Export Growth Through Increased New Value Dictates Development of Top 500

The only indicator that particularly pleases in the business results of the 500 best companies for 2025 is the jump in exports of as much as 17.8 percent. However, it should be noted that the year before, the top 500 reduced exports by 10.6 percent.

In addition, the list of exporters is led by PPD, but only in accounting terms. Namely, the amount of 1.74 billion euros is recorded as exports, and it refers to revenues from gas trading on the international market. It should also be added that some of the largest exporters are even larger importers. INA, as the realistically largest exporter, achieved 1.23 billion euros in foreign markets, but at the same time imported goods worth 2.37 billion, thus having the most negative foreign trade balance of 1.14 billion euros.

Export has increased by 162 percent since 2007

The main generator of these results is hidden in exports, which have increased by as much as 162 percent – from 6.41 billion euros in 2007 to 16.78 billion in 2025. The share of exports in revenues increased during this period from 15.6 percent to 22.2 percent, with a record share of 25.7 percent in 2022.

That year, when the consequences of market closures during the pandemic were still felt, and when Russia attacked Ukraine and created an energy crisis, the top 1000 reached an export share of 28.8 percent in revenues.

Too few ‘culprits’ for export growth

However, it should be said that the old story about the thin layer of exporters is repeating itself – as many as 139 companies from the top 500 did not generate a single euro in export revenue, and for another 109, it can be said that they are accidental exporters since their share of exports in revenues is less than 10 percent, thus the share of non-exporters rises to 248 companies.

Among exporters, only 131 companies generate more than half of their revenues in foreign markets. Therefore, it is not surprising that the twenty largest exporters account for half of the exports of the 500 best companies.

Concentration of the best around Zagreb

Not only is export highly concentrated. The top 50 companies create 47.3 percent of total new value and 52.6 percent of the profits of the Top 500. The top 100 already control 61.5 percent of new value and 67.1 percent of profits. And the entire Top 500, although it represents only half of the list of the top 1000, carries as much as 84.2 percent of new value, 86.4 percent of profits, and 85.9 percent of exports of all one thousand companies.

Geographical concentration is even more pronounced. In Zagreb, there are 483 companies from the top 1000, which generate 59.1 percent of new value, 61.2 percent of revenues, and as much as 64.2 percent of profits. This confirms that Zagreb is the strongest business center, but primarily banking and commercial, and although it is also the strongest in industry, it is not so dominant there. Due to a smaller share of export-oriented manufacturing companies, Zagreb’s share in exports is also smaller – 45.2 percent.

Virovitica without a company in the top 1000

The strongest county after Zagreb is Zagreb County, from which another 83 companies entered the top 1000. Thus, from the metropolis and its ring, 57 percent of the best come with 61 percent of employees, 67.2 percent of new value, 69.9 percent of revenues, and as much as 71.5 percent of total profits. On the narrower list, among the 500 best, Zagreb alone with 265 companies has a majority of 53 percent. On the other side of the business map of Croatia is the Virovitica-Podravina County, which barely has one company in the top 500 – the Slatina bank SB-S at 496th place, and Virovitica is the only county center that does not have a single company in the top 1000.

More detailed analyses of the business operations of the best companies in 2025 can be read in the publication 500 Best, which will be released with Lider in digital format on Wednesday, September 16, and in print the following day.