Swiss edition of PwC’s 28th Annual Global CEO Survey

As we enter 2025, CEOs in Switzerland find themselves navigating a landscape marked by cautious optimism and complex challenges. While geopolitical shifts, technological advancements, and hopes for political stability and conflict resolution inspire confidence, issues like climate change and evolving regulations temper expectations. 

Only two years after GenAI arrived on the radar of most executives as a transformative course, companies are adopting it at scale, globally. At the same time, climate-related uncertainties demand flexible strategies and proactive engagement. Ultimately, CEOs in Switzerland are navigating an era of transformation where challenges and opportunities are closely intertwined. 

By leveraging AI, embracing adaptive strategies, and committing to innovation through effective decision-making, Swiss business leaders can turn uncertainty into competitive advantage and ensure sustainable success. 

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The current pulse

CEOs in Switzerland are striving for safety and security to maintain their status as a trusted market. This is reflected by the fact that they still view cyber risks as their top threat, with 37% saying that they feel highly or extremely exposed.

Turning the tables

How confident are CEOs in today's economy?

Over half (56%) of CEOs in Switzerland believe global economic growth (GDP) will improve over the next 12 months, 23% believe it will remain stable and 20% predict a decline. 
Two-thirds (68%) of CEOs in this country believe economic growth (GDP) will improve in Switzerland, compared with slightly over a third (38%) in 2023. Only 9% predict a decline. 
In total, 89% of CEOs in Switzerland believe this country’s economy will either stay the same or grow, making them the most optimistic compared to their peers worldwide. 
Almost half of CEOs in this country (49%) are planning capital expenditure on operations within Switzerland in the next 12 months. This puts them at second place regarding domestic capital expenditure, behind Latin America with 51%. 
However almost a quarter of those CEOs (23%) intend to allocate at least half (51% or more) of their capital expenditure internationally during the same period, making them the highest globally in this regard.

Outlook and threats

What opportunities and threats do they see on the horizon? 

The biggest threat CEOs feel exposed to within Switzerland is cyber risks (37%), followed by geopolitical conflict (23%) and macroeconomic volatility (17%). 
CEOs in Switzerland see macroeconomic volatility as less of a threat than their peers globally and across EMEA (22% and 30% respectively); they also feel much less threatened by inflation (ranked at 31% in EMEA and 27% globally). 
CEOs globally still feel that cyber risks are a threat (24%), but for CEOs in EMEA, the threat of geopolitical conflict is an even greater concern (30%).

Two defining issues

The two greatest challenges cited by CEOs in Switzerland when it comes to making climate-friendly investments have been a lack of demand from external holders and regulatory complexity. Both these figures were even significantly higher than the year before.

Artificial Intelligence

How will Artificial intelligence  shape the future of business and society, and fuel transformation in the decade to come?

Four out of five CEOs in Switzerland (84%) have adopted generative AI within the last 12 months. This is a stark difference to last year’s 16%. 
Over half (52%) report that GenAI has increased both their own and employees’ efficiency at work; 22% saw an increase in profitability, 17% an increase in revenue and 6% an increase in headcount. 
None of the CEOs in this country have seen revenue decline because of GenAI adoption, compared with 3% across EMEA and globally. 
Looking forward, a third of CEOs in Switzerland (34%) believe that generative AI will increase their company’s profitability in the next 12 months.

Climate and sustainability

How will Climate and sustainability  actions  shape the future of business and society, and fuel transformation in the decade to come?

Nine out of ten (91%) CEOs in Switzerland have initiated climate-friendly investments in the last twelve months, the highest percentage worldwide. 
In the last twelve months, a quarter (25%) of CEOs worldwide have not accepted rates of return for climate-friendly investments that were lower than the minimum acceptable rate of return used for other investments. This trend is also seen across EMEA (19%) and even slightly higher in Switzerland (26%). 
Climate-friendly investments initiated by companies in Switzerland in the last five years have generally led to an increase in revenue (31%) and government incentives received (21%); 16% of CEOs report a decrease in costs. 
Similar to last year, CEOs’ main challenges when it comes to making climate-friendly investments in Switzerland were lack of demand from external stakeholders (47%), regulatory complexity (46%), lower returns for climate-friendly investments (33%) and, finally, a lack of buy-in from the management team or board (11%). 
Breaking the findings down by region, it emerges that CEOs in Switzerland and EMEA are slightly more challenged than their global counterparts when it comes to lack of demand from external stakeholders. However, CEOs in Switzerland see accepting lower returns for those investments, management buy-in, navigating regulatory complexities, and the availability of finance as less challenging than their both their peers in EMEA and globally.

Business as (un)usual

To stay relevant, Swiss companies are stepping up collaboration, for example between sectors and academia, to leverage AI and other emerging technologies. CEOs recognise that future competitiveness will depend on differentiating products and services while also capturing new customer segments.

Transformation pressure

What transformation actions have CEOs in Switzerland taken over the last five years?

Three out of four (75%) of CEOs in Switzerland have developed innovative products or services in the last five years; over half (56%) have focused on expanding their customer base and 59% have collaborated with new organisations. 
The percentage of CEOs in Switzerland who have developed innovative products or services is higher than for their peers worldwide. However, fewer than half (46%) of CEOs in this country have targeted new routes to market and implemented new pricing models over the last five years, making them the least to do so compared to their global peers. 
CEOs in Switzerland report that 80% of their revenue comes from their core business; 13% is generated from extensions to the core business and 7% from fundamentally distinct businesses.

Sector convergence

A global trend

One in four CEOs in Switzerland (26%) report entering new industries in the last five years. 
CEOs in Switzerland have the lowest percentage of venturing into new sectors over the past five years, compared to their peers worldwide. 
Global findings show that over a third of CEOs globally (38%) have ventured into new sectors in the last five years and that 20% or more of their revenue has been generated from these new sectors.

Continual transformation

Despite a healthy, mature, core business, CEOs in Switzerland also show an appetite for seizing and leveraging new technologies to differentiate themselves and maintain their competitive advantage in the market.

Pay attention to decision quality

Four out of five CEOs (79%) in Switzerland make the criteria for determining strategic decisions transparent, 72% discuss the decision as part of the firm’s overall portfolio of decisions, and 70% take the time to consider whether they are pursuing the wrong opportunities. 
Fewer than half (40%) assign explicit probabilities to distinct outcomes, 51% include information that could contradict the investment hypothesis, and 55% intentionally evaluate whether they are pursuing the wrong opportunities.

Reallocate to transform

In Switzerland, 47% of CEOs have reallocated 1% to 10% of their company’s financial resources in the last year. 
Over half (56%) have reallocated 1% to 10% of their company’s human resources in the last year. 
Only 41% of their global peers have reallocated 1% to 10% of their human resources and 34% have reallocated 1% to 10% of their financial resources.

Trust the transformation process

Almost half (49%) of CEOs in Switzerland are extremely confident in their prospects of revenue growth in the next three years; 30% are confident in their prospects of growth in the next twelve months. 
Ten percent are not confident in their prospects of revenue growth in the next 12 months; only 1% are not confident in their prospects of revenue growth in the next three years.

Four out of five CEOs (85%) in Switzerland are confident in their strategic planning process, 84% in their budgeting process and 80% in their risk management processes.

The top processes described by CEOs as having “evolved in an unplanned way” are tax (18%), talent management (16%) and procurement (12%).

Navigating transformation for viability

Over half (57%) of CEOs in Switzerland are confident that their business will last over 10 years. 
Almost two-thirds (66%) name correct strategic choices as factor influencing the high economic viability of their business, followed by organisational efficiency (49%) and changes in the regulatory environment (47%). 
Of those who don’t believe their business will be viable in the next ten years, 64% see changes in the regulatory environment as an influencing factor (64%), 42% weak pricing power over their company’s products/services, and a third (36%) the increasing costs of products/services.

Solve the AI trust equation

Less than a third (27%) of CEOs in Switzerland have a high degree of personal trust in having AI embedded into key business processes. The highest percentage of CEOs who personally trust in having AI embedded into key business processes is Latin America with 38% of CEOs. 
However, 4 out 5 (85%) CEOs in Switzerland predict that AI will be systematically integrated into business processes and workflows, 78% into technology platforms and 75% into workforce and skills. 
In a global comparison, more CEOs in Switzerland foresee the integration of AI in the areas above, but when it comes to integrating AI into developing new products/services and core business strategy, CEOs in Switzerland are slightly more reluctant than their peers in EMEA and globally.

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Gustav Baldinger

CEO, Zurich, PwC Switzerland

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Stéphanie Tobler Mucznik

Head of Corporate Communications, Zurich, PwC Switzerland

+41 58 792 18 16