Jessica O'ConnorGlobal business leaders are sharpening their focus on profitability, artificial intelligence (AI) and strategic transactions as geopolitical uncertainty reshapes corporate priorities, according to the latest CEO survey from EY-Parthenon.
The survey of 1,200 CEOs across 21 countries revealed that more than half (56%) now view geopolitical risk as the biggest threat to their business over the next 12 months, a sharp increase compared to late 2025.
Rising energy costs and ongoing global instability are translating directly into operational and financial pressures, with nearly half of respondents citing energy price shocks as a major concern.
Despite this, CEOs are not retreating. Instead, they are adopting a more disciplined approach to growth, with 82% prioritising long-term sustainability and profitability over rapid expansion.
Andrea Guerzoni, global vice chair at EY-Parthenon, said: “Despite the “fog of war”, CEOs are not scaling back.
“Drawing from experiences over the last decade, risk and uncertainty is now more embedded in their decision making and they are sharpening their focus and ambition on where and how they invest for growth.
“Leaders recognize that instability is now structural rather than episodic and in response they are prioritizing adaptability, market continuity and long-term growth through disciplined execution.”
AI remains a central pillar of this strategy. 80% of CEOs said they plan to increase AI investment in 2026, with many now focusing on scaling its impact across the enterprise rather than simply adopting the technology.
However, barriers remain. Around a third of CEOs said regulatory complexity is slowing AI deployment, while talent shortages in AI and data skills continue to limit progress.
Guerzoni added: “CEOs do not currently see AI as a substitute for human labor. As AI becomes embedded across businesses, demand is rising for talent that combines deep domain expertise with AI literacy.
“The real risk is not widespread job losses, but a growing skills gap. Without sustained investment in reskilling and workforce transformation, organizations will struggle to realize the full value AI can deliver.”
Alongside AI investment, dealmaking has emerged as a key strategic lever.
Nearly nine in 10 CEOs planning mergers and acquisitions expected to increase their activity over the next year, with a strong focus on acquiring technology capabilities and strengthening long-term strategic positioning.
Guerzoni concluded: “CEOs are approaching deals as a strategic lever for long-term growth while retaining the flexibility to adapt in the near-term.
“While heightened geopolitical conflict and economic uncertainty may temporarily slow activity, confidence remains strong.
“Crucially, this is not about opportunistic expansion, but disciplined portfolio decisions, with CEOs prioritizing transactions based on strategic alignment and sustainable growth.”
