Serbia’s corporate sector generated RSD958bn in net profit in 2025, equivalent to slightly more than €8bn, as mining, manufacturing and information technology strengthened their contribution to overall business performance. The result marked an increase of 10.9% year on year and represented the 11th consecutive year in which companies operating in Serbia recorded an aggregate positive result.
- Corporate Balance Sheets Strengthen Amid Uneven Profit Growth
- Mining Leads Profit Rankings Through Zijin Operations
- Manufacturing Expands Earnings but Operates on Lower Margins
- Trade and Construction Face Margin Pressure
- Technology Sector Strengthens Role in Export Economy
- Export-Oriented Businesses Generate Larger Share of Earnings
- Public Enterprises Continue to Face Financial Pressure
The improvement was achieved despite weaker foreign demand, higher financing costs and continued pressure on operating expenses. However, profitability remained uneven across the economy, with export-oriented industries and resource companies significantly outperforming domestically focused sectors. Companies included in the financial reporting data employed 1.33 million people and generated combined revenue of RSD21.1tn, or approximately €180.4bn, during 2025. Revenue increased by 3.1%, while total expenses rose by 2.8% to RSD19.9tn, equivalent to around €170.3bn.
Corporate Balance Sheets Strengthen Amid Uneven Profit Growth
The difference between revenue and cost growth supported higher aggregate earnings, although the overall improvement was not driven by a broad expansion in sales. Stronger commodity-sector results, cost management and improved performance among major exporters accounted for a significant share of the increase. Out of 111,695 companies covered by the financial statements, 67,424 recorded a profit, while 32,551 reported losses. The figures show that Serbia’s business sector expanded overall, but profitability remained concentrated among specific industries and larger companies.
Corporate balance sheets also improved. Total assets increased by 6.5% to RSD27.5tn, approximately €235.5bn, while aggregate capital grew by 7.9% to RSD12.5tn, or around €107bn. Own financing sources increased by 8.3% to RSD10.7tn, while total liabilities rose by 5.5% to RSD16.8tn. The faster growth of equity compared with liabilities indicates that part of the corporate sector strengthened internal financing capacity rather than relying exclusively on additional borrowing.
Mining Leads Profit Rankings Through Zijin Operations
Mining was Serbia’s most profitable corporate sector in 2025, generating RSD190bn in net earnings, or approximately €1.6bn. The sector achieved this result despite a 6.7% decline in operating revenue, as expenses fell more sharply by 12.2%. The industry’s net margin reached 22%, significantly above most other sectors. The majority of mining profits came from two companies controlled by Zijin Mining Group operating in the Bor region. Serbia Zijin Mining generated an estimated €1.1bn in profit, while Serbia Zijin Copper recorded approximately €526mn.
Together, the two companies accounted for almost the entire reported profit of Serbia’s mining sector. Their combined earnings exceeded the performance of the banking sector, which recorded a record RSD166.5bn profit, equivalent to around €1.4bn. Mining’s contribution remains highly concentrated. The sector employs approximately 30,000 people, while its profitability depends heavily on copper and gold prices, production volumes, ore quality and investment cycles.
Manufacturing Expands Earnings but Operates on Lower Margins
Manufacturing ranked second among Serbia’s most profitable sectors, generating RSD183.4bn in net profit, or about €1.5bn. Earnings increased by 8% during the year, supported by stronger results among profitable companies and reduced losses among weaker operators. Despite its significant contribution, manufacturing operates with much lower margins than mining. The sector employs more than 395,000 workers and generates around six times more revenue than mining, but its net margin stands at only 3.5%.
Manufacturers continue to face exposure to imported components, energy costs, wage growth, logistics expenses and European economic conditions. Many Serbian factories operate as suppliers or production units within international corporate groups, limiting pricing flexibility. The automotive sector illustrates this structure. Stellantis’s Kragujevac facility recorded a profit of approximately RSD3.7bn, or €31.5mn, while vehicle exports exceeded €1.8bn. The plant’s profit represented around 2% of total manufacturing-sector earnings, reflecting the difference between export value and retained profit in assembly-based production. Imported components, logistics, energy, labour and production costs absorb a significant share of revenue.
Trade and Construction Face Margin Pressure
Wholesale and retail trade remained the third-largest contributor to corporate earnings, with RSD174.6bn in net profit, slightly below €1.5bn. The sector experienced a decline in profitability. Earnings dropped by almost 16%, while the net margin fell to 2.7%. The weaker result followed slower inflation-driven turnover growth and the introduction of government restrictions on retail margins in September 2025. Profitable trading companies saw earnings decline by 6%, while losses among unprofitable businesses increased by 39%.
Trade employs more than 246,000 people, making profitability trends in the sector important for employment, investment in logistics infrastructure, digital sales systems and retail networks. Construction also recorded weaker results. Companies in the sector generated RSD99bn in net profit, but earnings declined by 11% compared with the previous year. The sector continues to participate in transport, energy, real-estate and Expo-related projects, but higher material costs, labour shortages, payment delays, contract adjustments and subcontracting structures continue to limit margins.
Technology Sector Strengthens Role in Export Economy
Information and communications recorded one of the strongest improvements among Serbian industries. Sector profit increased by 34% to RSD89.5bn. The sector benefits from high value-added activities, limited physical-capital requirements and access to international customers. It also continues to provide some of Serbia’s highest salaries.
The average net salary for programmers reached RSD295,418 in May, approximately four times higher than the average wage in personal-service activities. Technology companies remain exposed to global market conditions, including weaker demand from some European clients, competition for skilled workers and the impact of automation and artificial intelligence.
Export-Oriented Businesses Generate Larger Share of Earnings
The strongest divide in Serbia’s corporate results was between tradable and non-tradable sectors. Export-oriented industries generated 37.8% of total business revenue but accounted for approximately 45% of total net profit. Their combined earnings increased by 24.4%, compared with only 2% growth among non-tradable sectors.
The figures highlight the growing importance of sectors connected to foreign markets, including mining, manufacturing and technology services. Serbia’s export structure remains dependent on copper, gold production and foreign-owned industrial operations. Greater domestic value retention would require stronger supplier networks, engineering capabilities, research and development activities and locally produced components.
Public Enterprises Continue to Face Financial Pressure
Public enterprises remained the weakest segment of Serbia’s corporate landscape. State-owned companies recorded an aggregate net loss of RSD11.75bn, close to €100mn, compared with a loss of around RSD9bn a year earlier. Operating profit declined from RSD9.8bn to RSD5.5bn, while financing and other losses increased by a combined RSD5.5bn.
Among approximately 530 registered public enterprises, revenue increased by only 1.4%, while expenses grew by 2.6%. Public construction companies recorded the largest negative contribution, with combined losses of RSD22.7bn, almost 90% higher than the previous year.
Elektroprivreda Srbije (EPS), which operates as a joint-stock company following its legal transformation, provided a significant exception, recording approximately RSD42bn in profit. The accumulated loss of public enterprises reached RSD352bn, exceeding €3bn. In addition, 94 public companies had liabilities exceeding the value of their assets, with losses above capital totalling approximately RSD71bn, or more than €600mn. These companies represent a potential fiscal risk because persistent financial weakness may require state support, guarantees, restructuring measures or assumption of obligations by municipalities and government institutions.
