The operational challenges affecting Montenegro’s airports have intensified attention on the governance structure of Aerodromi Crne Gore AD, the state-owned company responsible for managing the country’s two international airports, as passenger traffic reaches record levels and infrastructure capacity remains under pressure.
According to the company’s statute, the Government of Montenegro is the sole founder and owner of Aerodromi Crne Gore and retains responsibility for the company’s management, control, consolidation and development. The government also appoints the members of the company’s Board of Directors, placing responsibility for strategic oversight within the state’s ownership structure.
The current governance chain includes Stefan Madžgalj, president of the Board, board members Nikola Bajčetić, Edina Dacić, Velizar Kaluđerović and Darko Bulatović, Executive Director Roko Tolić, Deputy Executive Director Petar Radulović, Dragan Milanović, Director of Podgorica Airport, and Ivan Rakočević, Director of Tivat Airport.
Airport expansion outpaces infrastructure
The transport sector has experienced significant growth while major airport infrastructure projects have remained unresolved. The airport concession procedure, launched in 2018, has yet to result in either the selection of a concessionaire or the implementation of a state-financed alternative. During the same period, Montenegro continued promoting itself as a premium Mediterranean tourism destination, airlines expanded their route networks and passenger volumes increased, while private investment continued in hotels, resorts, marinas and residential developments.
For 2026, Aerodromi Crne Gore forecasts approximately 3.63 million passengers, representing an increase of around 18 per cent compared with the record 3.08 million handled in 2025. Aircraft movements are expected to rise by 15 per cent to 14,384. Podgorica Airport is projected to handle approximately 2.29 million passengers, an increase of 31 per cent, supported by Wizz Air’s new operational base and 17 additional routes.
Capacity planning accompanies traffic growth
The planned expansion in passenger traffic was incorporated into the airport operator’s business plans before the start of the summer season. The acceptance of additional airline services and incentive programmes also requires sufficient capacity across terminals, aircraft stands, baggage systems, security checkpoints, border-control facilities, ground handling resources and contingency planning to accommodate higher traffic volumes.
Tivat remains constrained by infrastructure
Tivat Airport serves as the principal aviation gateway for Boka Kotorska, Porto Montenegro, Luštica Bay, Portonovi, Budva and a significant share of Montenegro’s premium coastal tourism market. The airport reportedly operates with seven aircraft parking stands, lacks a parallel taxiway, and does not have runway lighting sufficient to support standard night-time commercial operations.
These constraints reduce operational flexibility when weather, congestion, delayed inbound aircraft or other operational disruptions affect scheduled services. Recent reports concerning passenger queues, diversions and delays reflect infrastructure limitations that have existed for several years.
Management responsibilities extend beyond infrastructure
The executive management of Aerodromi Crne Gore is responsible for operational preparedness, including seasonal capacity planning. Such planning may include temporary passenger-processing facilities, revised passenger flows, additional check-in and security capacity, shaded queueing areas, cooling and sanitation facilities, reinforced ground-handling operations, coordinated slot management, disruption procedures and multilingual passenger communication.
Board oversight and financial performance
The Board of Directors is responsible for supervising management, approving business plans, monitoring implementation and overseeing the long-term development of the state-owned company. The board could assess peak-season readiness, including hourly passenger throughput, aircraft stand utilisation, staffing levels, baggage-processing capacity, security and border-control performance, diversion risks and contingency planning.
For 2026, Aerodromi Crne Gore expects approximately €47.3 million in operating revenue, EBITDA of around €18.3 million, and net profit of €13.37 million. The company’s investment programme includes approximately €21.3 million for equipment, works and services, while earlier planning documents referred to an investment programme of roughly €15 million. Forecast labour costs amount to approximately €23.7 million, representing close to half of projected operating revenue.
Concession process remains unresolved
The government’s long-running consideration of airport concession and continued state ownership remains unresolved. The proposed concession model reportedly included approximately €300 million of investment, an upfront payment of €100 million, and annual payments to the state equivalent to 35 per cent of gross revenue.
Recent proposals to terminate or cancel the concession process follow several years of debate over the ownership and investment model. Tourism specialists have stated that approximately seven years have been lost while Montenegro has not finalised a long-term solution. Other stakeholders argue that the profitable state-owned airport operator could finance reconstruction through retained earnings, borrowing and potentially European Union funding once eligible projects are prepared.
Multiple institutions share operational responsibilities
While the Government of Montenegro remains the owner of Aerodromi Crne Gore, responsibility for airport operations is distributed across several institutions. The government retains ownership and political responsibility through its position as sole shareholder. The Board of Directors is responsible for corporate governance and strategic oversight. Executive management is responsible for investment implementation, resource allocation and operational preparedness across the airport system.
The directors of Podgorica and Tivat airports oversee day-to-day airport operations. Airlines remain responsible for flight scheduling, aircraft availability, passenger communication and compensation where delays or cancellations fall within their control.
Air traffic management, weather conditions and disruptions elsewhere in the European aviation network may also affect operations. Police and border authorities are responsible for passport control, while the Civil Aviation Agency performs regulatory and aviation safety functions.
Performance indicators and investment priorities
The publication of independently verified operational indicators has been identified as a means of measuring airport performance. Such indicators include terminal capacity during peak hours, average and maximum queue times, cancellations and diversions by cause, baggage delivery performance, passenger complaints, equipment availability, capital expenditure implementation, and compliance with board-approved investment deadlines.
Montenegro’s airports form part of the country’s core transport infrastructure supporting a tourism sector that contributes approximately one quarter of national economic activity, directly and indirectly, while supporting coastal employment, real-estate investment and a substantial share of foreign-currency earnings.
