NIS j.s.c. Novi Sad
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NIS j.s.c. Novi Sad (NIIS) investor relations material

NIS j.s.c. Novi Sad Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary2 Feb, 2026

Executive summary

  • Operations in 2025 were severely impacted by US sanctions, including the suspension of the Pančevo Oil Refinery and a focus on maintaining domestic market stability.

  • Despite macroeconomic headwinds and sanctions, the group maintained positive EBITDA and continued capital investments, especially in oil, gas, and renewable energy projects.

  • Social responsibility initiatives and support for employees and communities continued, with investments in youth and education programs.

Financial highlights

  • Sales revenue for 2025 was RSD 290.1bn, down from RSD 408.1bn in 2024; Q4 revenue was RSD 60.4bn, down 42% year-over-year.

  • EBITDA for 2025 was RSD 22.2bn, a 50% decrease year-over-year; Q4 EBITDA was RSD 1.1bn.

  • Net loss for 2025 was RSD 5.6bn, compared to a net profit of RSD 10.1bn in 2024; Q4 net loss was RSD 5.3bn.

  • Operating cash flow for 2025 was RSD 43.4bn, down from RSD 61.0bn in 2024.

  • CAPEX for 2025 was RSD 28.1bn, focused mainly on exploration, production, and energy projects.

Outlook and guidance

  • Ongoing focus on operational efficiency, project execution, and continued investment in solar and retail infrastructure.

  • Polypropylene project temporarily postponed due to sanctions, but other activities continue as scheduled.

  • Management is closely monitoring the impact of sanctions and engaging with authorities and shareholders to ensure business continuity.

  • Ongoing negotiations regarding changes in ownership structure and further OFAC licensing are expected to influence future operations.

  • The company expects continued volatility in oil prices and macroeconomic conditions, with global oil prices projected to decline further in 2026.

Refinery production outlook post-sanction suspension
Update on NIS ownership change negotiations
HIP-Petrohemija's impact on Group net loss?
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Q1 202629 Apr, 2026
NIS j.s.c. Novi Sad
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