Montenegro’s airports handled a record 3.1 million passengers in 2025, while Aerodromi Crne Gore generated approximately €56 million in revenue and €13 million in net profit. Passenger traffic is expected to rise towards 3.6 million in 2026, increasing pressure on infrastructure at Podgorica and Tivat.
Podgorica absorbs rapid airline expansion
Podgorica handled approximately 1.75 million passengers in 2025, compared with around 1.34 million at Tivat. The capital’s airport is facing growing pressure after Wizz Air opened a base in March 2026, stationing two Airbus A321neo aircraft and adding new European routes. The expansion represents approximately 1 million additional seats in Montenegro. The terminal, opened in 2006, was designed for a considerably smaller traffic base. Increased airline activity is placing additional pressure on check-in, security, passport control, baggage handling and boarding facilities.
Tivat faces seasonal capacity constraints
Tivat’s challenges are more concentrated in the summer. The airport can handle approximately 12,000 passengers per day, with traffic often concentrated within a narrow operating window. Its location makes it strategically important for Montenegro’s tourism sector, serving Porto Montenegro, Luštica Bay, Kotor and Herceg Novi, as well as major hotel and residential developments. Limited terminal space can result in significant queues during periods when several flights overlap, highlighting the airport’s structural capacity constraints.
Concession process remains unresolved
Montenegro launched its airport concession process in 2019, seeking an international operator and investment for the two airports. In 2026, the government moved towards a 30-year concession for a consortium led by Incheon International Airport Corporation, which proposed an upfront payment of approximately €100 million and a variable fee linked to airport revenues.
Corporación América Airports offered slightly more than €100 million upfront but proposed a lower revenue-sharing component. Incheon later withdrew following disagreement over the timing of the advance payment, and the government moved towards terminating the tender. Montenegro must now consider a new concession model, state-funded expansion or a hybrid structure.
Investment pressure is increasing
Aerodromi Crne Gore’s financial position provides a potential basis for investment. With more than €50 million in annual revenue, positive earnings and predictable aviation demand, the company could potentially support borrowing. A possible investment programme of €150 million to €250 million across both airports could combine retained earnings, commercial borrowing and financing from international financial institutions.
Podgorica has greater potential for phased expansion and is increasingly positioned as Montenegro’s year-round and low-cost gateway. Tivat faces greater constraints related to land, road access and seasonal demand, making terminal efficiency, baggage handling and passenger throughput more important than unrestricted traffic growth.
Airlines reshape Montenegro’s aviation market
Wizz Air has expanded significantly in Podgorica, while Ryanair, Turkish Airlines, Pegasus and Air Serbia provide additional international and regional connectivity. Air Montenegro transported slightly more than 500,000 passengers in 2025 and generated approximately €58 million in revenue, with positive EBITDA and net profit. The national carrier remains important for year-round connectivity and strategically significant routes, but it cannot substitute for airport infrastructure investment. Montenegro’s airports are benefiting from strong demand and rising airline capacity, but traffic growth is now advancing faster than the infrastructure required to process it efficiently.
