After two years of economic turbulence, Central and Eastern Europe’s largest corporations are showing signs of cautious stability. According to Coface’s 17th annual CEE Top 500 report, inflation has cooled dramatically, from 10% to 3% in just twelve months, yet growth remains fragile.
While the average GDP across the region grew by +2%, total turnover among the top 500 companies fell by –3.7%, mainly due to contractions in the petrochemical industry. At the same time, average revenue per company rose by +3.1%.
Profitability, however, took a hit. Net profit margins slipped from 4% to 3.2%, as rising labour costs and higher borrowing expenses eroded earnings. “Companies are adapting with impressive speed,” the report notes, “but the era of easy profit margins is over.”
Country shifts: Poland dominates, Czech momentum builds, Romania lags
Poland remains the undisputed anchor of the CEE region, contributing 178 companies and employing over 1.2 million people. Yet its dominance is softening: a strong zloty and labour shortages limited revenue growth, and its overall share of the Top 500 dipped slightly.
By contrast, Czechia gained ground, supported by a rebound in domestic demand and an early move toward monetary easing. Romania, despite being the second-largest economy in the region, continues to be underrepresented with just 56 companies in the ranking.
Top performers in the region
Orlen (Poland) retained its crown as the region’s largest company, Škoda (Czechia) held firm in second place, posting gains in both turnover and profit, and Jeronimo Martins, operator of Poland’s largest retail chain, advanced to third place, overtaking MOL (Hungary).
Among the fastest climbers are Lidl Polska (from 14th to 9th) and Vilniaus Prekyba (from 17th to 13th), both expanding aggressively through omnichannel strategies and regional supply chain integration.
Retail sector leads the labour market
Employment among the CEE Top 500 rose by just 0.8%, mirroring the European Union’s broader slowdown. Labour markets remain historically tight, pushing real wages higher and restoring some of the purchasing power lost during the inflation spike.
Eastern Europe, in particular, has seen significant real wage growth, intensifying the competition for skilled labour. The retail sector now leads in employment, while traditional industries such as chemicals and automotive remain labour-intensive but less dynamic in net job creation.
