Once again this year, Media Daily has compiled the Top 20 list of the largest telecoms in the region based on financial data from 2024 – a tradition we’ve maintained for eight consecutive years.

The total revenue of the 20 observed telecoms from Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Montenegro, and North Macedonia has, for the first time, exceeded seven billion euros, marking an increase of just over 71 million euros compared to 2023.

Telecom Serbia remains the number one telecom in terms of revenue and is growing at the fastest rate among all its competitors. Its revenue amounted to €1,352,737,845, which is formally less than in 2023. However, it’s important to note that a one-time income from the sale of telecom towers in 2023 contributed approximately € 300 million to that year’s total revenue. When excluding that one-time sale, it becomes clear that Telecom Serbia’s revenue in 2024 is 19% higher than in 2023 — a growth unmatched by any other telecom in the region.

To illustrate the scale of Telecom Serbia’s revenue, it earns almost €400 million more than the second-ranked Croatian Telecom, and the combined revenue of the four other Serbian telecoms on our list (Yettel, A1 Serbia, SBB, Orion Telecom) still doesn’t match what Telecom Serbia earns on its own. This significant revenue growth is clearly driven by smart investments, especially in the TV services segment — where the biggest growth was recorded — as well as in mobile and internet services.

As for the rankings of other telecoms based on 2024 revenue, Yettel and A1 Serbia each moved up one position in the top 10, while Telemach Croatia climbed two spots, becoming the highest-earning telecom within the United Group. BH Telecom also moved up two positions in 2024.

The full ranking of all 20 telecom companies by revenue in 2024, along with comparative figures for 2023 and 2022, is available in the following table. All amounts are listed in euros.

 

The highest net profit in 2024 was recorded by Croatian Telecom, followed by Telecom Slovenia in second place and Telecom Serbia in third.

In 2023, Telecom Serbia had the highest net profit, primarily due to the one-time sale of telecom towers. When comparing Telekom Serbia’s net profit in 2024 to that of 2023 — excluding the profit from that sale — it is clear that the company saw a significant increase: from €34,301,296 in 2023 to an impressive €86,019,460 in 2024.

The loss-makers in 2024 were Slovenian Telemach and A1.

The full ranking of all 20 telecom companies by net profit in 2024, with comparative figures for 2023 and 2022, is available in the following table. All amounts are in euros.

 

The total number of employees across the 20 largest telecom companies in the region remains stagnant, with 33,256 workers employed overall.

Telecom Serbia has the highest number of employees, followed by Croatian Telecom and BH Telecom, while One Montenegro and Orion Telecom have the fewest.

The full ranking of all 20 telecom companies by number of employees in 2024, along with comparative data for 2023 and 2022, can be found in the following table.

 

And finally, when looking at total revenue by ownership groups, it is clear that the Telecom Serbia group still leads by a wide margin over all other telecom groups.

The Telecom Serbia group has €339 million more in revenue compared to the second-ranked A1 group. The Deutsche Telecom Group (DTG) is in third place, followed by the telecom operators of the United Group in fourth.

In total, 15 out of the 20 companies are part of ownership groups. Changes are expected in the 2025 analysis, as Yettel has acquired SBB this year, which will significantly alter the balance of power.

Below is the table with comparative data for the past three years.

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