We continued our strong upward trajectory across all key financial indicators in the third quarter of 2025. Consolidated revenues for the first nine months amounted to EUR 925.8 million, an increase of EUR 180.5 million or 24.2% compared to the same period of the record-breaking 2024. Net profit reached EUR 167.6 million, up by EUR 51 million or 43.7% year-over-year. The value of newly contracted projects continues to exceed revenue generated, with the order backlog standing at a robust EUR 2.32 billion. In addition to continued financial growth, KONČAR further strengthened its global position through a series of significant business developments in Q3. A key milestone was the commissioning of the first battery electric train, making Croatia the first European country to introduce such a train into commercial operation and positioning KONČAR among the few global manufacturers of battery-powered trains.

KONČAR’s strong position among Europe’s leading manufacturers in the energy, transport and industrial sectors is further reinforced by its growing competitiveness in international markets. Revenue from the sale of products and services abroad accounted for nearly 71% of total sales revenue. Export revenue amounted to EUR 645.9 million, an increase of EUR 111.7 million or 21% compared to the same period last year. All observed export markets recorded higher revenues year-over-year, with the most significant absolute growth achieved in the demanding EU market, where exports rose by nearly EUR 60 million or 15%. Exports to EU countries totalled EUR 458.8 million, representing almost three-quarters of KONČAR Group’s total exports. Notable growth was also recorded in the Americas and Australia, where revenue reached nearly EUR 35 million – an increase of EUR 17.6 million or 102.4% compared to the same period last year.

All reporting divisions recorded revenue growth compared to the first nine months of 2024, with the strongest performance once again delivered by the Power Transmission and Distribution division. The Urban Mobility and Infrastructure division also achieved significant success, generating EUR 122.5 million in sales revenue – a year-over-year increase of more than 43%. In addition to the delivery of the battery electric train, which secured KONČAR’s place among the world’s most relevant high-tech manufacturers, the division continued its successful cooperation with the public transport company GPP Osijek, signing a second contract for the delivery of 10 new trams.

In the Power Transmission and Distribution segment – the Group’s core business – a standout project is the contract for the construction of a new 400 kV Promina substation. This facility will enable the transmission of electricity from the Promina solar power plant and ensure supply for approximately 69,000 households. Alongside infrastructure projects, progress continued in the field of digital solutions. KONČAR – Digital was engaged as a cybersecurity consultant for a project involving the replacement of protection systems at two power plants in the United Kingdom. The Croatian company is responsible for system analysis and providing guidance on the implementation of OT security systems and mechanisms in line with required standards.

“The business results for the January–September 2025 period confirm the stability and strength of KONČAR Group. Thanks to continuous business transformation and timely strategic investments, we have secured the necessary capacities and competencies for an even stronger performance in the coming period. As we enter the final quarter of the year, KONČAR Group remains focused on implementing strategic activities aimed at long-term sustainability, human capital development and technological excellence. Despite a challenging environment that demands swift and decisive action, with focus, consistency and support for the European green and digital transition, we expect 2025 to conclude with results that significantly exceed both last year’s achievements and this year’s targets,” said Mr. Gordan Kolak, President of the Management Board of KONČAR.

In September, the shares of KONČAR d.d., Dalekovod and KONČAR – Distribution and Special Transformers accounted for 44.2% of total equity trading volume on the Zagreb Stock Exchange. The market capitalisation of KONČAR d.d. increased by EUR 326 million in Q3, reaching nearly EUR 1.7 billion at the end of September. The period was also marked by KONČAR receiving the HANFA Award for Excellence in Compliance with the Corporate Governance Code for the third consecutive year in the category of companies listed on the Official Market of the Zagreb Stock Exchange. This recognition affirms KONČAR’s ongoing commitment to high standards of corporate governance and provides a solid foundation for continued sustainable and responsible management.