Despite geopolitical tensions and trade barriers, Swiss finance leaders are proving – somewhat surprisingly – more optimistic than a year ago. Almost 50% of CFOs expect payroll costs to fall in the medium term thanks to the use of artificial intelligence. At the same time, rising energy and raw-material prices are putting growing pressure on companies. This is according to Deloitte Switzerland’s latest CFO survey.

Even amid the Iran conflict and persistent geopolitical uncertainty, the outlook for Swiss companies is improving: 38% of the 126 CFOs surveyed expect the economic environment in Switzerland to be positive over the next 12 months, while 19% anticipate a negative development. That is the finding of the latest CFO survey by audit and consulting firm Deloitte Switzerland. The survey was conducted after the outbreak of the war in Iran. “However, a prolonged conflict in the Middle East, with its knock-on effects on energy and raw-material prices as well as on goods logistics, could quickly undermine the optimistic outlook of Swiss finance leaders,” explains Michael Grampp, Chief Economist at Deloitte.

Finance leaders report sharply diverging economic expectations for their key trading partners. Sentiment on China remains broadly upbeat (44% positive / 21% negative), notably on the back of hopes tied to new technologies. The outlook for the United States remains marked by a degree of scepticism (32% positive / 36% negative), although it improved in spring 2025 after the tariff shock. By contrast, the outlook for Germany remains extremely subdued (13% positive / 53% negative).

Rising prices are putting companies under pressure

When it comes to their own businesses, more than half of CFOs (57%) expect a positive financial performance over the next 12 months. Only 19% anticipate a negative one. As for margins, the picture is mixed. Companies are forecasting margin growth over the next year, and this indicator is once again trending higher. Even so, CFOs say rising energy and raw-material prices remain a major challenge (51%). The biggest drag on margins continues to be the strong Swiss franc (68%), followed by personnel costs (58%). Despite the strength of the franc, higher purchase prices (47%) are also weighing on margins.

“Compared with similar situations in the past, Swiss companies are now somewhat better able to pass higher costs on to customers. That may be linked to the fact that higher tariffs and energy prices are widely known and can therefore be passed through more easily,” explains Alexandre Buga, Managing Partner Romandie at Deloitte Switzerland. “Even so, short-term operational efficiency gains and structural adjustments are needed.”

Swiss companies are investing, especially abroad

Heavy wage costs are clearly feeding into staffing plans for the next 12 months. While only a third of CFOs (30%) expect job cuts in Switzerland, 37% say such cuts are likely abroad. In addition, CFOs are generally planning to invest more overseas (39%) than in Switzerland (27%).

AI: efficiency hopes, but substantial IT costs

As CFO responses show, artificial intelligence (AI) will be a major challenge for the Swiss labour market: implementing AI in companies also generates costs – nearly two-thirds of respondents (64%) expect technology and IT spending to rise.

By contrast, almost half (46%) expect payroll costs to fall over the next three years thanks to the use of AI. However, 27% of CFOs anticipate higher other personnel expenses. These costs, for example, are linked to the investments needed in continuing training to equip staff to use AI. Overall, 40% of the CFOs surveyed believe that AI use in their company will lead to lower costs over the next three years, while 12% expect costs to rise instead.

“Investments in AI are essential for Swiss companies, but they are costly. CFOs are banking on significantly higher IT infrastructure costs and expect lower personnel expenses. To remain competitive, they must invest in AI while also counting on efficiency gains. Companies therefore face complex decisions, both strategically and in terms of the evolution of their talent base,” says Alexandre Buga.

The business location is under pressure

The Swiss business location remains under pressure. Chief Economist Michael Grampp explains: “Our survey reveals a paradox: CFOs are indeed more optimistic than a year ago and the Swiss economy remains highly resilient, but structural challenges are being felt very clearly. The economy urgently needs more attractive framework conditions so that companies can access the resources required for their investments while slowing the loss of jobs and investment abroad. Pressure on employment and value creation in Switzerland will intensify if local conditions do not improve, if the administrative relief announced by the Federal Council on 14 May 2025 is not properly implemented, and if existing regulations are not duly enforced.”

About the study

Deloitte’s 51st CFO survey in Switzerland was conducted online from 2 to 25 March 2026. A total of 126 CFOs from key sectors of the economy, working in both listed and unlisted companies, took part. The European CFO survey is carried out in several countries, including Switzerland. The results of the national surveys are aggregated and are expected to be available from May.