Mid-market businesses prioritise agility and investment as uncertainty persists, Azets Barometer reveals
Survey of 1,700+ business leaders shows cautious confidence, with a growing divide between those acting and those holding back
Mid-market businesses across Northern Europe are maintaining cautious confidence in the face of continued geopolitical and economic uncertainty, while increasingly focusing on investment, agility and growth, according to the latest Azets Barometer.
The Q1 2026 findings, based on a survey of 1,768 senior business leaders across the UK, Ireland and the Nordics, show that 75% of businesses are optimistic about the economic outlook, while 81% report strong financial performance.
However, the data points to a more nuanced picture beneath the headline figures. While many businesses are moving forward with investment and expansion plans, others remain constrained by cost pressures, skills shortages and wider uncertainty – creating a growing divide between those able to act and those still holding back.
A key theme emerging from the research is a shift in how resilience is defined. Operational agility is now seen as the most important driver of resilience (45%), overtaking traditional financial measures such as cash reserves.
This shift is reflected in investment priorities. 66% of businesses plan to increase digitalisation in the next 12 months, while 65% are increasing investment in AI, as organisations look to improve productivity, address talent constraints and strengthen their competitive position.
At the same time, the findings highlight a widening gap in digital maturity, with some businesses rapidly embedding AI into core operations, while others remain at an earlier stage of adoption. Regional differences remain evident. Businesses in the Nordics and Ireland report higher levels of confidence and a stronger focus on expansion, while UK businesses remain more cautious, reflecting ongoing pressure from rising costs, regulation and a more uncertain growth environment.
Commenting on the findings, Chris Horne, Group CEO at Azets, said:
“Mid-market businesses are continuing to navigate a highly uncertain environment, but what we are seeing is a clear shift in mindset.
“Resilience is no longer just about protecting the downside. It’s about having the agility and confidence to act – to invest, to adapt, and to move forward despite ongoing disruption.
“That is not happening evenly. There is a clear gap emerging between businesses that are taking decisive steps to invest in areas like digitalisation and AI, and those that remain more constrained.
“For many SMEs, the challenge is not a lack of ambition, but the environment they are operating in. Cost pressures, complexity and regulatory burden all create friction at a time when businesses need clarity and confidence to invest.
“Those that can navigate that environment successfully – and take a more agile, forward-looking approach – will be best placed to deliver sustainable growth.”
The research also highlights that geopolitical uncertainty remains the top concern across all markets, alongside ongoing challenges including labour costs, skills shortages and regulatory complexity.
The Azets Barometer is a quarterly study tracking sentiment, performance and strategic priorities across six European markets, providing insight into how businesses are responding to current conditions and preparing for the future.
Download the report in full and explore the findings in more detail using the interactive dashboard at: https://www.azets.com/en/about-us/azets-barometer
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Notes to editors
The Azets Barometer is based on a survey of 1,768 senior business leaders across the UK, Ireland, Norway, Sweden, Denmark and Finland, conducted between February and March 2026.
Download the report in full and explore the findings in more detail using the interactive dashboard at: https://www.azets.com/en/about-us/azets-barometer
Fieldwork was completed prior to the recent escalation in the Middle East. While this may influence short-term sentiment, the findings reflect underlying business trends across the markets surveyed.
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Media contact
Shaun Staff, Group Head of Brand & Communications
shaun.staff@azets.co.uk
Stuart McBride, Group Communications Manager (UK&I)
Stuart.mcbride@azets.co.uk