Aerodromi Crne Gore added more than 20 routes during 2026 and expects another record year, yet the decision on the future operation of Podgorica and Tivat airports remains unresolved.
The state-owned operator is profitable, forecasting €13.37mn of net income, but annual earnings at that level are insufficient to self-finance a rapid €250mn–€300mn modernisation programme without debt, budget support or a concession partner.
The decision has become a capital-allocation question. Retaining the airports preserves future dividends and strategic control, while a private concession could accelerate terminal investment and transfer construction risk. The financial comparison must account for concession fees, mandatory CAPEX, tariff policy, land treatment, employee obligations and the value of traffic growth surrendered to the operator.
Further delay has an economic cost even without a formal payment. Congested terminals reduce service quality, restrict airline scheduling and weaken high-end tourism’s pricing proposition. The state may also receive a less favourable concession valuation if infrastructure deteriorates while passenger numbers continue to rise.
