Bulgaria Rises to Fifth Place in CEE for Number of Large Companies

Bulgaria has advanced to fifth place in Central and Eastern Europe in terms of the number of large companies, according to the latest COFACE CEE Top 500 ranking compiled by global credit insurer Coface. The country now counts 27 companies among the region’s largest, one more than last year, surpassing Slovakia. The analysis highlights the resilience and growth of Bulgaria’s private sector, despite ongoing political instability. Key drivers behind the positive performance include flexible cost management, operational improvements, and favorable market conditions, which have allowed local businesses to adapt effectively to the region’s dynamic economic environment. Across Central and Eastern Europe, average GDP growth has stabilized at around 2%, though the total turnover of the 500 largest companies fell by 3.7%, mainly due to declines in the petrochemical sector. Meanwhile, average revenue per company rose by 3.1%, signaling a degree of stability and resilience in corporate activity despite broader challenges. Profitability, however, remains under pressure. Average profit margins decreased from 4% to 3.2%, largely because of rising labor and financing costs. Strong domestic consumption and continued inflows of European funds provide support to regional economies, but external risks - including potential stagnation in Germany and global trade tensions - continue to create uncertainty. Poland remains the clear leader, with 178 companies in the ranking employing over 1.2 million people, though its share is gradually shrinking and revenue growth is slowing, influenced by a strong zloty and labor shortages. The Czech Republic is improving its position thanks to recovering domestic demand and monetary easing. Romania, despite being the second-largest economy in the region, remains underrepresented in the Top 500 due to structural constraints. Bulgaria, in contrast, continues to make steady progress, establishing itself as a reliable player in the region. Coface analysts note that this trend reflects the growing maturity and competitiveness of Bulgaria’s corporate sector compared with recent years.