Only Five Serbian-Owned Agro-Industrial Firms Enter Serbia’s Top 100 by Revenue

Only five domestically owned agro-industrial companies ranked among Serbia’s 100 largest businesses by operating revenue in 2025, according to the Business Registers Agency (APR), highlighting the limited scale of Serbian private capital in large manufacturing operations.

Imlek, Delta Agrar, Elixir Prahovo, Gebi and IM Matijević generated approximately €1.31 billion in combined annual operating revenue, equivalent to 2.6% of the roughly €50 billion recorded by the country’s 100 largest companies.

The ranking reflects a corporate landscape in which foreign-owned manufacturers, state-controlled enterprises and international industrial groups occupy prominent positions, while domestic private capital remains more visible in trade, distribution, construction and commercial services. The figures also highlight the distinction between the growth of manufacturing activity and the development of large Serbian-owned industrial groups.

Energy, Mining and Telecommunications Lead Corporate Rankings

Serbia’s 100 largest companies generated approximately €50 billion in operating revenue in 2025, an annual increase of 7.1%. They accounted for 28.7% of total corporate operating revenue.

The five largest businesses were Elektroprivreda Srbije (EPS), NIS, Serbia Zijin Copper, Serbia Zijin Mining and Telekom Srbija. Together, they recorded approximately €11.6 billion in operating revenue, representing 23.3% of the top 100 total.

Their positions reflect the importance of state-controlled utilities and infrastructure, foreign-owned mining operations and large commercial businesses in Serbia’s corporate economy. The two Zijin companies also occupied leading positions in profitability rankings. Despite the strong presence of industrial operations, large Serbian privately owned manufacturers remain relatively underrepresented outside agriculture and food processing.

Five Domestically Owned Agro-Industrial Companies

The five qualifying companies operate across dairy processing, agriculture, fertiliser production, animal feed and meat processing.

• Imlek ranked 54th, with approximately €296 million in operating revenue. The dairy processor changed ownership in April 2026, when investors Andrej Jovanović, through AJFH, and Imlek executive Bojan Radun acquired the company from investment fund MidEuropa. Imlek was foreign-owned during the 2025 reporting year but subsequently qualified as domestically owned.
• Delta Agrar ranked 57th, generating approximately €288 million. Part of the Delta business system, its activities include agricultural production, crop cultivation, fruit growing and related agribusiness operations. The reporting entity is formally classified in wholesale trade.
• Elixir Prahovo ranked 60th, with approximately €275 million, producing fertilisers and industrial chemical products.
• Gebi, based in Čantavir, ranked 67th, recording approximately €252 million from animal feed, agricultural processing and related production activities.
• IM Matijević ranked 93rd, generating approximately €201 million through its meat-processing business.

The ranking covers a specific group of large legal entities rather than every domestically owned manufacturer. It also uses individual company financial statements, which do not necessarily reflect the consolidated size of entire domestic industrial groups.

Nevertheless, the limited representation illustrates the scale difference between major domestic private businesses and the largest foreign-owned or state-controlled enterprises.

Manufacturing Generates €12.3 Billion in Revenue Among Top 100

The APR figures show that manufacturing remains a substantial component of Serbia’s corporate economy. Thirty-three manufacturing companies featured among the 100 largest businesses in 2025, generating approximately €12.3 billion, or 24.6% of their combined operating revenue.

Wholesale and retail trade accounted for another 35 companies, with approximately €14.5 billion in revenue, equivalent to 29% of the total.

Serbia has attracted foreign manufacturing investment in automotive components, electrical equipment, rubber products, pharmaceuticals and industrial processing. Tigar Tyres, Henkel Serbia, Hemofarm, Minth Automotive Europe, Brose and Philip Morris Operations are among the internationally connected industrial businesses operating in the country.

These companies contribute to employment, exports, supplier development and technology transfer. However, foreign-owned production facilities do not necessarily translate into domestic ownership of industrial assets, intellectual property, international sales networks or accumulated corporate capital. Domestic suppliers can benefit from participation in international production chains, but developing independent industrial groups requires additional financing, management expertise and access to export markets.

Domestic Manufacturers Also Feature Among Most Profitable Companies

The ownership picture is broader when businesses are ranked by net profit rather than revenue. Nine currently domestically owned companies from agriculture and manufacturing appeared among Serbia’s 100 most profitable businesses.

Peštan, a manufacturer of plastic pipes, profiles and related industrial products, recorded approximately €39 million in net profit in 2025. IGM Mladost, which produces construction materials, earned approximately €23 million. Imlek generated around €19 million in net profit, while Planinka, associated with Prolom mineral water and related activities, recorded approximately €16 million. Elixir Prahovo also earned approximately €16 million.

Dijamant, the edible-oil producer acquired by Serbia’s MK Group in 2026, generated approximately €15 million in net profit for the preceding year. Other companies represented in the rankings include Mirotin, Trgocentar and Forma Ideale.

Their results demonstrate that domestic industrial businesses can achieve substantial profitability without matching the revenue scale of the country’s largest corporations. They may also offer opportunities for investors seeking established manufacturers with recognised products, export potential and scope for technological upgrading.

Industrial Expansion Requires Long-Term Financing

Manufacturing investment involves substantial expenditure on land, buildings, machinery, utilities, automation, environmental protection and production technology. Companies must also finance raw materials, inventories and payment periods, while managing exposure to export demand, commodity prices, energy costs and capacity utilisation.

These requirements differ from those of many trade and distribution businesses, which can often expand through inventory financing, logistics networks, commercial property and acquisitions without assuming the same technological and operational risks.

Traditional bank loans can finance machinery, working capital and factory expansion, while larger industrial investments may require combinations of debt, equity, shareholder capital and acquisition financing. Private equity could support the consolidation of smaller manufacturers into larger groups capable of financing research, technology and international sales networks. Development-finance institutions could also support projects focused on productivity, environmental performance and supply-chain competitiveness.

For commercial banks, potential financing instruments include export-backed lending, machinery leasing, acquisition loans, energy-efficiency financing and structured project finance. The transfer of Imlek from an international investment fund to Serbian investors illustrates one route towards greater domestic ownership of established production assets and brands. The longer-term industrial impact, however, depends on whether ownership changes are accompanied by investment in modernisation, expansion and international competitiveness.

European Market Requirements Increase Investment Needs

The European Union accounted for 62.6% of Serbia’s goods exports during January–August 2026, making European customers central to the investment decisions of domestic and foreign manufacturers. Supply-chain traceability, product quality, energy efficiency and environmental documentation are becoming important requirements for companies seeking to maintain access to European markets.

Manufacturers of iron and steel, aluminium and other products covered by the EU’s Carbon Border Adjustment Mechanism (CBAM) face additional requirements involving emissions monitoring, verifiable production data and electricity procurement.

These requirements increase the need for capital, modern equipment and reliable technical documentation. Companies able to demonstrate strong production and environmental performance may be better positioned to enter higher-value industrial segments, while smaller manufacturers may face difficulties financing the necessary upgrades.