The 18th edition of the Coface CEE Top 500 shows combined turnover for the ranked firms rose by 2.9% to €1.12 trillion, with more than two-thirds of companies reporting higher sales. Net profit remained almost flat at €34.9 billion, bringing the net margin down from 3.2% to 3.1%.
CEE’s economic recovery continued in 2025, with average GDP growth of 2.4%. Household consumption led the expansion, supported by rising real wages and tight labour markets, while EU-funded infrastructure and energy projects boosted investment. Export-oriented sectors struggled, however, as demand from Germany stayed weak and global trade was strained amid trade tensions.
Despite stronger sales at many of the region’s largest firms, earnings did not significantly improve. Wage growth outpaced productivity, financing costs remained high and several large industrial companies reported substantial losses. The number of loss-making companies rose from 65 to 74.
“The real challenge now is turning growth into sustainable profitability. With labour costs rising and competition intensifying, CEE companies will need to improve productivity, generate more value added and move up the value chain. These factors will increasingly determine which companies can translate a stronger market environment into lasting gains,” says Mateusz Dadej, Regional Economist, Coface CEE.
Poland remains the dominant country in the ranking with 172 companies, supported by its large domestic market. Consumer-focused firms performed especially well, while refining, chemicals and coal mining hurt profitability. The Czech Republic (73 companies) posted solid growth driven largely by its automotive sector, and Hungary (62 companies) experienced strong showings in electronics and retail alongside pressures in battery and car production. Romania featured 59 companies and stood out among the region’s four largest economies, with the combined turnover of its ranked firms increasing by 6.2%, driven by retail and automotive activity.
The top seven positions were unchanged. Orlen kept first place, while Czech Škoda Auto remained second and recorded the highest net profit in the ranking. Jeronimo Martins Polska, operator of the Biedronka chain, held third place, reflecting the continuing strength of consumer-oriented businesses. Several companies linked to data-centre investment, new automotive production and energy made notable advances further down the list, highlighting a shift in the region’s growth drivers.
Industry still forms the backbone of the region, but growth sources are diversifying. Automotive and transport became the most represented sector with 94 companies, though results were mixed amid weak European demand and stronger competition from Chinese manufacturers.
Retail gained from firmer household spending, while construction expanded rapidly due to EU-funded infrastructure projects. Defence is emerging as a growth area, with the four largest defence manufacturers in the ranking increasing their combined turnover by 49%. Conversely, refining, chemicals and metals continued to suffer from lower commodity prices, weak industrial demand and intensified international competition.
“CEE has built its strength on its industrial base and close integration with European supply chains. That remains an important advantage, but the environment is changing. The companies that succeed will be those that can combine this industrial strength with greater productivity, flexibility and the ability to respond quickly to new sources of growth,” says Jarosław Jaworski, CEO of Coface Central & Eastern Europe.
The Top 500 companies employed 2.53 million people in 2025, an increase of 1.3% compared with the previous ranking. Much of the rise reflected changes in the composition of the list; on a comparable basis employment was broadly stable as firms adopted more cautious hiring and continued investing in automation and productivity.
Coface projects CEE GDP growth of 2.3% in 2026 and 2.6% in 2027, supported mainly by consumption, investment and higher defence spending. Increased public spending in Germany could gradually help CEE exporters, but international trade tensions and stronger Chinese competition remain key risks. With margins already thin, the principal challenge for the region’s largest firms is not only to grow but to convert that growth into sustainable profitability.
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A leading player in global trade credit risk management for 80 years, Coface helps businesses expand and navigate uncertain, volatile markets. Serving 100,000 clients across nearly 200 markets, Coface offers credit insurance, information services, debt collection, single-risk insurance, surety bonds and factoring. The company leverages sector expertise and advanced technologies to facilitate domestic and export trade. In 2025, Coface employed approximately 5,511 people and reported a turnover of €1.84 billion.
