Telekom Serbia posts 2.3 billion euros in revenue for 2025
Group operating profit reached 1.3 billion euros and net profit topped 200 million euros, according to the audited report presented by chief executive Vladimir Lucic.
Telekom Srbija a.d. reported consolidated group revenue of 2.3 billion euros and operating profit of 1.3 billion euros for the 2025 business year, according to an audited report presented by chief executive Vladimir Lucic at the end of April. These are the highest figures in the company’s history since its founding in 1997, the daily Novosti reported on 20 April.
At the parent-company level, revenue stood at 1.65 billion euros and operating profit at 960 million euros. The gap between operating profit and net profit, which exceeded 200 million euros, reflects high amortisation and finance costs tied to the debt the group carries to fund acquisitions in Montenegro, Bosnia and Herzegovina, and Slovenia. For the first quarter of 2026, Lucic projected net profit above 300 million euros.
Market share and regulatory context
Telekom Srbija holds more than 60 per cent of the retail fixed and mobile telecommunications segment in Serbia, according to the latest half-year report from the Regulatory Agency for Electronic Communications and Postal Services (RATEL). Competitors A1 and Yettel each hold below 25 per cent, with the remainder split between smaller operators and cable distributors.
The group issued bonds on international markets during 2025 to refinance existing liabilities. In an analysis published on 8 May, the daily Danas wrote that the rating agencies Standard and Poor’s and Fitch judge the rise in leverage to be partly offset by EBITDA growth, but flagged a visible increase in the NPL ratio on receivables from small and medium-sized enterprises.
North American push
In the same address, Lucic announced that Telekom Srbija is preparing to enter the United States market during 2026 or 2027 as an operator targeting the Serbian diaspora. A specific investment figure has not been disclosed, nor has a US partner. Our understanding is that due diligence on a potential acquisition of a local MVNO operator is still under way.
The Telekom fund for financing start-ups closed 2025 with a multi-fold return on its initial investment, according to a company statement. A specific internal rate of return has not been published in the report summary, but Lucic said the portfolio value is “almost ten times higher than the amount invested”. The Telegrupa fund, as the venture vehicle is known, backs domestic SaaS, fintech and media-tech teams with tickets of 200,000 to 2 million euros per round.
Regulatory backdrop and the mobile segment
During 2025 RATEL issued binding 5G build-out conditions to Telekom, A1 and Yettel, requiring 75 per cent population coverage by the end of 2027. In the first quarter of 2026 Telekom Srbija reported capital spending of 78 million euros on 5G infrastructure, 32 per cent more than in the same period last year. Consolidated group capex, which also covers investments in Montenegro and Bosnia, reached 145 million euros in the same quarter.
What this means for competitors
Telekom’s position at home, with consolidated revenue growth above 11 per cent year on year by the company’s own statement, also piles pressure on rivals. A1 Serbia reported flat 2025 revenue at 425 million euros, while Yettel posted growth of just 2.4 per cent. The gap is a structural consequence of the vertical media integration Telekom holds through the Supernova platform and the Arena Sport channels, which give it bundle advantages in retail pricing.
Banking analyst Nemanja Krstic of Banka Postanska Stedionica told the daily Politika that Telekom’s growth was “operationally strong, but financing capex through bonds leaves the group exposed to moves on international debt markets”. Our understanding is that the next eurobond issues in 2026 are planned for July and October, in a combined size of up to 600 million euros. The next set of group financial results, for the first quarter of 2026, is scheduled for the second half of June.
