In the face of a challenging macroeconomic environment during the first half of 2025, the NIS Group remained committed to maintaining market stability, ensuring a steady supply of all fuel types, and protecting the social welfare of its employees. These strategic priorities were successfully upheld despite a complex operating environment.
The company’s financial and operational performance was significantly affected by several external factors, most notably ongoing operations under U.S. sanctions. Additional pressures included a 15% decline in global oil prices compared to the first half of 2024, the burden of high-cost inventories of crude oil and petroleum products, and the negative financial results of HIP Petrohemija.
Despite these challenges, the NIS Group managed to maintain a positive EBITDA of €87 million. However, it recorded a net loss of €30.7 million by the end of the reporting period. Operating cash flow remained positive at €14.5 million, while capital investments totaled €105.8 million, primarily directed toward oil and gas exploration and production projects.
Total oil and gas production amounted to 556,000 tons of oil equivalent, reflecting a 3% decrease from the same period in 2024. Refining output rose by 20% year-on-year to 1.677 million tons, due to the completion of major maintenance works at the Pančevo refinery in 2024. On the other hand, petroleum product sales reached 1.524 million tons, down 8% from the previous year.
The company also continued to advance its solar energy initiatives, developing renewable projects across various NIS facilities as part of its broader energy transition strategy.
