energy companies

Financial Performance of Serbia’s Energy and Infrastructure Sector in 2025

The energy and infrastructure sector in Serbia exhibited stability in 2025, characterized by substantial asset bases and regulated revenues. This stability, however, did not translate into significant growth, as operational constraints and rising investment needs compressed profit margins. While the sector remained insulated from severe shocks, challenges such as volatile input conditions persisted. Electricity generation and transmission companies reported high nominal revenues due to steady demand and regulated tariffs. These state-linked utilities operated with revenue bases in the billions of…