Central and Eastern Europe’s (CEE) largest companies returned to growth in 2025, supported by household consumption and public investment. However, higher sales did not translate into stronger profitability, as rising labour costs, weak external demand and intensifying international competition continued to put pressure on margins.
The 18th edition of the Coface CEE Top 500 ranking shows combined turnover increasing by 2.9% to €1.12 trillion, with more than two-thirds of companies reporting higher sales. Net profit, however, remained virtually unchanged at €34.9 billion, pushing the net margin down from 3.2% to 3.1%.
Top 500 players: Growth returns, profitability remains under pressure
CEE’s economic recovery continued in 2025, with average GDP growth reaching 2.4%. Household consumption remained the main engine, supported by rising real wages and tight labour markets, while EU-funded infrastructure and energy projects boosted investment. Export-oriented industries faced a more difficult environment as demand from Germany remained weak and global trade came under strain amid trade wars.
In aggregate, stronger sales of the region’s largest companies did not translate into stronger earnings. Wage growth continued to outpace productivity, financing remained expensive and several large industrial companies reported significant losses, with the number of loss-making companies increasing 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.
Country developments: Poland leads as Romania gains ground
Poland remains the clear leader of the ranking, with 172 companies, supported by its large domestic market. Consumer-oriented companies performed particularly well, while refining, chemicals and coal mining weighed on profitability.
The Czech Republic recorded solid growth, driven largely by its automotive base, while Hungary saw strong performances in electronics and retail alongside pressure on battery and car production.
Romania stood out among the region’s four largest economies, with a combined turnover of its companies growing by 6.2%, supported by retail and automotive activities.
Key players: Stability at the top, new growth areas emerge
The first seven positions remained unchanged. Orlen retained first place, while Škoda Auto from the Czech Republic remained second and recorded the highest net profit in the ranking. Jeronimo Martins Polska,the operator of Poland’s largest store chain, Biedronka, held third place, reflecting the continued strength of consumer-oriented businesses.
Further down the ranking, strong advances by companies linked to data-centre investment, new automotive production and energy underline a broader shift in the sources of CEE growth.
Sector trends: CEE’s growth model is changing
Industry remains the backbone of the region, but the sources of growth are becoming more diverse. Automotive and transport became the most represented sector, with 94 companies, although performance remained mixed as European demand stayed weak and competition from Chinese manufacturers intensified.
At the same time, retailbenefited from stronger household spending, while constructionexpanded rapidly on the back of EU-funded infrastructure projects. Defence is also emerging as a new growth area, with the four largest manufacturers represented in the ranking increasing their combined turnover by 49%.
In contrast, refining,chemicals and metals remained under pressure from lower commodity prices, weak industrial demand and stronger 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.
Labour market: Greater focus on productivity
The Top 500 companies employed 2.53 million people in 2025, 1.3% more than in the previous ranking.
However, the increase was driven by changes in the composition of the ranking. On a comparable basis, employment was broadly stable, reflecting more cautious hiring and continued investment in automation and productivity.
Outlook: Moderate growth, persistent uncertainty
Coface expects CEE GDP growth of 2.3% in 2026 and 2.6% in 2027, supported mainly by private consumption, investment and higher defence spending.
Germany’s increased public spending could gradually support CEE exporters, but trade tensions and stronger international competition remain significant risks.
With margins already thin, the challenge for the region’s largest companies is increasingly not simply to grow, but to turn growth into sustainable profitability.
