Serbia’s warehousing sector generated approximately RSD 42.7 billion in revenue in 2025, reflecting the expanding role of logistics, industrial storage and specialised infrastructure in the economy. Despite the size of reported turnover, the sector remains highly concentrated, with a small number of companies accounting for a significant share of revenue. The category includes conventional warehouses and distribution centres, as well as specialised facilities such as gas storage, cold-chain infrastructure, petroleum terminals and industrial storage assets.
Companies classified within the warehousing segment reported combined profit of nearly RSD 870 million and employed around 1,120 workers. The resulting aggregate net margin was approximately 2%, despite relatively high revenue generated per employee.
Major Operators Account for Most Sector Revenue
The structure of the sector is strongly influenced by the different business models included in official classifications. Warehousing statistics combine businesses with significantly different capital requirements, operational structures and profitability profiles, including industrial warehouses, grain storage facilities, pharmaceutical infrastructure, petroleum and chemical storage, bulk terminals and energy-related assets.
Euro KB Rent was the largest contributor by revenue, generating more than RSD 24.56 billion, representing approximately 57.5% of total sector revenue. The company recorded profit of around RSD 374 million, corresponding to a margin of approximately 1.5%, showing that high turnover does not necessarily translate into proportionally higher profitability.
A different financial profile was recorded by Podzemno skladište gasa Banatski Dvor. The company generated revenue of RSD 2.44 billion but achieved profit of almost RSD 666 million, resulting in a margin of approximately 27%. The facility operates as a strategic underground gas-storage asset rather than a conventional warehouse, making direct comparisons with commercial logistics operators difficult.
Logistics Market Includes Multiple Specialised Segments
Other significant companies by reported revenue included Aciko-Komerc, with approximately RSD 2.87 billion, Repro Market with RSD 1.32 billion, and NIS MTO with RSD 776 million. The five largest operators account for almost three-quarters of total reported sector turnover, leaving a large number of smaller companies operating in areas such as cold storage, industrial warehousing and regional distribution.
The high level of concentration does not necessarily reflect limited competition across the entire market, as specialised facilities often operate in separate segments. Gas storage, refrigerated logistics, free-zone operations and e-commerce fulfilment centres serve different customers and follow different investment models.
Distribution Centres Shift Toward Value-Added Services
Conventional logistics facilities are becoming increasingly important as e-commerce, industrial supply chains and regional distribution networks expand. Modern warehouses are increasingly focused on activities beyond storage, including sorting, packaging, labelling, inventory management, order preparation and cross-docking.
The location of major facilities follows Serbia’s transport and industrial geography. Belgrade, Novi Sad and Šimanovci remain the dominant logistics locations due to access to the E75 motorway, proximity to major consumer markets, industrial zones and cross-border routes towards Hungary and Croatia. Smaller logistics centres around Subotica, Zrenjanin, Šabac and Smederevo serve specialised agricultural, industrial and free-zone demand.
Automation Limits Employment Growth
The sector’s relatively low employment levels are partly linked to increasing automation and technology adoption. Modern warehouses increasingly use warehouse-management software, barcode systems, automated handling equipment, temperature-control technology and integrated transport-planning systems.
These technologies allow companies to increase turnover without proportional increases in workforce, particularly when handling high-value products or operating under long-term storage contracts. Future investment in the sector is expected to require more than additional warehouse capacity. Facilities increasingly need energy-efficient buildings, reliable electricity connections, railway access where commercially viable, customs integration, fire-protection systems, environmental compliance and digital inventory documentation suitable for international customers. Cold-chain and pharmaceutical logistics require additional infrastructure, including continuous temperature monitoring, backup power systems and detailed audit records.
Logistics Investment Expands Beyond Main Corridors
Rising land and construction costs around Belgrade’s main logistics corridors could encourage development in secondary locations with motorway, railway or river connections. Location remains a critical factor in logistics investment decisions, as lower property costs can be offset by longer transport times, border delays and inefficient return routes.
Serbia’s RSD 42.7 billion warehousing market revenue in 2025 confirms that storage and logistics infrastructure has become an important part of the country’s business ecosystem. The sector’s financial structure, however, continues to reflect the different characteristics of underground gas storage, industrial logistics, cold-chain operations and standard commercial warehousing, which generate different levels of risk, investment needs and returns.
