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

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

2,078.24

+9.24 (0.45%)

At close: Aug 14, 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	Jun '26 Jun 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	1,195	926.44	820.23	723.68	595.32	562.95
Revenue Growth	-4.99%	12.95%	13.34%	21.56%	5.75%	107.78%
Gross Profit	764.5	718.3	630.96	553.79	439.57	416.94
Operating Income	-495.73	-540.48	-433.06	-357.65	-359.7	-452.67
Net Income	426.13	340.14	287.44	237.11	20.23	-290.01
Earnings Per Share	-	9.73	8.22	6.77	0.58	-8.28
EPS Growth	-	18.33%	21.42%	1072.19%	-	-

Cash & Debt

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jun '26 Jun 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	7,635	4,155	3,165	1,005	816.51	658.51
Total Debt	54.96	63	66.69	13.22	36.16	55.43
Net Cash (Debt)	7,580	4,092	3,099	991.56	780.35	603.09
Net Cash Growth	96.03%	32.06%	212.51%	27.07%	29.39%	-21.85%
Net Cash Per Share	-	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	Jun '26 Jun 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	-180.91	917.1	2,209	301.61	264.95	-42.86
Capital Expenditures	-31.77	-31.18	-110.26	-116.16	-127.43	-96.19
Free Cash Flow	-212.68	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	Jun '26 Jun 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	63.97%	77.53%	76.92%	76.52%	73.84%	74.06%
Operating Margin	-41.48%	-58.34%	-52.80%	-49.42%	-60.42%	-80.41%
Pretax Margin	36.43%	38.34%	41.09%	37.54%	8.92%	-45.20%
Profit Margin	35.66%	36.71%	35.04%	32.77%	3.40%	-51.52%
FCF Margin	-17.80%	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	Aug '26 Aug 15, 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	170.64	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	60.85	88.90	85.06	83.60	93.83	71.30