Telekom Srbija had its most successful year ever in 2024, achieving several significant milestones and positioning itself for ambitious growth in 2025, according to the company’s CEO, Vladimir Lučić.
“We managed to achieve record sales revenue growth of over 20%, which even exceeds the peak years of telecommunications two decades ago,” Lučić stated. “The launch of our European stock exchange listing and the issuance of corporate bonds have provided us with unprecedented liquidity. Despite paying out 6.8 billion dinars in dividends, we finished the year with 150 million euros in our account and 600 million euros in untapped funds, which we can reinvest, including for potential acquisitions. We will expand both domestically and internationally, primarily in Germany, and this year in the United States,” he added during his interview with TV Happy.
Lučić emphasized that the company’s continued growth is evidenced by the expanding number of users. “Our solid business strategy—focused on the development of fiber-optic networks, investments in content, and international expansion—has allowed us to maintain a multi-year growth trend in the number of users. We are approaching a total of 13 million users, with 1.3 million in Serbia. We expect to exceed this number in 2025 due to our expansion in Germany and the United States, as well as continued growth in Serbia and the region,” Lučić said.
He also highlighted Telekom Srbija’s transformation into an international company, with a presence in 12 countries. “In every major city in Germany, Austria, and Switzerland where our diaspora resides, there is at least one Telekom store, and in some cities, there are more. These markets now account for 8% of our total revenue, a number that is steadily growing and will become one of our key strengths in the near future. This is already one of the company’s greatest achievements,” Lučić explained.
However, Serbia remains the heart of Telekom Srbija, and the company’s success contributes to the country’s economy. “For example, customer service centers for Western European markets are based in Serbia, so our international expansions also create new jobs here,” he said.
Plans for 2025: 5G and startup investments
Looking ahead to 2025, Lučić highlighted several major initiatives, including the introduction of 5G networks in Serbia by mid-year. “This will soon become functional in all major cities,” he noted. A diplomatic effort is also underway to secure 5G frequencies in Kosovo and Metohija, as well as a license to cover the entire region.
Telekom Srbija will continue investing in innovative startups, particularly those focusing on artificial intelligence (AI). “We have signed agreements with 17 startups, many of which are working on AI applications, and we are already using some of their products in our operations. I am very satisfied with how our venture capital fund is performing, and we’ve already seen our first returns. We have a great team of experts, including people who have proven themselves abroad, like at Google. Out of the 17 startups we have invested in, six have the potential to become the first Serbian unicorns. Serbia has never had a startup valued over a billion dollars, and our goal is for Telekom to be the first to achieve that,” Lučić emphasized. He encouraged creative young people with innovative ideas to apply to Telekom Serbia’s TS Ventures fund.
Investing in people: Exporting technology, not talent
Telekom Srbija also considers its commitment to employees as part of its success. For the fourth consecutive year, employees received salary increases. “Unlike in previous years when people left Telekom due to poor financial conditions and better offers from competitors, we have increased salaries for the fourth consecutive year, making them competitive with or even higher than those of our rivals,” Lučić said. He also mentioned that the company would continue investing in its workforce, especially by hiring younger talent. “This year, we will hire 600 young people to replace 700 employees who will retire in the next year. We will also hire the first 50 artificial intelligence experts, with plans to hire hundreds more in the next four years. Our goal is to export the most advanced technological products from Serbia, not people and brains,” he said.
Telekom Srbija’s recruitment process is always open, seeking engineers, technicians and customer service representatives. Interested individuals can apply via the company’s website.
International rating and financial discipline in 2025
In 2024, Telekom Srbija became the first company from the Western Balkans to list on the European stock exchange and obtain an international credit rating. “We will receive another credit rating this year, which will come from at least two of the three most credible global agencies. This will further strengthen our financial discipline, as these agencies will set ‘targets’ we must meet to maintain our current rating and improve it,” Lučić explained.
He added that there are serious chances for Telekom Srbija’s international credit rating to improve further in 2025, highlighting the company’s financial stability. “Telekom is a large corporate entity, financially stable, and our EU stock exchange listing and public availability of our credit rating with detailed explanations demonstrate this,” he concluded.