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NIS j.s.c. Novi Sad (NIIS) investor relations material
NIS j.s.c. Novi Sad Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operations were significantly impacted by US SDN sanctions, with full enforcement from 9 October 2025 after several postponements, yet positive net result achieved in Q3 2025.
Maintained operational and social stability, ensuring uninterrupted domestic petroleum supply and business continuity.
Net loss of RSD 0.3 billion for 9M 2025, but Q3 net profit of RSD 3.3 billion, up 22% year-over-year due to cost reductions and increased sales.
Capital investments reached RSD 19.0 billion, mainly in exploration and production, down 49% year-over-year.
Total bank indebtedness reduced by 8% year-over-year to EUR 539.5 million.
Financial highlights
Q3 2025 sales revenues down 21% year-over-year; 9M 2025 sales revenues at RSD 229.7 billion, down 25% year-over-year.
Q3 2025 EBITDA down 7% year-over-year; 9M 2025 EBITDA at RSD 21.1 billion, down 39% year-over-year.
Q3 2025 net profit up 22% year-over-year; 9M 2025 net loss of RSD 0.3 billion compared to a profit of RSD 8.0 billion last year.
Operating cash flow for 9M 2025 was RSD 26.7 billion, down 33% year-over-year.
CAPEX for 9M 2025 at RSD 19.0 billion, down 49% year-over-year.
Outlook and guidance
Management is pursuing removal from the SDN list and exploring mitigation strategies for sanctions.
Ongoing adaptation to sanctions and volatile market conditions, with focus on operational efficiency and maintaining market share.
Continued investment in solar and energy projects, with several photovoltaic plants commissioned or in trial operation.
Most consultants forecast further declines in oil prices for the remainder of 2025 and into 2026.
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