The 100 most profitable companies in North Macedonia in 2025 earned 881.1 million euros between them. That's an increase of 119.5 million euros over 2024, or around 16%. Reads as a healthy signal for the domestic economy - until you remember that half of that profit went to 13 companies.

Those 13 companies - all with individual profits above 16 million euros - earned 366.3 million euros combined. Which means: 87 companies split the remaining 514.8 million, or on average about 6 million each. Profit concentration is a reality in every economy, but the Macedonian version is especially sharp.

At the top of the list is Johnson Matthey - the British industrial group that produces car catalytic converters in North Macedonia. Their 2025 profit: 73.15 million euros. One plant - that's foreign investment, not a domestic company.

In second place is Makedonski Telekom with 40.6 million euros - more or less the usual suspect in the ecosystem. In third place is Alkaloid, one of the rare domestic companies at the top.

This finding isn't trivial. Eight out of the ten most profitable companies are the same as last year. Only two new entrants - A1 Macedonia and Makpetrol. Which means: at the top of the Macedonian economy there's almost no rotation. Same players, same sectors, same profits. That's stability for investors - and a problem for young designers, startup founders, or anyone with a new idea.

Dominant sectors: automotive industry, metallurgy, energy, telecommunications, pharmaceuticals, construction materials, food industry. Cement plants, telecoms, drugs, cigarettes, beer. That's an economic model that looks more like the 1990s than 2026. Where are the IT companies? Where are the export machinery producers? Where are the startups that grew beyond Macedonia?

The question this raises: why did 77 companies grow profit while 23 cut it? Not stated - but in a context of several years of inflation and energy instability, it means more companies passed the cost on to the buyer. We paid those profits. That's the reality behind the pretty numbers.