Coface released its 2024 CEE Top 500 ranking. The study 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, inflation dropped 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. The report also analyses additional indicators such as workforce size, business framework, sectors and the Coface company credit assessments.
Coface Top 500: 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 Coface 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.
Romania, underrepresented in the Coface Top 500 ranking
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.
Romania has 56 companies included in the 17th edition of the Coface CEE Top 500 ranking, which shows how the largest companies in the region are navigating the current business landscape. The country climbed two positions from last year.
The companies are ranked by turnover, analyzing additional indicators such as workforce size, business framework, sectors, and the Coface company credit assessments. OMV Petrom is the top Romanian company in the ranking, in the 20th position, followed by Dacia in the 27th position.
Key players
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.
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.
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.”
„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.
