EPBiH’s 2025 loss comes in lower than in previous year

Elektroprivreda BiH (EPBiH) has posted a loss of BAM 50.5 million (EUR 25.8 million) for 2025. While the company remained in the red, it is an improvement over 2024 and a better result than it initially forecasted.

The 2024 loss of EPBIH, controlled by the Government of the Federation of Bosnia and Herzegovina, was BAM 60.95 million (EUR 31.1 million).

For 2025, the pre-tax loss amounted to BAM 52.38 million (EUR 26.8 million), according to the financial report published on the Sarajevo Stock Exchange (SASE).

This result outperformed the revised plan, in which a loss of BAM 61.18 million (EUR 31.3 million) was anticipated. The outcome was BAM 8.8 million (EUR 4.5 million) better than projected, the report reads.

Similar reasons for bad results in both previous years

The 2025 performance was impacted by unfavorable hydrology (excluding March and November), and insufficient coal deliveries from mines. Total generation fell 3.6% short of the revised plan targets, while total consumption exceeded the plan by 0.5%.

The company procured 244.8 GWh more electricity than in the revised plan.

EPBiH has cited similar drivers for its 2024 results: poor hydrology, coal supply chain issues, and a 10.2% decrease in production. In 2024, electricity purchases also exceeded the plan by 371.5 GWh.

The company finished last year with 3,910 employees, an increase from 3,813 at the close of 2024.

Narrowing losses after 2023 peak

The power utility suffered a record loss of BAM 331 million (EUR 169 million) in 2023. While the following two years show a positive trend, as the losses are narrowing, the company has yet to return to profitability.

In August last year, it reported a BAM 45.47 million (EUR 23.25 million) loss for the first six months. CEO Sanel Buljubašić warned at the time that coal deliveries to thermal power plants in the first half of the year reached 73% of the plan.

EPBiH entered the current year with an emphasis on investments. It signed a concession agreement for the Vlašić wind farm near Travnik, along with annexes to the concession agreements for solar power plants Gračanica 1 and Gračanica 2 in the municipality of Bugojno.