase.

More than half (55%) of global CEOs and 57% of CEOs in Slovakia say their company had seen neither higher revenues nor lower costs due to AI, and only one in eight (12%) globally and 16% in Slovakia report both positive impacts.

Based on our findings, it can be concluded that even though AI is delivering measurable benefits for some companies, its overall impact is still uneven. A smaller percentage of CEOs state higher revenue or lower costs, but the group of companies that have not yet seen a significant financial effect is still the majority. However, the visible positive results at some companies confirm that AI investments can pay off if combined with a clear strategy, technology investments, and changes to operational processes. Therefore, AI has the potential to fundamentally impact economic outcomes, but a large proportion of organizations are still at the beginning of this journey.

It is obvious that firms are in the early stages of the AI era. Only a smaller proportion of global CEOs say they are applying AI to a large or very large extent to areas such as demand generation (22%), support services (20%), the development of company products, services, and experiences (19%), direction setting (15%), or demand fulfilment (13%).

In Slovakia, the percentage of companies with advanced AI implementation is even lower. AI is most often implemented in areas with an immediate impact on business activities – company products, services, and customer experiences (17%), demand generation (14%), strategic company direction (12%), and support services (10%). Only 8% of Slovak CEOs state they are making significant use of AI in demand fulfilment. These results indicate that most Slovak companies are still in the early stages of AI transformation. AI is currently being used for partial improvements rather than as a full-fledged strategic tool.

We also take into consideration the fact that in PwC’s Global Workforce Hopes and Fears Survey 2025, only 14% of employees said they were using GenAI daily.

What factors are important when implementing AI?

• 79% of Slovak CEOs rate their corporate culture as very supportive of AI implementation, compared to 69% globally.
• Similarly, 77% of Slovak CEOs see the technological environment as up to speed (66% globally).
• 57% of Slovak CEOs believe their processes ensuring responsible use of AI are adequate (51% globally).
• According to the survey, 53% of organizations in Slovakia and 51% worldwide have clearly defined procedures for AI initiatives.
• AI investments are seen as sufficient by 46% of companies in Slovakia, compared to 43% of the global average.

However, for AI access to documents and data, only 19% of Slovak companies have such access, according to the survey, compared to the global average of 29%. Overall, Slovakia is in a very strong position as regards cultural and technological readiness but lags behind with regard to AI access to documents and data.

Despite speculations about an AI bubble, 61% of respondents in the PwC Global Investor Survey 2025 identify technology as the sector likely to attract the most investment over the next three years – significantly more than any other sector. In the survey, 86% of investors say that companies they either invest in or cover have seen productivity gains from GenAI in the past year. Around two-thirds of respondents believe that these companies have also seen growth in profitability (71%) and revenue (66%) thanks to AI. Against this backdrop, more than threequarters (78%) of investors say they intend to at least slightly increase their investment in companies implementing AI transformation at enterprise scale.

Sectors without borders

AI is not the only powerful force reshaping global business. The collision of technology, climate change, geopolitics, and other megatrends is creating new customer needs and preferences, enabling new business models, and blurring the boundaries between sectors. Many companies are venturing across sector boundaries in pursuit of reinvention and growth. 42% of CEOs worldwide say their company has begun competing in new sectors in the last five years, which is a slight increase compared to last year

However, Slovak CEOs confirm an increase by 12 percentage points. More than half (54%) have also set up a new business in another sector.

Data from this year’s global survey shows a strong association between a higher percentage of revenue from new sectors, bigger profit margins, and greater CEO confidence in company growth prospects.

_{Note: Values are predictions from regression modelling, adjusted for country, sector, ownership structure, revenue and headcount.
Source: Global CEO Survey 2026}

Asked about which other sectors they’re looking to for growth—whether organically or through acquisitions—the top pick among CEOs globally is technology. Technology CEOs, in turn, are seeking to grow in healthcare, business services, and banking and capital markets. The last of these reflects continued expansion by financial technology firms into banking and payments, as well as efforts by large technology players to partner with or disrupt incumbent financial institutions.

Globalisation in motion

51% of global CEOs are planning to make international investments in the year ahead. Delving further into these global ambitions, the US consolidates its position as the top destination, with more than a third (35%) of CEOs placing it in the top three countries that will receive the highest proportion of their investment. The UK and Germany (both 13%) and Mainland China (11%) remain popular choices.

Among the significant changes from last year’s survey, 13% of CEOs planning international investments selected them in India, up from 7%

The UAE and Saudi Arabia moved into the top ten of investment destinations, particularly for companies in consumer-packaged goods, banking and capital markets, health services, technology, and engineering and construction. This is a reminder of how the Middle East economy is diversifying away from oil and gas as Gulf Cooperation Council (GCC) countries embark on an ambitious multidecade infrastructure expansion that includes model cities, industrial clusters, and large-scale data centre projects. The data centre opportunity extends not only to technology companies but also to engineering and construction firms, utilities, infrastructure investors, and banks.

Compared to last year’s Global CEO Survey, leaders are less optimistic. Their outlook for revenue growth over the next 12 months is now more cautious and it seems the optimism of a year ago is ebbing under the pressure of a deteriorating geopolitical and economic environment. Confidence in the three-year revenue growth outlook has also declined. Although the decrease is less significant, it shows that uncertainty is becoming a more permanent part of the business environment and that long-term planning is becoming increasingly challenging for global companies.

The survey indicates that Slovak CEOs identified emerging risks earlier than their global counterparts, who are only now beginning to recognize these challenges. Domestic leaders were aware of the threats of geopolitical developments earlier – and their current low confidence in revenue growth (21%) is consistent with last year’s results. While global leaders are moving from optimism to caution, Slovak CEOs sensed increased uncertainty earlier.

Slovak companies are entering a period of uncertainty with more realistic expectations and perhaps a more resilient strategy, while global companies are only now adapting to the reality that Slovak leaders saw earlier.

What explains this ebbing confidence? Although CEOs remain generally optimistic about growth prospects for the global economy, they are less confident in many countries about the local economic outlook. Slovak CEOs also believe more in global economic growth (43%) than in economic growth in Slovakia (17%).

Global CEOs have grown more concerned about a range of near-term threats, including macroeconomic volatility, cyber risk, technology disruption, and geopolitical conflict. Almost a third (31%) say their company is highly or extremely exposed to the risk of a significant financial loss from cyber threats in the year ahead, up from 24% in last year’s survey and 21% two years ago. Cyber risks now rank alongside macroeconomic volatility as the top threats identified by CEOs. About eight in ten (84%) say they are planning to improve enterprisewide cybersecurity practices in response to geopolitical risk, underlining the interconnected nature of the threats they face.

While global leaders identify cyber risks and macroeconomic instability as the most significant risks (both 31%), Slovak CEOs are most concerned about the lack of qualified labour. This problem was stated by 46% of Slovak business leaders. The second biggest threat Slovak CEOs are concerned about is cyber risks (39%). Geopolitical tensions are perceived as a risk by 23% of global and 38% of Slovak CEOs, and inflation by 25% of global and 31% of Slovak business leaders. Both Slovak and global CEOs identified climate change and social inequalities as least likely to impact their business success.

Uncertainty relating to tariffs is a new consideration as governments recalibrate tax policy to support national interests, secure supply chains, and address fiscal shortfalls. One in five (20%) global CEOs say their company is highly or extremely exposed to the risk of a significant financial loss from tariffs over the next 12 months. Trepidation varies greatly by geography, ranging from 9% in UK, 17% in Germany and 28% in China. Among US CEOs, 22% say their company is highly or extremely exposed to tariffs, which is close to the global average.

As regards factors threatening business success in Slovakia according to Slovak CEOs, the quality of education, which has up till now ranked first among the most significant threats and which was stated by almost every respondent (99%) in 2024 and 2025, has dropped to third place this year. Currently, Slovak CEOs consider the growing tax, contribution burden and high energy prices to be the biggest obstacles to growth, which is largely a result of fiscal consolidation and long-term pressure on companies’ cost structures. Law enforcement in Slovakia and disinformation as a threat to successful business rank lower in this context compared to the previous two years.

Which factors are important for success in Slovakia? In 2026, a qualified and adaptable workforce (99%) and a simple, stable and efficient tax system (97%) are considered crucial. The population’s trust in liberal democracy and the free market increased year-on-year from 79% to 89%. Public sector governance (88%, a slight decrease) and physical and digital infrastructure (86%, unchanged) are still highly rated, with healthcare also cited as an important factor by more CEOs than last year (83%).

In contrast, Slovak CEOs consider social and ESG topics to be less important. Diversity and inclusion have fallen to 42%, carbon footprint reduction to 31%, and social security for minorities to 25%. Overall, we see a shift towards “hard” economic-institutional priorities, while employment (51%) and broader social areas are seen as less important problems.

Innovations: the road to reinventions 

When we asked global CEOs to pick the question that currently most concerns them, in second place (after technology and AI) was an issue related to innovation: is my company’s innovation capability adequate for our uncertain future?

Slovak CEOs confirmed a high strategic focus on innovation: 76% say innovation is a key part of their business strategy, which is significantly more than global CEOs (50%). Every other respondent says they test new ideas with customers or commercial users, compared to only 31% of CEOs globally. To accelerate innovation, about one-third of CEOs (both globally and in Slovakia) collaborate with external partners, and 32% of Slovak CEOs stated they have processes in place to stop ineffective R&D projects.

When asked about specific practices that support innovation, however, there is a gap in the answers of global CEOs between ambition and reality. Only one in four respondents agree to a large or very large extent that their company tolerates high-risk innovation projects, has routine processes in place to stop underperforming R&D projects, or has a defined innovation centre, incubator, or corporate venturing division.

From climate risk to climate value

The current survey shows that 42% of global and 47% of Slovak CEOs expect their company to be at least moderately exposed to the risk of a significant financial loss arising from climate change in the year ahead.

Despite the growing attention paid to climate change, the reality in many companies remains surprisingly far from ambitious statements. Only a few companies are systematically taking climate risks and opportunities into account as part of their key decision-making processes. Only around one in four global CEOs agree to a large or very large extent that their company has defined processes for bringing climate change into business decisions relating to supply chain and sourcing (24%) and product design and development (24%). The rate of incorporating climate factors into capital allocation decisions, including M&A, is even lower, with only one in five (20%) leaders stating they undertake this.

The interesting thing is that Slovak companies seem to be better prepared in this regard. 39% of Slovak CEOs say the climate perspective is firmly embedded in their organization’s supplier decisions, and 35% state that it is also considered in product development. Compared to the global average, Slovakia is an EU market where climate priorities are becoming a more central part of corporate practice. EU law is amongst the strictest in the world and sets clear sustainability-related rules and sanctions and requires sustainable activities and procedures in line with EU requirements.

Europe also stands out according to our Global Investor Survey 2025 findings – investors here most often support increased investment in climate adaptation (65% vs. 50% elsewhere). Two-thirds of investors worldwide intend to increase investment in companies that manage energy intensity and infrastructure (67%), 61% intend to invest more in companies that use sustainability data for efficiency, 53% for climate resilience, and 48% for drawing tax incentives.

Compete on trust

Stakeholder trust has never been easier to lose. Cyberattacks. Unpredictable geopolitics. Rising expectations for transparency. Rapidly shifting attitudes on sustainability. In addition, AI is proving to be a cause for excitement and anxiety in equal measure among investors, customers, and employees. In  PwC’s Global Workforce Hopes and Fears Survey 2025, more than a quarter of employees said they were worried about AI’s impact on their work. A single misstep on any of these issues could precipitate a cascade of stakeholder concerns with damaging consequences for trust and value.

Two-thirds (66%) of global CEOs say their company experienced trust concerns to at least a moderate extent in the last year on topics such as AI safety, data privacy, transparency, and the impact of climate change on business performance.

Slovak CEOs are under less pressure in areas such as transparency, reporting and justification of decisions than their global peers. This may be partially related to the aftermath of a centrally managed period, during which pressure for public explanation of procedures was not created for a long time. This historical context means that mechanisms regarding trust, control, and governance are only now being built in Slovakia and not as quickly as in countries with a stable market tradition. However, development towards global trends can be expected in the future - especially if pressure from investors, shareholders, and regulatory authorities for higher transparency and credibility increases.

Organisations cannot excel at everything. The challenge facing CEOs at this critical moment is to decide, in conjunction with their top management and board, how the company’s value-creation recipe needs to change for the decade of innovation and industry reconfiguration ahead. While there is no single answer to the challenges CEOs face—nobody can know for sure what the global economy will look like in ten years—perhaps the biggest danger is denial.

Throughout this year’s Global CEO Survey, we see evidence that companies moving the furthest and fastest to reinvent their business and operating models are outpacing their less dynamic peers.

To recap:

• AI at the centre of attention (strong foundation, return to come) – 12% of global and 16% of Slovak CEOs have realised cost savings and generated additional revenues from AI over the last year. How? By putting strong foundations in place and applying AI more extensively across the business, including to company products, services, and experiences. According to our results, 39% of Slovak and 33% of global CEOs believe they will see a return on AI investments.
• Innovation drives success – 8% of global CEOs say their organizations are using proven innovation practices to drive revenue from new products and services. Such companies are growing faster overall and achieving higher profit margins. 76% of Slovak CEOs state innovation is a key element of strategy, half confirm they are testing new ideas with customers, and 37% collaborate with external partners to accelerate innovation.
• Entering new sectors (a proven trend) – Four in ten (42%) global CEOs and 54% of Slovak business leaders state their companies have begun competing in new sectors in the last five years. Those generating a higher percentage of revenue from new sectors are more profitable and have CEOs with greater confidence in the company’s growth prospects.

PwC’s Global CEO Survey – 29th edition

We surveyed 4,454 CEOs in 95 countries and territories from 30 September to 10 November 2025. The global and regional figures in this report are weighted proportionally to countries’ nominal GDP, ensuring CEOs’ views are broadly representative across all major regions. The industry- and country-level figures are based on unweighted data from the full sample of 4,454 CEOs. Further details by region, country, and industry are available on request.

Among the CEOs who participated in the survey:

• 2% lead organisations with revenues of US$25 billion or more.
• 4% lead organisations with revenues between $10 billion and $25 billion.
• 22% lead organisations with revenues between $1 billion and $10 billion.
• 35% lead organisations with revenues between $100 million and $1 billion.
• 30% lead organisations with revenues of up to $100 million.
• 60% lead organisations that are privately owned.

Note that the percentages in the charts in this report may not add up to 100% due to rounding; multi-selection answer options; and the exclusion of responses in some cases, including “Other,” “Not applicable,” and “Don’t know” answers. The research was undertaken by PwC Research, our global centre of excellence for primary research and evidence-based consulting services.

Advanced statistical techniques

Some analyses used advanced statistical techniques to look for relationships between questionnaire responses. These analyses went beyond dividing CEOs into groups and comparing responses (such as average profit margin) within those groups.

Slovak CEO Survey 2026 – 16th edition

The survey was conducted by PwC, a consultancy firm, in cooperation with the Slovak edition of the Forbes Magazine for the sixteenth time. The contacted CEOs responded via an on-line questionnaire between 1 December 2025 and 31 January 2026. 97 CEOs of companies operating in Slovakia in various sectors participated in the survey.

Breakdown by ownership:

• 82% privately owned
• 18% publicly listed

Delenie podľa tržieb firiem:  

• 4% under €5 million
• 21% €5 –15 million
• 19% €15 – 30 million
• 27% €30 – 100 million
• 16% €100 – 250 million
• 11% over €250 million