Bosnian Ammunition Producer Igman Reports €7.8 Million Loss, Management Says Performance Improving
Bosnia and Herzegovina ammunition manufacturer Igman closed 2025 with a loss of approximately €7.8 million. The company reduced losses during the second half of the year after a significantly weaker first half. Management indicated that financial performance improved toward the end of the year.
Bosnia and Herzegovina ammunition manufacturer Igman ended 2025 with a net loss of approximately €7.8 million, according to financial data reported by regional business media.
The Konjic-based producer recorded significantly weaker results during the first half of the year, when losses approached €10 million amid declining revenue and operational disruptions. Financial performance improved in the second half, reducing the overall annual deficit.
Company management indicated that the situation stabilized later in the year as production conditions improved and business activity recovered.
Igman experienced production interruptions earlier in the year linked to supply chain disruptions affecting key materials used in ammunition manufacturing. Temporary shortages of propellant supplies forced the company to halt production for a period and place part of its workforce on collective leave.
Despite the operational challenges, Igman remains one of the largest defense manufacturers in Bosnia and Herzegovina and a major exporter of small-arms ammunition. The company employs more than 1,000 workers and operates under majority ownership of the Federation of Bosnia and Herzegovina.
The financial result comes at a time of sustained international demand for ammunition driven by the war in Ukraine and increased defense procurement across Europe.
While several defense manufacturers in Bosnia and Herzegovina have reported strong export growth in recent years, Igman’s results highlight operational and management challenges facing parts of the country’s defense-industrial sector.
Sources: FIA, IGMAN
