Aerodrom Nikola Tesla a.d. (BELEX:AERO)

Serbia · Delayed Price · Currency is EUR · Price in RSD

2,028.43

+1.43 (0.07%)

At close: Nov 6, 2026

BELEX:AERO Financials Overview

Financials in millions RSD. Fiscal year is January - December.

Millions RSD. Fiscal year is Jan - Dec.

Revenue & Profits

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,444	926.44	820.23	723.68	595.32	562.95
Revenue Growth	-2.03%	12.95%	13.34%	21.56%	5.75%	107.78%
Gross Profit	768.66	718.3	630.96	553.79	439.57	416.94
Operating Income	-505.84	-540.48	-433.06	-357.65	-359.7	-452.67
Net Income	446.77	340.14	287.44	237.11	20.23	-290.01
Earnings Per Share	12.16	9.73	8.22	6.77	0.58	-8.28
EPS Growth	-32.28%	18.33%	21.42%	1072.19%	-	-

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Cash & Investments	6,897	4,155	3,165	1,005	816.51	658.51
Total Debt	49.71	63	66.69	13.22	36.16	55.43
Net Cash (Debt)	6,847	4,092	3,099	991.56	780.35	603.09
Net Cash Growth	70.86%	32.06%	212.51%	27.07%	29.39%	-21.85%
Net Cash Per Share	186.32	117.02	88.61	28.31	22.28	17.22

Cash Flow & CapEx

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Cash Flow	613.67	917.1	2,209	301.61	264.95	-42.86
Capital Expenditures	-1,736	-31.18	-110.26	-116.16	-127.43	-96.19
Free Cash Flow	-1,123	885.92	2,099	185.45	137.52	-139.05
Free Cash Flow Growth	-	-57.78%	1031.60%	34.86%	-	-

Margins

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '26 Sep 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Gross Margin	53.23%	77.53%	76.92%	76.52%	73.84%	74.06%
Operating Margin	-35.03%	-58.34%	-52.80%	-49.42%	-60.42%	-80.41%
Pretax Margin	31.58%	38.34%	41.09%	37.54%	8.92%	-45.20%
Profit Margin	30.94%	36.71%	35.04%	32.77%	3.40%	-51.52%
FCF Margin	-77.75%	95.63%	255.85%	25.63%	23.10%	-24.70%

Valuation

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '26 Nov 8, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
PE Ratio	166.57	242.13	242.72	255.15	2761.49	-
Forward PE	-	16.56	16.56	16.56	16.56	16.56
P/FCF Ratio	-	92.96	33.24	326.22	406.19	-
PS Ratio	53.16	88.90	85.06	83.60	93.83	71.30