Metalac, the Gornji Milanovac-based Serbian industrial group, reported its strongest consolidated financial result on record for 2025. The company said the outcome was supported by revenue growth, improved operating efficiency and a significant reduction in net debt. The results were released in the context of continued performance improvements across the group’s operations.
In 2025, Metalac generated consolidated operating revenue of approximately RSD 17.9 billion (about €153 million), up 6.5% year-on-year. Net profit increased to RSD 836.4 million (about €7.1 million), rising 12.5% compared with the previous year. Operating profit climbed almost 12% to RSD 970.7 million (about €8.3 million).
Revenue and profitability trend since 2019
The company described the 2025 result as a continuation of a multi-year earnings expansion. Consolidated revenue rose from roughly RSD 11.1 billion (about €95 million) in 2019 to nearly RSD 17.9 billion (about €153 million) in 2025. Over the same period, profitability nearly doubled.
Metalac attributed part of the stronger earnings to improved gross margin management. It said lower procurement costs and a more favorable cost structure helped offset inflationary pressures affecting wages, logistics and industrial production . The company also stated that reduced acquisition costs of sold goods contributed significantly to profit growth despite a challenging operating environment.
Net debt reduction and leverage position
The balance sheet strengthened during 2025 alongside the income statement improvements. Metalac said it more than halved its net debt over the year, bringing net indebtedness to approximately RSD 387.6 million (about €3.3 million). The company indicated that this leverage level remains relatively low for a manufacturing group with a broad production, distribution and retail network.
The group’s financing position is linked to flexibility for future investments and dividend distributions, according to its disclosures . The company’s domestic operations also continued to support revenue generation through the period.
Domestic sales mix and energy-efficiency investments
Domestic demand remained central to Metalac’s revenue structure in 2025. The Serbian market generated nearly 80% of consolidated sales, reflecting the role of its domestic retail and distribution platform . The company cited ongoing consumer demand for household products, cookware, heating equipment and related industrial goods.
Metalac’s latest results also come after investment in energy-efficiency projects in recent years. These include rooftop solar generation and modernization of heating systems . The company said the measures helped reduce energy costs and lower natural gas consumption, partially insulating operations from volatility in European energy markets.
Dividend decision and early-2026 cost pressure
Shareholders approved a dividend of RSD 95 per share, matching the previous year. Metalac said this level represents the highest recurring dividend in the company’s history . The dividend policy formed part of investor returns alongside record earnings.
For the first quarter of 2026, Metalac indicated that cost pressures continued to be a challenge despite record annual performance. Wage expenses, energy costs and materials rose faster than revenues, compressing margins at the beginning of the year . Management maintained revenue growth, while inventory and production data suggested operations remained aligned with market demand.
Diversified business structure across manufacturing and services
Metalac operates across multiple segments within its corporate structure. Its activities include cookware production, boilers, retail networks, trade activities, industrial components, printing services and financial operations . The company said this diversification helps reduce earnings volatility by providing multiple revenue streams when demand weakens in individual segments.
The group’s diversified model also supports its position among dividend-paying industrial issuers on the Belgrade Stock Exchange. With earnings at record levels and debt significantly reduced during 2025, Metalac entered 2026 from what it described as a stronger financial position while inflation, labor costs and industrial input expenses continued to pressure manufacturing margins across Serbia and the wider region .
