European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank6

Croatia · Industrials

Koncar D&ST

Manufactures medium-power, distribution and special transformers, including electric-traction transformers and auxiliary autotransformers.

+101%revenue growth
FY2022–FY2025
+509%net-income growth
FY2022–FY2025
+1152%stock return
FY2022–FY2025
+16%2026 stock return
current context only

Company profile

Transformer families, factory capabilities and export projects

KONČAR – Distribution and Special Transformers Inc. is the Zagreb-listed transformer issuer profiled here and a member of KONČAR Group. It makes medium-power, oil-immersed, dry-type and special transformers for grids, renewables, rail and industrial duties, then supports transport, installation, field testing and commissioning. The official group describes its members as independently managed companies; this profile therefore excludes the separate KONČAR – Power Transformers and KONČAR – Transformer Tanks businesses.

Transformer families

Four ranges span grid, renewable, rail and industrial duties

Medium-power oil-immersed transformers and autotransformers reach 160 MVA and 170 kV. Distribution ranges cover oil-immersed units from 50 kVA to 8 MVA and dry-type units from 50 kVA to 3.15 MVA. The special range adds grounding, rectifier, auxiliary, generator, test-station, offshore, vibration-resistant, mobile-substation and electric-traction designs, plus MV reactors.

Manufacturing and testing

In-house core and winding work feeds a dedicated test station

At the Zagreb plant, high-permeability steel cores are cut on in-house automated lines and aluminium or copper windings are made on automatic machines before assembly and final inspection. A plant visit documents core cutting and assembly, winding, transformer assembly and the test station. A 2026 Swedish unit passed routine, type and special tests to IEC 60076; medium-power deliveries can extend to field testing and commissioning.

Named projects and customers

Klimapark Steinhöfel and Göteborg turn specifications into use cases

For Klimapark Steinhöfel in Brandenburg, D&ST contracted four 125 MVA transformers that connect up to 753 MWp through E.DIS's network; the first two were delivered, installed and commissioned in May 2026. For Göteborg Energi's K20 substation, it supplied a 40 MVA, 145 kV unit using biodegradable insulating liquid. Auxiliary and earthing transformers also serve Qatar's 800 MWp Al Kharsaah solar plant.

Footprint and positioning

A separately listed KONČAR member with a 110-country record

D&ST says it has delivered more than 4,000 medium-power transformers totalling 85,000 MVA to over 110 countries in 40 years, and positions itself among Europe's leading manufacturers up to 160 MVA and 170 kV. Its ordinary and preferred shares trade on the Zagreb Stock Exchange as KODT and KODT2. KONČAR Group identifies D&ST as one independently managed member, not as the separate large-power-transformer or transformer-tank companies.

Official profile sources: Koncar D&ST official website · Special transformers | KONČAR

Current 2026 update

What is changing at Koncar D&ST in 2026?

Koncar D&ST is changing its production system through a flow-improvement programme, hall and equipment projects, a new-factory project the issuer calls its most significant capacity expansion, and a second transformer-tank producer now consolidated inside the group. A German agrivoltaic project shows how the company's transformers reach the field.

Latest official evidence First-half operating and investment update Published 23 July 2026

The change in one sentence

Demand is changing the factory network, not only filling the order book.

The EUR 1.09 billion backlog provides context, but the disclosed changes are physical and still in progress: material-flow work, hall and test-lab projects, permitting and long-lead equipment for a new factory, and more in-group metalwork. First-half order intake rose only 1.7%, so the evidence is a large contracted workload rather than accelerating orders.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · The factory network

Four investment tracks are reshaping how transformers move through production

Sustainable SETup is expected to finish in the second half and improve flows of raw materials, components and finished products. For the new Zaprešić factory, design, technical documentation, permits and long-lead equipment orders intensified; the issuer calls it the most significant capacity expansion in group history. PET in Poland is developing a new hall and test laboratory, while Ferokotao is continuing new production-facility and equipment work.

  • Current signalSETup: H2 target · Zaprešić: design, permits and long-lead equipment
  • Why it mattersThe disclosures place several parallel facility milestones alongside the order book, with completion and capacity effects still to be demonstrated.
  • H1 2026 report Koncar D&ST · 2026-07-23

02 · The transformer in the field

Four transformers connect solar generation without displacing farming

Klimapark Steinhöfel spans approximately 500 hectares across eight districts and is designed to combine solar generation with forage production and pasture. D&ST contracted four 125 MVA transformers to connect the project to E.DIS's high-voltage network through 110 kV cables. D&ST delivered, installed and commissioned the first two in May; the remaining units are scheduled for delivery in 2027 and 2028, respectively.

  • Current signal4 x 125 MVA · approximately 500 hectares · first pair commissioned
  • Why it mattersThe project makes the product and service model visible: D&ST's role includes installation and commissioning, while the remaining delivery programme extends across several years.
  • Klimapark Steinhöfel KONČAR · 2026-06-17

03 · The added metalwork

A second transformer-tank maker changes the group's production footprint

D&ST acquired control of 81.2%-owned Novi Feromont at the end of 2025 and fully consolidates its operating effects from 1 January 2026. Novi Feromont makes transformer tanks and metal structures, as does existing subsidiary Ferokotao, and accounted for 287 of the group's 1,693 employees at June.

  • Current signal81.2% owned · 287 employees at June
  • Why it mattersThe acquisition broadens the in-group metalwork base, but it also means first-half operating comparisons are not like for like with the prior-year group perimeter.
  • H1 2026 report Koncar D&ST · 2026-07-23

04 · What to watch

Three questions for the next disclosures

Three disclosed milestone groups cover factory progress, long-cycle delivery and subsidiary integration.

  • Factory milestonesDoes Sustainable SETup finish in the second half, and do Zaprešić design, permits and equipment commitments become a disclosed construction timeline?
  • Export cadenceDo the remaining Klimapark units stay on their respective 2027 and 2028 delivery schedules?
  • IntegrationDoes D&ST disclose Novi Feromont production, revenue or integration milestones and provide a clearer like-for-like view?
Sources:H1 2026 report Klimapark Steinhöfel

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY20256+101%+509%+1152%