Croatia’s Zagreb Stock Exchange (ZSE) recorded a sharp rise in trading activity and strong investor returns in 2025, helped by a wave of new listings and broad-based gains across most market indices, the ZSE said in its annual report.

Equity turnover on the exchange jumped nearly 76% from a year earlier, while exchange-traded fund (ETF) turnover climbed 85%, pushing total market turnover up 88.5%, ZSE data showed.

Market capitalisation rose 11% for shares and 69.4% for ETFs, reflecting increased investor participation and growing appetite for Croatian assets.

The benchmark CROBEX index gained 21% over the year, while the blue-chip CROBEX10 rose 23%. Including dividend payments, total returns were even stronger, with CROBEX and CROBEX10 up 24.6% and 26% respectively.

“Despite corrections and sensitivity to macroeconomic circumstances, the overall picture points to increasing market maturity and stronger investor confidence,” the exchange said in its annual trading report.

All sector indices posted double-digit growth except CROBEXnutris and CROBEXtransport. The construction-focused CROBEXkonstrukt was the standout performer, rising 61%, while CROBEXprime, which tracks the most liquid stocks, gained 11.3%.

The most actively traded stocks during the year were electrical equipment maker Končar, its unit Končar – Distribution and Special Transformers, and telecoms operator Hrvatski Telekom.

ZSE management said three new listings – construction group ING-GRAD, agribusiness company Žito and automotive parts distributor Tokić – had helped the Croatian market outperform many global peers.

“These listings secured 2025 a place in the annals of the domestic capital market,” the exchange’s management board said in a statement, citing strong investor demand for new issuers.

The exchange also rolled out a digitalised listing process and expanded its educational programmes for issuers and young investors, while hosting events that attracted more than 1,000 participants.