NIS Group’s H1 Performance: Market Stability Maintained, but Reports RSD 3.6 Billion Loss

NIS Group maintained a positive EBITDA of RSD 10.2 billion in the first half of the year, but ultimately reported a net loss of RSD 3.6 billion, the company announced. A positive operating cash flow of RSD 1.7 billion was preserved, while investments in capital projects totaled RSD 12.4 billion—primarily directed toward oil and gas exploration and production. The Group’s calculated public revenue obligations for the January–June 2025 period amounted to RSD 104.7 billion.

- In a challenging macroeconomic environment during H1 2025, the Group’s priorities were maintaining stability in the domestic market, ensuring regular supply of all fuel types, and preserving employee social stability. These goals were met; however, complex circumstances, most notably operations under U.S. sanctions, significantly impacted the financial and operational results during the reporting period, the company stated.

In addition to sanctions, NIS performance was also affected by a 15% drop in global oil prices compared to H1 2024, the effect of high-cost oil and petroleum product inventories, and the negative financial results of HIP Petrohemija.

Oil and gas production amounted to 556,000 tonnes of oil equivalent, a 3% decrease year-over-year. The total volume of processed crude was 1.677 million tonnes, a 20% increase from the same period last year, when the Pancevo Oil Refinery underwent a major overhaul. Total sales of petroleum products reached 1.524 million tonnes, marking an 8% decline compared to H1 2024.

The Group also continued to develop its solar photovoltaic power plant projects across NIS facilities, the statement added.

NIS a.d. Novi Sad

NIS a.d. Petrol Rafinerija nafte Pančevo

HIP-Petrohemija a.d. Pančevo

NIS

NIS Group

Pancevo Oil Refinery

HIP Petrohemija

NIS Group operations

US sanctions on NIS