Serbia’s 100 largest companies generated approximately €50 billion in operating revenue, accounting for 28.7% of total corporate revenue, while the country’s 100 most profitable businesses captured 43.1% of all positive corporate earnings, according to the Serbian Business Registers Agency (APR).
The agency’s latest corporate rankings show that Serbia’s business sector achieved its 11th consecutive year of aggregate profitability, despite international economic uncertainty and rising operating pressures. The 100 largest companies employed 218,111 people, representing 16.4% of total corporate employment. Their combined revenue grew 7.1%, compared with 2.6% growth across the wider corporate sector.
Total corporate operating revenue reached approximately €174.5 billion, while aggregate net profit after losses rose 10.9% to €8.17 billion. The figures highlight the importance of large businesses to Serbia’s revenue base, investment capacity and overall corporate earnings, despite smaller enterprises accounting for most registered companies and a substantial share of employment.
Copper and Gold Mining Dominate Corporate Profitability
Serbia’s mining industry recorded some of the strongest results among the country’s largest businesses, led by copper and gold producers operating near Bor.
Serbia Zijin Mining, operator of the Čukaru Peki copper and gold mine, reported net profit of approximately €1.14 billion, an increase of almost 60% compared with the previous year. It retained its position as Serbia’s most profitable company for the second consecutive year. The company’s operating revenue increased 18.2% to approximately €1.82 billion, supported by higher sales to related companies abroad and operating-cost growth below the rate of revenue expansion.
Serbia Zijin Copper, another major Chinese-owned mining and metallurgical operator, ranked second by net profit, with approximately €527 million, more than double its previous-year result. Revenue rose 10.7% to €1.94 billion, supported by stronger sales of copper cathodes, gold, silver and other products. Together, the two companies generated approximately €1.66 billion in net profit, underlining the financial importance of Serbia’s copper and precious-metals industry.
The five mining companies included among the 100 most profitable businesses recorded combined earnings of approximately €1.77 billion, accounting for more than one-third of the group’s total profit.
The sector’s financial performance creates potential demand for equipment, underground mining services, mineral processing, environmental technologies and supporting infrastructure. At the same time, earnings remain exposed to international commodity prices, operating costs, export-market conditions and investment decisions by foreign parent companies. For banks and industrial suppliers, mining profitability represents a potential source of financing and commercial activity, but it does not guarantee that earnings will remain at current levels throughout commodity-price cycles.
EPS Leads Revenue Rankings as NIS Returns to Loss
State-owned electricity utility Elektroprivreda Srbije (EPS) remained Serbia’s largest company by operating revenue, generating approximately €3.93 billion. Its net profit increased 58.3% to around €330 million, placing it third among the country’s most profitable businesses. EPS also held the largest corporate asset base, valued at approximately €9.26 billion. Its financial position reflects the scale and strategic importance of Serbia’s electricity infrastructure, although the company continues to face substantial investment requirements.
Results for the first half of 2026 indicated slower investment execution, declining electricity production and higher procurement expenditure.
Oil and gas company NIS, meanwhile, retained second place by revenue but recorded a net loss of approximately €104 million, reversing its previous-year profit. Operating revenue fell approximately 31% to €2.27 billion. The contrasting results demonstrate that high revenue does not necessarily translate into sustainable profitability. Energy companies remain exposed to commodity prices, supply arrangements, operating expenses and geopolitical developments, while their capital-intensive assets require continuing investment. For lenders, assessments of these businesses must distinguish revenue scale from cash-flow generation, indebtedness, investment needs and exposure to external market risks.
Telecommunications, Property and Manufacturing Add to Earnings
Telecommunications company Telekom Srbija ranked fourth by net profit, earning approximately €211 million, around two-and-a-half times its previous-year result. Operating revenue increased by more than a quarter to approximately €1.67 billion, supported particularly by multimedia services.
The company’s results highlight the contribution of telecommunications infrastructure, media distribution and digital services to corporate earnings alongside traditional industrial sectors. Property developer Belgrade Waterfront ranked fifth, reporting net profit of approximately €164 million as sales of completed properties increased. The result reflects the contribution of major construction and real estate projects, where earnings can fluctuate with completion schedules and the recognition of property sales. Manufacturing remained the most widely represented sector among the 100 most profitable businesses. Thirty-four manufacturers generated approximately €1 billion in combined net profit.
Leading companies included Minth Automotive Europe, Hemofarm, Coca-Cola HBC Serbia, Philip Morris Operations and Henkel Serbia. Their operations span automotive components, pharmaceuticals, beverages, tobacco products and chemicals. These businesses contribute to Serbia’s export capacity, industrial employment, supplier networks and demand for investment financing. However, the concentration of earnings among large manufacturers also raises questions about the investment capacity and financial strength of smaller domestic suppliers.
Corporate Concentration Has Implications for Bank Lending
Serbia’s largest industrial, energy and telecommunications companies are significant users of corporate loans, guarantees, letters of credit, leasing and project finance. Their investment needs create substantial business opportunities for financial institutions, but concentrated lending can also increase correlated risks. Banks with sizeable exposure to mining, energy or construction may face simultaneous pressure if adverse conditions affect several major borrowers. Sector-specific cash-flow analysis, concentration limits and stress testing are therefore important to credit risk management.
Mining assessments need to examine commodity-price assumptions, production costs, capital expenditure and environmental obligations. Manufacturers require analysis of export demand, customer concentration, working capital and energy costs. Infrastructure financing requires scrutiny of payment mechanisms, construction claims, project schedules and public-sector counterparties. State road company Putevi Srbije illustrates the difference between a large asset base and financial sustainability. The company recorded a net loss of approximately €192 million, the largest among the businesses examined by APR. The company’s financial difficulties have prompted government plans for restructuring, highlighting the potential fiscal consequences when strategically important enterprises cannot cover their activities through sustainable operating cash flows.
Revenue Concentration Remains Broadly Stable
The latest rankings indicate that concentration among Serbia’s largest companies remains substantial, although the figures do not show a significant increase in every measure. The 100 largest businesses accounted for 28.6% of corporate operating revenue in 2024, compared with 28.7% in 2025. Their share of corporate employment declined from approximately 16.5% to 16.4%. The figures show that the largest companies increased revenue more quickly than the wider corporate sector, while their overall share of revenue remained broadly stable.
Higher revenue per employee should not automatically be interpreted as higher labour productivity, as trading turnover, commodity prices and capital intensity differ considerably across industries. The distribution of earnings provides another indication of financial concentration. Serbia’s 100 most profitable companies generated approximately €5.1 billion in positive net earnings, an increase of 48.2%.
The results show considerable differences in financial performance by company size, sector and business model. For economic policy, the challenge is to ensure that the financial strength of major companies supports wider industrial development through domestic procurement, technology investment and stronger supplier networks. Serbia’s largest mining, energy and telecommunications groups generate substantial earnings, while the wider impact of their financial performance also depends on investment and productivity gains among domestic enterprises beyond the country’s largest corporate groups.
