Deloitte CFO Survey: Uncertainty is the new normal

Amsterdam, 24 June 2026

Deloitte Netherlands presents the latest edition of the Dutch Deloitte CFO Survey. The outcome paints a clear picture: CFOs operate in a period where uncertainty is the norm and resilience is more important than efficiency.

Dutch CFOs remain ambitious, but are operating more and more cautiously. The spring edition of the Deloitte CFO Survey shows that 52% of CFOs are now less optimistic about the financial outlook than they were three months ago, while only 17% have become more optimistic. At the same time, 65% of respondents rate the level of external financial and economic uncertainty as high to very high.

"CFOs are no longer just financial reporters, they have to bring the bigger picture together and make organisations resilient," says Mohamed Bouker, partner and CFO Programme Lead at Deloitte in the Netherlands.  "At a time when uncertainty has become structural, good decisions require scenario-driven planning, smart use of technology such as AI and strict capital discipline.  That is quite a task, especially in an environment that currently registers wind force 12."

Despite the deteriorating sentiment, almost two-thirds of CFOs expect revenue growth, but margin pressure is biting. Half foresee a declining operating margin.  Unsurprisingly, 36% report that high energy costs have affected their profitability over the past two years.

The results show a clear recalibration of strategy and capital discipline. Although 50% indicate that capex is expected to increase, that increase is selective and conditional; 40% expect a reduction in headcount, indicating a shift of investment towards automation and efficiency-enhancing technologies. Balance sheet caution has become stronger: whereas in the previous Survey 29% thought it was not a good time to increase balance sheet risk, it is now 81%.

Geopolitical tensions translate into concrete risk management. Dutch CFOs use scenario analysis and stress tests more often than their European colleagues (35% versus 29%) and assess their internal resilience more systematically (19% versus 16%). In addition, 56% indicate that scenario analyses are embedded in the most important business units, compared to 41% in Europe. 

Dutch CFOs pursue growth without compromising on resilience: they refine investment choices, strengthen scenario-driven planning and implement measures to protect margins and liquidity.  This combination of ambition and prudence reflects a changing role of the CFO — from financial steward to strategic leader in uncertain times.

Research justification

The spring 2026 edition of the Dutch Deloitte CFO Survey is part of the semi-annual European CFO Survey and includes insights from Dutch CFOs and finance leaders on the economic outlook, geopolitical risks, investment priorities and the changing role of the CFO. The survey was developed by the Finance Transformation team and the CFO Programme of Deloitte Netherlands.