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Coface CEE Top 500: Romania, ranked 4th regionally, with 56 companies

According to the Coface CEE Top 500 study presented in autumn 2024, Romania moved up two positions in the regional ranking, taking fourth place among countries represented in the top, behind only Poland, the Czech Republic, and Hungary. The analysis, based on financial results reported in 2024, identified 56 Romanian companies in the top 500 largest businesses in Central and Eastern Europe. In the 2025 Coface CEE Top 500 ranking, Romania holds fourth place among the 12 countries in the region. Data show that the top 500 suppliers in CEE have returned to a growth trajectory, supported by public investments and household consumption. The turnover of the top Romanian companies grew by 6.2% in 2025, reaching a value of EUR 106.7 billion. ^{[4] [3]}

The list of the largest Romanian companies in the Coface ranking begins with OMV PETROM SA, ranked 21st regionally, followed by AUTOMOBILE DACIA (rank 27), OMV PETROM MARKETING (rank 34), LIDL DISCOUNT SRL (rank 35), KAUFLAND ROMANIA SCS (rank 51), FORD OTOSAN ROMANIA (rank 57), ROMPETROL RAFINARE SA (rank 80), PROFI ROM FOOD SRL (rank 91), and ROMPETROL DOWNSTREAM SRL (rank 98). Among the 59 agents involved in the regional ranking, 59 Romanian companies managed to advance in the top, including new organizations compared to 2024. Their number increased by 3, reaching a total of 59 agencies. The cumulative profit of the 59 agencies featured in the CEE top from Romania reached EUR 4.9 billion. ^{[4] [3]}

The Coface report highlights a complex scenario for the Romanian economy: despite strong regional presence and maintaining the highest profit margins in the region, local companies record a dramatic 70% decline in average net profit. This contraction is attributed to relaxed fiscal policies and unsustainable salary growth, which led to increased operational costs and compressed margins. Cost optimization strategies and balanced fiscal policies are indicated to maintain competitiveness. Poland maintains undisputed leadership in the top, with 172 companies, benefiting from its large domestic market. At the other end, Hungary, with 62 companies, has focused on strong performance in the electronics and retail sectors, although it is affected by pressures in battery and automotive production. In the Czech Republic, the class of 73 companies shows solid growth supported by the automotive industry. Although ranked fourth in the regional ranking, Romania recorded the fastest business growth rate among the largest economies in CEE, according to Coface. Sales structure shows that 81% of the top agents advanced their sales. ^{[4] [3]}

Cost increases are amplified by labor market developments: average salaries grew by 14%, and the minimum wage by 23% in 2024, according to reported data, supporting consumption but fueling inflationary pressures. The size of the Romanian market in the top is significant, with Romanian companies in the CEE Top 500 recording a cumulative turnover of over EUR 100 billion, a total net profit of EUR 5 billion, and employing a total of 215,244 people. Business growth in Romania was driven by the retail sector, where profile companies such as Lidl (+11.2%), Carrefour (+13.1%), Mega Image (+15.8%), and Dr. Max (+16.0%) benefited from strong consumption before the introduction of stricter fiscal measures. The automotive industry also stood out with positive growth, Dacia registering an increase of 7.6%, and Ford Otosan 13%. New participants, Robert Bosch and Aumovio Technologies, were included in the ranking. While total profits decreased slightly (-0.3%), the Romanian margin remained solid at 4.7%, posting an excellent average credit score of 6.76. However, the VAT and excise increases in August 2025 will affect consumption in 2026. ^{[4] [3]}

The annual Coface CEE Top 500 analysis compares firms in the area based on turnover, workforce size, business environment, activity sectors, and credit assessments. At the CEE regional level, the top 500 companies present a cumulative turnover of EUR 1,120 billion, an increase of 2.9%, with more than two-thirds reporting higher sales. However, overall profitability has not improved. Increased labor costs, weak external demand, and intensified competition have affected margins. Total net profit remained almost constant at EUR 34.9 billion, resulting in a decrease in the net margin from 3.2% to 3.1%. ^{[4] [3]}

Poland remains dominant in the regional top, with 178 companies and over 1.2 million employees, although its share has decreased slightly and revenue growth has stagnated due to the zloty's slump. The Czech Republic increased representation to 71 companies, while Hungary remains at 61 firms. Although occupying second place in terms of economy size in the region, Romania remains underrepresented in the top 500 companies ranking, motivated by continuing structural challenges, although it moved up two positions in the ranking compared to 2024. ^[4]

In the regional ranking, Bulgaria occupies fifth place, with 27 companies. Both Romania and Bulgaria were assessed by Coface at a 'B' risk level, in contrast to the top three countries in the ranking, which carry an 'A' assessment. ^[4]

The economic recovery of the Central and Eastern Europe (CEE) region in 2024 was generated by declining inflation and monetary policy easing. Although GDP growth stagnated at an average of +2% for the region, the turnover of the top 500 companies fell by -3.7%, penalized by contractions in the petrochemical sector. On the other hand, average top income increased by +3.1%, suggesting more stable conditions at the individual business level. ^[4]

The CEE Top 500 2025 ranking captures the adaptability of firms in Eastern Europe, which embrace new growth factors. Jaroslaw Jaworski, CEO Coface for the region, emphasized that investments in digitalization, green technologies, and workforce development will be essential for navigating global uncertainty and transitioning to consumption and innovation-based growth. CEE company profitability is under pressure, with net margins falling from 4% to 3.2% amid higher labor costs and financing. Household consumption and EU funding provide support, but Germany's stagnation and global trade tensions remain major threats to economic prospects. ^[4]

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Coface CEE Top 500 2025: Romania, ranked 4th regionally, with the fastest business growth rates, but profits under pressure

The Coface CEE Top 500 ranking for 2025 highlights a regional economy returning to a growth trajectory in turnover but facing significant challenges regarding profitability. The top 500 companies in Central and Eastern Europe (CEE) reported a cumulative revenue growth of 2.9%, reaching a value of EUR 1.12 billion, supported by household consumption and public investment. However, total net profit remained practically constant at EUR 34.9 billion, resulting in a decrease in the net margin from 3.2% to 3.1%, caused by increasing labor costs, low external demand, and intensified competition. ^[5]

Poland maintains undisputed leadership in the region, with 172 companies in the top, benefiting from the size of its domestic market. Romania holds a prominent position, with 59 companies included in the ranking, having the fastest business growth among the region's large economies. Romanian companies' revenues grew by 6.2% in 2025, reaching EUR 106.7 billion. The retail sector led growth in Romania, due to strong consumption, while the automotive industry also stood out, with the advance of Dacia and Ford Otosan. However, the net profit of Romanian companies fell dramatically by 70%, as average salaries grew by 14% and the minimum wage by 23% in 2024, compressing margins. ^[5]

Most revenues of companies in the CEE top come from retail (29%), followed by the banking sector (18%) and the automotive sector (9%). However, the automobile industry is not just a source of revenue, but also a hotspot of pressures on profitability, especially in the electric vehicle segment, where margins are lower. Other growth poles are emerging in the defense sector (cumulative revenue growth of 49%) and construction, aided by European funds. In contrast, refining, chemicals, and metallurgy remain under pressure. According to Jarosław Jaworski, CEO Coface for CEE, the future belongs to companies that can transform growth into sustainable profitability, through increased productivity and innovation. ^[5]

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Coface CEE Top 500 2025: Romania, ranked 4th regionally, with the fastest business growth rates, but profits under pressure

Romania ranks fourth in the Coface CEE Top 500 ranking of the top 500 companies in Central and Eastern Europe, with 59 entities in the top. Regional competition is dominated by Poland (172 companies), followed by the Czech Republic (73) and Hungary (62). The best regional position of a Romanian company is rank 23, held by OMV Petrom SA, compared to rank 21 in the previous edition, followed by Automobile Dacia SA at rank 24 (compared to 27 previously) and Lidl Discount at rank 33 (compared to 35 previously). The defense industry is emerging as a new growth pole, with large companies in the sector having a cumulative turnover increase of 49%. Jaworski, CEO Coface ECE, states that success will belong to companies that combine industrial strength with high productivity and rapid response capacity. The top 500 companies in the region totaled 2.53 million employees in 2025, an increase of 1.3% compared to the previous edition, determined mainly by changes in the composition of the top, with a relatively stable employment rate. Projections for CEE predict GDP growth of 2.3% in 2026 and 2.6% in 2027, supported by consumption and investment, while the challenge remains transforming growth into sustainable profitability. ^[6]

Romanian companies in the top registered a turnover growth of 6.2%, supported by the retail and automotive sectors. According to Coface, Poland remains the undisputed leader benefiting from the size of its domestic market, while the Czech Republic stands out through the automotive industry, and Hungary through electronics and retail, although it faces pressures in battery and automotive production. Romania stood out through the accelerated pace of business growth. ^[6]

At the regional level, the cumulative turnover of the top 500 companies grew by 2.9% to EUR 1.12 trillion, with more than two-thirds reporting higher sales. Net profit remained unchanged at EUR 34.9 billion, resulting in a decrease in the net margin from 3.2% to 3.1%. Increased labor costs, weak external demand, and intensified competition have compressed margins. ^[6]

The recovery of the CEE region is supported by household consumption and public investments, with an average GDP growth of 2.4% in 2025. Growth in real wages and a tight labor market keep consumption up, and infrastructure projects financed from European funds stimulate investment. In contrast, export-oriented industries face weak demand from Germany and global trade tensions. ^[6]

Wage growth pace exceeds productivity, financing remains expensive, and several important industrial companies report losses. The number of companies in the top operating at a loss has grown from 65 to 74. Mateusz Dadej, Regional Economist Coface ECE, emphasizes the challenge of transforming growth into sustainable profitability by improving productivity and generating added value. ^[6]

The top three positions of the ranking were occupied by Orlen (rank 1), Skoda Auto (rank 2, with the highest net profit), and Jeronimo Martins Polska, operator of Biedronka (rank 3). Advancing investments in data centers, automotive capacities, and the energy sector indicate a diversification of economic growth sources in the region. ^[6]

Jaworski, CEO Coface ECE, mentions that success will belong to companies that combine industrial strength with high productivity and flexibility. The structure indicates that the industry remains the backbone, but the source of growth is becoming more diversified. ^[6]

The automotive and transport sector is best represented in the top with 94 companies, although performances are mixed due to weak European demand and Chinese competition. Retail benefits from household consumption, and construction expands thanks to EU funds. The defense industry appears as a growth pole, with a cumulative turnover increase of 49% for large companies in the sector. Refining, chemicals, and metallurgy remain under pressure. ^[6]

The cumulative turnover of companies in the top 500 reached EUR 1.12 trillion, 2.9% more than in the previous edition, in the context where the total number of employees grew by 1.3% to 2.53 million, an advance determined mainly by changes in the top's composition, the labor force participation rate remaining stable. ^[6]

Coface estimates GDP growth of the CEE region at 2.3% in 2026 and 2.6% in 2027. The main challenge for top companies is not just continuous growth, but transforming it into sustainable profitability, in the context of risks regarding trade tensions, rising Chinese competitiveness, and reduced profit margins. ^[6]

Update

Coface CEE Top 500 2025: Romania, ranked 4th regionally, with the fastest business growth rates, but profits under pressure

Romania ranks fourth in the Coface CEE Top 500 ranking of the top 500 companies in Central and Eastern Europe, with 59 entities in the top. Regional competition is dominated by Poland (172 companies), followed by the Czech Republic (73) and Hungary (62). The best regional position of a Romanian company is rank 23, held by OMV Petrom SA, compared to rank 21 in the previous edition, followed by Automobile Dacia SA at rank 24 (compared to 27 previously) and Lidl Discount at rank 33 (compared to 35 previously). The defense industry is emerging as a new growth pole, with large companies in the sector having a cumulative turnover increase of 49%. ^[7]

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Bulgaria, ranked 5th in the CEE Top 500 Coface 2025 regional classification, with 26 companies

According to the 18th edition of the CEE Top 500 study conducted by the credit insurance company Coface, a total of 26 Bulgarian companies are listed among the top 500 largest businesses in Central and Eastern Europe (CEE) in 2025. This result places Bulgaria fifth in the regional ranking of the number of companies represented, behind Poland, the Czech Republic, Hungary, and Romania. ^[8]

The number of Bulgarian companies in the ranking decreased by one compared to the previous edition, when 27 entities were included. The study, which targets companies with a turnover exceeding EUR 300 million in the preceding calendar year and excludes financial institutions, highlighted four Bulgarian companies located in the regional top 100: Bulgarian Energy Holding (rank 45), Aurubis Bulgaria (rank 55), Lukoil Neftochim Burgas (rank 88), and Lukoil Bulgaria (rank 93). ^[8]

Mateusz Dadej, Coface economist for CEE, identified energy prices and the dynamics of the Bulgarian real estate market as the main future challenges for companies from this country. Dadej warned that, although he does not believe it is a real estate bubble, a sudden slowdown in the construction sector, which is recording rapid growth, could have repercussions on other companies in the Bulgarian economy. Also mentioned was the exceptional profits tax prepared by the Bulgarian government, a measure distinct from those introduced in other countries in the region, which target sectors such as retail and could influence the future investment plans of some companies. ^[8]

Update

Profitability declines in Coface CEE Top 500: Revenue growth does not compensate net margin

Improvement in turnover at the level of the largest companies in Central and Eastern Europe has not translated into comparable growth in profitability. Cumulative net profit remained almost constant at EUR 34.9 billion, resulting in a decrease in the net margin from 3.2% to 3.1%. Parallelly, the number of companies ending the year at a loss has grown from 65 to 74. Coface CEE Top 500 is the annual study of the largest companies in Central and Eastern Europe, drawn up by subsidiaries of the international group Coface specialized in trade credit insurance, risk assessment, and solvency analysis, according to reports from HotNews. The 2026 edition, the 18th of this study, analyzes business results from 2025, allowing comparison not only of individual sizes but also structural changes in the regional economy. The main classification criterion is turnover. In addition, Coface analyzes net profit, number of employees, activity sector, markets where companies are present, and their credit ratings, using classification for assessing the business environment and collaboration risks. Financial results remain influenced by growing personnel costs, weak external demand, and intensified international competition. Export-oriented sectors were strongly pressured by reduced demand from Germany and global trade tensions. The study reveals that sales growth does not automatically secure financial stability. To maintain profit margin, companies must increase productivity, control costs, and increase added value. ^[9]

Poland maintains the leading position in number of participants with 172 companies, followed by the Czech Republic (73) and Hungary (62). Romania occupies fourth place, represented by 59 companies. Poland remains the regional leader with 172 companies, followed by the Czech Republic (73) and Hungary (62). Romania occupies fourth place in terms of the number of participants in the ranking. The cumulative turnover of the 59 Romanian companies in the top grew by 6.2%, reaching EUR 106.7 billion, one of the most remarkable results among the large economies of the region. This growth was supported predominantly by retail and the automotive sector. In the general regional ranking, the Polish company Orlen holds first place, Škoda Auto (Czech Republic) takes second position, and Jeronimo Martins Polska, operator of the Biedronka chain, is ranked third. The automotive and transport sector is best represented, with 94 companies. However, performances are mixed, induced by low European demand and intense competition from Chinese producers. Aside from retail, construction, and energy, the defense industry stands out through its dynamism: the cumulative turnover of the four large companies in this sector, present in the ranking, increased by 49%. Moldova does not appear in the Coface CEE Top 500 ranking. The study covers a defined geographical area of 12 countries: Bulgaria, Croatia, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia, and Slovenia. The 2025 edition's methodology imposes a minimum turnover threshold of EUR 300 million. Financial institutions (banks, insurance, leasing, brokers) and companies that did not report results upon completion of the list are excluded from the study. Interpreting the ranking takes into account its conditions: it does not represent a universal list of all enterprises in the region, but reflects a selection based on strict financial criteria in a specific geographical area, data being expressed in euros. If the geographical area had been extended to include Moldova, the largest companies in the country could have claimed a place in the ranking, conditioned on meeting the requirements regarding turnover, sector, and financial reporting. Potential candidates would be Moldovan enterprises such as SA Energocom (turnover over 20 billion lei / ~1 billion euros), SA Moldovagaz (~860 million euros), or retailer Moldretail Group / Linella (~427 million euros), which meet the financial criteria but are excluded due to methodological restrictions regarding countries. The potential list of Moldovan companies is not limited to energy or retail. Other large enterprises that could be considered, if the methodology included the country, are Fly One, Orange Moldova, DITA Estfarm, Kaufland Moldova, and Metro Cash & Carry Moldova. The largest companies in CEE return to sales growth but face profitability pressures. Business competitiveness depends increasingly on the ability to grow productivity, keep costs under control, and shift to higher value-added activities. Comparing turnover figures, profits, employment, and sectoral structure from Coface CEE Top 500 allows context of the regional business environment, even for countries not included in the official list. Source of the article is HotNews, with translation and revision carried out by the Logos Pres editorial team. ^[9]