Belgrade Nikola Tesla Airport handled nearly 7.3 million passengers during the first nine months of 2026, an increase of 7% year on year, strengthening the commercial outlook for French concessionaire VINCI Airports. Aircraft movements rose by 3.7% to almost 71,000, indicating that passenger traffic grew faster than flight activity.
Third-quarter traffic reached approximately 3.1 million passengers, up 6.7%, with July and August each recording more than one million passengers. The busiest day was July 31, when 40,584 passengers passed through the airport. During the summer season, Belgrade was connected to 118 destinations, including six intercontinental routes. The results put the airport on course to exceed its 8.91 million passengers recorded in 2025, ahead of EXPO 2027 and continued expansion of Serbia’s international air connectivity.
VINCI’s €730 Million Concession Programme
VINCI Airports operates Belgrade Airport under a 25-year concession awarded in 2018, covering financing, operations, maintenance, reconstruction and expansion. The agreement includes an investment programme exceeding €730 million and a long-term capacity objective of approximately 15 million passengers annually.
More than €360 million had been invested by March 2026, according to the operator. Projects include terminal expansion, main runway reconstruction, additional aircraft parking, passenger-processing facilities and commercial infrastructure, alongside photovoltaic generation, wastewater treatment and waste-management improvements. Passenger numbers increased from approximately 5.6 million in 2018 to 8.9 million in 2025, representing growth of nearly 60%.
Commercial Revenues and Debt Remain Key Financial Indicators
VINCI reported approximately €138 million in Belgrade Airport revenue in 2024, compared with €122 million in 2023. Aeronautical revenue reached around €104 million, while non-aeronautical revenue increased to €34 million, up approximately 48%. The airport generated approximately €82 million in EBITDA, compared with €59 million a year earlier, producing an EBITDA margin of around 60%. However, EBITDA excludes depreciation, interest and taxes and does not represent net profit or free cash flow.
Net debt stood at approximately €605 million at the end of 2024, equivalent to around 7.3 times EBITDA. The latest passenger figures do not include comparable 2026 revenue, EBITDA or debt data, preventing an updated assessment of investment returns. Passenger growth can support higher retail, restaurant, duty-free, parking, advertising and lounge revenues. The financial benefit depends on spending patterns, operating costs, commercial agreements and the additional investment required to accommodate traffic.
Hotel Development and EXPO 2027 Demand
Air Serbia and Delta Holding are developing a hotel near Belgrade Airport involving approximately €9.3 million in investment and 152 rooms, alongside wider plans for corporate office facilities.
EXPO 2027 could increase demand for flights, accommodation, restaurants and transport services by attracting international visitors, exhibitors and business delegations. The lasting commercial benefit will depend on whether event-related traffic translates into sustained tourism and business travel after the exhibition.
Air Serbia Expands Its International Network
Air Serbia announced plans to introduce six additional destinations during 2027: Miami, Yerevan, Helsinki, Cluj-Napoca, Chișinău and Menorca.
The planned routes would expand Belgrade’s connections with North America and European markets. Additional destinations could increase passenger volumes and connecting traffic, although their contribution to airport profitability will depend on actual demand, operating costs and commercial arrangements. Belgrade also competes with regional airports including Budapest, Zagreb, Sofia, Bucharest, Athens and Istanbul. Maintaining competitive airport charges, efficient passenger processing, reliable baggage handling and effective ground transport will remain important to attracting airlines and supporting further network growth.
Infrastructure Utilisation Shapes Future Returns
The concession’s financial performance depends on operating cash flow, debt servicing, maintenance and future capital expenditure, alongside passenger growth. Additional traffic can improve infrastructure utilisation, but airport operations remain exposed to airline finances, fuel prices, geopolitical disruptions and changes in travel demand.
With passenger numbers approaching another annual record, VINCI Airports faces the task of converting higher traffic into stronger commercial revenues and sustainable cash flow while meeting the concession’s investment obligations and maintaining competitive operating conditions.
