holcim

Serbia’s Cement Industry Faces Rising Cost Pressure as Decarbonisation Investment Accelerates

Serbia’s three cement producers remained strongly profitable in 2025, although each recorded a decline in net earnings as weaker construction activity, higher labour costs and different approaches to energy transition began to influence the industry’s competitive landscape. Holcim Serbia, Moravacem and Titan Cementara Kosjerić all reported lower profits than in 2024. The reduction was limited for Holcim but significantly larger for Titan, as competition increasingly depends on production efficiency, fuel flexibility, carbon intensity and the capacity to fund decarbonisation projects.…