Serbia’s 100 most profitable companies generated 43.1% of total positive corporate earnings in 2025, up from 37.6% in 2024, according to the Serbian Business Registers Agency (APR). Copper and gold mining, electricity generation, telecommunications and major manufacturing groups accounted for a significant share of the country’s corporate profits.
- Corporate Profits Rise as Earnings Become More Concentrated
- Zijin Mining Companies Dominate the Profit Ranking
- EPS Leads by Revenue While NIS Reports a Loss
- Telecommunications and Manufacturing Broaden Corporate Earnings
- Profit Concentration Creates Financing Challenges
- Corporate Losses Remain Significant
The companies with the highest operating revenue generated 28.7% of total corporate turnover while employing 16.4% of the workforce. By comparison, the 100 most profitable businesses employed just 9.6% of corporate workers, highlighting the concentration of financial returns among a relatively small number of enterprises. APR analysed financial statements from 112,436 companies, identifying 343 businesses across its principal rankings for revenue, profit, assets, equity and losses.
Corporate Profits Rise as Earnings Become More Concentrated
Serbia’s corporate sector recorded its 11th consecutive year of profitability in 2025, with an aggregate net financial result of approximately €8.17 billion, up 10.9% year-on-year. Profitable companies generated around €11.85 billion in earnings, while loss-making businesses recorded approximately €3.68 billion in losses. The 100 most profitable companies accounted for an estimated €5.1 billion, or 43.1% of positive corporate profits. The leading 100 companies by revenue increased their share of turnover only marginally, from 28.6% in 2024 to 28.7% in 2025. The faster increase in profit concentration indicates that earnings became more unevenly distributed despite relatively stable revenue concentration.
Large enterprises occupied 88 of the 100 positions in the profitability ranking, alongside four medium-sized companies, one small business and seven micro-enterprises. The results underline the importance of scale, access to capital, export markets and high-value assets in corporate performance.
Zijin Mining Companies Dominate the Profit Ranking
Serbia Zijin Mining, operator of the Čukaru Peki copper and gold mine near Bor, was Serbia’s most profitable company, recording approximately €1.14 billion in net profit and €1.82 billion in operating revenue in 2025. Most revenue came from copper and gold concentrate sales, predominantly to associated companies abroad. Serbia Zijin Copper, which operates mining and metallurgical assets linked to the Bor industrial complex, ranked second, with net profit rising to approximately €527 million, from around €252 million in 2024.
Together, the two companies generated approximately €1.66 billion in net profit, demonstrating the financial importance of Serbia’s copper and precious-metals industry. Their earnings remain exposed to commodity prices, mining costs, ore grades, processing recoveries, energy expenditure and future capital requirements. Copper demand is linked to electricity networks, renewable-energy infrastructure, industrial electrification and data-centre development, while gold is influenced by investment demand, monetary conditions and geopolitical uncertainty.
Mining investment also creates potential business for engineering companies, construction contractors, equipment manufacturers and industrial service providers. However, the benefits for domestic suppliers depend on how much technology, equipment and specialist services are purchased locally rather than imported.
EPS Leads by Revenue While NIS Reports a Loss
Elektroprivreda Srbije (EPS) remained Serbia’s largest company by operating revenue, generating approximately €3.93 billion in 2025. The state-controlled utility recorded net profit of around €330 million, ranking third among the country’s most profitable companies, and held corporate assets valued at approximately €9.26 billion.
EPS faces substantial investment requirements across coal mining, thermal generation, hydropower rehabilitation, renewable energy and system modernisation. Its first-half 2026 results showed that investment expenditure reached only 38% of the planned amount, highlighting the difference between accounting profitability and the execution of complex infrastructure projects. Meanwhile, NIS, Serbia’s largest oil and gas company, remained second by operating revenue but reported a net loss of approximately €104 million at the Serbian parent-company level in 2025. The wider NIS Group also recorded a negative annual financial result.
International sanctions, lower oil prices, inventory costs and the performance of associated industrial operations contributed to the company’s financial pressure. The contrasting results of NIS and the mining companies demonstrate the importance of sector-specific risks in corporate lending and investment decisions.
Telecommunications and Manufacturing Broaden Corporate Earnings
Telekom Srbija ranked among the five largest companies by operating revenue and fourth by net profit, recording approximately €211 million in earnings in 2025. The group generates revenue through subscriptions, network services, multimedia and digital products, while expanding its international presence and pursuing plans to enter the United States mobile telecommunications market.
Other operators, including Yettel, also appeared among Serbia’s most profitable companies. Telecommunications creates investment opportunities in fibre-optic networks, digital infrastructure, data centres and equipment, although continued technology spending and competition affect profitability. Manufacturing accounted for the largest number of businesses in the top 100 profitability ranking, with 34 companies. The sector includes automotive components, electrical equipment, pharmaceuticals, food processing and chemicals.
Companies such as Minth Automotive Europe, Hemofarm, Coca-Cola HBC Serbia, Henkel Serbia and Philip Morris Operations illustrate the presence of major international industrial groups. Manufacturers depend on production volumes, customer contracts, labour costs, operating margins and supply-chain efficiency. Investment in automation, energy efficiency, product quality and technology can improve competitiveness, while stable export contracts and cash flows remain important considerations for lenders.
Profit Concentration Creates Financing Challenges
Large corporations generally have greater access to international banks, parent-company financing, commercial loans and development-finance arrangements. Smaller Serbian businesses often rely more heavily on domestic bank credit, owner capital and retained earnings, potentially limiting their ability to invest in equipment and modernisation. These differences can reinforce profitability gaps as larger companies continue to invest in technology and productivity. However, major borrowers can also create concentration risks for banks, particularly when several companies depend on the same sectors or export markets.
Credit assessments therefore need to consider customer concentration, cash flow, collateral quality, leverage and exposure to international demand. Potential financing opportunities include industrial equipment, supply-chain development, export working capital and automation.
Corporate Losses Remain Significant
APR’s findings show that strong aggregate profitability coexisted with substantial losses across the business sector. Approximately 67,424 companies reported positive results in 2025, while 32,551 businesses recorded losses totalling around €3.68 billion.
Corporate losses increased 12.6% year-on-year, despite the improvement in the overall financial result. State-owned public enterprises recorded a combined negative financial result of approximately €100 million. Putevi Srbije, the state road operator, reported a loss of around €192 million in 2025, and the government initiated preparations for financial restructuring.
The results highlight the financial pressures associated with infrastructure maintenance and operating obligations, as well as the need to distinguish between profitable industrial groups and businesses facing financial difficulties. Serbia’s corporate economy remains supported by mining, energy, telecommunications and manufacturing, but profits are increasingly concentrated among a limited number of enterprises. Expanding domestic supplier networks and improving access to investment financing remain important factors in determining how broadly major companies’ earnings translate into industrial development.
