Despite economic volatility and geopolitical noise, CFOs in Central Europe are gearing up for measured growth, but they’re doing it with eyes wide open. The 2025 Deloitte Central Europe CFO Survey offers one of the clearest windows into how 650+ CFOs across 14 countries are thinking right now. If you want a shortcut into their minds, this one’s for you.

Let’s dive into five numbers that matter and what they mean for your next move.

2.9% Inflation Expectations Drop, but CFOs Don’t Trust It Yet

CFOs in Central Europe expect inflation in 2025 to fall to 2.9%, down from 6.1% in 2024. That’s a big shift. In the Eurozone, inflation is forecasted slightly lower at 2.4%–2.8%, depending on the country. But here’s the twist: CFOs consistently expect inflation to be higher than macroeconomists do, by about 0.5 percentage points. Why? A mix of scar tissue from the inflation spike and a general distrust in central bank targets. Expectation is emotional, not just economic.

73% – Risk Aversion Rules the Boardroom

The net sentiment for taking on more balance sheet risk sits deep in the red at -73%. Three out of four CFOs believe now is not the time to take bigger risks. Risk appetite is lowest in the Eurozone countries, especially Estonia, where 100% of CFOs said “No” to more risk. Financial Services is the only sector where a third are open to more risk, showing a unique appetite not shared by others.

64% of CFOs Are Gaining Power on the Board

Over the past five years, 64% of CFOs say their influence on the board has increased, 22% of them significantly. This shift is especially strong in Poland and among large corporations. What’s behind the rise? CFOs are owning risk management (up by 63%), leading digital transformation (57%), and increasingly involved in ESG and strategy. The finance seat is no longer just about control—it’s about command.

34% CFO Optimism is Cautious and Divided

Only 34% of CFOs say they feel more optimistic about their company’s financial future compared to six months ago. That’s slightly down from 36% last year, but what matters more is who’s optimistic. Life Sciences and Financial Services are the most confident sectors. Public Sector and Manufacturing? Not so much, both reports rising pessimism. The sentiment varies sharply by region, too: Bulgaria and Poland lean positive, Romania and the Baltic states are more worried.

30% – Cost Cutting Is the #1 Priority (Again)

When CFOs were asked about 2025 priorities, 30% ranked cost reduction as their top strategy, by far the most common response. Organic growth (22%) and expanding in existing markets (10%) were next. ESG reporting came dead last. Despite new EU regulations, only 1% said ESG was a top priority. Translation: CFOs are focused on fundamentals. Growth, yes, but not at the cost of lean execution.

Bonus Stat: 83% of CFOs Now Track Geopolitics, But Only 22% Have a Plan

With risks from ransomware, Russia, and trade tensions high on the radar, 83% of CFOs say they follow geopolitical trends, but only 22% have contingency plans. Most still manage it reactively, saying they’ll “deal with it when it hits.” That leaves a wide vulnerability gap, especially with 95% admitting that geopolitics impacts their strategic goals.

So, CFO, Are You Planning for What’s Probable, or Preparing for What’s Possible?

What will you bet on if inflation calms, risk lingers, and capital opens up again? In a region where optimism is measured and risk-taking is restrained, those who win are likely to manage the now while anticipating the next.

So, what’s your next intelligent risk?