Last Friday, the Zagreb Stock Exchange (ZSE) published the results of its regular revision of equity indices, including CROBEX and CROBEX10. Five new companies will be added to CROBEX, most notably Tokić, which enters following its November 2025 IPO, while AD Plastik and Žito join the CROBEX10. The changes take effect after market close on 20 March, with the new index compositions applied from 23 March.
Starting next Monday, CROBEX10 will trade under a new revised composition, ING-GRAD [IG CZ] and Ericsson Nikola Tesla [ERNT CZ] are removed and replaced by AD Plastik [ADPL CZ] and Žito [ZITO CZ]. AD Plastik, Croatia’s largest car parts manufacturer, re-enters the top 10 index after previously being a constituent, while Žito, which only began trading in late July 2025, advances into the CROBEX10 after entering CROBEX in September. The agriculture group has seen solid trading volumes since its listing despite a relatively modest share price performance.
Ericsson Nikola Tesla, despite being one of the most stable companies on the ZSE, has seen limited free-float trading activity, which is likely to explain its exclusion from the narrower index. ING-GRAD, another recent listing that entered CROBEX10 in September, now drops back out.
Price development and turnover of affected (removals, left; entrants, right) CROBEX10 stocks (%, EURm, 1 Sep 2025 – 28 Feb 2026)
Source: Zagreb Stock Exchange, InterCapital Research
CROBEX and CROBEXtr also see changes, as the new constituents are Luka Rijeka [LKRI CZ], Tokić [TOK CZ], Maistra [MAIS CZ], Helios Faros [HEFA CZ], and Jadroplov [JDPL CZ], while Arena Hospitality Group [ARNT CZ], Đuro Đaković Grupa [DDJH CZ], and Plava Laguna [PLAG CZ] will be removed.
The headline story is Tokić’s index debut. The regional auto parts distributor listed on the ZSE on 20 November 2025, pricing its IPO at EUR 20.20 per share and raising over EUR 23m. After qualifying for accelerated entry into CROBEX within its first four weeks of trading, the Index Committee held an extraordinary meeting in January and decided to defer Tokić’s inclusion to this regular revision rather than trigger an extraordinary rebalance. During the reference period (1 September 2025 – 28 February 2026), Tokić generated a turnover of EUR 1.4m, but declined 18.3% from its listing price, falling from EUR 20.20 to EUR 16.50 by the end of February.
The other four CROBEX additions are a mix of returning names and new entrants. Luka Rijeka [LKRI CZ] and Jadroplov [JDPL CZ] both join under the CROBEXtransport sector, adding port and shipping exposure. Luka Rijeka fell 23.1% during the reference period but generated EUR 1.2m in turnover, while Jadroplov was more thinly traded (EUR 0.2m turnover). On the tourism side, Maistra [MAIS CZ] and Helios Faros [HEFA CZ], which was the strongest performer among the new entrants (+38.2%), enter the index.
Among the removals, Arena Hospitality Group [ARNT CZ] actually posted the highest turnover of the three at EUR 2.0m, but its exit is structural: parent PPHE has been steadily buying shares, compressing the effective free float. Plava Laguna [PLAG CZ] gained 4.8% but managed only EUR 1.5m in turnover over six months, reflecting a tightly held ownership structure with minimal market engagement. Đuro Đaković [DDJH CZ] exited despite a 20.7% headline gain, masking a volatile ride from EUR 46.40 to a peak of EUR 69.00 in September, then back to EUR 56.00, as turnover was just EUR 0.4m.
Price development and turnover of affected (removals, left; entrants, right) CROBEX stocks (%, EURm, 1 Sep 2025 – 28 Feb 2026)
Source: Zagreb Stock Exchange, InterCapital Research
The revised indices will be calculated with the new compositions starting 23 March, following the close of trading on 20 March. For full details, refer to the official ZSE announcement here.
The SBITOP, Slovenia’s benchmark blue-chip index, currently comprises 9 constituents and undergoes a bi-annual composition review in March and September. The LJSE has not yet published the results of the March 2026 review, but it is expected in the coming days. Salus Ljubljana [SALR SV], the pharmaceutical distributor whose stock has more than doubled over the past year, is widely expected to re-enter the index after being placed on the inclusion candidate list in September 2025.
The Bucharest Stock Exchange approved changes to the BET index on 6 March, also effective from 23 March. Cris-Tim Family Holding [CFH RO] enters the BET index, replacing Purcari Wineries [WINE RO], as its weight fell to just 0.13%, significantly below the threshold. For full details, refer to the official BVB announcement here.