This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Chief executives of Polish companies express greater confidence in economic growth than their international peers, according to the latest report by PwC. At the same time, their caution toward macroeconomic risks and geopolitical tensions is increasing. We examine how these sentiments translate into decisions on investment, AI, and acquisitions – and what is guiding leaders’ choices today.
It is set to be a good year for Polish companies. Their CEOs expect growth in both Polish and global GDP, and most leaders of Polish firms are confident their companies will increase revenues over the next 12 months. This optimism – far more pronounced than among foreign CEOs – is evident in the results of the 29th edition of PwC’s CEO Survey, Leadership in times of uncertainty and the age of AI.
PwC experts surveyed nearly 4,500 business leaders of various company sizes worldwide about the mindset with which they are entering 2026. The study included 38 executives at the helm of Polish companies. At XYZ, we juxtapose PwC’s quantitative findings with insights on prospects and plans for 2026 shared with us by CEOs and managers from several different industries.
2026 will be our year. What comes next?
As many as 82% of respondents to the PwC survey who manage companies in Poland expect Poland’s GDP to grow over the next 12 months. This is slightly below the figure recorded in the previous edition of the study (85%). When it comes to the global economy, Polish CEOs are somewhat less bullish. A global GDP growth trend is expected by 63% of respondents. Executives in other countries assess the outlook in a similar way: globally, 61% of CEOs anticipate an expansion in world GDP.
Interactive chart Polish CEOs are more optimistic than their counterparts abroad about the outlook for their own businesses. Fully 58% of respondents to the Polish edition of the survey are confident their companies’ revenues will grow next year. That is well above the global average of 31% and represents the highest share of positive responses in at least four years.
Taking off the rose-colored glasses
But, as the authors of the study note, this optimism fades over a longer horizon. Only 34% of executives running companies in Poland expect revenue growth over the next three years. Globally, nearly half of respondents (49%) anticipate growth over that period.
Interactive chart According to analysts at PwC, the contrast between Polish executives and the global average primarily reflects how firmly Polish CEOs are anchored in the current status quo.
“Polish leaders have lived through the outbreak of the war in Ukraine, high inflation, and elevated interest rates. Today, they are benefiting from new sources of investment funding, including improved access to EU funds. When we look for the reasons behind their strongly optimistic – yet short-term – view of economic growth, we see them in expectations of rising private consumption and increasing public investment,” the authors of the study note.
In their view, the survey results align with macroeconomic data and forecasts. When it comes to Poland’s GDP growth, the International Monetary Fund forecasts growth of 3.5% in 2026, PwC points out. That would mean slightly faster growth than the global economy as a whole (3.3%). At the same time, the outlook for 2027 is less upbeat, with the IMF expecting Poland’s growth to slow to 2.7%.
Optimists among CEOs
The macroeconomic environment as one of the key factors shaping the outlook for 2026 is also highlighted, in an interview with XYZ, by Marcin Nedwidek, CEO of UNIQA in Poland.
“2026 should see a continuation of favorable conditions for the Polish economy, as seems to be confirmed by data from the final quarter of 2025 – both in terms of GDP growth and inflation levels. Persistently supportive macroeconomic conditions encourage business activity, but the main engine of growth should be infrastructure investments carried out under the National Recovery Plan (KPO). These are also highly relevant for the insurance sector. Projects of this kind require insurance coverage that protects against financial consequences, safeguarding the interests of both contracting authorities and contractors,” says Marcin Nedwidek.
As he notes, however, the insurance industry is entering 2026 with caution. Intensifying price competition – particularly in the motor insurance segment – persistently high claims-handling costs, and weather conditions may make it difficult to maintain results at their current level.
Cautious visions
A similar note of cautious optimism is struck by Jacek Opala, CEO of Exact x Forestall (formerly Exact Systems), a firm specializing in quality control for automotive factories. In his view, 2026 should prove a decent year overall for the Polish economy.
“Despite the global tensions around us, Poland’s stability and the growing resilience of companies are clearly visible. The country continues to benefit from the relocation of parts of manufacturing to the region and from its operational advantages. At the same time, in my view, this will not be a risk-free year. Energy costs, regulatory uncertainty in Europe, and weaker conditions among trading partners may limit the pace of growth,” says Jacek Opala.
For the company itself, 2026 should be a year of building results on the back of work done in recent quarters.
“We are assuming scenarios with varying order volumes. We are present in 12 markets – both those where production is shifting, such as Romania, and those where the automotive sector is slowing, such as Germany. In both environments, clients are paying closer attention to costs and supply continuity, and we have to adapt quickly. Pressure from China is also becoming an increasingly important factor. The outlook for the industry is more demanding today than it was a few years ago, with shorter product life cycles, more technologies, and less tolerance for errors. While there are signs of stabilization in the European automotive sector, we are treating them with caution. That is why we are diversifying our activities, including into defense, logistics, and retail, to reduce exposure to fluctuations in any single segment,” adds the CEO of Exact x Forestall.
High hopes, serious concerns
The authors of the PwC report also emphasize that optimism among Polish CEOs does not mean the absence of concerns or real challenges. They note that, compared with last year, the share of Polish executives worried about macroeconomic uncertainty and political conflicts has risen markedly. These risk concerns are more prevalent in Poland than in other countries. Compared with 2025, worries about inflation, access to key talent, and – albeit to a lesser extent – digital threats have diminished. In 2026, tariffs are also emerging as a source of anxiety. One in five respondents point to this issue both in Poland and globally (21% and 20%, respectively).
It is precisely the macroeconomic and geopolitical environment as risk factors that Mikołaj Konopka, CEO of Dom Development, a real estate developer, highlights when discussing the outlook for the company he leads and for the development sector as a whole.
“2026 has the potential to be a period of stabilization and moderate growth for the Polish economy and for our industry. The macroeconomic fundamentals remain solid: GDP growth is expected, inflation has slowed significantly, and a further decline in interest rates – following the easing cycle in 2025 – should translate into improved creditworthiness for customers. Lower rates provide tangible support for the mortgage market and, more broadly, for consumption and private investment. The challenge remains the volatility of the regulatory environment and the risk of external factors – geopolitical or macroeconomic. Still, if no unforeseen events occur, we assess the outlook as positive,” says the CEO of Dom Development.
For the company itself, Mikołaj Konopka expects a continuation of the growth trends seen in 2025 – a record year for Dom Development both in terms of sales and the number of units delivered.
Interactive chart Questions about the future
PwC also examined which forward-looking questions most often occupy the minds of Polish business leaders. The largest share of respondents – 41% – worry whether the pace of change within their companies is sufficient to keep up with technological development. A further 38% of CEOs are concerned about long-term competitiveness, the impact of geopolitical events on their businesses, and how to strike the right balance between competitive employee pay and efforts to rein in labor costs.
Expert's perspective
Polish business still gives too little thought to demographic challenges
Domestic firms appear to believe that talent and key skills are readily available in the labor market, even as data increasingly point to the opposite reality. Globally, awareness of this risk is far higher: 22% of surveyed CEOs express concerns about access to critical talent, compared with just 8% among Polish respondents. Companies should seriously reconsider the scale of their investment in employee skills to avoid long-term stagnation.
Questions about the threat from new market entrants, constrained resources, or sustaining growth in the face of potentially overly restrictive regulations have moved further down the agenda. Each of these issues is cited by 8% of respondents.
“Trade tensions, a volatile macroeconomic environment, and a rising number of cyberattacks have become the new normal for Polish CEOs in recent years. The pressure from these factors remains significant, but it does appear to be gradually easing. Looking at macroeconomic indicators, everything suggests that the coming year will be highly favorable for Polish business – whether thanks to low interest rates, inflation being brought under control, or the inflow of capital from the National Recovery Plan (KPO). This is clearly good news for companies planning new investments and further transformations. The question of how to translate this impulse into long-term growth, however, still seems to weigh on Polish CEOs,” comments Mariusz Dziurdzia, Partner at PwC Polska and Management Board Member responsible for Clients and Markets.
Investing in AI: Polish CEOs say “Let’s see”
When asked about the factors constraining business activity in Poland, surveyed CEOs most often pointed to limited access to capital for new investments. This challenge was cited by 39% of respondents. But the obstacles are also internal. More than one-third of executives say their companies’ non-optimal organizational structures are holding them back. For 29%, unnecessary bureaucratic processes are a barrier, while nearly one in four point to excessive internal procedures.
Interactive chart A further 24% of CEOs identify the challenge of attracting and retaining specialists. Technological constraints were cited by the fewest respondents – 16%. According to the authors of the PwC report, this relatively low level of concern likely reflects the ambitious plans Polish companies have for technological development. For example, more than half of respondents (53%) say that over the next three years their top priority in mitigating risks to their business will be improving cybersecurity.
AI has already made an impact
When it comes to artificial intelligence, nearly one in four Polish respondents (23%) report that the technology has already contributed to increased revenues in their companies. Even more (42%) say AI has helped reduce costs. The contrast with global trends is striking. While a similar share of international CEOs report revenue growth thanks to AI (30%), far fewer cite cost reductions (26%). Conversely, 22% of global executives say AI has led to higher costs in their firms – compared with just 6% in Poland.
“Polish business leaders appear to treat AI as a tool, whereas globally it is seen as a means to fundamentally transform how companies operate,” note the authors of the PwC report.
CEO's perspective
Companies want assurance that investments will pay off
For our sector – language education – technological transformation is key. The emergence of AI is already reshaping how companies operate, both our clients and ourselves. In language education, artificial intelligence allows us to increase employee engagement and accelerate outcomes. In our case, AI has become an integral part of both our product and internal processes, not just a marketing add-on.”
The financial sector leads in AI adoption
Jakub Borowiec, Partner at PwC Polska and leader of the Analytics & AI team, points out that in Polish financial institutions and banks, AI adoption is no longer an experiment. This view is echoed by Adam Marciniak, CEO of VeloBank.
“A bank that does not invest in AI is like a football team that keeps defending its own goal: it might maintain a ‘clean sheet,’ but it has no chance of winning. Chatbots like our Vela, natural voices on the line instead of ‘robots,’ accelerated processes, knowledge encyclopedias for employees, or copilot-style tools – these are already part of our everyday operations, powered by generative AI. At the same time, artificial intelligence cannot be treated as a magic ‘growth button.’ Technology will not replace managerial decision-making or responsibility for executing strategy. We define the direction and take responsibility for the results,” says Adam Marciniak.
Years of transformation experience pay off
Janusz Mieloszyk, First Vice-President of Nest Bank, believes that for the banking sector, the adoption of AI represents a shift on a scale comparable to the transition from branch banking to mobile banking – only happening even faster. At the same time, he notes, the era when firms could merely claim to be using AI is coming to an end.
“The stage of execution is beginning. We are moving from tools that primarily answer questions to solutions that actually perform tasks, support decision-making, and reduce processing times. It is a shift from experimentation to the operating model of the bank. The greatest potential of AI will not be revealed solely in the back office. It will be seen in the quality of client relationships: in simpler, faster, and more context-aware interactions that reduce the number of steps, lower process friction, and improve the accuracy of financial decisions,” says Janusz Mieloszyk.
AI in some sectors is still waiting for its moment
On the other hand, there are companies and entire industries that are adopting artificial intelligence on a much smaller scale – at least for now. “The scale of AI investment in Poland remains significantly lower than in other, more mature markets,” says Jakub Borowiec, PwC AI specialist.
The residential market, for example, is still at an early stage of AI adoption, according to Mikołaj Konopka of Dom Development. In his view, AI is not yet a game-changer for the sector as a whole, but over the medium term it could become an important source of competitive advantage, particularly for larger, well-prepared organizations.
“We are focusing primarily on process automation – especially in accounting and finance – and on building systems to collect and analyze large operational data sets. This is a preparatory approach. We are creating an information infrastructure that will allow us in the future to implement dedicated AI solutions more quickly and efficiently – both for demand analysis, optimization of investment processes, and support for sales and marketing activities,” says the CEO of Dom Development.
The potential for broader use of AI in organizational processes is currently being assessed by Polmlek, according to Adam Grabowski and Szymon Borucki. The sons of the group’s founders – the largest private dairy company in Poland and one of the country’s biggest agribusiness firms – are expected to take over leadership eventually. For now, they serve as Vice-President and CEO of Polmlek Trading, respectively. They note that AI adoption is being considered particularly in areas where repetitive tasks can be eliminated and operational efficiency increased. This includes trade planning, demand forecasting, logistics management, and supply chain optimization. At present, AI is already being used to support quality control, optimize production parameters, and analyze operational data in real time.
Artificial Intelligence will take some jobs
Almost half of Polish CEOs (49%) expect that the use of AI in their companies will reduce the number of employees in junior roles. Globally, 51% of CEOs anticipate the same. When it comes to specialist positions, most respondents expect little change – 59% of Polish CEOs and 44% worldwide. At the director level, Polish and international CEOs are aligned: AI is not expected to reduce employment, and nearly one in five respondents even foresee an increase.
“The goal is not to replace employees’ skills, but to support their work through better use of data and automation of routine operations,” say Adam Grabowski and Szymon Borucki.
In their view, modern technologies today are not merely an additional advantage for a company – they are a condition for maintaining competitiveness, especially in industries where the global market environment is demanding.
In uncertain times, leaders prefer growth planning over survival mode
The successors of Polmlek note that 2025 was one of the most demanding periods in recent European dairy history.
“The beginning of 2026 does not yet bring a clear breakthrough, so we expect gradual stabilization rather than a sharp economic rebound. The market environment today is far more challenging than a few years ago. High energy and labor costs, pricing pressure from retail chains, and growing competition from outside the EU have all constrained margins in many segments. The European dairy market is undergoing deep transformation, and consolidation has become less a choice than a necessity,” say the future leaders of the Polmlek Group.
The group’s response to these challenges has been investment. The company launched the largest investment program in its history, worth PLN 1.5 billion (EUR 320 million), covering modernization of machinery, automation and robotics of processes, expansion of logistics centers, development of highly specialized products, and energy transformation of its facilities.
“The outlook is demanding, but for companies with capital, technology, and adaptability, it also presents an opportunity to strengthen competitive positioning. In times of crisis, the winner is not the one who only cuts costs, but the one who consistently invests in the future – technological, product, and relational,” note Szymon Borucki and Adam Grabowski.
This approach – investing and expanding operations rather than switching into ‘survival mode’ – is shared by other executives we spoke with.
A demanding future
“The market will become increasingly competitive – new players are entering, and pressure to innovate is rising. At VeloBank, we respond with an active M&A strategy and consistent development of key areas, most recently: mutual funds, brokerage, private banking, and offerings for smaller businesses, including leasing. Everyone assumes the market will grow because the fundamentals are solid – Poland’s economy is expanding at a pace dizzying by European standards, which creates room for ambitious growth and scale,” says Adam Marciniak, CEO of VeloBank.
“2026 could be a good year for the Polish economy, but it will be more challenging than recent years. Growth engines will still be active – such as a relatively strong labor market and investments supported by the National Recovery Plan (KPO). At the same time, companies – especially banks – will face higher regulatory costs, greater fiscal pressure, and increased geopolitical volatility. Under margin pressure, success will hinge on operational efficiency, cost discipline, quality of risk management, and selective capital allocation. The outlook is no less optimistic than a few years ago, but it is more realistic and demanding. In practice, 2026 will be a year for leaders who can combine technological ambition with responsible capital and cost management,” notes Janusz Mieloszyk, First Vice-President of Nest Bank.
Marcin Nedwidek, CEO of UNIQA, also emphasizes that despite conditions that may not favor the insurance sector, his company plans to continue growing.
“Data from the first three quarters of 2025 show that UNIQA is the second-fastest-growing insurance group in Poland, outpacing the market by a factor of two. In 2026, we aim to continue growing faster than the market, which will require even greater focus on key developmental investments,” says Marcin Nedwidek.
Change is necessary
The industry is undergoing rapid transformation.
“To remain competitive, we need technology that genuinely supports our business processes. One of these is artificial intelligence, which we are implementing across all key areas: from underwriting and risk analysis to claims handling and customer service. We are developing both new projects and existing initiatives. But we are also investing in ways of working and agile methodology. We must act nimbly, shorten decision-making paths, operate cross-functionally within the organization, and take bold yet rational actions,” says Marcin Nedwidek.
For Jacek Opala of Exact x Forestall, adaptation to the environment – particularly through effective use of new technologies such as AI – is crucial in the current context.
“Operational flexibility is more important today than ever. AI is already reshaping how our company operates. We have long been using it on the xExtranet client portal for data analysis and interpretation, in audits, and in personnel allocation systems. We treat it as a tool to relieve employees of repetitive tasks and accelerate decision-making,” says Jacek Opala.
How to scale up? Polish businesses eye acquisitions, new products, and expansion
The PwC survey shows that Polish CEOs are currently more willing than their international peers to pursue acquisitions as a form of investment. Some 61% of executives in Poland expect to complete at least one acquisition worth more than 10% of their company’s current value over the next three years – significantly above the global average of 47%.
Interactive chart Polish firms also more frequently derive a substantial portion of their revenues from new services or products launched in the past three years. One in five surveyed companies attribute more than half of their revenues to such products. In the global survey, the proportion of companies reporting this was less than half. Overall, more than half of CEOs worldwide indicated that new products account for up to 20% of their company’s revenues. In Poland, fewer than one-third of executives (29%) reported the same.
Interactive chart Who will grow – and who won’t
CEOs were also asked which sectors they plan to expand into over the next three years, assuming they intend to enter new business areas. In Poland, 13% of respondents cited the defense industry, energy, and retail. Another 11% said their companies plan to expand into technology, wealth and asset management, and consumer goods and services.
“The coming year will be a time of innovation and change, both in terms of global collaboration and trade rules, and in the technological transformation of Polish companies. Our survey clearly shows that this area will be a priority for both Polish and global business,” summarizes Michał Mastalerz, CEO and Managing Partner of PwC Polska.
“The key question is not whether to transform, but how to transform safely and responsibly. This requires market expertise, system modernization, and continued investment. Our investment capacity is central to all of this. Thanks to it, and to new technologies, we have a unique opportunity next year to join the ranks of Europe’s new economy leaders – and, through that, secure a lasting presence in the G20,” concludes Michał Mastalerz.
Good to know
How the report was compiled
The survey for the 29th edition of the PwC CEO Survey was conducted by PwC Research among CEOs of small, medium, and large enterprises in 95 countries and territories, between September 30 and November 10, 2025. Global and regional data in the report are weighted in proportion to the nominal GDP of each country, ensuring broad representativeness across all major regions. Industry- and country-level data are based on the unweighted full sample of 4,454 CEOs. The Polish sample comprised 38 CEOs.
Key Takeaways
- Polish companies recognize the potential of AI, but they need assurance that investments in this technology will translate into measurable business results. This is one area where CEOs in Poland see the need for development. However, they do not expect AI to replace specialists or decision-makers.
- Polish company CEOs are more optimistic than their international counterparts about revenue growth in 2026. Over a three-year horizon, the trend reverses, with more foreign CEOs expressing confidence in revenue growth – according to the latest edition of the PwC CEO Survey. These results likely reflect factors such as the macroeconomic environment and the expected scale of investment spending under the National Recovery Plan (KPO).
- Leaders of Polish businesses see 2026 as a potential opportunity, but companies will need a rational approach and readiness to invest. At the same time, access to capital remains the biggest barrier for Polish firms, according to the PwC survey.