Two weeks ago, it was “doomsday” for Croatian tourism (if one only listened to mainstream media and suspended critical thinking). A week later, it was booming. And next week? Who knows. But one this is certain – dividend season is at its peak. While it started earlier, some of the highest-yielding dividends are still available for distribution. So, as you tan, swim, or ponder the state of Croatian tourism, you can also consider which stocks might yield a secure income.

Today, we review the remaining dividend opportunities across three regional markets – Croatia, Slovenia, and Romania – as usual. We focus exclusively on those firms that have announced dividends but have yet to reach their ex-dividend date, making it still possible to invest and be eligible for the payouts. The table below summarizes all the relevant details, with dividend per share (DPS) stated in gross terms and expressed in the local currency. Moreover, the dividend yields (DY) have been calculated based on the last closing price as of Friday, 20 June.

Upcoming dividends relevant information

Source: Companies’ data, InterCapital Research

As you can see, today marks the ex-dividend for Končar D&ST (both ordinary and preferred shares), making it too late for this year’s dividend if you are not already holding. However, this provides an excellent example of the ex-dividend price adjustment – the phenomenon where the share price typically drops roughly in line with the dividend, as the company’s cash reserves are reduced and its balance sheet shrinks. In other words, it’s a structural adjustment where total value (share + dividend) remains roughly neutral pre- and post-distribution.

Dividend yields of selected companies (%)

Source: Companies’ data, InterCapital Research

Moving on to those still available for dividend capture, this week includes names such as Transgaz, Cinkarna Celje, Končar Group, and Digi Communications. From this week’s batch we could highlight Cinkarna Celje which trades ex-dividend on Tuesday, 24 June, offering an attractive EUR 1.80 DPS for a yield of 5.0%, one of the highest yielders overall.

The following week shifts focus primarily to Croatian companies (plus Romania’s Romgaz), featuring Ericsson NT, Atlantic Grupa, Adris Grupa (both regular and preferred), and ING-GRAD. Among these, Ericsson NT – a regular high dividend payer – stands out with a 5.3% yield, and ING-GRAD shines as a newcomer on the Zagreb Stock Exchange, offering a 4.3% yield despite rallying over 20% from its IPO price.

Rest of July brings us the ex-dates of Transelectrica, a Romanian state-controlled transmission and system operator, with an impressive dividend yield of 7.1%, Podravka, and two Slovenian blue chips, Krka and Petrol, both with high yields of 4.3% and 4.5% respectively.

As the summer ends, a final wave of ex-dates arrives from Telekom Slovenije (4.4% DY), Luka Koper (3.8% DY), and Purcari Wineries, which still delivers a solid 3.2% yield despite its stock gaining roughly 40% following the Maspex takeover bid (you can read more about that here). Also, Romania’s Antibiotice announced its dividend with a 0.9% yield, payable in October, although the official ex-dividend date has yet to be announced.

Dividend yields of selected market indices (%)

Source: Bloomberg, InterCapital Research

In conclusion, the regional markets continue to offer robust dividend opportunities – especially in Slovenia and Romania – making this an attractive investment universe for those seeking yield, complemented by long-term growth and convergence dynamics across CEE region. However, approach these opportunities with discipline and responsibly. Remain critical, do your own research, and asses the risk thoroughly. That way, doomsday narratives won’t unsettle you, at least not all of them. Most importantly, stay invested and stay diversified.