NIS j.s.c. Novi Sad (NIIS) Q3 2025 earnings summary

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.