Services and shared-service centres emerged as Serbia’s most structurally robust performers in 2025. Unlike construction or energy, this segment benefited from strong external demand, relatively low capital intensity, and high labor productivity. The financial performance of export-oriented services stood in stark contrast to domestically focused activities.
ICT services and shared-service centres continued to expand international client portfolios, with service exports growing close to 10 % year-on-year. Total ICT and business services exports reached approximately €4–5 billion, accounting for 7–8 % of GDP. Revenue growth for mature shared-service operators commonly ranged between 8 % and 15 %, driven by contract expansions rather than price increases.
Profitability remained strong. EBITDA margins in IT, BPO, and finance-back-office operations typically fell between 18 % and 30 %, depending on specialization and automation levels. Even after wage inflation of 12–15 %, net margins stayed resilient due to high value-added per employee and limited exposure to energy or material costs.
Capital expenditure requirements were modest. Most service exporters operated with capex intensity below 3 % of revenues, focused on IT infrastructure and office expansion rather than heavy assets. This allowed strong free-cash-flow generation, often exceeding 10 % of revenues, enabling dividend payments, internal reinvestment, or balance-sheet strengthening.
The main financial pressure point was labor. Competition for skilled workers increased operating costs and forced companies to invest more in retention and training. However, productivity gains largely offset wage growth. Revenue per employee continued to rise, reinforcing Serbia’s position as a competitive near-shore services hub.
By the end of 2025, services and shared-service centres stood out as Serbia’s most investable corporate segment. Financial performance combined growth, profitability, and cash generation, with limited balance-sheet risk. These companies entered 2026 with momentum, visibility, and strategic relevance within European service supply chains.
