The survey's CEO Confidence Index shows that overall CEO sentiment has dipped from 83.0 (Q3 2025) to 78.5 (Q4 2025). This decline reflects growing uncertainty towards today's business landscape characterised by growing geopolitical tensions, persistent volatility, a muted global economic forecast, supply-chain disruption, rising cost pressures and slowing activity in major markets.

Despite these persistent external headwinds, CEOs surveyed remain confident in their ability to strengthen performance from within. Nine in 10 CEO respondents expect revenue growth and productivity gains to support profitability in 2026, even if 61% anticipate increases in operating costs. This confidence is powered by investments being made into talent and technology transformation, with CEOs recognising that one-off change isn't enough and are driving continuous, proactive transformation to sustain growth.

"The study shows that CEOs expect revenue growth, but they are aware of the economic and geopolitical challenges that may influence these expectations," said Bogdan Ion, Country Managing Partner EY Romania & Moldova. "In this context, investments in technology become a priority, and artificial intelligence is seen as a tool for improving operational efficiency and optimising internal processes."

2026 is expected to be a turning point for AI investments, as CEOs shift from piloting technologies to scaling them across their organisations to accelerate transformation. AI adoption is evolving from a bolt on to a built-in foundation of business models, with 58% of surveyed leaders expecting AI to be a major growth engine in the next two years, while 32% believe it will reshape operations as they scale these technologies enterprise-wide. M&A is expected to remain a key pillar for CEOs, with many respondents pursuing acquisitions to accelerate transformation efforts, productivity, digitalisation and growth in 2026.