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      The confidence of CEOs in Germany regarding their companies' growth prospects has declined in 2025. This continues a downward trend from previous years – and the figures are also worse in international comparison. At the same time, despite the polycrisis, there is a lot of momentum in companies in view of landmark decisions, which is cause for optimism. This is according to the KPMG CEO Outlook 2025, for which a total of 1,350 executives worldwide were surveyed, including 125 CEOs in Germany. 

      Investments in AI and acquisitions take centre stage

      Economic, geopolitical and technological transformation processes are currently leading to noticeable strategic adjustments in German boardrooms. For example, investments in artificial intelligence and potential acquisitions are increasingly becoming the focus of attention. The evaluation and classification of the survey results in the KPMG CEO Outlook paint a complex picture of the situation in disruptive times and provide valuable practical insights.

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      KPMG CEO Outlook 2025

      Survey on market sentiment, growth forecasts and investment focus: How German CEOs are strategically changing course.

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      Six key findings at a glance

      • Company growth: Optimism declines

        72 per cent of CEOs in Germany expect their companies to grow (international: 79 per cent). In 2024, the figure was 77 per cent, in 2023 80 per cent and in 2022 90 per cent. 

      • Influencing factors: cybercrime, costs, AI

        77 per cent say that cybersecurity in particular will (significantly) impact business prosperity over the next three years. This is followed by cost increases and AI integration. Notably, protectionism risks are becoming significantly more relevant.

      • Strategy: Takeovers are becoming more likely

        82 per cent of German companies have already changed their growth strategy due to the polycrisis. 58 per cent anticipate takeovers that will have a significant impact on their company – an increase of 18 percentage points compared to the previous year.

      • Workforce: More jobs planned

        86 per cent want to create additional jobs by 2028, with 40 per cent of them even planning to increase their workforce by more than five per cent. 73 per cent are also redefining roles and career paths in response to AI.

      • Investments: AI is a priority

        68 per cent of CEOs in Germany continue to cite AI as their top investment priority, even in economically challenging times. Despite the gloomy economic outlook, 80 per cent want to allocate at least 10 per cent of their budget to this area in the short term. 

      • AI: Expectations and hurdles

        Measurable success in the short term – higher profitability, optimised data analysis – is the most important aspect of AI use for CEOs in Germany. The biggest challenges are perceived to be a lack of regulation and ethical issues. 

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      CEOs are taking consistent action to limit risks and increase resilience

      The survey results show that the tasks are complex – and that the mood is gloomy. However, the KPMG CEO Outlook 2025 also makes it clear that CEOs in Germany are taking a proactive approach in this volatile environment, whether in the ESG transformation that is becoming increasingly embedded in corporate practice, in the holistic integration of AI and the transformation of business models, or in the evaluation of acquisitions. It is evident that companies are taking consistent action to limit risks and increase resilience – a positive finding. 

      The KPMG CEO Outlook shows that many companies are focusing on what will enable growth in the future: technology and new skills. Digitalisation is the key prerequisite for better performance. Artificial intelligence is now firmly established in the corporate world as the most important investment target and productivity driver. The majority of CEOs expect a return on investment within three years. This sends a clear signal: those who invest now expect to see results – and quickly.
      Mattias Schmelzer
      Mattias Schmelzer

      Chairman of the Managing Board, CEO

      KPMG AG Wirtschaftsprüfungsgesellschaft

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      Mattias Schmelzer
      Mattias Schmelzer

      Chairman of the Managing Board, CEO

      KPMG AG Wirtschaftsprüfungsgesellschaft