Coface: These are the largest companies in the region – Mol slipped one step back, Lidl’s daughters made a big move

Following the shocks of 2022-2023, 2024 brought a fragile recovery: inflation fell significantly – from an average of 10 percent to 3 percent within a year – but economic growth remained moderate and uneven, averaging 2 percent. Corporate leaders in the region responded nimbly, shaping their strategies to maintain momentum despite adverse external conditions. In 2024, the economic recovery in the Central and Eastern European region was driven by a sharp decline in inflation and a gradual easing of monetary policy, bringing some relief after the high interest rate environment of recent years. While GDP growth stabilized around 2 percent on average, the combined revenue of the region’s 500 largest companies fell by 3.7 percent, mainly due to the decline in the petrochemical sector. Despite this, the average sales revenue of the companies concerned increased by 3.1 percent, indicating that the threshold for inclusion in the Top 500 list has also become higher. Despite the positive trend, profitability has come under pressure. The net profit margin fell from 4 percent to 3.2 percent, as rising labor costs and higher financing expenses worsened corporate results. The strengthening of household consumption and a wave of EU subsidies had a positive impact, but external challenges – in particular the persistent stagnation of Germany and the escalation of global trade tensions – continue to pose uncertainty, according to the comprehensive analysis of the CEE Top 500 by credit insurer Coface, which presents the economic trends in the region last year and also lists the 500 most significant companies in the region.

Blocking effect in Hungary

Dezső Ficsor, an analyst at Coface, said about the situation in Hungary: “The weakness of industrial production in Hungary in 2024 was due to the combined negative impact of several factors. Household consumption was blocked by high interest rates caused by inflation, and the construction industry, which is significant in terms of GDP, was still unable to significantly move away from the low point. Although energy prices have consolidated, they are less competitive in the EU and especially in Hungary than in other regions.”
According to the expert, the EU’s desire to detach itself from Russian energy also does not predict any future easing. In several industrial sectors, demand was at an unprecedented low level even in the first half of 2025, while the cost of producing products remained high, so the profit margin available from sales did not cover fixed operating costs. In his opinion, 2024 was more about cutting costs where possible, with weak markets.

Polish dominance among the “five hundred”

Poland remains the economic engine of the Central and Eastern European region, with 178 companies in the Top 500 ranking, with more than 1.2 million employees. However, its share decreased slightly and revenue growth stagnated, which can be attributed to the strengthening zloty and labor shortage. The Czech Republic, which sent 71 companies to the list, increased its presence in the ranking, which was helped by the revival of domestic demand and the early start of monetary easing.

A total of 61 Hungarian companies were included in the list, employing more than 305 thousand people. Their combined revenue amounted to almost 132 billion euros, and their net profit amounted to more than 4.4 billion euros.

Romania – although the second largest economy in the region – remains underrepresented in the top 500 with 56 companies, mainly due to structural issues and challenges.

Regional and Hungarian giants

The 2024 ranking shows a combination of stability and change. Orlen once again maintained its leading position, maintaining its market dominance despite a decline in revenue.

The Czech Škoda Auto A.S. maintained its second place, increasing both sales and profits, while the European automotive industry faced significant challenges. Jeronimo Martins Polska, the operator of Poland’s largest chain of stores, came third in the latest list. This means that it overtook Hungarian oil company Molt, which was in third place a year earlier, and is now in fourth place. This change reflects both the normalization of the oil and petrochemical industry following previous outstanding years, and the expansion of the retail sector.