CEO confidence in revenue outlook hits five‑year low globally; Malta CEOs remain upbeat amid steady fiscal outlook

PwC’s 2026 Global CEO Survey reveals that only 30% of CEOs worldwide are confident about revenue growth in the next 12 months, the lowest in five years. The decline is linked to challenges in realising financial returns from AI investments and rising cyber and geopolitical risks. In contrast, Malta’s most recent CEO Confidence Tracker shows resilience, with 69% of local CEOs reporting stronger results in 2025 and 92% expecting stable or improved economic conditions in the coming months.

“Malta’s CEOs are navigating global uncertainty from a position of relative resilience. The contrast with the global confidence dip underscores the importance for Malta‑based companies to stay the course on transformation, especially AI foundations and cyber preparedness, while continuing to invest for growth,” said Lucienne Pace Ross, Territory Senior Partner, PwC Malta.

AI emerges as a defining divide globally, with the CEOs’ biggest question being whether they are transforming fast enough to keep pace with technological change, including AI. 42% cite this as their top concern, ahead of worries about innovation capability or medium‑to‑long‑term viability (both 29%).

The survey highlights a growing gap 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 have embedded AI extensively across products and services, demand generation, and strategic decision‑making.

Global concern about cyber risk has risen sharply, 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. Exposure to tariffs is also weighing on confidence: one in five CEOs globally (20%) report high or extreme risk of significant financial loss from tariffs over the next 12 months.

However, despite this challenging backdrop, CEOs are pursuing reinvention. Globally, more than four in ten (42%) say their company has begun competing in new sectors in the past five years. Of those planning major acquisitions, 44% expect to invest outside their current industry, most often in technology. A little over half (51%) plan international investments in the year ahead, with the United States remaining the top destination (35% ranking it among their top three), followed by the UK and Germany (both 13%), the Chinese Mainland (10%), and rising interest in India (13%).

“2026 is shaping up as a decisive year for AI. 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,” said Mohamed Kande, PwC Global Chairman.

“In periods of rapid change, the instinct to slow down is understandable—but it’s also risky. The value at stake across the global economy is increasing, and the window to capture it is narrowing. The companies that succeed will be those willing to make bold decisions and invest with conviction in the capabilities that matter most,” he concluded.

The PwC 2026 Global CEO Survey is available here.