Swedish chief financial officers are entering the final months of 2025 with a sense of cautious optimism. According to the autumn edition of the Deloitte/SEB CFO Survey, the financial outlook remains uncertain, yet confidence in Sweden’s domestic recovery is gradually strengthening.
The survey shows that most CFOs still describe the business climate as “average” and uncertainty as persistently high, driven by global trade tensions and geopolitics. However, improved trade clarity and stabilising interest rate policies have eased some of the pressure. In Sweden, expectations are focused on a consumption-led rebound supported by the Riksbank’s rate cuts and an expansionary fiscal stance. “CFOs view the landscape as more stable than in the spring, though the risks remain. A revival in household demand will be key to growth,” says Marcus Widén, economist at SEB.
A majority of respondents plan to allocate surplus liquidity to investments in Sweden rather than abroad, a clear signal of risk awareness and confidence in the domestic market. Foreign investment appetite has fallen close to historic lows. Mergers and acquisitions are expected to remain stable with larger firms showing slightly higher optimism. Revenues and operating margins are expected to rise modestly, particularly among small and mid-sized companies, while employment levels are expected to stay largely unchanged.
Organic growth, cost efficiency and tighter operational control continue to dominate corporate priorities. Forty-two percent of CFOs point to margin pressure and weakening domestic demand as the main risks ahead. Despite the cautious tone, investment in sustainability remains strong. Nearly seventy percent of companies report unchanged climate-related investments, and one in four have increased them. “Sustainability has become part of the business model, not a side project,” notes Erik Edeen, partner at Deloitte.
EU climate and digital regulations are not yet seen as a major drag on competitiveness. Most CFOs describe the impact as neutral, though roughly one fifth believe such rules may bring short-term costs but long-term advantages. Investments in artificial intelligence and automation are increasing across sectors, particularly in data analytics, operational efficiency and customer interaction.
Overall, the survey suggests that Swedish companies are adapting to uncertainty rather than waiting for it to fade. Financial leaders appear to have shifted from crisis management to disciplined, strategic growth — a sign that resilience is now embedded in corporate planning.
Source: Deloitte / SEB CFO Survey, Autumn 2025
