Portfolio Company CEO survey
Delivering outcomes in disruptive times
Overview
We asked the CEOs of our Infrastructure, Energy Transition, Private Equity, Agriculture and Real Estate portfolio companies for their direct perspectives on the current operating environment, the challenges and opportunities it presents, and the outlook for their businesses.
Drawing on the views of 124 leaders of businesses across 26 countries and nine sectors that represent more than $US200 billion of combined assets under management, fewer sources of insights are richer.
We’ve provided a short summary of our findings below. We hope they also offer you some valuable perspectives.
Key findings
The results of our 2026 survey paint a picture of a portfolio that is operating in an increasingly volatile external environment. Where CEOs were previously primarily focused on operational challenges, their top concerns have shifted decisively outward towards inflation, macroeconomic and geopolitical volatility, and energy costs. Yet against that backdrop, the overall mood is one of resilience and forward intent.
Our businesses are actively positioning for long-term value creation, earnings expectations remain solid and capital investment continues. Most striking is the sharp acceleration in AI and technology investment reflecting a broad conviction that a structural AI investment cycle is now underway. Importantly, a significant number of companies are already capturing tangible benefits from technology investments.
These findings, and the broader insights from each of our CEOs, actively inform how we work, feeding into the conversations we have with CEOs and their teams, sharpening our view of risks and opportunities across our portfolio, and deepening the perspectives we bring to our clients.
74 %
of our CEOs are optimistic about their three-year growth outlook. Despite the geopolitical backdrop, confidence across the portfolio remains steady.
5
top concerns are macroeconomic, led by inflationary pressures, macroeconomic volatility, and energy prices.
65 %
report some degree of negative impact from the conflict but, for the majority, the impact is modest. Higher energy prices are cited as the biggest driver.
85 %
are planning to increase spending on AI and technology in the next three years. AI is now the top area for capability building, with 56% of CEOs building out dedicated AI expertise.
83 %
expect their EBITDA to be stable or growing over the next 12 months. Primary drivers are organic demand growth, capacity expansion, and contracted revenue streams.
79 %
expect capex to increase or remain the same over the next three years. More than half of CEOs ranked growth capex as their top priority, alongside maintenance and asset renewal.
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