State biggest buyer of shares in Nikola Tesla Airport – Recapitalized with EUR 20 million

The largest buyer of shares from the recently issued new issue of the Nikola Tesla Airport was the state of Serbia, which bought almost two-thirds of the shares. Data from the Central Securities Depository show that the state bought 1,846,055 of the 2,934,659 shares sold during the public offering, which means that it bought almost 63% of the total shares sold.

With this purchase, the state acquired 31,462,801 shares in the airport.

The next largest buyer is OTP Bank, which bought about half a million shares through a collective and custody account for its clients and funds, or slightly more than 17% of the entire issue.

The airport was recapitalized with 3.8 billion dinars (about EUR 32 million) through the new issue of shares, which means that the state made the largest contribution of about EUR 20 million. The shares could be purchased at an individual price of 1,278 dinars at a time when the price on the Belgrade Stock Exchange was 2,350 dinars, which means that buyers could purchase them at a 45% lower price. The share issue was completely successful, and almost all of the 2,934,742 ordinary shares offered were sold.

The company intends to spend most of the funds raised on the reconstruction of the Aeronautics Museum, which is owned by the Ministry of Defense, and which should be managed by the airport itself for the next 20 years.

Interestingly, the capital that the Nikola Tesla Airport raised in this share issue was more than twice as large as the total trading on the Belgrade Stock Exchange last year. This, as stock exchange experts warn, probably poses the greatest danger to the value of the company’s shares, because the current market capitalization on the very illiquid stock market can hardly be objective. Therefore, the main risk faced by owners who acquired shares in this recapitalization is whether they will be able to sell the shares at the desired price.

The airport’s share price on the Belgrade Stock Exchange has been recording a mild downward trend from 2,350 to 2,200 dinars in the last ten days. The lowest price of the airport’s share in the past year was 1,901 dinars, while the historical low was in 2012 - 363 dinars. The airport ended 2025 with a better financial result than the year before, achieving a net profit of more than 512 million dinars, with a significant contribution from periodic concession fees and investment investments by the concessionaire.

Total revenues reached 1.77 billion dinars, while profit before tax increased to 512.7 million dinars, compared to 461.9 million dinars in 2024. This resulted in a profit growth of about 11%. Net profit in the reporting period was fully retained, excluding calculated tax, so earnings per share increased from 13.21 to 14.66 dinars.

A.D. Aerodrom Nikola Tesla Beograd

Centralni registar HOV ad Beograd

Muzej vazduhoplovstva Beograd

Beogradska berza a.d. Beograd

Belgrade Nikola Tesla Airport

Aeronautics Museum Belgrade

Belgrade Stock Exchange

Nikola Tesla Airport shares