Deloitte: Romanian companies face a challenging 2025 with focus on risk and cost management

Romanian companies are preparing for a challenging 2025, characterized by cautious optimism and a strong focus on managing risks and costs, according to the Deloitte CFO Survey Romania 2025. Conducted at the end of last year among approximately 130 CFOs, the survey reveals that while the majority, 58%, expect revenue growth, this figure has been steadily declining from 73% in 2021. These expectations reflect similar sentiments across Central Europe.

The study highlights a more conservative approach to capital expenditures compared to the previous year. The percentage of CFOs anticipating an increase in CAPEX has dropped from 46% to 34%, while those expecting a decrease have risen sharply from 19% to 33%, indicating a cautious investment climate.

In terms of employment, only 26% of Romanian financial executives predict an increase in staff, a significant decline from 37% last year. At the same time, the share of those expecting workforce reductions has grown from 18% to 28%, reflecting a more restrained outlook on hiring.

Risk appetite has also diminished, with 87% of respondents believing that 2025 is not the right time to take on greater risks, a perspective consistent with trends seen across Central Europe. Romanian companies cite several key challenges, including economic uncertainty, which is expected to impact both domestic and external demand. About 44% of respondents foresee a decline in local demand, while 33% anticipate a drop in external demand. Additional concerns include increasing regulatory pressures, labor shortages, and geopolitical risks, with the ongoing conflict in Ukraine mentioned as a major concern by 47% of respondents.

Despite the projected decline in inflation to 5.4%, down from 11.2% two years ago, Romanian financial executives maintain a more cautious outlook compared to the forecasts of the National Bank of Romania and the National Institute of Statistics. For the eurozone, CFOs estimate an inflation rate of 3.1% over the next year, a more reserved outlook than that of national and international financial institutions.

In this context, cost management has emerged as the top priority for Romanian companies, with 37% of respondents emphasizing its importance. Other strategic areas of focus for 2025 include organic growth, expansion within existing markets, and the introduction of new products and services.

The survey also highlights concerns regarding potential tax increases and rising funding costs, driven by ongoing economic and political uncertainties. According to Zeno Capariu, Audit Partner and CFO Program Coordinator at Deloitte Romania, these factors explain the cautious investment stance and underscore the need for political stability and legislative predictability to support a thriving business environment.

The Deloitte CFO Survey Romania 2025 was conducted between September and October 2024, gathering insights from Romanian CFOs and comparing them with data from over 650 CFOs across 14 Central European countries, including Poland, Hungary, Czech Republic, and Slovakia.

Source: Deloitte Romania