Vladimir Lučić, CEO of Telekom Srbija, stated that the company is the leader in Southeast Europe based on its revenue growth over the past three years. Despite an extraordinary one-time income of €500 million in 2023 from selling telecom towers, Telekom Srbija’s core revenue growth remains impressive. In Serbia alone, revenue increased by over €300 million, reaching €1.358 billion, with the entire group generating around €1.8 billion.
Operating profit (EBIT) also rose by €300 million, totaling €660 million for Telekom Srbija and nearly €900 million for the group. The growth is largely attributed to an increase of over 250,000 new customers, bringing the total user base close to 12 million.
Lučić expects this growth trend to continue in 2025, projecting that revenues in Serbia will nearly double compared to 2018, when the company began a new investment phase.
Recently in Washington, Lučić spoke at a forum on transatlantic economic cooperation and addressed the U.S. Congress. He highlighted Telekom Srbija’s successful partnerships with American and European institutions, emphasizing that business transcends political barriers. Notably, Telekom Srbija will be the first European operator to receive direct support from the U.S. Export-Import Bank for 5G development—a milestone expected to attract further U.S. investments to Serbia.
During his U.S. visit, Lučić also raised concerns with the State Department about operational challenges Telekom Srbija faces in Kosovo and Metohija due to administrative obstacles imposed by the local authorities, despite agreements intended to allow smooth business operations.
Contrary to critics who claim the company is overleveraged, Telekom Srbija recently signed and completed a deal to acquire United Group’s telecommunications operations in the region. Lučić pointed out that United Group exited the market by selling assets to Telekom Srbija, PPF, and Sport Klub.
In 2024, Telekom Srbija became the first company in Serbia and the Western Balkans to issue a $900 million bond on the Dublin stock exchange, receiving an excellent credit rating. Despite a challenging financial year marked by record sports rights payments and investment activities, the company’s debt remains below four times EBITDA, a telecom industry standard.
Following the acquisition of Sport Klub, Lučić expects sports rights costs to decrease significantly—potentially by four times—leading to lower investments but continued revenue growth and net debt reduction.
Looking ahead, Telekom Srbija will benefit from partnerships with competitors like A1 (Jetel), which will use its fiber-optic network and content, generating revenue from both its own and other operators’ users.
The company is also expanding its media and digital services, aiming to become a regional streaming platform offering news, music, sports, movies, and series. Telekom Srbija already sells its original series to 30 countries, including deals with HBO, Amazon, and Disney+. It has even co-produced shows like “SCAR” with Amazon Spain, highlighting its growing global recognition in content production.
