The launch of the third unit at the Mochovce nuclear power plant has boosted the financial performance of Slovenské Elektrárne. (source: Slovenské Elektrárne)
A new ranking of Slovakia’s Top 50 most influential companies seeks to answer the question of which firms have the greatest impact on the state, employment, and tax revenues. The list was compiled in cooperation between Forbes magazine, consultancy PwC, and data company FinStat. It reflects not only the financial indicators of companies but also their role in the functioning of the public sector.
Criteria
In compiling the ranking, Forbes drew on a broader list of the 300 largest companies in Slovakia from FinStat’s databases, which take into account turnover (or net assets in the case of financial companies) and EBITDA. The final order of companies was then determined by Forbes in cooperation with consultancy PwC. The criteria, reflecting the aims of the ranking, included company value (enterprise value), which carried the greatest weight, as well as net profit, number of employees, income tax and social contributions. The averages of these indicators were calculated from individual financial statements for the two most recent available years.
Slovakia’s economy continues to be driven above all by the energy and automotive industries. The most influential player is the dominant power producer Slovenské Elektrárne, which posted an exceptionally high EBITDA (earnings before interest, taxes, depreciation and amortisation) and strong long-term results.
“Slovenské Elektrárne secured the top spot in the ranking not only thanks to its extraordinary EBITDA of more than €1.7 billion last year, but also due to its consistently solid performance in previous years,” experts explained the ranking unveiled in early September. “The company reported a net profit of €815 million in 2024 – nearly seven times higher than the average net profit of the 46 companies that had published their results by the deadline.”
The ranking is led by the energy sector, with 11 representatives, followed by the automotive industry with eight. Banking also features prominently, with six banks included due to their high equity value. Retail accounts for four companies, while large state-run railway employers in the transport sector, along with major telecommunications firms, are also represented.
The ten most important companies in Slovakia |
1. Slovenské Elektrárne |
2. Volkswagen Slovakia |
3. Kia Slovakia |
4. Slovnaft |
5. Slovenská sporiteľňa |
6. Všeobecná Úverová Banka |
7. Continental Tires Slovakia |
8. Slovak Telekom |
9. Lidl Slovenská Republika |
10. Tatra Banka |
Two perhaps unexpected sectors emerged as dynamic players: defence, boosted by the current geopolitical situation, and gambling. Betting company Niké entered the ranking, becoming the second-highest-placed fully Slovak-owned firm after Eset. Two other betting companies narrowly missed inclusion.
Employment and related personnel costs were also an important indicator in compiling the ranking. Only three companies – Volkswagen Slovakia, the passenger railway company ZSSK, and the Košice-based steelmaker USSK – exceeded the threshold of €1 billion in wages and contributions over the three-year period under review.
Experts concluded that Slovakia remains an “automotive country”, even though market valuations in this sector are relatively low, due to systemic challenges such as Chinese competition and the shift to electric vehicles.
