安永-2026+首席执行官+CEO+展望报告：如何将+AI+生产力增益转化为持久价值+The+CEO+Imperative+Series

TheCEOImperativeSeries

HowcanCEOsturn

Alproductivitygainsintolastingvalue?

EY-ParthenonCEOOutlookSurvey

October2026

EYParthenon

Shapethefuturewithconfidence

■■

Thebetterthequestion.

Thebettertheanswer.

Thebettertheworldworks.

Contents

Aldealvalue

Executive

summary

Growth

strategies

Productivity

gainseconomics

Executivesummary

CEOsareinvestinginAI,talentandportfoliotransformationtoconvertproductivitygainsintogrowth.

Thefindingsfromthelatest

EY-ParthenonCEOOutlooksurvey

provideevidenceofanemerging

productivityupswing.AlmostallCEOsreportproductivitygains-asdefinedbymoreoutputperemployee-overthepast12months,withnearlyhalfreinvestingtosupportfuturegrowth,innovationandtransformation.Yet

thosegainsdonotalwaystranslate

intoenterpriseperformance.Nearly

aquarterofCEOssayproductivity

gainsareoffsetbytheneedtomanageoperationalcomplexity,regulatory

obligations,riskmanagement

requirementsandincreasingwork

demands,drivenbythechangesthatareboostingproductivityitself.Theproductivitydividendisemerging,

butorganizationsstillfacechallengesconvertingefficiencygainsinto

growth,profitabilityandlong-termvaluecreation.

CEOsarenavigatingamorecomplex

backdropofslowergrowth,geopoliticaldisruptionandtechnologychange.

Yetmanyincreasinglyviewinactionasthegreaterrisk.Ratherthanwaitingforcertainty,theyareinvestingwhilebuildingflexibilityintohowandwhencapitalisdeployed.

Thiscreatesadefiningleadership

challenge:howtoconvertnewlycreatedcapacityintodurablecompetitive

advantage.Thesurveypointstothreecriticalchoices.First,whetherAl-drivenproductivitygainsaretranslated

intooperatingmodelimprovements.Second,howwork,skillsandtalent

areredesignedaroundthatnew

capacity.Third,howportfoliochoices,includingpartnerships,acquisitionsanddivestmentsareusedtobuild

capabilitiesandredeploycapital.

Inbrief

■Alcancreatecapacity,but

CEOsmustdecidewhereto

reinvestit.Withoutoperating

modelchange,gainsrisk

beingabsorbedbycomplexity

andfriction.

■Waitingisincreasinglyseenasriskierthaninvesting,

withCEOspressingahead

despiteeconomic,cyberandtechnologydisruption.

■CEOscombineinnovation,

alliancesanddealstobuild

capabilitiesandreleasecapital,

asgrowthdemandsaccelerate

portfolioreinvention.

Thenextproductivityfrontierisnottechnologyadoptionalone,buthoworganizationsreinvestthecapacityproductivityimprovementscreate.

CEOsareoperatinginanenvironmentinwhichtraditionaleconomicsignalsare

becominglessreliableguidesfordecision-making.Buttheyaresimultaneously

underpressuretodelivergrowthdespiteexternalheadwinds.Andoneavenuetodothisisbyunlockingproductivitywithintheirfirms.

CEOsalsoneedtomakedifficultchoicesaroundinvestment,transformationand

howtopositionforthebestpossiblefuturefortheircompanyinaverydifficultandvolatileenvironment.Growthisslowingandgeopoliticalrisksrising(viaEY.com

US),yetequitymarketsremainelevated,creditisavailableandcapitalcontinuestoflowintoAI.

Oursurveyshowsthatthemostcommonindicatorofproductivity-drivingbusinessvaluethatCEOsdrawistheirabilitytogeneratemoreoutputfromthesametalentandcapitalbase.Theemergingmodelismoreaboutcreatingcapacitythatcan

supportgrowthwithoutaproportionateincreaseinscarceinputs.

Productivityisbeingjudgedbycapacitycreationratherthancostreduction

Higheroutputwithoutincreasingheadcountorcapital

Bettercustomeroutcomesatthesamecost

Greateroperationalresilienceatthesamecost

Moreemployeetimeredirectedtohigher-valuework

Fasterdeliveryorshortercycletimes

Lowercostforthesameoutput

Wehavenotyetidentifiedaclear

waytomeasurebusinessvalue

Whichoutcomeprovides

theclearestevidencethat

productivityimprovementsarecreatingbusinessvalueinyourorganization?

Therespondentswereaskedtoselectoneoptiononly.

Asia-Pacific

31%

12%

16%

17%

14%

9%

1%

Americas

41%

16%

10%

12%

0%

Europe

34%

15%15%

13%

15%

0%

Global

36%

14%

14%

14%

14%

1%

“

Werequireeveryprojecttohaveanamedbusinesssponsor,ratherthan

beingownedbythe

technologyfunction,withaformalreviewafter

90daysandagenuineoptiontostop.Twoofourfirstfiveprojects

werediscontinued.

Thatdisciplineiswhatmakesthereturnsfromtheremainingprojectscredible,anditisthe

stepmanyfirmsskip.

CEO,NorthAmerica,wealthandassetmanagementsector

AIandtechnologywillbeakeypartofthisproductivitystory.ButitwillnotbeAIinisolationthatproducestheboostthatCEOswant.

TherealAIdividendisnotsimplylowercostbutgreaterandbetteroutput.Thenextproductivitydividewillbebetweenorganizationsthatreinvestthecapacitycreated

andthosethatallowittodisappearintocomplexityandfriction.AI-enabledtoolsandprocessredesignformacleartoptierofproductivitydrivers.Thenewtechnologiesproducethestrongestresultswhenembeddedinreimaginedwaysofworking,not

boltedontothesameprocesses.AIreturnsdependasmuchonthefrictionsleadersredesignandremoveasonthenewcapabilitiestheycreate.

AIdeliversthemostvaluewhenpairedwithotherleversoftransformation

Q

Whichfactorshavecontributedmosttoproductivitygainsinyourorganizationoverthepast12months?

Therespondentswereaskedtorankallfactorscontributingtoproductivitygainsintheirorganizationfromgreatesttosmallestcontribution.Percentagesrepresentthetopthreerankingscombined.

Americas

Global

Europe

Asia-Pacific

50%

50%

47%

AdoptionofAI-enabledtoolsandapplications

Businessprocessre-designandsimplification,includingautomationofroutinetasksandworkflows

46%

45%

41%

43%

52%

49%

41%

38%

Costandassetoptimization

33%

33%

37%

41%

Workforcereskilling

30%

31%

31%

29%

Operatingmodeltransformation

29%

29%

29%

27%

Supplychainandsourcingoptimization

EstablishingaValueRealizationOfficetomanage,trackandcaptureefficiencyandproductivitygains

Leadershipandorganizationalculturechange

29%

29%

31%

31%

27%

27%

29%

27%

25%

1%

1%

0%

0%

Wehavenotseenanymaterialproductivitygainsinthepast12months

3|EY-ParthenonCEOOutlookSurvey—October2026

Theproductivityquestionisbecominglessaboutwhetherimprovement

ispossiblethanwhetheritcanbemeasuredwithconfidence.

Asisoftenthecaseduringtechnologicalrevolutions,firm-levelbenefitscan

appearbeforetheyarelargeor

widespreadenoughtomovenational

statistics,andtheinitialgainsmaybeoffsetelsewherebyimplementation

costs,duplicatedworkornewdemands.

Thatleakageisthecentralmanagementchallenge.NearlyhalfofCEOssay

productivitygainsarereinvestedin

growth,innovationortransformation,butclosetoaquartersaythegainsareabsorbedbycomplexity,regulation,riskornewworkdemands.

Mostcompaniescanidentifyataskthatisfaster.Fewercanshowhowthesavedcapacitychangestheeconomicsoftheenterprise.Productivitybecomesvalueonlywhenmanagementmakesaseconddecisionaboutwhethertheyshould

raiseoutput,shortencycletime,improvequality,strengthenresilienceorredirectcapacitytohigher-valuework.

Legacytechnologyisthemostvisible

barrier,butlegacymanagement

canbejustasimportant.Outdated

operatingmodelspreservehandoffsand

controlsdesignedforaslower,more

fragmentedinformationenvironment.

Theycanalsopreventgainsfrombeing

measuredatthelevelthatmatters.

AnAlprogrammaymeetitstechnical

targetwhilefailingtoimproveunitcost,

customeroutcomesorcashconversion

becausetheperformancesystemstops

atadoption.

Productivitygainscreatevaluewhentheyarereinvestedin

growth,butsignificantvalueleakageisaconcernWhattypicallyhappenstotheproductivitygains

yourorganizationachieves?

Therespondentswereaskedtoselectoneoptiononly.

Global

Reinvestedtosupportfuturegrowth,innovationortransformation

Largelyabsorbedbyorganizationalcomplexity,regulation,riskornewworkdemands

Usedtofundworkforcereskilingandcapabilitybuilding

Distributedtoshareholdersthroughimprovedprofitability

Don'tknow

48%

23%

15%

13%

1%

53%

21%

13%

13%

0%

46%

26%

17%

1%

0%

45%

26%

16%

12%

1%

Legacysystemsandorganizationalcomplexityarethebiggestbarrierstoconvertingproductivitygainsintomeasurable

businessvalue

Whichofthefollowingisthebiggestbarriertoconvertingproductivitygainsintomeasurablebusinessvalue?

Therespondentswereaskedtoselectoneoptiononly.

Legacytechnologyandoperatingmodelsareoutdated

Organizationalcomplexity,regulation

orincreasedriskmanagement

Timesavedisnotredeployedtohigher-valuework

Lackofsupportorbuy-infromemployeesormanagement

Thisisnotasignificantissueforourorganization

Don'tknow

GlobalEurope

40%

31%

15%

4%

0%

26%

30%

23%

16%

4%

1%

33%

32%

17%

1

4%

1%

33%

35%

13%

4%

0%

Whatweneedisafunded,multi-yearmodernizationplan,prioritizedaroundtheprocessesthatcandeliverthegreatestvalue.Atthesametime,it'scriticalthatthefundingisprotectedduringamarketdownturn.

Modernizationisoftenthefirstbudgettobecutwhenconditionsweaken,andweenduppayingmorelatertorecoverthelostground.Committingtoitproperlyisaboarddecision,notanITdecision.

CEO,NorthAmerica,advancedmanufacturingsector

|EY-ParthenonCEOOutlookSurvey-October2026

O◎-OO◎

CEOactionagenda

Measure

outcomes,notadoption

Linktimesaved

tooutput,

margin,workingcapital,customerexperienceor

resilience.

Redesignworkflows

Removeredundanthand-offs,

approvalsand

reporting,but

strengthenhumanjudgement,so

productivitygainsflowthroughtheoperatingmodel.

Reinvest

capacity

deliberately

Decideupfront

howgainswillfundgrowth,innovation,workforce

capabilityorshareholderreturns.

6|EY-ParthenonCEOOutlookSurvey-October2026

OrganizationsthatalignAIspending,workforceredesignandskillsdevelopmentwillbebestpositionedtorealizelong-termvalue.

TheeconomicsofAlinbusinessis

becominganenterpriseperformancediscipline,ratherthansimply

atechnologybudgetquestion.

Whatarethecostsandreturnsonthatinvestment?

CEOsarepointingtoagreater

understandingofboth,evenifitisnotfullyclearforthemajority.

TheproductivitydividendwillremainanambitionunlessCEOscanshowthatAlcreatesmorevaluethanitconsumes.Only16%ofCEOshavedetailed,

real-timevisibilityintoAlcostsand

highconfidenceinassessingreturnoninvestment.Afurther56%havereliablevisibilityintomostcostsandreasonableconfidenceinreturns,whileasignificantnumberofCEOsstillfaceimportant

gapsintheirunderstandingofthecostsandreturnsfromAl.

Alcancreatecapacity,butonlyCEOscandecidehowtoredeployit.Withoutchangestotheoperatingmodel,

thebenefitsarelikelytobelostto

complexityandwastefulfriction.As

GregoryDaco,EY-ParthenonChief

Economist,notes"Thepaceofadoptionwilldependnotonlyonwhatthe

technologycando,butwhetherthevaluecreatedbyeachtokenexceeds

itscost."

MostCEOscanestimateAlcostandreturns,butonlyafewhaveacompleteview

Whichstatementbestdescribesyourorganization's

approachtomanagingAl-relatedcostsandROI?

Therespondentswereaskedtoselectoneoptiononly.

Global

Wehavecomprehensive,real-timevisibilityintoAlcostsandcanassessROIwithgreatconfidence

WehavereiablevisibilityintomostAlcostsandcanassessROIwithreasonableconfidence

WecantracksomeAlcosts,butimportantgapslimitourabilitytoassessROI

Wehavelimitedandinconsistent

visibilityintoAlcostsandcannot

assessROIreliably

AlcostsarechangingtoorapidlyandpreventusfromassessingROIwithconfidence

17%14%

59%52%

19%30%

3%3%

2%1%

24%

2%

AmericasAsia-Pacific

17%

16%

Europe

2%

55%

56%

24%

2%

2%

Thatdisciplinerequiresleadersto

capturethefullcostofAI.Modelfees,cloudinfrastructureanddataare

onlythestartingpoint.Integration,

cybersecurity,governance,process

changeandtrainingcanmateriallyaltertheinvestmentcase,ascanrunningnew

andlegacyprocessesinparallel.Returnsshouldbemeasuredinoutput,unitcost,cycletime,quality,revenueorcapital

efficiency.Otherwise,pilotsmaymeettheirtechnicaltargetswhileweakeningtheeconomicsastheyscale.

EY-ParthenonCEOOutlookSurvey-October2026

WillAlchangetheworkbeforeitchangestheworkforce?

Theworkforceimplicationsarepartofthesamecalculation.FourinfiveCEOsbelievethat,overthenextthreeyears,Alwillhaveagreatereffectonroles,skillsandhowworkisorganizedthanonworkforcesize.

AsAltechnologyadvances,therangeofdutiesitistrustedtotakeonindependentlywillexpand.Asaresult,roleswillincreasinglybedefinednotbythetasksassociatedwiththem,butbytheknowledgerequirementsandconstraintsoftheirassociatedcontexts.Insomecontexts,itwillbepossibleforagentstoaccomplishtasksand

moveacrosscontextseasily,allowingfortheunbundlingoftasks,reorganizationofworkflowsandconsolidationofroles.Inothercontexts,theconsolidationofrolesmaybelesslikely,butthebalanceoftasksassociatedwiththoserolesmayshift.Becausecontextualdemandsvaryacrossanorganization,thesechangeswillnot

occurinafixedsequence.Instead,roleredesign,workflowchanges,jobcreationandeliminationmayhappenconcurrentlyandatdifferentrateswithinthesameorganization.UItimately,however,advancesinAltechnologypointtowardarealitywhereorganizationscansustaingrowthwithfeweremployeesthancomparable

growthrequiredinthepast.

Thecrunchquestioniswhetherthewayorganizationsgetworkdonecanadaptat

therateoftechnologicaldevelopmenttorealizethisfuture.AlmosthalfofCEOs

(47%)saytheirorganizationisnotdevelopingskillsquicklyenoughtokeeppacewithAlinnovation,while72%believeskillsshortageswillbecomeagreaterbarrierto

growththanaccesstocapitalwithinthreeyears.Reskillingalreadyranksamongtheleadingcontributorstoproductivitygains,citedby33%ofCEOs.Yetonly15%sayproductivitygainstypicallyfundreskillingandcapabilitybuilding.Akeyriskisthattalentinvestmentfallsbehindtechnologyinvestment.

1.OrganisationforEconomicCo-operation

andDevelopment(OECD),"SkillsintheAlage",July2026.

/en/

publications/skill-in-the-ai-age_972bd15e-

en/full-report.html.

2.InternationalMonetaryFund(IMF),"BridgingSkillGapsfortheFuture:NewJobsCreationintheAlAge",January2026.

https://www.

/-/media/files/publications/sdn/2026/

english/sdnea2026001.pdf.

TheskillsagendaextendsbeyondhiringmoreAlspecialists.Companiesneeddomainexpertswhocanredesignwork,managerswhocanjudgewherehumanoversight

mattersandemployeesabletouseAlcritically.Thisviewisreinforcedbythe

OECD's2026SkillsintheAIAge¹,whichsaysthatAl'seffectwilldependonamixoffoundational,digitalandcomplementaryskills,andbyIMFresearchonnewskills²showingthatworkersneedroutestoacquirenewcapabilitieswhilefirmsneedtheorganizationalcapacitytoabsorbanddeploythem.

ThestrongestresponseistomanageAlasareinvestmentcycle.Establishacommonvaluebaseline,trackfinancialandworkforceoutcomestogether,decidewhere

releasedcapacitywillgoandremovetheprocessesthatwouldotherwiseconsumeit.Wherecriticalcapabilitiescannotbebuiltquicklyenough,CEOsmayneed

partnerships,acquisitionsorotherportfoliochoices.

Peopleneedtounderstandspecificallywhatautomationwillmeanforthem,andwehavenotalwaysbeengoodenoughatexplainingthat.Whenyouannounceautomationtoaworkforceinthisindustry,peopledonothear‘productivity.'Instead,theyhear‘joblosses.'Weneedtobeclearmuchearlieraboutwhichroleswillchangeandhow,andpairthosechangeswithagenuinetrainingpathwayandajobattheendofit.

CEO,Europe,mobilitysector

O—O—◎O-◎

CEOactionagenda

1

MeasurefullAleconomics

Tracktechnology,

data,governance

andworkforcecostsagainstenterprise

outcomes,notpilotactivity.

Redesignworkbeforeresizing

Unbundleroles,removeobsoletetasksanddefinewherehuman

judgmentand

accountability

remainessential.

Fundcapability

fromproductivitygains

Protectlearningtime,reskilldomainexpertsandusehiring,

partnershipsordealstoclosegaps.

Portfoliodecisionsare

helpingCEOsbalance

speed,investment

disciplineand

strategicagilityinan

uncertainenvironment.

CEOsaremovingbeyondthetraditionalchoicebetweenorganicgrowthand

M&A.Theportfolionowincludesa

widerrangeofroutestocapability

andamoreactiveuseofdivestmentstoreleasecapital,capacityand

managementattention.

CEOsremainambitiousaboutgrowth,butareincreasinglyselectiveabouthowtheypursueit.Theycombineproduct,serviceandbusinessmodelinnovationwithalliances,M&Aandjointventures,usingmultipleroutestomovequicklywhileeconomicsandtechnology

continuetoevolve.

Whichofthefollowingwillbeyourorganization'shigheststrategicprioritiesfordrivinggrowthoverthenext12-24months?

Therespondentswerepermittedtoselectuptotworesponses.

Growthagendasareshiftingfromcostmanagementtowardvaluecreation

Organicgrowthlevers

Product,serviceandbusinessmodelinnovation

costoptimization

Operationalefficiencyand

Customerexperienceenhancement

Geographic,channelormarketexpansion

Customerretentionandshareofwallet

Pricingandrevenuemanagement

Customeracquisition

Saleseffectiveness

Global

35%

33%

30%

22%

19%

17%

14%

Americas

37%

36%

33%

21%

18%

18%

13%

Asia-Pacific

33%

31%

26%

20%

21%

17%

15%

Europe

35%

32%

29%

25%

17%

16%

14%

12%

PartnershipsofferafasterroutetocapabilitiesCEOscannot

buildalone

Inorganicgrowthlevers

Global

Americas

Asia-Pacific

Europe

Strategicpartnerships,allancesandjointventures

45%

48%

42%

44%

Licensingandintellectualproperty-ledgrowth

26%

26%

25%

25%

Corporateventuringandminorityinvestments

23%

23%

21%

24%

Portfolioreshapingordivestitures

22%

19%

26%

23%

Rollupsorindustryconsolidation

20%

18%

24%

18%

Thekeyquestionisnolongersimply

whethertobuildorbuy,butwhich

capabilityroutebestbalancesspeed,

control,costandflexibility.Companies

canbuildinternally,acquirecontrol,takeaminorityposition,licenseintellectual

property,formanalliance,createajointventureordivestanactivitythatno

longerearnsitsplaceintheportfolio.

Thestrategicadvantagecomesfrom

choosingthemechanismthatfitsthe

strategy.Ownershipmaybeessential

whereintellectualpropertyorintegrationcreatesenduringadvantage.Partnershipmaybebetterwherespeed,optionality

orsharedinvestmentmattermore.

Thismoremodularapproachalso

changeshowCEOsshouldthinkabouttheexistingbusiness.Morethan

two-thirds(69%)ofrespondentssay

theirgrowthstrategyismorefocusedonstrengtheningthecorethanon

disruptionandtransformation.That

canbeadisciplinedchoice,particularlyinavolatileenvironment,butitcan

alsodisguisealackofconvictionin

thecompany’sabilitytorespondin

suchafast-changingenvironment.Thetestiswhetherinvestmentinthecorestrengthensfuturecompetitiveness

ormerelyextendsthelifeofexistingbusinessmodels.

TheproportionofCEOsplanning

acquisitionsoverthenext12months

hasfallento51%,downfromarecord

62%inMay.Still,aftertherecordsecondquarteringlobalM&A,withUS$1.64t

ofdealsannounced,itwasexpected

that3Q26maynothitsuchheights.

DealactivityinbothJulyandAugust

hasbeenclosertoUS$400b,downfromroughlyUS$600binprecedingmonths,butremainswellabovehistorical

averages.Importantly,acquisitionsare

broad-basedbybothgeographyand

sector,albeitwiththeUSandtechnologywelloutinfront.

CEOsarepursuinggrowththroughabroaderrangeoftransactionstrategies

Q

Doyouexpecttoactivelypursueanyofthefollowingtransactioninitiativesoverthenext12months?

Therespondentswereaskedtoselectmultipleoptions.

GlobalAmericasAsia-PacificEurope

51%

50%

49%

Mergersandacquisitions(M&A)

61%

47%

52%

Divestments(Total)

Strategicsaletoafinancialsponsor

Saleofanoncorebusinessorasset

IPOofasubsidiary

Spin-offtoexistingshareholders

Carve-outorpartialsale

51%

45%

56%

57%

14%

12%

14%

17%

13%

11%

15%

15%

9%

8%

9%

10%

8%

8%

8%

8%

7%

6%

10%

7%

60%

50%

57%

44%

Strategicalliances

Jointventures

60%

47%

4%

4%

3%

5%

Notplanningtopursueanytransactioninitiatives

Dealmakerscontinuetoactevenasactivitymoderates

GlobalM&AActivityRemainsResilientDespiteLowerCEOAcquisitionIntentions

US$mVolume*

US$mVolume*

$700,000——700

PandemicSupercycle

—600

$600,000—

—500

$500,000—

—400

$400,000—

—300

$300,000—

—200

$200,000—

—100

$100,000—

—0

0—

2020202120222023202420252026

Source:EYInsightsandDealogic;*VolumebasedondealsUS$100m+

10|EY-ParthenonCEOOutlookSurvey—October2026

CEOsareconsciousoftheheightenedmacroeconomicvolatilityintoday's

market,with44%citingitasthemainheadwindtheyfaceoverthenext12

months.Itislikelytobeacombinationofacceleratinginflationandsubsequent

policytoraiseinterestratesthatwillholdbackdealmakinginthenear-to-mid-term.

Dvestmentslooksettodrivedeal

marketheadlinesinthecomingmonths,

withmorethanhalfofCEOs(51%)

intendingtodivestapartoftheir

businessinthenext12months,upfrom

42%inMay.

Selling,spinningorcarvingouta

businesscanreleasecapital,reduce

complexityandgiveanassetamore

suitableowner.Butfamiliartensions

remainforthoselookingtodivest.

Sellersaretryingtobalancespeed

andcostwithvaluemaximization

whilealsopreparingfordiligenceand

communicatingtheasset'sgrowth

potential.Thoseobjectivesaredifficult

toreconcileifpreparationbeginsonly

afteradecisiontosell.

Alandadvancedanalyticscanimprovethedivestitureprocessmostwhere

judgmentbegins,notjustwhenfinancialanalysisconcludes.NearlyhalfofCEOs(45%)identifyearlieridentificationand

Alisshiftingdivestituresfromprocessefficiencytowardvaluecreation

Beyondefficiencygains,wheredoyoubelieveadvancedanalyticsorAlhas

Therespondentswereaskedtoselectuptotworesponses.

GlobalEurope

Identifyingandquantifyingsourcesof

valueearlierinthedivestitureprocess

Fasterandbetter-informeddecision-making

Acceleratingdeaexecutionandduediligence

Targetingtherightbuyersandstrengtheningthevaluestoryforeachbidder

Minimizinginternaldisruptionandmanualrework

Reducingdisruptionandcomplexityduringseparation

thegreatestopportunitytotransformyourdivestitureprocess?

35%

33%

25%

21%

34%

34%

26%

21%

24%

45%

45%

39%

18%

38%

37%

43%

44%

41%

29%

23%

26%

41%

47%

31%

quantificationofvalueastheleading

opportunity,andmorethanathird(41%)wantfasterdecision-makinganddeal

execution.Betterevidencecansharpenthevaluestory,improvebuyertargetingandexposeseparationissuesbefore

theynarrowtherangeofoptionsifnot

identifiedearlyenough.Thebroader

lessonforcorporatedealteamsand

theiradvisorsisthatthehighestvaluemaycomefromimprovingthequality

andtimingofdecisions,ratherthanonlyacceleratingdocumentreview.

Weareinvestinginhigher-valuemanufacturingratherthanremainingprimarilyacastingssupplier,and

wearedevelopingproductsforapplicationsbeyondtheautomotivesector.Atthesametime,wearebeingcautiousaboutaddingcapacityforproductswherelong-termdemandisdeclining,regardlessofhowstrongutilizationmaylooktoday.

CEO,SouthAmerica,advancedmanufacturingsector

11|EY-ParthenonCEOOutlookSurvey-October2026

12TEY-ParthenonCEOOutlookSurvey-October2026

O—O—O-◎-O

CEOactionagenda

Choosethe

capabilityroute

Comparebuild,

buy,partner,

licenseorinvest

againstspeed,

control,capitalandintegrationrisk.

Stay

divestment-ready

Maintainclean,

standalone

financials,up-to-dateseparation

plansanda

currentequity

storyforassets

whosestrategicfit

maychange.

Puttalentin

thedealthesis

ldentifythe

people,incentivesandconditions

neededtoretain

andspread

acquiredcapability.Alismovinginto

thetransactionengine.

13|EY-ParthenonCEOOutlookSurvey-October2026

WhereAlcreatesimpactwilldeterminehowmuchvalueitaddstodeals

OrganizationsareembeddingAIacrosstransactionstoimproveanalysis,accelerateexecutionandstrengthendecision-making.

Thesameconsiderationsthat

determinehowAl-generatedcapacitybecomesenterprisevaluealsoapplytotransactions.CEOsneedtounderstandhowAIcanacceleratedealprocessesandimprovethequalityofcapital

allocationdecisions.

Alinbusinessisincreasinglybeing

appliedacrossthedeallifecycle,butfragmentedexperimentationwillnotdeliversustainedvalue.Thenext

challengeistoembeditinrepeatable,governedworkflowstiedtodeal

outcomes.TheAlmeasurement

gapisparticularlyconsequential

intransactions.MostCEOsreport

reasonablevisibilityintocostsand

returns,butfewhavecomprehensive,real-timeinsight.Thatmaysustain

experimentationbutnotfullyenablestrategicdecisionsonwhattoscale,whattostoporwheretocommit

furthercapital.

TransactionAlismovingfromexperimenttoembeddeddiscipline

WhichstatementbestdescribeshowyourorganizationcurrentlyusesAl-poweredtechnologytosupporttransactionevaluation,including

acquisitions,divestments,jointventuresorstrategicinvestments?

Theres