Aerodrom Nikola Tesla increased revenue and net profit during the first nine months of 2026, while a €31.5 million share issue substantially strengthened its liquidity and expanded the resources available for infrastructure investment.
The listed airport infrastructure owner recorded approximately €16.2 million in total revenue, up 50% compared with the corresponding period of 2025. Net profit reached around €4.04 million, compared with €3.15 million a year earlier. Total expenses rose by 58% to approximately €11.9 million, exceeding the rate of revenue growth.
The financial results reflect the distinction between Aerodrom Nikola Tesla, which owns the airport infrastructure, and Belgrade Airport, the Vinci-controlled concessionaire responsible for operating and developing Serbia’s largest international airport.
Concession Fees and Accounting Treatment
Regular concession-fee income amounted to approximately €5.2 million during the nine-month period, representing an annual increase of 11%. The concession arrangement provides the infrastructure owner with recurring income while assigning airport operations and substantial investment obligations to the concessionaire.
Reported revenue also incorporates the accounting treatment of infrastructure improvements carried out by the concessionaire under IFRS 16. Consequently, the increase in total revenue does not correspond entirely to higher cash receipts from concession fees. This distinction is relevant when evaluating underlying profitability, operating cash flow and returns available to shareholders. Improvements to infrastructure can increase the recognised value of concession-related assets while also generating depreciation and other accounting expenses.
Interest Earnings and Foreign-Exchange Effects
Financial income also contributed to the company’s reported earnings. Aerodrom Nikola Tesla recorded approximately €1.5 million in interest income from deposits and other financial placements. Positive foreign-exchange movements generated a further €375,000, partly offset by financial expenses of approximately €315,000 associated with currency adjustments.
The contribution from financial activities is relevant to the reported profit but may not recur at the same level in subsequent periods. Future interest earnings will depend on available cash balances, deposit rates and the timing of planned capital expenditure. The company’s concession-related performance therefore needs to be assessed separately from interest income and accounting valuation effects.
€31.5 Million Share Issue Strengthens Cash Position
A major change in the company’s financial position came from a capital increase that generated approximately €31.5 million in proceeds. Aerodrom Nikola Tesla issued 2,934,659 ordinary shares, raising its total number of issued shares to 37,960,788. The Serbian government acquired almost 63% of the newly issued shares, increasing its ownership to approximately 82.9%.
The transaction lifted the company’s cash balance from around €6 million at the beginning of 2026 to €38.3 million at the end of the nine-month reporting period. The proceeds from the share issue represent shareholder financing rather than operating revenue or profit. The capital increase strengthened cash and equity, providing additional financial resources for planned investment.
Capital Spending Covers Airport and Supporting Infrastructure
The new funds are earmarked for specific investment activities, including projects involving the Aviation Museum, electricity infrastructure and related technical supervision. Direct investment in property, plant and equipment amounted to approximately €4.9 million during the first nine months of 2026.
The company’s accounts also reflect infrastructure improvements undertaken by the concessionaire. These include terminal reconstruction, aircraft parking facilities, substations, a photovoltaic installation and other supporting systems. Airport development therefore involves both investment obligations assigned to the concessionaire under the concession arrangement and expenditure undertaken by the infrastructure-owning company.
Shareholder Funding and Investment Returns
The stronger liquidity position increases the company’s financial capacity to implement planned projects, while placing greater emphasis on how the additional capital is allocated. The investment programme will need to demonstrate how funds are deployed, when individual projects become operational and what financial or strategic benefits the resulting assets are expected to provide.
The capital increase also highlights the role of public shareholder funding in supporting infrastructure assets held outside ordinary central-government spending programmes. For minority shareholders, relevant performance measures include recurring concession income, operating cash generation, return on equity, capital expenditure and the timing of future distributions.
