May 2026
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Largest Public Companies in Croatia
Benchmark revenue and EBITDA valuation multiples for public comps like
Zagrebacka Banka, INA-Industrija Nafte, Hrvatski Telekom, Koncar - Electrical and Adris Grupa.
 | Zagrebacka Banka DD is a Croatian banking service provider offering corporate banking, retail banking, international financing, investment banking, and corporate finance services. The Bank operates through four segments: Retail, which includes loans, deposits, and other transactions with individuals, unincorporated businesses, and small corporate customers; Corporate and Investment, which covers medium and large corporate customers, state and public sector entities, high net worth individuals, and trading activities; Leasing, which includes assets assigned to the leasing segment; and Other, which includes assets not assigned to other segments, as well as asset and liability management activities. The Bank derives the majority of its revenue from the Republic of Croatia. | $26 | -8% | $8B | $7B | 5.9x | — | ||
| INA-Industrija Nafte DD is a medium-sized European oil and gas company. It is engaged in exploration and production of oil and gas deposits, import of natural gas and sale of imported and domestically produced natural gas to industrial consumers and municipal gas distributors, refining and production of oil products through refineries located at Rijeka and Sisak, and Zagreb lubricants plants. Its segments are Exploration and Production of Oil & Gas; Refining & Marketing; Corporate and other. Exploration and Production of Oil & Gas segment include exploration, production, and selling of crude oil and natural gas. Refining & Marketing segment includes crude oil processing, wholesale of refinery products, trading, and logistics. | $613 | +7% | $6B | $7B | 1.5x | 12.8x | ||
| Hrvatski Telekom DD is a telecommunications service provider in Croatia that offers fixed and mobile telephony services as well as wholesale, Internet, and data. The company's business segments are Residential, Business, Other and Crnogorski Telekom. The majority of its revenue is derived from the Residential unit segment that includes marketing, sales, and customer services, focused on providing mobile, fixed-line telecommunications, electricity, and TV distribution and services to residential customers. Geographically the company generates the majority of its revenue from the Republic of Croatia. | $49 | +1% | $4B | $4B | 2.7x | 6.8x | ||
| Koncar - Electrical Industry Inc along with its subsidiaries, is engaged in the production and distribution of electrical machinery and appliances, vehicles, and metalworking. Its operating segments are the Production of electricity, Transmission and distribution of electricity, Rail vehicles and railway infrastructure, and Digital solutions. The firm generates the majority of its revenue from the Transmission and distribution of electricity. This segment includes the production and sale of distribution, special, measuring, and other transformers, transformer boilers, transformer stations, equipment for primary and secondary distribution of electricity, low-voltage plants, monitoring systems, diagnostic, testing, and technical supervision services. | $995 | +64% | $3B | $2B | 1.9x | 9.1x | ||
| Adris Grupa DD is engaged in management and investment of company. Its business unit comprises of Tourism, Healthy food production and Insurance. | $130 | +38% | $2B | $2B | 1.5x | 7.5x | ||
| Duro Dakovic Grupa Dionicko Drustvo is a Croatia based company engaged in multiple businesses. Its operates in Defence, Transport and Industry and Energetics sectors. The company offers battle tanks and combat vehicles, freight wagons, pressure equipment, large components, steel structures and valves for the oil industry among other products. | $61 | -- | $2B | $2B | 11.9x | 128.7x | ||
| Podravka DD is a Croatia-based company engaged in the production of food products and non-alcoholic beverages. The reportable segments of the company are BU Culinary, BU Basic Food, BU Fruit and Vegetables, BU Meat products, BU Soups, BU Cereals, Snacks and Beverages, BU Creamy spreads and Desserts, BU Fish, BU Bakery, and Other sales. The company has geographical presence in the Markets of Croatia and Slovenia, Southeastern Europe, Western Europe & Overseas, Central Europe, and Eastern Europe. The majority of its revenue comes from the Markets of Croatia and Slovenia. | $177 | +11% | $1B | $2B | 1.4x | 6.2x | ||
| Plava Laguna DD operates hotels, resorts, and camping. The company is engaged in providing catering and tourism services. It has two segments: Hotels and Apartments, and Campsites. | $398 | -- | $1B | $1B | 3.8x | 9.9x | ||
| Valamar Riviera DD is a Croatia-based company engaged in the principal business activity of the provision of accommodation in hotels, resorts, and camps, food preparation and catering services as well as the preparation and serving of beverages. The segments of the company are Hotels and apartments, Campsites, and Other business segments, of which key revenue is derived from the Hotels and apartments segment. It runs a portfolio of hotels and apartments in Porec, Rabac, the Island of Krk, Baska, and others. | $8 | +18% | $1B | $1B | 2.7x | 9.3x | ||
| Jadranski Naftovod DD is mainly engaged in oil transportation activities and storage of oil and refinery products. The company operates the JANAF system which is an international crude oil transportation system consists of crude oil handling terminals and pipelines in Sisak, Gola, Virje, Sotin and Slavonski Brod and the accompanying pumping and metering stations. It also involved in the reloading and storage of crude oil and oil products as well as provision of engineering and technical advisory services. | $978 | +10% | $985M | $944M | 6.8x | 11.5x | ||
| Maistra DD is an Croatian Hotel company. It owns and operates hotels, tourist resort & camps situated at prestigious locations in Rovinj and Vrsar. It focuses on development of luxury tourism and introduction of 4+ & 5-star hotels and resorts. | $75 | +38% | $825M | $929M | 3.0x | 8.7x | ||
| Atlantic Grupa DD is a Croatia based company engaged in the production and distribution of fast moving consumer goods. The company's strategic business unit products include coffee, beverages, Savoury Spreads, Snacks, Pharmacy, Donat and New growth. It generates the majority of the revenue from the sales made in the coffee strategic business unit. The distribution business is organized to cover markets including Croatia, Serbia, Slovenia, North Macedonia, Russia and Austria. | $61 | +21% | $812M | $1B | 0.8x | 8.7x | ||
| Hrvatska Postanska Banka DD offers loans, deposits and other transactions and balances to its customers. The company operates in segments including Corporate Banking, Retail Banking which generates key revenue, Direct Banking, and Financial Market. It offers HRK and foreign currency savings and savings for children, HPB Combination packages of products for employed persons, retired persons and students, a wide range of loans for citizens, modern card products and electronic banking services. The company offers its corporate clients the services of financial consulting, cash management, and asset management. | $351 | +16% | $711M | $711M | 3.0x | — | ||
| ZITO dd is a food and agricultural company. Its products combine rich agricultural tradition, modern production processes, and a responsible attitude towards the land, animals, and community. The company invests in the future of local production, develop its own resources, and create lasting value for consumers, partners, and future generations. | $24 | -- | $597M | $596M | 1.6x | 7.0x | ||
| Dalekovod DD offers engineering, production, construction, and installation of electric power facilities, facilities for the road, railroad, mass transit, and telecommunication infrastructure activities. The business segments of the company are the Production segment which includes forging works, the casting plant, and the laboratory for quality control and the production and sales of metal frames, manufacture and sales of suspension and jointing equipment whereas the Construction segment includes the services of construction and project documentation preparation of power and distribution facilities, transformer stations, installing antenna and others. The company generates maximum revenue from the construction segment. | $13 | +96% | $530M | $518M | 1.6x | 25.0x | ||
| Croatia Airlines DD is an airline transportation service provider in Croatia. Its operations consist of light and cabin operations, traffic training center, operations center, operations engineering, crew plan, ground operations, traffic administrative support, and traffic quality and operations safety management. The company offers both scheduled services as well as charter services, and the scheduled services earn majority revenues. Geographically, it has a presence in Croatia, Germany, USA, France, Great Britain, and Other countries. | $5 | +40121% | $429M | $693M | 2.5x | 62.5x | ||
| Bosqar dd is a builder and perpetual capital provider company that operates under four business verticals which include Business Process and Technology Outsourcing (BPTO), HR, eCommerce and Food. | $35 | +57% | $416M | $719M | 1.7x | 14.3x | ||
| Imperial Riviera DD operates in the lodging industry in Croatia. The company is engaged in offering accommodation in hotels, resorts, and camps. Its segments include: Hotels and apartments; Camps; and Others. | $153 | +25% | $349M | $499M | 3.3x | 0.0x | ||
| Ericsson Nikola Tesla DD is a provider of communication products and services and ICT solutions related to healthcare, national and public safety, state administration, transport, utilities, and multimedia communication. The company's principal activities include research and development of telecommunications software and services, design, testing, and integration of total communications solutions, managed services, supply, and maintenance of communications solutions and ICT solutions, towards customers within the Ericsson Group, customers in the Republic of Croatia, and Bosnia and Herzegovina, and several customers in Central and Eastern Europe. It operates in four segments Networks, Digital Services, Managed Services, and Others. | $250 | +14% | $331M | $277M | 1.0x | 8.7x | ||
| Ing-Grad Dd provides a wide range of construction works, from the renovation of historical buildings and sacral architecture to the construction of modern business and residential spaces, as well as construction works in the field of energy and infrastructure construction. It has worked on around 200 construction projects in various fields so far. | $71 | +10% | $284M | $201M | 1.0x | 4.9x | ||
| Luka Rijeka DD is a concessionaire for dry cargo transhipment in the port of Rijeka, and a trading company whose main activity is port services. It offers services in maritime traffic, port services, as well as the storage of cargo at specialized terminals. | $19 | +83% | $252M | $268M | 8.6x | 15.6x | ||
| Arena Hospitality Group DD is principally engaged in the tourist industry. The company is a part of the hospitality group operating hotels under the brand Park Plaza. Its presence can be seen across the region of Croatia, Germany, and Hungary and Serbia. Its operating segments are Hotels, Self-catering holiday apartments and complexes, Campsites, and Central Services. The firm generates majority of its revenue from the Hotels business segment. | $45 | +1% | $223M | $417M | 2.4x | 8.2x | ||
| Cakovecki Mlinovi DD is engaged in production and trade of food products. The company's activity includes milling, bakery, and pumpkin oil production. Some of its products are frozen puff pastry, tea biscuits, steamed white bread, wheat white bread, mini pizza, chocolate croissant, walnut loaf cake, cheese cornbread, and others. The company has two segments: Trade which includes retail and wholesale of food and non-food assortment and Food which includes the production of mill and bakery products and oil, out of which maximum revenue is derived from Trade segment. | $13 | +8% | $211M | $242M | 0.5x | 6.1x | ||
| Liburnia Riviera Hoteli dd operates as a tourism company in Croatia. The company's operational tourism portfolio consists of hotels, villas, apartment complexes, and camping resorts. Its segments include Hotels and apartments and Other business segments. Other business segments include campsite services, marina services, rental services, and similar services, as well as central sector services. | $573 | -3% | $173M | $198M | 2.7x | 12.6x | ||
| Kras, prehrambena industrija DD operates in confectioner industry in Croatia. The company is engaged in the production of products like biscuits, wafers, candy, and chocolates. | $119 | -6% | $168M | $179M | 0.8x | 9.2x | ||
| CIAK Grupa DD is engaged in the wholesale and retail of automotive parts as well as waste management. The company's operating business segments include the Auto program - vehicles, Truck program, Batteries, oils and similar, Wholesale, and Ecology. A majority of its revenue is generated from the Auto program - vehicles segment, which operates as a retail channel for sales of auto parts in the Independent Aftermarket (IAM), i.e. market for repair and maintenance of vehicles. Typical products offered in this segment are brakes, filters, wipers, shock absorbers, lights, suspension parts, batteries, tires, oils, antifreeze, accessories, etc. Geographically, the company generates maximum revenue from Croatia, and the rest from Serbia, Bosnia and Herzegovina, Slovenia, and other regions. | $8 | +8% | $163M | $272M | 0.6x | 6.8x | ||
| Medika DD operates in the medical distribution industry in Croatia. The company is engaged in the sale, storage, and distribution of human and veterinary medicines, medical products, equipment and dental aids, cosmetics, dietary, hygiene, and other products intended for the healthcare market. The company operates through two main distribution channels: Wholesale and Retail. The majority of its revenue is generated through the Wholesale distribution channel, which represents income generated from supplying products to pharmacies, hospitals, and other customers. The Retail distribution channel consists of its self-owned pharmacies. | $5,414 | -6% | $157M | $193M | — | — | ||
| AD Plastik DD is a supplier of plastic components for the automotive industry. It engages in the development and production of interior and exterior automotive components in Croatia. It operates in two business segments: the EU, UK and Serbia and Russia. | $32 | +159% | $132M | $161M | 0.9x | 4.7x | ||
| ACI DD is engaged in providing berthing services to boats in marinas along the Croatian coast, and other activities related to chartering, construction, and repair of boats, as well as other activities. The company reports one segment as a whole for providing berth services. | $954 | -4% | $106M | $110M | 2.4x | 116.0x | ||
| Luka Ploce DD operates in integrated shipping and logistics industry in Croatia. The company is engaged in mooring and unloading of boats, yachts, fishing, sports, and other boats, storage and transport of goods and other materials, and boarding and disembarking passengers. | $194 | +25% | $82M | $57M | 1.6x | 4.5x | ||
| AGRAM BANKA dionicko drustvo provides banking services. The company's operating segment includes Business banking; Retail banking; and Treasury. It generates maximum revenue from Business banking which entails loan guarantees and deposit operations, card operations, and other transactions with clients who are legal entities. Geographically, it has a presence in Germany; Italy; Croatia; Austria; the United States of America, and Spain. | $39 | -17% | $76M | $84M | 3.1x | — | ||
| Ingra DD operates in engineering and construction services in Croatia. The company is engaged in executing investment projects, power and industrial plants construction, and tourist complexes. The activities of the company are in energetics, construction, assembly, and telecommunication. | $2 | -10% | $30M | $69M | 21.4x | 11.2x | ||
| Institut IGH DD is conducting its business in the field of research and development in the construction industry, which includes: design, preparation of studies, professional supervision, consulting services, research works, proving usability, laboratory testing and calibration. Design Division generates key revenue for the company. | $15 | -16% | $22M | $29M | 1.4x | 8.2x | ||
| Losinjska Plovidba Holding DD operates in the shipping and ports industry in Croatia. The company is engaged in maritime transport, shipbuilding, and tourism. | $28 | -6% | $18M | $19M | 0.8x | 5.0x | ||
| Jadroplov DD operates in the shipping and ports industry in Croatia. The business activities are the international maritime transport of goods with its tramp ships, managing crews, and technical maintenance of ships Aside from that Jadroplov also engages in travel agency activities. | $11 | +37% | $17M | $88M | 2.7x | 36.7x | ||
| Zagrebacka Burza DD is a Croatian stock exchange. It is engaged in managing a regulated market, collecting, processing and publishing data on trade and managing multilateral trading platform. | $7 | +96% | $17M | $13M | 2.4x | 10.8x | ||
| Alpha Adriatic JSC engaged in activities of international maritime transportation of goods in dry bulk and tanker sectors and providing full ship management services for third parties. It has interests in oil and chemical tankers, and bulk carriers and also provides third-party ship management services for oil and chemical tankers. | $10 | -29% | $6M | $33M | 1.6x | 2.6x | ||
| Tehnika DD operates in the engineering and construction industry in Croatia. The company is engaged in constructing high-rise buildings for business and public, residential architecture, educational facilities, catering facilities, hotels, and industrial facilities. | $16 | -32% | $3M | $16M | 0.5x | 3.7x | ||
| Median | $47 | +10% | $308M | $347M | 1.9x | 8.7x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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