Following the latest regular revision of the Zagreb Stock Exchange equity indices, CROBEX will start trading today with a new composition, while CROBEX10 remains unchanged. Three companies, BOSQAR, Arena Hospitality Group and Alpha Adriatic, enter CROBEX, while Helios Faros and Maistra leave the index. The review was based on trading data from 1 March to 31 August 2026, with the new compositions applied from 21 September.
Starting today, 21 September, CROBEX and CROBEXtr will trade under a revised composition. Helios Faros [HEFA CZ] and Maistra [MAIS CZ] are removed, while BOSQAR [BSQR CZ], Arena Hospitality Group [ARNT CZ] and Alpha Adriatic [ULPL CZ] enter the index, increasing the number of constituents from 22 to 23. Arena returns to CROBEX only six months after being excluded in the March review, while Alpha Adriatic returns after a longer absence, having previously been removed in September 2024. On the other side, both Helios Faros and Maistra leave the index only six months after entering it in March. As a result, part of the relatively extensive March reshuffle is effectively reversed in the September review.
The headline addition this time is BOSQAR, which enters CROBEX for the first time. Its inclusion follows a rather active period for the company on the capital market. In July, BOSQAR completed a capital increase through the largest secondary public offering in the history of the Croatian capital market, raising EUR 150m in new capital against almost EUR 178m of investor demand. Trading in the newly issued shares started on 8 July, increasing the total number of listed shares to 17.7m, while the September index review assigns BOSQAR a free float factor of 45%. The company therefore enters the benchmark shortly after materially increasing both its listed equity base and the amount of stock available to investors.
The other two additions are returning constituents. Arena Hospitality Group was removed from CROBEX in March despite generating relatively solid turnover during the previous reference period, as PPHE’s continued purchases had reduced the effective free float. Six months later, the tourism company is back in the broader benchmark with a 35% free float factor. Alpha Adriatic, meanwhile, returns to CROBEX for the first time since its exclusion in September 2024. The shipping company enters with a 90% free float factor, one of the highest among current CROBEX constituents. Together with BOSQAR, the two returning names partly shift the composition away from tourism, as both Helios Faros and Maistra are removed following only one review period in the index.
Price development and turnover of affected (removals, left; entrants, right) CROBEX stocks (%, EURm, 1 Mar 2026 to 31 Aug 2026)
Source: Zagreb Stock Exchange, InterCapital Research
Looking at CROBEX10 and CROBEX10tr, this September review is considerably quieter, with no changes to the composition of either index. This follows the March revision, when AD Plastik [ADPL CZ] and Žito [ZITO CZ] replaced ING-GRAD [IG CZ] and Ericsson Nikola Tesla [ERNT CZ]. The current ten constituents therefore remain AD Plastik, Adris preferred [ADRS2 CZ], Atlantic Grupa [ATGR CZ], HPB [HPB CZ], Hrvatski Telekom [HT CZ], Končar D&ST [KODT CZ], Končar [KOEI CZ], Podravka [PODR CZ], Valamar Riviera [RIVP CZ] and Žito. The unchanged composition also means that there will be no constituent changes related to the September review for the InterCapital CROBEX10tr UCITS ETF, traded under the 7CRO ticker on the Zagreb Stock Exchange, which replicates the CROBEX10tr index.
Overall, the September review is less extensive than the one carried out in March. The broader CROBEX still sees five affected companies, but the changes mainly involve names that have moved in and out of the index over recent review periods, with BOSQAR standing out as the only first time entrant. CROBEX10, on the other hand, retains the composition established in March. The revision was implemented after the close of trading on 18 September, with the indices calculated under their new composition from today, 21 September. For full details, refer to the official ZSE announcement here.
Outside Croatia, Slovenia’s SBITOP also sees no changes in composition following its September review. The Slovenian blue chip index therefore continues with 11 constituents, with Krka [KRKG SV] remaining by far the largest at 29.55% of the index, followed by NLB [NLBR SV] at 20.00% and Petrol [PETG SV] at 16.45%. Together, the three largest constituents account for 66.0% of SBITOP, while Salus [SALR SV], which entered the index in March, retains a 6.14% weight. The revised calculation parameters apply from 21 September.
Romania is the only one of the three markets where the main blue chip index sees a constituent replacement. Electro-Alfa International [EAI RO] enters BET, BET-TR and BET-TRN, replacing Sphera Franchise Group [SFG RO], with the changes also effective from 21 September. EAI only listed on the Bucharest Stock Exchange on 3 March 2026 following an IPO that raised RON 579.6m, approximately EUR 115m, meaning that the electrical equipment and energy infrastructure company reaches Romania’s main equity benchmark roughly six months after its market debut. EAI will also enter BET-XT in place of Purcari Wineries [WINE RO] and BET-BK in place of Biofarm [BIO RO].