Only three-in-ten CEOs confident about revenue growth in 2026 as most struggle to turn AI investment into tangible returns
Diegem, 6 januari 2026 – While worldwide CEO confidence in their company’s revenue prospects has fallen to its lowest level in five years, Belgian’s confidence is rising. According to PwC’s Annual CEO Survey, business leaders grapple with uneven returns from artificial intelligence, rising geopolitical risk, and intensifying cyber threats. Belgian CEOs are foremost concerned about the availability of key skills amidst a fast-transforming business landscape. Patrick Boone, Chairman PwC Belgium says: “CEO’s are increasingly realising that the current environment may be complicated but is not that different from what we saw before: there are bound to be winners and losers. And no one wants to be in the second bucket. This means that companies who can turn AI into measurable financial returns, while strengthening cyber and addressing leadership and talent questions will turn today’s disruption into tomorrow’s growth.”
PwC’s 29th Global CEO Survey, conducted by 4.454 CEOs in 95 countries and territories, says only three in ten (30%) chief executives say they are confident about revenue growth over the next 12 months - down from 56% in 2022 and 38% in 2025. Belgian CEOs are in general more optimistic about their own revenue prospects with 30% vs 21% in 2025 expecting growth, as well as for the global economy outlook (68%, global 61%). For the Belgian economy they are less confident (46%), although more positive than last year (when less than one third of CEOs were optimistic in this regard).
CEOs have growing concerns about macroeconomic volatility (31%), technology disruption (24%), and geopolitics (23%), while concern about inflation is marginally down (from 27% last year to 25%). Concern about cyber risk has risen sharply, also in Belgium, with 31% of CEOs now citing it as a major threat—up from 24% last year and 21% two years ago. In response, 84% say they plan to strengthen enterprise-wide cybersecurity as part of their response to geopolitical risk.
The AI gap shows up in confidence and competitiveness
While technologies are emerging at a fast pace and companies question if they are transforming fast enough to be able to follow, CEOs are seeking new and different skills on the labour market, reflected in Belgian CEOs concerns that key skills won’t be available when needed. Despite widespread experimentation, only one in eight (12%) CEOs say AI has delivered both cost and revenue benefits. Overall, 33% report gains in either cost or revenue, while 56% say they have seen no significant financial benefit to date.
The survey points to a growing divide between companies piloting AI and those deploying it at scale. CEOs reporting both cost and revenue gains are two to three times more likely to say they have embedded AI extensively across products and services, demand generation, and strategic decision making.
Foundations matter as much as scale. CEOs whose organisations have established strong AI foundations—such as Responsible AI frameworks and technology environments that enable enterprise-wide integration—are three times more likely to report meaningful financial returns. Separate PwC analysis shows that companies applying AI widely to products, services, and customer experiences achieved nearly four percentage points higher profit margins than those that did not.
“AI is breaking out of the lab in Belgium, especially in support functions and go-to-market. A small group of companies are already turning AI into measurable financial returns, while many others are still struggling to move beyond pilots. That gap is starting to show up in confidence and competitiveness, and it will widen quickly for those that don’t act.” says Patrick Boone, Chairman PwC Belgium, “The companies that close these gaps while strengthening cyber and addressing leadership and talent questions will turn today’s disruption into tomorrow’s growth.”
Navigating a shifting global landscape
To address the potential geopolitical risk and macroeconomic vulnerabilities, Belgian CEOs report they will prioritise cybersecurity improvements (70%) over resourcing supply chains (12%). The appetite to exit from markets that become too risky to manage the geopolitical risk is limited, especially compared to global numbers. The impact on companies’ net profit margins caused by the tariffs imposed by the US is reported to be limited.
Despite the challenging outlook, CEOs increasingly see reinvention as essential to growth. More than four in ten (42%, Belgium 46%) say their company has begun competing in new sectors over the past five years. Among those planning major acquisitions, 44% expect to invest outside their current industry, with technology the most attractive adjacent sector. In Belgium, business leaders are seeking growth opportunities in technology and health services in particular.
“Belgian companies are doubling down on cybersecurity but are comparatively less active than their global peers in reworking supply chains or market portfolios,” says Patrick Boone, Chairman PwC Belgium. “That can be a viable strategy, but it increases concentration risk and requires stronger third‑party risk management.”
About PwC’s 29th CEO Survey
We surveyed 4,454 CEOs in 95 countries and territories between 30 September and 10 November 2025. The global and regional figures in this report are weighted proportionally to country nominal GDP so CEOs’ views are broadly representative across all major regions. The industry- and country-level figures are based on unweighted data from the full sample of 4,454 CEOs. Further details by region, country, and industry are available on request. 37 Belgian CEOs participated in the survey, among which 22 leading companies with 1,000 - 50,000 employees and 13 publicly listed companies.
About PwC
At PwC, we help clients build trust and reinvent so they can turn complexity into competitive advantage. We’re a tech-forward, people-empowered network with more than 364,000 people in 137 countries. Across audit and assurance, tax and legal, deals and consulting we help build, accelerate and sustain momentum. Find out more at www.pwc.com.
Tess Minnens
