Serbia’s state-owned gas company Srbijagas posted lower revenues but improved profitability in 2025, while its debt position continued to expand, reflecting a shift in financial structure rather than operational strengthening.
According to the latest financial disclosures cited by Forbes Serbia, Srbijagas reported net profit of RSD 9.78bn (€83m) in 2025, up year on year despite a significant drop in top-line performance.
Total operating revenues fell to RSD 143.8bn, down from nearly RSD 182bn in 2024, representing a decline of approximately 21%.
The revenue contraction was primarily driven by the absence of state subsidies that had previously compensated for differences in gas storage pricing. In 2024, these subsidies amounted to RSD 33.1bn, artificially inflating revenue levels in that year.
Despite lower revenues, profitability improved, indicating tighter cost management and normalization of accounting effects linked to earlier price distortions. However, this came alongside a continued deterioration in the company’s balance sheet.
Total indebtedness reached €785.4m, highlighting ongoing reliance on borrowing and state-backed financing structures.
The increase in liabilities was driven mainly by higher obligations toward domestic entities outside the banking sector, rising from RSD 36.6bn to RSD 57.2bn, with a significant portion linked to the Public Debt Administration, which channels funds under state guarantees.
At the same time, short-term liabilities to domestic banks declined slightly, suggesting a partial restructuring of debt toward state-related financing rather than market-based borrowing.
The financial profile confirms a broader structural pattern in Srbijagas’ operations:
- Lower revenues due to normalization of subsidies
- Improved reported profitability driven by accounting and cost adjustments
- Rising debt linked to continued reliance on state-backed liquidity
This dynamic positions Srbijagas as a system-critical but financially leveraged entity within Serbia’s energy sector, where profitability improvements remain closely tied to policy mechanisms rather than purely market-driven performance.
