Section 1: Financial and economic outlook

Findings from the spring 2026 survey point toward a period of decreasing optimism. In total, 38 per cent of Danish CFOs report feeling less optimistic than they did three months ago, marking a clear drop in optimism after the relative stability observed between 2023 and 2025. 

Expectations for key business metrics are becoming more cautious 

The share of CFOs expecting revenue growth has declined from 61 per cent in Spring 2024 to 49 per cent in Spring 2026. Operating margins follow a similar pattern, declining from 57 per cent to 49 per cent over the same period.

CAPEX and headcount expectations remain more conservative, with most CFOs expecting no change (56 per cent for CAPEX and 59 per cent for employees), while 19 per cent expect a decrease in CAPEX. Overall, CFO sentiment reflects slowing growth expectations, alongside continued caution on investment and hiring.

Financial and economic uncertainty

The share of CFOs reporting high uncertainty rose from 37 per cent in Spring 2024 to 51 per cent in Spring 2025 and has since remained high at 49 per cent in Spring 2026. At the same time, around 40 per cent of CFOs continue to rate uncertainty as normal, indicating that while conditions are not deteriorating further, they remain somewhat challenging.

Persistent uncertainty and macroeconomic pressure continue to shape balance sheet risk appetite, which remains at a level similar to 2025.

Macroeconomic and geopolitical risks remain dominant concerns

Amid elevated uncertainty, the economic outlook has emerged as a leading concern, with 71 per cent of CFOs citing it as a significant risk to their business, up from 64 per cent in Spring 2025. This is placing it just ahead of geopolitical risk at 70 per cent, marking a shift in focus towards economic conditions as the most widely cited risk.

Simultaneously, currency fluctuations are increasing, pointing to rising financial volatility, while risks related to regulation have declined slightly to 30 per cent when compared to 2025. Overall, the risk landscape remains broadly-based, but the shift suggests a strong focus on macro-driven risks, alongside persistent structural challenges such as cyber threats. 

Strategic priorities

Digitalisation remains the undisputed focus for Danish CFOs, cited by 76 per cent as a top priority. Growth priorities also remain strong, with around two-thirds of CFOs focusing on both growth in existing markets (66 per cent) and organic growth (64 per cent), indicating continued emphasis on strengthening core business activities.

At the same time, cost reduction (66 per cent) and a decrease in OPEX (61 per cent) have increased in importance, reflecting a stronger shift toward operational efficiency in the current environment. On the talent front, despite a moderation in recent periods, hiring and developing existing talent remains a priority for more than 40 per cent of CFOs, highlighting its continued importance for their business.