Aerodromi Crne Gore added more than 20 routes during 2026 and is expecting another record year, while the future operating model for Podgorica and Tivat airports remains undecided. The state-owned airport operator is profitable and forecasts €13.37 million in net income. Annual earnings at that level, however, are insufficient to finance a rapid €250 million to €300 million modernisation programme without additional debt, government budget support or participation by a concession partner.
The unresolved decision has become a question of how the airport assets are financed and operated. Continued state ownership would preserve future dividends and strategic control, while a private concession could accelerate terminal investment and transfer construction risk. Any financial comparison between the two models would include concession fees, required capital expenditure, tariff policy, treatment of land, employee obligations and the value of future passenger growth that would be transferred to a concessionaire.
The delay also has implications for airport operations. Increasingly congested terminals can affect service quality and airline scheduling, while also weakening the pricing proposition of Montenegro’s high-end tourism sector. Infrastructure deterioration alongside continued passenger growth could also affect the valuation the state receives if the airports are eventually offered under a concession.
