Twenty-Six Bulgarian Companies Rank among Central and Eastern Europe's 500 Largest, Coface Survey Shows

Coface Photo

A total of 26 Bulgarian companies are among the 500 largest in Central and Eastern Europe (CEE) for 2025, placing Bulgaria fifth in the region by number of companies included in the ranking, according to the 18th edition of credit insurer Coface's CEE Top 500 survey. Summary findings from the report were presented at an online event on November 5.

The number of Bulgarian companies in the ranking decreased by one compared with the previous edition, when 27 companies were included.

The survey covers companies whose turnover exceeded EUR 300 million in the preceding calendar year. Financial institutions, including banks and insurance companies, are excluded from the ranking.

Poland leads the region with 172 companies, followed by Czechia with 73, Hungary with 62 and Romania with 59.

Bulgaria ranks fifth with 26 companies, ahead of Slovakia with 25, Lithuania with 23, Croatia with 17, Serbia with 15, Slovenia with 13, Estonia with 10 and Latvia with five.

Four Bulgarian companies are among the top 100 in the ranking: Bulgarian Energy Holding (45th), Aurubis Bulgaria (55th), Lukoil Neftochim Burgas (88th) and Lukoil Bulgaria (93rd).

Asked about the challenges Bulgarian companies could face in the near future, Coface's Regional Economist for Central and Eastern Europe, Mateusz Dadej, highlighted energy prices and developments in Bulgaria's property market.

Dadej noted that the Bulgarian property market was growing rapidly, raising questions about whether the trend was sustainable.

While he did not necessarily consider the situation a property bubble, he warned that a sharp slowdown in the construction sector could have repercussions for other companies across the Bulgarian economy.

Dadej also commented on the windfall profits tax being prepared by the government.

He pointed out that, unlike similar taxes introduced in other countries in the region, the proposed Bulgarian measure would cover sectors that had not necessarily benefited from the current market volatility, including retail trade.

According to Dadej, some companies could factor the one-off tax into their future investment plans.

Source: BTA