Serbian industrial group Metalac reported its strongest consolidated financial result on record in 2025, supported by revenue growth, improved operating efficiency and a significant reduction in net debt, reinforcing its position among the more stable manufacturing companies on the Belgrade market.
The Gornji Milanovac-based group generated consolidated operating revenue of approximately RSD 17.9 billion (€153 million) in 2025, representing annual growth of 6.5%. Net profit rose to RSD 836.4 million (€7.1 million), up 12.5% compared with the previous year, while operating profit increased almost 12% to RSD 970.7 million (€8.3 million).
The result marks a continuation of the company’s multi-year earnings expansion. Consolidated revenue has increased substantially from roughly RSD 11.1 billion (€95 million) in 2019 to nearly RSD 17.9 billion (€153 million) in 2025, while profitability has almost doubled over the same period.
A key factor behind the stronger earnings performance was improved gross margin management. Lower procurement costs and a more favorable cost structure helped offset persistent inflationary pressures affecting wages, logistics and industrial production. The company stated that reduced acquisition costs of sold goods contributed significantly to profit growth despite a challenging operating environment.
The balance sheet also strengthened considerably. Metalac more than halved its net debt position during 2025, reducing net indebtedness to approximately RSD 387.6 million (€3.3 million). Such leverage levels remain relatively low for a manufacturing group with a broad production, distribution and retail network, providing greater flexibility for future investments and dividend distributions.
Domestic demand continued to play the dominant role in the company’s revenue structure. The Serbian market generated nearly 80% of consolidated sales, highlighting both the strength of the group’s domestic retail and distribution platform and the continuing importance of Serbian consumer demand for household products, cookware, heating equipment and related industrial goods.
The latest results arrive against a backdrop of significant operational transformation within the company. In recent years Metalac has invested in energy-efficiency projects, including rooftop solar generation and modernization of heating systems. According to company disclosures, these measures helped reduce energy costs and lower natural gas consumption, partially insulating operations from volatility in European energy markets.
Investors have also benefited from the company’s dividend policy. Shareholders approved a dividend of RSD 95 per share, matching the previous year and representing the highest recurring dividend level in the company’s history.
Despite the record annual performance, the first quarter of 2026 indicated that cost pressures remain a challenge. Wage expenses, energy costs and materials continued rising faster than revenues, compressing margins at the beginning of the year. Management nevertheless maintained revenue growth, while inventory and production data suggested operations remained closely aligned with market demand.
The company’s structure remains unusually diversified for a Serbian industrial group. Operations span cookware production, boilers, retail networks, trade activities, industrial components, printing services and financial operations. This diversification has helped reduce earnings volatility and provided multiple revenue streams during periods of weaker consumer demand in individual segments.
For investors on the Belgrade Stock Exchange, the latest figures reinforce Metalac’s reputation as one of the market’s more consistent dividend-paying industrial issuers. With earnings at record levels, debt significantly reduced and domestic demand still providing a stable revenue base, the group enters 2026 from a stronger financial position even as inflation, labor costs and industrial input expenses continue to pressure manufacturing margins across Serbia and the wider region.
