Even as treasurers in Europe contend with geopolitical instability, rising costs and shifting regulations, their priorities have barely budged over the past year. According to the 2025 European Association of Corporate Treasurers’ (EACT) Treasury Survey, cash flow forecasting and long-term funding remain firmly at the top of the corporate treasury agenda, mirroring the results from last year’s poll although in reversed order. This enduring focus reflects the continued need for financial resilience amid a landscape that remains anything but stable.

In a year marked by heightened macroeconomic uncertainty, 13-week and monthly rolling forecasts came out as the most critical tool in the treasurer’s arsenal. Long-term funding followed close behind, with ongoing pressure from interest rates, liquidity constraints and market volatility likely driving this result. Treasury technology infrastructure came third, reflecting efforts to replace legacy platforms with tools that better support today’s demands.

Further down the list, priorities are shifting slowly rather than dramatically. Capital structure, market risk, working capital optimisation, digitisation and political uncertainties were all ranked as important but secondary areas of focus. While the order shifted slightly from 2024, the themes themselves remain consistent, suggesting that treasurers are adjusting strategies without making radical shifts.

AI hype meets treasury reality

Despite growing noise around artificial intelligence, treasurers remain cautious in their adoption. The survey shows AI, cryptocurrencies, and distributed ledger technologies all ranked relatively low among treasury's current technology priorities. This indicates a healthy scepticism beneath the surface buzz.

While predictive analytics and fraud detection are frequently mentioned as promising AI use cases, the report makes it clear that many treasurers are not yet in a position to deploy these tools meaningfully. A lack of standardised data and fully integrated systems continues to limit the real-world value of AI solutions.

Treasury teams are more focused on tools that offer tangible improvements in efficiency and oversight such as robotic process automation (RPA), cloud infrastructure and advanced analytics. These are seen as more achievable investments in the short term, providing concrete benefits without the complexity of emerging technologies.

Still, AI is on the radar. Its low current ranking may reflect more a question of timing than of interest. As treasurers resolve underlying data and system challenges, the potential for AI to support faster, smarter decisions may become more compelling over time.

Centralise if you can

On working capital, treasurers are relying on a broad mix of instruments. Payment terms are the go-to lever to optimise working capital, followed by supply chain finance mechanisms, asset-based financing and accounts receivable automation. These tools help free up working capital, strengthen supplier ties and ease pressure on external funding lines.

However, structural challenges remain, particularly around centralisation. The biggest barriers to centralising treasury activities are local regulations, resistance from subsidiaries, and incompatible systems. These issues may be limiting firms’ ability to take a more integrated approach to cash and liquidity management.

While centralisation is often seen as a route to greater control and efficiency, the operational hurdles are considerable. Many treasurers continue to weigh the benefits of integration against the complexity of implementation, particularly for multinational operations.

Greener ambitions, growing expectations

Sustainability continues to climb the treasury agenda. This year’s survey highlights a clear increase in the number of treasury teams supporting their company’s ESG goals. This might be through managing green or social bonds, adjusting investment criteria, or aligning with sustainability-linked lending structures.

There’s a notable shift from ESG being viewed as a purely external or investor-led concern, to something integrated into treasury decision-making. Some teams are taking an active role in shaping ESG frameworks and engaging with banks on their own sustainability credentials. Others are in earlier stages of this transition, supporting the agenda without driving it.

Much of this activity is underpinned by regulation. ESG disclosures now top the list of regulatory areas expected to impact treasury most, outranking Basel III and the EMIR Refit. This reflects the increasingly data-driven nature of sustainability compliance, as well as growing pressure from internal and external stakeholders.

For treasurers, this means navigating a complex and evolving regulatory landscape while ensuring their actions align with broader corporate responsibility goals. It’s a balancing act between operational feasibility, risk management, and reputational expectations.

Cash priorities reflect risk reality

In terms of cash deployment, treasurers remain firmly risk-averse. Bank deposits continue to dominate, followed by money market funds and short-term government securities. This conservative stance reflects ongoing uncertainty in financial markets and the need for guaranteed liquidity.

These preferences also underscore the importance of accurate cash flow forecasting. Knowing when and how cash will move allows treasurers to allocate funds more confidently, whether parking them safely or looking for marginal gains through low-risk instruments.

While innovation in liquidity management is on the radar, few are willing to experiment with core cash until conditions stabilise. The priority for now is visibility, control and capital preservation.

Steady hands in uncertain times

The survey reveals a profession holding its course. Treasurers in Europe are focused on the fundamentals, but open to incremental change. They are responding to a complex environment by doubling down on core practices, such as cash flow forecasting, funding resilience, and operational efficiency, while cautiously exploring the benefits of digital tools and AI.

This mindset may reflect both strategic conservatism and operational pragmatism. Faced with rapid shifts in regulation, macroeconomic risks, and evolving stakeholder expectations, treasury teams are prioritising steady improvements over sweeping transformations.

As François Masquelier, Chair of the EACT, puts it: “The challenge for treasurers comes not so much from the changes themselves, but from managing the continuum of changes and the co-occurrence and simultaneity of problems on the economic, financial, and regulatory sides.” 

In that context, a strategy of measured progress may be the smartest path forward.