Air Montenegro reported a profit of at least 2 million euros for the first nine months of 2026 and expects to carry more than 520,000 passengers this year, at a working breakfast with journalists on 28 October. The national carrier’s full-year profit outlook remains uncertain as fuel costs continue to weigh on its finances.
The airline carried 418,000 passengers in the first nine months, 4,000 more than in the same period a year earlier. It expects the full-year total to exceed 520,000, while passenger cabin occupancy is forecast to finish slightly above 80%, Chief Executive Vukadin Stojanović told reporters.
Stojanović said the company had realistic prospects of ending the year in profit if fuel prices stabilised, but that the outcome was not certain. He also described 2026 as potentially the best year in the national carrier’s 30-year existence based on its delivery, fleet structure and the competition and difficulties it faced, while noting that it would not be the best year financially or by passenger numbers.
Fuel prices reached a historic high this year. The increase added 5.5 million euros to Air Montenegro’s costs by mid-October and could lift the extra expense to 7 million euros by year-end if energy market conditions do not change.
Management analyses indicated the airline would have made a profit of more than 5 million euros without the escalation in fuel prices. Air Montenegro held about 11 million euros in cash, and the chief executive said liquidity was not a concern.
The company attributed its results, achieved amid high fuel prices and strong competition, to the commitment of its employees, management and board of directors.
Fleet growth and digital services
During the year, the airline bought one aircraft and brought in another, increasing its fleet by 100%. The fleet expansion formed part of the company’s performance during a year in which higher fuel expenses affected its financial outlook.
Air Montenegro lost the Yerevan and Baku markets because of the visa regime, but Stojanović said it had managed to make up for the loss. The company nevertheless expects cabin occupancy for the full year to be slightly above 80%.
The airline has completed implementation of a multichannel contact centre in cooperation with three Montenegrin IT companies. Board Chairman Tihomir Dragaš said the project was part of efforts to improve the company’s digital offering and the quality of passenger services.
Air Montenegro has also launched an audio agent that lets users talk with the system and obtain information. At a later stage, a conversation can be transferred to a human agent at the contact centre.
Public-service routes and management changes
Board member Mitar Šušić discussed public service obligation (PSO) route contracts Air Montenegro won through a tender, describing them as a state measure to improve Montenegro’s air connectivity. He explained that the state designates some destinations as routes of public interest because of their importance.
The Ministry of Transport tendered routes from Podgorica to Zagreb, Bari, Brussels, Paris and Frankfurt, and Air Montenegro was the only bidder. Šušić said passengers would be able to buy tickets for the destinations on 28 or 29 October.
Return fares were set at about 150 euros for Paris and 99 euros for Bari and Zagreb. Prices on the PSO routes were described as “low-cost”, or exceptionally low.
Asked about management departures, Stojanović said no major aviation expert had left Air Montenegro and the company had not been affected by the departures. Two directors, responsible for legal affairs and finance, left by mutual agreement; people who had held key positions had departed, but not key personnel.
Neither of the two directors had extensive aviation experience, according to Stojanović, who also said he had personally raised concerns about the work of the legal sector in particular.
