15 May Interview with Jiří Marek, CEO of Air Serbia
Could you tell us about the recent performance of the airline and what achievements are you most proud of in this journey?
If you look at the numbers in perspective, we grew by 6% in 2024 may seem small, but we are already operating 70% above 2019 levels while some major European airlines have yet to recover fully. We experienced massive growth in 2022 and 2023, launching over 40 new destinations in two years and nearly doubling our operations compared to pre-COVID. After the post-pandemic surge in demand, 2024 has been about stabilization and fine-tuning as we scale.
This growth led to the most profitable year in our history, with over €700 million in revenue and a record €41.3 million in net profit. We carried 4.44 million passengers in 2024, our third-best result ever, since the launch of Air Serbia’s predecessor, Aeroput, back in 1927. Looking ahead, we expect to surpass our all-time record from the 1980s when we operated in a 23-million-strong Yugoslav market, compared to just 7 million today. While we are already the leading airline in the former Yugoslavia, our ambitions extend further. With over 17 destinations in the region, we now aim to become the leading airline in the broader regions, expanding into Bulgaria, Romania and Hungary.
How is Air Serbia managing the challenges of competing with both regional and global carriers in these new markets? What unique aspects of Air Serbia do you believe set it apart from other carriers?
Our success comes from agility and flexibility — qualities not always typical of legacy carriers. We proved this during COVID, quickly adapting to market changes. Today, we swiftly open new destinations or redeploy capacity in response to geopolitical challenges. Our second advantage is our geographic position. Belgrade serves as the center of gravity for the Balkans and we have capitalized on this by covering 17 destinations in the region. By making Belgrade a hub, we offer seamless connectivity to the rest of the world. Rather than competing with mid-size or large airlines, our goal is to be the leading regional carrier in this part of Europe, maximizing our niche and expanding connectivity.
We always tell our team: earn before you spend. Since COVID, we have been profitable for three consecutive years without a single euro in government subsidies. We have reinvested part of that profit into enhancing customer service. Last year, we introduced sandwiches on flights over 2.5 hours — something very rare in Europe today. This year, we are launching a premium check-in, a new airport customer service center and a business lounge twice the current size, featuring a runway view. Pending approvals, we aim to have the lounge ready by the end of the year.
How important are cargo operations for Air Serbia’s growth in the logistics sector and how do you foresee it impacting your profitability and overall market share?
Cargo is essential for any airline operating long-haul routes, utilizing belly cargo capacity beneath the passenger deck. As a small regional airline, we rely on partnerships to expand our reach. We have key partners in the US and China, helping distribute our cargo services. Strong trade ties between Serbia and the US benefit our cargo operations and the free trade agreement with China further enhances opportunities in both directions.
How does sustainability factor into Air Serbia’s future plans and what other steps are you taking to further reduce environmental impact?
Our environmental, social and governance (ESG) efforts go beyond external initiatives — they are embedded in our DNA. We focus on education, awareness and concrete actions. We established a dedicated ESG department, addressing not just CO₂ emissions but overall environmental impact. Initiatives include a paperless cockpit, eliminating printed materials and partnering with Menzies for the region’s first fully sustainable all-electric turnaround.
Over the past two years, we retired our aging Boeing 737 fleet, investing in younger, more efficient aircraft. We also promote fuel-saving initiatives among pilots and launched Airbus’ fuel optimization software in June 2023. Additionally, we are exploring Sustainable Aviation Fuel utilization. ESG progress is an ongoing evolution — every step counts.
With Air Serbia’s new direct flights to New York and Chicago, how do you see your airline further strengthening business, tourism and cultural ties between the US and Serbia?
Historically, our US flights have been driven by diaspora demand from the former Yugoslavia. Post-COVID, they have also grown in popularity with tourists from both sides. Now, we are expanding connectivity through a codeshare with JetBlue and cooperation with American Airlines, extending our network beyond New York and Chicago to the rest of the US
Our next logical US destination is Miami. In North America, we are also considering Toronto, though its high seasonality and diaspora-driven demand make it less stable than JFK or Chicago, which have additionally also stronger cargo potential as another differentiating factor.
Belgrade is set to host Expo 2027. How significant do you believe Expo 2027 will be for Serbia’s tourism industry and as the country’s leading airline, how is Air Serbia preparing for this event?
We strongly support and promote Belgrade Expo 2027. Two of our widebody aircraft will feature Expo 2027 livery, while the rest of our fleet will carry promotional stickers. For us, this is more than just an event, it’s a global marketing opportunity. In 2027, we will also celebrate our 100th anniversary, making it a perfect moment to showcase Belgrade. The impact of Expo goes beyond its four-month duration, attracting visitors even after the event through word of mouth.
As the national airline, we see this as a great chance to bring global attention to Serbia while carrying many of these visitors ourselves. Global events bring immense opportunities, especially for a small country like Serbia, which remains unfamiliar to many. As an airline, we actively promote Serbia: last November, we hosted the CAPA Global Aviation Summit in Belgrade, welcoming over 300 senior industry leaders from all around the world. Many were impressed by Serbia’s hospitality and environment, leading to increased interest in hosting similar events here.
We see ourselves as an important engine of the economy, fostering connectivity between people, cultures and businesses. With the newly reopened Sava Center — Eastern Europe’s largest conference venue with a 4,000-guest capacity — Belgrade is well-positioned for major conferences. More events mean more visitors and with over 100 destinations in our network this summer, Air Serbia is ready to connect them to our country.
What are your long-term aspirations for Air Serbia?
Our key strategy focuses on two things: our brand and our people. Everything else can be insourced. Success hinges on our team believing in the opportunities ahead. Coming out of COVID, it was crucial for our people to see the market potential and as results came in, it created a snowball effect, motivating the team. Today, we have a strong, diverse workforce, with over 44% women in leadership, well above the 25%, which was set as a desired goal by the IATA. We also have many young talents and this diversity is key to our continued success.