07/08/2025 15:20
THE MANAGEMENT BOARD LETTERThe first half of 2025 brought considerable momentum to the domestic capital market, marked by a series of significant events and initiatives that defined the first half od the year—undoubtedly one of the best so far—with strong indications of a continued positive trend.
This year, for the eighth time, the Zagreb Stock Exchange joined more than 100 stock exchanges worldwide in symbolically ringing the bell to mark the start of trading on International Women's Day. The "Ring the Bell for Gender Equality" is a global initiative held across stock exchanges to highlight the important role the business sector plays in promoting gender equality, in support of sustainable development goals and raising awareness about women's empowerment principles.
In March, trading began in the shares of ING-GRAD d.d., the first construction company to be listed on the Zagreb Stock Exchange in many years. By April, the shares were fast-tracked into index inclusion, and by the end of the semester, ING-GRAD d.d. stock had closed 30% higher than its initial public offering price.
This year again, the ZSE Academy actively participated in the Global and European Money Week, hosting around 200 students from Croatia and abroad who were introduced to financial markets and stock exchange operations. The Academy has been participating in Money Week since it was first started in Croatia in 2014. To date, more than 1,600 students have taken part in the Academy’s events marking this initiative.
In May, the Academy celebrated its 15th anniversary, establishing itself as the leading provider of financial education services in Croatia and the region. Over the years, it has developed more than 120 different programs, including several complex and comprehensive ones, such as the Investor Relations program, which has been completed by 16 generations of professionals. The Academy has organized over 800 educational events, with nearly 15,000 participants. Special emphasis is placed on youth education, particularly for high school and university students, with over 6,500 young people educated so far. Numerous international student groups from across Europe and countries such as Brazil, South Africa, Canada, China, the USA, and others have also visited the Academy over the years.
The CEE Investment Opportunities conference—co-organized by the Zagreb and Ljubljana Stock Exchanges since 2014—was again held in May, attracting investors, analysts, and representatives from 17 companies across Croatia, Slovenia, and Romania, who held around 130 meetings in Zagreb.
At the end of the half-year, the 16th annual issuer training was held, organized by Hanfa, SKDD, and the Zagreb Stock Exchange, where representatives of listed and prospective companies learned about the latest regulatory and structural developments in the capital market.
In June, ŽITO d.d. announced its initial public offering and planned listing on the Official Market, which—if successful—should be completed in July. This would mark the first time in several years that two listings resulting from IPOs occur in the same year on the Zagreb Stock Exchange. Both IPOs—ING-GRAD and Žito—included distribution to retail investors, a move strongly supported by the Zagreb Stock Exchange to ensure adequate free float and liquidity of the shares.
Also in June, Zagreb was selected as the headquarters of a new company that will oversee and lead the integration of Central and Southeast European stock exchanges, as announced by the Ministry of Finance of the Republic of Croatia and the Zagreb Stock Exchange. This initiative includes exchanges from Slovenia, Poland, Slovakia, Romania, Bulgaria, Hungary, North Macedonia, and Croatia, aiming to strengthen regional capital market connectivity, increase market liquidity, and create a more competitive and attractive investment environment. This project continues the activities launched with the Memorandum of Understanding signed by regional exchanges in November last year. Political support and readiness for cooperation have been secured in all involved countries and will soon be formalized through the signing of the MoU by the respective finance ministries, confirming shared commitment to reform.
This historic initiative is also the result of years of effort by the Zagreb Stock Exchange to establish integration processes that will contribute to building a stronger, more efficient, and competitive capital market in this part of Europe.
January opened the year on an extremely positive note, with a significant increase in order book turnover and strong index performance. The positive sentiment continued throughout the half-year, supported by the listing of ING-GRAD d.d., the first construction company to join the Exchange in years, the announcement of ŽITO d.d.’s listing, and new bond and T-bill listings from the Ministry of Finance.
Nearly all key metrics for H1 are excellent:
- Order book turnover increased by +52.4% compared to the second half of the previous year
- Equity turnover grew by +53%
- ETF turnover surged by +111.7%
- Total turnover rose by +52.4%
Compared to the same period last year:
- Total turnover is up by +90.5%
- Equity turnover by +63.8%
- Equity market capitalization by +22.7%
- ETF market capitalization by +90.6%
The most actively traded stocks in H1 2025 were those of KONČAR d.d., HT d.d., ING-GRAD d.d., KONČAR - D&ST d.d., and Zagrebačka banka d.d.
The Zagreb Stock Exchange Trading Report for first half of 2025 is now available in Periodic Trading Reports.
