Serbia’s state-owned gas company, Srbijagas, has revealed a decrease in revenue for the year 2025, albeit with a notable increase in profitability. This financial shift indicates a change in the company’s financial structure rather than an enhancement in operational performance.
In its latest financial disclosures, Srbijagas reported a net profit of RSD 9.78 billion (€83 million) for 2025, which marks an improvement compared to the previous year despite a significant decline in overall revenue. Total operating revenues fell to RSD 143.8 billion, down from nearly RSD 182 billion in 2024, reflecting a decrease of approximately 21%.
The drop in revenue was largely attributed to the absence of state subsidies that had previously offset differences in gas storage pricing. In 2024, these subsidies amounted to RSD 33.1 billion, which had artificially inflated revenue figures during that period.
Despite the revenue downturn, the company managed to enhance its profitability through tighter cost management and the normalization of accounting practices related to previous price distortions. However, this improvement coincided with a further deterioration of the company’s balance sheet.
Total debt increased to €785.4 million, underscoring the company’s ongoing dependence on borrowing and state-supported financing mechanisms. The rise in liabilities was primarily driven by higher obligations to domestic entities outside the banking sector, which increased from RSD 36.6 billion to RSD 57.2 billion. A significant portion of this debt is linked to the Public Debt Administration, which provides funds under state guarantees.
Conversely, short-term liabilities owed to domestic banks saw a slight decrease, indicating a partial restructuring of debt that favors state-related financing over market-based borrowing.
The financial profile of Srbijagas illustrates a broader trend within its operations: declining revenues due to the normalization of subsidies; improved profitability resulting from accounting adjustments and cost management; and rising debt associated with continued reliance on state-backed liquidity. This scenario positions Srbijagas as a crucial yet financially leveraged player in Serbia’s energy sector, where gains in profitability are closely tied to policy frameworks rather than market-driven dynamics.
