The state-owned operator, Aerodromi Crne Gore, has expanded its offerings by adding over 20 new routes in 2026 and anticipates another record year. However, the future management of Podgorica and Tivat airports remains uncertain as decisions regarding their operation have yet to be finalized.
Despite forecasting a net income of €13.37 million, the operator’s annual earnings are inadequate for financing a substantial modernization initiative estimated between €250 million and €300 million. The lack of a concession partner or budgetary support poses challenges for self-funding these upgrades.
The ongoing indecision presents a dilemma regarding capital allocation. Maintaining state control of the airports ensures future dividends and strategic oversight, while privatizing through a concession could expedite necessary terminal investments and mitigate construction risks. A comprehensive financial analysis must consider various factors, including concession fees, required capital expenditures, tariff structures, land management, employee commitments, and the potential loss of traffic growth to the private operator.
Delays in reaching a decision carry economic implications beyond immediate financial considerations. Overcrowded terminals can diminish service quality, limit airline scheduling flexibility, and negatively affect high-end tourism pricing strategies. Additionally, if infrastructure continues to degrade while passenger traffic increases, the state may face an unfavorable valuation for any future concession agreement.
