2025 CEE Top 500 ranking highlights how major companies in Central and Eastern Europe are adapting to a challenging environment. 2024 saw a fragile recovery with inflation dropping significantly, but growth remained modest at around 2%. Despite ongoing difficulties, businesses showed agility and strategic flexibility to sustain progress.
After the shocks of 2022–2023, 2024 brought a fragile recovery: inflation dropped sharply – on average from 10% to 3% within a year – but growth remained modest and uneven, with an average growth rate of +2%. The region’s corporate leaders have responded with agility, adjusting strategies to maintain momentum despite persistent headwinds.
The annual Coface CEE Top 500 study provides a unique window into these developments, ranking the region’s 500 largest companies by turnover and analysing additional indicators such as workforce size, business framework, sectors and the Coface company credit assessments. This year’s results offer not just a snapshot of performance, but a roadmap for understanding the forces shaping the region’s future.
Top 500 players: Moderate growth amid economic headwinds
In 2024, the recovery of the Central and Eastern European (CEE) region was shaped by a sharp decline in inflation and a gradual easing of monetary policy, offering some relief after years of elevated interest rates. While average GDP growth across CEE countries stabilised at approximately +2%, total turnover among the region’s largest companies declined by
-3.7%, primarily due to contractions in the petrochemical sector. Nevertheless, average revenue across the Top 500 companies increased by +3.1%, signalling more stable conditions across the broader economy.
Despite this positive trend, profitability came under pressure. Net profit margins fell from 4% to 3.2%, as rising labour costs and higher financing expenses weighed on corporate earnings. Strong household consumption and the wave of EU funding provided a welcome boost, yet external challenges – most notably the ongoing stagnation in Germany and intensifying global trade tensions – continue to cloud the outlook.
Country Developments: Shifting Dynamics
Poland remains the powerhouse of the CEE, with 178 companies in the Top 500 and over 1.2 million employees. However, its share of the ranking slipped slightly, and revenue growth stagnated, reflecting the challenges of a strong zloty and labour shortages. The Czech Republic increased its representation, benefiting from a rebound in domestic demand and an early start to monetary easing, while Romania, despite being the second-largest economy, remains underrepresented in the Top 500 ranking due to ongoing structural challenges.
Key Players: Leaders and Movers
The 2024 ranking tells a story of both continuity and transformation at the top. Orlen once again retained its position as the largest company in CEE, demonstrating robust market dominance despite a revenue slump. Škoda Auto A.S. from the Czech Republic maintained its second-place ranking, achieving growth in both revenue and profit, even as the European automotive sector faced significant headwinds. Jeronimo Martins Polska S.A., operator of Poland’s largest store chain, overtook Hungary’s MOL Nyrt to claim third place in a shift that reflects both the normalisation following buoyant years for the petrochemical industry and the dynamism of the retail sector. The most significant promotions among the leading companies – the Polish Lidl Sp. z o.o. Sp.K., (from 14th to 9th rank) and Vilniaus Prekyba UAB, operator of retail chains like Maxima in the Baltic States (from 17th to 13th place) – reflect strategic expansions amid e-commerce integration and supply chain optimisation.
Sector Trends Reveal Stagnation amid Structural Dominance in the Industrial Sectors
The 2024 CEE Top 500 ranking paints a nuanced picture of sectoral performance across the region. While the industrial sector – anchored by the minerals, chemicals, petroleum, plastics & pharma sector and the automotive and transport sector– remains dominant, it continues to stagnate under the weight of external pressures and structural dependencies. In contrast, the non-specialised trade sector emerged as a growth engine, fuelled by recovering household consumption and a wage-driven increase in purchasing power. Turnover grew by 6.2% and profits surged by 25%, even as net profit margins remained slim. The ICT and electrical equipment sector showed a split trajectory, with digital services thriving, while manufacturing segment lagged. Utilities and public services saw a contraction as energy markets stabilised post-crisis, and the agrifood sector held steady, benefiting from resilient demand and EU support. Meanwhile, metal producers faced headwinds from falling global prices and tightening EU climate regulations. These divergent trends underscore the region’s transition from industrial reliance toward consumption and innovation-led growth, highlighting the need for strategic diversification and policy support.
Labour Market and Employment Trends
Employment growth in the CEE Top 500 slowed to about 0.8%, mirroring broader EU trends. Unemployment rates remained historically low, with tight labour markets boosting worker bargaining power. Real wages rose markedly, especially in Eastern Europe, helping to restore purchasing power lost to earlier inflation. The non-specialised trade sector led in employment, while industrial sectors like chemicals and automotive continued to provide depth in workforce intensity.
Looking ahead, the outlook for the CEE region is cautiously optimistic but clouded by uncertainty. According to Mateusz Dadej, Ph.D., Regional Economist for Coface Central & Eastern Europe Region: “GDP expansion is projected to continue at a moderate pace, driven by domestic consumption and EU-funded investments, while monetary easing provides additional support. Yet, the persistent weakness in Germany, the region’s key trading partner, and the potential for further global trade disruptions could delay or derail the recovery.”
The 2025 Coface CEE Top 500 ranking underscores the adaptability and resilience of Central and Eastern Europe’s largest companies. While challenges persist, the region’s corporate champions are embracing new growth drivers and shaping the economic future.
As the region transitions towards more consumption-led and innovation-driven growth, strategic investments in digitalisation, green technologies and workforce development will be key to sustaining momentum and navigating an uncertain global landscape.
concludes Jaroslaw Jaworski, CEO Coface Central & Eastern Europe Region.
The full Coface CEE Top 500 study offers a deep dive into the data, trends and stories behind these headline numbers.
Which companies are rising stars? How are sectors reinventing themselves for the future? And what lessons can be drawn for businesses across Europe and beyond?
We invite you to download and explore the complete analysis and discover the insights shaping the region’s economic future.
