Aerodrom Nikola Tesla, the Serbian state-controlled company that owns the assets of Belgrade’s main airport and oversees its concession arrangement, recorded a net profit of RSD 330 million (€2.8 million) in the first half of 2026, supported by higher concession income from the airport operator. The result represents an increase of about one-third compared with the same period of 2025, although the company’s expanding cost base and reliance on a single major revenue stream continue to shape its financial profile.
- Concession revenue remains company’s main income source
- Airport expansion continues under VINCI concession
- Capital increase strengthens liquidity position
- Museum of Aviation project expands company’s role
- Share structure changes after new issuance
- Shares remain below previous market peak
- Belgrade strengthens regional aviation position
Revenue from the concession fee amounted to RSD 414 million between January and June 2026, compared with RSD 370 million a year earlier. The RSD 44 million increase, equivalent to almost 12% growth, followed continued expansion at Belgrade Nikola Tesla Airport, which handled 4.2 million passengers during the first half of the year, up 7.2% year-on-year. Second-quarter passenger traffic reached approximately 2.4 million passengers, contributing to higher payments from the airport operator under the concession agreement.
Concession revenue remains company’s main income source
Aerodrom Nikola Tesla no longer operates the airport directly after VINCI Airports took operational control in December 2018 through a 25-year concession agreement. The airport is managed by Belgrade Airport, a local VINCI subsidiary, while Aerodrom Nikola Tesla remains responsible for owning airport assets and monitoring concession obligations. Under publicly available elements of the agreement, the concessionaire pays an annual fee determined by contractual provisions, with payments expected to range from approximately €4.5 million to €16 million and remain at no less than 5% of gross revenue.
The full concession agreement has not been publicly released, limiting external assessment of the detailed payment formula, adjustment mechanisms and contractual protections available to the involved parties. The increase in concession income provides an indirect indication of the airport operator’s commercial performance. Higher passenger numbers support revenue from passenger charges, landing fees and infrastructure usage, while expanded airport capacity provides opportunities for additional income from retail, food and beverage operations, parking, advertising and property-related activities.
Belgrade Airport recorded a record 8.9 million passengers in 2025, representing growth of approximately 6.5% compared with the previous year. Traffic growth has continued in 2026, supported by additional airline capacity, strong load factors and the expansion of Air Serbia’s Belgrade hub. During the summer season, passengers have access to a record 118 destinations, including nine new routes and a direct Belgrade–Toronto connection.
Airport expansion continues under VINCI concession
The airport operator is continuing development of the terminal complex, including expansion of the C-side section, where plans include three additional gates, three passenger boarding bridges and four aircraft parking positions. More than €360 million has been invested in the airport since the concession agreement was signed, compared with VINCI’s original commitment of an investment programme exceeding €730 million over the concession period.
Despite higher passenger volumes, Aerodrom Nikola Tesla’s profit growth does not directly mirror airport expansion because the company no longer manages airport operations itself. Total operating revenue increased from approximately RSD 780 million in the first half of 2025 to slightly above RSD 1 billion in the first six months of 2026. Operating expenses, however, grew at a faster pace, rising from around RSD 600 million to more than RSD 800 million. The largest increase came from production-service costs, indicating a broader expense structure despite the company’s role as an asset owner rather than airport operator.
Capital increase strengthens liquidity position
The largest financial change in 2026 came from a share issuance completed at the start of the year rather than from airport traffic or concession income. Aerodrom Nikola Tesla raised approximately RSD 3.8 billion (€32 million) through a capital increase, with the Serbian state purchasing almost two-thirds of the offered shares and investing around €20 million. Following the transaction, the company’s cash and cash-equivalent position increased to RSD 4.2 billion at the end of June, compared with RSD 1.4 billion at the same point in 2025.
The increase reversed a significant decline recorded during 2025, when year-end cash dropped by almost 60%, from RSD 1.77 billion to approximately RSD 726 million. The stronger liquidity position therefore mainly reflects shareholder funding rather than stronger operating cash generation. Operating cash inflows declined from nearly RSD 1 billion in the first half of 2025 to slightly more than RSD 700 million in the same period of 2026. At the same time, operating cash outflows increased from approximately RSD 200 million to RSD 1.1 billion, mainly due to around RSD 900 million paid to domestic suppliers or advanced under existing arrangements.
Museum of Aviation project expands company’s role
A significant portion of the newly raised capital is intended to support reconstruction of the Museum of Aviation, an asset owned by Serbia’s Ministry of Defence. Aerodrom Nikola Tesla is expected to manage the museum for the next 20 years, representing a broader role for the company beyond concession supervision and airport asset ownership.
The project introduces additional responsibilities connected with construction, cultural asset management and execution, separate from the company’s traditional airport-related activities. The financial impact will depend on the future management agreement, capital expenditure requirements, treatment of operating losses and commercial rights connected with the museum. Without a transparent project budget and revenue model, investors cannot determine whether the investment will generate sustainable returns or primarily serve a public-policy objective financed through the listed company.
Share structure changes after new issuance
The capital increase also changed Aerodrom Nikola Tesla’s ownership structure. Following the issuance, the Serbian state owns 82.9% of the company, while minority shareholders hold 17.1%. Although the state remained the largest investor in the transaction, its ownership percentage declined slightly due to the expansion of the share base. Basic earnings per share increased from RSD 7 to RSD 8.7 in the first half of 2026. The higher number of outstanding shares means future earnings growth will need to compensate for dilution resulting from the capital increase.
Shares remain below previous market peak
Aerodrom Nikola Tesla shares are trading at approximately RSD 2,090 on the Belgrade Stock Exchange. The stock has recovered from a late-February low of RSD 1,760, but remains below the RSD 2,500 peak reached in December 2025. The shares traded at around RSD 2,350 when the capital increase was launched, while newly issued shares were priced at RSD 1,278, representing a significant discount to the market price at the time.
At the current market level, Aerodrom Nikola Tesla has a market capitalisation of close to RSD 80 billion, or slightly below €700 million. The valuation reflects not only current earnings and concession income, but also the company’s airport assets, long-term concession-related cash flows, liquidity position, strategic importance and potential residual value after the concession period ends.
The concession transaction was structured with a stated nominal value of approximately €1.46 billion, including an upfront payment of €501 million, minimum annual concession fees and an investment commitment exceeding €730 million.The upfront payment provided an immediate return to the Serbian state and minority shareholders, while ongoing concession payments continue to provide recurring revenue linked to airport performance.
Belgrade strengthens regional aviation position
Belgrade’s role in south-east European aviation has expanded significantly since the concession agreement was signed.
Passenger traffic has increased by almost 60% over eight years, while the airport network has grown from approximately 60 routes to more than 100 destinations.
The airport has also strengthened its position as a regional transfer hub, with continued growth toward and beyond 10 million passengers annually potentially supporting further increases in concession income.
The first-half results show a distinction between airport performance and the financial position of Aerodrom Nikola Tesla as a listed company.
Airport growth depends on passengers, airlines, routes, airport charges and commercial activity, while the asset owner’s results increasingly depend on the concession payment structure, cost management, capital allocation decisions and new projects placed on its balance sheet.
The 12% rise in concession-fee income confirms that stronger airport activity is increasing payments to the asset owner. The more significant financial development in 2026 is the RSD 3.8 billion capital increase, which has provided Aerodrom Nikola Tesla with additional liquidity for activities beyond concession oversight. The long-term value of that capital will depend on the returns generated by new investments while maintaining the predictable income profile that has supported the company’s valuation.
