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The recovery is here – but how long will it last?
The Deloitte CFO Survey Switzerland – Autumn 2026
Summary
CFOs are more optimistic about the economic outlook for Switzerland with 61% positive about Switzerland’s prospects over the next 12 months. A weaker Swiss franc and easing trade pressures support margins, while regulation is the biggest margin burden and the third-largest business risk. Energy prices and employment prospects in Switzerland remain concerns. AI is in use at 92% of companies, but 40% expect higher-than-budgeted costs and 69% are taking or planning cost-control measures. Even so, 79% expect a positive financial return within three years.
Key results of the Swiss CFO survey
Economic outlook: Recovery gains momentum
The recovery is gaining momentum: CFOs are significantly more optimistic about the economic outlook following an improvement in the spring survey. Expectations have improved particularly for Switzerland, with clear improvements also for China and the US. Germany is the only country where a majority of CFOs remain sceptical.
Economic expectations for Switzerland and its main trading partners
Net balance of CFOs assessing the economic outlook for Switzerland and its main trading partners positively/negatively over the next 12 months. The spring 2025 survey was conducted twice, before (March) and after (April) the tariff shock
Company prospects: Optimism, except on domestic employment
Company performance indicators have also improved significantly, alongside the brighter economic outlook. The weakening of the Swiss franc up to the end of the survey period is supporting margins, while the tariff situation has eased slightly. Energy prices, however, are weighing more heavily than before. The main weakness remains the outlook for employment in Switzerland, where a narrow majority of CFOs are negative.
Company performance indicators: A marked improvement
Net balances of CFOs expecting these indicators for their company to rise/fall over the next 12 months. Investment is split between Switzerland and abroad for the first time in this survey
Which factors affect corporate margins and how?
How do the following factors affect your margin right now, compared to 12 months ago?
Corporate risks: International risks continue to dominate
Can renewed confidence prevail over longstanding concerns? Geopolitical risks remain CFOs’ greatest concern, followed, as before, by weak demand. Regulation moves up to third place, while competitive pressure, particularly from the Far East, is becoming a more prominent risk. Currency risks have fallen sharply as the franc has temporarily weakened.
|
Rank |
Risks |
Change since Spring survey |
|---|---|---|
|
1 |
Geopolitical risks |
0 |
|
2 |
Weak demand / recession |
0 |
|
3 |
Regulation and political decisions |
+1 |
|
4 |
Competition and market changes |
+6 |
|
5 |
Price, cost and margin pressure |
+5 |
|
6 |
Financing, liquidity, investment needs |
+2 |
|
7 |
Currency risks |
-4 |
|
8 |
Trade disputes, tariffs, sanctions |
-2 |
|
9 |
Digitalisation, AI and data |
+3 |
|
9 |
Commodity and energy prices |
-2 |
Note: Respondents can name up to three risks, which Deloitte categorises. Each category above covers similar, but not necessarily identical, responses that best fit that category. Triangles indicate the direction of change since the Spring survey, with the number showing the change in ranking. Risks mentioned equally often may share a rank.
Regulation: A significant burden
CFOs see regulation as the greatest burden on margins and the third-largest corporate risk. Requirements relating to sustainability, the environment and packaging increase costs the most and administrative demands, followed by customs, trade rules and sanctions. Reducing the burden on companies must therefore become a higher political priority.
|
1 |
Sustainability, environment and packaging |
|
2 |
Customs, trade rules and sanctions |
|
3 |
Tax, VAT and tax reporting |
|
4 |
Financial market regulation and supervision |
|
5 |
Trade disputes and barriers |
|
6 |
Data protection, AI and cyber security |
|
6 |
General / unspecified compliance |
|
6 |
Construction, property and spatial planning |
|
9 |
Corporate reporting, audit and e-invoicing |
|
10 |
Product safety, standards and certification |
Note: Respondents can name up to three regulations, which Deloitte categorises. Each category above covers similar, but not necessarily identical, responses that best fit that category.
Artificial intelligence: Costs, benefits and workforce implications
Artificial intelligence has reached the finance function: 92% of CFOs use AI applications and 29% are already integrating AI into their processes. At the same time, 40% report higher AI costs than originally budgeted, prompting 69% to consider cost-saving measures. Despite higher costs, 79% of CFOs expect a positive net financial benefit within three years at the latest. The expected impact on headcount is negative, particularly for junior roles. This creates a strategic risk for companies: fewer junior roles make it harder to develop future finance professionals. Companies can respond by redesigning entry-level roles, providing structured learning pathways, and offering targeted coaching.
Expected or actual company-wide AI spending in the current financial year compared with budget
Responses to the question: “How is actual AI spending in the current financial year expected to compare with the budgeted amount?”
Measures to control AI spending over the next 12 months
Responses to the question: “Which measure(s) is your company already implementing or planning over the next 12 months to control AI spending? Please select all that apply.”
About the Swiss CFO Survey
The Swiss CFO Survey provides an overview of the economic attitudes of CFOs and Group Finance Directors of major companies based in Switzerland. It is published semi-annually, aligns with the European CFO Survey, and includes a mix of questions relevant to the CFO at business environment, company, and operational levels.
