Telekom Serbia: 2.3 billion euros in revenue, 1.3 billion euros in profit

Consolidated revenue at the Telekom Srbija group for the 2025 business year came in at 2.3 billion euros, while group net profit reached 1.3 billion euros, according to the annual report the company filed with the Belgrade Stock Exchange on 24 May 2026. Operating profit (EBITDA) stood at 928 million euros, growth of 11 per cent on 2024 when EBITDA was 836 million euros. The group EBITDA margin came in at 40.3 per cent, putting the company in the top quartile among Europe’s national telecom operators.

Chief executive Vladimir Lucic, at a press conference held at the company’s headquarters on Vracar, said the growth was “organic in 84 per cent of cases, while the remaining 16 per cent comes from the consolidation of EON TV International Ltd. and Total TV operations in the Republic of North Macedonia, following the acquisition closed in February 2025”. On 23 May the company also released preliminary figures for the first quarter of 2026, indicating that full-year 2026 net profit will exceed 300 million euros at the standalone Telekom Srbija a.d. level.

Revenue breakdown by segment

Mobile telephony remains the largest revenue generator with a 41 per cent share, or 943 million euros at the consolidated level. Fixed-line telephony, internet and IPTV bring in 36 per cent of revenue (828 million euros), while pay TV with the Sport Klub channels and the NetTV Plus operations contributes 23 per cent (529 million euros). The contribution to the Serbian state budget through taxes, excise duties and dividends came in at 18.4 billion dinars (about 157 million euros) in 2025, up 8.3 per cent on 2024.

The February 2025 acquisition of EON TV International brought Telekom, on top of the core NetTV Plus network, direct-to-home operations under the EoNSat and Total TV brands in Serbia and North Macedonia, as well as the distribution rights for the Sport Klub channels across the Western Balkans. The transaction value was not officially disclosed, but Bloomberg Adria, in a report on 8 March 2025, estimated the price at between 230 and 270 million euros.

Position on Arena Channels Group and media presence

In 2025 Telekom Srbija paid Arena Channels Group more than 30 billion dinars (about 256 million euros), 13.2 per cent of total operating costs. Sasa Mirkovic, media analyst and chair of Civil Society Serbia, told the Novi Sad daily Vremja on 23 May that “Telekom’s vertical integration into media, through ownership of Arena and the Sport Klub rights, is formally consistent with the existing electronic media law, but in practice concentrates control over sports content in the hands of just three operators in the country”.

Capital spending and 5G infrastructure

Capital expenditure at Telekom Srbija in 2025 came in at 412 million euros, 17.9 per cent of revenue. The largest share (267 million euros) went towards building out the 5G network, which now covers 73 per cent of the Serbian population, while the remaining 145 million euros went into expanding the fibre-to-the-home (FTTH) network and modernising distribution centres. Lucic said capex in 2026 will stay at a similar level, with a focus on lifting 5G population coverage to 92 per cent by year-end.

Shareholder agreement and dividend

Serbia owns 58.1 per cent of Telekom Srbija shares, a stake that has been unchanged since 2018, when a sale to Deutsche Telekom for 4 billion euros was rejected. The remaining 41.9 per cent of the shareholder structure is held by employees, small shareholders and institutional investors. The shareholders’ meeting, scheduled for 12 June at the company’s headquarters, is expected to approve a total dividend payment of 9 billion dinars (about 76 million euros), which for Serbia, as the largest shareholder, means a direct inflow of 5.2 billion dinars into the central budget.