The first half of 2025 delivered exceptional growth in equity turnover on both the Zagreb Stock Exchange and Ljubljana Stock Exchange, with increases of 88.7% and 66.8%, respectively. This surge in trading activity was matched by great index performances, as CROBEX10 advanced 12.9% and SBITOP surged by 36.6% YTD.
Despite a backdrop of global capital market volatility, driven by trade uncertainties and geopolitical tensions, the region proved resilient. Markets swung sharply but ultimately recovered with even stronger momentum.
Moreover, a key milestone for the ZSE was the March listing of ING-GRAD, the first construction company to join the exchange in years. By April, ING-GRAD was even fast-tracked into index inclusion, becoming one of the most positive stories this year.
Total equity turnover on the ZSE reached EUR 361m, marking an 88.7% YoY increase. Of this, stock turnover accounted for EUR 233m, reflecting a 63.8% increase compared to the same period last year. Block turnover jumped to EUR 98m (+162.6%), while ETF turnover reached EUR 30m (+156%), already surpassing last year’s total amounts. As a result, average daily turnover climbed to EUR 2.9m.
Monthly equity turnover on ZSE (H1 2025 vs H1 2024, EURm)
Source: ZSE, InterCapital Research
In terms of most traded stocks on ZSE in H1 2025, Končar led the way with a turnover of EUR 46.7m, representing 12.9% of the total equity turnover. Hrvatski Telekom followed in second place with EUR 21.7m. Behind were ING-GRAD – particularly impressive given its listing in March – and Končar D&ST, both with around EUR 17.1m in turnover. Rounding out the top five stood Zagrebačka banka, with EUR 16.8m. Altogether, the five most traded stocks made up 33% of total equity turnover on the exchange, while the ten most traded stocks collectively accounted for 50%.
In the first half of 2025, Croatian blue-chip stocks delivered a broadly positive performance, led by Končar D&ST, whose share price surged by 59%, marking the most substantial gain in the group. The preferred shares of Adris Grupa followed with a 33.6% increase. Other strong performers included Span, which rose 25.8%, Končar Group with a 19.4% gain, and Valamar Riviera, up 17.6%. Both Ericsson NT and Hrvatski Telekom also posted positive, albeit more modest results, with share prices rising 6.8% and 4.7%, respectively. On the downside, Podravka declined slightly by 0.7%, while Atlantic Grupa and HPB saw decreases of 4.5% and 12%, respectively. Overall, these movements contributed to a 12.9% increase in the CROBEX10 index during the period.
Performance of CROBEX10 constituents (H1 2025, %)
Source: Bloomberg, InterCapital Research
Moving on to Slovenia, the Ljubljana Stock Exchange recorded a total equity turnover of EUR 327m in the first half of 2025, marking a 66.8% increase compared to the same period last year. Within this total, stock turnover contributed EUR 322m, up 54.5% YoY. Block turnover surged to EUR 45.5m, reflecting a sharp 212.9% rise, while ETF turnover skyrocketed to EUR 4.8m, representing a staggering 1,577.7% increase. As a result, average daily turnover climbed to approximately EUR 3m, underlining the improved market liquidity.
Monthly equity turnover on LJSE (H1 2025 vs H1 2024, EURm)
Source: LJSE, InterCapital Research
When it comes to the most traded stocks on the LJSE in H1 2025, Krka dominated the charts with a turnover of EUR 132m, accounting for 35.5% of total equity turnover. NLB followed with EUR 88.2m, while the remainder of the top five was made up of Triglav with EUR 31.6m, Petrol with EUR 27.3m, and Sava Re with EUR 17.3m turnover. These five stocks collectively contributed approximately 80% of total turnover, reflecting a more concentrated trading structure compared to the Zagreb Stock Exchange, which has a broader base of listed companies.
In terms of performance, all Slovenian blue-chip stocks saw price appreciation in the first half of the year. Petrol led the pack with an impressive 58.4% gain, followed by Luka Koper, which advanced 47.5%, Sava Re with a 40.0% increase, and Krka, whose shares rose by 39.2%.
Performance of SBITOP constituents (H1 2025, %)
Source: Bloomberg, InterCapital Research
Overall, the first half of 2025 proved both dynamic and rewarding for investors in regional capital markets. Despite the broader volatility, turnover across stocks, blocks, and ETFs rose sharply, supported by a resurgence in investor activity and confidence. Importantly, these regional markets continued to outperform some developed markets and bigger indices, including the S&P 500, reinforcing the case for diversification. At InterCapital, we take pride in being the leading broker, market maker, and sole ETF provider in both Croatia and Slovenia, and we extend our congratulations to all investors who captured the upside of this exciting and successful half-year.