ADRS and ADRS2: two Adris share classes, a tenfold gap in trade count

Adris grupa d.d. has two listed share classes on the Zagreb Stock Exchange: ordinary (ADRS) and preference (ADRS2). Same company, but on the exchange they behave like two different instruments. A day-by-day measurement shows how wide that gap is.

What was measured

Fourteen trading days were taken, from 15 September to 2 October 2026, from the Zagreb Stock Exchange official daily price lists. For each class, the number of trades and the turnover were summed per day, block trades included.

The gap is roughly tenfold in the number of trades and roughly tenfold in turnover. ADRS2 traded on every day in the period; ADRS had no trades at all on 18 and 22 September, and on 30 September and 1 October.

Day by day

Two days stand out. On 29 September ADRS2 recorded 113 trades, and on 2 October 161 — both times closing above the previous day. ADRS recorded 10 and 9 trades on the same days.

Why this changes how percentages read

When a stock has one or two trades in a day, the daily percentage change describes one or two deals, not market sentiment. For ADRS that was the case on several days in this period: one trade each on 15 and 21 September, two each on 16, 24 and 25 September.

The same holds for days with no trading. The last known price is then carried over from an earlier day and the daily change is undefined. In daily market summaries, this is why the number of trades is quoted alongside the percentage.

The price relationship between the two classes

On the ten days when both classes had a defined closing price, the ADRS-to-ADRS2 ratio ranged between 1.553 and 1.689. The lowest was on 15 September (€160.00 against €103.00), the highest on 28 September (€174.00 against €103.00). At the end of the period, on 2 October, the ratio was 1.619 (€183.00 against €113.00).

That range stays within a narrow band even though the two classes differ roughly tenfold in the number of trades. This describes the relationship between two measured numbers; it is not a claim about what either class ought to be worth. Why the ratio sits where it does, and why it holds in that band, is not asserted here.

Block trades distort daily turnover

Part of the turnover is not generated in regular trading but in block trades — single pre-agreed transactions of a large amount.

On 2 October 2026, equity turnover on the Zagreb Stock Exchange was €4,389,504. Two block trades carried €1,092,000, or 24.9% of that turnover: KONČAR – Elektroindustrija (KOEI) €542,000 and ADRS2 €550,000.

For ADRS2 this means that of its total €1,448,430 turnover that day, €898,430 came from regular trading across 160 trades, and €550,000 from a single block trade. The block trade was agreed at €110.00, while regular trading closed at €113.00.

How to use this

When comparing two share classes of the same issuer, it helps to look at three things separately:

1. The number of trades — it tells you how well supported the price is. One trade is not the same as 160.
2. Regular-trading turnover, separated from block trades — a block trade is agreed away from the order book and does not describe the same thing.
3. The number of days with trading — a class that does not trade every day has gaps in its price series.

Data for every Zagreb Stock Exchange stock, including both Adris classes, is available on the ADRS stock page and in the screener.

Data source: Zagreb Stock Exchange official daily price lists for the period 15 September to 2 October 2026. Turnover and trade counts are summed per day, block trades included, except where explicitly stated otherwise. This text is informational and describes measured data. It is not investment advice, a buy or sell recommendation, or a price forecast.