Jamnica and Coca-Cola HBC Control Over 92% of Revenue Among Croatia’s Leading Beverage Producers

Revenue rises as profit approaches €68 million

Ten Croatian companies producing mineral water and soft drinks generated combined revenue of €528.2 million in 2025, according to CompanyWall data reported by Financije.hr. That was 3.8% above the €508.9 million recorded in 2024. Their combined profit increased much faster, rising by almost 60% from €42.6 million to €67.8 million.

Employment across the group rose from 1,751 to 1,837. The figures indicate that the companies expanded their aggregate workforce while improving profitability, but the gains were concentrated heavily among the largest businesses. Jamnica plus and Coca-Cola HBC Hrvatska together generated almost €487.5 million, representing more than 92% of the ten companies’ total revenue.

Jamnica delivers most of the profit growth

Jamnica plus led the group by revenue, reporting €245.4 million for 2025, an increase of 6.7% from the previous year. Its profit more than doubled, climbing by over 117% from €23.8 million in 2024 to €51.6 million. Jamnica employed 990 people, three more than a year earlier.

Coca-Cola HBC Hrvatska followed closely with revenue of €242.1 million, up 2.8% year on year. Profit was broadly unchanged at €14.3 million, compared with €14.26 million in 2024. The company increased its workforce more substantially, from 511 to 584 employees.

Together, the two companies produced €65.9 million in profit. That means they accounted for nearly all of the €67.8 million earned by the ten businesses under review. Jamnica alone contributed most of the group’s year-on-year profit increase, making its performance the principal driver of the improved aggregate result.

Smaller producers report divergent results

Naturalis was the largest company outside the two market leaders, with revenue of slightly more than €14 million, up 14.1%. Its profit, however, fell by about 75%, from €936,926 to €233,779. KIS Pića recorded revenue of €13.2 million, down 21.5%, while profit dropped by more than 70% to €369,672.

Živa voda continued to expand its sales, generating €8.15 million in revenue, 6.3% more than in 2024. Profit declined by 16.4% to €723,052, while employment increased from 96 to 102. The combination of revenue growth and lower earnings at Naturalis and Živa voda shows that higher sales did not consistently translate into stronger margins among smaller producers.

Sambi’s revenue fell by 25.5% to €2.43 million, and its profit declined by almost 79% to slightly more than €70,000. Bob’s reported an even steeper revenue contraction of 31.9%, to €641,777, while profit fell from €562,768 to €151,711. Ferenčić PBP’s revenue decreased by 8.2% to €989,750, with profit down by just under 8% to €340,294.

MM Model ended the year with revenue of €716,791, a decline of 15.3%, and moved from a profit of €158,204 to a loss of €75,947. Aqua Uno recorded the strongest relative revenue increase in the group: sales rose by almost 78%, from €271,363 to €482,100, while profit increased by 19% to €66,465. Despite that growth, its absolute scale remained small compared with the two leaders. The 2025 figures therefore describe a highly concentrated Croatian beverage segment in which overall growth and profitability depended chiefly on Jamnica and Coca-Cola HBC Hrvatska, while several smaller operators faced simultaneous pressure on revenue and earnings.