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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.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.
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