Revenue by Segment

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

Millions RSD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	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	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Upstream	43.80B	60.42B	51.11B	63.48B	45.52B
Upstream Growth	-27.52%	18.23%	-19.50%	39.46%	50.28%
DWS - Petrochemical	-	22.53B	12.06B	-	-
DWS - Petrochemical Growth	-	86.87%	-	-	-
DWS - Downstream	272.20B	382.50B	402.14B	-	-
DWS - Downstream Growth	-28.84%	-4.89%	-	-	-
Eliminations	-44.81B	-57.39B	-53.16B	-61.25B	-44.14B
Processing and Marketing	-	-	-	511.45B	293.78B
Processing and Marketing Growth	-	-	-	74.09%	60.01%
Total	271.18B	408.07B	412.15B	513.69B	295.16B
Total Growth	-33.54%	-0.99%	-19.77%	74.04%	60.56%

Revenue by Geography

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

Millions RSD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Serbia	317.88B	336.68B	416.19B	217.55B
Serbia Growth	-5.58%	-19.10%	91.31%	58.69%
Romania	5.33B	5.38B	15.44B	16.86B
Romania Growth	-0.93%	-65.17%	-8.43%	54.61%
Bosnia and Herzegovina	32.74B	28.94B	35.96B	24.81B
Bosnia and Herzegovina Growth	13.13%	-19.52%	44.90%	84.32%
Bulgaria	8.02B	8.55B	13.43B	13.18B
Bulgaria Growth	-6.25%	-36.31%	1.87%	29.36%
Other Markets	19.52B	19.29B	25.35B	5.27B
Other Markets Growth	1.22%	-23.91%	380.63%	73.47%
Other Export and International Sales	24.58B	13.31B	7.33B	5.70B
Other Export and International Sales Growth	84.59%	81.59%	28.63%	59.59%
Switzerland	-	-	-	1.88B
Switzerland Growth	-	-	-	314.97%
Croatia	-	-	-	2.60B
Croatia Growth	-	-	-	56.82%
Northern Macedonia	-	-	-	502.95M
Northern Macedonia Growth	-	-	-	-36.39%
Hungary	-	-	-	947.19M
Hungary Growth	-	-	-	21.53%
Great Britain	-	-	-	4.52B
Great Britain Growth	-	-	-	400.11%
Germany	-	-	-	1.34B
Germany Growth	-	-	-	36.00%
Total	408.07B	412.15B	513.69B	295.16B
Total Growth	-0.99%	-19.77%	74.04%	60.56%

Source: S&P Global Market Intelligence.