Telekom Srbija launched a three-tranche senior unsecured notes offering (USD 5NC2 / EUR 7NC3 / EUR 10NC5), exclusively to refinance existing liabilities on materially more favorable terms, with zero incremental leverage.
In a vote of confidence rarely seen following large-scale M&A, Fitch upgraded Telekom Srbija from B+ (Positive) to BB- (Stable), with Moody’s affirming B1 (Stable) and S&P affirming BB- (Stable), the Company’s strongest credit profile to date, achieved while absorbing the transformational acquisitions of United Group’s media assets and Orion Telekom and navigating volatile global markets.
The updated rating composite positions Telekom Srbija within the same credit cohort as leading European telecommunications operators, including Iliad, Telecom Italia, Sunrise, MásOrange, Wind Tre, Digi and Türk Telekom, a milestone achieved concurrently with the most ambitious investment and M&A program in the Company’s history.
The Group closed full-year 2025 with record revenue of €2.3 billion (+28.1% YoY) and Adjusted EBITDA of €1.3 billion (+51.3% YoY) — the strongest financial performance in its history.
Returning to international capital markets after its landmark inaugural USD 900 million Eurobond — the first ever corporate Eurobond from the Western Balkans, recipient of Europe Telecom Deal of the Year (Financing) at the TMT Finance Awards EMEA 2026, and double winner at the GBM Awards CEE, Central Asia & Türkiye 2025 (Quasi-Sovereign/GRE Bond Deal of the Year and Deal of the Year – Serbia), Telekom Srbija continues to set the regional benchmark for capital markets excellence.
