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In this article, we will be taking a look at the 15 largest European companies by revenue. To skip our detailed analysis, you can go directly to see the 5 largest European companies by revenue.
For many years, Europe has been seen as the most progressive region in the world, admired for the level of standard of living afforded to citizens in most countries in the continent. A lot of praise directed towards Europe is the emphasis that it has laid on equality and quality of life, which have been preferred over profits which is perhaps why wealth inequality is lesser in Europe than in other regions. It is also one of the reasons why European companies are generally not among the biggest in the world, considering the regulations they have to operate within. In fact, according to Forbes' list of the biggest 2,000 companies in the world, when ranked by revenue, only 2 European companies made the top 20 companies in the world.
However, Europe has been in a bind since the pandemic hit. It was initially the epicenter of the Covid-19 pandemic, facing the most deaths and infections. Even though the region was able to improve with time and especially after the administration of vaccines, often having the highest vaccination rates among all regions globally. When it seemed like the pandemic was finally under control in 2022, the unprompted Russian invasion of Ukraine began. The invasion has resulted in tens of thousands of deaths in Ukraine and damage worth tens of billions. Millions of Ukrainians have poured into other European countries in order to escape from war, with most moving to neighboring Poland. The cost of housing the refugees has been enormous and will continue to be so in the near future. Further, the United States and the European Union have imposed massive sanctions on Russia. While the United States already has very limited economic relations with Russia and doesn't have to deal with millions of refugees, the repercussions have been limited. On the other hand, The European Union has major economic relations with Russia, especially with regards to energy supply and is quite dependent on Russian supply. This, added to the billions being spent in economic assistance and additional billions being spent to house and support the refugees, has really impacted Europe's outlook.
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According to Deloitte "Disruptions caused by the ongoing war in Ukraine, surging energy prices, persistently high inflation, and the looming risk of Russia cutting off gas supplies in the winter months have put the Eurozone economy under an unprecedented level of stress. Despite all the gloom, the Eurozone grew at 0.7% in Q2 2022 relative to Q1, which is higher than most forecasters’ expectations. This positive growth also means that the Eurozone managed to escape the downturn that hit markets such as the United States and China during the same period, primarily because of the rebound seen in tourism in Italy and Spain. Manufacturing, however, continued to suffer from supply chain challenges."
Despite the aforementioned growth, high inflation is going to have a major impact on Europe's economy and the biggest European companies as inflation has had a negative impact on the consumer sector which was considered to be the main driver behind the region's economic recovery. Uncertain geopolitical scenarios are also affecting the region, such as the elections in Italy which resulted in the country's most far-right government since World War II. Threats by Russia to reduce or withhold energy supplies have also added to uncertainties, with energy prices already reaching record highs in anticipation of winter. If Russia actually completely or even majorly withholds gas supply to the region, Europe could be in really big trouble.
While we've mentioned inflation at a high level, it is important to deep dive. Inflation isn't just a European phenomenon; it is affecting the wider world and is much higher in many other countries, especially in emerging or developing economies. Inflation in Europe reached a record level of 8.9% in July, while energy prices skyrocketed by 40%, and food prices increased by 10%. France experiences the lowest level of inflation at 6.8% while Germany clocked in at 8.5%. Some of the economic measures taken to reduce the burden on the citizens was to reduce gasoline tax and public transport prices. Other countries such as Netherlands, Poland and Spain saw inflation in the double digits, while the Baltic states recorded inflations rates exceeding 20%.
The short-term future for Europe looks uncertain, as there is no timeline on when the Russia-Ukraine war is expected to end, while there are fears of a global recession occurring as well. According to Lazard Asset Management, Europe is more likely to enter a recession earlier than the rest of the world.
The biggest Europe companies by revenue are dominated by the largest European economy, Germany, with five entries in the list, followed by the France with three and the United Kingdom with two. The combined sales of the biggest Europe companies by revenue are close to $2.5 trillion, recording profits of approximately $170 billion, and assets worth over $8.9 trillion. Most of these companies are among the largest in their respective industries. To determine these companies, we referred to the Forbes Global 2000 list for 2022 and filtered out European companies. Surprisingly, there is even a Russian company in our list, though whether it will remain in the list or not in 2023, after the global sanctions imposed on Russia, is to be seen. So, without further ado, let's take a look at the giants of Europe, starting with number 15:
15. Generali Group
Total revenue as per latest 12-months data (in billions): 102.13
The Italian insurance company is the only Italian company among the biggest European companies by revenue. Nearly 190 years old, it was initially an important part of the Austrian empire and is now an integral part of the Italian economy.
14. LukOil
Total revenue as per latest 12-months data (in billions): 125.11
The Russian energy company is the biggest company in Russia and is one of the biggest oil producers in the world. Whether it will be anywhere near this list remains to be seen after the sanctions imposed by the West on Russia, as well as Russia's threats of cutting off energy supplies to Europe.
13. BNP Paribas
Total revenue as per latest 12-months data (in billions): 127.42
BNP Paribas is the largest banking company in France, with close to 200,000 employees and is among the biggest banks in the world. The company was hit with an $8.9 billion fine after conducting business with sanctioned companies.
12. Deutsche Telekom
Total revenue as per latest 12-months data (in billions): 128.59
One of the largest telecommunication companies in the world, Deutsche Telekom operates several subsidiaries worldwide and owns the famous mobile communications brand T-Mobile.
11. BMW Group
Total revenue as per latest 12-months data (in billions): 131.48
The German manufacturer produces both luxury cars and motorcycles, even though it was initially founded as a manufacturer of aircraft engines. The company has operations in over half a dozen countries.
10. Fortum
Total revenue as per latest 12-months data (in billions): 132.85
Fortum is a Finnish energy company. Easily the biggest company in Finland, it is the third biggest carbon-free electricity producer in the world.
9. Allianz
Total revenue as per latest 12-months data (in billions): 138.62
Allianz is a German financial services company and considered to be among the biggest financial services groups and insurers in the world. It has operations in several countries including in Australia, Africa, North America and of course, Europe.
8. AXA Group
Total revenue as per latest 12-months data (in billions): 145.19
The French multinational insurance company has operations based mainly in Western Europe, North America and parts of the Middle East.
7. BP p.l.c. (NYSE:BP)
Total revenue as per latest 12-months data (in billions): 158.01
We have several oil and gas companies from Europe in our list and BP p.l.c. (NYSE:BP) is no exception. BP p.l.c. (NYSE:BP) has operations in at least 80 countries and has proven reserves of nearly 20 billion barrels, with close to 19,000 service stations across the world. BP p.l.c. (NYSE:BP) is responsible for the biggest oil spill in history, which ultimately cost the comapny more than $65 billion in total.
6. Stellantis (NYSE:STLA)
Total revenue as per latest 12-months data (in billions): 176.71
We have several car manufacturers in our list of the biggest European companies by revenue, and Stellantis takes the 6th place. Headquartered in the Netherlands, the company owns some major car brands including Jeep, Fiat, Dodge, Chrysler and Alfa Romeo among many others. The company employs more than 300,000 employees and maintains a presence in around 130 countries, with manufacturing facilities being maintained in 30 countries.
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Disclosure: None. 15 largest European companies by revenue is originally published at Insider Monkey.
