As 2025 draws to a close, the standout story across regional capital markets is the exceptional expansion in equity turnover on both the Zagreb and Ljubljana Stock Exchange. Turnover surged by 84.5% YoY on the ZSE and 70.3% YoY on the LJSE, supported by strong index performance: CROBEX10 gained 20.6% in the first 11 months, while SBITOP advanced an impressive 47.1%, and this is excluding dividends.
This growth unfolded against a turbulent global backdrop. Throughout the year, investors navigated shifting trade dynamics, persistent geopolitical tensions, and meaningful changes in monetary and fiscal policies. Despite the volatility, regional markets demonstrated notable resilience, turning sharp market swings into tailwinds and outperforming several major global benchmarks, including the S&P 500 and STOXX indices.
A pivotal development for the ZSE in 2025 was the addition of three new listings – ING-GRAD, Žito, and Tokić – providing fresh depth and improving overall liquidity. Total equity turnover reached EUR 694m, up 84.5% YoY. Of this stock turnover amounted to EUR 478m (+76.2% YoY), block turnover surged to EUR 169m (+108.1% YoY), while ETFs contributed EUR 46m (+98.3% YoY). Therefore, average daily turnover rose to EUR 3.3m, compared with EUR 1.8m in the same period last year.
Monthly equity turnover on ZSE (11M 2025 vs 11M 2024, EURm)
Source: ZSE, InterCapital Research
Končar solidified its position as the primary liquidity driver, generating EUR 135m in turnover, approximately 28% of total stock turnover. It was followed by regular shares of Končar D&ST (EUR 34m), Hrvatski Telekom (EUR 33m) and preferred shares of Končar D&ST (EUR 26m). Rounding up the top five is ING-GRAD, which is even more impressive as the company was debuted in March. Collectively, the five most traded names accounted for just over half of total stock turnover, while the top ten represented roughly three quarters.
Blue-chip performance in 2025 was broadly positive. Končar D&ST was the strongest performer, climbing 82.6% and leading CROBEX10 gains. Končar Group followed with a 47.3% rise. Other notable moves include Valamar Riviera (+26%), ING-GRAD (+22.2%) and preferred shares of Adris Grupa (+22%). Single digit growth was recorded by Ericsson NT (+8.7%), Podravka (+6.7%), Hrvatski Telekom (+4.2%), and HPB which remained almost flat with only 0.6% increase, while Atlantic Grupa saw a decrease of 10.6%. Overall, these movements contributed to a 20.6% increase in the CROBEX10 index during the period.
Performance of CROBEX10 constituents (11M 2025, %)
Source: Bloomberg, InterCapital Research
Moving on to Slovenia, the Ljubljana Stock Exchange recorded EUR 760m of total equity turnover in the first 11 months of 2025, representing a 70.3% YoY increase. Within this total, stock turnover contributed EUR 322m, up 57.9% YoY. Block turnover surged to EUR 105m, reflecting a sharp 198.8% rise, while ETF turnover skyrocketed to EUR 6.6m, compared to EUR 557k a year ago. As a result, average daily turnover climbed to approximately EUR 3.6m, underlining the improved market liquidity.
Monthly equity turnover on LJSE (11M 2025 vs 11M 2024, EURm)
Source: LJSE, InterCapital Research
When it comes to the most traded stocks on the LJSE in first 11 months of 2025, Krka alone generated EUR 304m in turnover, accounting for more than 45% of total stock turnover. NLB followed with EUR 145m, while the remainder of the top five was made up of Triglav with EUR 54m, Petrol with EUR 46m, and Sava Re with EUR 44m turnover. These five stocks collectively contributed approximately 90% of total turnover, reflecting a more concentrated trading structure compared to ZSE, which has a broader base of listed companies.
In terms of performance, all Slovenian blue chips saw price appreciation during 2025. Sava Re led the pack with an impressive 70% gain, followed by Luka Koper, which advanced 68.8%, Petrol with a 49.2% increase, and Krka whose shares rose by 46.8%.
Performance of SBITOP constituents (11M 2025, %)
Source: Bloomberg, InterCapital Research
Overall, the first 11 months of 2025 proved both dynamic and rewarding for investors in regional capital markets. Despite global volatility, turnover across stocks, blocks, and ETFs expanded sharply, reflecting heightened investor engagement, improved liquidity, and the positive impact of new listings on the ZSE. Importantly, these regional markets continued to outperform some developed markets and bigger indices, 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 year, with a few weeks still ahead.