No less than 59 Romanian companies were highlighted in the 18th edition of the Coface CEE Top 500 ranking, making the country stand out among the region’s four largest economies, with the combined turnover of its companies growing by 6.2%, supported by retail and automotive activities.
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.
Overall, the CEE ranking shows combined turnover increasing by 2.9% to EUR 1.12 trillion, with more than two-thirds of companies reporting higher sales.
Net profit, however, remained virtually unchanged at EUR 34.9 billion, pushing the net margin down from 3.2% to 3.1%.
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.
“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 remained 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 (73 companies) recorded solid growth, driven largely by its automotive base, while Hungary (62 companies) saw strong performances in electronics and retail alongside pressure on battery and car production.
Romania, with 59 companies in the ranking, 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.
In the companies ranking, 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.
Industry remained 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, retail benefited from stronger household spending, while construction expanded 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.
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.
Coface expects CEE GDP growth of 2.3% in 2026 and 2.6% in 2027, supported mainly by consumption, investment and higher defence spending.
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