Serbia’s 100 most profitable companies generated 43.1% of total positive corporate earnings in 2025, compared with 37.6% in the previous year, according to the Serbian Business Registers Agency (APR). Copper and gold mining, electricity generation, telecommunications and major industrial groups accounted for a substantial share of corporate profitability.
- Corporate profits grow as earnings become more concentrated
- Zijin mining companies lead corporate profitability
- EPS leads revenue and asset rankings
- NIS losses highlight energy-sector exposure
- Telecommunications and manufacturing support earnings
- Corporate earnings reveal differences in financing access
- Corporate losses persist despite aggregate profitability
The companies generating the highest operating revenue represented 28.7% of total corporate turnover while employing 16.4% of the workforce. The 100 most profitable businesses employed just 9.6% of corporate-sector workers, highlighting the concentration of financial returns among large enterprises. APR analysed financial statements from 112,436 companies, identifying 343 enterprises across its principal rankings by revenue, profit, assets, equity and losses. The profitability ranking included 88 large companies, four medium-sized businesses, one small enterprise and seven micro-enterprises.
Corporate profits grow as earnings become more concentrated
Serbia’s corporate sector remained profitable for the eleventh consecutive year, with the aggregate net financial result reaching approximately €8.17 billion, an increase of 10.9%. Profitable companies generated around €11.85 billion in combined earnings, while loss-making businesses recorded approximately €3.68 billion in losses. The 100 leading companies generated an estimated €5.1 billion, accounting for 43.1% of positive corporate profits.
The concentration of earnings increased more rapidly than the concentration of sales. The revenue share of the 100 largest companies edged up from 28.6% to 28.7%, while their share of positive profits rose by 5.5 percentage points. The figures highlight differences in companies’ capacity to accumulate capital, invest in production and expand internationally. They also reveal potential exposure for banks and institutional investors to a relatively small group of large borrowers and industries.
Zijin mining companies lead corporate profitability
Copper and gold mining provided the strongest contribution to Serbia’s corporate earnings. Serbia Zijin Mining, operator of the Čukaru Peki copper and gold mine near Bor, recorded approximately €1.14 billion in net profit and €1.82 billion in operating revenue. Most of its operating revenue came from international transactions, primarily sales of copper and gold concentrates to associated companies abroad, positioning the business among Serbia’s major mineral exporters.
Serbia Zijin Copper, which operates mining and metallurgical assets associated with the Bor industrial complex, ranked second in net profit, recording approximately €527 million, compared with €252 million in the previous year. Together, the two companies generated around €1.66 billion in net profit, demonstrating the financial importance of Serbia’s copper and precious-metals industry.
Mining profitability also creates potential opportunities for domestic engineering companies, equipment suppliers, construction contractors and specialist industrial service providers. However, the extent of the wider economic benefit depends on how much machinery, technology and technical services are sourced locally rather than imported. For banks, financing opportunities include equipment leasing, working capital, automation and investment loans for mining suppliers. Lenders must also consider customer concentration, particularly among smaller contractors dependent on a limited number of major mining operators.
EPS leads revenue and asset rankings
Elektroprivreda Srbije (EPS) remained Serbia’s largest company by operating revenue, generating approximately €3.93 billion. The state-controlled electricity utility reported net profit of around €330 million, ranking third among the most profitable companies. EPS also held the country’s largest corporate asset base, valued at approximately €9.26 billion.
Its position reflects the scale of Serbia’s electricity sector and the importance of energy infrastructure. However, the utility faces substantial investment requirements involving coal mining, thermal power generation, hydropower rehabilitation, renewable-energy development and system modernisation.
EPS’s investment expenditure reached only 38% of the planned amount in the first half of 2026, despite continued profitability. The figures illustrate the difference between accounting earnings and the implementation of technically complex infrastructure projects. For lenders, the company’s financial position must be assessed alongside the costs of maintaining generating assets, developing new capacity and managing electricity procurement.
NIS losses highlight energy-sector exposure
NIS, Serbia’s largest oil and gas company, remained second in the operating-revenue ranking but reported a net loss of approximately €104 million at the Serbian parent-company level. The wider NIS Group also recorded a negative annual financial result. The company faced financial and operational pressure associated with international sanctions, lower oil prices, inventory costs and the performance of related industrial operations.
Its results contrast with those of copper and gold producers, which benefited from favourable commodity-market conditions and production economics. For financial institutions, NIS demonstrates why company size and historical performance cannot replace sector-specific risk assessments. Energy-sector lending requires scrutiny of supply arrangements, regulatory restrictions, commodity prices, operating expenditure and access to alternative infrastructure.
Telecommunications and manufacturing support earnings
Telekom Srbija ranked among the five largest companies by operating revenue and fourth by net profit, reporting approximately €211 million in earnings. The telecommunications group generates revenue through subscriptions, network services, multimedia products and other digital activities. It has also been expanding internationally and announced plans to enter the United States mobile telecommunications market.
Telecommunications provides a source of recurring revenue distinct from commodity-driven industries, although network modernisation, technology platforms, spectrum and customer acquisition require continued investment. Other operators, including Yettel, also featured among Serbia’s most profitable companies.
Manufacturing accounted for the largest number of businesses in the top-100 profitability ranking, with 34 companies. The sector spans automotive components, electrical equipment, pharmaceuticals, food processing and chemicals. Companies including Minth Automotive Europe, Hemofarm, Coca-Cola HBC Serbia, Henkel Serbia and Philip Morris Operations illustrate the presence of major international industrial groups. Unlike mining companies, manufacturers typically depend on customer contracts, production volumes, operating margins, labour costs and supply-chain efficiency. They also create demand for domestic suppliers and employment, while facing pressure to invest in automation, energy efficiency, product quality and technological modernisation.
Corporate earnings reveal differences in financing access
Large corporations generally have more financing options through international banks, parent-company support, commercial loans and development-finance arrangements. Their asset bases can also support borrowing. Smaller Serbian businesses often depend more heavily on bank lending, owner capital and retained earnings. Suppliers may need substantial collateral and stable customer contracts to secure financing for equipment and expansion.
These differences can affect investment capacity, as companies able to modernise production continuously may improve efficiency faster than competitors operating with older equipment. Banks must also manage concentration risk. Exposure to a limited number of corporate groups or industries can leave lenders vulnerable to simultaneous pressures affecting mining, construction, energy or European manufacturing demand.
Corporate losses persist despite aggregate profitability
APR’s figures show that 67,424 companies generated approximately €11.85 billion in combined profits, while 32,551 companies recorded losses totalling around €3.68 billion. Aggregate corporate losses increased 12.6%, despite the improvement in overall profitability. State-owned public enterprises reported a combined negative financial result of approximately €100 million.
The state road operator Putevi Srbije recorded a loss of approximately €192 million, reflecting financial pressure associated with maintenance expenditure and infrastructure obligations. The government has initiated preparations for financial restructuring. The figures highlight the differences between highly profitable industrial groups and businesses facing financial stress. For banks and investors, assessing individual cash flows, debt exposure, collateral and sector conditions remains essential.
The concentration of earnings among Serbia’s largest companies also raises the question of how effectively major corporate investment can support domestic suppliers, industrial equipment providers and specialised engineering businesses. For policymakers and lenders, financing supply-chain development, export working capital and technological upgrades offers a way to connect the strength of major companies with broader industrial investment.
