Telekom Srbija Revenue Races Toward Three Billion

Based on its performance in the first six months of 2026, Telekom Srbija has projected annual revenue near three billion euros, a figure management had expected to reach only three to four years from now. The pace of growth pulls the company’s timeline forward by an entire business cycle, in a sector that has long stopped posting double-digit rates across the region.

Consolidated group revenue in 2025 stood at 2.3 billion euros, with operating profit of 1.3 billion and net profit of 200 million euros. General Director Vladimir Lucic says the current year will surpass those results, with net profit estimated at more than 300 million euros. The company’s five-year goal is a profit of half a billion euros, which would place Telekom among the most profitable domestic firms by net margin.

Where is the acceleration coming from?

The growth rests on two pillars: an expanding subscriber base through acquisitions and access to cheap capital. In recent years the company has consolidated smaller operators and media services, lifting its user count and revenue per user, while it says it holds around one billion euros in liquid funds. The debt structure also supports the projection: according to management, Telekom has no credit obligations falling due until 2028, freeing working capital for further investment and possible dividends.

For investors tracking domestic market risk, the key question is not whether revenue is rising but how much of that growth is organic. Acquisitions lift consolidated revenue without necessarily improving the profitability of existing segments, so operating profit is a sharper gauge of business health than gross revenue. In 2025 the ratio of operating profit to revenue was above 55 percent at the group level, a high level that itself raises the question of sustainability once the base reaches maturity.

What do the record figures mean for the sector?

A state operator with numbers like these shifts the balance of power in the domestic telecoms market, where competition comes from foreign groups with deeper capital backing. If the projection of near three billion euros holds, Telekom Srbija would in a single year cross a threshold it had planned for the end of the decade, gaining room for pricing policy and further expansion beyond Serbia’s borders.

One factor no internal projection fully controls remains: macroeconomic conditions and the cost of borrowing on the market, since the growth model rests on a mix of acquisitions and favorable capital. The record figures from the first six months paint a reassuring picture, but a half-year result is not an audited annual balance sheet. Will the second half of 2026 confirm that Telekom reached its record a year ahead of plan, or is this a projection still to be delivered?