Croatia’s blue-chip companies have delivered a robust start to 2026, with many constituents of the CROBEX index reporting strong revenue and profit growth in the first quarter despite a volatile global backdrop marked by geopolitical tensions, inflationary pressures and uneven economic growth.

Corporate reports point to a common theme: resilient demand, disciplined cost management and strategic repositioning have helped offset external shocks. Several companies explicitly flagged the challenging environment. AD Plastik said “the beginning of the year was marked by a high level of uncertainty and a slowdown in global economic growth”, adding that “geopolitical developments in the first quarter further underscored such an environment—amid intensified conflicts and market instability, persistent energy pressures also continued.”

Engineering group Končar similarly noted that it operated in an “environment characterised by heightened geopolitical tensions and pronounced market volatility,” while construction firm ING-GRAD highlighted “pronounced volatility driven by geopolitical tensions, which led to a sharp rise in oil and fuel prices as well as significant disruptions in global supply chains.” Tourism group Valamar pointed to “increased uncertainty in the global environment, including geopolitical risks and pressures on demand,” though booking trends remained stable.

Against this backdrop, companies across sectors—from food and telecoms to energy and tourism—posted solid results, underlining the relative resilience of Croatia’s corporate sector.

AD Plastik reported first-quarter revenue of €39.5mn, up 12.3% year-on-year, while EBITDA jumped 40.2% to €6.16mn, supported by cost optimisation and improved operational discipline. The automotive supplier has been pursuing a strategic shift to diversify beyond its core sector, including expansion into logistics and other industries, in a bid to reduce cyclicality. Net debt declined, strengthening its balance sheet, while improved capacity utilisation drove top-line growth.

Atlantic Grupa delivered one of the strongest performances among consumer-facing companies, with sales rising 14.4% to €297.3mn and EBITDA up 29.0% to €29.7mn. Net profit surged 77.6% to €10.8mn. CEO Emil Tedeschi said the group achieved “excellent sales results… driven by revenue growth across all business and distribution units and in all major markets,” with particularly strong contributions from coffee, pharmacy and savoury spreads, as well as international markets including Germany and Austria. Profitability gains were supported by cost discipline despite higher investment in employees.

Hrvatski Telekom posted more modest but steady growth, with revenue up 1.6% and adjusted EBITDA rising 2.5%. Net profit reached €29.9mn. The company continued to invest heavily in infrastructure, with capital expenditure of €62.6mn focused on fibre and 5G networks. CEO Nataša Rapaić said the operator was “expanding fiber and 5G networks across Croatia, building a robust digital platform that goes beyond connectivity and supports economic growth and social progress.”

Končar stood out for its strong order intake and profitability growth, benefiting from global demand for energy infrastructure. First-quarter revenue rose to €330.5mn, while EBITDA increased to €79.1mn and net profit reached €72.7mn. Order intake hit €585.0mn, with backlog exceeding €2.9bn. The company said global trends in energy and infrastructure were driving demand, adding that geopolitical developments had not had “any material direct adverse effect” so far, though indirect risks related to logistics and price volatility remain under close monitoring.

Food and pharmaceuticals group Podravka reported stable growth, with group EBITDA rising 0.8% to €45.2mn and net profit up 4.7% to €21.0mn. The food segment saw modest revenue and EBITDA growth, while pharmaceuticals recorded higher sales but lower profitability. The agri segment was broadly flat due to timing effects in crop sales. Overall performance was supported by steady demand and operational stability.

Tourism group Valamar saw revenue increase 13.8% to €19.9mn, driven by a strong winter season in Austria, early Easter timing and contributions from newly opened assets. However, EBITDA remained negative at -€27.9mn due to seasonal factors and pre-opening costs linked to the new Pical Resort, a €200mn flagship investment. The company said booking trends remain stable despite global uncertainty, with a focus on pricing discipline and profitability ahead of the peak summer season.

Agri-industrial group Žito recorded revenue growth of 5% to €78.5mn, driven by its industry segment, including a newly acquired meat processing business. However, net profit declined due to lower pig prices and the consolidation of the newly acquired company, which is undergoing restructuring. The group maintained low indebtedness and continued investments in renewable energy and agriculture, including photovoltaic projects and land expansion.

Infrastructure company Dalekovod reported revenue growth of 13% to €62.7mn, or nearly 20% on a comparable basis, alongside improved profitability, with EBITDA rising to €7.3mn. The company cited strong demand for energy and transport infrastructure across Europe, although it warned that the Middle East conflict could impact input costs and logistics. Order backlog reached €430mn, providing strong visibility.

Construction firm ING-GRAD delivered standout growth, reporting a significant increase across all key indicators, supported by a strong project pipeline and public-sector contracts. Despite global volatility and supply chain disruptions, the company said its diversified portfolio helped shield operations from external shocks, adding that inflationary pressures are expected to have a limited impact on full-year results.

Overall, first-quarter results suggest that Croatian blue chips are navigating global uncertainty with relative resilience, supported by strong domestic demand, export growth and strategic investments. While risks linked to geopolitics, energy prices and supply chains persist, most companies enter the rest of 2026 with solid backlogs, strengthened balance sheets and cautious optimism.