Serbia’s oil producer and refiner NIS recorded €197 million in net profit in the first nine months of 2026. EBITDA was €510 million, while bank debt declined to €357.4 million from €539.5 million a year earlier. Results benefited from higher international oil prices, stronger refining margins and tighter operating-cost control. Brent crude averaged around $94/barrel during the period, up from $70.9/barrel a year earlier, while lower-cost inventories also supported refining profitability.
Refining and fuel sales
NIS increased processing at its Pancevo refinery to around 13,000 tonnes per day as it worked to maintain a reliable domestic fuel supply. The refinery processed 2.6 million tonnes of crude and intermediate products. Sales of petroleum products totalled 2.4 million tonnes.
Investment and solar generation
Capital expenditure reached €163.5 million, with much of the investment allocated to oil and gas exploration and production. Domestic upstream operations produced 834,000 tonnes of oil and gas equivalent. During the period, NIS completed a €32.3 million reconstruction of railway infrastructure at the Pancevo refinery and began a major overhaul at HIP Petrohemija. Its solar installations generated 12.4 GWh from January to September, roughly three times the level recorded a year earlier.
