What Exactly Is a Hidden Champion?
The term, introduced by the management thinker Hermann Simon, describes companies that are world or regional leaders in narrow market segments, remain relatively unknown to the broader public, and typically generate less than USD 1 billion in annual revenue. Their success is rooted in exceptional specialisation, technical mastery, and long-term customer focus.
Many operate in smaller or institutionally challenging markets – yet consistently outperform global competitors. They invest heavily in R&D, export early, cultivate deep client relationships, and maintain a relentless commitment to quality. Their achievements challenge assumptions about where cutting-edge innovation can come from.
A Newly Study Released in 2025
The Updated Survey on Hidden Champions in the EBRD Region (2025), financed by the EBRD and coordinated by CEEMAN – the International Association for Management Development in Dynamic Societies, offers an extensive and detailed look yet at these companies. It builds on earlier CEEMAN surveys from 2011 and 2019 but expands in depth and geographic scope. Prepared by research teams from 26 countries across Europe, Asia, and Africa, the report brings together years of fieldwork. Through interviews with founders and senior executives, the authors examined strategy, innovation, internationalisation, talent needs, crisis response, and long-term growth patterns. Thanks to rigorous methodology, the report offers a uniquely comprehensive picture of how niche leaders emerge in very different economic conditions.
Impressive Wave of New Entrants
One of the most striking findings is the identification of 66 Hidden Champions, with 55 recognised for the first time since the 2019 study. This surge of newcomers reveals an important trend: excellence in narrow niches is no longer concentrated in a few more advanced economies but is increasingly widespread across the region. Once these companies overcome local constraints – regulatory, financial, infrastructural – they expand internationally with surprising speed.
Equally noteworthy is their geographic distribution. New champions have emerged, showing that innovation and export capability now extend far beyond traditional hubs. Many supply global value chains in automotive, pharmaceuticals, electronics, engineering, agribusiness, and construction. Others are at the frontier sectors such as AI-driven analytics, robotics, electric mobility, renewable energy systems, and advanced digital services.
Their rise demonstrates that even in markets often labelled “peripheral,” firms are producing world-class technologies and shaping the future of specialised industries.
The Strengths, the Challenges, the Resilience
Across countries and industries, several characteristics stand out: innovation as a continuous discipline; deep customer integration; financial and strategic discipline; strong cultures and visionary founders.
At the same time, Hidden Champions face significant obstacles – and talent shortages top the list. The need for engineers, skilled technicians, digital specialists, and capable middle managers is acute, especially in sectors linked to automation, AI, and digital transformation. Companies also identify gaps in sales, marketing, HR, and strategic planning capabilities.
Access to credit remains uneven across countries, and firms continue to call for more predictable regulatory environments and better export-support mechanisms.
The recent crises – from the COVID-19 pandemic to the war in Ukraine – provided a stress test, and Hidden Champions demonstrated exceptional resilience. Half reported no negative impact from COVID-19, and nearly a third benefited from new opportunities, such as rapid digitalisation or new product lines. Firms also adjusted supply chains, diversified markets, and accelerated sustainability transitions in response to geopolitical disruptions. Their ability to transform shock into opportunity is one of their defining traits.
Why the 2025 Report Matters
The country chapters and company fiches included in the report offer concise, data-rich snapshots of firms that rarely appear in mainstream economic coverage. They reveal that globally competitive excellence can emerge anywhere – even in small, resource-constrained or institutionally complex environments.
For policymakers, investors, business leaders and educators, the findings provide a roadmap for fostering innovation, supporting high-potential firms, and strengthening competitiveness across the region. For the EBRD, they reaffirm the importance of supporting dynamic, export-oriented private sectors.
Hidden Champions may be small in size, but their impact – on technology, employment, regional integration – is far from hidden. Their stories demonstrate the potential of the EBRD region and offer valuable findings for anyone interested in how emerging markets succeed on the global stage.
How to Learn More
Please join the event at the EBRD headquarters in London on January 19, 2026. You will have an opportunity to meet Hidden Champions company representatives and experts, to discuss the research findings and opportunities for cooperation. The agenda will be available at a later date.
For further information, please contact:
Dr. Aigerim Kaumenova, CEEMAN Director Aigerim.Kaumenova@ceeman.org
Ms. Natalia Vassilieva VassiliN@ebrd.com