In spring 2025, only 23 per cent of CFOs reported a more optimistic view on their financial future compared to three months ago. The same number was 37 per cent in spring 2023. This decline highlights increasing concerns and uncertainties in the financial outlook. 

Figure 1. Financial prospects
Compared to three months ago, how do you feel about the financial prospects for your business?

Expectations for key business metrics

Looking at the expectations for the four key metrics - revenue, operating margins, CAPEX and employees - the responses of Danish CFOs are very similar to those from last spring. Over the next 12 months, 59 per cent of CFOs expect an increase in revenue. The percentage of CFOs expecting their revenue to decrease is now 11 percentage points lower than it was in spring 2023.  

Figure 2. Expectations for key metrics 
_{In your view, how are the following key metrics for your business likely to change over the next 12 months?} 

Financial and economic unpredictability 

The perception of external financial and economic uncertainty has surged significantly. Since autumn 2024, there has been a 30 percentage point increase in the share of CFOs who view the current environment as highly uncertain. This heightened sense of uncertainty underlines the challenges businesses face in navigating the complex economic landscape and geopolitical risks.  

Figure 3. External financial and economic uncertainty 
_{How would you rate the overall level of external financial and economic uncertainty facing your business?}

The survey also shows that the willingness to take greater risks onto the balance sheet has diminished among CFOs. Since spring 2024, the proportion of CFOs advocating for increased risk-taking has decreased by 10 percentage points. This shift indicates a more conservative approach to risk management in response to the volatile economic environment. 

Figure 4. Taking risk on to the balance sheet 
_{Is this a good time to be taking greater risk onto the balance sheet of your company? (Yes)} 

Geopolitical concerns top Danish CFOs risk list

Geopolitical risks have emerged as a significant concern, with 74 per cent of CFOs identifying them as a major threat. This marks a notable increase in the perception of the risks associated to geopolitical instability. Other risks, such as economic outlook and cyber threats, have remained relatively stable, highlighting the persistent challenges in these areas. However, we are observing a growth in risks associated with increasing regulations.

Figure 5. Risks in the next 12 months  
_{Which of the following factors are likely to pose a significant risk to your business over the next 12 months? (choose all that applies)} 

Over the past 12 months, 57 per cent of Danish CFOs experienced geopolitical risks affecting their strategic goals. However, most of them state that they have only been impacted to some or a limited extent. Looking ahead, 74 per cent expect these risks to impact their supply chains, and 72 per cent foresee an impact on sales.  

Figure 6. Experienced impact 
_{Over the past 12 months, to what extent have geopolitical risks hindered your ability to achieve your strategic goals as CFO?}  

Figure 7. Expected impact 
_{Over the next 6 months, to what extent do you expect geopolitical risks to impact your…}

Strategic priorities 

Growth in existing markets and organic growth remain among the top priorities for Danish CFOs. Despite a decline in prioritisation compared to spring 2024, digitalisation continues to be a key strategic focus, ranking as the second most prioritised strategy.

Additionally, there is an increased emphasis on cost reduction and in decreasing operational expenditure (OPEX). These strategic priorities reflect the need for businesses to adapt and streamline operations in response to economic pressures. 

Figure 8. Priorities over the next 12 months 
_{To what extent are the following strategies likely to be a priority for your business over the next 12 months?  (Very high or high)}

More than half of Danish CFOs have increased their investments in digital transformation over the past year. There has also been a rise in investments related to efficiency, sustainability and ESG. 

Figure 9. Investment adjustments 
_{Over the past 12 months, how has your company adjusted its investment activities in the following areas?} 

_{Note: The base sizes for this graph are smaller than the other graphs due to an N/A-option. Base sizes: Digital transformation (n=126), Efficiency (n=127), Sustainability & ESG (n=126), Personnel and talent development (n=126), Resilience (n=122) and Research (n=85).}