In the face of high inflation, contracting demand, and geopolitical uncertainties, this edition of the Coface CEE Top 500 reveals the remarkable resilience of the region’s largest companies. Our analysis provides key insights to navigate risks and to get the most out of opportunities in Central and Eastern Europe.
Coface CEE Top 500 ranking
The CEE Top 500 study reveals a turbulent economic environment for Central and Eastern Europe’s largest companies in 2023 with the weakest growth rate this century (+0.7%). After years of resilience, businesses in the region faced significant challenges from contracting domestic and external demand, high inflation, rising costs, and geopolitical tensions. This trend has continued into this year, although domestic demand has mostly rebounded, and inflation has eased off to a lower level.
The 16th annual study by Coface ranks the region´s biggest 500 companies by turnover and analyses additional indicators, including the number of employees, business frameworks, sectors, and the Coface company credit assessments. The economic performance of the CEE Top 500 provides a valuable indicator of regional market trends.
Key findings
The CEE region faced unprecedented economic challenges in 2023 with a combination of high inflation and weakened consumer demand, affecting even the largest companies.
Despite these obstacles, many companies managed to sustain their turnover, demonstrating their resilience in a difficult environment.
Jarosław Jaworski, CEO of Coface Central and Eastern Europe
The overall turnover of all 500 companies increased slightly by 2.5% to 1.1 trillion euros. Aggregated net profits dropped by -17.4% to 44,909 million euros. In addition, these companies employed 2.4 million people (+1% vs. the previous year).
Poland continues to dominate the ranking, with PKN Orlen strengthening its leadership position thanks to a 34% increase in turnover, following an acceleration of 111% in the previous year. The top ranks go to Czech SkodaAuto (2nd), the multinational oil and gas company MOL Hungary (3rd), retailer Jeronimo Polska (4th), the Polish energy company PGE (5th) and Hungarian MVM Energetika (6th). From these, only Hungarian companies recorded the decline in turnover, while others generated higher revenues than the previous year.
The fourth most significant country in the ranking is Romania with 54 companies, i.e. six fewer than previously. Compared to 2022, revenues at Romania’s largest companies decreased by 6.9%, while net profits dropped by 21.5%.
After three years, the automotive and transport sector reclaimed the top spot, with a 16.8% increase in turnover and a 40.8% rise in net profits, sustained by improved car sales.
Check out on the giants of the region with the Coface CEE Top 500 ranking. Tradition vs. innovation, long-established businesses vs. newcomers, find out who is on the list this year. The study also answers questions, such as: How have economic developments impacted the top players across Central and Eastern Europe? Which sectors have thrived and which have struggled to keep pace? What will the economic outlook for business in CEE?â
