Serbia’s largest telecommunications operator, Telekom Srbija, closed 2025 with consolidated revenues of EUR 2.3 billion and operating profit of EUR 1.3 billion, according to figures presented by CEO Vladimir Lučić. The company said the results represent its strongest financial performance since its establishment. Management linked the outcome to the financial impact of a regional expansion strategy pursued over several years.
Operations in Serbia accounted for the majority of performance, with revenue of approximately EUR 1.65 billion and operating profit of nearly EUR 960 million. Audit results confirmed net profit exceeding EUR 200 million during 2025. Based on first-quarter performance trends, management expects net earnings to surpass EUR 300 million in 2026.
From national telecom operator to regional platform
The company described its financial figures as reflecting a shift from a traditional national telecom operator toward a regional telecommunications and media platform. Over recent years, it expanded through acquisitions and investments in fiber infrastructure. Telekom Srbija also increased activity in media distribution, digital platforms, and international operations aimed at the Serbian diaspora across Europe and North America.
This transformation is reflected in how management has framed the group’s direction beyond core connectivity services. Company statements point to a broader role as a regional technology platform rather than solely a telecommunications provider. The priorities cited include artificial intelligence investments, digital services development, and startup financing initiatives.
According to the company, investments made through its innovation and startup programs have increased in value. Management said these developments support ambitions to expand beyond traditional connectivity services. The group’s approach ties technology-focused initiatives to its wider regional footprint.
Corporate bond issuance draws high investor demand
A key element behind investor confidence was Telekom Srbija’s capital markets activity during the year. The company issued a corporate bond worth approximately EUR 1.95 billion, with reported demand exceeding EUR 14 billion. Management said the transaction attracted international investor interest despite global market volatility, geopolitical tensions, and higher interest-rate environments.
The company also stated that the strong reception contributed to improvements in its credit profile. For Serbia’s corporate sector, Telekom Srbija’s bond issuance was cited as demonstrating that international investors remain willing to deploy substantial capital into Serbian corporate credits when supported by scale, cash flow visibility, and a credible growth strategy.
Western Balkans-EU roaming policy remains on agenda
Telekom Srbija said another strategic objective involves gradual integration of Western Balkans telecommunications markets with the European Union. The company continues to advocate for the eventual elimination of roaming charges between EU member states and Western Balkan countries. Management linked such a change to potential increases in mobile data consumption, cross-border business activity, and digital integration across the region.
The company’s disclosure also placed its results within a wider sector context for Southeast Europe. It said telecommunications infrastructure is increasingly treated as a strategic asset class requiring large-scale capital investment in fiber networks, 5G deployment, data transmission capacity, and digital content ecosystems. It added that companies achieving scale across multiple markets are positioned to benefit from network effects and infrastructure ownership.
With management projecting net profit above EUR 300 million for 2026, Telekom Srbija said it is entering the next phase of growth from its strongest financial position to date. The company’s 2025 figures were presented alongside ongoing expansion across infrastructure, technology, and media activities across its regional footprint.
