Serbia’s 37 strategic public enterprises generated combined operating revenue of RSD 979.49 billion in 2025, equivalent to approximately €8.35 billion at an indicative exchange rate of RSD 117.37 per euro, according to Ministry of Finance data.
The revenue base spans electricity, gas, power networks, transport, logistics, defence industry, railways, public utilities and other state-managed assets. The figures underline the scale of the public-enterprise sector in financing and operating infrastructure and strategic services.
EPS Accounts for Nearly Half of Group Revenue
Elektroprivreda Srbije AD (EPS) recorded operating revenue of about RSD 460.55 billion, or approximately €3.92 billion, making it the largest enterprise in the group. EPS accounted for close to 47% of total operating revenue generated by all 37 strategic companies.
The company’s financial position is closely connected to electricity supply, household tariffs, industrial energy costs, inflation, coal production, renewable-energy integration and electricity imports. Its investment requirements include mining stability, thermal-plant reliability, hydropower refurbishment, grid balancing, environmental compliance and decarbonisation planning.
Electricity sourcing and supply documentation are also increasingly relevant for Serbian exporters. Companies supplying EU-linked markets in metals, cement, fertilisers, aluminium processing, chemicals and other carbon-exposed industries face requirements related to emissions data, traceable energy use and power-supply records.
Srbijagas ranked second, reporting operating revenue of RSD 143.82 billion, or around €1.23 billion. Its position reflects the role of gas in industrial supply, district heating, electricity-system flexibility and energy-security planning. The company’s operations are linked to supply diversification, storage capacity, interconnection options, gas-price exposure and longer-term decarbonisation requirements.
Distribution and Transmission Networks Remain Central
Elektrodistribucija Srbije (EDS) recorded RSD 117.82 billion in operating revenue, equivalent to slightly more than €1 billion, placing it third among strategic public enterprises.
The distribution network is relevant for solar projects, prosumer connections, industrial self-generation, battery storage, electric mobility and data-centre demand. Grid investment, digitalisation and connection capacity will determine how quickly new energy projects and large consumers can connect to the electricity system.
Elektromreža Srbije (EMS) generated RSD 43.23 billion, or about €368 million. The transmission operator’s role includes network planning, renewable integration, grid balancing and the connection of industrial consumers and new electricity loads. Together, EPS, Srbijagas, EDS and EMS form the core of Serbia’s state-controlled energy system, linking power generation, gas supply, distribution and transmission infrastructure.
Air Transport and Roads Generate Major Revenue
Air Serbia was the fourth-largest company by operating revenue, reporting RSD 84.34 billion, or about €719 million. The national carrier’s performance is tied to aviation demand, tourism, business travel, airport concessions and Belgrade’s role in regional air connectivity between South-East Europe, the Middle East and Western Europe.
Putevi Srbije recorded operating revenue of RSD 62.22 billion, or approximately €530 million. The company operates within Serbia’s motorway, bypass, bridge, logistics-corridor and urban-access investment cycle. Road infrastructure affects transport costs, industrial-zone connectivity and export routes. The economic impact of these assets depends on their role in freight movement, trade corridors and business-location decisions.
Jugoimport-SDPR generated RSD 36.30 billion, or around €309 million, while Pošta Srbije reported RSD 35.20 billion, equivalent to about €300 million. These companies operate across defence-related exports, logistics, communications and public-service infrastructure.
Rail Companies Retain Strategic Logistics Role
Railway companies generated lower revenue than the largest energy and transport entities, but remain part of Serbia’s logistics and regional-corridor system.
Infrastruktura železnice Srbije reported nearly RSD 18.14 billion, or around €155 million, in operating revenue. Srbija Voz generated RSD 9.25 billion, or approximately €79 million, while Srbija Kargo recorded RSD 8.22 billion, or about €70 million.
Rail infrastructure, passenger transport and freight operations affect industrial logistics, regional trade corridors and the movement of heavy goods. Other public enterprises included Srbijašume, with RSD 11.48 billion in revenue; PEU Resavica, with RSD 10.34 billion; Državna lutrija Srbije, with nearly RSD 5.98 billion; Srbijavode, with around RSD 4.07 billion; and Skijališta Srbije, with roughly RSD 2.14 billion.
Operating Expenses Reach RSD 932.77 Billion
Total operating expenses across the 37 strategic public enterprises amounted to about RSD 932.77 billion, or approximately €7.95 billion, in 2025. The difference between total operating revenue and operating expenses was about RSD 46.72 billion, equivalent to roughly €398 million. The group’s implied operating margin was below 5%.
Public enterprises operate under commercial, social, regulatory and strategic obligations. Their activities include maintaining networks, operating regulated-price systems, supporting public services, undertaking capital works and managing market disruptions. The limited margin leaves less room for procurement failures, maintenance delays, debt-service costs and postponed investment.
State Companies Remain Linked to Fiscal and Industrial Policy
The strategic-enterprise group is concentrated in system-critical sectors, including electricity generation, gas supply, power distribution, transmission networks, roads, railways, postal logistics, aviation, natural resources, water management and defence industry. The financial performance of these companies affects the state budget, banks, industrial consumers, households and infrastructure investment. Their operating decisions influence energy costs, transport availability, logistics performance, export competitiveness and public-service delivery.
The Ministry of Finance overview did not state an operating-revenue figure for Telekom Srbija, despite the company appearing among strategic public enterprises. Telekom is a state-linked corporate participant in telecommunications, media, digital infrastructure and regional expansion.
Revenue totals provide an indication of the sector’s scale, while profitability, debt, capital-expenditure quality, maintenance requirements, procurement practices, tariff policy and investment execution determine its operating capacity. EPS, Srbijagas, EDS, EMS, Air Serbia, Putevi Srbije and the railway companies remain central to the investment and service-delivery capacity of Serbia’s state-owned corporate sector.
