Elektroprivreda Srbije (EPS) remained Serbia’s largest company by operating revenue in 2025, while the country’s strongest large-company profits were generated by the two Zijin mining businesses in Bor.
The year’s corporate results placed electricity, oil, gas and mining at the centre of Serbia’s largest-company landscape. EPS increased revenue and profit, NIS recorded a loss after a profitable 2024, Serbia Zijin Copper and Serbia Zijin Mining expanded both sales and earnings, and Srbijagas reported lower revenue following the disappearance of budget donations and subsidies.
Serbia’s aggregate corporate net profit reached approximately RSD 957.6bn in 2025, an increase of 10.9% from the previous year. Total corporate revenues amounted to RSD 21,112bn, while expenses totalled RSD 19,930bn. More than 67,000 companies operated profitably, while more than 32,000 companies reported losses.
EPS increases regulated electricity revenue
EPS raised operating revenue to approximately RSD 460.5bn in 2025, compared with RSD 444.7bn in 2024. The company is expected to retain first place in the next “Top 100” corporate ranking. The increase followed a regulated electricity price adjustment introduced on 1 October 2025. The average price for electricity supplied under guaranteed supply rose by 8.5% in aggregate.
Of that increase, 1.9 percentage points resulted from a revised threshold between tariff zones, while 6.6 percentage points reflected higher transmission and distribution access costs. EPS reported an average guaranteed-supply electricity price of RSD 10.579 per kWh in 2025, compared with RSD 10.310 per kWh in 2024.
Foreign-market sales fell to approximately RSD 3.3bn from about RSD 6.3bn a year earlier. The company’s revenue was therefore increasingly generated through domestic electricity billing. EPS ended 2025 with net profit of approximately RSD 38.7bn, nearly 60% higher than in 2024.
NIS records loss as sales and oil prices decline
NIS reported operating revenue of RSD 266.2bn in 2025, down from RSD 386.9bn in 2024. Domestic sales of goods declined to RSD 17.7bn from RSD 73.4bn. Product sales on the Serbian market fell to roughly RSD 216bn, compared with approximately RSD 263bn in the previous year.
Foreign-market inflows decreased to around RSD 36bn from about RSD 51bn. NIS reported a net loss of RSD 12.2bn, after recording net profit of RSD 18.3bn in 2024. The average oil price reported for 2025 was $69.11 per barrel, about 14% lower than in 2024. The company also operated amid business uncertainty related to US sanctions pressure connected with Russian ownership. NIS remains important to Serbia’s refining operations, fuel-market stability and fiscal flows.
Zijin companies lead large-company profitability
Serbia Zijin Copper increased operating revenue to RSD 227.2bn in 2025 from RSD 205.2bn in 2024. Its net profit doubled to approximately RSD 61.7bn. The company reported product sales of RSD 173.4bn from copper cathodes, RSD 48.3bn from gold, RSD 4.6bn from silver and RSD 1.2bn from other products.
Export sales reached approximately RSD 163bn, while domestic sales totalled around RSD 64bn. Serbia Zijin Mining reported operating revenue of approximately RSD 213.8bn, compared with RSD 180.9bn in 2024.
Nearly all of the company’s revenue came from foreign-market sales, which totalled about RSD 210bn. Net profit reached RSD 133.2bn, approximately RSD 50bn higher than in the previous year and the largest profit among the five major companies covered. The company’s revenue base was linked to exportable mineral production, copper-gold concentrate contracts and global metals demand.
Srbijagas reports lower revenue after subsidy changes
Srbijagas recorded operating revenue of RSD 143.8bn in 2025, down from RSD 181.9bn in 2024. Domestic sales remained close to RSD 137bn. The main difference from 2024 was the absence of budget donations and subsidies, which had totalled approximately RSD 43bn in the previous year.
Despite lower operating revenue, Srbijagas reported net profit of approximately RSD 9.7bn in 2025, about RSD 1.4bn higher than in 2024.
Corporate earnings concentrated in energy and mining
The largest-company results show a difference between revenue scale and profit generation in Serbia’s corporate sector. EPS remained the principal revenue company through domestic electricity sales and regulated pricing. NIS reported weaker sales and a loss during a year marked by lower oil prices and sanctions-related uncertainty. Srbijagas reported lower revenue after the removal of budget donations and subsidies. Serbia Zijin Copper and Serbia Zijin Mining recorded the highest profit growth among the major companies, supported by copper, gold, silver, concentrate production and export sales.
