Aerodrom Nikola Tesla increased net profit by 29% to RSD 475 million (€4.04 million) in the first nine months of 2026, supported by higher operating revenue and stronger financial income under the long-term airport concession arrangement with VINCI.
Operating revenue rose approximately 44% to €14.3 million, compared with €10 million in the same period of 2025. Operating expenses increased faster, climbing 54% to €11.7 million.
Higher costs limit operating profit growth
Operating profit reached approximately €2.58 million, up 13% from €2.28 million a year earlier. The operating margin consequently declined from 22.9% to 18%, as expenditure absorbed part of the additional revenue.
The published results do not specify which individual cost categories accounted for the increase.
Financial performance provided additional support to earnings. The company recorded a net financial result of approximately €1.56 million, compared with €690,000 in the corresponding period of 2025, an increase of around 126%. The stronger financial contribution helped lift net profit, although its sustainability will depend on factors such as cash balances, interest rates and investment returns.
VINCI operates the airport under a long-term concession
Under a 25-year concession agreement, VINCI Airports manages Belgrade’s Nikola Tesla Airport, including airport services, infrastructure operations and passenger-related commercial activities.
Aerodrom Nikola Tesla retains responsibility primarily for the ownership, leasing and management of real-estate assets. Its reported €4.04 million profit therefore reflects the asset-owning company’s performance, not the earnings generated by VINCI’s airport operations.
Belgrade Airport handled almost 7.3 million passengers, up 7%, while aircraft movements increased 3.7% to nearly 71,000 flights. Third-quarter passenger traffic reached approximately 3.1 million, an increase of 6.7%.
The operator offered connections to 118 destinations, including six intercontinental routes, during the summer season. Passenger growth supports the airport’s wider commercial activity, although the available results do not quantify its direct contribution to the asset owner’s earnings.
State ownership and stock market performance
The Serbian government holds approximately 84.56% of Aerodrom Nikola Tesla, making it the company’s controlling shareholder. The financial return to the state depends not only on accounting profit but also on dividend distributions, retained earnings, capital requirements and concession-related payments.
The company is listed on the Belgrade Stock Exchange under the ticker AERO and is included in the BELEX15 index. Its shares closed 0.34% higher at RSD 2,067 (€17.59).
The latest results highlight two contrasting trends: stronger revenue and financial income supported net profit growth, while faster operating-cost increases reduced the operating margin. The sustainability of earnings will depend on cost management and the performance of the company’s underlying asset-related activities.
