AS Sustainability Report

Air Serbia in 2025 - year in review

Materiality analysis and stakeholder engagement

Introduction

CEO letter

Air SERBIA’s Story

Governance

Environment

Economic value and connectivity

Social

Appendix

A record-breaking year for passenger numbers

The Serbia - China corridor

New and reintroduced routes

Some records take decades to fall. This one took thirty-eight years.

On 11 January, Air Serbia launched a direct service between Belgrade and Shanghai, connecting Belgrade Nikola Tesla Airport with Shanghai Pudong International Airport, one of the principal aviation hubs of East Asia. The route was reinforced by a codeshare agreement with China Southern Airlines, extending connectivity in both directions, and by a tourism cooperation agreement with the travel platform Trip.com aimed at promoting two-way tourism between Serbia and China. Together, these steps opened a new intercontinental market for the company and strengthened links between Serbia and East Asia.

Air Serbia further expanded its network with new and reintroduced routes, including Belgrade-Tbilisi, Belgrade-Geneva, Belgrade-Alghero and Belgrade-Mykonos, improving connectivity with the Caucasus, Western Europe and Mediterranean leisure destinations and creating additional onward connections through Belgrade.

On 28 December 2025, Air Serbia carried its 4.57 millionth passenger of the year, and with it, quietly broke a record that had stood since 1987., when JAT, flying under a very different flag and in a very different Europe, set the bar for how many people one airline from Belgrade could carry in a single year. Back then, JAT flew in a market with far fewer alternatives, far fewer open skies, and far less competition. Beating that number today against a completely different competitive landscape, says something the raw figure alone can't quite capture: that Belgrade's place in the sky is not just being restored, it's being outgrown. The climb to get here wasn't a single leap. Passenger numbers have risen steadily since 2022, and 2025 added another 2.9% on top of 2024's 4.44 million , proof that the growth is not a one-off spike but a trend the company can build on. And this single year's milestone sits inside an even bigger one: since the airline became Air Serbia in 2013, more than 35 million people have chosen to fly with it.

Thirty-five million journeys. One broken record. And, everything suggests more to come.

growth vs. 2024 +2.9%

year of the previous record, set by predecessor JAT now surpassed 1987

passengers flown since rebranding to Air Serbia (2013) 35M+

Shanghai

Sustainability Report 08

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