Serbia’s 15 largest retail companies generated nearly €7 billion in combined operating revenue in 2025, but major supermarket chains recorded steep declines in profitability amid rising costs, regulatory restrictions and intensifying competition.
According to financial results published by the Business Registers Agency (APR), Delhaize Serbia’s net profit fell 85.9% to €8.9 million, while domestic retailer Univerexport’s earnings dropped 89.1% to €638,000. In contrast, Lidl Serbia maintained net profit of approximately €40 million despite higher revenue.
Diverging Financial Results
Delhaize Serbia generated approximately €1.47 billion in revenue, but EBITDA declined from €149 million to €102 million. Its net profit margin fell to around 0.6%, compared with 4.3% a year earlier. The company operates more than 500 stores under the Maxi, Mega Maxi and Shop&Go brands and reduced its average workforce by approximately 418 employees.
Univerexport increased revenue by around 6% to €380 million, while EBITDA declined to €26.5 million. Its current liabilities reached approximately €111.5 million, compared with current assets of €65 million, highlighting the importance of working-capital management. Meanwhile, Lidl Serbia increased revenue by 14.4% to €1.08 billion, maintaining a net profit margin of approximately 3.7%. The contrasting results underline the importance of procurement efficiency, store productivity and operating-cost structures.
Price Restrictions and Investment Uncertainty
Serbia introduced a 20% ceiling on retail margins across 23 product categories, alongside restrictions on selected supplier charges and purchasing arrangements. The measures remained in force until the end of February 2026.
The restrictions covered only the final four months of 2025, meaning that rising procurement, labour, logistics and financing costs also need to be considered when assessing annual profit declines. Ahold Delhaize subsequently initiated proceedings before the International Centre for Settlement of Investment Disputes (ICSID), arguing that Serbia’s measures violated protections under the Netherlands-Serbia investment framework. The company said the restrictions affected more than 85% of Delhaize Serbia’s revenue and reported closing 25 stores and suspending investment plans for 2026. These remain the company’s claims, not established findings of state liability.
Ownership Changes Reshape the Market
The sector is also undergoing consolidation. ALTA Retail, part of Serbia’s ALTA Group, acquired IDEA, Roda and Mercator operations from Croatia’s Fortenova Group. The acquired IDEA Marketi business generated approximately €780 million in operating revenue in 2025 but recorded a net loss of €34.5 million.
Separately, Aman acquired DIS, further consolidating domestically owned retail operations.
Lower profitability could affect investment in new stores, logistics and distribution, while putting pressure on supplier relationships and commercial-property negotiations. For banks and investors, the key challenge is distinguishing temporary regulatory effects from structural weaknesses in operating performance and determining which retailers can restore margins while sustaining investment.
