Air Serbia: €700 million revenue, six new routes in 2026
The national carrier's first-five-month operating report puts annualised revenue above €700 million, with the network expanding by six new direct routes in 2026, including Tokyo, Shenzhen, Daegu, Lisbon, Brussels and Minneapolis.
National carrier Air Serbia reported annualised revenue of more than €700 million (around 82.18 billion RSD) in its operating report for the first five months of 2026. The report was presented on 27 May by Chief Executive Jiri Marek at the company’s headquarters at Nikola Tesla Airport.
Year-on-year growth versus 2024 stands at 11.5 percent. Expenses rose from 69.7 to 74.9 billion RSD, or 7.5 percent, leaving the operating margin at 9.2 percent, above the industry average.
Passengers and fleet
Air Serbia carried 4.57 million passengers in 2025, up 16.2 percent year on year. By growth rate, the carrier ranks 14th among European airlines, ahead of CSA Czech Airlines and behind LOT Polish Airlines.
Fleet composition (26 aircraft):
- 21 Airbus A319/A320/A321 for regional and European routes
- 3 Airbus A330-200 for intercontinental destinations
- 2 ATR 72 for short-haul regional flights
The 2026 plan covers two Airbus A320neo and one A330-900neo on lease. Deliveries are expected in the third and fourth quarters.
Six new direct routes in the schedule
The 2026 summer schedule, in force since 28 March, introduces a string of new destinations.
Route summary:
- Belgrade-Tokyo Haneda: three weekly, first flight on 1 April
- Belgrade-Minneapolis: two weekly from 19 May, the first direct service between Serbia and the US Midwest
- Belgrade-Shenzhen: weekly, 247 seats per flight
- Belgrade-Daegu: weekly
- Belgrade-Lisbon: five weekly
- Belgrade-Brussels: two daily from 14 May
Marek told the daily Politika on 27 May about the investment envelope.
Entering five new markets simultaneously represents the most ambitious annual expansion plan in Air Serbia’s history, with €38 million of investment in marketing activities, crew training and local agency partners.
Marek also confirmed an operational metric.
Average cabin load factor for the first five months of 2026 stood at 78.4 percent, up 5.1 percentage points on the same period in 2025.
Ownership and fiscal contribution
The Republic of Serbia took over the 16.42 percent stake held by Etihad Airways in Air Serbia in November 2023 for €17.4 million, becoming the sole shareholder.
Contribution to the Serbian budget, according to Finance Ministry data:
- 2024: €27 million
- 2025: €38 million (up €11 million)
- 2026 forecast: €45 to €52 million
President Aleksandar Vucic commented on 26 May at a business and investment summit in Skopje on the commercial logic behind the Far East push.
Air Serbia would not be opening Far East destinations if their profitability were not documented over a three-year horizon, which points to the commercial maturity of the decision independent of the state’s political position as owner.
Is Air Serbia a successful renationalisation case
The open question is whether Air Serbia, having posted three-year revenue growth of 38 percent since Etihad exited the ownership, demonstrates that state structures can effectively manage strategic sectors.
The alternative reading is that the results reflect exceptional circumstances in a single market. A comparative profitability analysis of regional national carriers will follow shortly.
