Telekom Srbija reported a substantial increase in revenue and net profit in 2025 while expanding its borrowing, bond-market activity and regional operating structure. The state-controlled telecommunications group recorded net profit of RSD 24.78bn in 2025, compared with RSD 10.08bn in 2024. Operating revenue increased to RSD 195.38bn from RSD 155.31bn a year earlier.
- Financial obligations increase across loans and bonds
- Interest exposure linked to Euribor, Belibor and central bank rates
- International refinancing supports debt maturity management
- Regional operations span telecommunications, media and infrastructure
- Public-sector transactions and legal provisions disclosed
- New subsidiaries and acquisitions follow the reporting period
The company’s financial statements also show a significant increase in debt and broader financial liabilities during the year. Long-term loan debt reached RSD 400.1bn at the end of 2025, up from RSD 231.59bn at the end of 2024. Short-term loans rose to RSD 56.99bn, compared with RSD 14.4bn in the previous year. Total loan exposure therefore exceeded RSD 457bn, equivalent to close to €4bn.
Financial obligations increase across loans and bonds
Including international corporate bonds, domestic bonds, leasing obligations, supplier liabilities and other financial commitments, Telekom Srbija reported total financial obligations of RSD 658.93bn at the end of 2025. The comparable figure for 2024 was RSD 431.20bn. The group used the larger financing base to support regional operations, telecommunications infrastructure, multimedia services, content acquisition and investment programmes.
Liquidity indicators showed that short-term liabilities remained above current assets at the end of 2025. The difference amounted to RSD 16.82bn, improving from a shortfall of RSD 24.94bn at the end of 2024. Telekom Srbija stated that its operating cash flows, dividend income and available external financing were expected to support the settlement of contractual obligations during 2026. Available unused credit facilities totalled RSD 15.85bn.
Interest exposure linked to Euribor, Belibor and central bank rates
The company’s euro-linked variable-rate loans were tied to Euribor, with margins ranging from 1.8% to 6.15%. Fixed-rate financial loans generally carried interest rates between 3.1% and 6.1%. Dinar-denominated borrowing was linked to Belibor or the reference interest rate of the National Bank of Serbia, together with applicable margins.
In October 2024, Telekom Srbija issued $900mn of five-year corporate eurobonds. The securities carried a dollar coupon of 7%, while the estimated hedged euro financing cost was about 5.8%. In September 2025, the company issued RSD 23.5bn of five-year domestic corporate bonds. The coupon was set at three-month Belibor plus 2.95%.
International refinancing supports debt maturity management
During 2026, after the 2025 reporting period, Telekom Srbija raised approximately €1.95bn through an international bond transaction. The financing was intended primarily to refinance existing debt, extend maturity profiles and support investment in 5G, fibre networks, multimedia platforms and digital services.
The transaction reduced the concentration of near-term refinancing requirements while further establishing Telekom Srbija as an issuer in international and domestic capital markets.
Regional operations span telecommunications, media and infrastructure
Telekom Srbija operates across Serbia, Bosnia and Herzegovina, Montenegro and North Macedonia. Its group structure includes Telekom Srpske, Mtel Podgorica, Arena Channels Group, Mts Kosovska Mitrovica, MTEL Global, Yunet International, Mtel Skoplje, TS Ventures, SportCo, Mondo Inc, BeotelNet Carrier and New Towers. The group’s activities include telecom infrastructure, mobile services, broadband, digital platforms, tower operations, media distribution and sports content. Arena Channels Group forms part of the company’s media and content operations. Telekom Srbija’s investment model includes content rights, multimedia platforms and bundled service offerings alongside network and infrastructure expenditure.
Public-sector transactions and legal provisions disclosed
Telekom Srbija reported obligations to JP PTT of RSD 962.97mn at the end of 2025, compared with RSD 705.98mn at the end of 2024. The obligations were mainly associated with the lease of business, technical and warehouse premises.
At the end of 2025, the company was named as a defendant in court proceedings involving estimated claims of RSD 469.2mn, excluding potential default interest. Provisions for possible losses from ongoing disputes totalled RSD 27.68mn.
New subsidiaries and acquisitions follow the reporting period
In January 2026, Telekom Srbija established TS Media Production as a wholly owned company. In March 2026, the group acquired 100% of Orion Telekom WiFi. The 2025 accounts show higher operating revenue and profitability alongside increased borrowing, bond obligations and total financial liabilities. The company’s subsequent refinancing, subsidiary formation and acquisition activity continued its expansion across telecommunications, media, connectivity and digital infrastructure.
