Coface CEE Top 500: 26 Bulgarian companies make the list, placing Bulgaria fifth in the region

A total of 26 Bulgarian companies are among the 500 largest in Central and Eastern Europe for 2025, placing Bulgaria fifth in the region by number of companies, according to the 18th edition of credit insurer Coface's CEE Top 500 survey, BTA reported on 5 November. The number fell by one from 27 in the previous edition.

The survey covers companies with turnover above €300 million in the previous calendar year and excludes financial institutions such as banks and insurers. Poland leads with 172 companies, followed by Czechia with 73, Hungary with 62 and Romania with 59. After Bulgaria come 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 in the top 100: Bulgarian Energy Holding in 45th place, Aurubis Bulgaria in 55th, Lukoil Neftochim Burgas in 88th and Lukoil Bulgaria in 93rd.

Asked about challenges for Bulgarian companies, Coface's regional economist for Central and Eastern Europe, Mateusz Dadej, highlighted energy prices and developments in the property market. He said the Bulgarian property market was growing rapidly, which raised questions about whether the trend was sustainable. He did not necessarily describe the situation as a bubble, but warned that a sharp slowdown in construction could affect other companies across the economy.

Dadej also commented on the windfall profits tax being prepared by the government. He said that, unlike similar taxes in other countries in the region, the proposed Bulgarian measure would cover sectors that had not necessarily benefited from current market volatility, including retail trade. According to Dadej, some companies could factor the one-off tax into their future investment plans.