Today, we decided to present you with a brief overview of the CROBEX10 constituents’ free float.
In our analysis, we considered free float to equal all individual shareholdings lower than 5%, while pension funds and UCITS funds were considered as free float regardless of their shareholding percentage.
With the current CROBEX10’s composition, 6 of the CROBEX10 constituents have a free float higher than 50%, indicating that the remaining 4 of the CROBEX10 constituents are still held by a small group of majority shareholders. Of the constituents, only Adris Group (ADRS2 CZ) has a free float of over 90%.
CROBEX10 Constituents Free Float (April,2025)
Source: ZSE, InterCapital Research
We will start the analysis with the companies with the highest weight in CROBEX10 and thus with the biggest free float capitalization.
At the top of the index by free float market capitalization is Končar [KOEI CZ], where we estimate the free float at 71.8%. While ZSE assigns a free float factor of 1.00, our methodology adjusts for a 28.2% stake held by a government-linked closed-end investment fund. Končar’s free float capitalization stands at approximately EUR 900m, placing it firmly at the top of the CROBEX10 by investable size.
HT [HT CZ] follows closely, with a free float of 39.7%, though a substantial portion of its equity is held by Deutsche Telekom, the controlling shareholder. This leaves a relatively limited pool of shares available to the market. Even with this smaller free float, HT remains one of the most liquid stocks on the ZSE, driven by its large total market capitalization, consistent dividend policy, and strong institutional following.
Končar [KOEI CZ] and HT [HT CZ] are the only two constituents that require a weighting factor below 1.00 to limit their influence in the index, as their float-adjusted market caps exceed the maximum permitted weight. All other constituents have a weighting factor of 1.00, meaning their index weights directly reflect their float-adjusted sizes.
Podravka [PODR CZ], with a free float of 72.5%, remains among the most accessible names in the index. The structure remains relatively diversified despite the presence of CERP as a notable shareholder. The company’s free float decreased slightly in 2024 following the Braća Pivac group’s acquisition of over 5%, but it continues to rank among the top three CROBEX10 constituents by float cap.
Adris Grupa [ADRS2 CZ] stands out with a free float of 93.5%, the highest among all CROBEX10 constituents. The stock is broadly held across both retail and institutional investors, with no dominant controlling shareholder. Notably, it is also the only preference share included in the index, further distinguishing its structure from the rest of the CROBEX10 basket.
Valamar Riviera [RIVP CZ] holds a 55.0% free float, sufficient to support stable trading volumes. Although several domestic funds are among its larger shareholders, the float remains accessible and diversified. High share count further supports its index liquidity.
SPAN [SPAN CZ] maintains a free float of 69.2%, placing it in the upper tier among lower-cap constituents. The shareholder structure is balanced, with no large blockholders, providing solid liquidity despite its smaller market cap.
At the bottom of the free float range is HPB [HPB CZ], with just 25.4% of shares publicly tradable, reflecting a strong state presence and very limited secondary liquidity. KONČAR D&ST [KODT CZ] is also tightly held, with 32.1% free float, reducing its appeal for larger passive or institutional strategies.
Atlantic Grupa [ATGR CZ] has a free float of 44.0%, offering moderate accessibility for institutional investors, while Ericsson Nikola Tesla [ERNT CZ] sits just above the 50% threshold, at 50.9%, placing it on the borderline between restricted and widely held.
If we were to calculate the free float of CROBEX constituents while excluding pension funds, the results would be slightly different for some, but significantly different for the majority of companies.