Message from the President of the Board of
Directors
Statement of Purpose and Vision of the Board of
Directors
Explanatory Note
Message from the CEO of AEROSTAR S.A.
I. Presenta
t
i
on of General
Informa
t
i
on
II. Governance
III. Strategy
Annexes
Abbreviations
2
AEROSTAR
Annual report 2025
IV. SUS T AINABILITY Statement
1. ENVIRONMEN T AL Informa
t
ion 2.
SOCIAL Informa
t
ion
3. V alue Chain Workers 4.
Affected Communi
t
ies 5.
End-Users
6. Professional Conduct
7. Addi
t
ional T opics
8. Taxonomy
Through the commitment of our
employees and the responsibility
assumed by the Board of Directors,
AEROSTAR conducts, produces, and
supports safe and sustainable
activities in the aerospace and
defence sectors.
We direct all our resources towards
adhering to the highest standards of
quality, safety, and responsibility,
while strengthening the Company’s
role as a trusted partner in the
industry in which we operate.
3 AEROSTAR
Annual report 2025
MESSAGE FROM THE PRESIDENT OF THE BOARD OF DIRECTORS OF AEROS T AR S.A.
The year 2025 represented another year of consolidation, adaptation and strategic progress for
AEROSTAR, in an industrial and geopolitical environment that continues to evolve. Through our
collective effort and firm commitment to performance, the Company succeeded in achieving its key
objectives and maintaining its position in the aerospace and defence industry.
Throughout the year, we continued to invest in our production capabilities and in the development of
our employees’ professional skills. The financial results for 2025 reflect solid performance, supported by
rigorous operational discipline and a strategy focused on efficiency and sustainability. In this
context, the executive team ensured the maintenance of a coherent strategic direction and the
consistent implementation of the Company’s priorities, thereby providing stability and continuity in
the process of sustainable transformation.
Year after year, we reaffirm our commitment to the principles of transparency and sustainability,
which we consider fundamental to th e Company’s long-term development. I n ou r view, organisational
performance is measured not only by financial results, but also by the manner in which we manage the
non-financial matters that shape our strategic evolution.
We would like to express our appreciation for the professionalism and dedication of the entire
AEROSTAR team, as well as for the trust placed in us by our commercial and institutional partners.
Grigore Filip
President of the Board of Directors
4 AEROSTAR
Annual report 2025
S TA TEMENT OF PURPOSE AND VISION OF THE BOARD OF DIRECTORS
The purpose of the Board of Directors is to ensure the long-term success and sustainability of Aerostar
S.A., in the interest of the Company and its shareholders, while also taking into account the interests of
all stakeholders: employees, customers, suppliers, the local community, etc.
In pursuing this purpose, the vision of the Board of Directors focuses on leveraging the know-how
accumulated by the Company in the aviation and defence industry and places professionalism at the
core of the Company’s values. Performance through professionalism is not merely our slogan, but
essentially represents the vision of the Board of Directors for achieving this purpose
For us, performance means:
·
a stronger Aerostar compan y ,
f
i
rmly anchored in the real econom y , with a resilience that allows
us to look con
f
i
dently towards its long-term future;
·
full sa
t
isfac
t
ion of our customers’ needs;
·
full con
f
i
dence for our suppliers regarding the resilience of their posi
t
ion within our supply
chains;
·
a better life for our employees through good working condi
t
ions and good and secure long-term
salaries;
·
increased con
f
i
dence for investors in Aerostar shares regarding the long-, medium- and short-
term results of their investments;
·
an enhanced contribu
t
ion to the needs of the local community by promo
t
ing a clean
environment and by suppor
t
ing community development, culture, health and sport.
These are the objectives that Aerostar has achieved and which the Board of Directors intends to
continue pursuing by promoting professionalism across all areas and activities of the Company.
For this reason, preservin g and developing the accumulated know-how, as well as the ongoing process of
selection and continuous training of the Company’s employees, represent a key priority on which we
base our success.
President of the Board of Directors
Eng. Grigore FILIP
EXPLAN A TORY NOTE
·
All members of the Board of Directors have up-to-date Management Contracts and have signed
declarations regarding Conflicts of Interest , from which it results that none of the members of the
Board of Directors is independent, but none is in a conflict of interest as defined by the law and/or
the regulations of ASF/BVB .
·
All members of the Board of Directors have also adhered to the Code of Conduct and Ethics of
Aerostar S.A.
·
During 2025, the members of the Board of Directors allocated the necessary
t
ime to par
t
icipate in
the Board’s ac
t
ivi
t
ies and to review matters submitted for analysis and express their vote.
·
The educa
t
ion and experience of the members of the Board of Directors are adequate, and the
structure of the Board is well-suited from this perspec
t
ive; they also enjoy an excellent reputa
t
ion
and integrit y .
·
The execu
t
ive management, consis
t
ing of the Chief Execu
t
ive O f icer and the Financial Director ,
possesses stron g professional exper
t
is e both in the Company’s opera
t
ional
f
i
eld an d in management.
5 AEROSTAR
Annual report 2025
MESSAGE FROM THE CEO OF AEROS T AR S.A.
I n 2025 , AEROSTAR took anothe r significant step i n strengthenin g its strategic positio n i n th e aerospace
industry. The year unfolded in a global environment marked by volatility and accelerated
transformation. Despite the pressures generated by the international context, AEROSTAR
demonstrated agility and capitalised on market opportunities, achieving strong financial and
operational performance in line with previous years.
Across our business lines, in the Manufacture of Aeronautical Products, we continued to expand our
presence in the supply chains of international customers and to increase the technological level of
both the products delivered and the production capabilities employed.
With regard to the Defence Systems business line, we consolidated our role as a strategic supplier to
the Ministry of National Defence, further developing capabilities for the maintenance of F-16 aircraft
while maintaining the portfolio of services provided to the Ministry of National Defence.
In the civil aircraft MRO business line, 2025 further strengthened AEROSTAR’s position as a regional
leader in the provision of maintenance services. By maintaining high technical standards and fostering
long-term relationships with airline operators, AEROSTAR reaffirmed its role as a trusted partner.
The results achieved in 2025 confirm AEROSTAR’s ability to transform challenges into opportunities,
demonstrating stability, adaptability and a consistent focus on performance. The Company’s evolution
reflects the professionalism of our employees and the effectiveness of the investments made. This
solid trajectory gives us confidence in AEROSTAR’s ability to continue building a competitive and
sustainable future.
Alexandru Filip
Chief Executive Officer
6 AEROSTAR
Annual report 2025
BASIS OF PRE P AR A TION
I
PRESEN TA TION OF GENERAL INFORM A TION
BP-1, BP-2
The company AEROSTAR S.A. was established on 17 April 1953 by Decision No. 1165 of the Council of
Ministers. It has successively been named URA-1953, IRAv (’Aircraft Repair Enterprise’) – 1970, IAv
(’Aircraft Repair Enterprise’) – 1978, and AEROSTAR since 1991, when it was registered as a joint-stock
company at the Trade Register Office in Bacău.
The company’s unique European Company Identification Number (EUID) is
ROONRC.J1991001137040, and its LEI code as a legal entity is 315700G9KRN3B7XDBB73.
The Annual Report of AEROSTAR S.A. for the period 1 January 2025 – 31 December 2025 was prepared in
accordance with the applicable reporting regulations, including EU Delegated Regulation 2023/2772
supplementing Directive 2013/34/EU of the European Parliament and of the Council with regard to
sustainability reporting standards (CSRD), i n order to provid e additiona l information to al l stakeholders
on the company’s sustainable strategy and progress in its corporate processes, and to transparently
reinforce its commitment to sustainable development. The Report is also prepared in compliance with
the provisions of Law 24/2017 on issuers of financial instruments and market operations and ASF
Regulation No. 5/2018 concerning issuers of financial instruments and market operations.
The Sustainability Statement was prepared based on a double materiality analysis and in accordance
with the CSR D Directive an d the EFRAG I G– Materialit y Assessmen t Guidelines. I n this context, material
topics are presented and explained in the chapters Environmental Information , Social Information and
Professional Conduct , in accordance with the requirements of the thematic standards ESRS E1–E5,
ESRS S1–S4, and ESRS G1.
The materiality assessment includes sustainability matters considered relevant for our Company, such as
climate change, environmental impacts (pollution, resource management, circular economy),
workin g conditions, employee health an d safety, safet y of products an d services, stakeholder relations,
and professional conduct. Particular attention is also given to social performance, governance,
community engagement, and additional topics such as cybersecurity.
The activities of the company’s business lines have been analysed. Where applicable, certain
information presented in accordance with the standards mentioned above is supplemented with
additional data to facilitate the understanding of the analyses carried out or the context. AEROSTAR
S.A. has not omitted any information relating to intellectual property, know-how, or to the innovation
results of the Company.
AEROSTAR S.A.’s activitie s ar e carrie d out at its registere d office locate d at 9 Condorilor Street, Bacău,
postal code 600302.
Since January 2018, AEROSTAR has maintained a secondary registered office and branch within the
perimeter of Iași International Airport. In 2023, a new secondary registered office and branch was
opened in Fetești Municipality.
The Company financial statements are prepared in accordance with the International Financial Reporting
Standard s (IFRS ) a s adopte d b y th e Europea n Union , Accountin g La w no . 82/1991 , republished , a s amended
7 AEROSTAR
Annual report 2025
and supplemented, and are presented in compliance with IAS 1 and Order 2844/2016 approving
accounting regulations in accordance with IFRS. The bases of preparation and presentation of the
financial statements are presented in Note 3. The Company’s financial statements prepared for 2025 are
accompanied by the independent auditor’s report.
AEROSTAR S.A. is listed on the Bucharest Stock Exchange under the code ARS, and the record of shares
an d shareholders is maintained, i n accordance with th e law, by S.C. Depozitarul Central S.A., Bucharest.
AEROS T AR ACTIVITIES AND PRODUCTS
AEROSTAR operates through three business lines. The Company’s principal object of activity is
Manufacture of civil aircraft and spacecraft – CAEN code 3031.
In the civil aviation sector, the Company has a consolidated role in the global supply chain, through the
production and delivery of aerostructures, components and assemblies manufactured in compliance
with international quality, safety, and performance standards.
AEROSTAR is authorised to perform maintenance work on Boeing 737 aircraft (all series) and Airbus
A320 aircraft (ceo & neo), as well as maintenance of certain components related to these platforms.
In the defence sector, the Company has a strategic role, being:
·
National Maintenance Centre for the F-16 aircraft of the Romanian Air Force;
·
Maintenance Centre for the Black Hawk helicopters of the Ministry of Internal Affairs;
·
Maintenance Centre for the rocket launcher systems used by the Ministry of National Defence.
AEROS T AR BUSINESS LINES
The equipment, assemblies and parts produced by AEROSTAR are incorporated into a large number of
commercial aircraft: Airbus A320, A321, A330, A350; Boeing B737, B767, B787; Gulfstream G650;
Dassault F7X; Bombardier Challenger series 600; and Global series 5000/6000.
By adapting to new market requirements regarding production structure, as well as new quality and
environmental protection standards, AEROSTAR maintains its position as a leader in Romania in the
manufacture of aeronautical products and strengthens its role in the supply chain of major global
companies in the aviation and aerospace sectors.
In 2025, in the manufacturing process, the Company successfully integrated landing gear components
for th e Airbus A320 famil y models. This consolidate s the Company’ s position in the aerospace industry,
demonstrating strong technological expertise, precision, and compliance with all regulations. At the
same time, we continue to expand our product portfolio and reaffirm our commitment to partners in
the sectors in which we operate.
MANU F ACTURE OF AERONAUTICAL PRODUCTS
8 AEROSTAR
Annual report 2025
In 2025, AEROSTAR celebrated a quarter of a century of collaboration with Safran Landing Systems, a
partnership based on mutual commitment, product quality and safety, as well as timely delivery. Over
the 25 years of collaboration, AEROSTAR has delivered hundreds of thousands of machined parts and
hydraulic systems made from aluminium alloys, steel, bronze and titanium; fully equipped landing
gears and retraction mechanisms for Daher TBM 960; kits for Airbus A320 family, SuperPuma, Falcon
7X; as well as kits for Boeing 787, Airbus 330/340, Airbus 350, including retraction, locking and steering
actuators.
AEROSTAR has obtained the necessary qualifications following rigorous audit processes carried out
together with Safran Landing Systems and the relevant certification bodies. Thes e qualifications reflect
the sustained effort to comply with the most demanding standards of the aerospace industry.
AEROSTAR has a significant presence in terms of turnover in the Civil Aviation MRO sector, being an
independent provider of industrial maintenance services for commercial aircraft from the Airbus A320
CEO & NEO family, all Boeing B737 series, and the Boeing 737 MAX. AEROSTAR is EASA Part-145
certified with a wide range of approvals obtained from civil aviation authorities.
In 2025, AEROSTAR celebrated the fifth anniversary of the inauguration of the maintenance hangar for
civil aircraft located near the Iași International Airport. This anniversary represents an opportunity to
take stock and reaffirm the Company’s commitment to technological excellence, regional
development, and professional training in the aeronautical field.
The Company has over 20 years of experience in civil aviation maintenance, accumulated through
strong partnerships with international airlines and through the implementation of the highest
technical and safety standards. This expertise has been essential in the development and efficient
operation of the hangar in Iași. The year 2025 represented a period of growth and development,
following the maintenance of approximately 1.300 AIRCRAFT RELEASED TO SERVICE since the
establishment of this business line.
I n th e de f enc e s ystem s busines s line , AEROS T A R i s a leadin g supplie r t o th e R omania n
Ministr y o f Nationa l De f ence .
AEROSTAR serves as a Maintenance Centre for the F-16 aircraft of the Romanian Air Force. The
Company has continuously developed the capabilities necessary to strengthen its position as a
supplier, enhancing its expertise in the maintenance and modernisation of military aircraft, in ground-to-
ground launch systems, and in radar communications systems, as part of command-and-control
systems. AEROSTAR is an integral part of the national defence industry , in accordance with Law
232/2016, contributing to the strengthening of national security capabilities and to the sustainable
development of this sector.
CIVIL A VI A TION MAINTENANCE
DEFENCE SYSTEMS
9 AEROSTAR
Annual report 2025
AEROS T AR PRESENCE IN THE GLOBAL MARKET
AEROSTAR operates in the global market for products and services in the aerospace and defence
industry as an independent company. AEROSTAR’s customers are located in Europe, Asia, Africa, the
USA and Canada.
In Canada and the USA, we supply aviation products, and in Asia and Africa we provide civil aviation
maintenance services. In Europe we provide maintenance services for civil aviation, aviation products
(landing gear systems, mechanical parts, assemblies and sub-assemblies), electronic equipment and
ground support equipment.
In Romania we provide repair services for military aircraft and repair of electronic parts and
components for military aircraft, upgrades , integrations an d maintenanc e fo r military aviatio n systems,
repair services for systems and launchers, and civil aviation products.
Defence systems
Civil aviation maintenance
Aviation products
Canada + USA
~ 3,13%
14.886 k RON
Europe
~ 63,71%
366.705 k RON
Romania
~ 15,31%
125,204 k RON
Africa
~ 5,07%
15.119 k RON
Asia
~ 12,77%
62.090 k RON
10 AEROSTAR
Annual report 2025
AEROS T AR’S PROGRESS IN 2025
BUSINESS CONTEXT 2025
In 2025, the aerospace industry operated in an environment characterized by high demand but also
persistent operational tensions. Aircraft production and maintenance activities were influenced by
supply chain disruptions, shortages of qualified personnel, financial volatility, and geopolitical
pressures. Aircraft manufacturers have maintained record-level backlogs, generating not only high
demand for suppliers but also significant delivery delays. These developments had direct implications
for companies in the supply chain, which operated in a context marked by uncertainty, cost pressures,
and increased requirements regarding sustainability and operational efficiency. Persistent inflation
affected both manufacturers and suppliers.
At the macroeconomic level, inflation moderated compared to the peaks of previous years, yet
remained above central bank targets in many developed economies, while interest rates remained
relatively high compared to the pre-pandemic period. The average inflation rate in 2025 was 7,32%.
The average EUR/RON exchange rate was 5,0415, and the average USD/RON exchange rate was
4,4705, influencing operational costs.
Despite persistent challenges, the global aerospace industry demonstrated an increased capacity to
adapt, supported by steady demand and operational efficiency improvements. In 2025, Airbus did not
fully achieve its delivery target, while Boeing showed an accelerated recovery towards the end of the
year.
In the defence sector, ongoing geopolitical tensions maintained high demand for modernisation and
procurement programmes, particularly for next-generation capabilities. In Romania, however,
budgetary constraints generated by a high fiscal deficit exerted pressure on financial allocations,
leading to more cautious implementation and, in some cases, the postponement of certain activities,
making 2025 a more challenging year.
The company’s activity in 2025 took place in a complex economic and geopolitical context,
characterized by a combination of gradual stabilisation factors alongside persistent geopolitical risks,
with direct impact on the company’s operations.
Manufacture of Aeronautical Products
Issues and Trends in 2025
1. Produc
t
i
on rate increase: Airbus and Boeing maintained plans to increase produc
t
ion rates for
single-aisle aircraf
t
(A320neo, 737 MAX) and twin-aisle aircraf
t
(A350, 787), leading to higher
demand for primary parts and requiring suppliers to invest in new capaci
t
ies and automa
t
ion;
2. Supply chains remained strained: industry reports indicate delays at Tier 1 and Tier 2 suppliers
(structures, engines, electronics), in
f
l
uenced by workforce shortages, limited availability of raw
materials, and logis
t
ical constraints. These factors affected delivery predictability and
generated addi
t
ional cost pressures;
3. Sustainability and ESG requirements: increased pressure to reduce the carbon footprint in
produc
t
ion and to use composite materials and energy-eficient processes. Suppliers were
required to accelerate investments in new technologies to meet these requirements
Implications in 2025:
1. Smaller players were pressured by high costs and investment requirements, which affected
their capital needs;
11 AEROSTAR
Annual report 2025
2. Delivery delays constrained airlines’ ability to respond to demand, increasing pressure on
exis
t
ing
f
l
eets and on MRO services;
3. A geographical reorienta
t
ion phenomenon emerged: part of the investments of major
companies (assembly lines or produc
t
ion centres) in the aerospace industry moved and
expanded into Asia and the Middle East, due to the faster growth in demand in these regions.
Aerostar continued to improve its customer portfolio and to produce components and sub-assemblies
for Western partners, while also attracting new work packages. During the reporting period, Aerostar
continued the process of diversifying its customer portfolio, maintaining collaborations with existing
partners while also taking on new work packages, in line with market demand and available capacities.
Civil Aircraft Maintenance (MRO)
Issues and trends identified in 2025
MRO demand was above pre-pandemic levels: market reports indicated robust growth in the MRO
market, driven by intensive fleet utilisation and the postponement of the replacement of certain
aircraft. Many MRO centres operated close to capacity, with longer waiting times and increasing costs
due t o th e shortage of qualifie d technicians. Th e shortage o f parts generated delays i n majo r overhauls.
At th e same time, OEMs (Airbus, Boeing a s wel l a s engine manufacturers) expanded thei r MR O services
and integrated packages, competing with independent providers. Regional MRO centres, particularly in
Eastern Europe, can secure contracts mainly through competitive costs and proximity to hubs.
The most significant impacts in 2025
1. Due to delays in the delivery of new aircraf
t
, many aircraf
t
remained in service longe r , thus
increasing the volume of heavy checks and structural maintenance work;
2. In order to reduce risks in supply chains and aircraf
t
down
t
ime, airlines sought solu
t
ions closer
to their bases, indica
t
ing a trend towards the regionalisa
t
ion of MROs.
During the reporting period, Aerostar’ s MRO activities for civil aviation recorded an increase compared to
the previous year, with the volume of work reflecting market demand and customer schedules,
without changes in the structure of the services provided.
Defence Systems
Issues and Trends Identified in 2025
The year 2025 was marked by geopolitical tensions (Eastern Europe, Middle East), leading to increased
defence budgets, with multi-year contracts providing greater visibility than the civil segment and
helping to mitigate cyclical volatility.
However, 2025 also brought the following challenges:
1. A shortage of spare parts for older aircraf
t
(C-130, older F-16 blocks);
2. Pressure on maintenance capaci
t
ies in Europe, especially for N A TO
f
l
eets;
3. Rising costs and aircraf
t
down
t
ime;
4. Extension of the service life of exis
t
ing pla
t
forms;
5. Delays in modernisa
t
ion programs.
Major impacts in 2025:
1. Supply chain recon
f
i
gura
t
i
on: security and industrial sovereignty requirements led to the
reloca
t
ion of certain capaci
t
ies and a preference for “trusted” suppliers.
2. Increased demand for military MRO:
f
l
eets heavily used in high-security contexts generated
large volumes of maintenance and moderniza
t
ion work, while the shortage of spare parts
remained a cri
t
ical issue.
12 AEROSTAR
Annual report 2025
KEY FIGURES FOR 2025
Key Figures
Share capital (thousand RON)
Turnover (thousand RON)
Export sales (thousand RON)
Net profit (thousand RON)
Gross profit (before tax) (thousand RON)
Earnings per share (RON)
31.12.2025
48.729
620.434
525.160
98.037
108.518
0,644
31.12.2024
48.729
584.004
458.805
95.725
104.809
0,629
389
273
31.12.2025
1.874
67.494
573.630
31.12.2024
1.884
45.066
434.669
Social Indicators
Employee headcount
T otal training hours
Scholarships awarded (thousand RON) (school year)
Number of scholarships awarded by AEROSTAR to students in dual
education
Environmental Indicators 31.12.2025 31.12.2024
Energy consump
t
i
on*
10.490.930 KWh - purchased
+ 2.395.678,5 KWh – produced
0,0053 t CO
2
/ RON
12,027 t CO
2
79% of total produced
10.665.043 KWh- purchased
+ 2.418.155 KWh - produced
Scope 1 emissions* 0,0050 t CO
2
/ RON
Scope 2 emissions* 36,616 t CO
2
Waste
recovery 76% of total produced
* r
e
p
o
rt
e
d r
e
l
at
iv
e
t
o
th
e
turn
o
v
e
r
o
f th
e
c
urr
e
nt
y
e
ar
Sales by Business Lines
Manufacture of Aeronau
t
i
cal Products (thousand RON)
Civil Aircraft Maintenance (thousand RON)
Defence Systems (thousand RON)
Other Products and Services (thousand RON)
31.12.2025
301.241
199.145
107.272
12.776
31.12.2024
265.462
180.703
120.187
17.652
Sales by Markets (%)
Romania
Europe
Asia
Africa
Canada + USA
31.12.2025
15,31%
63,71%
12,77%
5,07%
3,13%
31.12.2024
21,44%
62,79%
10,63%
2,59%
2,55%
Economic Indicators
Investments (thousand RON)
Development Expenses (thousand RON)
Replacement Expenses (thousand RON)
31.12.202 5
13.983
11.251
2.732
31.12.2024
26.625
21.850
4.780
13 AEROSTAR
Annual report 2025
SALES OF THE COM P ANY
From the turnover of 620.434 thousand RON achieved in 2025, the Company sold products and
services worth 95.274 thousand RON on the domestic market
, while sales on external markets
reached the equivalent of 525.160 thousand RON. Compared with the previous year, the Company
recorded a 6% increase in sales, driven by growth in the Manufacture of Aeronautical Products
Manufacturing (+13%) and Civil Aircraft Maintenance (+10%), partially offset by a decrease in Defence
Systems sales (-11%) and Other Products and Services (-28%).
In terms of the distribution of sales by market, an increase in sales on the external market can be
observed compared with the previous year. Sales increased by +8% in Europe, by +28% in Asia, by
+108% in Africa and by +31% in other regions. In Romania, a decrease of -24% was recorded.
In 2025 the turnover increased by 36.430 thousand RON (+6,24%) compared with the previous year,
mainly driven by the core activity of manufacturing aerostructures and sub-assemblies, as well as by
the production of landing gear and hydraulic systems.
301,241
50,000
100,000
150,000
200,000
250,000
300,000
350,000
265,462
199,145
180,703
107,272
120,187
12,776
17,652
-
M
anu
f
a
c
tur
e
o
f M
R
O
C
ivil
A
i
r
c
ra
f
t
A
e
r
o
naut
ic
a
l
P
r
o
du
c
ts
D
e
f
e
ns
e
S
y
st
e
ms
-
A
i
r,
Land, and
N
a
v
a
l
O
th
e
r
P
r
o
du
c
ts and
S
e
r
vic
e
s
YE
A
R 2025
YE
A
R 2024
50,000
200,000
250,000
300,000
350,000
400,000
450,000
395,258
366,705
79,229
62,090
31,479
15,119
19,449
14,886
100,000
95,019
150,000
125,204
-
R
o
man
i
a Eur
o
p
e
A
s
i
a
A
fr
ic
a Canada
+U
SA
YE
A
R 2025
YE
A
R 2024
14 AEROSTAR
Annual report 2025
FINANCIAL PERFORMANCE
126.418
100.356
Financial performance
Operating revenue (thousand RON)
Operating expenses (thousand RON)
Operating profit (thousand RON)
Operating profit margin %
Total income (thousand RON)
Total expenses (thousand RON)
Net profit margin on total income %
Other comprehensive income (thousand RON)
31.12.2025
634.158
538.442
95.716
15,4%
658.511
560.474
14,9%
28.381
31.12.2024
633.346
546.151
87.195
14,9%
658.273
562.548
14,5%
4.631
Total comprehensive income for the year (thousand
RON)
The turnover increased in 2025 by 36.430 thousand RON (+6,24%) compared to the previous year,
mainly driven by the core activity of manufacturing aerostructures and sub-assemblies, as well as the
production of landing gear and hydraulic systems.
Operating revenue rose slightly by 0,13%, supported by the increase in turnover, but offset by a
decrease in revenue from changes in inventories of finished goods and work in progress (-78,5%),
following the slower growth of the inventories of finished goods and work in progress throughout
2025. Operating expenses decreased by -1,41% compared to the previous year, mainly influenced by
external services. Expenses for external services decreased by -28,2%, significantly impacted by the
reduction in the value of equipment repairs performed by third parties, especially under the F-16
military programme. This effect was partially offset by the increase in employee benefits expenses
Operating profit rose by 8.521 thousand RON, representing a 15,4% margin on operating revenue. This
margin was influenced by the evolution of operating expenses mentioned above. Net profit at the end of
2025 amounted to 98.037 thousand RON.
The positive impact of other comprehensive income was mainly due to the appreciation of equity
instruments recognised through other comprehensive income. Total comprehensive income for the
financial year rose by 26%, reflecting the effect of net profit and other comprehensive income.
FINANCIAL POSITION
Financial position
Non-current assets (net) (thousand RON)
Current assets (thousand RON)
Share capital (thousand RON)
Equity (thousand RON)
Total liabilities (thousand RON)
31.12.2025
250.104
648.760
48.729
710.205
113.360
31.12.2024
236.090
578.429
48.729
620.334
109.077
15 AEROSTAR
Annual report 2025
At th e en d of 2025, th e Company’ s asset s reache d 898.864 thousand RON , representing a 10% increase
compared to the end of the previous year. This growth was mainly driven by a 12% increase in current
assets, supported by higher cash and cash equivalents as well as an increase in receivables.
Total liabilities amounted to 113.360 thousand RON, marking a 4% increase compared to the previous
year, primaril y due to th e rise i n deferred income ta x liabilities resultin g from th e appreciatio n of equity
instruments recognised through other comprehensive income.
Equity increase d by 89.871 thousand RON, a s a result of th e allocatio n of a portio n of the 2024 financial
year profit to the Company’s reserves, as well as the fair value revaluation of equity instruments
recognised in other comprehensive income. This increase was partially offset by the distribution of
dividends from the 2024 financial year profit.
2,48
2,47
Economic indicators
Net pro
f
i
t margin on total revenue
Cash and cash equivalents (thousand RON)
Net cash
Debt ratio
Current ratio
Receivables turnover – customers
31.12.2025
14,9%
313.352 thousand RON
148.191 thousand RON
0
8,56
53 days
31.12.2024
14,5%
260.403 thousand RON
106.830 thousand RON
0
7,41
47 days
Non-current assets turnover
The net profit margin in 2025 was 14,9% compared to 14,5% in the previous year, influenced by the
changes in inventories of finished goods and work in progress, resulting in a slight 0,13% increase in
operating revenue despite a 6,24% increase in turnover compared to 2024.
The cash and cash equivalents indicator increased by 20,33% compared to the previous year. Working
capital needs increased by 12%, reaching 312 million RON. The net cash indicator rose by 38,72%
compared to the previous year. The debt ratio stands at 0. The Company finances its operations solely
through equity.
The current ratio reached 8,56, an increase compared to the previous year. This improvement is due
to the growth of current assets alongside a decrease in current liabilities relative to the previous year.
The trade receivables turnover (average collection period of trade receivables) was 53 days compared to
47 days in the previous year.
The fixed assets turnover was 2,48, showing a slight increase compared to the previous year.
Despite market challenges, the Company continued to maintain a strong performance level in its
economic and financial indicators.
16 AEROSTAR
Annual report 2025
KEY EVENTS OF 2025
During the period 1 January – 31 December 2025, the following main events took place:
MARCH 2025
AEROSTAR completed the annual negotiations between the Management of AEROSTAR S.A. and the
Employees’ Committee. Within the Collective Labour Agreement for 2025–2026, the main employee
benefit packages were adopted as follows:
o
Salary increases of 9,9% in 2025;
o
Granting of annual holiday vouchers;
o
End-of-financial-year, end-of-production-year, and performance bonuses;
o
Partial reimbursement of intercity travel expenses incurred by employees;
o
Annual leave of between 20 and 28 working days depending on seniority
The provisions of the Collective Labour Agreement were applied starting with the salary rights for April
2025.
APRIL 2025
AEROSTAR S.A. celebrated 72 Years of Continuous Activity on 17 April!
On 17 April, the first edition o f “Investor Day” took place, attende d by investor s and analysts, th e press,
members of the Board of Directors, executive management, and a significant part of the operational
management.
On 24 April, the General Meeting of Shareholders was held to approve the financial statements for
2024.
During the Ordinary General Meeting, AEROSTAR shareholders approved the following:
o
The Board of Directors’ Report and the financial statements for 2024;
o
The auditor’s report on the audit of the financial statements;
o
Discharge from liability of the members of the Board of Directors and executive management;
o
Allocation of the net profit for the 2024 financial year, amounting to 95.724.563,92 RON, as
follows:
Allocation to the legal reserve of retained earnings
Allocation to other reserves
Distribution as dividends
18.730.570,38 RON;
40.447.405,54 RON
36.546.588,00 RON
o
Gross dividend per share 0, 24 RON;
o
Payment date for dividends related to the 2024 financial year: 5 June 2025.
MAY 2025
Aerostar celebrated a quarter of a century of collaboration with Safran Landing Systems, a partnership
built on shared commitment, product quality and safety, and on-time delivery.
SEPTEMBER 2025
Aerostar marked five years of operation at the Iași hangar, consolidating its position as a strategic
maintenance centre for regional civil aviation.
AEROSTAR obtained certification according to the SR EN ISO/IEC 27001:2023 standard, confirming the
implementation of the Information Security Management System (SMSI).
17 AEROSTAR
Annual report 2025
DECEMBER 2025
The company acquired the remaining shares, becoming the sole shareholder of FOAR, with a 100%
stake in the share capital.
o
Events subsequent to the reporting date
No events subsequent to the reporting date were recorded.
CONSORTIA AND AFFILI A TIONS
REACH Consor
t
ia with applica
t
ions in avia
t
ion and defence
Associa
t
ion of Aeronau
t
ical Companies in Romania (OPIAR)
AEROS T AR is part of several consortia, professional associations and institutional dialogue structures,
as follows:
Regional Consor
t
ium for Dual Educa
t
ion and Sustainable Development Bacău
“Educa
t
ion Cluster for Sustainable Development” Associa
t
ion (C-EDD), Bacău
Social Dialogue Commission within the Prefect’s Ins
t
itu
t
ion of Bacău County
Local Committee for the Development of the Social Partnership (CLDSP), Bacău
Local Committee for the Development of the Social Partnership (CLDSP), Iași
Regional Committee for the Development of the Social Partnership (CRDPS)
County Employers’ Associa
t
ion of Small and Medium Enterprises – Rom. Abbrevia
t
ions IMMs
( P JIMM), Bacău
RO-NANDTB – The Romanian Aerospace Associa
t
ion for Non-Destruc
t
ive T es
t
ing, of which
AEROS T AR is a founding member
ACTIVITIES CARRIED OUT BY OUR COM P ANY FOR THE BENEFIT OF COMMUNITIES IN 2025
Within the Company operates the Centre for the Assessment of Professional Competences Acquired
through Non-formal Learning, authorised in accordance with the applicable legal provisions. Any
applicant from the community who completes the assessment process at the Aerostar centre obtains a
certificate of competences recognised by the Ministry of Education and Research as a qualification
certificate.
In addition, we are authorised to organise qualification courses in three occupations specific to the
aviation industry. Any person from the community may participate in the qualification courses
organised by Aerostar, and upon completion receives a qualification certificate recognised by the
Ministry of Education and Research.
Other actions carried out by the Company for the benefit of communities included:
·
Sponsorship of the seventh edi
t
ion of the regional compe
t
i
t
ion on economic topics “Ion
Ionescu de la Brad ” , organised by “ V asile Alecsandri” University of Bacău;
·
Sponsorship of “ V asile Alecsandri” University of Bacău to support its par
t
icipa
t
ion in the
na
t
ional student conference and compe
t
i
t
ion ZEM 2025 – Mechatronics Educa
t
ion Days;
·
Sponsorship of “ V asile Alecsandri” University of Bacău for the organisa
t
ion of the
interna
t
ional conference OPROTEH (Construc
t
ive and T echnological Design Op
t
imisa
t
ion in
the Machine Building Field), 20th edi
t
ion;
18 AEROSTAR
Annual report 2025
·
Concluding and maintaining partnership agreements with
f
i
ve technical universi
t
ies in
Romania: Bucharest, Iași, Brașo v , Suceava and Bacău, as well as with
f
i
ve technological high
schools or technical colleges i n Bacă u an d Iași, allowin g their students an d pupils t o undertake
internships within our Company and to have priority for employment within the Company
upon comple
t
ion of their studies;
·
Providing the opportunity for students from all
f
i
ve universi
t
ies to address topics proposed by
our Company for their bachelor’s or master’s thesis examina
t
ions, for which we support the
research and prepara
t
ion of the respec
t
ive papers.
PRODUCT QUALITY AND CONTINUOUS DEVELOPMENT
We focus on our customers and end-users through the quality of the products and services provided
and through on-time delivery, combining these efforts with continuous development in order to
ensure that we meet the expectations of both customers and all stakeholders.
SYSTEM CERTIFICATIONS
The management system implemented within AEROSTAR is certified as follows:
·
Quality management, in accordance with the requirements of the standards EN 9100/AS 9100, SR EN
ISO/EN ISO 9001, and the NATO quality assurance publications AQAP 2110 and AQAP 2210;
·
Environmental management, in accordance with the requirements of SR EN ISO/EN ISO 14001;
·
Information security management, in accordance with the requirements of SR EN ISO/IEC/EN ISO/IEC
27001;
·
Occupational health and safety management, in accordance with the requirements of SR EN ISO/EN
ISO 45001.
AUTHORISATION
1. AEROSTAR holds an authorisation certificate (issued by the Romanian Civil Aeronautical Authority –
AACR) as a production organisation complying with the requirements of Regulation (EU) – Part 21,
Sectio n A, Subpart G , bein g authorise d to manufacture products, parts and appliance s within th e scope
of approval .
2. AEROSTAR holds an authorisation certificate (issued by the Romanian Civil Aeronautical Authority –
AACR) as a maintenance organisation complying with the requirements of Regulation (EU) – Part 145,
Sectio n A, authorised to maintain th e products, parts and appliances specifie d in the scop e o f approval. In
addition, AEROSTAR, as a maintenance organisation, is authorised by the civil aeronautical
authorities of the United Kingdom, Turkey, Morocco, the United States and Bermuda.
3. AEROSTAR is authorised by the European Aviation Safety Agency (EASA) as a design organisation in
accordance with the requirements of Regulation (EU) – Part 21, Section A, Subpart J.
4. AEROSTAR holds a Military Design Organisation Approval Certificate, granting the right to perform
design activities under the provisions of RMAR 21 , Section A , Part J, within the scope of approval.
5. AEROSTAR holds a Military Maintenance Organisation Approval Certificate (issued by the National
Military Aeronautical Authority – AAMN) as a maintenance organisation complying with the
requirements of RMAR 145, authorised to maintain the products, parts and appliances specified in the
scope of approval.
Since 2023, the scope of approval has been extended to include maintenance activities for Black Hawk
S-70 helicopters.
6. AEROSTAR is authorised by the National Military Aeronautical Authority (AAMN) as a training
organisation for military aircraft maintenance personnel, in accordance with RMAR 147, Section A,
being authorised to provide training, conduct examinations within the approved scope and issue
certificates of recognition to graduates.
19 AEROSTAR
Annual report 2025
7. AEROSTAR holds an authorisation certificate granted by the Romanian Civil Aeronautical Authority
(AACR) for specialised testing in the field of civil aeronautics.
8. AEROSTAR holds an authorisation granted by the Romanian National Aerospace Association for
Non-Destructive Testing (RO-NANDTB) for the NDT Personnel Training and Examination Centre in the
aeronautical field, covering the non-destructive testing methods with penetrating radiation, ultrasonic
testing, eddy current testing, liquid penetrant testing, magnetic particle testing and infrared radiation, as
defined within the scope of approval.
ACCREDITATIONS
AEROSTAR holds accreditation certificates issued by the NADCAP Management Council (National
Aerospace and Defence Contractors Accreditation Program) for special processes: heat treatment,
shot peening, welding, chemical processes, and non-destructive testing conducted within the
company.
AEROSTAR holds an accreditation certificate issued by the Romanian Accreditation Association
(RENAR).
20 AEROSTAR
Annual report 2025
ROLE OF THE ADMINISTR A TIVE, MANAGEMENT AND SUPERVISORY BODIES
II
GOVERNANCE
GOV -1
Acting responsibly while pursuing sustainable development characterises the activity of our company, so
that the sustainability information presented in this report reflects the company’s commitment,
values, and objectives, established both to ensure long-term economic success and orientation
towards a safer future, and to maintain a balance between shareholders’ expectations, the needs and
concerns of employees, members of our community, as well as all other stakeholders.
Our sustainability objectives, correlated with the business environment and global developments, are
embedded in the company’s overall strategy. The principles guiding our activity are: meeting customer
requirements, ensuring ful l safety for the users of our product s and services, continuous improvement,
and enhancing environmental performance. Responsibility for sustainabl e developmen t and the desire
to align with the practices of our business partners lead us to consistently apply best practices in the
field and to provide transparent information, explanations, and data across these financial and non-
financial categories.
Aerostar’s corporate governance structures are organised on four levels:
·
Shareholders – The General Meeting of Shareholders
·
Board of Directors
·
Audit Committee
·
Executive Management
GENERAL MEETING OF SHAREHOLDERS
The General Meeting of Shareholders, the company’s supreme governing body, is convened whenever
necessary, in accordance with applicable laws and the provisions of the Constitutive Deed. The
procedure for organising and conducting the general meetings of shareholders – published on the
website
www.aerostar.ro
,
under the “Investor Relations” section – ensures equal treatment and the
full and fair exercise of the rights of all shareholders.
Aerostar complies with the applicable legislation and undertakes all necessary steps to facilitate
shareholders’ participation in the General Meetings and the full exercise of their rights. Shareholders
may choose to attend and vote in person at the General Meeting, or to exercise their voting rights by
proxy or by correspondence.
The company provides shareholders with all relevant information regarding the General Meetings of
Shareholders and the resolutions adopted, both through regulated communication channels (national
newspapers, reports to the ASF and BVB) and through publication in the “Investor Relations” section,
easily identifiable and accessible on the company’s website.
The General Meetings of Shareholders are conducted in full compliance with the provisions of Law
31/1990 on companies, Law 24/2017 on issuers of financial instruments and market operations,
regulations issued by the Financial Supervisory Authority, and any other applicable legal provisions. In
2025, as in previous years, when distributing the profit, the company equally considered both the
distribution of dividends to shareholders and the allocation of resources for its long-term
development.
21 AEROSTAR
Annual report 2025
BOARD OF DIRECTORS
The company is managed under a unitary system, with the delegation of executive management. The
Board of Directors determines the strategic direction of the company and ensures its implementation,
while also being responsible for ensuring compliance with all applicable legal provisions, internal
regulations, as well as for the proper management and control of risks. Furthermore, the Board of
Directors is responsible for the accounting and financial management system, the budget of revenues
and expenses, and adopts the financial plan for the current year.
In accordance with the company’s Constitutive Deed, the Board of Directors meets at the company’s
head office whenever necessary, but at least once every three months. The Board acts in accordance
with the Internal Regulation of the Board of Directors, and the agenda of the meetings and all its
activities comply with legal provisions and the Constitutive Deed regarding the role and obligations of
the Board.
The current Board of Directors, elected by secret ballot on 4 July 2024, for a 4-year mandate starting
from 11.07.2024, comprises five members:
President
Aerospace
Engineer
11.07.2024
10.07.2028
None
Vice-president
Economist
11.07.2024
10.07.2028
None
Member
Aerospace
Engineer
11.07.2024
10.07.2028
None
Member
Aerospace
Engineer
11.07.2024
10.07.2028
None
Member
Economist
11.07.2024
10.07.2028
None
The Board of Directors comprises
f
i
ve members
NAME
POSITION
EXPERIENCE
APPOINTMENT
DA TE
MANDA TE
EXPIRY DA TE
POLITICAL
AFFILI A TION
FILIP GRIGORE
DAMASCHIN DORU
FILIP ALEXANDRU
TONCEA RADU-TUDOR
DOROȘ LIVIU-CLAUDIU
During 2025 , two member s of the Boar d of Directors also held executive positions within the company,
while the remaining three were non-executive members.
The Board of Directors is responsible for determining major operations and development directions of
the company, including sustainability matters. It oversees the preparation and approves the company
strategy, ensuring that it integrates sustainability considerations, including social and environmental
matters, as well as climate-related risks and opportunities.
The Board pays particular attention to adherence to corporate governance principles to ensure:
·
the company’s performance under conditions of sustainable development;
·
the accuracy and transparency of the company’s decision-making process;
·
ensuring the rights and equitable treatment of shareholders through the protection and
enforcement of their prerogatives;
·
transparency and access to information by periodically publishing relevant financial and
operational data.
22 AEROSTAR
Annual report 2025
The “Statement of Purpose and Vision of the Board of Directors”, an integral part of the Aerostar S.A.
Business Strategy for 2025–2029, explains that the Board’s purpose is to ensure the long-term success
and sustainability of Aerostar, in the interest of the company and its shareholders, while also
considering the interests of all stakeholders: employees, customers, suppliers, and the community. In
line with this objective, the Board of Directors approves the Sustainability Report, delegates the
achievement of sustainability objectives and targets to the executive management, and closely
monitors the performance of these activities.
AUDIT COMMITTEE
The Audit Committee, established on 4 July 2024, pursuant to the provisions of the Corporate
Governance Code in conjunction with Law no. 162/2017, consists of two members appointed by the
General Meeting of Shareholders, as follows:
Financial Audito r , Chartered Accountant, T ax Consultant, PhD in Accoun
t
i
ng, University
Professor
Chartered Accountant, PhD in Accoun
t
i
ng, University Lecturer
Audit Commi
tt
ee
NAME
EXPERIENCE
BOTEZ DANIEL
RADU FLORIN
The responsibilities of the Audit Committee are stipulated in its own Rules of Procedure, approved by
the Board of Directors, supplemented by the provisions of Law no. 162/2017 and EU Regulation no.
537/2014. The Audit Committee’s Rules of Procedure are published on the company’s website, in the
Investors Relations section.
Since 2018, Aerostar has operate d a n Audit Committee i n accordance with Law no. 162/2017 regarding
statutory audit of the annual and consolidated financial statements. The Audit Committee meets
periodically, at least four times per year, and exceptionally when necessary.
EXECUTIVE MANAGEMENT
As of 11 July 2024, the company’s executive management is ensured by two natural persons holding
the positions of Chief Executive Officer and Financial Director, appointed by the Board of Directors in
accordance with its responsibilities, as follows:
Chief Execu
t
i
ve Oficer
None
Financial – Accoun
t
i
ng Director
None
Execu
t
i
ve Management
NAME
POSITION
POLITICAL AFFILI A TION
FILIP ALEXANDRU
DAMASCHIN DORU
In 2025, the direct participation of executive management in the company’s share capital remained
below 1%.
23 AEROSTAR
Annual report 2025
With regard to the organisational structure and management system of Aerostar S.A., executive
management is supported by an operational management structure that oversees activities based on
management centres from the manufacturing area and cost centres in the functional activity domain.
OPER A TIONAL MANAGEMENT
Operational management is ensured by the division and directorate managers as follows:
Directo r , Quality Directorate
None
Directo r , Legal and Human Resources
Directorate
None
Directo r , Logis
t
i
cs Division
None
Directo r , Defence Systems Division
None
Directo r , Aeronau
t
i
cal Products Division
None
Directo r , Civil Avia
t
i
on MRO Division
None
Directo r , U
t
i
li
t
i
es and Infrastructure Division
None
Opera
t
i
onal Management comprises nine members
NAME
POSITION
POLITICAL AFFILI A TION
ROGOZ V ASILE LAURENȚIU
VÎRNĂ DANIEL
CRISTEA ANDRA
BUHAI OVIDIU
IOSIPESCU ȘERBAN
VELEȘCU IOAN-DAN
BRANCHE C ĂT ĂLIN BOGDAN
The divisions are structured to carry out operational activities related to the technical and
manufacturing function, as well as the commercial function, while the directorates are organised to
perform functional activities related to the financial-accounting domain, quality (development)
domain, and human resources domain.
INFORM A TION PROVIDED TO THE COM P ANY’S ADMINISTR A TIVE, MANAGEMENT AND
SUPERVISORY BODIES AND THE SUS T AINABILITY M A TTERS ADDRESSED BY THEM
GOV-2
The Board of Directors maintains constant contact with the executive management and operational
management, so that it is up to date with all relevant company data. Furthermore, due to the fact that
two of the Board members hold positions in the executive management, the administration has
unrestricted and direct access to company information.
Starting in March 2025, a new position was established, namely "risk management officer," in
accordance with the provisions of the Bucharest Stock Exchange Corporate Governance Code. This
officer ensures direct communication and functional reporting to the Board of Directors and the Audit
Committee and is responsible for the accurate, complete, and timely identification of risks, ensuring
that appropriate and feasible risk control measures are in place and monitoring risk management
procedures, including those related to sustainability matters.
24 AEROSTAR
Annual report 2025
Accordingly, the Board of Directors receives periodic reports covering financial and operational
matters, as well as health, safety, and workplace security, human resources, procurement,
development and investment, community relations, and philanthropic activities.
In this way, when overseeing compliance with the company’s strategy, the Board considers impacts,
risks, and opportunities, and can make direct and informed decisions regarding major transactions and its
risk management processes.
INTEGR A TION OF SUS T AINABILITY PERFORMANCE INTO INCENTIVE SYSTEMS
GOV-3
The remuneration policy of Aerostar’s management structure, which governs the remuneration of the
company’s Directors and executive officers, approved at the Ordinary General Meeting of
Shareholders (OGMS) for the period 24.04.2025–23.04.2029, is based on the following key principles:
(a) To contribute to the successful implementation of Aerostar S.A.’s strategy in the short,
medium, and long term;
(b) To ensure the appropriate involvemen t of shareholders in establishing the remuneration policy
and monitoring its implementation;
(c) To contribute to promoting the mission and values of Aerostar S.A.;
(d) To prevent situations of conflict of interest;
(e) To provide the necessary and flexible tools to remunerate Directors appropriately for their
responsibilities, competencies, and performance;
(f) To ensure compliance with applicable legal requirements.
The remuneration policy is published on Aerostar S.A.’s website
(www.aerostar.ro
)
and remains
publicly available throughout its period of applicability.
In accordance with this policy, for activities carried out within the Board of Directors, each Director is
entitled to a fixed monthly remuneration, the net amount of which is approved by the AGOA upon
appointment and subsequently, annually, alongside the approval of the income and expenditure
budget.
Furthermore, the effective net fixed monthly remuneration allocated to each of the Chief Executive
Officer and Financial Director is determined by the Board of Directors, respecting the maximum cap
approved by the AGOA, which is limited to ten times the net fixed monthly remuneration of the Board
members.
Therefore, the remuneration for persons in Aerostar’s management structure is linked to their entire
scope of duties and responsibilities, with no incentive systems or remuneration policies specifically
related to sustainability matters.
RISK MANAGEMENT AND INTERNAL CONTROLS REL A TED TO SUS T AINABILITY REPORTING
GOV-5
Our company has adopted a risk management policy that takes into account the strategy, nature, and
complexity of processes and activities, establishing a framework in which risks are identified, assessed,
and addressed in order to make decisions based on the level of risk.
At Aerostar, an Integrated Management System is documented, implemented, maintained, and
continuously improved, based on risk management in the areas of quality, environment, aviation
safety, information security, as well as financial risks. The general methodology for risk management is
documented in an internal procedure. The overall objectives regarding risk management are:
25 AEROSTAR
Annual report 2025
·
To ensure a coherent framework for risk management;
·
To improve decision-making by taking risks into account;
·
To increase the stakeholders’ confidence in the organisation.
The risks presented in the chapter “Managing Impacts, Risks and Opportunities” , detailed at the level of
each thematic sustainability standard, are the result of a double materiality analysis in accordance with
ESRS/CSDR standards.
Aerostar’s internal control system includes the following components:
·
Management control
·
Budgetary control
·
Controlling
·
Internal audit
MANAGEMENT CONTROL
At Aerostar, there is a department responsible for management control tasks. It carries out
management controls withi n the company an d ensure s the inventory of al l assets, liabilities, an d equity
recorded by the company, checks the legality and accuracy of the recording of incoming and outgoing
transactions, and verifies the use of values, as well as checking how values are stored, establishing and
adjusting any differences identified.
In 2025, as in previous periods, the inventory activities were carried out in compliance with legal
provisions and the company’s internal regulations. The results of the inventories were recorded in the
company’s accounting records. No significant differences were identified compared with the
accounting records.
BUDGET CONTROL
Within the company, budgets are defined based on activity programmes corresponding to the
enterprise functions. From a budgeting perspective, the company is organised into:
·
profit centres;
·
cost centres.
A "budget officer" is designated for each organisational structure to perform budget control. Budget
control ensures:
·
that each budgeted indicator remains within the forecast values;
·
that any corrective actions are substantiated
Through periodic management reports, both profit centres and cost centres report quarterly to the
executive management on the fulfilment of budgetary provisions, as well as on the necessity,
opportunity, efficiency, effectiveness, and legality of the expenses incurred by the company.
CONTROLLING
In AEROSTAR, the controlling concept has been implemented and is continuously developed, both as a
tool for monitoring and regulating the processes that ensure alignment with the company’s mission and
strategic objectives, and as an advanced stage of budget control.
26 AEROSTAR
Annual report 2025
Controlling activities are carried out by a compartment subordinated to the Chief Executive Officer,
which ensures the monitoring and control of management processes with the aim of continuously
improving management performance and the effectiveness of the activities carried out.
INTERNAL AUDIT
Internal audit activities within Aerostar are organised in accordance with the law, within a distinct
compartment of the organisational structure, staffed with personnel registered with the Chamber of
Financial Auditors of Romania. In 2025, a new Internal Audit Charter for Aerostar was approved by the
Board of Directors and the function of “Internal Audit Coordinator” was established, responsible for
ensuring the compliance of the internal audit function with the Global Internal Audit Standards.
The Internal Audit compartment reports directly to the Board of Directors and represents an
independent and objective assurance and advisory activity designed to evaluate and improve the
company’s operations. The Internal Audit compartment periodically presents internal audit reports at
the meetings of the Board of Directors and to the Audit Committee.
The internal audit activity is carried out based on the Annual Activity Programme approved by the
Board of Directors. The internal audit engagements conducted in 2025 confirmed the positive impact of
internal audit on Aerostar’s operations.
A:
MANAGEMENT
BODIES
A.1., 1
The board shall have rules of procedure that formalize and clearly specify its role and
responsibili
t
ies. The cons
t
itu
t
ive deed, the board’s rules of procedure, and other internal
regula
t
ions shall clearly delineate the roles and powers of the board, AGA (the General
Mee
t
ing of Shareholders), and the execu
t
ive management.
x
A:
MANAGEMENT
BODIES
A.1., 2
The Board’s internal regula
t
ions shall include, among other things, the Board’s powers and
th e
f
i
duciary responsibili
t
ies o f Board members t o ac t with ful l knowledg e o f th e facts, in good
faith, with due diligence and care, and in the interests of the Company and its shareholders,
and with due regard to the interests of other stakeholders, in accordance with legal
requirements.
x
A:
MANAGEMENT
BODIES
A.1. The board shall ensure the long-term
success and sustainability of the company, in
the interests of the company and its
shareholders, and with due regard to the
interests of other stakeholders. The board shall
clearly de
f
i
ne and fully disclose its role and
responsibili
t
ies.
A.1., 3
x
Comply or Explain Declara
t
i
on
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on
(text and URL
link if the
document is on
the website)
A: ORGANELE DE CONDUCERE
A.1. The board shall ensure the long-term
success and sustainability of the company, in
the interests of the company and its
shareholders, and with due regard to the
interests of other stakeholders. The board shall
clearly de
f
i
ne and fully disclose its role and
responsibili
t
ies.
A.1. The board shall ensure the long-term
success and sustainability of the company, in
the interests of the company and its
shareholders, and with due regard to the
interests of other stakeholders. The board shall
clearly de
f
i
ne and fully disclose its role and
responsibili
t
ies.
T o support the long-term viability and success of the Compan y , the Board shall:
A:
MANAGEMENT
BODIES
A.1. The board shall ensure the long-term
success and sustainability of the company, in
the interests of the company and its
shareholders, and with due regard to the
interests of other stakeholders. The board shall
clearly de
f
i
ne and fully disclose its role and
responsibili
t
ies.
A.1., 4
The term of ofic e of Boar d members and execu
t
ive management shall b e clearly de
f
i
ned and,
as far as possible, promote stability and predictability.
x
• Oversee the development of and approve the Company’s strategy, ensuring that it
integrates sustainability aspects, including social and environmental (E&S) considera
t
ions, as
well as climate-related risks and opportuni
t
ies;
• Appoint and dismiss the Chief Execu
t
ive Oficer and other members of execu
t
ive
management to whom execu
t
ive management responsibili
t
ies have been delegated (referred
to as "execu
t
ive management"), and ensure succession planning for them;
• Oversee the performance of execu
t
ive management, their role in addressing material
sustainability risks and opportuni
t
ies, and align execu
t
ive management remunera
t
ion with
the long-term interests and sustainability of the Compan y , in accordance with the Company’s
remunera
t
ion policy;
• Ensure that a robust framework for internal control and risk management is in place;
• Ensure that the Company has procedures enabling effec
t
ive communica
t
ion with the
shareholders and other stakeholders.
27
AEROSTAR
Annual report 2025
A:
MANAGEMENT
BODIES
A.2., 1
The Board shall have at least
f
i
ve members.
x
A:
MANAGEMENT
BODIES
A.2., 2
Th e Board shal l hav e a polic y on Board and execu
t
iv e managemen t diversity and ensure
that diversity in terms of gende r , age, experience, and skills is incorporated into the
Nomina
t
ion Polic y .
x
A.2., 3
The Board shall develop a Board pro
f
i
le specifying the desired characteris
t
ics and
attributes of its members, including factors such as independence, diversit y , integrit y ,
speci
f
i
c skills and experience, industry knowledge, and the capacity and willingness to
dedicate adequate
t
ime and effort to Board responsibili
t
ies, in the context of the needs of
the Board and its committees and their exercise of the Board’s strategic and
oversight role. The Board pro
f
i
le may form part of the Nomina
t
ion Polic y .
x
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on
(text and URL
link if the
document is on
the website)
A: MANAGEMENT BODIES
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
A:
MANAGEMENT
BODIES
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
A.2., 4
The majority of Board members shall be non-execu
t
ive. At least one-third of the Board
members shall be independent. Each independent Board member shall submit a
declara
t
ion of independence upon nomina
t
ion for elec
t
ion or re-elec
t
ion, as well as
whenever there is any change in their status, in accordance with the independence
criteria set out in legisla
t
ion and in Annex A to the Code.
x
A:
MANAGEMENT
BODIES
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to A.2., 5
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
The Nomina
t
ion and Remunera
t
ion Committee (or the en
t
ire Board where no
Nomina
t
ion and Remunera
t
ion Committe e exists ) shal l asses s whethe r Board members
can be considered independent based on the factors taken into account, examining
whether any business or other personal rela
t
ionships may materially affect the
independence and objec
t
ivity of the Board member and their ability to act in the
interests of the Compan y , its shareholders, and stakeholders.
x
The requirement
for a majority of
non-execu
t
ive
members is met.
None of the
current Board
members
elected by the
General Mee
t
ing
of Shareholders
are
independent.
AEROSTAR
Annual report
2025
A:
MANAGEMENT
BODIES
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
28
A:
MANAGEMENT
BODIES
A.2., 6
It is recommended that the posi
t
ions of Chair of the Board and Chief Execu
t
ive Oficer
be held by different individuals.
x
A:
MANAGEMENT
BODIES
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
A.2., 7
If the posi
t
ions of Chair of the Board and Chief Execu
t
ive Oficer are held by the same
individual, it is recommended that the Company appoint an independent Vice-
President.
Not
applicable
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on
(text and URL
link if the
document is on
the website)
A: MANAGEMENT BODIES
A.2. The Board shall have an appropriate
balance of skills, experience, gender
diversity, knowledge, and independence to
carry out its du
t
i
es and responsibili
t
i
es
effec
t
i
vely.
A.3., 1
The Company shall develop and publish a Board Nomina
t
ion Polic y , which shall de
f
i
ne
the processes and procedures for nomina
t
ing, elec
t
ing, or replacing a Board membe r .
The Nomina
t
ion Polic y , approved by the competent management bod y , shall describe
how the Company receives and evaluates nomina
t
ions from shareholders (including
minority shareholders) or from Board members, including with regard to the Board
pro
f
i
le, independence, and diversit y .
x
A:
MANAGEMENT
BODIES
A.3. The Board shall make sure that a
formal, rigorous, and transparent
procedure is established for the
appointment of new Board members.
A.3., 2
The Board, through the Nomina
t
ion and Remunera
t
ion Committee, where established,
shall monitor the nomina
t
ion process for candidates for the posi
t
ion of Board membe r .
x
A:
MANAGEMENT
BODIES
A.3. The Board shall make sure that a
formal, rigorous, and transparent
procedure is established for the
appointment of new Board members.
A.3., 3
x
Th e Compan y shal l inform th e shareholders of the experienc e and CV of the candidates
for the posi
t
ion of Board membe r , as required for them to make an informed decision
regarding the appointment or renewal of the mandate of Board members, including
the following:
• the professional commitments and engagements of the candidates, including
execu
t
ive and non-execu
t
iv e posi
t
ions held in companies, publi c authori
t
ies, non-pro
f
i
t
organisa
t
ions and other organisa
t
ions;
• any exis
t
ing or poten
t
ial con
f
l
icts of interest, including whether they have business,
family or other rela
t
ionships that could affect their performance as Board members;
• which shareholder or Board member has proposed each candidate for the posi
t
ion
of Board membe r .
A:
MANAGEMENT
BODIES
A.3. The Board shall make sure that a
formal, rigorous, and transparent
procedure is established for the
appointment of new Board members.
29
AEROSTAR
Annual report 2025
Sec
t
i
on Principle
Provision
No.
Provision (detailed)
Explana
t
i
on
(text and URL
Y es Par
t
i
al No link if the
document is on
the website)
A: MANAGEMENT BODIES
A:
MANAGEMENT
BODIES
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts of
interest.
A.4., 1
The Board shall establish an Audit Committee to enhance its oversight of
f
i
nancial
repor
t
ing, the internal control framework, internal and external audit processes, and
compliance with applicable laws and regula
t
ions. Where not legally required or where a
dedicated risk management committee has not already been established, the Audit
Committee shall also include responsibili
t
ies for monitoring the effec
t
iveness of the
risk management framework.
x
A.4., 2
It is recommended that the Audit Committee be composed solely of non-execu
t
ive
Board members. It is also recommended that the majority of the Committee members
be independent, including the President of the Committee. The Audit Committee must
collec
t
ively possess relevant exper
t
ise in the area in which the Company operates. The
Committe e and its members shal l compl y with al l applicabl e na
t
iona l and th e European
legisla
t
ion.
x
A:
MANAGEMENT
BODIES
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts of
interest.
The Boards of companies listed in the Premium Category shall establish a Nomina
t
ion
and Remunera
t
ion Committee composed of non-execu
t
ive Board members. It is
recommended tha t th e majorit y o f th e Committe e members b e independent , including
A.4., 3 the President of the Committee. The Board may also establish separate Nomina
t
ion
and Remunera
t
ion Committees, where the Board’s composi
t
ion allows and where this
is jus
t
i
f
i
ed, taking into account the size and complexity of the business and the
Company’s governance structures.
Not
applicable
An Audit
Committee has
been
established in
accordance with
the applicable
legal provisions,
composed of
external and
independent
members. They
comply with all
applicable legal
regula
t
ions,
both na
t
ional
and European.
AEROSTAR
Annual report
2025
A:
MANAGEMENT
BODIES
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts of
interest.
30
A:
MANAGEMENT
BODIES
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts
of interest.
A.4., 4
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on the
website)
A: MANAGEMENT BODIES
In addi
t
ion to its speci
f
i
c responsibili
t
ies, as set out in this Code, the Nomina
t
ion and
Remunera
t
ion Committee shall:
x
T o date, no
Nomina
t
ion and
Remunera
t
ion
Committee has been
established;
howeve r , all speci
f
i
c
responsibili
t
ies are
exercised at the level
of the Board of
Directors in
accordance with the
Nomina
t
ion and
Evalua
t
ion Policy .
A:
MANAGEMENT
BODIES
A.4., 5
The roles and responsibili
t
ies of the Board’s committees shall be de
f
i
ned in separate
internal regula
t
ions (rules of procedure) and published on the Company’s website.
Where the Company chooses not to establish any Board committees that are not
legally required, the corresponding tasks and responsibili
t
ies shall be carried out by
the Board and shall be appropriately re
f
l
ected in the Board’s internal regula
t
ions.
x
A:
MANAGEMENT
BODIES
A.4., 6
The independence of committee members, including those appointed by the
General Mee
t
ing of Shareholders, shall be assessed using the same procedure
applicable to independent Board members.
x
A:
MANAGEMENT
BODIES
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts
of interest.
A.4., 7
The Presidents of the Audit Committee and the Nomina
t
ion and Remunera
t
ion
Committee shall not be the President of the Board or of any other committees,
except where this is jus
t
i
f
i
ed by the size of the Board.
x
i. Review and recommend to the Board the size and composi
t
ion of the Board and
oversee the crea
t
ion and ongoing review of the Board pro
f
i
le;
ii. Iden
t
ify quali
f
i
ed individuals to become members of the Board and execu
t
ive
management, if requested; evaluate candidates for execu
t
ive management
posi
t
ions; evaluate candidates proposed by shareholders or Board members for
Board membership and report accordingly to AGA (the General Mee
t
ing of
Shareholders);
iii. Make recommenda
t
ions to the Board regarding appointments to committees
(other than the Nomina
t
ion and Remunera
t
ion Committee);
i v . Coordinate an annual evalua
t
ion of the Board, Board members, and committees
in accordance with the provisions of Principle A.5.;
v . Assist the Board in ful
f
i
lling its responsibili
t
ies rela
t
ing to the Company’s
remunera
t
ion policy;
vi. Assist the Board in developing succession plans for execu
t
ive management,
including emergency succession plans and the recruitment process for the Chief
Execu
t
ive Oficer, as applicable;
vii. Oversee the administra
t
ion of the Company’s compensa
t
ion and bene
f
i
ts plans.
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts
of interest.
A.4. The Board shall establish committees
to assist it in ful
f
i
lling its key
responsibili
t
i
es, in addressing strategic
challenges, and in managing sensi
t
i
ve
matters with a high poten
t
i
al for con
f
l
icts
of interest.
The Audit Committee
is composed of
external members.
T o date, no
Nomina
t
ion and
Remunera
t
ion
Committee has been
established.
31
AEROSTAR
Annual report 2025
A:
MANAGEMENT
BODIES
A.5. The Board shall establish robust
Board procedures, as well as
mechanisms for the ongoing evalua
t
i
on
and development of the Board, in order
to enhance the competencies of Board
members and their ability to effec
t
i
vely
ful
f
i
l their responsibili
t
i
es.
A.5., 1
x
A:
MANAGEMENT
BODIES
A.5., 2
The Board shall meet whenever necessar y , but not less than six (6)
t
imes per yea r .
x
A:
MANAGEMENT
BODIES
A.5., 3
The Board may request the appointment of a Secretary General to assist the Board in
complying with its obliga
t
ions under the la w , the Board’s internal regula
t
ions, and other
policies. The Secretary General shall be a senior expert within the Compan y , tasked with
assis
t
ing the Board and its committees in organising their ac
t
ivi
t
ies, preparing mee
t
ings,
conduc
t
ing the annual evalua
t
ion of the Board’s and committees’ performance, as well as
coordina
t
ing training programmes for Board members, if required.
x
A:
MANAGEMENT
BODIES
A.5., 4
The Board shall clearly de
f
i
ne the rights and responsibili
t
ies, scope of authorit y , and
other matters rela
t
ing to the Secretary General.
x
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
A: MANAGEMENT BODIES
The President of the Board is primarily responsible for ensuring that the Board func
t
ions
properly . The Board’s internal regula
t
ions shall set out the role and responsibili
t
ies of the
President of the Board, and the President shall, at a minimum:
• Set the agenda for Board mee
t
ings, chair those mee
t
ings, and ensure that minutes are
accurately recorded;
• Ensure that the Board receives accurate,
t
imely , useful, and concise informa
t
ion to
enable it to make well-informed decisions;
• Ensure that the Board has suficient
t
ime for consulta
t
ion and decision-making;
• Facilitate the proper func
t
ioning of committees and ensure effec
t
ive communica
t
ion
with the Board’s committees, including relevant opera
t
ional reports from committees to
the full Board;
• Ensure that the performance of the Board is evaluated and discussed at least annually
and publicly disclosed in accordance with Provision D.1., 3;
• Ensure that the Board maintains an appropriate working rela
t
ionship with the
execu
t
ive management. The Chief Execu
t
ive Oficer and the President of the Board
(where these posi
t
ions are held by different individuals) shall meet periodically;
• Address and manage internal disputes and con
f
l
icts of interest involving Board
members.
A.5. The Board shall establish robust
Board procedures, as well as
mechanisms for the ongoing evalua
t
i
on
and development of the Board, in order
to enhance the competencies of Board
members and their ability to effec
t
i
vely
ful
f
i
l their responsibili
t
i
es.
A.5. The Board shall establish robust
Board procedures, as well as
mechanisms for the ongoing evalua
t
i
on
and development of the Board, in order
to enhance the competencies of Board
members and their ability to effec
t
i
vely
ful
f
i
l their responsibili
t
i
es.
A.5. The Board shall establish robust
Board procedures, as well as
mechanisms for the ongoing evalua
t
i
on
and development of the Board, in order
to enhance the competencies of Board
members and their ability to effec
t
i
vely
ful
f
i
l their responsibili
t
i
es.
AEROSTAR
Annual report
2025
32
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
A: MANAGEMENT BODIES
A:
MANAGEMENT
BODIES
A.5. The Board shall establish robust Board
procedures, as well as mechanisms for the
ongoing evalua
t
i
on and development of the
Board, in order to enhance the A.5., 5
competencies of Board members and their
ability to effec
t
i
vely ful
f
i
l their
responsibili
t
i
es.
The Board and its committees shall prepare and approve an internal annual work plan
iden
t
ifying the subjects to be addressed during the year before the end of the
preceding yea r . Th e plan shall tak e int o account matters requiring proposals to the AGA
(The General Mee
t
ing of Shareholders), repor
t
ing by execu
t
ive management and
internal control func
t
ions, the necessary frequency of Board and committee mee
t
ings,
and shall be reviewed by the President with the support of the Secretary General.
x
A:
MANAGEMENT
BODIES
A.5. The Board shall establish robust Board
procedures, as well as mechanisms for the
ongoing evalua
t
i
on and development of the
Board, in order to enhance the A.5., 6
competencies of Board members and their
ability to effec
t
i
vely ful
f
i
l their
responsibili
t
i
es.
The Board shall conduct an annual evalua
t
ion of the composi
t
ion, ac
t
ivi
t
ies, and
dynamics of the Board and its committees, both individually and collec
t
ivel y . This
evalua
t
ion shall be coordinated by the Nomina
t
ion and Remunera
t
ion Committee.
x
A:
MANAGEMENT
BODIES
The Nomina
t
ion and Remunera
t
ion Committee shall share the results of the Board
evalua
t
ion with the full Board and determine any follow-up ac
t
ions, if necessar y ,
including professional development and training plans for the Board to address any
gaps.
x
A:
MANAGEMENT
BODIES
A.5. The Board shall establish robust Board
procedures, as well as mechanisms for the
ongoing evalua
t
i
on and development of the
Board, in order to enhance the A.5., 8
competencies of Board members and their
ability to effec
t
i
vely ful
f
i
l their
responsibili
t
i
es.
x
The Board’s internal regula
t
ions shall provide for induc
t
ion programmes for newly
appointed Board members, delivered by the Company’s internal staff . The Board’s
internal regula
t
ions may refer to con
t
inuing training programmes for the Board
members, if required. The implementa
t
ion of induc
t
ion and con
t
inuing training
programmes for Board members (as decided by the Board) shall be overseen by the
Nomina
t
ion and Remunera
t
ion Committee, with the support of the Secretary General.
Based on the results of the annual Board evalua
t
ion, the Nomina
t
ion and
Remunera
t
ion Committee, together with the President of the Board, shall develop
professional development programmes focused on areas where capacity should be
built among the Board members.
A.5. The Board shall establish robust Board
procedures, as well as mechanisms for the
ongoing evalua
t
i
on and development of the
Board, in order to enhance the A.5., 7
competencies of Board members and their
ability to effec
t
i
vely ful
f
i
l their
responsibili
t
i
es.
33
AEROSTAR
Annual report 2025
A:
MANAGEMENT
BODIES
A.6., 1
The execu
t
ive management shall manage the Company and be accountable to the
Board. The division of responsibili
t
ies between the Board and the execu
t
ive
management , and amon g th e members o f th e execu
t
iv e management , shall b e clearly
ar
t
iculated in the Company’s cons
t
itu
t
ional documents and the internal regula
t
ions.
x
A.6., 2
Where the roles of President of the Board and Chief Execu
t
ive Oficer are exercised by
the same individual, the dis
t
inct responsibili
t
ies of the President of the Board and the
Chief Execu
t
ive Oficer shall be clearly de
f
i
ned and differen
t
iated in the
Company’s cons
t
itu
t
ional documents.
Not
applicable
A:
MANAGEMENT
BODIES
A.6., 3
The Board shall ensure that the execu
t
ive management is composed of individuals
with appropriate knowledge, skills, diversity and experience to support the successful
performance of the Compan y , and that measures are in place to ensure the orderly
succession of the execu
t
ive management.
x
A:
MANAGEMENT
BODIES
A.6., 4
The Board, with the support of the Nomina
t
ion and Remunera
t
ion Committee, shall
annually evaluate the performance of the execu
t
ive management, including the
effec
t
iveness of its coopera
t
ion with the Board and the informa
t
ion provided to the
Board.
x
AEROSTAR
Annual report
2025
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
A: MANAGEMENT BODIES
A.6. The execu
t
i
ve management is
responsible for the day-to-day
management of the Company. The Board
shall ensure that the execu
t
i
ve
management is capable of effec
t
i
vely
managing the Company, and that the
composi
t
i
on, competence, roles, and
incen
t
i
ves of the execu
t
i
ve management
support the successful implementa
t
i
on of
the Company’s strategy and plans.
A:
MANAGEMENT
BODIES
A.6. The execu
t
i
ve management is
responsible for the day-to-day
management of the Company. The Board
shall ensure that the execu
t
i
ve
management is capable of effec
t
i
vely
managing the Company, and that the
composi
t
i
on, competence, roles, and
incen
t
i
ves of the execu
t
i
ve management
support the successful implementa
t
i
on of
the Company’s strategy and plans.
A.6. The execu
t
i
ve management is
responsible for the day-to-day
management of the Company. The Board
shall ensure that the execu
t
i
ve
management is capable of effec
t
i
vely
managing the Company, and that the
composi
t
i
on, competence, roles, and
incen
t
i
ves of the execu
t
i
ve management
support the successful implementa
t
i
on of
the Company’s strategy and plans.
A.6. The execu
t
i
ve management is
responsible for the day-to-day
management of the Company. The Board
shall ensure that the execu
t
i
ve
management is capable of effec
t
i
vely
managing the Company, and that the
composi
t
i
on, competence, roles, and
incen
t
i
ves of the execu
t
i
ve management
support the successful implementa
t
i
on of
the Company’s strategy and plans.
34
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
x
The Board shall adopt a formal risk management policy to ensure the prope r ,
complete, and
t
imely iden
t
i
f
i
ca
t
ion, measurement, and repor
t
ing of risks, the
existence of adequate and feasible risk control measures, as well as the integra
t
ion of
E&S risks into th e ris k management framework, in order to implemen t th e Company’s
strategy .
x
The Board and the Audit Committee shall understand emerging changes related to
informa
t
ion technology and ar
t
i
f
i
cial intelligence in order to mi
t
igate cybersecurity
risks. The Board’s agenda shall allocate
t
ime to AI and cybersecurity risks and
opportuni
t
ies to ensure the understanding of cybersecurity protec
t
ion.
x
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
It is advisable that the Company establishes a risk management func
t
ion responsible
for ensuring the prope r , complete, and
t
imely iden
t
i
f
i
ca
t
ion of risks, ensuring that
adequate and feasible risk control measures are in place and that risk management
procedures are monitored. The risk management func
t
ion, through the Chief Risk
Oficer (CRO), if one exists, shall have direct communica
t
ion and func
t
ional repor
t
ing to
the Board and the Audit Committee (if there is no dedicated Risk Committee).
x
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.1. The Company shall maintain an
adequate and effec
t
i
ve internal control
framework and risk management
framework, taking into account its strategy, B.1., 5
size, opera
t
i
onal complexity, and risk pro
f
i
le,
including the poten
t
i
al environmental and
social impact of its ac
t
i
vi
t
i
es.
x
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
B: RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK
The Board shall determine the nature and extent of the risks the Company is willing to
assume as necessary to achieve its strategic objec
t
ives (i.e., the Company’s risk
appe
t
ite) and shall ensure that clear structures, policies, and procedures are in place to
iden
t
if y , assess, report, manage, and monitor signi
f
i
cant and emerging risks,
including sustainability risks, cybersecurity risks, and risks related to the use of digital
technologies. The Board shall explain in the annual report the mechanisms and
processes established for risk iden
t
i
f
i
ca
t
ion and management.
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.1. The Company shall maintain an
adequate and effec
t
i
ve internal control
framework and risk management
framework, taking into account its strategy, B.1., 1
size, opera
t
i
onal complexity, and risk pro
f
i
le,
including the poten
t
i
al environmental and
social impact of its ac
t
i
vi
t
i
es.
B.1. The Company shall maintain an
adequate and effec
t
i
ve internal control
framework and risk management
framework, taking into account its strategy, B.1., 2
size, opera
t
i
onal complexity, and risk pro
f
i
le,
including the poten
t
i
al environmental and
social impact of its ac
t
i
vi
t
i
es.
B.1. The Company shall maintain an
adequate and effec
t
i
ve internal control
framework and risk management
framework, taking into account its strategy, B.1., 3
size, opera
t
i
onal complexity, and risk pro
f
i
le,
including the poten
t
i
al environmental and
social impact of its ac
t
i
vi
t
i
es.
B.1. The Company shall maintain an
adequate and effec
t
i
ve internal control
framework and risk management
framework, taking into account its strategy, B.1., 4
size, opera
t
i
onal complexity, and risk pro
f
i
le,
including the poten
t
i
al environmental and
social impact of its ac
t
i
vi
t
i
es.
The Board, assisted by the Audit Committee, shall evaluate at least annually the
adequacy and effec
t
iveness of the Company’s risk management and internal control
framework (including opera
t
ional and compliance controls) and make relevant
recommenda
t
ions. The evalua
t
ion shall take into account the effec
t
iveness and scope
of the internal audit func
t
ion, the adequacy of risk management and compliance,
interna l contro l reports - i f required by applicable law - addressed t o th e Board’s Audit
Committee, the responsiveness and effec
t
iveness of management in addressing
iden
t
i
f
i
ed internal control de
f
i
ciencies or weaknesses, and the submission of relevant
reports to the Board.
35
AEROSTAR
Annual report 2025
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
The Board shall develop and make available on the Company’s website, free of charge,
B.1., 6 a whistleblowing mechanism that allows employees and other stakeholders to report
alleged viola
t
ions or irregulari
t
ies in accordance with applicable law.
x
x
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.2. The Audit Committee shall assist the
Board in ensuring the integrity of
f
i
nancial
and non-
f
i
nancial repor
t
i
ng, establishing an
effec
t
i
ve risk management and internal
control framework, and maintaining an
appropriate rela
t
i
onship with the
Company’s external auditors.
Whenever the Code refers to reviews or analyses to be carried out by the Audit
B.2., 2 Committee, these shall be followed by periodic (at least annual) or ad hoc reports to
be submitted to the Board.
x
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
B: RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK
B.1. The Company shall maintain an
adequate and effec
t
i
ve internal control
framework and risk management
framework, taking into account its strategy,
size, opera
t
i
onal complexity, and risk
pro
f
i
le, including the poten
t
i
al
environmental and social impact of its
ac
t
i
vi
t
i
es.
In addi
t
ion to its responsibili
t
ies set out in the applicable legisla
t
ion and elsewhere in
the Code, the Audit Committee shall:
• Review the internal controls and the risk management framework within the
Company;
• Monitor th e developmen t and implementa
t
ion of th e Company’s policies on con
f
l
icts
of interest and related-party transac
t
ions;
• Ensure the independence and review the effec
t
iveness of the Company’s internal
B.2., 1 audit func
t
ion and submit recommenda
t
ions to the Board;
• Oversee the internal audit func
t
ion;
• Oversee the prepara
t
ion of sustainability reports and the informa
t
ion included
therein, unless such responsibility is assigned to another committee;
• Oversee the framework for ensuring the Company’s compliance with applicable legal
and regulatory requirements, as well as with the Company’s internal regula
t
ions (such as
procedures for repor
t
ing breaches of the law or of the Company’s Code of Conduct),
unless such responsibility is assigned to another committee.
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.2. The Audit Committee shall assist the
Board in ensuring the integrity of
f
i
nancial
and non-
f
i
nancial repor
t
i
ng, establishing an
effec
t
i
ve risk management and internal
control framework, and maintaining an
appropriate rela
t
i
onship with the
Company’s external auditors.
The Audit Committee shall monitor the independence and objec
t
ivity of the external
audito r . The Committee should approve a policy regarding the provision of permitted
B.2., 3 non-audit services by the external audito r , in accordance with legal requirements, and
ensure the implementa
t
ion of this polic y . The Committee’s
f
i
ndings regarding the
independence of the external auditor shall be disclosed in the annual report.
x
AEROSTAR
Annual report
2025
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.2. The Audit Committee shall assist the
Board in ensuring the integrity of
f
i
nancial
and non-
f
i
nancial repor
t
i
ng, establishing an
effec
t
i
ve risk management and internal
control framework, and maintaining an
appropriate rela
t
i
onship with the
Company’s external auditors.
36
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
B: RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.2. The Audit Committee shall assist the
Board in ensuring the integrity of
f
i
nancial
and non-
f
i
nancial repor
t
i
ng, establishing an
effec
t
i
ve risk management and internal B.2., 4
control framework, and maintaining an
appropriate rela
t
i
onship with the
Company’s external auditors.
The Audit Committee shall discuss the annual work plan with the external audito r ,
covering the scope and materiality of the ac
t
ivi
t
ies to be audited. The Audit Committee
shall meet with the external auditor whenever necessary to discuss iden
t
i
f
i
ed issues
and to monitor the quality of the services provided.
x
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
The Board shall make sure that the internal audit func
t
ion has the appropriate
authorit y , resources, and procedures to assist the Board in ensuring the effec
t
iveness
and eficiency of the Company’s risk management and internal control framework.
x
T o ensure the ful
f
i
llment of the core responsibili
t
ies of the internal audit func
t
ion, the
person responsible for this func
t
ion shall be appointed and shall report func
t
ionally
directly to the Board, through the Audit Committee, which is responsible for approving
their appointment and dismissal. This shall not affect administra
t
ive repor
t
ing to the
Chief Execu
t
ive Oficer or the exchange of informa
t
ion with the Company’s execu
t
ive
management, in accordance with legal requirements and professional standards.
x
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
The internal audit func
t
ion shall be established in accordance with applicable legal
requirements and industry standards (e.g., those of the Ins
t
itute of Internal Auditors).
The internal audit authorit y , composi
t
ion, remunera
t
ion, annual budget, working
procedures, and other relevant aspects shall be governed by an internal audit
regula
t
ions, approved by the Board upon the recommenda
t
ion of the Audit
Committee.
x
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
The Audit Committee shall agree on an annual internal audit work plan together with
the internal audito r , receive internal audit reports and updates on key audit matters,
monitor the implementa
t
ion of internal audit recommenda
t
ions, and provide the
necessary guidance.
x
B.3. The Board shall ensure the
independence of the internal audit
func
t
i
on. The Company’s internal audit
func
t
i
on shall provide independent and B.3., 1
objec
t
i
ve assurance regarding the
effec
t
i
veness of the risk management and
internal control framework.
B:
RISK
MANAGEMENT
AND INTERNAL
CONTROL
FRAMEWORK
B.3. The Board shall ensure the
independence of the internal audit
func
t
i
on. The Company’s internal audit
func
t
i
on shall provide independent and B.3., 2
objec
t
i
ve assurance regarding the
effec
t
i
veness of the risk management and
internal control framework.
B.3. The Board shall ensure the
independence of the internal audit
func
t
i
on. The Company’s internal audit
func
t
i
on shall provide independent and B.3., 3
objec
t
i
ve assurance regarding the
effec
t
i
veness of the risk management and
internal control framework.
B.3. The Board shall ensure the
independence of the internal audit
func
t
i
on. The Company’s internal audit
func
t
i
on shall provide independent and B.3., 4
objec
t
i
ve assurance regarding the
effec
t
i
veness of the risk management and
internal control framework.
37
AEROSTAR
Annual report 2025
C:
PERFORMANCE,
MOTI VA TION
AND REWARD
Members of the Board shall receive remunera
t
ion in accordance with the Company’s
Remunera
t
ion Polic y . Members who also serve on the Board’s committees shall
receive addi
t
ional remunera
t
ion for this ac
t
ivity. Howeve r , under no circumstances
shall such remunera
t
ion be linked to the number of Board or Committee mee
t
ings.
x
The Board shall determine the annual remunera
t
ion of execu
t
ive management based
on the recommenda
t
ions of the Nomina
t
ion and Remunera
t
ion Committee and in
accordance with the Company’s Remunera
t
ion Polic y . The Remunera
t
ion Policy shall
be developed in compliance with the relevant legal requirements.
x
C:
PERFORMANCE,
MOTI VA TION
AND REWARD
The remunera
t
ion levels for execu
t
ive management and the key performance
indicators considered in determining the variable (performance-based) por
t
ion of
remunera
t
ion shall be established in advance and be measurable and appropriate in
rela
t
ion to the agreed strateg y , risk appe
t
ite, the economic environment in which the
Company operates, as well as the remunera
t
ion and condi
t
ions of the Company’s
employees. In par
t
icula r , these should include indicators rela
t
ing to non-
f
i
nancial
performance and appropriate sustainability objec
t
ives.
x
There is no
variable
remunera
t
ion
approved by AGA
(The General
Mee
t
ing of
Shareholders) for
the execu
t
ive
management.
C:
PERFORMANCE,
MOTI VA TION
AND REWARD
The Company’s shares and/or stock op
t
ions shall cons
t
itute a material por
t
ion (e.g.,
not less than 10%) of the total variable remunera
t
ion of the execu
t
ive management
membe r .
x
AEROSTAR
Annual report
2025
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
C: PERFORMANCE, MOTI VA TION AND REWARD
C.1. Members of the Board shall receive
remunera
t
i
on commensurate with the
scope and signi
f
i
cance of their du
t
i
es and
responsibili
t
i
es, rather than the
performance of management or the C.1., 1
Company. The structure and level of Board
members’ remunera
t
i
on shall enable the
Company to attract, retain, and mo
t
i
vate
competent and quali
f
i
ed Board members.
C:
PERFORMANCE,
MOTI VA TION
AND REWARD
C.2. The Board shall ensure that there is a
formal and transparent policy and
procedure for determining the
remunera
t
i
on of execu
t
i
ve management,
aligned with the Company’s long-term C.2., 1
interests and strateg y . This policy shall be
submitted to AGA (The General Mee
t
i
ng of
Shareholders) for approval, in accordance
with legal requirements.
C.2. The Board shall ensure that there is a
formal and transparent policy and
procedure for determining the
remunera
t
i
on of execu
t
i
ve management,
aligned with the Company’s long-term C.2., 2
interests and strateg y . This policy shall be
submitted to AGA (The General Mee
t
i
ng of
Shareholders) for approval, in accordance
with legal requirements.
C.2. The Board shall ensure that there is a
formal and transparent policy and
procedure for determining the
remunera
t
i
on of execu
t
i
ve management,
aligned with the Company’s long-term C.2., 3
interests and strategy . This policy shall be
submitted to AGA (The General Mee
t
i
ng of
Shareholders) for approval, in accordance
with legal requirements.
There is no variable
remunera
t
ion
approved by AGA
(The General
Mee
t
ing of
Shareholders) for
the execu
t
ive
management.
38
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1., 1
The Company shall ensure that it provides accurate, complete, and
t
imely
f
i
nancial and
opera
t
ional informa
t
ion, including quarterl y , semi-annual, and annual reports, as well
as current reports. The Company shall ensure that all relevant informa
t
ion is readily
accessible to investors, including through the Company’s website and other public
informa
t
ion sources, as applicable.
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
D.1., 2
x
D.1., 3
The Company shall include on its website a dedicated Investor Rela
t
ions sec
t
ion,
containing all relevant informa
t
ion of interest to investors, available in both Romanian
and English.
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1., 3
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
•The key corporate governance documents: the updated Cons
t
itu
t
ive Deed, the
General Mee
t
ing of Shareholders procedures, the Board’s internal regula
t
ions, and the
internal regula
t
ions of the Board’s committees.;
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
D.1., 3
x
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
D: PERFORMANCE, MOTIV A TION AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
It is advisable that the Company establish an Investor Rela
t
ions (IR) func
t
ion and
appoint a dedicated person responsible for the IR func
t
ion. The contact details of the
person or persons responsible for the IR func
t
ion shall be made available on the
Company’s website.
The IR func
t
ion shall report directly to the Chief Execu
t
ive Oficer and/Financial
Directo r , thereby underlining its importance within the Company’s hierarchy and
emphasising its central role in managing and communica
t
ing the Company’s
commitments and posi
t
ion in the capital market.
The Company shall organise induc
t
ion and periodic training, as necessar y , for the IR
func
t
ion, tailored to its speci
f
i
c needs and responsibili
t
ies.
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
• A list of the current members of the Board, the Board’s committees, and Execu
t
ive
Management, indica
t
ing their updated independence status, professional CVs
(including at minimum: full name, gende r , na
t
ionalit y , age; professional experience by
yea r , posi
t
ion, and company; educa
t
ion,
f
i
eld of stud y , and the academic or
professional ins
t
itu
t
ion that awarded the degree/cer
t
i
f
i
ca
t
ion), other professional
commitments, including execu
t
ive and non-execu
t
ive roles as board members of
companies, non-pro
f
i
t organisa
t
ions, and government ins
t
itu
t
ions; rela
t
ionship with
shareholders holding at least 5% of the Company’s vo
t
ing rights/shares; and the term of
appointment of the members of the Board, the committees, and execu
t
ive
management, specifying the date of appointment;
39
AEROSTAR
Annual report 2025
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1., 3
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
•Current and periodic reports (quarterl y , semi-annual, and annual reports);
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1., 3
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
D.1., 3
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
•Informa
t
ion regarding the Board evalua
t
ion, carried out in accordance with provision
A.5., 7, including the evalua
t
ion criteria and process, as well as a summary of the
evalua
t
ion results and of the ac
t
ions that have been or will be taken as a result of the
evalua
t
ion;
x
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
D: PERFORMANCE, MOTIV A TION AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
•Informa
t
ion regarding AGA (The General Mee
t
ing of Shareholders): the agenda,
suppor
t
ing materials, and resolu
t
ion s adopted; th e procedur e fo r holding th e AGA; the
Nomina
t
ion Polic y , together with professional CVs (including at minimum: full name,
gende r , na
t
ionality , age; professional experience by yea r , posi
t
ion, and company;
educa
t
ion,
f
i
eld of stud y , and the academic or professional ins
t
itu
t
ion that awarded
the degree/cer
t
i
f
i
ca
t
ion), as well as any other informa
t
ion speci
f
i
ed in sec
t
ion A.3., 3;
the communica
t
ion channels through which shareholders can submit ques
t
ions to the
Company; the responses to shareholders’ ques
t
ions related to the agenda; the
independence declara
t
ions of the candidates for the Board; and the evalua
t
ions made
by the Nomina
t
ion and Remunera
t
ion Committee/Board for candidates, including
their compliance with the independence criteria;
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1., 3
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.1., 3
x
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
•Informa
t
ion on corporate events, such as the payment of dividends and other
distribu
t
ions to shareholders, or other events affec
t
ing the acquisi
t
ion or limita
t
ion of a
shareholder’s rights, including the
t
iming and principles applied to such opera
t
ions.
This informa
t
ion shall be published within a
t
imeframe that allows investors to make
informed investment decisions;
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
The Company shall include in the dedicated Investor Rela
t
ions sec
t
ion:
•Corporate policies, including the Code of Conduct, Dividend Polic y , Remunera
t
ion
Polic y , Forecas
t
ing Polic y , Investor Communica
t
ion Polic y , Corporate Social
Responsibility (CSR)/Sponsorship Polic y , Related Party Transac
t
ions Polic y , Diversit y ,
Equit y , and Inclusion Polic y , and Whistleblowing Policy (if not already part of the Code of
Conduct);
AEROSTAR
Annual report
2025
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders,
investors, regulatory authori
t
i
es, and other
stakeholders, and establish adequate
systems for
f
i
nancial and sustainability
repor
t
i
ng.
40
D:
PERFORMAN T A,
MOTI V ARE SI
RECOMPENSA
D.1., 4
The Company shall organise at least two mee
t
ings/conference calls with analysts
and investors each yea r . The informa
t
ion presented on these occasions shall be
published in the IR sec
t
ion of the Company’s website at the
t
ime of the
mee
t
ings/conference calls.
x
D:
PERFORMAN T A,
MOTI V ARE SI
RECOMPENSA
D.1., 5
x
D:
PERFORMAN T A,
MOTI V ARE SI
RECOMPENSA
D.1., 6
The Company shall have a CSR/Sponsorship Policy to guide its ac
t
ivi
t
ies in the area
of suppor
t
ing CSR ini
t
ia
t
ives and sponsorship ac
t
ivi
t
ies.
x
D.2., 1
The Company shall adopt a dividend policy represen
t
ing a set of guidelines that the
Company intends to follow with respect to the distribu
t
ion of net pro
f
i
t.
x
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
D: PERFORMANCE, MOTIV A TION AND REWARD
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders, investors,
regulatory authori
t
i
es, and other
stakeholders, and establish adequate systems
for
f
i
nancial and sustainability repor
t
i
ng.
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders, investors,
regulatory authori
t
i
es, and other
stakeholders, and establish adequate systems
for
f
i
nancial and sustainability repor
t
i
ng.
The Company shall disclose signi
f
i
cant and reportable non-
f
i
nancial and
sustainability matters, with a focus on the environmental, social, and governance
(ESG) issues of its business and opera
t
ions, in accordance with the recognized
sustainability repor
t
ing standard. The Company’s sustainability statements shall be
published on its website.
D.1. The Company shall ensure appropriate
communica
t
i
on with shareholders, investors,
regulatory authori
t
i
es, and other
stakeholders, and establish adequate systems
for
f
i
nancial and sustainability repor
t
i
ng.
D:
PERFORMAN T A,
MOTI V ARE SI
RECOMPENSA
D.2. The Company shall ensure the fair and
equitable treatment of all shareholders, as
well as the availability of the means and
informa
t
i
on necessary to enable shareholders
to exercise their rights in rela
t
i
on to the
Company.
D.2., 2
The procedure for conduc
t
ing AGA (The General Mee
t
ing of Shareholders) shall not
restrict the par
t
icipa
t
ion of shareholders in AGA no r the exercise of thei r rights. Any
amendments to the procedure for conduc
t
ing AGA shall enter into force no earlier
than the next AGA.
x
D:
PERFORMAN T A,
MOTI V ARE SI
RECOMPENSA
D.2. The Company shall ensure the fair and
equitable treatment of all shareholders, as
well as the availability of the means and
informa
t
i
on necessary to enable shareholders
to exercise their rights in rela
t
i
on to the
Company.
D.2., 3
External auditors shall attend AGA (The General Mee
t
ing of Shareholders) at which
their reports are presented, in order to respond to shareholders’ ques
t
ions.
x
D:
PERFORMAN T A,
MOTI V ARE SI
RECOMPENSA
D.2. The Company shall ensure the fair and
equitable treatment of all shareholders, as
well as the availability of the means and
informa
t
i
on necessary to enable shareholders
to exercise their rights in rela
t
i
on to the
Company.
41
AEROSTAR
Annual report 2025
Sec
t
i
on Principle
Provision
No.
Provision (detailed) Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
D: PERFORMANCE, MOTIV A TION AND REWARD
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.2. The Company shall ensure the fair and
equitable treatment of all shareholders, as
well as the availability of the means and
informa
t
i
on necessary to enable
shareholders to exercise their rights in
rela
t
i
on to the Company.
D.2., 4
The Board shall present at the annual AGA (General Mee
t
ing of Shareholders) a
summary of the assessment of the adequacy and effec
t
iveness of the risk
management and internal control framework, based on the relevant informa
t
ion
included in the annual report.
x
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.2., 5
The Company shall promote engagement with shareholders and investors by:
•Encouraging ac
t
ive par
t
icipa
t
ion of shareholders in the General Mee
t
ings of
Shareholders, including by ensuring the possibility of virtual par
t
icipa
t
ion;
•Organizing periodic brie
f
i
ngs and updates for investors, especially during signi
f
i
cant
corporate events;
•Establishing channels through which shareholders can provide feedback and ask
ques
t
ions, ensuring that responses are
t
imely and comprehensive.
x
With the excep
t
ion
of virtual
par
t
icipa
t
ion, all
other aspects are
covered.
D:
PERFORMANCE,
MOTI VA TION
AND REWARD
D.2. The Company shall ensure the fair and
equitable treatment of all shareholders, as
well as the availability of the means and
informa
t
i
on necessary to enable
shareholders to exercise their rights in
rela
t
i
on to the Company.
Any professional, consultant, expert, or
f
i
nancial analyst may attend AGA (The General
D.2., 6 Mee
t
ing of Shareholders) upon prior invita
t
ion by the President of the Board.
Accredited journalists may also attend AGA, unless the President decides otherwise.
x
E: SUS T AINABILITY AND S T AKEHOLDERS
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.1. The Company shall integrate
sustainability aspects into its strategy and
mi
t
i
gate any material nega
t
i
ve social and E.1., 1
environmental impacts of its opera
t
i
ons, to
the extent possible.
The Board shall ensure that sustainabilit y , environmental, and social considera
t
ions
are integrated into the Company’s strategy and opera
t
ions, risk management, and
remunera
t
ion prac
t
ices, and shall oversee this integra
t
ion. A specialised sustainability
committe e o r on e o f the Board’s standing committees shal l assis t th e Board in ful
f
i
lling
these responsibili
t
ies.
x
AEROSTAR
Annual report
2025
D.2. The Company shall ensure the fair and
equitable treatment of all shareholders, as
well as the availability of the means and
informa
t
i
on necessary to enable
shareholders to exercise their rights in
rela
t
i
on to the Company.
42
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.1. The Company shall integrate
sustainability aspects into its strategy and
mi
t
i
gate any material nega
t
i
ve social and
environmental impacts of its opera
t
i
ons, to
the extent possible.
E.1., 2
x
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.1. The Company shall integrate
sustainability aspects into its strategy and
mi
t
i
gate any material nega
t
i
ve social and
environmental impacts of its opera
t
i
ons, to
the extent possible.
E.1., 3
Whenever a decision to be made by the Board has a poten
t
ially signi
f
i
cant and
nega
t
ive E&S impact, the Board shall receive from execu
t
ive management (i) an
analysis of how the decision aligns with the Company’s sustainability objec
t
ives and
E&S policies, or (ii) a proposal for measures to mi
t
igate the nega
t
ive E&S impact.
x
Sec
t
i
on
Principle
Provision
No.
Provision (detailed)
Y es Par
t
i
al No
Explana
t
i
on (text
and URL link if the
document is on
the website)
E: SUS T AINABILITY AND S T AKEHOLDERS
The Board shall ensure that the Company’s opera
t
ions are conducted in accordance
with na
t
ional and interna
t
ional E&S standards, and that the Company’s E&S policies
are aligned with its long-term objec
t
ives. In par
t
icula r , the Company shall maintain
internal documents regarding its environmental and social responsibili
t
ies, as well as
policies and procedures enabling it to iden
t
ify signi
f
i
cant factors and assess the impact
on the Company’s ac
t
ivi
t
ies.
E.2., 1
The Board shall ensure that there is a formal process for iden
t
ifying the Company’s
stakeholders, including investors, creditors, customers, employees, and suppliers, as
well as speci
f
i
c approaches for engaging priority stakeholders.
x
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.3., 1
The Board shall develop a mission statement and a vision statement, as well as
ar
t
iculate the Company’s values, so that the en
t
ire organisa
t
ion understands the
Company’s strategic direc
t
ion.
x
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.3. The Board shall adopt a Code of
Conduct (Code of Ethics) with an
appropriate scope, including guiding
principles that re
f
l
ect the Company’s
commitment to ethics, integrity, and
quality of performance.
E.3., 2
The Board shall adopt a Code of Conduct for the Board members, execu
t
ive
management, and employees of the Compan y , with clear provisions aimed at
preven
t
ing and sanc
t
ioning fraud and briber y . The Board shall not allow any
exemp
t
ions from the ethical requirements for any Board membe r , execu
t
ive
management, or employee.
x
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.3. The Board shall adopt a Code of
Conduct (Code of Ethics) with an
appropriate scope, including guiding
principles that re
f
l
ect the Company’s
commitment to ethics, integrity, and
quality of performance.
E.3., 3
The Board shall ensure that the policies in the Code of Conduct are integrated into the
Company’ s prac
t
ices and incorporated int o th e onboarding proces s o f new employees.
The Board shall ensure effec
t
ive implementa
t
ion and monitoring of compliance with
the Code of Conduct and shall review it periodically .
x
E:
SUS T AINABILITY
AND
S T AKEHOLDERS
E.2. The Company shall have in place a
process for iden
t
i
fying stakeholders
affected by the Company’s opera
t
i
ons. The
Board shall take into account the interests
of stakeholders and ensure that there is
ac
t
i
ve communica
t
i
on between the
Company and its stakeholders.
E.3. The Board shall adopt a Code of
Conduct (Code of Ethics) with an
appropriate scope, including guiding
principles that re
f
l
ect the Company’s
commitment to ethics, integrity, and
quality of performance.
43
AEROSTAR
Annual report 2025
44 AEROSTAR
Annual report 2025
The shares of Aerostar S.A. Bacău have been traded since 1998 on the regulated market operated by
the Bucharest Stock Exchange.
Main characteristics of the securities issued : 152.277.450 registered, ordinary shares of equal value,
fully paid, issued in dematerialised form and recorded by entry in the Shareholders’ Register. The
register is managed by Depozitarul Central S.A., Bucharest.
The issuer Aerostar S.A. Bacău is registered with the following details: Unique Registration Code
950531, ISIN code ROAEROACNOR5, stock exchange symbol ARS, all issued shares being included in
the Standard category.
152.277.450
152.277.450
152.277.450
0,32
0,32
0,32
9,40
8,48
8,75
1.431.408.030
1.291.312.776
1.332.427.688
9,90
10,30
9,50
8,18
8,02
7,00
0,644
0,629
0,611
Aerostar shares – key figures
31.12.2025
31.12.2024
31.12.2023
Number of shares
Nominal value per share (RON)
Price at the end of the period (RON)*
Market capitalisation (RON)*
Maximum price (RON)*
Minimum price (RON)*
Earnings per share (RON)
9
.
72
8.00
9.50
10.00
9
.
76
9
.
70
8
.
30
9
.
40
8
.
82
9
.
55
9
.
48
9
.
25
9
.
00 8
.
92
9
.
22
9
.
14
9
.
14
9
.
10
8
.
84
8
.
94
8
.
78
8
.
72
8
.
50
8
.
48
9
.
38
9
.
38
9
.
40
8.50
8
.
48
9.00
8
.
75
7.50
01
.
01
.
31
.
01
.
29
.
02 31
.
03
.
30,04 31,05 30,06 31,07 31,08 30,09 31
.
10 30,11 31,12
YEAR 2024 YEAR 2025
AEROS T AR SHARE
45 AEROSTAR
Annual report 2025
AEROS T AR SHAREHOLDERS
The significant shareholders o f AEROSTAR S.A. are IAROM S.A., Bucharest , and EVERGENT Investments
S.A., Bacău. The summary structure of the company’s shareholding as at 31 December 2025 is
presented as follows:
108.910.958
71,5213
23.053.957
15,1394
20.312.535
13,3393
152.277.450
100%
REL A TED P ARTIES
Shareholders
Number of shares
Percentage %
IAROM S.A.
Evergent Investments S.A.
Other shareholders
T otal
As at 31.12.2025, AEROSTAR S.A.’s shareholdings in other companies are as follows:
Name of
branch/
subsidiary
Number of
Core ac
t
i
vity shares held Vo
t
i
ng rights
by Aerostar
Value of
Aerostar’s
holding
(thousand
RON)
Financial informa
t
i
on for the last
f
i
nancial year
(2024) for which the
f
i
nancial statements of the
afiliated companies were approved
Sales
(thousand
RON)
Equity
(thousand RON)
Net pro
f
i
t
(thousand
RON)
Airpro
Consult S.R.L.
Bacău
cod CAEN
7820
100 100%
10 18.800
1.036
721
Foar S.R.L.
Bacău
cod CAEN
7739
800 100%
211 306
556
124
TO T AL 221 19.106 1.592 845
Aerostar’s shareholdings in these companies are recorded at cost. Both companies in which Aerostar
holds stakes are incorporated in Romania. Transactions with related parties are reported in the
Financial Statements under Note 26.
T ANGIBLE ASSETS
Aerostar S.A.’s production facilities and capacities are located at the registered office in Bacău,
Romania, at 9 Condorilor Street, postal code 600302, which is also the company’s head office, at the
secondary office without legal personality and branch in Iași, at 25B Aeroportului Street, and at the
secondary office without legal personality and branch in Fetești, at 2 Carpați Street, ap. 7. The
company owns land with a total area of 49.17 hectares, with access to European Road E85. Aerostar
has direct access to the runway of “George Enescu” Airport in Bacău. At the registered office, all types of
facilities necessary for the proper execution of production activities, in accordance with the
company’s object of activity, are constructed.
46 AEROSTAR
Annual report 2025
The production areas include hangars, industrial halls, test benches, and spaces for administrative and
social activities. The company also owns office spaces for technical and economic activities. All these
spaces are maintained in good condition. The total built-up area of the buildings is approximately
14,54 hectares.
Aerostar S.A.’s assets are managed in compliance with the Health, Safety, and Environmental
management system, by observing the applicable occupational safety legislation and regulations, as
well as the property protection and security norms. As at 31 December 2025, Aerostar S.A. Bacău
owns tangible assets for operational purposes with a gross value of 412.280 thousand RON,
comprising land, buildings, special constructions, technological installations, equipment, and means of
transport, as follows:
31.171
N/A
103.410
55,55%
12.964
54,44%
250.078
75,39%
10.607
73,69%
Category of propert y , plant and
equipment
Gross carrying amount
(thousand RON)
Deprecia
t
i
on rate
(%)
Es
t
i
mated useful life
(years)
Land
N/A
Buildings
30-50 years
Investment property
25-50 years
T echnical installa
t
i
ons, of which:
260.686
75,32%
T echnological equipment
4-25 years
Means of transport
4-18 years
Other propert y , plant and
equipment
4.050
67,98%
2-18 years
TO T AL
412.280
63,94%
N/A
During 2025, no risks related to ownership of property, plant and equipment were identified.
47 AEROSTAR
Annual report 2025
STR A TEG Y , BUSINESS MODEL AND V ALUE CHAIN
III
STR A TEGY
SBM-1
In its annual and periodic repor
t
ing, the company presents relevant performance indicators in a
transparent manne r , in accordance with interna
t
ional best prac
t
ices and applicable legisla
t
ion. These
reports re
f
l
ect con
t
inuous progress and a rigorous approach in managing economic, social, and
environmental matters.
The AEROS T A R strateg y involves increasin g commitment to al l matters o f sustainabilit y . W e aim to align
ourselves with global requirements and trends, channelling our efforts into achieving the main goal of
increasing sustainability by combining pro
f
i
tability with responsibilit y , increasing value in the short,
medium, and long term, and thus improving the company’s performance.
The strategic objec
t
ives set at the execu
t
ive-opera
t
ional management level form the basis for the
prepara
t
ion of annual ac
t
ivity plans. These plans are designed as dynamic instruments, adaptable to
opera
t
ional context and evolving stakeholder expecta
t
ions. Through this
f
l
exible approach, AEROS T AR
strengthens its capacity to respond effec
t
ively to challenges and opportuni
t
ies in its opera
t
ional
domain.
In s etin g the company’s objec
t
ives for 2025, both the development strategy and our mission were
taken into account, in line with the three business lines.
Our medium- and long-term strategy focuses on:
·
Enhancin g performance throug h the con
t
inuous improvement of ac
t
ivi
t
ies, processes, products,
and services;
·
Con
t
inuous compliance with environmental protec
t
ion standards, all quality requirements, and
na
t
ional and interna
t
ional regula
t
ions;
·
Professional development of employees in the spirit of integrit y , innova
t
ion, and ini
t
ia
t
ive, and
maintaining a thriving social dialogue;
·
Ensuring a quali
f
i
ed workforce in line with the company’s needs;
·
Increasing eficiency and reducing costs;
·
Maintaining our status as a top employer;
·
Mee
t
ing customer requirements and ensuring full safety for our employees;
·
Crea
t
ing value for the community and strengthening collabora
t
ive rela
t
ionships.
The company’s management policy is focused on maintaining a solid capital base for continuous
development in the context of the global market and competitive edge through high-level quality,
capabilities, and technologies to support sustainable and organized development and, implicitly, to
achieve strategic objectives.
48 AEROSTAR
Annual report 2025
SUS T AINABILITY STR A TEGY
OUR CUSTOMERS’
SATISFACTION
Developing partnerships
so that we represent a
benchmark for our
customers;
Strengthening our
position as a strategic
player in the civil and
military aviation industry
and creating sustainable
added value;
Transparent practices
based on integrity and
business ethics
Focus on customers and
end-users
We uphold the highest
standards of professional
ethics!
For further details,
see chapter
Value Chain
Social Information
End-users-ESRS S4
ENGAGEMENT
WITH AND
DEVELOPMENT OF
THE COMMUNITY
Ongoing dialogue with
local communities, in line
with our desired goal of
positively influencing the
community
Developing partnerships
to attract young people
to internships and study
programmes;
Continuing scholarship
programmes for students
in dual education
Improving professional
and social integration.
Actions for the benefit of
the community!
For further details,
see chapter
Social Information
Affected Communities-
ESRS S3
TOP
EMPLOYER
Engaging our employees
in professional
development and
supporting an inclusive
culture, where each
employee can reach their
full potential and
contribute with our
support, thus ensuring
the evolution of
tomorrow’s professions;
Improving the quality of
life at the workplace,
ensuring the health and
safety of employees, and
maintaining a thriving
social dialogue;
Promoting a culture of
occupational health and
safety.
Continuing the training
and professional
development
programmes
We respect, support, and
guarantee equal, non-
discriminatory treatment
through equal
opportunities for all our
employees!
For further details,
see chapter
Social Information
Own Workforce- ESRS
S1
Reducing greenhouse gas
emissions and emissions
of volatile organic
compounds;
Mitigating environmental
impact by increasing
waste recovery and
educating all employees
to reduce waste
generation in order to
improve environmental
performance;
Partially supplying the
energy required for
company processes from
green sources through
our own photovoltaic
parks.
We respect the
environment, nature,
and natural resources!
WE PROTECT
THE
ENVIRONMENT
For further details,
see chapter
Environmental
Information
49 AEROSTAR
Annual report 2025
BUSINESS MODEL
SBM-1
AEROSTAR’s business model is built on a solid framework, focused on performance and
professionalism. The company’s activities are structured around directions that generate long-term
value and support the organisation’s resilience in a competitive global environment. Management has
adopted an ambitious strategy and an integrated business model, based on a process-systemic
approach and RISK-based thinking.
The company’s business model has not been modi
f
i
ed as a result of the interna
t
ional context, but the
way ac
t
ivi
t
ies are carried out has been adapted to the speci
f
i
c nature of the opera
t
ional
f
l
ows. We fully
comply with applicable na
t
ional and interna
t
ional legisla
t
ion, ac
t
ing consistentl y , intensivel y , and
transparently to pursue growth opportuni
t
ies and secure access to new programmes in the avia
t
ion
and defence sectors.
V ALUE CHAIN
SBM-2
Within the company, the value chain is viewed as an integrated and strategic process, a continuous
flow of activities that supports both operational efficiency and our sustainability objectives. The value
chain is divided into two main components:
Upstream value chain (suppliers)
Includes suppliers of materials, services, and utilities. Given the specific nature of our activities, we
collaborate with a diversified range of suppliers in both civil and military aviation.
Downstream value chain (customers)
Includes customers and end-users of our-products and services. The relationshi p with them is essential
for continuous performance improvement and maintaining the highest quality standards. Given that
we supply components to global aircraft manufacturers and their supply chain, responsibility for the
technical compliance of products is fundamental.
Suppliers
Human Resources
Management
Procurement/
Purchasing/Logistics
Technical and
Production
Customers/
End-users
• Materials
• Services
• Utilities
• Employee well-being
• Employee health and
safety
• Education and
training
• Certification centre
• Inbound/Outbound
Logistics Activities
• Import/Export
• Manufacture of
Aeronautical Products
• Civil Aviation MRO
Services Bacău
• Civil Aviation MRO
Services Iași
• Defence Systems
•
Ministry of National
Defence (MApN),
Ministry of Internal
Affairs (MAI)
• Companies in the civil
and military aircraft
manufacturing supply
chain
• Airlines
AEROSTAR Value Chain
50 AEROSTAR
Annual report 2025
INTERESTS AND VIEWS OF S T AKEHOLDERS
SBM-2
AEROSTAR is an organisation with a significant presence both in the environment and locations where
we operate, as well as in the perception and awareness of the local community. The stakeholders, the
type of interaction, and communication with them are presented in Annex 8.1. AEROSTAR’s policies,
Code of Conduc t an d Ethics, an d other type s o f informatio n are communicate d t o stakeholders through
external or internal channels, appropriate to their level of relevance, interest (high/medium/low), and
the audience category addressed.
Through our organisational values, we promote responsible management that aims to achieve defined
objectives without negatively affecting stakeholders. Our products and services are the result of work
based on strict management systems aligned with international standards, for which we hold
certification in: quality management according to ISO 9001 integrated with environmental
management accordin g to ISO 14001, as wel l as occupational health an d safet y management according
to ISO 45001. In addition, we have implemented the safety management standard. For the
implementation and maintenance of management systems in accordance with these standards, we
have developed system procedures, set annual objectives, draw up specific action plans, and carry out
the planned actions to achieve the objectives.
Our company has included in its Rules of Organisation and Operation both the relevant organizational
context matters and the interests and expectations of stakeholders, identified in relation to the
common interests of: customers, shareholders, suppliers, employees, certification bodies, technical
and regulatory authorities, and the local community.
Furthermore, given their particular importance for providing the most important resource—human
resources—educational institutions are considered distinct stakeholders, effectively assimilated with
communities, namely: the community of pupils, the community of students, the community of
teachers, and the community of scientists.
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH THE STR A TEGY
AND THE BUSINESS MODEL
SBM-3
Aerostar S.A., operating in the aerospace and defence industry, manages complex processes with strict
requirements regarding quality, safety and compliance. Manufacturing and maintenance activities are
subject to international standards, which require a robust system of internal and external control and a
well-established risk management framework, supported by effective monitoring of operational
processes. Risk management is integrated into operational and strategic processes and is included in
the annual report in sections such as governance, impacts, risks and opportunities. The information
complies with the requirements of the Bucharest Stock Exchange and European regulations on non-
financial reporting. The company demonstrates financial and operational resilience, including in
challenging global contexts. Aerostar also operates under a robust corporate governance framework,
aligned with industry best practices.
The overall approach to company processes, in light of management systems aligned with industry
standards, is based on identifying and assessing risks and managing the potential impact of the
assessed risk, consistently following the principle of mitigating the level of risk and minimizing the
potential negative impact, while capitalizing on the opportunities generated by risks through
improvement measures.
51 AEROSTAR
Annual report 2025
Failure to achieve the turnover level estimated in the strategy may generate pressure on the
operational structure and may lead, in unfavourable scenarios, to the need to reduce activity and,
implicitly, the number of jobs. The company manages this risk through a rigorous process of financial
monitoring and resource optimisation. As a resul t o f these measures, activities were maintained within
established parameters, without negative impact on the workforce.
Maintaining jobs contributes directly to the economic stability of the local community through the
income provided to employees and through the payment of related taxes and duties, thereby
strengthening the company’s role as a responsible participant in regional development.
In order to prevent and reduce environmental risks, the company has implemented a robust policy in
the fields of quality and environment and maintains an Environmental Management System in
accordance with the requirements of the SR EN ISO 14001 standard, duly certified. The effectiveness of
the system is supported through continuous monitoring, evaluation and improvement actions,
including ensuring the alignment of environmental policy and objectives with the operational context
and the company’s strategic direction. These measures contribute to reducing environmental impacts
and protecting local communities.
Another significant risk influencing the adaptation of the strategy to changes in the operating context
and the evaluation of impacts is the risk of image impairment, or reputational risk. Proactive
management of this risk supports the maintenance of a strong corporate reputation and strengthens
stakeholder confidence.
The risk of not being able to attract and retain qualified personnel may influence operational capacity;
however, it also generates significant opportunities for local and regional communities, considering
that recruitment is carried out primarily from these areas.
In this context, the company assumes an active role in supporting the right to education and culture
within communities and invests in the development of the education system in the geographical area in
which it operates. Initiatives include supporting vocational, technical secondary and university
education, as well as promoting dual education, thereby contributing to the development of a skilled
workforce an d increasin g opportunities for youn g people. Throug h these actions , the company reduces
the risk of a shortage of qualified personnel and generates a positive social impact, supporting the
sustainable development of local communities. (For further details, see the section Actions carried out
by our company for the benefit of communities in 2025.)
MANAGEMENT OF IM P ACTS, RISKS AND OPPORTUNITIES
Double Materiality (Materiality)
As part of the reporting process for the year 2025, AEROSTAR carried out a structured analysis of the
impacts, risks and opportunities associated with environmental, social and governance matters. The
assessment was conducted in accordance with the requirements of the European Sustainability
Reporting Standards (ESRS) and the provisions of IG 1 – Materiality Assessment, ensuring a rigorous
methodological approach aligned with current European practices.
The results of the analysis process, as well as the correlation between the identified impacts, the
related risks and the relevant opportunities for each reporting topic, are presented in detail in Chapter II
– Sustainability Statement.
The main objective of these actions was to ensure that the reported information:
• is complete and accurately documented,
• accurately reflects the company’s real and potential impacts on the environment and society,
• enables the assessment of risks and opportunities with financial effects,
• complies with ESRS requirements regarding double materiality.
52 AEROSTAR
Annual report 2025
For the preparation of the reporting for 2025, a multidisciplinary working group, comprising
representatives of the executive management, members of the extended management team and
specialists from departments with direct responsibilities in the assessed areas, coordinated an
extensive process of data collection, verification and analysis, ensuring a robust basis for the
materiality assessment and transparent and consistent reporting.
During the meetings, the following matters were analysed:
·
The real and poten
t
ial posi
t
ive and nega
t
ive impacts of the company’s opera
t
ions on people or
the environment (inside-out) through assessments based on severity and lik elihood criteria;
·
Material risks and opportuni
t
ies in terms of environmental, social, and governance sustainability
matters
·
Financial materiality – the likelihood and severity of
f
i
nancial effects related to iden
t
i
f
i
ed risks,
company dependencies (outside-in) and the determina
t
ion of
f
i
nancial materialit y .
·
Addi
t
ional sustainability matters.
An aspect is considered material if it meets either the criteria defined for impact materiality, the
criteria for financial materiality, or the criteria for both. In our analysis, we considered the following:
·
The company’s priori
t
ies arising from its strategy and business model, stakeholder requirements
and context matters, as well as trends in the markets in which we operate;
·
Sustainability matters covered by ESRS standards: climate change, pollu
t
ion, water and marine
resources, biodiversity and ecosystems, circular econom y , own workforce, workers in the value
chain, affected communi
t
ies, consumers and end-users, professional conduct;
·
Other matters iden
t
i
f
i
ed as relevant to the compan y .
In support of these actions, since 2024 we have regulated our working methods through an internal
instruction , thus consolidating the team’s activities . For this report , the team consiste d of th e following
people:
1. Alexandru Filip - CEO
2. Doru Damaschin - Financial and Accoun
t
i
ng Director
3. Andrei Damaschin - Chief Accountant
4. Laurențiu Rogoz - Director of Quality Directorate
5. Daniel Vîrnă - Director of Legal and Human Resources Directorate
6. Andra Cristea – Logis
t
i
cs Division Director
7. Cătălin Branche - Director of U
t
i
li
t
i
es and Infrastructure Division
8. Claudia S
f
î
rlea - Head of Environmental Protec
t
i
on O ffice
9. Sorina Palko - Head of Management and Industrial Engineering Office
10. Raluca So
f
i
an - Head of Human Resources Office
11. Elena Costache - Head of Marke
t
i
ng Service
DESCRIPTION OF PROCESSES FOR IDENTIFYING AND ASSESSING M A TERIAL IM P ACTS, RISKS AND
OPPORTUNITIES
IRO-1
During 2025, no new company needs were identified and no changes occurred in the context or among
stakeholders that would require amendments to the list of analysed matters. Therefore, in addition to
the matters covered by the ESRS standards, cybersecurity and export/import control continued to be
relevant to the company in 2025 and were included as additional subtopics in the double materiality
assessment.
53 AEROSTAR
Annual report 2025
With regard to sub-subtopics, several impacts were identified that had not been highlighted in the
analysis performed in the previous year. Some of these relate to sub-subtopics covered by the
standards, while others concern matters of interest to the company (such as measuring the level of
employee satisfaction)
The working group identified and analysed:
·
Real impacts (which have already occurred) or poten
t
ial impacts (which could occur), both
posi
t
ive and nega
t
ive, resul
t
ing from the company’s opera
t
ions on people or the environment
(inside-out perspec
t
ive);
·
For the iden
t
i
f
i
ed impacts, materiality was determined using the following criteria: severity and
likelihood. Severity was de
f
i
ned and assessed as a combina
t
ion of factors: scale, scope and
irremediability;
·
Risks and opportuni
t
ies associated with these impacts and their
f
i
nancial materialit y . Financial
materiality was determined using the following criteria: the likelihood of risk materialisa
t
ion and
the severity in terms of the magnitude of
f
i
nancial effects. Financial effects refer to impacts on
performance,
f
i
nancial posi
t
ion, liquidit y , access to capital and cost of capital. In addi
t
ion, the
risk of damage to the company’s reputa
t
ion may also lead to
f
i
nancial effects.
In accordance with the provisions of the above-mentioned internal procedure, each criterion used for
determining double materiality was assigned a score, and materiality was interpreted using an
assessment matrix, where the defined variables are the scores obtained. The results of the analysis
were determined through final consultations among the members of the working group and were
incorporated into a working tool — the double materiality matrix — which supports the interpretation of
results, the setting of targets and periodic monitoring.
We consider that analysing and assessing sustainability-related impacts, risks and opportunities in this
manner is important for the company’s development strategy, as it provides an objective analysis both of
our needs and priorities and of the likelihood of generating impacts through our own activities, thus
enabling us to adjust our processes based on the results of this analysis.
Annex 8.2 presents the sustainability matters that were subject to the double materiality assessment,
including those that were determined not to be relevant to the company or not applicable to our
activities. It also highlights the number of impacts identified, as well as the number of associated risks
and opportunities, for each topic included in the thematic standards and for the additional subtopics of
interest to our company.
LIST OF M A TERIAL M A TTERS AND INTERPRE TA TION OF RESU L TS
As part of the double materiality assessment, 29 subtopics from the standards and two additional sub-
topics were analysed: cybersecurity and export control.
The analysis matrix highlighted the following:
1. Real posi
t
i
ve impacts:
21 impacts with no materiality, associated with 18 risks without financial materiality and 12
opportunities. For actual positive impacts, the associated risks are already at a very low risk level;
therefore, for these matters we will continue to maintain this low level and capitalise on the
opportunities in order to maximise the positive effect.
2.Poten
t
i
ally posi
t
i
ve impacts:
2 impacts with no materiality, associated with 2 risks without financial materiality. These relate to
workers in the value chain and are relatively irrelevant to us; however, we will continue to evaluate our
suppliers so that they remain reliable and that their actions do not affect the reputation of our
company.
54 AEROSTAR
Annual report 2025
3.Real nega
t
i
ve impacts:
8 impacts with no materiality, associated with 14 risks without financial materiality and 1 opportunity.
For these matters, through our Integrated Management System, we will monitor the risks and
capitalise on the opportunities, while also identifying actions to reduce the risk level to an acceptable
residual level that we can assume.
4.Poten
t
i
ally nega
t
i
ve impacts:
12 impacts with no materiality, associated with 12 risks and 2 opportunities. Among the risks, 2 are
financially material.
Two matters were identified, based on the severity threshold, as having financial materiality, and they
are priorities for our company:
FINANCIAL M A TERIALITY
Product safety
Risks may have an
t
i
cipated
f
i
nancial effects
Health and safety
At this stage, the assessment was carried out mainly in qualitative terms, given that the monetary
quantificatio n methodology i s stil l bein g consolidated . The analyses carried ou t hav e provide d a clearer
understanding of the areas of impact and financial relevance, with monetary estimates to be
integrated into future reports once the methodological framework is finalised. The approach adopted is
aligned with ESRS requirements on transparency, financial materiality and the progressive
development of assessment processes.
END-USERS – THE SAFETY OF OUR PRODUCTS
The development of products or services that offer complete safety for users, in close connection with
compliance with quality standards and continuous improvement, is a top priority for the company.
This drives us to act responsibly to maintain our integrated Quality – Environment – Safety –
Information Security management system, authorized by the competent authorities, in accordance
with each of the applicable standards. Maintaining and extending the certifications, authorizations,
and accreditations required for the delivery our products and services, in accordance with legal
requirements, European aviation regulations, customer requirements, and other applicable
requirements, are the premises for the company’s strategy and, at the same time, demonstrate our
ability to ensure safe products and services for users.
OWN WORKFORCE – HEA L TH AND SAFETY A T THE WORKPLACE
This is a fundamental matter for our company. Ensuring a better life for our employees through good
working conditions is one of the aspects that define performance for us and significantly influences
our strategy. We are constantly striving to provide a working environment in which all employees can
perform their activities in a safe and healthy manner. To this end, we have implemented and maintain
occupational health and safety management system procedures authorised in accordance with the
applicable standard. We regularly assess occupational health and safety risks, provide employees with
appropriate training with our own SSM instructions and suitable work instructions, provide adequate
protective equipment, and regular medical check-ups. We also provide workstations with people- and
environment-friendly technology, modern and safe work equipment, appropriate protective devices
55 AEROSTAR
Annual report 2025
and warning signals, and monitor workplace hazards and compliance with approved SSM measures
through systematic checks. We learn from incidents or events and implement corrective or preventive
measures.
Below is an overview of the analysis results which do not present financial materiality.
NO M A TERIAL IM P AC T , RISKS WITHOUT FINANCIAL M A TERIALITY
T opic
REAL POSITIVE
REAL NEG A TIVE
Climate change
We produce energy from renewable
sources
We emit greenhouse gases
Pollu
t
i
on
We generate pollutant emissions and
discharge pollutants into the municipal
network in small amounts, below legal
limits. We use substances of concern,
authorised under the REACH regula
t
ion.
Circular economy
We generate hazardous waste
Own workforce
We offer secure jobs, ensure balanced
working hours, social dialogue, freedom of
associa
t
ion, collec
t
ive bargaining, equal
treatment and opportuni
t
ies for all, and
data privacy
V alue chain
workers
Suppliers’ workers receive similar
treatment at the company’s premises as
our own employees (working condi
t
ions,
equal treatment and opportuni
t
ies, other
employment-related rights)
Affected
communi
t
i
es
We support voca
t
ional high school and
university educa
t
ion, and we provide and
maintain jobs
Consumers and
end-users
We respect the right to con
f
i
den
t
iality and
freedom of expression
Professional
conduct
We promote responsibility to comply with
legal provisions, ethics, and professional
conduct
56 AEROSTAR
Annual report 2025
NO M A TERIAL IM P AC T , RISKS WITHOUT FINANCIAL M A TERIALITY
T opic POTENTIAL POSITIVE POTENTIAL NEG A TIVE
Pollu
t
i
on
Very unlikely to discharge certain
chemical compounds into the soil
or into the underground fuel tank
network
Water resources
Unlikely to use water excessively
Circular economy
Possible overuse of raw materials
Own workforce
Unlikely not to ensure a real
degree of sa
t
isfac
t
ion for
employees
Workers in the value chain
We comply with legal regula
t
ions
on child labour or forced labour in
rela
t
ion to suppliers’ workers
performing work on company
premises.
Very unlikely to fail to ensure
compliance with the health and
safety rights of suppliers’
employees on company premises.
Consumers and end-users
Unlikely to reduce end-user trust
in the event of incidents
Cybersecurity
Very unlikely to have security
incidents
Export–import control
Unlikely to affect military and
civilian opera
t
ions in the event of
non-compliance with regula
t
ions
MDR-P RISK MANAGEMENT POLICIES, MDR-A ACTIONS, MDR-M METRICS, MDR-T T ARGETS
The company has established an effective risk management framework, through which risks are
identified, analysed, evaluated, and addressed to enable informed decision-making according to the
risk level. The overall risk management framework is based on understanding the changes in the
internal or external context of the organisation, as well as the needs and expectations of stakeholders
regarding the organisation’s anticipated outcomes.
Aerostar’s risk management policy includes the executive management’s commitment to:
·
Foster a culture of decision-making based on risk analysis;
·
Encourage voluntary repor
t
ing of events in order to iden
t
ify and address risks that may affect avia
t
ion
safet y , ensuring con
f
i
den
t
iality and protec
t
ion for reporters;
·
Allocate the necessary resources for the risk management process;
·
Establish clear responsibili
t
ies for personnel involved in risk management.
57 AEROSTAR
Annual report 2025
Aerostar has documented, implemented, maintained, and improved an Integrated Management
System based on the management of risks related to qualit y , environment, avia
t
ion safet y , informa
t
ion
securit y , and
f
i
nancial risks. The general objec
t
ives related to risk management are as follows:
·
Ensuring a coherent framework for managing risks;
·
Improving the decision-making process by taking risks into account;
·
Increasing the con
f
i
dence of stakeholders in the organisa
t
ion.
Given the strategy, nature, and complexity of processes and activities, responsibilities in our company
are delegated by areas of authority and processes, as follows:
·
Responsibili
t
ies regarding qualit y , environmental matters, and risk management are delegated to the
Director of Quality and Environment;.
·
Responsibili
t
ies regarding social matters, personnel, occupa
t
ional health and safet y , an
t
i-
discrimina
t
ion, and diversity promo
t
ion are delegated to the Director of Human Resources; these
responsibili
t
ies are coordinated with:
·
Responsibili
t
ies regarding legal compliance, human rights, an
t
i-corrup
t
ion, and an
t
i-bribery are
delegated to the Legal O f i ce .
·
Responsibili
t
ies regarding sustainable resource use and natural resource consump
t
ion reduc
t
ion are
delegated to the Director of the Infrastructure and U
t
ili
t
ies Division.
·
Responsibili
t
ies regarding an
t
i-money laundering compliance measures are delegated to the Financial
Director;
·
Responsibili
t
ies regarding corporate governance are allocated to the company’s General Secretariat.
The company’s risk management methodology – documented in an internal procedure compliant with
ISO 31000 and applicable aeronautical standards/regulations – includes the following activities:
1 . Risk iden
t
i
f
i
ca
t
ion;
2 . Risk analysis and assessment;
3 . Determina
t
ion of risk treatment methods;
4 . Monitoring the implementa
t
ion of risk treatment ac
t
ions;
5 . Management of residual risks and evalua
t
ion of the effec
t
iveness of risk treatment ac
t
ions;
6 . Review of risk analyses;
7 . Repor
t
ing on risk management.
We follow policies specifically aimed at identifying, assessing, managing, and mitigating potential
material negative impacts, while maintaining and strengthening positive impacts. Material risks and
opportunities related to the business model are subject to ongoing risk management analyses and
measures and are subject to a complex, in-depth analysis during the annual strategy update. Identified
risks are recorded in the Risk Register, established as a requirement for the implementation of the
Integrated Management System. The Register includes material risks, evaluated based on internal
procedures, along with planned actions to manage each risk. The status of actions is assessed during
the annual management analyses. These analyses identify ongoing or newly emerging risks and
opportunities, as well as the actions to be taken.
In addition, process-specific dashboards, monthly reports, and current summary reports are presented at
weekly operational meetings throughout the year, based on which the status of the company’s
objectives is analysed. The weekly production activity dashboard is the tool through which the
company’s top management monitors results, compares them with the approved budget and planned
58 AEROSTAR
Annual report 2025
monthly targets, identifies and analyses in real time the risks of not achieving production and sales
targets, and can identify effective remedial measures in a timely manner.
Specific annual plans are used to establish and plan risk mitigation actions so that, when implemented,
the actual impact of a risk that does materialise is below the significance threshold. The company’s
internal audits, as well as the supervisory audits carried out by the authorities granting authorisations
for the Integrated Management System, aim to implement risk management action plans, reveal any
non-conformities, and require root-cause analyses, followed by corrective and improvement action
plans.
Another instrument used is the quarterly Management Report, which analyses budget compliance,
resource management, quality and environmental matters, commitments made, and associated risks,
resulting in corrective or improvement measures. We communicate the results of the management
reports throughout the company so that the methods and means used to achieve positive results can be
adapted and extended throughout the organisation. Improvements are planned, with the
recommendations and measures set out in the management reports being translated into specific
action plans. Enhanced improvement actions are achieved through adequate information and
communication, and general monitoring is carried out by the controlling department (managerial and
budgetary).
59 AEROSTAR
Annual report 2025
CLIM A TE CHANGE
IV
SUS T AINABILITY S TA TEMENT – 1. ENVIRONMEN T AL INFORM A TION
ESRS E1
TRANSITION PLAN FOR CLIM A TE CHANGE MITIG A TION
E1-1
Aerostar has committed to environmental protection through its internal policy and has continued
implementing actions to optimise resource consumption, including:
-
Thermal rehabilitation of building facades with sandwich panels. Approximately 70% of all
buildings have been rehabilitated in this way. Their installation has improved the thermal
insulation of buildings by approximately 20%.
-
Replacement of old boilers with modern energy-efficient boilers with dual burners that allow
operation with methane gas or diesel fuel.
-
Complete replacement of the heat distribution network: the old external pipes were replaced
with steel pipes pre-insulated with polyurethane foam in accordance with SR EN 253 with low
therma l conductivity , guaranteed to withstand temperatures of u p to 160
o
C for at least 30 years.
-
Commissioning of a photovoltaic park with a total capacity of 3 MWp for the production of
electricity from renewable sources.
-
Potabilization of groundwater extracted from the F2 well.
Aerostar seeks to use resources responsibly by setting annual process-level objectives documented in
process sheets. Furthermore, management analysis generates action plans aimed at implementing
concrete measures to optimise consumption and improve environmental performance.
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH THE BUSINESS
MODEL
SBM-3, IRO-1
Environmental changes represent key contextual aspects for the company, which are given particular
attention. Accordingly, the Company’s 5-year Development Strategy includes a section dedicated to
environmental matters. In line with the strategy, for the period 2025–2029, we aim to strengthen and
expand our commitment to environmental protection and sustainable development through a
strategic approach focused on prevention, responsibility, and continuous performance. We will be
guided by the principles of our Integrated Quality, Environmental, and Safety Management System,
certified under SR EN ISO 14001, with the main objective of continuously improving environmental
performance.
In the double materiality analysis, we included aspects related to adaptation to climate change and
the risk of increasing utility costs due to the investment in purchasing GHG emission certificates to
cover any shortfall; the anticipated financial effects are described in E1-9.
As a real positive impact, we mention that we produce energy from renewable sources, measures that
have led to a reduction of approximately 20% in purchased energy.
60 AEROSTAR
Annual report 2025
Although the identified impacts are not material and the risks have no financial materiality, climate
change aspects are consistently managed through periodic internal audits and annual external audits,
and measures are taken to support climate change mitigation, contributing to the sustainable growth of
our operations.
DESCRIPTION OF PROCESSES FOR IDENTIFYING AND ASSESSING M A TERIAL CLIM A TE-REL A TED
IM P ACTS, RISKS AND OPPORTUNITIES
IRO-1
Our Integrated Management System, certified under the applicable standards for quality,
environment, safety, and information security, includes a systematic process for identifying and
assessing significant impacts, risks, and opportunities, ensuring a coherent approach across all
activities. Through continuous monitoring, data analysis, and consultation with stakeholders, we
identify and manage aspects relevant to our economic, environmental, and social performance,
aligning with compliance requirements and our objectives for sustainable development.
CLIM A TE CHANGE POLICY ACTIONS AND RESOURCES
E1-3
Our Quality and Environmental Policy aims at improving environmental performance and includes a
commitment to take action to protect the environment. The Company’s development strategy reflects
our commitment to comply with all legal requirements and implement concrete measures to reduce
our carbon footprint, thereby contributing to global climate change mitigation objectives.
Following the energy audit conducted in 2023, recommendations were formulated to improve the
energy performance of our Company. These recommendations were carefully analysed, and in 2024
the Action Plan for implementing the recommendations from the comprehensive energy audit was
approved. The Action Plan includes short-, medium-, and long-term measures, with its implementation
extending into 2025.
Real negative
We generate greenhouse
gas emissions
Increased utility costs due to
investment in GHG emission
certificates to cover the
shortfall
Real positive
We produce energy from
renewable sources
The analysed impacts are not material and the risks do not present financial materiality.
Subtopic
Impact (I)
Risk (R)
Opportunity (O)
Adaptation
to climate
change
Maintaining the company’s
image among communities
61 AEROSTAR
Annual report 2025
CLIM A TE CHANGE MITIG A TION AND ADAP TA TION T ARGETS
E1-4
Our targets are set with the purpose of ensuring that resources are used responsibly and sustainably,
contributing to the protection of the environment. Our objectives aim at optimising resource
management and reducing consumption. In this regard, we make continuous efforts to improve the
efficiency of natural gas and electricity consumption through long-term targets.
In this way, our commitment to sustainability through energy efficiency allows us to remain
competitive and provide added value to our customers and communities.
ENERGY CONSUMPTION AND ENERGY MIX
E1-5
Evolution of electricity and natural gas consumption in 2021–2025, compared to the baseline year
2017:
Year
Natural gas
consumption (Smc)
relative to turnover
Increase/decrease
compared to the
baseline year
Electricity
consumption (KWh)
relative to turnover
Increase/decrease
compared to the
baseline year
2017
0,0047
-
0,0438
-
2022
0,0035
↓
25,53%
0,0200
↓
54,33%
2023
0,0025
↓
46,80%
0,0193
↓
55,93%
2024
0,0027
↓
42,55%
0,0179
↓
59,13%
2025
0,0026
↓
44,68%
0,0172
↓
60,73%
2030
0,0045
↓
3%
0,0328
↓
25%
Year
Electricity
consumption (kWh)
Change vs baseline
year
Natural gas
consumption (Smc)
Change vs baseline
year
2017
14.915.197
-
1.597.221
-
2022
9.355.856
↓
37,27%
1.616.998
↑
1,24%
2023
9.814.667
↓
34,19%
1.286.783
↓
19,43%
2024
10.490.930
↓
29,66%
1.617.631
↑
1,27%
2025
10.665.043
↓
28,49%
1.628.408
↑
1,95%
62 AEROSTAR
Annual report 2025
Energy consumption from fossil fuels
Diesel consumption in 2021 (for heat production) = 10.821 litres
Diesel consumption in 2022 (for heat production) = 1.433 litres
Diesel consumption in 2023 (for heat production) = 183.531 litres
Diesel consumption in 2024 (for heat production) = 196 litres
Diesel consumption in 2021 (for heat production) = 104 litres
After an increase in diesel consumption for heat production in 2021-2023 caused by the instability of
the natural gas market as a result of political instability, in 2025 diesel consumption was strictly limited to
the periodic systemic testing.
GROSS GHG EMISSIONS (SCOPES 1, 2, 3) AND TO T AL EMISSIONS
E1-6
Gross GHG emissions
Scope 1 covers fuel and natural gas consumption and represents direct carbon emissions. In total, our
Scope 1 carbon footprint in 2025 amounted to 3.134 tons of CO
2
e.
Scope 2 represents electricity consumption and encompasses indirect carbon emissions. Total carbon
emissions for Scope 2 in 2025 amounted to 36.616 tons of CO
2
e.
In order to gain a more comprehensive understanding of our environmental impact, we are in the
process of defining and adapting our Scope 3 methodology, with the ultimate objective of obtaining a
calculation that includes emissions arising from the supply chain.
C
O
2
E
M
I
SS
I
O
N
S
2 025
Sc
ope
1 Sc
ope
2
63 AEROSTAR
Annual report 2025
2021 – 5897,207 t CO
2
e
2022 – 4701,22 t CO
2
e
2023 – 3952,074 t CO
2
e
2024 – 3115,027 t CO
2
e
2025 – 3170,616 t CO
2
e
Total GHG emissions relative to turnover
Total GHG emissions in metric tons of CO
2
equivalent
---------------------------------------------------------------------------------
turnover
total GHG emissions i n metric ton s of CO
2
equivalen t = Scope 1 GHG emissions + Scope 2 GHG emissions
2021 – 0,0000156
2022 – 0,0000100
2023 – 0,0000078
2024 – 0,0000053
2025 – 0,0000051
3945
3114
2983
3103
3134
1952.207
1587.22
969.074
12.027
36.616
4500
4000
3500
3000
2500
2000
1500
1000
500
0
2021
2022
2023 2024 2025
E
v
o
l
u
t
i
on
o
f
C
O
2
e
missi
on
s
be
t
w
een
2021
and
2025
Sc
o
p
e
1 Sc
o
p
e
2
Total GHG emissions
Carbon footprint evolution (Scope 1 and Scope 2) between 2021 and 2025
Year
Scope 1
(t CO
2
e)
Change from the
previous year
Scope 2
(t CO2e)
Change from the
previous year
2021
3945
-
1952,207
-
2022
3114
↓
21,06%
1587,22
↓
18,69%
2023
2983
↓
4,2%
969,074
↓
38,94%
2024
3103
↑
4,02%
12,027
↓
98,75%
2025
3134
↑
0,99%
36,616
↑
204,45%
64 AEROSTAR
Annual report 2025
The carbon footprint for Scope 2 is on a strong downward trend, with CO₂e emissions per kWh now at
4,332 g/kWh compared with the value reported by the previous supplier of 169,65 g/kWh. This
reduction is a result of the Company’s decision, from August 2023, to switch to a renewable electricity
supplier, Hidroelectrica, which generates 91,82% of its electricity from renewable sources.
In 2024, Hidroelectrica’s CO₂e emissions per kWh were 1,298 g/kWh, increasing to 4,332 g/kWh from
April 2025. This explains the 204,45% increase in the Scope 2 carbon footprint in 2025, while still
maintaining a low overall level.
In its second year of operation, the photovoltaic plant developed at the Company, with an installed
capacity of 2,9 MW, generated 2.418.155 kWh of electricity, thereby contributing to enhanced
sustainability and reduced environmental impact.
INTERNAL CARBON PRICING
E1-8
The Company monitors the trading price of a GHG certificate on a quarterly basis on the European
Energy Exchange (EEX) platform.
ANTICI PA TED FINANCIAL IM P ACTS OF M A TERIAL PHYSICAL AND TRANSITION RISKS AND
POTENTIAL OPPORTUNITIES REL A TED TO CLIM A TE
E1-9
At the end of 2025, the RUEGES account held 7.179 GHG certificates. Considering an average of 3.000
certificates returned per year, this reserve can cover approximately two years. In the coming years, the
Company will need to purchase additional certificates to maintain compliance with regulatory
requirements, whic h will reduce the financia l benefit currently provide d by free GHG allocations. Based
on the last trading price in 2025 (EUR 85,12 per GHG certificate on 30 December 2025), the financial
impact of purchasing 3.000 GHG certificates is approximately EUR 255.000.
While climate change poses significant risks to our operations, it also opens opportunities for
sustainable development. We recognise the importance of assessing the financial impact of these
factors and are working to integrate this into our business strategy.
The main physical risks anticipated for the Company include potential disruptions to raw material
supply due to prolonged droughts, as well as possible increases in energy costs resulting from stricter
regulations. The transition to a green economy may also require additional expenditure to implement
energy-efficient technologies and low-emission standards.
The opportunities we foresee are primaril y related t o the adoptio n of renewable energy sources, which
are expected to result in long-term operational cost reductions.
65 AEROSTAR
Annual report 2025
POLLUTION
ESRS E2
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES (IRO-1)
IRO-1
The Company constantly strives to reduce the environmental impacts of its activities through pollution
prevention, efficient use of resources and energy, effective waste management, and ecosystem
protection. Our activities are regulated under environmental protection legislation and are supervised
by regulatory authorities.
The double materiality assessment considered sustainability aspects specified i n the thematic standard
(water pollution, air pollution, soil contamination, and substances of concern), ensuring that all
pollution sources are properly assessed and monitored.
In our Company, water pollution is monitored through wastewater quality analysis; air pollution is
assessed by measuring emissions and planning the necessary mitigation and prevention measures; soil
contamination is addressed through responsible management of substances and compliance with
applicable legal requirements and REACH regulations.
Although the double materiality assessment revealed that the evaluated impacts are not material and
the analysed risks have no financial effect, we provide clear and detailed information on relevant
aspects to demonstrate our commitment to sustainability and responsibility. Even in the absence of
material impacts, we consider it essential to be open and communicate transparently our actions to
protect the environment and reduce associated risks.
Reputational risk in case of
exceeding legal limits (sanctions
from environmental authorities)
Reputational risk in case of
exceeding legal limits (sanctions
from environmental authorities)
Real negative
Use of substances of concern –
authorised under REACH
Regulation
Non-compliance with applicable
legal requirements and REACH
Regulation;
Discontinuation of the special
process in which the
authorized/restricted substance is
used
The impacts analysed are not material and the risks do not present financial materiality
Subtopic
Impact (I)
Risk (R)
Opportunity (O)
Air pollution
Real negative
Emissions of very small
quantities of pollutants (below
legal limits)
-
Water
pollution
Real negative
Discharges of small amounts of
pollutants into the municipal
network (below legal limits)
-
Soil
contamination
Potential negative
Spillage of chemical compounds
into the underground fuel
storage reservoirs
Reputational risk in case of
accidental contamination
(sanctions from environmental
authorities)
-
Substances of
very high
concern
Transition to new
processes using
more
environmentally
friendly
substances
66 AEROSTAR
Annual report 2025
POLLUTION-REL A TED POLICIES
E2-1
Our Quality and Environmental Policy includes a commitment to the prevention of pollution. Within
the environmental chapter of the Company’s development strategy, the following actions are
identified among the key directions aimed at preventing environmental risks and controlling
environmental impacts:
ü
con
t
inuing the implementa
t
ion of the Plan for the Preven
t
ion and Control of Accidental
Pollu
t
ion at the Company’s sites in Bacău and Iași;
ü
strengthening pollu
t
ion preven
t
ion measures across all opera
t
ional stages through the
responsibl e management of waste, hazardou s chemical substances, an d emissions to ai r , wate r ,
and soil.
POLLUTION ACTIONS AND RESOURCES
E2-2
The financial resources required for the implementation of environmental monitoring and control
measures are ensured through the allocation, within the Company’s annual budget, of dedicated
amounts for environmental expenditure, including costs related to periodic monitoring activities and
compliance with all legal obligations regarding pollution prevention and reduction. All actions
undertaken are aligned both with the applicable legal requirements and with the provisions set out in
the relevant environmental authorisations.
Managing the impact on the environment is one of the Company’s priorities. In this regard, to prevent
and reduce pollution, the Company has made investments over time in equipment designed to reduce
pollution risks and minimise environmental impacts, including:
ü
two neutralisa
t
ion plants, used for the treatment of wastewater and the physical processing of
residual sludge through dehydra
t
ion and pressing;
ü
a reverse osmosis installa
t
ion;
ü
upgraded fume exhaust systems for special process lines equipped with new genera
t
ion scrubbers
for gas scrubbing;
ü
enclosed, environmentally friendly paint booths equipped with dry
f
i
lter systems for air
puri
f
i
ca
t
ion;
ü
oil separators.
T ARGETS REL A TED TO POLLUTION
E2-3
The Company establishes its pollution-related objectives in accordance with the limits and
requirements imposed by the applicable legislation, with the primary aim of maintaining its operations
within the legall y established limits fo r environmenta l factor s throug h the implementatio n of proactive
monitoring, control, and prevention measures.
Our targets derive from the Company’s strategic directions for action and include the following:
ü
ensuring that all wastewater is discharged in compliance with the applicable regula
t
ions,
thereby protec
t
ing natural resources and local ecosystems;
ü
alloca
t
ing annual funds dedicated to investments in clean technologies, safe equipment, and
energy-eficient equipment and environmentally friendly equipment;
ü
promo
t
ing a culture of sustainability at all levels of the organisa
t
ion.
67 AEROSTAR
Annual report 2025
Through this approach, the Company ensures that its operations comply with environmental
standards, thereby contributing to a minimal impact on the environment.
AIR, WA TER AND SOIL POLLUTION
E2-4
The Company has a contract with a n authorised service provide r to carr y ou t monitorin g of wastewater
and air emissions, in compliance with the applicable legal requirements and the conditions set out in
the Company’s environmental authorisations. Test reports issued for the 2025 monitoring activities
revealed that all pollutants analysed were within the maximum permitted limits.
All hazardous substances and chemical preparations used at AEROSTAR are managed in accordance
with the applicable regulations. Hazardous substances and chemical preparations falling under the
scope of the REACH Regulation are used in compliance with the conditions imposed by the
authorisations issued by the European Commission.
Trends in emissions of volatile organic compounds for the period 2021–2025, relative to the 2017
baseline year.
The reduction in volatile organic compound (VOC) emissions observed in recent years is due to the
use, in the Automatic Paint Line, of water-based paints containing on average 3% VOCs, compared to
conventional solvent-based paints, which contain approximately 60–90% VOCs.
Soil monitoring is carried out in accordance with the Integrated Environmental Permit (once every 10
years) . The last monitorin g was conducte d i n 2017, an d the value s measure d were withi n th e maximum
permitted limits established by the Integrated Environmental Permit.
SUBS T ANCES OF CONCERN AND SUBS T ANCES OF VERY HIGH CONCERN
E2-5
Given our Company’s ongoing commitment to reducing environmental impacts, particular attention is
paid to specia l processes i n which hazardous substances ar e used. Ove r th e years, we hav e consistently
invested in modernisation of production lines, seeking safer alternatives for these processes, even
before such hazardous substances became restricted under the REACH Regulation. Accordingly, we
Volatile organic
Year compounds
emissions(kg)
Change compared to
baseline year
Volatile organic
compounds
emissions relative to
turnover(kg/RON)
Change compared to
baseline year
2017 23.212
-
6,82
-
2022 6.605
↓
71,54%
1,41
↓
79,32%
2023 4.442
↓
80,86%
0,87
↓
87,24%
2024 7.709
↓
66,78%
1,32
↓
80,64%
2025 7.014
↓
69,78%
1,13
↓
83,43%
68 AEROSTAR
Annual report 2025
have transitioned from chromic anodising to tartaric-sulfuric anodising (TSA and TFSA) and we are
continuing our transition towards processes that do not use chromium trioxide (CrO₃). This reflects our
proactive approach and our responsibility towards the environment and employee safety.
Concerns have arisen regarding chromium trioxide (CrO₃), whose authorisation for use was revoked by
the European Court of Justice on 20 April 2023, and we are currently in a transition period. This aspect
has generated a significant risk regarding the continuity of certain special processes that use this
substance. In 2025, the Company’s internal analysis team continued its work to identify future
replacement solutions for this substance. Following the annual review of substances listed in Annex
XIV of REACH, the following observations were made:
1
.
Status of the ADCR Consor
t
ium applica
t
ions:
ü
At the beginning of 2025, the European Commission granted the ADCR Consor
t
ium 21
authorisa
t
ion decisions for
f
i
ve chromates, with a review period of 12 years. ADCR (Aerospace
and Defence Chromates Reauthorisa
t
ion Consor
t
ium) is composed of 68 members from the
aerospace and defence industr y , and Aerostar S.A. is part of the downstream user chain for the
f
i
ve chromates (chromium trioxide, sodium dichromate, potassium dichromate, sodium
chromate, and stron
t
ium chromate);
ü
The authorisa
t
ion decisions establish restric
t
ive condi
t
ions of use, and users are required to
implement risk management measures, monitoring programmes, feasibility studies, and
subs
t
itu
t
ion plans for these substances.
2
.
Status of the C T AC Consor
t
ium applica
t
ion for the use of chromium trioxide:
The authorisa
t
ion decision issued at the end of 2020 for the C T AC sub consor
t
ium was cancelled as of
April 2024, rever
t
in g to the 2017 stage of the chromium trioxide authorisa
t
ion process. Un
t
il new
decisions are issued, chromium trioxide may con
t
inue to be used when sourced from suppliers
belonging to the original C T AC sub consor
t
ium. The C T AC applica
t
ion is currently in the opinion
development stage, and the issuance of decisions is expected by the end of 2025.
3
.
Status of the Safran LS applica
t
ion for the use of chromium trioxide:
Safran LS has applied for authorisation of this substance, and Aerostar is a co-applicant alongside
other supplier of Safran LS. We are collaborating with Safran LS in the authorisation process, which is
currently at the stage of adopted opinions published on the ECHA website.
4
.
Use of primers and paints containing hexavalent chromium:
Authorisa
t
ion decisions for three chromates present in primers are valid un
t
il January 2026. ADCR
submitted authorisa
t
ion applica
t
ions for these substances in May 2024, in compliance with the
review deadlines establishe d by the authorisa
t
ion decisions. Consequentl y , the products concerned
may con
t
inue to be used un
t
il new decisions are issued. We con
t
inue to monitor the authorisa
t
ion
process and comply with the condi
t
ions set out in the exis
t
ing decisions.
5
.
Use of other substances listed under REACH Annex XIV:
ü
The provisions of the authorisa
t
ion decisions for the remaining substances con
t
inue to be
complied with;
ü
Procurement of these substances is carried out only based on the technical report.
6
.
Proposal to restrict hexavalent chromium compounds:
At the request of the European Commission, ECHA has proposed a new EU-wide restric
t
ion on a
number of hexavalent chromium compounds, with narrowly de
f
i
ned exemp
t
ions.
Aerostar is making and will continue to make considerable efforts throughout this process to maintain
production while ensuring full compliance with all European regulations governing the use of substances
subject to special regulatory regimes.
69 AEROSTAR
Annual report 2025
ANTICI PA TED FINANCIAL EFFECTS OF POLLUTION-REL A TED IM P ACTS, RISKS AND OPPORTUNITIES
E2-6
On an annual basis, environmental impacts related to air emissions, noise generation, soil discharges,
and wast e generatio n are assessed , and environmental aspect s ar e evaluate d to identify the significant
aspects.
The values determined through monitoring activities carried out during 2025 were within the limits
established by the applicable legal requirements, thereby confirming the Company’s ongoing efforts to
minimise environmental impact.
W A TER AND MARINE RESOURCES
ESRS E3
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES
IRO-1
The double materiality assessment considered the subtopic water resources, as defined in the
thematic standard; the Company does not use marine resources.
W A TER AND MARINE RESOURCES-REL A TED POLICIES
E3-1
Our company is committed to managing water resources responsibly, with the primary objective of
ensuring efficient use and reducing consumption wherever possible. We implement measures for the
regular monitoring of water consumption and promote technological solutions aimed at minimising
losses and enabling the reuse of water in internal processes. In addition, we ensure that wastewater
discharge complies with all applicable legal regulations, thereby protecting natural resources and local
ecosystems.
Potential Negative
Excessive water use
Risk of insufficient water
availability
The analysed impact is not material, and the risks do not present financial materiality
Subtopic
Impact (I)
Risk (R)
Opportunity (O)
Water
Consumption
-
70 AEROSTAR
Annual report 2025
ACTIONS AND RESOURCES REL A TED TO WA TER AND MARINE RESOURCES
E3-2
To ensure the sustainable management of water resources, our company has continued to implement
the following actions:
ü
Con
t
inuous monitoring of water consump
t
ion to iden
t
ify and reduce losses;
ü
Implementa
t
io n of technological solu
t
ions aimed at op
t
imizin g water use withi n opera
t
ional
processes;
ü
Proper collec
t
ion and treatment of wastewate r , in compliance with applicable legal and
regulatory requirements;
ü
Promo
t
ion of water reuse ini
t
ia
t
ives, where feasible, thereby contribu
t
ing to the reduc
t
ion
of impacts on natural resources.
These actions are supported by an annual budget allocated to monitoring activities, equipment
maintenance, and the continuous improvement of water management infrastructure.
T ARGETS REL A TED TO W A TER AND MARINE RESOURCES
E3-3
As part of our sustainability efforts, we have established targets related to the management of water
consumption.
Year
Total water
consumption (mc)
Evolution compared
to the reference year
Total water
consumption in
relation to turnover
(mc/RON)
Evolution compared
to the reference year
2017
128.751
-
0,3784
-
2022
103.709
↓
19,44%
0,2220
↓
41,33%
2023
126.634
↓
1,64%
0,2501
↓
33,90%
2024
114.134
↓
11,35%
0,1954
↓
48,36%
2025
122.959
↓
4,50%
0,1981
↓
47,65%
2030
-
-
0,3594
↓
5%
71 AEROSTAR
Annual report 2025
W A TER CONSUMPTION
E3-4
ü
decommissioning of cast-iron pipelines within the potable water supply network and their
replacement with HDPE (High-Density Polyethylene) pipelines, guaranteed to operate without
failure for a minimum of 50 years;
ü
moderniza
t
ion of potable water control and distribu
t
ion systems from the point of entry into
Aerosta r , including pumping to the water towers and distribu
t
ion to internal consumers;
ü
replacement of defec
t
ive hydrants and subs
t
itu
t
ion of non-func
t
ional underground hydrants with
above-ground hydrants featuring improved func
t
ionality;
ü
prompt remedia
t
ion of failures occurring in potable, industrial, and recirculated water
installa
t
ions;
ü
potabilisa
t
ion of groundwater extracted from well F2. The quan
t
ity of potable water produced
through the company’s own reverse osmosis installa
t
ion in 2025 amounted to approximately
23.000 cubic meters.
No instability phenomena, active or stabilised landslides have been identified either on-site or in the
surrounding area, the soil stratification being uniform both horizontally and vertically.
The site has an almost horizontal surface, with very good overall stability, and the company’s premises
are equipped with sewerage networks for the collection of technological wastewater, domestic
wastewater, and stormwater. The site is not located in the path of torrential flows and is not situated
within a flood-prone area.
Actions taken to reduce water resources usage and efficiency measures implemented:
0,222
0,2472
0,1952
0,1981
0.3
0,2596
0.25
0.2
0.15
0.1
0.05
0
2021
2022 2023
2024 2025
W
a
t
e
r c
on
s
u
m
p
t
i
on
r
e
l
a
t
ed
t
o
t
u
r
no
v
e
r
Total water consumption in m
3
Year Potable water
Industrial water
Total consumption
2021 61.502
36.215
97.717
2022 57.854
45.855
103.709
2023 82.483
44.151
126.634
2024 71.536
42.598
114.134
2025 55.379
67.580
122.959
72 AEROSTAR
Annual report 2025
ANTICI PA TED FINANCIAL EFFECTS OF IM P ACTS, RISKS, AND OPPORTUNITIES REL A TED TO WA TER
AND MARINE RESOURCES
E3-5
In 2025, Aerostar set a target to reduce the amount of potable water purchased from the
supplier CRAB, with the goal of meeting 50% of the total consumption needs. In this regard,
the process for treating water from drilling Well No. 2 was initiated in 2024, and in January
2025, the Bacău County Public Health Directorate authorised Aerostar’s potable water supply
system (Authorisation No. 2120/21.01.2025).
As a result, in 2025, Aerostar’s production of potable water accounted for approximately 50%
of the total consumption needs.
BIODIVERSITY AND ECOSYSTEMS
ESRS E4
TRANSITION PLAN AND INTEGR A TION OF BIODIVERSITY AND ECOSYSTEMS INTO THE STR A TEGY
AND BUSINESS MODEL
E4-1
Our operational site is located within an industrial area, with no direct impact on protected natural
areas or vulnerable habitats. However, we are aware of our responsibility regarding the sustainable
use of natural resources and the reduction of impacts on local biodiversity.
ACTIONS AND RESOURCES REL A TED TO BIODIVERSITY AND ECOSYSTEMS
E4-3
Although our location does not impact protected ecosystems, we aim to integrate biodiversity into our
sustainability approach in the future by:
ü
Conduc
t
ing periodic assessments of the impact of our ac
t
ivi
t
ies on the local environment;
ü
Collabora
t
ing with environmental organisa
t
ions on projects that support regional biodiversity;
ü
Promo
t
ing a responsible supply chain that includes sustainability criteria for suppliers.
73 AEROSTAR
Annual report 2025
RESOURCE USE AND CIRCULAR ECONOMY
ESRS-E5
M A TERIAL IM P ACTS, RISKS, AND OPPORTUNITIES
IRO-1
In terms of improving environmental performance, our company has remained focused on increasing
waste recovery and educating all employees on minimising waste generation.
Following the double materiality analysis on the sub-themes of the thematic standard, no material
impacts or risks with financial materiality were identified:
POLICIES REL A TED TO RESOURCE USE AND THE CIRCULAR ECONOMY
E5-1
The circular economy and waste management are of great importance to us, reflecting the
responsibility we have assumed toward the environment. One of the key action areas included in the
company’s development strategy is ensuring the rigorous implementation of the Waste Prevention
and Reduction Plan for waste generated by our own activity.
We monitor both hazardous and non-hazardous waste. For the handling, collection, segregation,
baling, and temporary storage of waste generated on-site, we collaborate with specialised waste
management companies that provide the necessary equipment and human resources to carry out
these operations.
ACTIONS AND RESOURCES REL A TED TO RESOURCE USE AND THE CIRCULAR ECONOMY
E5-2
Throughout the year, monthly and periodic reports are prepared regarding waste management, both
for internal company reporting and for reporting to environmental authorities, in accordance with the
requirements set out in the environmental authorisations held. The reports include information on:
waste types, quantities generated, and recovery methods.
For effective waste management, activities carried out include:
ü
Iden
t
ifying and classifying waste in accordance with applicable environmental legisla
t
ion;
Excessive use of raw materials
-
Generation of hazardous waste
Higher taxes and increased costs
for hazardous waste disposal
The analysed impacts are not material, and the risks do not present financial materiality
Subtopic
Impact (I)
Risk (R)
Opportunity (O)
Resource
inputs,
including
resource
use
-
Waste
-
74 AEROSTAR
Annual report 2025
ü
Conduc
t
ing waste management audits in compliance with applicable legisla
t
ion (Government
Emergency Ordinance 92/2021) and implemen
t
ing programmes to prevent and reduce the
quan
t
i
t
ies of waste generated;
ü
Ensuring the provisio n of appropriate collec
t
ion infrastructure (waste bins, dustbins, containers,
reten
t
ion tanks, and specially designated spaces/areas for temporary waste storage);
ü
Iden
t
ifying and analysing the best available recovery solu
t
ions on the market for the waste
generated.
RESOURCE INFLOWS AND OUTFLOWS
E5-4, E5-5
Other resource outflows include recovered packaging, reported monthly to the Environmental Fund
Administration, mentioning that these quantities are already included in the overall waste reporting at
the level of AEROSTAR.
Thus, in 2025, the quantities generated were:
ü
plastic – 348 kg,
ü
paper-cardboard– 2336 kg,
ü
metal – 1614 kg,
ü
wood – 46573 kg.
ANTICI PA TED FINANCIAL EFFECTS OF RESOURCE USE- AND CIRCULAR ECONOM Y -REL A TED
IM P ACTS, RISKS, AND OPPORTUNITIES
E5-6
Regarding financial risks related to resource use, legal and regulatory sanctions may arise (fines and
financial losses i n th e even t o f non-compliance with resourc e us e and waste management regulations).
Additionally, waste disposal costs can have a financial impact, resulting from inefficient waste
management, which may entail higher fees or additional costs for storage and recycling.
An opportunity offered by the circular economy is energy efficiency; thus: the implementation of
circular solution s reduces energy consumption an d associated costs, contributin g to long-term savings.
Total waste
Year generated
(kg)
Total waste generated in
relation to turnover
(kg/RON)
Hazardous
waste(kg)
Non-
hazardous
waste (kg)
Recovery
rate
2021 875.672
0,0023
197.665
678.007
80%
2022 1.225.611
0,0026
208.313
1.017.298
84%
2023 1.673.684
0,0033
259.201
1.414.483
90%
2024 1.711.620
0,0029
554.610
1.157.011
79%
2025 1.281.793
0,0020
294.180
987.613
76%
75 AEROSTAR
Annual report 2025
AEROS T AR’S OWN WORKFORCE – GENERAL INFORM A TION
IV
SUS T AINABILITY S TA TEMENT – 2. SOCIAL INFORM A TION
ESRS 2
In 2025, Aerostar continued to recognise its own workforce as a strategic element essential for
sustainability, competitiveness, and operational resilience. Aerostar operates in a technical and
competitive sector, which requires a skilled workforce, robust skills development programmes, stable
working conditions, and an organisational climate focused on safety, diversity, and inclusion.
The rights and responsibilities of employees at Aerostar S.A. are established in the Collective Labour
Agreement (Romanian abbreviation CCM), formulated in accordance with labour law, which
transposes nationally the principles set out in the International Charter of Human Rights and the
International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work.
Specific responsibilities related to the performance of duties at the workplace are defined in the Rules of
Organisation and Operation, annexed to the CCM.
The company respects and supports internationally recognised human rights and implements fair
compensation and equal opportunities for all employees, without discrimination, while upholding the
diversity of its personnel.
The objectives included in the company’s strategy have been defined taking into account the required
human capital, their structure, and quality, which implies a continuous alignment between the need to
attract, retain, motivate, and continuously develop the workforce, and the needs of employees at
different stages of their professional career. The Legal and Human Resources Directorate within the
company is responsible for ensuring the required personnel, conducting specific evaluations,
professional development, providing training necessary for certification, authorisation, and
accreditation of personnel, occupational health and safety activities, and other related functions.
INTERESTS AND VIEWS OF S T AKEHOLDERS
SBM-2
Aerostar places strategic importance on identifying and understanding the interests of stakeholders,
recognising employees as a decisive group, and acknowledging that constant and transparent social
dialogue contributes to risk mitigation, performance enhancement, and trust-building. Our approach is
based on the principle of active participation and on the periodic consultation of all relevant
stakeholders, particularly employees – considered the central group in reporting under ESRS S1.
Equally, Aerostar carefully monitors the interests of partner educational institutions, local
communities, and authorities, particularly regarding the development of technical skills, provision of a
skilled workforce, and maintaining high standards of occupational health and safety practices. These
perspectives contribute to guiding investments in training, set priorities for technological
modernisation, and adapt training programmes for pupils, students, and employees.
When presenting information about our own workforce, we refer to all company employees (full-time,
part-time, fixed-term, or permanent), as well as those provided to the company through temporary
employment agencies. Matters concerning workers in the value chain are addressed separately in the
section “Value Chain Workers,” ESRS S2.
76 AEROSTAR
Annual report 2025
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH THE STR A TEGY
AND BUSINESS MODEL
SBM-3
The material impacts identified through the double materiality assessment are predominantly positive,
reflecting Aerostar’s efforts to ensure stable, safe, and development-oriented working conditions. These
includ e contractua l stability , trainin g and professiona l developmen t programmes , equality , an d inclusion
policies, etc. The approach to managing material impacts, risks and opportunities is integrated and
preventive in nature.
The double materiality analysis identified a single potential negative impact, associated with a financially
material risk, which relates to the occupational health and safety of the Company’s own workforce.
The remaining identified and analysed impacts are not material and do not have financial materiality.
Aerostar continuously monitors changes in the internal and external environment, maintaining a
strong focus on employee wellbeing and rapidly adapting processes to protect and enhance its human
capital. In this way, positive impacts are amplified, risks are effectively managed, and opportunities
are converted into sustainable outcomes for both employees and organisational performance.
Potential Negative:
The presence of potentially
harmful factors (noise,
vibration, physical strain,
and substances specific to
industrial processes)
The risk presents financial materiality
Sub-subtopic
Impact (I)
Risk (R)
Opportunity (O)
Occupational
Health and
Safety
Long-term deterioration of
employees’ health in cases
of non-compliance by
employees with
occupational health and
safety regulations; for
employees, an increased
likelihood of workplace
accidents and occupational
diseases; for the Company,
an increased likelihood of
compensation claims from
affected employees, fines
and penalties imposed by
the competent authorities,
reputational risk, and
litigation risk.
Maintaining a high standard
of protection that reinforces
the Company’s image as a
responsible employer,
through the continuous
optimisation of protective
equipment and technologies
to reduce exposure.
77 AEROSTAR
Annual report 2025
Real Positive:
Provision of jobs with a high
level of contractual stability,
with the majority of
employees on permanent
contracts.
Rigidity in employee mobility
or in the resource relocation.
Real Positive:
Working hours organised in
a balanced manner, allowing
for the even distribution of
tasks and maintaining
operational rhythm without
overwork.
Sudden increase in workload
and failure to adjust it in a
timely manner.
Real Positive:
Respect for and promotion
of employees’ rights.
Non-compliance with labour
rights or discriminatory
practices, which may lead to
reputational damage for the
Company, violation of
applicable legislation, and
litigation risk.
T h
e
i
mpa
c
ts ar
e
n
o
t mat
e
r
i
a
l
, and th
e
r
i
s
k
s d
o
n
o
t pr
e
s
e
nt f
i
nan
ci
a
l
mat
e
r
i
a
li
ty
Sub-
subtopic
Impact (I)
Risk (R)
Opportunity(O)
Safe
working
conditions
Improving the company’s
reputation by increasing the
motivation and commitment
of existing employees to the
company, through: building
long-term development
programmes, positioning the
company as an attractive
employer, reducing costs
associated with recruiting
and onboarding new
employees, and fostering
organisational culture.
Working
hours
Strengthening a wellbeing-
oriented organisational
culture by: increasing talent
attraction capacity through a
predictable working
environment, optimising
processes via digitalisation,
and maintaining a low
absenteeism rate.
Social
dialogue
Creating a culture of
participation through
employee consultation in
strategic decisions,
continuous feedback
mechanisms, and internal
surveys; recognising and
rewarding employees for
innovative ideas.
78 AEROSTAR
Annual report 2025
Real Positive :
Freedom to join the employees’
representative union within the
Company, whose representative
receives real-time information
through participation in the weekly
operational management meeting
and subsequently disseminates the
information to workers.
Real Positive:
Promotion and application of fair
employment relations that ensure
social protection for all employees,
regardless of membership in the
representative union, as well as
preventing the occurrence of
collective labour conflicts, through
the negotiation of the collective
labour agreement every two years,
with certain clauses (such as salary-
related rights) negotiated annually.
Non-compliance with the
obligations for periodic
negotiation of the CCM
may lead to the
triggering of collective
labour conflicts, with
repercussions on the
continuity of the
Company’s operations.
Potential Negative:
The actual level of employee
satisfaction is not measured
systematically, which may result in
a lack of awareness of
dissatisfaction or issues requiring
intervention
In the absence of an
indicator to measure
satisfaction levels,
dissatisfied employees
may generate turnover
or decreased
performance.
Excluding or favouring
candidates/employees
based on gender, age,
ethnicity, religion, or
other personal
characteristics could lead
to reputational damage
for the Company,
violation of applicable
legislation, and litigation
risk.
Real Positive:
Investments in training and
professional development through
continuous training programmes,
employee career plans,
performance recognition, and
promotion opportunities.
Lack of professional
development
opportunities could
result in employee
demotivation and
reduced efficiency.
T h
e
i
mpa
c
ts ar
e
n
o
t mat
e
r
i
a
l
, and th
e
r
i
s
k
s d
o
n
o
t pr
e
s
e
nt f
i
nan
ci
a
l
mat
e
r
i
a
li
ty
Sub-subtopic
Impact (I)
Risk (R)
Opportunity (O)
Freedom of
association,
existence of
works councils,
and employees’
rights to
information,
consultation,
and
participation
Collective
bargaining,
including the
proportion of
employees
covered by
collective
labour
agreements
Employee
satisfaction
level (sub-
subtopic not
mandated by
the standard)
Implementation of an annual or
semi-annual satisfaction survey
to collect direct feedback for the
improvement of internal
practices and increased
transparency.
Gender equality
and equal pay
for work of
equal value
Real Positive:
Implementation of firm principles
of equality and equal opportunity in
recruitment, selection,
development, and promotion,
providing an inclusive framework
for all employees; internal
procedures, objective evaluation
criteria, and standardised selection
processes contribute to the
prevention of any form of
discrimination.
Maintaining a continuous
process of monitoring diversity
indicators to prevent the
emergence of subjective
perceptions of unfairness;
enhancing attractiveness as a
responsible employer and
strengthening the brand through
active communication.
Training and
skills
development
Digitalisation of processes to
reduce repetitive tasks,
integration of artificial
intelligence, and automation of
operational processes; training
and reskilling employees to help
them adapt to new technologies
and digital upskilling.
79 AEROSTAR
Annual report 2025
The identified impacts, associated risks, and opportunities are taken into account in the annual update of
the Company’s development strategy, which consistently maintains a five-year horizon. Identified
impacts, associated risks, and opportunities concerning the Company’s own workforce are analysed
separately and form the subject of a dedicated section within the strategy.
In accordance with the development strategy, regarding the Company’s own workforce, we aim to
strengthen and expand our capabilities to attract and, where appropriate, internally train qualified or
certified personnel for each of the Company’s functions, as well as to create effective tools to ensure
appropriate working conditions, attraction, retention, motivation, and continuous development in the
workplace. To achieve this, the strategy sets out the following lines of action:
·
Ensuring attractive working conditions in all aspects: safe jobs, adequate remuneration, work-life
balance, occupational health and safety, training and professional skills development, and
equality of opportunity and treatment for all employees;
·
Efficient use of Aerostar’s authorisations as a professional training provider or as a competence
assessment centre, leveraging our capabilities to organise internal qualification courses or skills
assessment processes in accordance with the authorisations held;
·
Maintaining and developing collaboration with technical colleges in Bacău and Iași to
sustain/expand specialisations relevant to the Company’s field of activity, as well as with
technical universities nationwide that traditionally supply graduates for employment;
Reputational risk if
measures regarding
violence and harassment in
the workplace are not
respected; employees who
have been assaulted or
harassed leaving the
company, and litigation risk.
Reputational risk and
litigation risk in the event of
collection or processing of
personal data for purposes
other than those declared,
or in case of unauthorised
disclosure.
T h
e
i
mpa
c
ts ar
e
n
o
t mat
e
r
i
a
l
, and th
e
r
i
s
k
s d
o
n
o
t pr
e
s
e
nt f
i
nan
ci
a
l
mat
e
r
i
a
li
ty
Sub-subtopic
Impact (I)
Risk (R) Opportunity (O)
Measures against
workplace
violence and
harassment
Real Positive:
Ensuring a safe environment
for all employees, free from
discrimination, that
guarantees equal respect of
human rights and
fundamental freedoms or
legally recognised rights,
through the adoption, as an
annex to the Internal
Regulations, of the
“Guidelines for the
Prevention and Combating
of Sexual and Psychological
Harassment in the
Workplace.”
Confidentiality
Real Positive:
Processing personal data in
a transparent manner,
respecting all rights granted
to individuals under the law,
with data collected being
adequate, relevant, and
limited to what is necessary
in relation to the purposes
for which it is processed
(recruitment, selection,
employment, and execution
of individual employment
contracts).
80 AEROSTAR
Annual report 2025
·
Effective use of tools to motivate pupils/students in technical education through internships at
Aerostar, the provision of dual education scholarships, private scholarships, and temporary
employment;
·
Effective use of temporary employment agencies to evaluate newly recruited personnel
requiring a longer period for the assessment of professional competencies.
POLICIES REL A TED TO AEROS T AR’S OWN WORKFORCE
ESRS S1-1
Aerostar has a structured set of policies dedicated to the responsible management of its own
workforce, aimed at ensuring a safe and fair working environment that supports professional
development. These policies form the basis for how employee relations are managed and provide the
formal framework through which Aerostar makes clear commitments regarding the protection of
workers’ rights, promotion of inclusion, fair remuneration, and the maintenance of high occupational
health and safety standards.
The Human Resources policies include firm commitments to equal opportunities, non-discrimination,
and fair treatment, ensuring equal access to recruitment, training, and career advancement
opportunities, regardless of gender, age, ethnicity, or any other criteria unrelated to competence.
Selection and promotion processes are organised based on objective and transparent criteria aligned
with job requirements, thereby contributing to a fair and inclusive working climate.
All Aerostar HR policies and operational procedures apply across the entire Company.
Among the main lines of action are:
·
promo
t
ing diversity of thought and experience, and equitable opportuni
t
ies, so that each
individual can develop and contribute to the Company’s success;
·
encouraging personal development of employees to enhance competencies, integrating them
into professional development plans, and retaining personnel with the knowledge, skills, and
abilities required;
·
fostering a culture of trust and respect through constructive discussions and the sharing of
knowledge and information related to work activities, thereby strengthening solidarity within
the Company.
We have a constant focus on attracting and retaining talent. Our openness to pupils and students from
the high schools, colleges, and universities with which we collaborate, demonstrated through the
scholarships we provide, as well as the framework for them to undertake practical placements within
the Company, offers learning opportunities where each trainee is guided to launch their career with
the support of our experts. Our internship programme allows trainees to gain in-depth knowledge of
the aerospace industry, experience our working environment, and collaborate alongside our specialist
teams. Subsequently, graduates may join the Aerostar team through employment, helping to maintain a
balanced generational mix and promoting a continuous exchange of knowledge and skills.
The Occupational Health and Safety policy aims to achieve the following general management
objectives, with all employees expected to be actively involved in their achievement:
ø
compliance with legal and other applicable regulatory requirements;
ø
conduc
t
ing ac
t
ivi
t
ies without recorded incidents;
ø
con
t
inuous improvement of preven
t
ive measures to reduce unwanted effects;
ø
enhancement of occupa
t
ional health and safety (SSM) performance
Annually, we establish measurable objectives related to occupational health and safety, tailored to
relevant functions, levels, and processes, in alignment with the Company’s strategic direction.
81 AEROSTAR
Annual report 2025
PROCESSES FOR ENGAGING WITH AEROS T AR’S OWN WORKFORCE AND THEIR REPRESEN TA TIVES
REGARDING IM P ACTS
ESRS S1-2
Aerostar systematically integrates the perspective of employees and their representatives into the
process of identifying, evaluating, and managing impacts on its own workforce. Worker involvement
is part of the strategic social governance approach and is essential for risk prevention, improving
working conditions, and fostering an organisational climate based on trust and transparency. Dialogue
with employees takes place through a series of formal and informal mechanisms. These include
periodic meetings between management and employee representatives, direct consultations on
occupational health and safety, as well as ongoing exchanges regarding operational schedules,
workload , training needs, and factors affecting professional well-being. These interaction s enabl e early
collection of information on employee concerns and facilitate the rapid adaptation of internal
processes.
The Company has established a joint management-employee committee to monitor the ongoing
implementation of the collective labour agreement (CCM). In addition, the Occupational Health and
Safety Committee (CSSM) operates within the Company, composed of representatives from
management an d employee representative s appointe d under the CCM, with subcommittees organised
to address specific issues within the divisions.
PROCESSES FOR REMEDI A TING NEG A TIVE IM P ACTS AND CHANNELS FOR OWN WORKERS TO
RAISE CONCERNS
ESRS S1-3
For any activity carried out within the Company, we ensure compliance with applicable legislation as
well as with the provisions of the Corporate Governance Code of the Bucharest Stock Exchange. In
addition, we are guided by Aerostar’s Internal Regulations, which set out the rights and obligations of
both employees and the employer, including rules on non-discrimination and respect for human
dignity, conflict of interest, disciplinary procedures, and the handling of employee requests and
complaints. Furthermore, the Company’s Code of Conduct and Ethics adopted at company level,
defines the values, principles, and standards that Aerostar’s contractual personnel must comply with
and apply.
For the reporting of concerns, complaints, and potential violations of rights, as well as for their prompt
remediation, the Company provides employees with a structured and accessible system for reporting
concerns, complaints, and potential violations of rights and ensuring their prompt resolution.
This remediation framework is built on principles of confidentiality, impartiality, and protection against
any form of retaliation, thereby ensuring a climate of trust and safety in communication.
All employees are encouraged to report any suspicions regarding compliance breaches or violations of
ethica l or conduc t rule s b y email: sesizari@aerostar.ro. Beyon d the existence o f a formal organisational
framework, however, reporting misconduct remains an individual responsibility.
All reports are examined through a clearly defined process, which includes an objective assessment of
the situation, consultation with the parties involved, and the establishment of appropriate remedial
measures. Depending on the nature of the case, interventions may range from adjustments to work
organisation, clarification of responsibilities, and improvement of equipment, to updates of internal
procedures or additional training.
82 AEROSTAR
Annual report 2025
ACTIONS T AKEN REGARDING M A TERIAL IM P ACTS ON OWN WORKFORCE AND APPROACHES TO
MITIG A TING M A TERIAL RISKS AND PURSUING M A TERIAL OPPORTUNITIES REL A TED TO OWN
WORKFORCE, AND THE EFFECTIVENESS OF THESE ACTIONS
ESRS S1-4
Aerostar has established clear and formal commitments towards its own workforce, aimed at
respecting employees’ fundamental rights, ensuring fair working conditions, and promoting a safe,
inclusive, and development-oriented professional working environment.
Considering the potential negative impact on health and safety, associated with a financially material
risk, we have implemented and maintain an occupational health and safety management system,
certified by AEROQ, in accordance with the SR ISO 45001 standard. This management system focuses on
the following areas:
ø
ensuring safe and healthy working condi
t
ions to prevent work-related injuries and illnesses,
propor
t
ionate to the Company’s purpose, size, and context, as well as the speci
f
i
c nature of
SSM risks and opportuni
t
ies;
ø
determining ac
t
ions to address risks and opportuni
t
ies associated with the SSM context and
objec
t
ives;
ø
emphasizing individual responsibility in the context of ensuring the capability to demonstrate
compliance with legal requirements and other applicable obliga
t
ions;
ø
elimina
t
ing hazards and reducing SSM risks;
ø
consul
t
ing and involving workers or their representa
t
ives.
The Company periodically assesses the risks of work-related injuries and occupational illnesses at
workplaces and workstations across each organisational structure, and continuously aiming to prevent
and minimise these risks to the extent possible, including hazards, the risk of incidents, work accidents,
dangerous incidents, and occupational illnesses. This is achieved through the implementation,
monitoring, and, where necessary, adjustment of the measures included in the “Prevention and
Protection Plan for ensuring employee health and safety,” prepared annually. In 2025, all measures
outlined in this plan were fulfilled.
Beyond complying with legal requirements regarding employee training on SSM instructions, the
provision of personal protective equipment appropriate for the work actually performed, and health
monitoring, the Company is continuously committed to investing in state-of-the-art, environmentally
and human-friendly work equipment equipped with protective devices to ensure safe use.
Another major commitment concerns the professional development of employees. Aerostar promotes
equal access to training, upskilling, and professional reskilling, supporting programmes adapted both to
operational needs and individual aspirations.
Equal opportunities and fair treatment among our employees are fundamental pillars of how we
conduct our daily activities, which is why discrimination based on gender, religion, nationality, age,
sexual orientation, disability, or political affiliation is strictly prohibited within the Company. The
Company conducts transparent recruitment processes that provide equal opportunities to all
candidates, regardless of gender, nationality, or age. Equal opportunities and fair treatment are also
ensured for our current employees as well as for those seeking to join the Company. The same
principles of equal opportunities and fair treatment are applied to promotion processes, both within
operational and management compartments.
We support and encourage diversity among our employees, both at operational and management
levels. During the reporting period, out of 1.874 employees, 560 are women, and of the 189 holding
83 AEROSTAR
Annual report 2025
management positions, 49 are women. These proportions are mainly justified by the nature of the
Company’s activities, which are predominantly technical.
In addition, Aerostar is committed to maintaining an open and constructive dialogue with employees
and representatives of the Avias trade union, recognising the importance of this process in identifying
the workforce’s real needs and ensuring a stable and motivated working environment. Discussions
within Aerostar are conducted through rational arguments, and the use of offensive language,
personal attacks, or insulting behaviour is strictly prohibited.
Through these commitments, Aerostar demonstrates its people-oriented vision, based on
responsibility, performance, and care for its own workforce, thereby strengthening a durable,
transparent, and mutually beneficial relationship for all parties involved.
T ARGETS REL A TED TO MANAGING M A TERIAL NEG A TIVE IM P ACTS, PROMOTING POSITIVE
IM P ACTS AND MANAGING M A TERIAL RISKS AND OPPORTUNITIES
ESRS S1-5
Targets related to the material impacts concerning occupational health and safety (SSM) aim at the
continuous improvement of working conditions and the maintenance of a safe working environment from
an SSM perspective. Aerostar seeks to minimise workplace incidents, optimise the monitoring of
occupational exposures, and ensure the provision of adequate protective equipment for all positions
identifie d a s havin g potentia l risks . Th e indicator s monitore d include : th e numbe r o f reporte d incidents , the
results of risk assessments, the level of SSM compliance, and employee participation in safety training.
Another priority objective is the strengthening of workforce stability by maintaining a high level of
permanen t employmen t contract s an d reducin g employe e turnove r i n critica l areas . Thi s targe t contributes
to positive impacts related to job security, operational continuity, and the retention of internal expertise.
Indicators such as the voluntary departure rate and the consolidation of exit interview are used for
monitoring purposes.
T o suppor t th e professiona l developmen t o f th e workforce , Aerosta r follow s it s annua l professiona l training
plan . Thi s pla n support s positiv e impact s relatin g t o workforc e qualification s an d reduce s th e ris k associated
with skills shortages in specialised trades. Objectives include increasing the number of training hours per
employee, developing a standardised training portfolio, and expanding collaborations with educational
institutions.
Aerostar also pursues specific targets related to equal opportunities, diversity, and inclusion, with the aim
o f maintainin ga fai r workin g environmen t an d preventin g an y for m o f discrimination . Thes e target s include
ensuring transparency in the promotion process and equal pay treatment for equivalent roles, etc.
In terms of opportunities, Aerostar intends to develop modern tools for assessing employee perceptions
through the introduction of an annual employee satisfaction survey, which will contribute to a better
understanding of the real needs of the workforce and to the substantiation of future targets. This initiative
also addresses a potential negative impact - the lack of systematic data regarding employee satisfaction.
Overall, the defined targets form an integral part of the sustainability strategy and the organisational
performance management. They contribute to creating a stable, safe, fair, and development-oriented
working environment, strengthening positive impacts while reducing exposure to social risks that could
affect operations in the long term.
84 AEROSTAR
Annual report 2025
CHARACTERISTICS OF AEROS T AR’S OWN WORKFORCE
ESRS S1-6; ESRS S1-7
Aerostar’s own workforce presents a well-defined, stable profile aligned with the specific operational
requirements of the aeronautical industry. The characteristics of employees reflect both the structure of
the company’s activities and its focus on contractual stability, technical qualifications, and
continuous professional development.
The company relies predominantly on employees with permanent employment contracts, which
contributes to operational stability and the retention of critical competences. Fixed-term contracts are
used in a limited and targeted manner, depending on temporary needs or projects with a predefined
duration; however, they do not represent a predominant practice. At the same time, the working time
structure is primarily based on standard working schedules, as the company’s activities require
consistent presence and a predictable distribution of tasks.
The workforce is predominantly composed of qualified technical personnel, reflecting the specific
nature of the aeronautical industry. The level of employee qualification is high, and the company
consistently invests in training in order to develop competences required by modern technologies and
evolving market requirements. In addition, there is a significant representation of employees with
higher education, particularly in engineering fields.
From a demographic perspective, Aerostar’s workforce shows a balanced distribution across age
groups, maintaining both employees with extensive experience and younger generations undergoing
professional training. This diversity creates an effective framework for knowledge transfer and
operational continuity. Aerostar also actively collaborates with high schools and universities in order to
attract young specialists, thereby contributing to the renewal of the workforce.
The presence of women in certain technical compartments remains relatively lower, in line with
industry trends; however, Aerostar promotes balanced participation and encourages diversity in
recruitment. Internal policies support equal access to positions, training programmes, and career
advancement opportunities.
The workforce is complemented by administrative and support personnel who ensure the efficient
functioning of internal processes, including human resources, finance, quality, procurement, logistics
and other essential functions. The representation of these categories provides a well-balanced
organisational structure.
Recruitment for technical trades remains a challenge at the labour market level; however, the
company approaches this issue as a strategic opportunity through educational partnerships.
NUMBER OF EMPLOYEES
We aim to ensure a homogeneous and balanced workforce, both in terms of age groups and gender
categories; however, given the operational nature of the activities, male employees represent 70% of
the total workforce.
85 AEROSTAR
Annual report 2025
NUMBER OF EMPLOYEES BY GENDER
2024
2025
Gender
Number of Employees (headcount)
Number of Employees (headcount)
Male
Female
Other
Undeclared
1.330
553
0
0
1.314
560
0
0
Total
Employees
1.883
1.874
Tables for employees based on type of contract, broken down by gender, can be found in Annex 2.
Out of a total of 1.874 active individual employment contracts in 2025, 2 contracts are part-time and
1.872 are full-time. A full-time contract is defined as 40 hours/week, while part-time contracts are
considered as 4 hours/day (20 hours/week) and/or 6 hours/day (30 hours/week).
The voluntary departure rate in 2025 was 9,58%, lower than in 2024 (10,73%). For AEROSTAR S.A., the
term site refers to the locations where the company operates. The head office is located in Bacău, with an
additional secondary site in Iași.
Tables for employees based on site and type of contract, broken down by gender, can be found in
Annex 3.
COVERAGE OF COLLECTIVE BARGAINING AND SOCIAL DIALOGUE
ESRS S1-8
We place great emphasis on social dialogue an d maintaining a constructive communication framework
between employer and employees. Collective bargaining represents a fundamental pillar in the
management of labour relations, contributing to organisational stability, the protection of employee
rights, and the strengthening of mutual trust.
Employees of the company may join the Avias trade union, which is the representative union at the
unit level, in accordance with the provisions of Law no. 367/2022 on social dialogue. Aerostar has a
Collective Labour Agreement (CCM) applicable to its entire workforce, which is negotiated periodically in
collaboration with the representatives of the Avias trade union.
Social dialogue is structured and recurrent, carried out through periodic meetings between
management and the union. This dialogue aims to identify employees’ real concerns, anticipate
potential operational issues, and adjust internal policies based on the feedback received. Topics
discussed during these interactions include: working conditions, remuneration, working hours,
occupational health, and safety, among others. Representatives of the Avias trade union have access to
relevant information necessary for the performance of their activities, and Aerostar ensures that they
can act freely, without pressure or constraints.
86 AEROSTAR
Annual report 2025
The relations between the employer and employees are fully in compliance with applicable legal
provisions, with no conflictual issues identified in 2025 regarding these relations.
2024 2025
Number of employees covered by collective labour agreements
1.883 1.874
Number of employees who are union members
57% 56%
DIVERSITY METRICS
ESRS S1-9
Our company analyses and monitors workforce diversity from multiple perspectives: gender, age,
management level, distribution across professional categories, and the representation of women in
leadership positions. Although the technical nature of the industry may result in a lower presence of
women in certain roles, all employees have equal access to employment and development
opportunities.
Another aspect monitored is the age group distribution, which reflects the diversity of experience and
professional stages within the company.
We also track diversity in recruitment. Selection processes are neutral, fair, and based exclusively on
competence.
Tables showin g th e gender distributio n of employee s by number an d percentage at managemen t level,
as well as the personnel structure by age group and gender, can be found in Annex 3.
ADEQU A TE REMUNER A TION
ESRS S1-10
AER
O
STAR’s
e
mplo
y
ee
r
e
mun
e
r
a
t
ion is uni
f
orml
y
g
o
v
e
rn
e
d b
y
t
h
e
Coll
e
c
t
i
v
e
L
a
bour A
g
r
ee
m
e
n
t
.
O
ur
c
omp
a
n
y
pl
a
c
e
s
c
e
n
t
r
a
l impor
t
a
n
c
e
on
e
nsurin
g
a
d
e
qu
a
t
e
r
e
mun
e
r
a
t
ion
f
or
a
ll
e
mplo
y
ee
s, in
a
cc
ord
a
n
c
e
wi
t
h n
a
t
ion
a
l l
e
g
isl
a
t
ion, indus
t
r
y
s
t
a
nd
a
rds,
a
nd prin
c
ipl
e
s o
f
in
t
e
rn
a
l
e
qui
t
y
. T h
e
r
e
mun
e
r
a
t
ion s
y
s
t
e
m is d
e
si
g
n
e
d
t
o
a
cc
ur
a
t
e
l
y
r
e
f
l
e
c
t
t
h
e
c
ompl
e
x
i
t
y
o
f
rol
e
s, r
e
quir
e
d
c
omp
e
t
e
n
c
e
s,
a
ssum
e
d r
e
sponsibili
t
i
e
s,
a
nd p
e
r
f
orm
a
n
c
e
l
e
v
e
ls, whil
e
a
lso
e
nsurin
g
t
h
e
c
omp
a
n
y
r
e
m
a
ins
c
omp
e
t
i
t
i
v
e
in
t
h
e
l
a
bour m
a
r
k
e
t
.
To
g
u
a
r
a
n
t
ee
a
ppropri
a
t
e
p
a
y
l
e
v
e
ls, w
e
us
e
t
r
a
nsp
a
r
e
n
t
p
a
y
g
rids,
e
s
t
a
blish
e
d b
a
s
e
d on
a
n ob
j
e
c
t
i
v
e
a
n
a
l
y
sis o
f
rol
e
s
a
nd pro
f
e
ssion
a
l r
e
quir
e
m
e
n
t
s. B
a
s
e
s
a
l
a
ri
e
s
a
r
e
suppl
e
m
e
n
t
e
d b
y
a
ddi
t
ion
a
l
f
in
a
n
c
i
a
l
b
e
n
e
f
i
t
s. T h
e
c
omp
a
n
y
e
nsur
e
s
t
h
a
t
a
ll b
a
s
e
s
a
l
a
ri
e
s
e
x
c
ee
d
t
h
e
l
e
g
a
l minimum
a
nd
a
r
e
a
li
g
n
e
d wi
t
h
indus
t
r
y
s
t
a
nd
a
rds. An impor
t
a
n
t
a
sp
e
c
t
is
t
h
e
p
e
riodi
c
r
e
v
i
e
w o
f
t
h
e
s
a
l
a
r
y
s
t
ru
c
t
ur
e
t
o pr
e
v
e
n
t
un
j
us
t
i
f
i
e
d disp
a
ri
t
i
e
s.
SOCIAL PROTECTION
ESRS S1-11
Aerostar ensures that all employees have access to a strong social protection system, in accordance
with national legislation and industry best practices, as part of its commitment to the well-being of its
workforce.
87 AEROSTAR
Annual report 2025
In accordance with the Collective Labour Agreement (CCM), all our employees benefit from social
protection at the workplace. Social protection covers a broad range of benefits and measures designed to
provide financial security, support in unforeseen situations, and long-term stability for employees and
their families.
Additional elements of social protection may include: financial support for marriage, childbirth,
bereavement, among others. Employees may also benefit from additional leave for various personal
situations, enabling them to maintain a healthy work–life balance.
Through this integrated set of measures, our company promotes a stable and responsible working
environment, in which employees are supported, contributing to increased employee satisfaction,
loyalty, and workforce retention.
PERSONS WITH DISABILITIES
ESRS S1-12
Although the company does not have positions specifically designated for persons with disabilities,
employees with disabilities are integrated into regular teams and benefit from the same rights,
opportunities, and responsibilities as the rest of the personnel.
Recruitment and selection processes are non-discriminatory, ensuring equal access to positions for
persons with disabilities, while taking into account the specific requirements and risks associated with
each role.
The total percentage of employees with disabilities in 2025 is 0,32%.
TRAINING AND SKILLS DEVELOPMENT METRICS
ESRS S1-13
A
e
ros
t
a
r r
e
c
o
g
nis
e
s
t
r
a
inin
g
a
nd pro
f
e
ssion
a
l d
e
v
e
lopm
e
n
t
a
s
a
f
und
a
m
e
n
t
a
l
e
l
e
m
e
n
t
f
or m
a
in
t
a
inin
g
c
omp
e
t
i
t
i
v
e
n
e
ss,
e
nsurin
g
op
e
r
a
t
ion
a
l p
e
r
f
orm
a
n
c
e
,
a
nd in
c
r
ea
sin
g
e
mplo
y
ee
s
a
t
is
f
a
c
t
ion. All
e
mplo
y
ee
s h
a
v
e
a
cc
e
ss
t
o s
t
ru
c
t
ur
e
d
t
r
a
inin
g
pro
g
r
a
mm
e
s,
t
a
ilor
e
d bo
t
h
t
o
j
ob r
e
quir
e
m
e
n
t
s
a
nd
t
o
indi
v
idu
a
l s
k
ills d
e
v
e
lopm
e
n
t
n
ee
ds.
Tr
a
inin
g
pro
g
r
a
mm
e
s
c
o
v
e
r
t
e
c
hni
c
a
l
a
nd op
e
r
a
t
ion
a
l
a
r
ea
s, in
c
ludin
g
o
cc
up
a
t
ion
a
l h
ea
l
t
h
a
nd s
a
f
e
t
y
,
qu
a
li
t
y
m
a
n
a
g
e
m
e
n
t
, di
g
i
t
a
l s
k
ills,
c
ommuni
c
a
t
ion,
a
nd or
g
a
nis
a
t
ion
a
l
e
ff
i
c
i
e
n
cy
.
Con
t
inuous
t
r
a
inin
g
is
a
lso lin
k
e
d
t
o
t
h
e
id
e
n
t
i
f
i
c
a
t
ion o
f
c
a
r
ee
r
a
d
v
a
n
c
e
m
e
n
t
oppor
t
uni
t
i
e
s
a
nd
t
o
su
cc
e
ssion pl
a
nnin
g
f
or
k
e
y
posi
t
ions,
c
on
t
ribu
t
in
g
t
o
t
a
l
e
n
t
r
e
t
e
n
t
ion,
a
nd
e
nsurin
g
op
e
r
a
t
ion
a
l
c
on
t
inui
t
y
. Th
e
c
omp
a
n
y
e
n
c
our
a
g
e
s
k
nowl
e
d
g
e
sh
a
rin
g
a
mon
g
e
mplo
y
ee
s
a
nd in
t
e
rn
a
l m
e
n
t
orin
g
,
c
r
ea
t
in
g
a
c
oll
a
bor
a
t
i
v
e
a
nd sus
t
a
in
a
bl
e
l
ea
rnin
g
e
n
v
ironm
e
n
t
.
2024 2025
Total number of training hours 45.066 67.494
2025
FEMALE
MALE TOTAL
Tota l number of employees 560
% of employees participating in periodic evaluation 23%
% of employees participating in professional training 19%
1.314 1.874
60% 83%
48% 67%
88 AEROSTAR
Annual report 2025
Particular attention is given to the training and retention of EASA-licensed aeronautical technical
personnel, who perform and certify maintenance work on aircraft and their components. Other areas
covered by professional training programmes relevant to the company’s operations include: general
engineering, economics, information and communication technology, quality and environment,
occupational health and safety, security, safety, internal audit, internal control, and financial
management, as well as other general topics necessary for the company’s activities.
New employees benefit from a structured onboarding and professional adaptation programme, during
whic h the y receiv e informatio n abou t th e task s an d responsibilities o f thei r position , workin g environment,
team, managers, collaborating compartments, and operating procedures. Additionally, we have an annual
employee evaluation process, aimed primarily at measuring and improving workplace performance,
enhancing employee potential and value to the company, highlighting positive performance metrics, and
establishing the steps required to achieve better results in the following evaluation cycle.
HEA L TH AND SAFETY METRICS
ESRS S1-14
We consider the health and safety of our employees to be a priority, with prevention and protection
being fundamental pillars of a responsible and sustainable working environment. The occupational
health an d safet y management system, certified by AEROQ i n accordanc e with the applicable standard, is
integrated into all operational processes and aims to minimise occupational risks.
Implemented measures include continuous workplace risk assessments, provision of appropriate
personal protective equipment, regular training on accident prevention, and clearly defined
emergency procedures. Evaluations are conducted regularly, and results are used to correct or
optimise processes and equipment, reducing exposure to potential hazards such as noise, chemical
substances, physical effort, or mechanical accidents. The company constantly monitors SSM
performance metrics and compliance with legislative requirements.
100% of the company’s own workforce is covered by the occupational health and safety management
system.
In 2025, Aerostar identified, analysed, and resolved a single work-related event, classified as an “off-
duty accident”. Additionally, no occupational illnesses were reported/investigated/declared during
2025.
2024
2025
Number of off-duty accidents
Number of minor work accidents
Number of fatal work accidents
1
6
1
0
1
0
Number of employees with occupational diseases and serious
incidents
0
0
Number of accidents per 100,000 hours worked
0,00001
0,00001
Lost time due to work accidents per 100,000 hours worked
0,00018
0,00000
89 AEROSTAR
Annual report 2025
NUMBER OF EMPLOYEES TRAINED IN OCCU PA TIONAL HEA L TH AND SAFETY
All employees have completed mandatory SSM training, upon hiring, on-the-job, periodically, and
additionally when required. Personnel with specific SSM responsibilities have participated in role-
specific training organised through the company’s Internal Prevention and Protection Service.
Measures adopted to prevent work-related incidents included at least:
reviewing/updating/monitoring protective and preventive measures for 2025, supplementing SSM
trainin g programmes, ensurin g al l employees are familia r with th e company’s internal SSM regulations,
and intensifying inspections or assigning additional responsibilities for performing periodic checks.
In 2025, the company recorded no litigation arising from work-related incidents and did not have to
pay damages as a result of such events.
WORK-LIFE BALANCE METRICS
ESRS S1-15
Our company recognises the importance of maintaining a healthy work-life balance, considering it
essential for employee well-being, motivation, and talent retention. Working schedules are organised to
provide predictability and stability, minimising unnecessary overtime and ensuring compliance with rest
periods. Employees have access to flexible working arrangements where the nature of the activities
and operational requirements allow, supporting the alignment of professional responsibilities
with individual and family needs. The company also provides additional leave for various family-
related events, further promoting a balance between professional and personal life. Work-life
balance is monitored through metrics such as leave utilisation, overtime hours, and personnel
turnover.
2024
FEMALE MALE TOTAL
Percentage of employees eligible for additional leave
100% 100% 100%
% of employees who took maternity, paternity, or parental
leave
2% 1% 3%
% of employees who took additional leave
10% 24% 34%
90 AEROSTAR
Annual report 2025
REMUNER A TION METRICS ( PA Y GAP AND TO T AL REMUNER A TION)
ESRS S1-16
The Company closely monitors remuneration metrics to ensure fairness, competitiveness, and equity
i n salary structures an d employee benefits packages. Monitorin g these metrics enables the assessment
of their impact on employee satisfaction, retention, and motivation, as well as the identification of
opportunities for improvement.
These metrics allow the identification of potential imbalances and the implementation of corrective
measures to maintain a fair and motivating remuneration system.
The pay gap between women and men is defined as the difference between the average remuneration
levels of female and male employees:
2024 2025
Pay gap between women and men
8,54 % 8,05%
Pay gap between women and men at management level
9,01 % 6,31 %
Pay gap between women and men at operational level
7,45 % 7,28 %
Ratio of total annual remuneration
5,58 5,77
* Pay gap between women and men= (Average gross hourly rate of male employees − Average gross hourly rate
of female employees)/ Average gross hourly rate of male employees*100
** Ratio of total annual remuneration= Total annual remuneration (salary & management allowance) of the
highest-paid employee/ Average total annual remuneration of employees (excluding the highest-paid employee)
2025
FEMALE MALE TOTAL
Percentage of employees eligible for additional leave
100% 100% 100%
% of employees who took maternity, paternity, or parental
leave
2% 1% 3%
% of employees who took additional leave
11% 23% 34%
91 AEROSTAR
Annual report 2025
INCIDENTS, COMPLAINTS, ISSUES AND SEVERE HUMAN RIGHTS IM P ACTS
ESRS S1-17
In 2025, no incidents of discrimination or harassment among the Company’s employees were
reported, and no employee complaints regarding occupational health and safety were recorded.
Furthermore, no incidents and/or complaints related to labour or serious impacts on human rights
(e.g., forced labour, human trafficking, or child labour) were registered within the Company’s
workforce.
During 2025, the Company did not receive any fines, sanctions, or significant compensations related to
human rights or its workforce, and no cases of non-compliance with the ONU (United Nations)
Guiding Principles on Business and Human Rights, the OIM Declaration on Fundamental Principles and
Rights at Work, or the OCDE Guidelines for Multinational Enterprises were identified during the
reporting period.
Although no such incidents were recorded, internal policies and procedures ensure that any situation
can be identified, documented, and addressed effectively. This proactive approach reflects the
Company’s commitment to protecting employees’ rights, maintaining a safe, fair, and responsible
working environment, and preventing any risks, including legal risks, associated with the Company’s
workforce activities.
2024 2025
Number of human rights violations
Number of employee complaints regarding human rights
0 0
0 0
Number of employee complaints regarding occupational health
and safety (SSM)
0 0
92 AEROSTAR
Annual report 2025
INTERESTS AND VIEWS OF S T AKEHOLDERS
IV
SUS T AINABILITY S TA TEMENT – 3. V ALUE CHAIN WORKERS
SBM-2
Within our Company, Value Chain Workers may be present as part of the Company’s stakeholders,
such as: suppliers, customers, certification and authorisation bodies, and regulatory authorities. The
level of interest of these stakeholders is described in Annex 1.
Among the Value Chain Workers who may be present in the Company, the following are considered
significant:
·
Workers of service-providing suppliers;
·
Workers of equipment suppliers providing commissioning and periodic maintenance services
of equipment;
·
Client representatives;
·
Workers of regulatory or control bodies (ITM (Labour Inspectorate), ANAF (National Agency
for Fiscal Administration), VAMA (Customs)).
The Company depends on Value Chain Workers to varying degrees, as they can affect the Company’s
operations by ensuring th e logistica l condition s essential to achievin g ou r primary objective - delivering
our products and services on time and in accordance with the required quality standards.
Through our policies, we ensure alignment with internationally recognised instruments relevant to
Value Chain Workers.
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH THE STR A TEGY
AND BUSINESS MODEL
SBM-3
The double materiality analysis conducted on the sub-subtopics required by the thematic standard
regarding Value Chain Workers revealed the following:
Real Positive
Safety of Value Chain Workers
present on Company
premises, who benefit from
non-discriminatory treatment
and equal opportunities.
Non-compliance with conduct
and ethics standards, which
could result in reputational
loss for the Company.
Improvement of the
Company’s Code of Conduct
and Ethics, and
encouragement for suppliers
to adopt the same principles
in their activities, through the
Suppliers’ Code of Conduct.
The impacts analysed are not material, and the risks do not present financial materiality.
Subtopic
Impact (I)
Risk (R)
Opportunity (O)
Health and Safety
Potential Negative
Non-compliance with the
rights of partner employees
present on Company
premises regarding
occupational health and
safety.
Reputational risk in case of
non-compliance with labour
legislation regarding Value
Chain Workers present on
Company premises.
Claims for compensation from
affected parties.
Gender Equality
and Equal Pay for
Work of Equal
Value
93 AEROSTAR
Annual report 2025
The potential negative impact related to the occupational health and safety of Value Chain Workers
present on Company premises, even if not associated with a risk of financial materiality, prompts us to
act through preventive and protective measures similar to those applied to our own employees.
Our Company works with suppliers from member countries of the International Labour Organization
(OIM), a United Nations agency that sets international labour standards, develops policies in the field,
and promotes decent working conditions for all workers.
Furthermore, through contractual requirements, we require our suppliers to comply with the labour
legislation applicable in their country of origin.
The selection of our suppliers based on objective criteria, under conditions of equal treatment and
opportunity, without discrimination on any grounds, generates a positive real impact. In 2025, we
continued with good supplier selection practices, did not apply social criteria in their selection, and no
negative social impact was created within our supply chains.
POLICIES REL A TED TO V ALUE CHAIN WORKERS
S2-1
Our Company consistently pursues the highest standards of business ethics, which has led us to adopt
the” Suppliers’ Code of Conduct.” This code represents the expectations we have of our suppliers to
ensure a healthy business relationship, in line with our values, principles, and ethical standards. In
cases where the expectations of this Code are not met, the business relationship may be reviewed and
the Company may propose corrective actions regarding the contractual terms.
The” Suppliers’ Code of Conduct” addresses aspects related to the promotion and respect of human
rights, treating people with respect and dignity, encouraging diversity, promoting equal opportunities
for all, and fostering a culture based on ethics in accordance with the conventions of the International
Labour Organisation (OIM).
Non-compliance with
principles for combating
sexual harassment or
workplace harassment, which
could result in reputational
loss for the Company.
Improvement of the
Company’s Workplace
Harassment Policy and
encouragement of its
application to Value Chain
Workers.
Potential Positive
Respect for the rights of
supplier employees regarding
child labour.
Non-compliance with ethics
standards, resulting in
reputational impact for the
Company.
Potential Positive
Respect for the rights of
supplier employees regarding
forced labour.
Non-compliance with ethics
standards, resulting in
reputational impact for the
Company.
Real Positive
Protection of personal data of
Value Chain Workers
Accidental disclosure of
personal data of Value Chain
Workers.
Measures Against
Violence and
Harassment in
the Workplace
Real Positive
Safety of Value Chain Workers
with access to Company
premises, who receive similar
treatment to that of Company
employees regarding
workplace violence and
harassment.
Child Labour
Forced Labour
Privacy
94 AEROSTAR
Annual report 2025
W e communicate the” Suppliers’ Code o f Conduct” t o our supplier s and encourage them to adopt their
own codes of conduct and, in turn, convey them to their main suppliers of goods and services. In this
way, as well as through policies such as the” General Purchasing Conditions,” our Company ensures
alignment with internationally recognised instruments relevant for Value Chain Workers.
In 2025, there were no significant changes compared to 2024 regarding expectations for suppliers.
Following the survey of suppliers within the value chain, the proportion of suppliers who, at Aerostar’s
initiative, signed and committed to the “Declaration of Adherence to the Ethics and Conduct Policy,”
throughout their collaboration with our Company remains at 87%.
PROCESSES FOR ENGAGING WITH V ALUE CHAIN WORKERS REGARDING IM P ACTS
S2-2
We collaborate and maintain contact with representatives of the companies to which Value Chain
Workers belong, whether those with whom we already have concluded
contracts/agreements/protocols or other arrangements, or those with whom such arrangements may
be established in the future. Collaboration and communication take place throughout the entire
process, starting with the request for quotation and continuing with the submission of offers,
negotiation, contracting and execution of the contract, clarification of issues and resolution of non-
conformities, and concluding with the delivery of products or the provision of services, their
acceptance, as well as the related collections or payments, and, where applicable, the handling of
warranty claims.
Ou r Company is engaged i n mutua l evaluatio n mechanisms with the employers of Value Chai n Workers
aimed at assessing the degree to which requirements are met; thus, we respond to evaluation
questionnaires proposed or requested by clients and, in turn, we assess suppliers based on
questionnaires. We remain open to any means of collecting feedback, adjusting, and improving
collaboration with all our partners in the value chain.
Operational responsibility for ensuring tha t thi s collaboration take s plac e lie s wit h th e Company’s Chief
Executive Officer, who, depending on needs, delegates authority or grants mandates for collaboration
and communication.
PROCESSES FOR REMEDI A TING NEG A TIVE IM P ACTS AND CHANNELS FOR V ALUE CHAIN WORKERS
TO RAISE CONCERNS
S2-3
Our Company fulfils all orders and commercial contracts and fully meets the obligations arising from
them, in particular: the timely delivery of products and services to customers under the required
quality conditions, as well as compliance with fair payment practices towards suppliers.
Through our policies, we manage the potential negative impact related to the health and safety of
Value Chain Workers who perform work on the Company’s premises. Thus, when they are granted
access to the Aerostar site, they benefit from specific occupational health and safety training. The
Company also provides visitors with appropriate personal protective equipment or suitable work
clothing. Through contractual clauses, we ensure that the employers of Value Chain Workers carrying
95 AEROSTAR
Annual report 2025
out activities on the site assume their responsibilities regarding occupational health and safety in
relation to their own personnel.
Throughout the duration of the relationship, any form of direct communication between Value Chain
Workers and our employees designated as business contacts is permitted, as well as communication
between their employers and our Company through the formal communication channels described in
the section “Aerostar’s Own Workforce”, which are open to all stakeholders. Email is a common and
accessible channel through which Value Chain Workers are encouraged to express their concerns or
needs.
Any Value Chain Worker may submit complaints if they become aware that an employee or
representative of our Company has engaged in misconduct related to conduct and ethics, including if
they have perceived or become aware of any form of retaliation during activities carried out on the
Company’s premises or elsewhere in connection with activities arising from the relationship with
Aerostar. The Company will act responsibly in addressing complaints, taking measures to ensure the
protection of personal data, while also accepting and resolving anonymous complaints.
ACTIONS T AKEN REGARDING M A TERIAL IM P ACTS ON V ALUE CHAIN WORKERS AND APPROACHES
FOR MANAGING M A TERIAL RISKS AND PURSUING M A TERIAL OPPORTUNITIES REL A TED TO V ALUE
CHAIN WORKERS, AND THE EFFECTIVENESS OF THESE ACTIONS
S2-4
In 2025, no issues or incidents related to human rights were reported within the upstream or
downstream value chain.
However, in addition to the measures taken to manage the potential negative impact related to health
and safety, our Company carried out actions aimed at preventing negative impacts on Value Chain
Workers. In this regard, the sustainability self-assessment questionnaire developed by Aerostar was
sent to the most important suppliers, and by the end of 2025 the proportion of those who provided
feedback in response to our request reached 80%. We will continue our actions so that the remaining
suppliers also provide a response.
The data collected and processed from the received questionnaires serve as a starting point for
identifying actions through which we can better manage material risks and capitalise on opportunities
associated with impacts on Value Chain Workers.
96 AEROSTAR
Annual report 2025
INTERESTS AND VIEWS OF STAKEHOLDERS
IV
SUS T AINABILITY S TA TEMENT – 4. AFFECTED COMMUNITIES
SBM-2
Communities, and particularly the local community, together with employees, customers, suppliers
and investors, represent a main group of stakeholders, and the Company’s business strategy takes
their interests into account to ensure long-term success and sustainability. There is a significant
interdependence between the availability of the local workforce, on the one hand, and Aerostar’s
continued provision of employment opportunities to the community, on the other. This determines us to
continuously pursue actions aimed at maintaining healthy relationships, mutual support and
cooperation with the communities affected by our activities.
Our main expectation is to prioritise the recruitment of personnel from the local community who are
qualified in professions relevant to the Company’s field of activity. At the same time, the main
expectatio n of the interested segment of the local community is that Aerostar maintains attractive and
well-paid jobs.
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH THE STR A TEGY
AND BUSINESS MODEL
SBM-3
The Company’s business strategy places at the core of our values the achievement of performance
through professionalism. As part of the business strategy, the” Board of Directors’ Vision Statement”
defines performance in relation to the requirements and expectations of the main stakeholder groups,
thus, among other aspects, performance for us also means an increased contribution to the needs of
the local community by promoting a clean environment and by supporting community development,
culture, health, and sports.
The Company’s development strategy is based on stakeholders’ requirements, correlated with
contextual aspects and their impacts over short – medium - and long-term horizons, as well as with
material risks and opportunities. Consequently, the Company’s priorities are driven by the same
considerations. Thus, during the 2025 update of the Development Strategy, within the internal context
aspects , the following priorities a t an extreme level were identified as particularly relevant for th e local
community and other communities:
·
priority use of the local workforce;
·
stability and maintenance of jobs;
·
protection of the environment;
·
ethics and respect in business;
·
compliance with and enforcement of legislation.
Sponsorships and civic participation activities carried out for the benefit of communities represent
other priorities for us - at a medium level - also highlighted in the Development Strategy.
Furthermore, our company contributes to the respect of the right to freedom of expression, having a
positive impact on the community through the fact that we have representatives in various local
advisory bodies. Establishing and maintaining cooperation with such bodies, which collect and address
community concerns, provides the Company with the opportunity to express its own values.
97 AEROSTAR
Annual report 2025
POLICIES REL A TED TO AFFECTED COMMUNITIES
S3-1
The Company’s policies aim to mitigate risks and capitalise on opportunities of any kind identified in
connection with its activities, including those relating to affected communities. In line with these
policies, we strive to have a positive influence on the communities in which we operate. Our Company
represents a stable presence on the labour market and, as an employer with significant economic
potential, provides communities with opportunities for secure employment while also contributing
substantial tax revenues to local budgets. In this way, the Company has a positive impact on improving
the living standards of community members.
In addition to the specific human resources initiatives related to recruitment and personnel selection,
the Company’s policies also include continuous efforts to engage with and provide benefits to the
community through:
·
participation in public-interest partnerships with local authorities;
·
involvement in education and vocational training processes through collaboration with
educational institutions and participation in joint projects aimed at supporting the development
Real positive
Maintaining jobs within the
company contributes to the
well-being of local
communities.
Reduction in jobs due to a
downsizing of activities.
Providing the local
community with secure and
well-paid jobs.
Real positive
Supporting education and
cultural and sports activities
through scholarships,
internships for pupils and
students, and sponsorships.
Insufficient availability of
suitably qualified human
resources, as well as
inadequate recruitment and
retention of graduates from
the local community.
Optimising the expenditure
related to scholarships
granted to pupils and
students from the company’s
funds.
Real positive
The company’s participation
in various consultative bodies
representing the local
community (the Social
Dialogue Commission
attached to the Prefect’s
Institution of Bacău County;
the Local Committee for the
Development of the Social
Partnership in Bacău and Iași;
and the Regional Committee
for the Development of the
Social Partnership)
Establishing and maintaining
partnerships with
organisations that represent
community interests and
provide a platform for the
company to express and
promote its values.
The impacts analysed are not material, and the risks do not present financial materiality.
Sub-subtopic
Impact (I)
Risk (R)
Opportunity (O)
Security-related
impacts
Right to
education and
culture (sub-
subtopic not
required by the
standard)
Freedom of
expression
98 AEROSTAR
Annual report 2025
of young people and adapting their skills to the current requirements of economic operators
and the business environment;
·
cooperation with non-profit organisations to support cultural, sports and extracurricular
educational activities;
·
sponsorship of various public events or initiatives;
·
involvement in the organisation of donation campaigns in humanitarian cases or for charitable
purposes, as well as encouraging and supporting employees to donate for the benefit of the
community;
·
supporting the community of small entrepreneurs and small and medium-sized enterprises
(Romanian abbreviation IMMs).
PROCESSES FOR ENGAGING WITH AFFECTED COMMUNITIES REGARDING IM P ACTS
S3-2
Our efforts to positively influence communities, through engagement and by returning value from our
results - are realised through collaborations with local authorities, industry employers’ associations,
associations, foundations and other non-profit organisations, middle school, high school, and
university institutions, and cultural and sports institutions. The Company’s main expectations from
collaboratio n with communities are primarily focuse d on generating, in the long term, recruitment and
selection pools for future Aerostar personnel, drawn from pre-university and university graduates as
well as the existing workforce within the communities in our geographical area. We also aim to
contribute value to society while maintaining a positive public image and reputation.
Our presence in various advisory bodies representing the local community enables and sustains
ongoing dialogue with local communities. Among these bodies, we highlight the following:
·
Social Dialogue Commission attached to the Prefect’s Institution of Bacău County;
·
Local Committee for the Development of the Social Partnership (CLDSP) in Bacău and Iași, where
the Company currently holds the presidency, and the Regional Committee for the Development of
the Social Partnership (CRDPS), of which it is also a member.
In addition, we maintain dialogue with other communities relevant to the Company, including:
·
dialogue with the business community in the aerospace industry, where our company is
represented in the Romanian Aerospace Industry Employers’ Organisation (OPIAR);
·
dialogue with the community of small entrepreneurs within activities carried out by the Bacău
County Employers’ Association of IMMs (Romanian abbreviation PJIMM); we share our positive
experiences to support IMM initiatives and pursue joint projects.
In the area of education, development, and preparing young people to meet current requirements, our
company is a member of a legally established association created to set up a dual education cluster in
Bacău. This initiative is in partnership with Bacău City Hall, Bacău County Council, Bacău County
School Inspectorate, “Vasile Alecsandri” University of Bacău, the Bacău County Employers’ Association of
IMMs, the North-East Regional Development Agency in Piatra Neamț, and several technical colleges in
Bacău. Subsequently, a consortium was formed that implemented a project financed through the
National Recovery an d Resilience Pla n– “Educate d Romania” . Withi n thi s project , i n 2025, construction
works were carried out to establish an integrated vocational, secondary, and university campus for
dual education in Bacău.
We recognise the importance of culture and sport in the educational process, as well as the fact that
cultural and sporting events are well appreciated within the community. As a result, we sponsor the
99 AEROSTAR
Annual report 2025
non-profit organisation “Aerostar Cultural and Educational Association Bacău,” as well as the Aerostar
Sports Association. The professional football club and the aeromodelling club within the Sports
Association are open to all children and young people from the community.
At the same time, we collaborate with non-profit organisations to raise awareness of and promote
cultural, historical, and educational values, to strengthen the professional prestige of workers in the
aviation industry, and to foster a sense of belonging to the group of elite producers in leading sectors of
the industry, both in Romania and internationally. The Company’s sponsorship policy is published on
the corporate website, under the section “Investor Relations.”
PROCESSES FOR REMEDI A TING NEG A TIVE IM P ACTS AND CHANNELS FOR AFFECTED
COMMUNITIES TO RAISE CONCERNS
S3-3
As in previous years, in 2025 our company did not record any negative impacts on communities. Our
focus remains on maintaining this situation, leveraging past positive experiences and the know-how
developed within the company, continuing to use our methods and tools to closely and systematically
monitor operational results, detect risks early, evaluate impacts, and identify and implement
corrective and improvement measures in a timely manner.
Should a member or representative of a community become aware of, or believe they have been
affected by, either an action or an inaction of the company in a case where action would have been
appropriate, they may submit notifications, complaints, or grievances through any publicly available
contact channel: in writing, at the company’s head office, via the registry, by post, fax, or e-mail. Such
notifications may be submitted either personally or through a third party expressly authorised by the
individual.
In all such cases, the Company acts diligently to resolve notifications, complaints, or grievances, even if
submitted anonymously. Cases are handled discreetly, with due respect for the confidentiality of
information, and in accordance with measures in place to ensure compliance with personal data
processing restrictions.
Our values and practices regarding ethics and conduct strictly prohibit any form of retaliation against
individuals who use the company’s communication channels to report an act or a suspected violation of
laws, or an impact on the environment or communities, or to seek assistance. We also promote these
values in our relationships with partners.
The same communication channels are available, and the same treatment applies, in any other
situation where a community member wishes to express opinions, concerns, suggestions, or special
requests.
ACTIONS T AKEN REGARDING M A TERIAL IM P ACTS ON AFFECTED COMMUNITIES AND
APPROACHES FOR MANAGING M A TERIAL RISKS AND PURSUING M A TERIAL OPPORTUNITIES
REL A TED TO AFFECTED COMMUNITIES, AS WELL AS THE EFFECTIVENESS OF THESE ACTIONS
S3-4
In order to manage the positive impact on communities by maintaining employment and to capitalise on
the opportunity to provide safe and well-paid jobs, the Company undertakes actions to identify and
implement specific human resources marketing methods and tools, aimed at creating robust
100 AEROSTAR
Annual report 2025
recruitment pools within the local community and its immediate surroundings, from which new
employees can be selected.
Thus, in 2025, Aerostar continued to carry out extensive activities to present the company and its job
opportunities at technical colleges, technological high schools, and technical universities across the
country, which prepare specialists in professions relevant to our business, as well as in complementary or
related fields, providing the perspective of further training within the company to acquire the
necessary skills and competencies. We maintain close relationships and formal partnerships with
technological high schools and technical colleges in Bacău and Iași, allowing their students to
undertake internships within the company. For a significant number of these students, we also provide
private scholarships; upon graduation, these students are given priority for employment within the
company.
In the same spirit of meeting the expectations of local communities and maintaining a positive impact,
Aerostar is authorised under applicable regulations as a provider of vocational training, as well as a
“Centre for the Assessment of Professional Competences Acquired through Non-Formal Means”, and is
committed to maintaining these authorisations. The Company is thus empowered to issue nationally
recognised qualification certificates or professional competence certificates. The qualification courses
organised, as well as the competence assessment process, are open to all candidates from the
community, regardless of whether they choose to be employed by the company.
Regarding community impacts related to environmental aspects generated by the Company’s
activities, the measures adopted are included in the “Action Plan for Achieving Quality and
Environmental Objectives” for 2025. On e of the objectives of this plan is to carry out activities without
recording incidents/accidents that could affect the environment , and the following actions were
defined and implemented to achieve this objective:
·
analysing changes in applicable legal and regulatory requirements and updating, where
necessary, environmental work instructions;
·
training environmental officers on the provisions of the environmental work instructions;
·
carrying out environmental inspections in areas with significant environmental aspects;
·
conducting planned environmental audits.
During 2025, no issues or incidents were reported regarding human rights in relation to affected
communities.
T ARGETS REL A TED TO MANAGING M A TERIAL NEG A TIVE IM P ACTS, PROMOTING POSITIVE
IM P ACTS, AND MANAGING M A TERIAL RISKS AND OPPORTUNITIES
S3-5
Aerostar will continue to maintain its positive impact on the community by supporting education,
particularly technical and technological education, through the provision of internships for pupils and
students, various sponsorships to equip educational institutions, and private scholarships within the
dual education system, in compliance with applicable legal regulations.
The Company’s objective is to attract as much of the local human resources as possible and to make
jobs attractive to young graduates, in order to hire and retain them within the company. Through
monthly human resources reports, the Company monitors the evolution of the number of graduates
employed and, among them, the number of those who have received private scholarships, as well as
th e retentio n rate of employed graduates over relevant time intervals (1 year, 2 years, 3 years, 5 years),
with the aim of identifying and planning targets and courses of action for improvement.
101 AEROSTAR
Annual report 2025
INTERESTS AND VIEWS OF S T AKEHOLDERS
IV
SUS T AINABILITY S TA TEMENT – 5. END-USERS
SBM-2
The interests, views, and rights of end-users are integrated into the business model through policies
relating to product management, quality assurance, the provision of high-quality products and
services, full user safety, and the continuous improvement of performance.
In the field of aeronautical product manufacturing, Aerostar’s end-users are the integrators of our
products into the final product. In the civil aircraft MRO sector, end-users are the airlines, while in the
military aircraft and helicopter MRO sector, end-users are the Ministry of National Defence and the
Ministry of Internal Affairs.
M A TERIAL IM P ACTS, RISKS AND OPPORTUNITIES AND THEIR INTERACTION WITH THE STR A TEGY
AND BUSINESS MODEL
SBM 3-IRO 1
At Aerostar, business relationships are safeguarded through contracts or confidentiality agreements,
ensuring the protection of company data and other sensitive information.
The actual and potential impacts on end-users are closely linked to the industry in which we operate.
Since we believe that the entire value chain and our stakeholders require clear and transparent
information regarding the impacts of our operations, the double materiality analysis has been
conducted taking into account both positive and negative impacts, with particular attention to
negative impacts.
Aerostar’s strategy and business model (see page 40) are designed to ensure that impacts are positive or
that potential negative impacts are minimised, and that the risks and opportunities arising from its
interactions with customers, end-users, or other stakeholders are appropriately managed.
Risk of incidents affec
t
ing end-
users if all applicable
requirements are not complied
with.
The risk has
f
i
nancial effects
T opic
Descrip
t
i
on of the impact
Risk
Product and Service Safety
Poten
t
i
al Nega
t
i
ve
A decrease in end-user trust in the
event of incidents.
The delivery of products and services that ensure the highest level of safety for users, closely linked to
compliance with quality standards and con
t
inuous improvement, represents a top priority objec
t
ive for
the Company This commitment drives us to act responsibly in maintaining our integrated
management system for Quality - Environment - Safety - Informa
t
ion Securit y , authorised by the
competent authori
t
ies in accordance with the applicable standards. Maintaining and expanding the
cer
t
i
f
i
ca
t
ions, authorisa
t
ions and accredita
t
ions required for the delivery of our products and services, in
compliance with legal requirements, European aeronau
t
ical regula
t
ions, customer requirements and
other applicable requirements, represent key premises of the Company’s strategy and, at the same
t
ime, our strengths in ensuring safe products and services for users.
102 AEROSTAR
Annual report 2025
A decrease in end-user trust in the event of incidents represents a risk that may have significant
financial implications. Our approach to managing this risk includes proactive monitoring and quality
assurance measures, as well as transparent communication with end-users in order to maintain and
strengthen their trust. At the same time, by complying with and adhering to quality standards, we
prevent risks and maximise customer satisfaction.
POLICIES REL A TED TO CONSUMERS AND END-USERS
S4-1
Aerostar is committed to developing a responsible and sustainable business that supports the needs
and interests of end-users.
Our management system ensures the confidentiality of our customers’ data through the
implementation of effective strategies designed to prevent any breaches. Thanks to the system and
our ongoing efforts to enhance it, no complaints have been recorded from customers or end-users
regarding non-compliance with data confidentiality requirements.
AEROSTAR’s actions focus on the continuous adaptation of the management system in order to
respond effectively to changes in the global market, the appropriate allocation of responsibilities and
roles in relation to such changes, and ensuring an inclusive organisational culture that supports
adherence to the necessary measures.
AEROSTAR respects and guarantees equal and non-discriminatory treatment in its relationships with
partners, collaborators, and customers. The Company’s employees demonstrate professional conduct
and ensure diversity and equal opportunities in a transparent and impartial manner in its relationships
with all stakeholders, avoiding any actions that could be interpreted as discriminatory.
Aerostar implements improvements at all levels in order to respond to the needs and concerns of
customers and end-users, thereby strengthening their trust and support for the Company’s strategic
objectives.
PROCESSES FOR ENGAGING WITH CONSUMERS AND END-USERS REGARDING IM P ACTS
S4-2
AEROSTAR is a company that aims to accomplish its business portfolio by consistently pursuing the
highest standards of business ethics.
We place particular importance on communication and transparency, ensuring that customers and
end-users have direct channels of contac t via email, telephone numbers, or fax listed o n the Company’s
website, as well as through other means recorded in the “Stakeholders” table. In addition, in business
relationships, each operational department within the Company maintains direct contact with the
corresponding departments of our customers. The Marketing and Development department also
includes a communications office responsible for public relations.
Transparent communication strengthens and consolidates our partnerships. This approach enables us
to expand our market presence and develop long-term relationships.
103 AEROSTAR
Annual report 2025
In close connection with this section, see also the chapter “Role of the Administrative, Executive and
Supervisory Bodies” on page 19.
PROCESSES FOR REMEDI A TING NEG A TIVE IM P ACTS AND CHANNELS FOR CONSUMERS AND END-
USERS TO RAISE CONCERNS
S4-3
Recognising the importance of protecting the well-being of end-users of our products and anticipating
potential impacts, we strictly follow manufacturing processes in accordance with our customers’
specifications. AEROSTAR has action plans and objectives in place to reduce the risk of non-compliance
and eliminate associated costs if they arise.
In our sustainability policy, we are committed to ensuring the highest standards of quality, reliability,
and safety.
ACTIONS T AKEN REGARDING M A TERIAL IM P ACTS ON CONSUMERS AND END-USERS, AND
APPROACHES TO MANAGING M A TERIAL RISKS AND PURSUING M A TERIAL OPPORTUNITIES
REL A TED TO CONSUMERS AND END-USERS, AS WELL AS THE EFFECTIVENESS OF THESE ACTIONS
S4-4
Relevant certification bodies audit our production facilities and support functions at least annually,
carrying out surveillance audits, and these are recertified every three years. We hold EASA, FAA, and
EMAR certifications, covering design, production, and maintenance. In addition, we hold
authorisations obtained following audits conducted by our customers.
AEROSTAR directly monitors compliance with internal procedures and policies through continuous
internal audits.
We are certified according to ISO 9001 and EN/AS9100, management standards, aligning us with
international quality standards.
Products and services are developed in full compliance with the requirements of our customers and
end-users, as well as with applicable legal an d regulatory requirements, to ensure the health an d safety of
users.
The risk management system consists of a set of rules, methods, and organisational structures
designed to ensure the identification, evaluation, mitigation, and monitoring of critical risks relevant to
Aerostar.
104 AEROSTAR
Annual report 2025
IM P ACTS, RISKS AND OPPORTUNITIES
IV
SUS T AINABILITY S TA TEMENT – 6. PROFESSIONAL CONDUCT
Impacts related to professional conduct may directly influence relationships with customers,
employees, suppliers, and other business partners, through the risk of adversely affecting the
Company’s reputation and trust, as well as its performance metrics.
The analysis of impacts, risks and opportunities concerning sustainability aspects related to business
conduct considered the provisions of the topic-specific standard ESRS-G1, as well as aspects not
explicitly required by the standard. This analysis revealed the following:
Real Positive
Promotion of the
responsibility to comply with
legal provisions, the Code of
Conduct in business, and
other internal policies.
Reputational risk, restricted
access to financing, and
potential fines resulting from
non-compliance with
governance standards.
Real Positive
Credibility in the business
environment, based on
establishing and adhering to
ethical business conduct.
Reputational risk, loss of
credibility in the business
environment, and a reduction
in the number of active
investors.
Improving control over
compliance with the
Company’s Code of Conduct
and Ethics
Real Positive
Equal treatment of suppliers
regarding their acceptance
and selection in procurement
procedures, based on
objective criteria.
Real Positive
Fair payment practices,
ensuring that all suppliers
who fulfil their contractual
obligations are paid within
the agreed terms.
Weakening of the supply
chain due to delayed
payments or non-payment of
suppliers.
Real Positive
Ongoing efforts to prevent
and combat corruption
and
bribery.
Reputational risk and loss of
credibility in the business
environment in the event of
proven cases of bribery.
The impacts analysed are not material, and the risks do not present financial materiality.
Sub-subtopic
Impact (I)
Risk (R)
Opportunity (O)
Concerns related
to unlawful
behaviour or
conduct that
breaches the
Code of Conduct
or internal
policies
Business conduct
Supplier
relationships
Reduced supply capacity and,
consequently, a diminished
ability of the Company to
deliver products or services
on time; potential fines
resulting from the use of
goods or services sourced in
breach of applicable
regulations.
Payment
practices
Detection,
including training,
and prevention of
corruption and
bribery
105 AEROSTAR
Annual report 2025
POLICIES REGARDING PROFESSIONAL CONDUCT AND CORPOR A TE CU L TURE
G1-1
Our Company supports and promotes honesty, fairness, and integrity as core values of its
organisational culture and consistently seeks to uphold the highest standards of business ethics.
Reputational risk and the risk of losing credibility in the business environment - with direct
consequences for the Company’s operations, rangin g fro m sanctions for non-compliance with laws and
regulations to the inability to carry out business activities and the loss of customers - require us to
strengthen our efforts to mitigate these risks. As a result, the impacts we generate are positive, as we
promote the responsibility to comply with both legal requirements and business conduct standards,
and are perceived as a trustworthy company.
The Company maintains a clear and straightforward policy regarding the rules of conduct and
behaviour applicable to employees, the Board of Directors, and other stakeholders when undertaking
activities on behalf of the Company. They are expected to communicate openly and always act with the
highest integrity, do what is right (fair), comply with all legal requirements, behave honestly and
ethically, treat others fairly, respect diversity, and accept responsibility. No unethical behaviour is
tolerated under any circumstances, and such behaviour can never be justified by the pursuit of
business objectives. No one should assume that a compromising situation or conduct that breaches
ethical standards can be justified by achieving a business outcome. Any individual who violates these
conduct and behavioural rules may be subject to disciplinary, civil, or criminal sanctions.
Every participant engaged in activities on behalf of the Company is required to always uphold and
maintain the highest standards of professional ethics and to comply with all laws and regulations
applicable to the Company’s business. No employee or agent has the authority to request or approve
any action that would violate the law or ethical standards. Employees and agents should avoid
situations in which someone might indirectly achieve for the Company what the Company could not
lawfully and ethically achieve directly.
General guidelines regarding the conduct of the Company’s business in accordance with the highest
standards of business ethics are detailed in the “Aerostar Code of Conduct and Business Ethics,” which
we have voluntarily adopted for several years. This Code forms part of the Collective Labour
Agreement and is made available to all stakeholders through publication on the Company’s website.
The Code of Conduct and Ethics is mandatory for all employees, regardless of their hierarchical
position, and applies both to employee conduct and to interactions with customers, suppliers,
investors, representatives of the local community, and other business partners. Where the Code
requires a higher standard than that demanded by commercial practices or applicable laws, rules, or
regulations, we ensure that we adhere to these higher standards.
The Board of Directors places professionalism at the core of the Company’s values across all areas and
activities, ensuring that business ethics and the prevention of bribery and corruption are integral
components of Aerostar’s strategy, alongside quality and safety, environmental management,
workforce, investments, cybersecurity, and financial operations, all aimed at supporting the
Company’s business lines.
MANAGEMENT OF SUPPLIER REL A TIONSHIPS
G1-2
The relationships we aim to maintain with our suppliers are a key factor in the Company’s success.
Reduction of supply capacity represents a major risk for us, as a weakened supply chain increases the
risk of the Company being unable to deliver products or services that meet requirements and
deadlines. For this reason, we are committed to ensuring a positive impact by reinforcing suppliers’
106 AEROSTAR
Annual report 2025
confidence that they will be treated equally, without discrimination, and fairly regarding their
acceptance and selection based on objective criteria in the procurement process. The principles for
evaluating and selecting suppliers for procurement, as well as the methods for monitoring supplier
performance in use, are defined in the Company’s internal procedure for the procurement of products
and services. This involves continuous dialogue with suppliers through self-assessment questionnaires
and clarifications where needed, as well as monitoring sheets, calculation of performance metrics, and
communication of monitoring results to suppliers.
Through its policies, the Company ensures not only that it aligns with the highest standards of business
ethics, but also with internationally recognised instruments relevant to workers in the value chain,
including the United Nations Guiding Principles on Business and Human Rights.
The expectations we have of our suppliers, to ensure a healthy business relationship in accordance
with ou r ethica l values, principles and standards, are set out i n the Supplier Code of Conduct. Thi s Code
is consistently communicated to our suppliers, and where our expectations are not met, the business
relationship may be reviewed and corrective actions proposed under the terms of the contract.
Aerostar requires its suppliers, through contractual obligations, to comply with the labour legislation
applicable in their country of origin. Additionally, Aerostar has defined requirements for suppliers
regarding ethics and compliance with labour legislation in the
„ General Terms and Conditions of Purchase.”
Other aspects of supplier relationships are addressed in the chapter “Stakeholders” and under the S2
requirements,” Value Chain Workers”.
PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY
INCIDENTS OF CORRUPTION OR BRIBERY
G1-3, G1-4
An important component of Aerostar’s strategy, reflecting the vision of the Board of Directors, is the
prevention of bribery and corruption, which, like business ethics, could pose a reputational risk in the
hypothetical event of proven incidents. In practice, such a risk is very unlikely, but a risk event may
occur under exceptional circumstances. While we place great value on a culture open to
acknowledging errors, we adopt a zero-tolerance approach to corruption and bribery and foster a
culture based on transparency and accountability. The Aerostar Code of Conduct and Business Ethics,
mentioned previously, also clarifies the Company’s stance regarding the detection of corruption and
bribery.
Every employee is required to comply with all laws, rules, and regulations applicable to the Company’s
operations and to understand and comply with all laws, rules, and regulations relevant to their role.
Without being limited to these, the obligation to comply includes: laws on bribery and illicit
commissions; intellectual property rights, trademarks, and trade secrets; confidentiality of
information; illegal political contributions; antitrust prohibitions; anti-corruption practices; the giving or
receiving of gifts or gratuities; environmental risks; workplace discrimination or harassment; health and
safety at work; false or misleading financial information; and the misuse of corporate assets.
If an employee becomes aware of a suspicious, fraudulent, or illegal event that is, or could constitute, a
breach of our policies and may harm the Company, they are required to report it immediately to
management, which will take all necessary steps to verify the accuracy of the event.
Established reporting channels and a whistleblowing system enable employees to report, safely and
anonymously, any suspected violations. Both Company employees and members of our local
community can submit requests, complaints, notifications, or proposals to management through
formal meetings. These meetings are held by the Chief Executive Officer, or, in their absence, by their
designated deputy. Depending on the issues reported, appropriate actions and resolution timelines
107 AEROSTAR
Annual report 2025
are determined. The final resolution is communicate d in writing to the concerne d party, via e-mail, fax,
or telephone, following the definitive resolution of the reported issue.
Our Company’s commitments and values include compliance with applicable national and
international legislation on the prevention of corruption and bribery. Accordingly, we ensure that the
same standards regarding the prevention of corruption and bribery are upheld by our partners -
suppliers and customers - through the inclusion of contractual obligations requiring compliance with
these provisions and the immediate reporting of any incidents of this nature.
In 2025, no concerns or requests for guidance regarding unethical or illegal behaviour, or
organisational integrity, were reported within the Company. No incidents of corruption occurred, no
employees were dismissed or sanctioned for acts of corruption, and no corruption-related incidents
led to the termination or refusal to renew contracts with business partners. During 2025, we were not
involved in incidents of this nature, nor were any legal actions recorded in relation to these matters.
POLITICAL INFLUENCE AND LOBBYING ACTIVITIES
G1-5
Consistent with its beliefs, principles, and values, in 2025 our Company continued to have no political
interests or affiliations of any kind. Consequently, we made no political donations and undertook no
lobbying activities.
Furthermore, during 2025, none of the members of the Board of Directors or of the Company’s
management and supervisory bodies held a comparable position in public administration (including
within regulatory authorities).
PA YMENT PRACTICES
G1-6
The major risk of a decrease in the company’s turnover due to the loss of customers as a result of the
inability to deliver products/services on time, caused by supply issues, drives us to maintain strong
relationships with suppliers and to build their confidence through fair payment practices. Given that in
the aviation sector we work with suppliers mandated by our customers, who are often limited in
number or overburdened by the demands of companies with similar business activities to ours, we
cannot afford to weaken the supply chain through late payments or non-payment to suppliers. For
these reasons, we act to ensure a positive impact regarding our fair payment practices, which involve
honouring all invoices promptly, within agreed terms, for all suppliers who fulfil their contractual
obligations. In 2025, there were no reported delays in payment, nor any legal actions concerning non-
compliance with our payment terms.
108 AEROSTAR
Annual report 2025
IV
SUS T AINABILITY S TA TEMENT – 7. ADDITIONAL TOPICS
NO REAL M A TERIAL IM P ACT RISKS WERE IDENTIFIED IN THESE ADDITIONAL TOPICS
In 2025, AEROSTAR S.A. continued to strengthen measures regarding cybersecurity and compliance
with regulations related to customs control and exports/imports. The Company maintained and
enhanced internal control tools, operational procedures, and existing security systems, ensuring
systematic monitoring of processes and consistent application of internal policies.
To mitigate risks concerning IT system security, a plan is in place for the implementation of the ISO
27001 standard, and periodic „ Security Awareness” training sessions are planned.
Information System Security
Potential Negative
The Company’s activities
may be negatively affected
if export control
regulations are not
complied with.
Non-compliance with
regulations may
result in the
Company being
included on the
denied entities list
(affecting internal
military operations
and, externally, both
civil and military
operations).
The impacts analysed are not material, and the risks do not present financial materiality
Subtopic
Additional Topic
Impact (I)
Risk (R)
Opportunity (O)
Compliance with
export/import control
regulations
Strengthening the
Company’s reputation as
a safe and responsible
operator through the
implementation of a
robust system regarding
compliance with
export/import control, by
developing rigorous
procedures, training
personnel, and
continuously monitoring
applicable regulations.
Potential Negative
Interruption of operations
over an extended period
Reputational risk,
delivery delays, costs
associated with
incident remediation
Potential Negative
Loss of personal data
confidentiality
Reputational risk,
costs associated with
incident remediation
"The impacts analysed are not material, and the risks do not present financial materiality.
Subtopic
Additional Topic
Impact (I)
Risk (R) Opportunity (O)
Security Incident – Data
Loss
GDPR Data
109 AEROSTAR
Annual report 2025
REPORT PURSUANT TO ARTICLE 8 OF REGUL A TION (EU) 2020/852 (“ T AXONOMY REGUL A TION”) –
NARR A TIVE VERSION
IV
SUS T AINABILITY S TA TEMENT – 7. T AXONOMY
In 2025, the European sustainable finance framework continued to be strengthened through the
implementation of updates to Regulation (EU) 2020/852 and its delegated acts. Amendments adopted
by the European Commission during 2023-2024, applicable to disclosures starting with the 2025
financial year, expanded the technical screening criteria for economic activities and introduced new
requirements for the aviation sector. These updates reflect the recognition of the role that modern
aeronautical technologies can play in reducing emissions and supporting the transition to a climate-
neutral European economy.
For the aeronautics industry, the updated legislation highlights the importance of fleet modernisation,
increased use of sustainable aviation fuels (SAF), and the development of technologies with zero direct
CO₂ emissions at the exhaust point. The technical screening criteria, developed in line with the six EU
environmental objectives, are supplemented by additional requirements concerning economic
activities that contribute to environmental protection , both in the climate domai n and acros s th e other
non-climate objectives. At the same time, companies are required to comply with the reporting
obligations set out in Article 8, which require disclosure of how their activities contribute to
environmental objectives, in accordance with Delegated Regulations (EU) 2021/2139 and Delegated
Regulations (EU) 2023/2486, as well as the updates applicable from 2025.
AEROSTAR has carried out a detailed assessment of its exposure to Taxonomy-eligible activities in
accordance with the applicable delegated acts. In addition, the Company assessed compliance with
the relevant Technical Screening Criteria (TSC), including the Do No Significant Harm (DNSH) criteria
and the required minimum safeguards. The analysis of economic activities was performed through
consultations between the financial and technical departments, and the assessment process included a
comprehensive evaluation of the Company’s contribution to the environmental objective of climate
change mitigation.
The Company’s main activity falling within the scope of the EU Taxonomy is aircraft manufacturing, as
defined under Section 3.21 of the delegated acts. This activity includes the manufacturing, repair,
maintenance, overhaul, refurbishment, design, conversion and upgrading of aircraft, as well as related
parts and equipment, in accordance with NACE codes C30.3 and C33.16. Under the updated technical
criteria, a substantial contribution to climate change mitigation may be demonstrated either through
the production or upgrading of aircraft with zero direct CO₂ emissions, or through compliance with
International Civil Aviation Organization (ICAO) standards on CO₂ emissions performance for civil
aircraft. These standards become mandatory for reporting starting from 2025 and apply exclusively to
the civil aviation segment.
As a manufacturer of parts and subassemblies for the aviation industry, as well as a provider of
maintenance an d repair services, the majorit y of the Company’s revenues, capital expenditure (CapEx),
operating expenditure (OpEx) and total assets are linked to the activity “Manufacture of aircraft”.
Considering that this activity contributes to climate change mitigation, it may also contribute to the
other environmental objectives. However, the Company assessed such potential contributions to the
110 AEROSTAR
Annual report 2025
remaining objectives as not material for reporting purposes and therefore reports exclusively its
contribution to climate change mitigation.
Despite the progress made, the Company has identified certain limitations that currently prevent the
determination of alignment with the technical screening criteria. Firstly, AEROSTAR does not possess
official data regarding the CO₂ metric values of the civil aircraft for which it produces components,
which makes it impossible to assess compliance with ICAO standards. Secondly, the Company does not
currently have access to the information necessary to calculate the aircraft replacement ratio, an
indicator introduced in the updates applicable to reporting from 2025, for which a comprehensive
public database is not yet available.
AEROSTAR reaffirms its commitment to sustainability and compliance with European legislation. The
Company will continue to monitor legislative developments, collect the necessary data and adapt its
internal processes in order to meet the requirements of the EU Taxonomy. As additional information
becomes available, the reporting will be reviewed and further improved accordingly.
Adaptation
to
climate
change
(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Adaptation
to
climate
change
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
(2)
Econom i c
a ct i v i t i e s
(1)
Code
( a )
Turnover
Proport i on
of
turnover
(4)
Climate
change
mitigation
(5)
Climate
change
mitigation
(11)
(A.1.)
or
t a xonomy
e li g i b l e
Proport i on
of
t a xonomy-
ali gne d
turnover
F a c ili t a t i on Tran si t i on
a ct i v i ty
a ct i v i ty
ca te gory
(A.2.)
tu
r
nove
r
,
ca te gory
(19) (20)
ye a r
2024
(18)
Te xt RON %
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D/N D/N D/N D/N D/N D/N D/N % F a c ili t a t i ng Tran si t i on a l
Manufacture
of
aircraft
CCM
3.21 620,433,575 100% N N N N N N D D D D D D D 0% F a c ili t a t i ng
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
620,433,575 100% 0% 0% 0% 0% 0% 0% 0%
620,433,575 100% 100% 0% 0% 0% 0% 0% 0%
0 0%
620,433,575 100%
Turnover
A.2
Activities
eligible
in
terms
of
taxonomy
but
which
are
not
environmentally
sustainable
(not
taxonomy-aligned
activities)
(g)
Financial
year Year
2025 Criteria
for
substantial
contribution Do
No
Significant
Harm
(DNSH)
criteria
A.
TAXONOMY
ELIGIBLE
ACTIVITIES
A.1.
Environmentally
sustainable
activities
(taxonomy-aligned)
Turnover
of
environmentally
sustainable
activities
(taxonomy- 0 0% 0% 0%
aligned)
(A.1)
Of
which
facilitating 0 0% 0%
0%
Of
which
transitional 0 0% 0%
0%
B.
ACTIVITIES
THAT
ARE
TAXONOMY-NON-ELIGIBLE
Turnover
of
activities
that
are
taxonomy-non-eligible
TOTAL
(A+B)
Turnover
of
taxonomy-eligible
but
environmentally
non-sustainable
activities
(not
taxonomy-aligned
activities)
(A.2)
A.
Turnover
of
taxonomy
eligible
activities
(A.1+A.2)
111
AEROSTAR
Annual report 2025
Adaptation
to
climate
change
(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Adaptation
to
climate
change
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
AEROSTAR
Annual report
2025
(2)
Econom i c
a ct i v i t i e s
(1)
C
ode
( a )
CapEx
Proport i on
of
Ca pEx
(4)
Climate
change
mitigation
(5)
Climate
change
mitigation
(11)
(A.1.)
or
t a xonomy
e li g i b l e
Proport i on
of
t a xonomy-
ali gne d
C a pEx
F a c ili t a t i on Tran si t i on
a ct i v i ty
act i vity
ca te gory
(A.2.)
C a pEx,
ca te gory
(19) (20)
ye a r
2024(18)
Te xt RON %
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D/N D/N D/N D/N D/N D/N D/N % F a c ili t a t i ng Tran si t i on a l
Manufacture
of
aircraft
CCM
3.21 13,983,392 100% N N N N N N D D D D D D D 0% F a c ili t a t i ng
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
13,983,392
100% 0% 0% 0% 0% 0% 0% 0%
13,983,392
100% 100% 0% 0% 0% 0% 0% 0%
0 0%
13,983,392 100%
CapEx
A.2
Activities
eligible
in
terms
of
taxonomy
but
which
are
not
environmentally
sustainable
(not
taxonomy-aligned
activities)
(g)
Financial
year Year
2025 Criteria
for
substantial
contribution Do
No
Significant
Harm
(DNSH)
criteria
A.
TAXONOMY
ELIGIBLE
ACTIVITIES
A.1.
Environmentally
sustainable
activities
(taxonomy-aligned)
CapEx
related
to
environmentally
sustainable
activities
(taxonomy- 0 0% 0% 0%
aligned)
(A.1)
Of
which
facilitating 0 0% 0% 0%
Of
which
transitional 0 0% 0% 0%
B.
ACTIVITIES
THAT
ARE
TAXONOMY-NON-ELIGIBLE
CapEx
of
activities
that
are
taxonomy-non-eligible
TOTAL
(A+B)
,,
CapEx
related
to
taxonomy-eligible
but
environmentally
non-sustainable
activities
(not
taxonomy-aligned
activities)
(A.2)
A.
CapEx
related
to
taxonomy
eligible
activities
(A.1+A.2)
112
Adaptation
to
climate
change
(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Adaptation
to
climate
change
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
(2)
Econom i c
a ct i v i t i e s
(1)
C
ode
( a )
OpEx
Proport i on
of
OpEx
(4)
Climate
change
mitigation
(5)
Climate
change
mitigation
(11)
(A.1.)
or
t a xonomy
e li g i b l e
Proport i on
of
t a xonomy-
ali gne d
OpEx
F a c ili t a t i on Tran si t i on
a ct i v i ty
act i vity
ca te gory
(A.2.)
OpE
x,
ca te gory
(19) (20)
ye a r
2024
(18)
Te xt RON %
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D/N D/N D/N D/N D/N D/N D/N % F a c ili t a t i ng Tran si t i on a l
Manufacture
of
aircraft
CCM
3.21 11,584,790 100% N N N N N N D D D D D D D 0% F a c ili t a t i ng
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
11,584,790
100% 0% 0% 0% 0% 0% 0% 0%
11,584,790
100% 100% 0% 0% 0% 0% 0% 0%
0 0%
11,584,790 100%
OpEx
A.2
Activities
eligible
in
terms
of
taxonomy
but
which
are
not
environmentally
sustainable
(not
taxonomy-aligned
activities)
(g)
Financial
year Year
2025 Criteria
for
substantial
contribution Do
No
Significant
Harm
(DNSH)
criteria
A.
TAXONOMY
ELIGIBLE
ACTIVITIES
A.1.
Environmentally
sustainable
activities
(taxonomy-aligned)
OpEx
related
to
environmentally
sustainable
activities
(taxonomy- 0 0% 0% 0%
aligned)
(A.1)
Of
which
facilitating 0 0% 0% 0%
Of
which
transitional 0 0% 0% 0%
B.
ACTIVITIES
THAT
ARE
TAXONOMY-NON-ELIGIBLE
OpEx
of
activities
that
are
taxonomy-
non-eligible
TOTAL
(A+B)
OpEx
related
to
taxonomy-eligible
but
environmentally
non-sustainable
activities
(not
taxonomy-aligned
activities)
(A.2)
A.
OpEx
related
to
taxonomy
eligible
activities
(A.1+A.2)
113
AEROSTAR
Annual report 2025
Adaptation
to
climate
change(6)
Water
(7)
Pollution
(8)
Circular
economy
(9)
Biodiversity
(10)
Adaptation
to
climate
change
(12)
Water
(13)
Pollution
(14)
Circular
economy
(15)
Biodiversity
(16)
Minimum
safeguards
(17)
AEROSTAR
Annual report
2025
(2)
Econom i c
a ct i v i t i e s
(1)
C
ode
( a )
Tot a l
ass ets
Proport i on
of
Tot a l
A ss e ts
(4)
Climate
change
mitigation
(5)
Climate
change
mitigation
(11)
(A.1.)
or
t a xonomy
e li g i b l e
Proport i on
of
t a xonomy-
ali gne d
T
ot a l
ass e ts
F a c ili t a t i on Tran si t i on
a ct i v i ty
act i vity
ca te gory
(A.2.)Tot a l
ass e t s ,
ca tegory
(
19) (20)
ye a r
2024
(18)
Te xt RON %
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D;
N;
N/EL
(b)(c)
D/N D/N D/N D/N D/N D/N D/N % F a c ili t a t i ng Tran si t i on a l
Manufacture
of
aircraft
CCM
3.21 814,518,419 100% N N N N N N D D D D D D D 0% F a c ili t a t i ng
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
EL ; N/EL
(f)
814,518,419 100% 0% 0% 0% 0% 0% 0% 0%
814,518,419 100% 100% 0% 0% 0% 0% 0% 0%
0 0%
814,518,419 100%
Tota l assets
A.2
Activities
eligible
in
terms
of
taxonomy
but
which
are
not
environmentally
sustainable
(not
taxonomy-aligned
activities)
(g)
Financial
year Year
2025 Criteria
for
substantial
contribution Do
No
Significant
Harm
(DNSH)
criteria
A.
TAXONOMY
ELIGIBLE
ACTIVITIES
A.1.
Environmentally
sustainable
activities
(taxonomy-aligned)
Total
assets
related
to
environmentally
sustainable 0 0% 0% 0%
activities
(taxonomy-aligned)
(A.1)
Of
which
facilitating 0 0% 0% 0%
Of
which
transitional 0 0% 0% 0%
B.
ACTIVITIES
THAT
ARE
TAXONOMY-NON-ELIGIBLE
Total
assests
of
activities
that
are
taxonomy-non-eligible
TOTAL
(A+B)
Total
assets
related
to
taxonomy-
eligible
but
environmentally
non-
sustainable
activities
(not
taxonomy-
aligned
activities)
(A.2)
A.
Total
assets
related
to
taxonomy
eligible
activities
(A.1+A.2)
114
115 AEROSTAR
Annual report 2025
ANNEX 1
S T AKEHOLDERS
(A→Z)
LEVEL OF INTEREST
(LO W , MEDIUM, TYPE OF INFORM A TION / COMMUNIC A TION / INTERACTION
HIGH)
SHAREHOLDERS /
INVESTORS
High
• Speci
f
i
c dialogues
• Periodic reports, brie
f
i
ngs, and presenta
t
ions
• General mee
t
ings of shareholders
• Investor conferences
• Mee
t
ings / Debates
• Company website
• Stock exchange disclosures
• Oficial letters
• Press releases
• Email / fax
ANA L YSTS / BANK
REPRESEN TA TIVES
High
• Speci
f
i
c dialogues
• Stock exchange disclosures
• Company website
• Email /fax
EMPLOYEES
High
• Company’s internal online pla
t
form
• Communica
t
ion via the company’s biannual magazine
• Communica
t
ion through the company’s trade union;
• Informa
t
ion via the company’s Electronic System
• Mee
t
ings
• Direct face-to-face mee
t
ings and interac
t
ions; training on speci
f
i
c topics
• Internal written communica
t
ions
• Communica
t
ions broadcast via the company radio sta
t
ion
• Email /fax
• Posters on the main no
t
ice board and bulle
t
in boards
• Ac
t
ions speci
f
i
c to the hierarchical levels
INDUSTRY
ASSOCI A TIONS /
NGOS
Medium
• Joint projects with research ins
t
itute partners
• Sponsorships and dona
t
ions
• Support for cultural and sports ac
t
ivi
t
ies
• Email /fax
CUSTOMERS
High
• Contracts
• Periodic reports, KPI analyses, audits, authorisa
t
ions
• Workshops
• T eleconferences, email/fax
• Press releases
• Social media (Facebook, LinkedIn, Instagram)
• Mee
t
ings at industry fairs
• Company website
COMPETITORS
Medium
• Mee
t
ings at industry fairs
• Responsible marke
t
ing and sales prac
t
ices
LOCAL COMMUNITY
High
• Social media (Facebook, LinkedIn, Instagram)
• Sponsorships and dona
t
ions
• Community-organised events
• Email/fax
116 AEROSTAR
Annual report 2025
S T AKEHOLDERS
(A→Z)
LEVEL OF INTEREST
(LO W , MEDIUM, TYPE OF INFORM A TION / COMMUNIC A TION / INTERACTION
HIGH
SUPPLIERS
High
• Contracts
• Speci
f
i
c dialogues, teleconferences, email
• Supplier evalua
t
ions
• Periodic reports, teleconferences, email / fax
• Press releases
• Social media (Facebook, LinkedIn, Instagram)
• Mee
t
ings at industry fairs
• Company website
CERTIFIC A TION
BODIES
TECHNICAL AND
REGUL A TORY
AUTHORITIES
High
• Speci
f
i
c dialogues
• Audits
• Procedures
• Periodic brie
f
i
ngs
• T eleconferences, email / fax
• Email/fax
POTENTIAL
EMPLOYEES
High
• Company website
• Careers page displaying available posi
t
ions
• Assessment and professional competency centre
• Social media (Facebook, LinkedIn, Instagram)
POTENTIAL
CUSTOMERS AND
SUPPLIERS
High
• Mee
t
ings at industry fairs
• Networking sessions
• Email/fax
PRESS / MASS
MEDIA / SOCIAL
MEDIA
Medium
• Press releases
• Conferences / events
• Interviews
• Email/fax
TRADE UNIONS
High
• Periodic mee
t
ings
• Informa
t
ion and consulta
t
ion sessions
• Speci
f
i
c dialogues
UNIVERSITIES /
TECHNICAL
COLLEGES
High
• Internship programmes
• Sponsorships for the educa
t
ion process
• Partnerships in research - development projects
• Visits
• Direct brie
f
i
ngs
• Social media (Facebook, LinkedIn, Instagram)
• Email/fax
• Company website
117 AEROSTAR
Annual report 2025
ANNEX 2
ESRS E1-E5 Environment
Th
e
mat
ic
standard / T
o
p
ic
S
ubt
o
p
ic
S
ub
-
subt
o
p
ic
Impa
c
ts R
i
s
k
s
O
pp
o
rtun
i
t
i
e
s
Climate change adapta
t
i
on 2 1 1
Energy eficiency - - -
Air pollu
t
i
on 1 1 -
Water pollu
t
i
on 1 1 -
Soil contamina
t
i
on 1 1 -
Pollu
t
i
on of living organisms
and food resources
- - -
Substances of concern - - -
Substances of very high concern 1 2 1
Microplas
t
i
cs It is not applicable to our ac
t
i
vi
t
i
es
Water resources
Water
consump
t
ion
1 1 -
Water
withdrawals
NA - -
Water discharges
NA - -
Water discharges
into oceans
NA - -
Extrac
t
ion and
use of marine
NA - -
resources
ESRS E3
Water and
marine
resources
Marine resources
ESRS E2
Pollution
ESRS E1
Climate
Climate change mi
t
i
ga
t
i
on - - -
change
118 AEROSTAR
Annual report 2025
ESRS E1-E5 Environment
Th
e
mat
ic
standard / T
o
p
ic
Subtopic Sub-subtopic Impacts Risks
Opportuni
t
i
e
s
Climate change
Not applicable to our compan y . The
ac
t
i
vi
t
i
es carried out within our
organisa
t
i
on do not generate any
impact on protected natural areas,
vulnerable habitats, or ecosystems.
Changes in land use,
freshwater use, and marine
use
Direct exploita
t
ion
Drivers of direct impact
on biodiversity decline
Invasive alien species
Pollu
t
ion
Others
Impacts on species
status
Examples:
Species popula
t
ion size
Examples:
Global ex
t
inc
t
ion risk of
species
Impacts on the extent
and condi
t
i
on of
ecosystems
Examples:
Soil degrada
t
ion
Examples:
Deser
t
i
f
i
ca
t
ion
Examples:
Soil sealing
Impacts and
dependencies on
ecosystem services
Resource in
f
l
ows,
including resource use
1 - -
Resource ou
t
flows
related to products
and services
- - -
Waste 1 1
ESRS E5
Resource use
and circular
economy
ESRS E4
Biodiversity
and
ecosystems
119 AEROSTAR
Annual report 2025
ESRS S1-S4 Social informa
t
i
on
Th
e
mat
ic
standard / T
o
p
ic
Subtopic Sub-subtopic Impacts Risks
Opportuni
t
i
e
s
Working
condi
t
i
ons
Safe jobs
1 1 1
Working hours
1 1 1
Adequate wages
- - -
Social dialogue
1 1 1
Freedom of associa
t
ion, existence of
works councils, and workers’ rights to
informa
t
ion, consulta
t
ion, and
par
t
icipa
t
ion
1 - -
Collec
t
ive bargaining, including the
propor
t
ion of workers covered by
collec
t
ive agreements
1 1 -
Work–life balance
- - -
Health and safety
1 1 1
Employee sa
t
isfac
t
ion (sub-subtopic
not mandated by the standard)
1 1 1
Equality of
treatment and
opportuni
t
i
es for
all
Gender equality and equal pay for
work of equal value
1 1 1
Training and skills development
1 1 1
Employment and inclusion of persons
with disabili
t
ies
- - -
Measures against workplace violence
and harassment
1 1 -
Diversity
- - -
Other work-
related rights
Child labour
- - -
Forced labour
- - -
Adequate housing
NA - -
Privacy
1 1 -
ESRS S1
Own
workforce
120 AEROSTAR
Annual report 2025
ESRS S1-S4 Social informa
t
i
on
Th
e
mat
ic
standard / T
o
p
ic
Subtopic Sub-subtopic Impacts Risks Opportuni
t
i
es
Working
condi
t
i
ons
Safe jobs
NA - -
Working hours
NA - -
Adequate wages
NA - -
Social dialogue
- - -
Freedom of associa
t
ion, including the
existence of works councils
- - -
Collec
t
ive bargaining
NA - -
Work–life balance
NA - -
Health and safety
1 2 -
Equality of
treatment and
opportuni
t
i
es for
all
Gender equality and equal pay for
work of equal value
1 1 1
Training and skills development
NA - -
Employment and inclusion of persons
with disabili
t
ies
NA - -
Measures against workplace violence
and harassment
1 1 1
Diversity
NA - -
Other work-
related rights
Child labour
1 1 -
Forced labour
1 1 -
Adequate housing
NA - -
Privacy
1 1 -
ESR
S
S2
Value chain
workers
121 AEROSTAR
Annual report 2025
ESRS S1-S4 Social informa
t
i
on
Th
e
mat
ic
standard / T
o
p
ic
Subtopic Sub-subtopic Impacts Risks Opportuni
t
i
es
Economic, social,
and cultural
rights of
communi
t
i
es
Adequate housing
1 1 -
Adequate food
NA - -
Water and sanita
t
ion
1 1 -
Soil-related impacts
NA - -
Security-related impacts
1 1 1
Civil and poli
t
i
cal
rights of
communi
t
i
es
Freedom of expression
1 - 1
Freedom of assembly
NA - -
Impact on human rights defenders
NA - -
Right to educa
t
ion and culture (sub-
subtopic not mandated by the
1 1 1
standard)
Rights of
indigenous
peoples
Free, prio r , and informed consent
NA - -
Self-determina
t
ion
NA - -
Cultural rights
NA - -
Consumer and/or
end-user
informa
t
i
on-
related impacts
Privacy
1 - -
Freedom of expression
- - -
Access to informa
t
ion (of good
quality)
- - -
Health and safety
1 1 -
Personal security
- - -
Child protec
t
ion
NA - -
Social inclusion of
consumers
and/or end-users
Non-discrimina
t
ion
- - -
Access to products and services
- - -
Responsible marke
t
ing prac
t
ices
- - -
ESRS S4
Personal safety of
Consumers
consumers
and en
d
-users
and/or end-users
ESRS S3
Affected
communities
122 AEROSTAR
Annual report 2025
E
S
R
S
G1 G
o
v
e
rnan
c
e
i
nf
o
rmat
i
o
n
Th
e
mat
ic
standard / T
o
p
ic
Subtopic
Sub-subtopic
Impacts
Risks Opportuni
t
i
es
Corporate culture
Concerns related to illegal behaviour
or behaviour viola
t
ing the code of
conduct or internal rules (sub-
subtopic not mandated by the
standard)
1
1 -
Business conduct (sub-subtopic not
mandated by the standard)
1
1 1
Whistleblower
protec
t
i
on
-
- -
Animal welfare NA - -
Poli
t
i
cal
engagement and
lobbying
ac
t
i
vi
t
i
es
- - -
Supplier
rela
t
i
onship
management,
including
payment
prac
t
i
ces
Supplier rela
t
ionships (sub-subtopic
not mandated by the standard)
1 1 -
Payment prac
t
ices (sub-subtopic not
mandated by the standard)
1 1 -
Corrup
t
ion and
bribery
Detec
t
ion, including training and
preven
t
ion
1 1 -
Incidents
- - -
ESRS G1
Professional
conduct
Addi
t
i
onal topics
T opic
Subtopic
Impacts
Risks Opportuni
t
i
es
Informa
t
i
on
system security
Security incident
2
2 -
Data Centre opera
t
ional disrup
t
ion
2
2 -
Export/import
control
1 1
123 AEROSTAR
Annual report 2025
ANNEX 3 - EMPLOYEES BY TYPE OF CONTRACT, BROKEN DOWN BY GENDER
2024
2025
Gender
Number of Employees
Number of Employees
Male
Female
Other
Undeclared
1.330
553
0
0
1.314
560
0
0
Total
Employees
1.883
1.874
2024
FEMALE MALE OTHER* UNDECLARED TOTAL
Number of employees (headcount)
553 1.330 0 0 1.883
Number of permanent employees (headcount)
528 1.224 0 0 1.752
Number of temporary employees (headcount)
25 106 0 0 131
Number of employees with non-guaranteed working hours (headcount)
0 0 0 0 0
Number of full-time employees (headcount)
552 1.329 0 0 1.881
Number of part-time employees (headcount)
1 1 0 0 2
2025
FEMALE MALE OTHER * UNDECLARED TOTAL
Number of employees (headcount)
560 1.314 0 0 1.874
Number of permanent employees (headcount)
537 1.244 0 0 1.781
Number of temporary employees (headcount)
23 70 0 0 93
Number of employees with non-guaranteed working hours (headcount)
0 0 0 0 0
Number of full-time employees (headcount)
559 1.313 0 0 1.872
Number of part-time employees (headcount)
1 1 0 0 2
124 AEROSTAR
Annual report 2025
ANNEX 3 - EMPLOYEES BY SITE AND CONTRACT TYPE, BROKEN DOWN BY GENDER
2024
FEMALE MALE TOTAL
Number of employees - Bacău
Number of employees - Iași
Total number of employees
542 1.253 1.795
11 77 88
553 1.33 1.883
2025
FEMALE MALE TOTAL
Number of employees - Bacău
Number of employees - Iași
Total number of employees
550 1.243 1.793
10 71 81
560 1.314 1.874
2024
FEMALE MALE TOTAL
Total number of employees
Employees with permanent contracts
Employees with fixed-term contracts
Full-time employees
Part-time employees
553 1.33 1.883
498 1.129 1.627
55 201 256
552 1.329 1.881
1 1 2
2025
FEMALE MALE TOTAL
Total number of employees
Employees with permanent contracts
Employees with fixed-term contracts
Full-time employees
Part-time employees
560 1314 1.874
500 1.122 1.622
60 192 252
559 1.313 1.872
1 1 2
ANNEX 3 - COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE, ESRS S1-8
2024 2025
Number of employees covered by collective labour agreements
1.883 1.874
Number of employees who are union members
57% 56%
125 AEROSTAR
Annual report 2025
ANNEX 3 - GENDER DISTRIBUTION BY NUMBER AND PERCENTAGE AT MANAGEMENT LEVEL
Number of management employees
Percentage of management employees
2024
FEMALE MALE TOTAL
49 140 189
3% 7% 10%
Number of management employees
Percentage of management employees
2025
FEMALE MALE TOTAL
49 138 187
3% 7% 10%
< 30 YEARS
30-50 YEARS
> 50 YEARS
Total
PERSONNEL STRUCTURE BY AGE GROUP AND GENDER
2024
FEMALE MALE TOTAL
4% 18% 22%
16% 27% 43%
9% 26% 35%
29% 71% 100%
< 30 YEARS
30-50 YEARS
> 50 YEARS
Total
2025
FEMALE MALE TOTAL
5% 18% 23%
16% 27% 43%
9% 25% 34%
30% 70% 100%
126 AEROSTAR
Annual report 2025
ANNEX 4 - ESRS DISCLOSURE REQUIREMENTS COVERED BY THE SUSTAINABILITY STATEMENT
BP-1-General basis for preparing sustainability statements
BP-2- Disclosures related to specific circumstances
GOV-1 - Role of the administrative, management and
supervisory bodies
GOV-3- Integration of sustainability performance into
incentive systems
GOV-4 - Statement on the due diligence process
SBM-1 - Strategy, business model, and value chain
IRO-1 - Description of processes for identifying and assessing
material impacts, risks, and opportunities
IRO-2 – ESRS disclosure requirements covered by the
company’s sustainability statement
Metrics and targets
Standard Disclosure requirements (DR) Applicable data points
5(a), 5(c), 5(d)
13(a), 15,16, AR 2
20, 21, 22, 23, AR3
GOV-2 – Information provided to the administrative,
management and supervisory bodies and the sustainability 26(a), 26(b), AR6
matters addressed by them
27
30, AR 10
GOV-5
Risk
management and internal controls related to
sustainability reporting
34
40(a), 40(b), 42
ESRS S2
SBM-2 - Interests and views of stakeholders
45
SBM-3 - Material impacts, risks and opportunities and their
interaction with the strategy and business model
48
51, 53
56, 59
MDR-P Policies – Policies adopted to manage material
sustainability matters
MDR-A Actions – Actions and resources related to material
sustainability matters
MDR-M – Metrics in relation to material sustainability
matters
MDR-T Targets – Monitoring the effectiveness of policies and
actions through targets
127 AEROSTAR
Annual report 2025
Standard Disclosure requirements (DR) Applicable data points
ESRS E1 –
Climate change
E1-1 – Transition plan for climate change mitigation
14
E1-2 – Climate change mitigation and adaptation policies
22
25
E1-3 – Climate change policy actions and resources
26
E1-4 – Climate change mitigation and adaptation targets
30
E1-5 – Energy consumption and energy mix
35,37,39
E1-6 – Gross emissions of GHG categories 1, 2, 3 and total
GHG emissions
44,48,49,53
E1-7 – GHG removals and GHG mitigation projects financed
through carbon credits
E1-8 – Internal carbon pricing
62
E1-9 – Anticipated financial impacts of material physical and
transition risks and potential opportunities related to climate
64
ESRS E2 –
Pollution
E2-1 – Pollution-related policies
12
E2-2 – Actions and resources related to pollution
16
E2-3 – Pollution-related targets
20, 23
E2-4 – Air, water and soil pollution
26
E2-5 – Substances of concern and substances of very high
concern
32, 35
E2-6 – Anticipated financial effects of pollution-related
impacts, risks and opportunities
36
ESRS E3 –
Water and
marine
resources
E3-1 – Policies related to water and marine resources
9
E3-2 – Actions and resources related to water and marine
resources
15
E3-3 – Targets related to water and marine resources
20
E3-4 – Water consumption
26, 29
E3-5 – Anticipated financial effects of impacts, risks and
opportunities related to water and marine resources
128 AEROSTAR
Annual report 2025
Standard
Disclosure requirements (DR)
Applicable data points
ESRS E4 –
Biodiversity
and
ecosystems
E4-1 – Transition plan and consideration of biodiversity and
ecosystems in the strategy and business model
E4-2 – Biodiversity and ecosystems policies
E4-3 – Actions and resources related to biodiversity and
ecosystems
E4-4 – Targets related to biodiversity and ecosystems
E4-5 – Impact metrics related to biodiversity and ecosystems
change
E4-6 – Anticipated financial impacts of biodiversity and
ecosystem-related risks and opportunities
ESRS E5 –
Resource use
and circular
economy
E5-1 – Policies related to resource use and circular economy
12
E5-2 – Actions and resources related to resource use and the
circular economy
17
E5-3 – Targets related to resource use and circular economy
E5-4 – Resource inflows
E5-5 – Resource outflows
33,37,39
E5-6 – Anticipated financial effects of resource use- and
circular economy-related impacts, risks and opportunities
41
129 AEROSTAR
Annual report 2025
Standard Disclosure requirements (DR)
Applicable data points
ESRS S1 -
Own
workforce
S1-1 – Own workforce policies
19, 20 (a), 20 (b), 20 (c),
21, 23, 24 (a), 24 (b), 24
(c), 24 (d), AR 13
S1-2 – Processes for engaging with own workforce and their
representatives regarding impacts
27 (a), 27 (b), 27 (c), 27
(e), 28
S1-3 – Processes for remediating negative impacts and
channels for own workers to raise concerns
32 (a), 32 (b), 32 (c), 32
(d), 32 (e), 33
S1-4 – Actions taken regarding material impacts on own
workforce and approaches to mitigating material risks and
pursuing material opportunities related to own workforce,
and effectiveness of these actions
38 (a), 38 (b), 38 (c), 38
(d), 40 (a), 40 (b), 41, 43,
AR 42
S1-5 – Targets related to managing material negative
impacts, promoting positive impacts and managing material
risks and opportunities
46, 47 (a), 47 (b), 47 (c)
S1-6 – Characteristics of AEROSTAR’s own workforce
50 (a), 50 (b) i., 50 (b) ii.,
50 (b) iii., 50 (c), AR 55
S1-7 – Characteristics of workers not employed by the
company’s own workforce
55 (a)
S1-8 – Coverage of collective bargaining and social dialogue
60 (a)
S1-9 – Diversity metrics
66 (a), 66 (b)
S1-10 – Adequate remuneration
69
S1-11 – Social protection
74 (a), 74 (b), 74 (c), 74
(d), 74 (e)
S1-12 – Persons with disabilities
79
S1-13 - Training and skills development metrics
83 (a), 83 (b)
S1-14 - Health and safety metrics
88 (a), 88 (b), 88 (c), 88
(d), 88 (e), AR 91
S1-15 - Work-life balance metrics
93 a), b)
S1-16 – Remuneration metrics (pay gap and total
remuneration)
97 (a), 97 (b), AR 100, AR
101 (a)
S1-17 – Incidents, complaints, issues and severe human
rights impacts
102, 103 (a)
130 AEROSTAR
Annual report 2025
Standard Disclosure requirements (DR)
Applicable data points
ESRS S2-
Value chain
workers
S1-1 – Policies related to own workforce
10,11, 11 (a) i, 11 (b), 11
(c), 11 (e)
S2-1 Policies related to value chain workers
17, 18, AR.15
S2-2 - Processes for engaging with value chain workers
regarding impacts
20, 22a), 22 c), 22d), 22e)
S2-3 – Processes for remediating negative impacts and
channels for value chain workers to raise concerns
25, 27 a), 27 b÷d), 28,
AR25
S2-4 – Actions taken regarding material impacts on value
chain workers and approaches for managing material risks
and pursuing material opportunities related to value chain
workers, and the effectiveness of these actions
32, 33,36
S2-5 – Targets related to managing material negative
impacts, promoting positive impacts and managing material
risks and opportunities
Standard Disclosure requirements (DR) Applicable data points
ESRS S3-
Affected
communities
S3-1 - Policies related to affected communities
12
S3-2 – Processes for engaging with affected communities
regarding impacts
19, 21
S3-3 – Processes for remediating negative impacts and
channels for affected communities to raise concerns
25, 27 (b), 27(c), 27(d)
S3-4 – Actions taken regarding material impacts on affected
communitie s and approaches for managing material risks and
30, 32 (a),32(c), 33 (b), 34,
pursuing material opportunities related to affected 36
communities, as well as the effectiveness of these actions
S3-5 – Targets related to managing material negative
impacts, promoting positive impacts and managing materials 39 (b)
risks and opportunities
131 AEROSTAR
Annual report 2025
Standard Disclosure requirements (DR) Applicable data points
ESRS S4-
Consumers and
end-users
S4-1 - Policies related to consumers and end-users
S4-2 – Processes for engaging with consumers and end-users
regarding impacts
S4-3 – Processes for remediating negative impacts and
channels for consumers and end-users to raise concerns
S4-4 – Actions taken regarding material impacts on
consumers and end-users and approaches to managing
material risks and pursuing material opportunities related to
consumers and end-users, as well as the effectiveness of
these actions
S4-5 – Targets related to managing material negative
impacts, promoting positive impacts and managing material
risks and opportunities
Standard
Disclosure requirements (DR)
Applicable data points
ESRS G1-
Professional
Conduct
G1-1 – Policies regarding professional conduct
7
G1-2 – Management of supplier relationships
12
G1-3 – Prevention and detection of corruption and bribery
16, 18 (a)
G1-4 – Incidents of corruption or bribery
G1-5 – Political influence and lobbying activities
G1-6 – Payment Practices 31
132 AEROSTAR
Annual report 2025
A
nn
e
x
5
Disclosure
requirements
and related data
point
SFDR reference
(1)
Pillar 3 (2) reference
Reference
under the
Benchmark
Regulation (3)
EU –
Reference
under the
Climate Law
(4)
ESRS E1-4
Greenhouse gas
emission
reduction
targets,
paragraph 34;
Indicator No. 4
in Table 2 of
Annex 1
Article 449a
Regulation (EU) No 575/2013;
Commission Implementing
Regulation (EU) 2022/2453
Template 3: Banking book –
Climate change transition risk:
alignment metrics
Delegated
Regulation
(UE)
2020/1818,
Article 6
ESRS E1-5
Energy
consumption
and energy mix,
paragraph 37
Indicator No. 5
in Table 1 of
Annex 1
ESRS E1-6
Gross Scope 1,
2, 3 and Total
GHG Emissions,
paragraph 44
Indicators No. 1
and No. 2 in
Table 1 of
Annex1
Article 449a Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453
Template 1: Banking book –
Climate change transition risk:
credit quality of exposures by
sector, emissions, and residual
maturity
Delegated
Regulation
(UE)
2020/1818,
Article 5
paragraph (1),
Article 6 and
Article 8
paragraph (1)
ESRS E1-6
GHG Emissions
Intensity,
paragraphs
(53)-(55)
Indicator No. 3
in Table 1 of
Annex 1
Article 449a of Regulation (EU) No
575/2013; Commission
Implementing Regulation (EU)
2022/2453
Template 3: Banking book –
Climate change transition risk:
alignment metrics
Delegated
Regulation
(UE)
2020/1818,
Article 8
paragraph (1)
ESRS E1-7
GHG Removals
and Carbon
Credits,
paragraph 56
Regulation
(UE)
2021/1119,
Article 2
paragraph (1)
ESRS E2-4
The amount of
each pollutant
listed in Annex II
to the E-PRTR
Regulation
(European
Pollutant
Release and
Transfer
Register)
emitted to air,
water and soil,
paragraph 28
Indicator No. 8
in Table 1 of
Annex 1
Indicator No. 2
in Table 2 of
Annex 1
Indicator No. 1
in Table 2 of
Annex 1
Indicator No. 3
in Table 2 of
Annex 1
133 AEROSTAR
Annual report 2025
Disclosure
requirements
and related data
point
SFDR reference
(1)
Pillar 3 (2) reference
Reference
under the
Benchmark
Regulation (3)
EU –
Reference
under the
Climate Law
(4)
ESRS E3-1
Water and
marine
resources,
paragraph 9
Indicator No. 7
in Table 2 of
Annex 1
ESRS E3-1
Specific policy,
paragraph 13
Indicator No. 8
in Table 2 of
Annex 1
ESRS E3-4
Total recycled
and reused
water,
paragraph 28
letter (c)
Indicator No.
6.2 in Table 2 of
Annex 1
ESRS E3-4
Total water
consumption in
m³ per net
revenue from
own operations,
paragraph 29
Indicator No.
6.1 in Table 2 of
Annex 1
ESRS 2- IRO 1 -
E4 paragraph 16
letter (a) (i)
Indicator No. 7
in Table 1 of
Annex 1
ESRS 2- IRO 1 -
E4 paragraph 16
letter (b)
Indicator No. 10
in Table 2 of
Annex 1
ESRS 2- IRO 1 -
E4 paragraph 16
letter (c)
Indicator No. 14
in Table 2 of
Annex 1
ESRS E5-5
Non-recycled
waste,
paragraph 37
letter (d)
Indicator No. 13
in Table 2 of
Annex 1
ESRS E5-5
Hazardous and
radioactive
waste,
paragraph 39
Indicator No. 9
in Table 1 of
Annex 1
134 AEROSTAR
Annual report 2025
ANNEX 6
ABBREVIATIONS
ADCR Aerospace and Defence Chromates Reauthorisation
AGOA Ordinary General Meeting of Shareholders
ASF Financial Supervisory Authority
BVB Bucharest Stock Exchange
CAEN Classification of Economic Activities in the National Economy
CSRD Corporate Sustainability Reporting Directive
CTAC Chromium Trioxide Authorisation Consortium
EASA European Union Aviation Safety Agency
ECHA European Chemicals Agency
EMAR European Military Airworthiness Requirements
ESRS European Sustainability Reporting Standards
EUID European Unique Identifier
FAA Federal Aviation Administration
GDPR General Data Protection Regulation
GES Greenhouse Gases (GHG)
IAS International Accounting Standards
IFRS International Financial Reporting Standards
OCDE Organisation for Economic Co-operation and Development
OIM International Labour Organization
ONU United Nations
PEHD High-Density Polyethylene
REACH Registration, Evaluation, Authorisation and Restriction of Chemicals
SSM Occupational Health and Safety
135 AEROSTAR
Annual report 2025
AEROSTAR S.A. BACĂU
COMPANY FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Prepared in accordance with
The Order No. 2844/2016of the Ministry of Public Finance, for the approval of the
Accounting Regulations in accordance with the
International Financial Reporting Standards (IFRS)
TABLE OF CONTENTS
COMPANY STATEMENT OF PROFIT OR LOSS
COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
COMPANY STATEMENT OF FINANCIAL POSITION
CAMPANY STATEMENT OF CASH FLOWS
COMPANY STATEMENT OF CHANGES IN EQUITY
NOTES TO THE COMPANY FINANCIAL STATEMENTS
AEROSTAR S.A. BACĂU
COMPANY STATEMENT OF PROFIT OR LOSS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
Note
19 620.434
19 2.079
19
9.708
584.004
2.489
45.210
20 (258.012)
20 (212.850)
5;6;20 (29.442)
20 (3.791)
(264.474)
(202.037)
(27.110)
(11.034)
20 9.833
17.489
Financial income
Financial costs
21 24.353
22 (11.551)
24.927
(7.313)
Current and deferred income tax 17;23 (10.481) (9.084)
Chief Executive Officer,
Financial Director,
Alexandru Filip
Doru Damaschin
31 December
2025
31 December
2024
Operating revenue
Revenue from sales
Other income
Revenue related to inventories of finished goods and
work in progress
Revenue from production of non-current assets
Operating grants
Total operating revenue
19 1.528
19 409
634.158
1.338
305
633.346
Operating expenses
Material expenses
Employee benefits expenses
Depreciation and amortisation of non-current assets
Net income/(expenses) from adjustments to current
assets
Net income/(expenses) from adjustments to
provisions
Expenses for external services
Other expenses
Total operating expenses
20 (36.229)
20 (7.951)
(538.442)
(50.426)
(8.559)
(546.151)
Operating profit or loss 95.716 87.195
Financial profit/loss
12.802
17.614
Profit before tax
108.518
104.809
Net profit for the period
98.037 95.725
AEROSTAR S.A. BACĂU
COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei)
Deferred income tax recognised in equity
(6.876)
(3.739)
Revaluation of equity instruments at fair value through
other comprehensive income
Gain reclassified to retained earnings on sale of equity
instruments through other comprehensive income
35.396
(139)
7.890
480
Chief Executive Officer,
Financial Director,
Alexandru Filip
Doru Damaschin
31 December
2025
31 December
2024
Net profit for the period
98.037
95.725
Other comprehensive income
28.381
4.631
Total comprehensive income for the period
126.418
100.356
AEROSTAR S.A. BACĂU
COMPANY STATEMENT OF THE FINANCIAL POSITION
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei)
10 209.751
8;9;18 124.761
206.205
110.772
Current tax receivables
23 -
-
EQUITY AND LIABILITIES
Capital and reserves
Share capital
Current result
Retained earnings
Reserves
Deferred income tax recognised in equity
12 48.729
12 98.037
12 55.390
12 552.363
17
(34.579)
48.729
95.725
54.374
467.681
(27.444)
Chief Executive Officer,
Financial Director,
Alexandru Filip
Doru Damaschin
Note 31 December
2025
31 December
2024
ASSETS
Non-current assets
Property, plant and equipment
Intangible assets
Investment property
Right-of-use assets
Fixed financial assets
Deferred income tax assets
Total non-current assets
Current assets
Inventories
Trade receivables and other receivables
6 145.597
5 1.538
6 5.906
32 1.745
7 75.451
17 19.867
250.104
159.745
1.788
6.598
1.723
46.133
20.103
236.090
Short-term prepayments
Cash and cash equivalents
Total current assets
Total assets
31 896
11 313.352
648.760
898.864
1.049
260.403
578.429
814.519
12 (9.735)
12 710.205
(18.731)
620.334
17 35.602
14 468
16 1.480
37.550
13 41.180
28.834
724
1.467
31.025
43.866
Appropriation of profit for legal reserves
Total equity
Non-current liabilities
Deferred income tax liabilities
Non-current government grants
Other non-current liabilities
Total non-current liabilities
Non-current provisions
Current liabilities
Trade payables
Current income tax liabilities
Deferred income
Short-term government grants
Other current liabilities
Total current liabilities
Current provisions
Total provisions
Total liabilities
Total equity, liabilities and provisions
15;18 52.302
23 605
31 5.510
14 264
16 17.129
75.810
13 34.119
75.299
113.360
898.864
59.246
7
3.448
828
14.523
78.052
41.242
85.108
109.077
814.519
AEROSTAR S.A. BACĂU
COMPANY STATEMENT OF CASH FLOWS
(DIRECT METHOD)
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei)
626.191
4.210
591.206
13.031
473
309
27 80.419
38.318
14.919
27 6.443
2.989
585
7, 27 (312)
8.969
20.468
3.498
516
-
(13.457)
(26.952)
27 11.167
6.499
27 (35.239)
(30.893)
56.347
13.924
260.403
245.792
27 (3.398)
687
11 313.352
260.403
Note 31.12.2025
31.12.2024
(322.547)
(128.831)
(88.949)
(10.128)
(348.789)
(121.949)
(86.234)
(9.256)
(35.239)
(30.893)
CASH FLOWS FROM OPERATING
ACTIVITIES
receipts from customers
recoveries of taxes from the State Budget
receipts of government grants from the State
Budget
payments to suppliers
payments to employees
payment of taxes and duties to the State Budget
payments of income tax to the State Budget
NET CASH FROM OPERATING
ACTIVITIES
CASH FLOWS FROM INVESTING
ACTIVITIES
interest received from bank deposits
proceeds from the sale of financial assets
dividends received from other entities
dividends received from related parties
payments for the acquisition of financial assets
payments for the acquisition of property, plant
and equipment and intangible assets
NET CASH FROM INVESTING
ACTIVITIES
CASH FLOWS FROM FINANCING
ACTIVITIES
gross dividends paid
NET CASH FROM FINANCING
ACTIVITIES
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning
of the period
Effect of changes in foreign exchange rates on
cash and cash equivalents
Cash and cash equivalents at the end of the
period
Chief Executive Officer,
Filip Alexandru
Financial Director,
Damaschin Doru
AEROSTAR S.A. BACĂU
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei)
Share
capital
Reserves
Revaluation reserves
of financial assets
through other
comprehensive
income
Deferred income
tax recognised in
equity
Retained
earnings
Profit for
the period
Total equity
Comprehensive income
48.729
459.571
8.110
(27.445)
54.374
76.994*
620.334
98.037
98.037
A. Balance as at 1 January 2025
Profit for the period
Other comprehensive income
Deferred income tax recognised in equity (7.134) 258 (6.876)
Appropriation of profit for the financial year 2024 to
the destinations approved by shareholders at the
AGOA on 24 April 2025 (Note 12)
76.994 (76.994) -
Appropriation of 2025 profit to reserves from tax
incentives, in gross amounts
9.735 (9.735) -
Gain transferred to retained earnings on sale of equity
instruments through other comprehensive income
(1.213) 1.074 (139)
Fair value revaluation of equity instruments through 35.396 35.396
other comprehensive income
Transfer to reserves of retained earnings representing
surplus from revaluation reserves
316 (316) -
in equity
Total comprehensive income for the period - 10.051 34.183 (7.134) 78.010 11.308 126.418
Reserves appropriated from 2024 profit 40.447 (40.447) -
Dividends distributed for 2024 (36.547) (36.547)
Transactions with shareholders recognised directly
- 40.447 - - (76.994) - (36.547)
B. Balance as at 31 December 2025 48.729 510.069 42.293 (34.579) 55.390 88.302** 710.205
C. Changes in equity (Note 12) - 50.498 34.183 (7.134) 1.016 11.308 89.871
* The result as at 31.12.2024, amounting to 95.725 thousand lei, is affected by the appropriation of profit to other reserves from tax incentives in the amount of 18.731 thousand lei;
** The result as at 31.12.2025, amounting to 98.037 thousand lei, is affected by the appropriation of profit to other reserves from tax incentives in the amount of 9.735 thousand lei;
Chief Executive Officer, Financial Director,
Alexandru Filip Doru Damaschin
AEROSTAR S.A. BACĂU
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2024
(unless specified otherwise, all amounts are stated in thousand lei)
Share
capital
Reserves
Revaluation reserves
of financial assets
through other
comprehensive
income
Deferred income
tax recognised in
equity
Retained
earnings
Profit for
the period
Total equity
Comprehensive income
48.729
407.359
2.669
(23.481)
51.577
65.104*
551.957
95.725
95.725
A. Balance as at 1 January 2024
Profit for the period
Other comprehensive income
Deferred income tax recognised in equity (3.964) 225 (3.739)
Appropriation of profit for the financial year 2023 to
the destinations approved by shareholders at the
AGOA on 18 April 2024 (Note 12)
65.104 (65.104) -
Appropriation of 2024 profit to reserves from tax
incentives, in gross amounts
18.731 (18.731) -
Gain transferred to retained earnings on sale of equity
instruments through other comprehensive income
(2.448) 2.928 480
Fair value revaluation of equity instruments through
other comprehensive income
7.890 7.890
Transfer to reserves of retained earnings representing
surplus from revaluation reserves
356 (356) -
in equity
Total comprehensive income for the period - 19.087 5.441 (3.964) 67.901 11.890 100.356
Reserves appropriated from the 2023 profit 33.125 (33.125) -
Dividends distributed related to the year 2023 (31.979) (31.979)
Transactions with shareholders recognised directly
- 33.125 - - (65.104) - (31.979)
B. Balance as at 31 December 2024 48.729 459.571 8.110 (27.445) 54.374 76.994** 620.334
C. Changes in equity (Note 12) - 52.212 5.441 (3.964) 2.797 11.890 68.377
* The result as at 31.12.2023, amounting to 93.028 thousand lei, is affected by the appropriation of profit to other reserves from tax incentives in the amount of 27.924 thousand lei;
** The result as at 31.12.2024, amounting to 95.725 thousand lei, is affected by the appropriation of profit to other reserves from tax incentives in the amount of 18.731 thousand lei;
Chief Executive Officer,
Alexandru Filip
Financial Director,
Doru Damaschin
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 1 – COMPANY DESCRIPTION
AEROSTAR was established in 1953 and operates in accordance with the Romanian law.
AEROSTAR S.A. conducts its activity at its registered head office located in Bacau, 9 Condorilor
Street, code 600302. In accordance with the Resolution no. 2/14.12.2017 of the Board of Directors,
the opening of a secondary place of business without legal personality (branch) located in Iasi, on 25B
Aeroportului Street was approved. Moreover, in accordance with the Decision of the Board of
Director s nr.1/02.06.202 3 th e openin g o fa secondar y offic e withou t lega l personalit y (branch ) located
in Fetești, 2 Carpați Street, ap. 7 was approved.
The main field of activity of AEROSTAR is production.
The main object of activity of the company is “Manufacture of civil aircraft and spacecraft” - code
3031.
The company was registered as a shareholding company at the Bacău Trade Register (under number
J1991001137040), with the current name “AEROSTAR S.A.” and the unique identification code
950531, the European Unique Identifier (EUID) code ROONRC.J1991001137040.
The company is listed on the Bucharest Stock Exchange under the ARS code, and the record of its
shares and shareholders is kept, as provided by law, by S.C. Depozitarul Central S.A. Bucharest.
During the year 2025, there was no subscription of new shares, nor any participation certificates,
convertible bonds, warranties, options, or similar rights. In December 2025, Aerostar S.A. entered
into an equity interest transfer agreement and acquired 392 shares of FOAR S.R.L. from GKN Fokker
Aerospace B.V., for a consideration of 207 thousand lei. As a result, as at 31 December 2025, the
Company increased its ownership interest in FOAR S.R.L. to 100%.
In terms of accounting regulations, AEROSTAR S.A. is a subsidiary of IAROM S.A. and, therefore,
the parent company that consolidates the financial statements of the Group is IAROM S.A., with the
unique identification code 1555301. The consolidated financial statements for the financial year 2024
were submitted to the National Agency for Fiscal Administration (A.N.A.F.) under registration
number 962157978/26.08.2025. The parent company will prepare and publish a set of consolidated
financial statements in accordance with the applicable accounting regulations for the financial year
ended 31 December 2025.
The Company has a single operating segment in accordance with IFRS 8, as the activities carried out by
Aerostar S.A. are not separately structured into operating components with distinct financial
information, but function as an integrated system in which resources are allocated based on an
integrated medium- and long-term vision, and the nature of the products and services offered presents
similar economic characteristics. The Company operates across three main business lines, structured to
meet specific market requirements, with a view to maximising sales.
Information regarding sales by business lines and markets is presented in detail in the Directors’
Report.
The Company’s policy is focused on maintaining a solid capital base in order to support the
Company’s continuous development and the achievement of its strategic objectives.
The Company will continue to act decisively to ensure the sustainability of its investments and the
preservation of its production capabilities. Furthermore, drawing on the experience accumulated
within its workforce, the Company seeks to identify the most appropriate solutions to new economic
challenges.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 2 - ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
2.1. Estimates
The preparation and presentation of the individual financial statements in accordance with IFRS
requires management to make estimates, judgements and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income, and expenses.
Estimate s an d judgement s ar e base d o n historica l experienc e an d othe r factor s considere d relevan t and
reasonable under the circumstances. Accounting estimates and underlying assumptions are reviewed
on an ongoing basis and reflect reasonable expectations regarding future events. The carrying
amounts of assets and liabilities that are not readily determinable from other sources are based on
these estimates, considered adequate by the Company’s management.
Estimates , a s wel l a s th e judgement s an d assumption s underlyin g them , ar e reviewe d periodically , and
the outcome of these reviews is recognised in the period in which the estimate is revised. Any
changes in accounting estimates are recognised prospectively by including them in the result of:
- the period in which the change occurs, if it affects only that period; or
- the period in which the change occurs and future periods, if the change also affects them.
The Company uses estimates to determine, inter alia:

doubtful customers and loss allowance on related receivables;

the amounts of provisions for risks and expenses to be recognised at the end of the period
(month, quarter, year) for litigations, for dismantling property, plant, and equipment, for
warranties granted to customers, for obligations to personnel, and other liabilities;

adjustments for impairment of property, plant and equipment and intangible assets. At the end
o f each reporting period, th e Company assesses whether there ar e indications of impairment. If
such indications are identified, the recoverable amount of the asset is estimated to determine
the extent of impairment (if any);

the estimated useful lives of property, plant and equipment and intangible assets. The
Company reviews the estimated useful lives at least at the end of each financial year to
determine their adequacy;

inventories of raw materials and consumables requiring write-downs;

deferred tax assets and liabilities.
Presentation of information
The Company will, to the extent practicable, present the nature and amount of a change in an
accounting estimate that affects the current and/or future periods.
2.2. Errors
Errors may arise in the recognition, measurement, presentation, or disclosure of elements in the
financial statements.
The Company corrects material prior period errors retrospectively in the first set of financial
statements authorised for issue after their discovery by:

restating the comparative amounts for the prior period presented in which the error occurred;
or

if the error occurred before the first prior period presented, restating the opening balances of
assets, liabilities and equity for the earliest period presented.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 2 - ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS
(continued)
In the case of an identified error, the Company shall present the following information:
- the nature of the error for the prior period;

for each prior period presented, to the extent practicable, the amount of the correction:

for each line item affected in the financial statement;

for basic and diluted earnings per share.
- the amount of the correction at the beginning of the earliest prior period presented;
- if retrospective restatement is not practicable for a specific prior period, the circumstances
giving rise to that condition and a description of how and from which date the error has been
corrected.
2.3. Changes in accounting policies
Changes in accounting policies are permitted only if required by IFRS or if they result in more
relevant or reliable information regarding the Company’s operations.
The Company shall change an accounting policy only if the change:
-
is required by an IFRS; or
- results in financial statements that provide reliable and more relevant information about the
effects of transactions, other events or conditions on the entity’s financial position, financial
performance, or cash flows.
Application of changes in Accounting Policies:
- The entity shall account for a change in accounting policy arising from the initial application
of an IFRS in accordance with the specific transitional provisions, if any, of that IFRS; and
- Upon the initial application of an IFRS that does not include specific transitional provisions.
Presentation of information
When the initial application of an IFRS has an effect on the current period or on prior periods, the
Company shall present in the notes to the financial statements:
- the title of the IFRS;
- the nature of the change in accounting policy;
- where applicable, that the change is made as a result of the transitional provisions and a
description of such provisions;
- for the current period and each previously presented period, the amount of the adjustments for
each affected line item in the statement of financial position, to the extent practicable.
When the specific effects for one or more previously presented periods cannot be determined, the
Company shall apply the new accounting policy to the carrying amounts of assets and liabilities for
the first period for which retrospective application is possible, which may be the current period.
When a voluntary change in accounting policy has an effect on the current period or on a prior period,
the Company shall present in the notes to the financial statements:
- the nature of the change in accounting policy;
- the reasons why the application of the new accounting policy provides reliable and more
relevant information;
- for the current period and each previously presented period, the estimated amount of the
adjustments for each affected line item in the statement of financial position, to the extent
practicable.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
3.1. Basis of Preparation and Presentation of the Financial Statements
The individual financial statements of Aerostar S.A. have been prepared in accordance with:

The International Financial Reporting Standards (IFRS) as adopted by the European Union.

Amendments to accounting policies and adoption of new/revised/amended IFRSs
The amendments are effective for annual reporting periods beginning on or after 1 January 2025.

Standards (Amendments to Standards) and Interpretations issued by the International
Accounting Standards Board (IASB):
1. Amendments “Lack of Exchangeability” to IAS 21 “The Effects of Changes in Foreign
Exchange Rates“ , which clarify when a currency is considered exchangeable into another
currency and how an entity estimates a spot exchange rate when a currency is not
exchangeable;
2. Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
Disclosures regarding the classification and measurement of financial instruments. These
amendments address matters identified during the post-implementation review of the
classification and measurement requirements in IFRS 9 Financial Instruments.
These amendments did not have a material impact on the Company’s financial statements.
The following amendments are effective for annual reporting periods beginning on or after 1
Januar y 2026 . Som e o f thes e amendment s hav e no t ye t bee n endorse d b y th e Europea n Commission.
The Company is assessing the potential impact of the new Standards and amendments to
International Financial Reporting Standards on its financial statements.
1. Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity.
The amendments provide clarification in respect of Power Purchase Agreements (PPAs)
relating to nature-dependent electricity (e.g. wind and solar). The amendments are effective
for annual reporting periods beginning on or after 1 January 2026;
2. Annual Improvements to IFRS – Volume 11.
These include technical clarifications to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. The
amendments are effective for annual reporting periods beginning on or after 1 January 2026;
3. IFRS 18 “Presentation and Disclosure in Financial Statements”.
IFRS 18 introduces requirements applicable to all entities applying IFRS regarding the
presentation and disclosure of information in the financial statements. The Standard will
replace IAS 1 and introduces significant changes aimed at improving the comparability and
transparency of financial performance reporting. If endorsed, the Standard is planned to be
effective for annual reporting periods beginning on or after 1 January 2027;
4. IFRS 19 “Subsidiaries without Public Accountability: Disclosures”.
IFRS 19 specifies the reporting requirements that an eligible subsidiary shall apply instead of
the disclosure requirements in other IFRS Standards. If endorsed, the Standard is planned to
be effective for annual reporting periods beginning on or after 1 January 2027.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
5. Amendments to IFRS 19 “Subsidiaries without Public Accountability – Presentation
Requirements” include simplifications in respect of certain reporting requirements for
eligible subsidiaries. If adopted, the amendments are scheduled to become effective for
annual reporting periods beginning on or after 1 January 2027;
6. Amendments “Translation of Financial Statements into the Presentation Currency of a
Hyperinflationary Economy” to IAS 21 “The Effects of Changes in Foreign Exchange
Rates” clarify the accounting of subsidiaries in hyperinflationary economies when the
functional currency differs from the Group’s presentation currency. If adopted, the
amendments are scheduled to become effective for annual reporting periods beginning on or
after 1 January 2027.

Accounting Law no. 82/1991, republished, with subsequent amendments and completions;

Order of the Ministry of Public Finance no. 881/2012 on the application by trading companies
of International Financial Reporting Standards;

Order of the Ministry of Public Finance no. 2.844/2016 for the approval of Accounting
Regulations in accordance with IFRS, with subsequent amendments and completions;

Order of the Ministry of Public Finance no. 2.861/2009 for the approval of Rules on the
organisation and conduct of inventories of assets, liabilities and equity;

Order of the Ministry of Public Finance no. 1.826/2003 for the approval of Clarifications
regarding certain measures for the organisation and management of cost accounting;

Order of the Ministry of Public Finance no. 2.634/2015 on financial-accounting documents,
with subsequent amendments and completions.
Accounting is kept in Romanian and in the national currency. Accounting for transactions
conducted in foreign currency is kept both in the national currency and in the foreign currency. The
financial year is the calendar year. Financial statements are prepared and reported in thousands of
lei, with all amount s rounded to the nearest thousand lei. Du e to rounding, the total s presented do not
always exactly correspond to the sum of the individual figures, and percentages may not precisely
reflect absolute amounts.
Financial statements are prepared on the historical cost basis.
Financial statements are presented in accordance with the requirements of IAS 1, Presentation of
Financial Statements. The Company has chosen to present the statement of financial position by
nature and liquidity, and the statement of profit or loss by nature of income and expenses,
considering that these presentation methods provide information that is relevant to the Company’s
financial position.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
3.2. Applied Accounting Policies
Aerostar S.A. describes the accounting policies applied in the notes to the company financial
statements and avoids repeating the standard’s text, except where this is considered relevant
for understanding the content of the note.
The most significant accounting policies are presented below:
• Accounting Policies for Property, Plant and Equipment
The Company has chosen the cost model as its accounting policy. After recognition as an asset,
property, plant and equipment are measured at cost less accumulated depreciation and any
accumulated impairment losses.
The depreciable amount is allocated systematically over the asset’s useful life and represents the
cost of the asset less its residual value.
Considering the nature of the Company’s operations and the types of property, plant and equipment
held, the residual values of such assets are considered immaterial. Practically, the residual value is
calculated based on the estimated recoverable value of scrap metal, after deducting dismantling,
disassembly and selling costs.
Depreciation methods and useful lives are reviewed at least at the end of each financial year and
adjusted accordingly. Useful lives are determined by committees composed of the Company’s
specialists. Any changes are accounted for prospectively.
Subsequent expenditure on property, plant and equipment is added to the carrying amount of the
asset when it:
-
enhances the asset’s original technical parameters;
-
generates future economic benefits in the form of additional cash flows compared with those
initially estimated; and
-
can be measured reliably.
The realisation of benefits occurs directly through increased revenues and indirectly through
reduced maintenance and operating expenses.
Al l other repair and maintenanc e cost s incurred to ensure the continuou s us e of asset s are recognised
in the profit or loss when incurred. These costs are aimed at maintaining the asset’s original
technical parameters.
Spare parts are generally accounted for as inventory and recognised as an expense when consumed.
Where spare parts and service equipment are significant in value and can only be used in connection
with a specific item of property, plant and equipment, they are capitalised as part of the related asset,
provided that the initial acquisition cost (at commissioning) of the replaced part can be determined. To
decide whether separate component recognition is appropriate, each case is analysed
individually, using professional judgement.
Property, plant and equipment under construction, intended for use in production or administrative
activities, are presented in the statement of financial position at cost less any accumulated
impairment losses. Such assets are classified within the respective categories of property, plant and
equipment when completed and ready for use in the manner intended by management, for the
purpose for which they were acquired.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
The Company’s management has established a capitalisation threshold for assets of 2.500 lei. All
acquisitions below this amount are recognised as an expense in the period.
Exceptions: Computers are treated as depreciable property, plant and equipment regardless of their
acquisition cost and are depreciated over the useful life determined by the reception committee.
Tools and work equipment are accounted for as inventory and recognised as an expense when
consumed, irrespective of their acquisition cost, considering that they generally have a useful life of
less than one year and their degree of specialisation (intended for use in a specific product or
service).
For internally generated intangible assets, the research and development phases are clearly
distinguished:

Research phase: Research costs are recognised as an expense in the period;

Development phase: Development costs are recognised as an intangible asset if the following
conditions are met:
- technical feasibility of completing the asset so that it will be available for use or sale;
- availability of adequate resources—technical, financial and human—to complete
development;
- intention to complete and use or sell the intangible asset;
- ability to use or sell the asset;
- the way in which the asset will generate future economic benefits;
- ability to measure the costs reliably.
If the Company cannot distinguish between the research and development phases of an internal
project to create an intangible asset, the costs of the project are treated as incurred entirely in the
research phase.
The Company has adopted the cost model as its accounting policy, under which intangible assets are
measured at carrying amount equal to their cost less accumulated amortisation and any recognised
impairment losses.
An investment property is initially measured at cost, including any directly attributable expenditure.
After initial recognition, the Company has opted for the cost model for all investment properties in
accordance with the provisions of IAS 16 for that model.
Transfers to and from the investment property category are made only when there is a change in use.
Transfers between categories do not affect the carrying amount of the transferred property and do
not change the cost of that property for measurement or disclosure purposes.
Investment properties are depreciated on the same basis as property, plant and equipment.
Financial assets include:
-
Shares held in subsidiaries;
-
Other non-current securities;
-
Long-term loans granted, together with interest thereon. This category includes amounts
granted to third parties under contracts on which interest is charged in accordance with the
law;
-
Other non-current receivables, together with interest thereon. This category includes
guarantees, deposits and bonds placed with third parties, as well as receivables under lease
contracts.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
Financial assets are classified, on initial recognition, as subsequently measured at amortised cost,
fair value through other comprehensive income (OCI) or fair value through profit or loss, as
appropriate.
The classification of financial assets on initial recognition depends on the contractual cash flow
characteristics of the financial asset and the entity’s business model for managing them.

Accounting policies for inventories
Inventories are recognised in accounting on the date on which the risks and rewards are transferred.
The cost of inventories that are not ordinarily interchangeable, as well as goods or services produced
for specific projects, is determined by using specific identification of their individual costs.
Upon derecognition, inventories and other interchangeable assets are measured and recorded using
the FIFO method.
Management periodically approves the level of normal technological losses.
Inventories are accounted for on a quantitative and value basis using the perpetual inventory
method.
Value adjustments for inventories are recognised at each reporting date, based on the ageing of
inventories, the findings of inventory count committees and/or profit centre managers, in order to
present inventories at the lower of cost and net realisable value.

Accounting policies for liabilities
Liabilities are recorded in accounting through third-party accounts. The accounting records for
suppliers and other liabilities are maintained by category and by each individual legal or natural
person.
Current income tax payable is recognised as a liability to the extent that it remains unpaid.
Excise duties and special funds included in prices or tariffs are recorded in the corresponding
liability accounts, without being recognised through revenue or expense accounts.
Transactions that cannot be recorded separately in the appropriate accounts and which require
subsequent clarification are recorded in a distinct account, “473 – Settlements from operations
pending clarification”.
Foreign currency liabilities are recorded both in lei and in the foreign currency.
A liability is classified as a current liability when:
o
it is expected to be settled in the Company’s normal operating cycle; or
o
it is due to be settled within 12 months after the reporting date.
All other liabilities are classified as non-current liabilities.
Liabilities due after more than 12 months are classified as non-current liabilities.
Interest-bearing liabilities are also classified as non-current liabilities, even if they are due within 12
months after the reporting date, where:
a) the original term was for a period of more than 12 months; and
b) a refinancing or rescheduling agreement has been concluded before the reporting date.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)

Accounting policies for receivables
Receivables include:
-
trade receivables, representing amounts due from customers for goods sold or services
rendered in the ordinary course of business;
-
bills of exchange receivable and other third-party instruments;
-
amounts due from employees or related companies;
-
advances granted to suppliers of property, plant and equipment, goods and services;
-
receivables relating to employees and the state budget.
Receivables are recognised on an accrual basis, in accordance with legal or contractual provisions.
Customer accounting records are maintained by category (domestic customers – products and
services, and foreign customers – products and services) and by each individual legal or natural
person.
Foreign currency receivables arising from the Company’s transactions are recorded both in lei and
in the foreign currency.
Foreign currency transactions are initially recorded at the exchange rate communicated by the
National Bank of Romania on the date of the transaction.
Receivables that are time-barred are written off only after all legal steps for their settlement have
been taken.
Doubtful receivables are recorded separately in account 4118 “Doubtful customers” when the
contractual due date has been exceeded by more than 30 days or when litigation with the customer
has been initiated.
In the annual financial statements, receivables are measured and presented at their collectible
amount.
Where a receivable from a customer has not been fully collected by the contractual due date, loss
allowances on the receivable are recognised at the deadlines and percentages approved by the Board of
Directors in the Accounting Policies Manual.

Accounting policies for revenue recognition
Revenue is recognised in the Company’s statement of profit or loss when it is probable that future
economic benefits will flow to the entity and these benefits can be measured reliably. Accordingly,
revenue is recognised simultaneously with the recognition of an increase in assets or a decrease in
liabilities.
Revenue includes both amounts received or receivable on the Company’s own account and gains
from any source.
Revenue is classified as follows:

operating revenue;

financial income.
Revenue is recognised on an accrual basis.
Revenue general ledger accounts are further detailed into analytical accounts in accordance with the
applicable accounting regulations (the general chart of accounts) and the Company’s internal
requirements, subject to management approval.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
Revenue is measured at the fair value of the consideration received or receivable. Revenue from
sales is reduced by returns, trade discounts and other similar allowances.
Operating revenue comprises:
-
revenue from contracts with customers (goods, services, merchandise and residual products);
-
revenue related to the cost of inventories of finished goods;
-
revenue from the production of property, plant and equipment;
-
income from the reversal of impairment losses on assets and from the decrease or reversal of
provisions;
-
other operating revenue.
Revenue from contracts with customers is recognised in accordance with IFRS 15 “Revenue from
Contracts with Customers”. A customer is a party that has entered into a contract with the Company to
obtain goods or services arising from the Company’s ordinary activities.
Revenue recognition depicts the transfer of control of goods or services to customers, and the
measurement of revenue reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services.
Control includes the ability to prevent other entities from directing the use of the asset and from
obtaining the benefits from it. The benefits of an asset are the potential cash flows that may be
obtained directly or indirectly through its use, sale or holding.
Revenue recognition is achieved through the application of the following five steps:
1. Identification of the contract with a customer
The Company accounts for a contract with a customer only when all of the following conditions are
met:
a) the parties have approved the contract and are committed to fulfilling their respective obligations;
b) the Company can identify each party’s rights regarding the goods or services to be transferred;
c) the Company can identify the payment terms for the goods or services to be transferred;
d) the contract has commercial substance (i.e. it is expected to change the risk, timing or amount of
the Company’s future cash flows);
e) it is probable that the Company will collect the consideration to which it will be entitled in
exchange for the goods or services transferred to the customer. This requires an assessment of the
customer’s ability and intention to pay the consideration when it becomes due.
2. Identification of the obligations arising from the contract
A contract includes performance obligations to transfer goods or services to a customer. A
performance obligation to transfer a good or service is distinct if both of the following criteria are
met:
a) the customer can benefit from the good or service either on its own or together with other
resources that are readily available to the customer; and
b) the entity’s promise to transfer the good or service is separately identifiable from other promises
in the contract.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
The Company has not identified types of contracts with distinct performance obligations. In the case of
warranties provided for satisfactory performance, these do not constitute an additional service and,
therefore, do not represent a separate performance obligation.
3. Determination of the transaction price
The Company determines the amount of consideration to which it expects to be entitled in exchange
for the goods or services promised in a contract in order to recognise revenue. The price may be
fixed or may vary due to discounts or other similar items.
The Company’s sales transaction prices are not adjusted for the time value of money, as the
Company does not have supply contracts with payment terms exceeding one year or containing a
significant financing component.
For contracts entered into by the Company, the price is negotiated and remains fixed. Renegotiated
contract modifications are applied prospectively from the date of renegotiation for subsequent
orders, considering that the performance obligation is distinct and does not form part of a single
performance obligation partially satisfied at the date of contract modification.
4. Allocation of the transaction price to the performance obligations in the contract
If a contract contains multiple distinct performance obligations, the Company allocates the
transaction price to each obligation proportionally to the standalone selling price of that obligation.
The best evidence of the standalone selling price of each obligation is the price at which the good or
service is sold separately by the entity.
5. Recognition of revenue at a point in time or over time as the Company satisfies a performance
obligation
A performance obligation in a contract is satisfied when control of the goods or services is
transferred to the customer. Control represents the ability to direct the use of, and obtain
substantially all of the remaining benefits from, the transferred good or service.
The Standard specifies how revenue is determined, in that it must be recognised either at a point in
time or over a period of time, which applies to both the sale of goods and the provision of services. A
performance obligation is satisfied, and revenue is recognised over time if at least one of the
following conditions is met:
-
the customer simultaneously receives and consumes the benefits of the entity’s performance
as the entity performs;
-
the entity’s performance creates or enhances an asset (e.g., work in progress) that the
customer controls as the asset is created or enhanced;
-
the entity’s performance does not create an asset with an alternative use for the entity and the
entity has an enforceable right to payment for performance completed to date.
If a performance obligation is not satisfied over time, an entity satisfies the obligation at a specific
point in time.
If the Company reasonably expects that the effects on the financial statements for a portfolio of
contracts with similar characteristics will not differ significantly from those determined by applying
the standard to individual contracts within that portfolio, then contracts are analysed in aggregate.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
The timing of revenue recognition results from the correlation of specific contractual provisions
with the requirements of IFRS 15.
Rental income
Rental income from investment properties is recognised in profit or loss on a straight-line basis over
the lease term, in accordance with IFRS 16.
Financial income includes interest income, foreign exchange gains, dividend income and other
financial income.
Interest income is recognised in profit or loss on an accrual basis, using the effective interest
method. Interest income arising from a financial asset is recognised when it is probable that the
entity will receive economic benefits and when the amount of income can be measured reliably.
Dividend income arising from investments is recognised when the right to receive payment is
established. The entity records dividend income at the gross amount, including any withholding tax
(where applicable), which is recognised as a current expense.

Accounting policies on provisions
Provisions are recognised when the entity has a present obligation (legal or constructive) as a result of
a past event, it is probable that the entity will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation.
Provisions are accounted for by type, according to their nature, purpose or the item for which they
were established.
Provisions for warranties
The entity establishes provisions for warranties when products or services covered by a warranty are
sold.
The amount of the warranty provision is based on historical, contractual or reasonable estimates for
products/services executed for the first time by the company.
Provisions for risks and expenses
When risks and expenses are identified, arising from events that have occurred or are in progress,
which are probable and whose object is clearly defined but whose realisation is uncertain, the
company covers these risks by establishing provisions.
Provisions for risks and expenses are made for items such as: industry-specific aviation risks,
litigation, fines, penalties, compensations, damages, and other uncertain liabilities.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
Provisions for decommissioning of property, plant and equipment
Upon the initial recognition of an item of property, plant and equipment, the costs of dismantling and
removing th e item and restoring th e site on which it is located are estimated, a s a consequence of using
the item over a certain period of time.
These costs are reflected through the recognition of a provision, which is recorded in profit or loss
over the useful life of the property, plant and equipment by including it in depreciation expense.
The revision of estimates for the decommissioning and restoration provision is determined by the
annual review of dismantling costs. The committee of specialists of the company, appointed by
decision , periodicall y analyse s whethe r th e initia l estimate s o f dismantlin g cost s remai n appropriate.
Provisions for employee benefits
Provisions are recognised for employee benefits granted in accordance with the applicable
Collective Labour Agreement, if and only if:
-
the company has a legal or constructive obligation to make such payments as a result of past
events; and
-
a reliable estimate of the obligation can be made.
Provisions are reviewed at the end of each reporting period so as to reflect the current best estimate.

Accounting policies on grants and other non-reimbursable funds
Within grants, the following are presented separately:
-
government grants;
-
non-reimbursable loans in nature of grants;
-
other amounts received as grants.
Grants are recognised at their approved amount. Grants received in the form of non-monetary assets
are recognised at fair value.
Government grants are initially recognised as deferred income at fair value when there is reasonable
assurance that they will be received and that the company will comply with the conditions attached to
the grant.
Grants that compensate the company for expenses incurred are recognised in profit or loss on a
systematic basis in the same periods in which the related expenses are recognised. Grants that
compensate the company for the cost of an asset are recognised in profit or loss on a systematic basis
over the useful life of the asset.
Income-related grants are recognised on a systematic basis as income in the periods corresponding
to the related expenses that the grants are intended to compensate.
If, in a given period, grants are received relating to expenses that have not yet been incurred, the
grants received do not represent income of the current period. They are recognised as deferred
income and released to profit or loss as the expenses they compensate are incurred.

Accounting policies on the production of goods and services
The organisation of management accounting within Aerostar SA is based on the applicable legal
provisions and on the manual of procedures and specific working instructions for management
accounting, adapted to the specific nature of the Company’s activity.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 3 - ACCOUNTING POLICIES AND MEASUREMENT BASES
(continued)
The object of management accounting consists of:

the collection of direct, indirect and auxiliary costs by their nature;

the allocation of indirect costs;

the absorption of direct and indirect costs.
The purpose of management accounting is primarily the determination of the result by production or
service order and by each organisational structure.
In accordance with accounting regulations, the cost of goods, work and services performed does not
include the following items, which are recognised as expenses of the period in which they are
incurred:
a) material losses, labour or other production costs related to scrap and the costs of idle capacity;
b) general administrative expenses.
The costing method used by Aerostar SA is the job order costing method.
This method is appropriate for individual and batch production. The object of cost accounting and
cost calculation under this method is the order launched for a specific quantity (batch) of products.
Production costs are collected for each individual order either directly (for those of a direct nature) or
by allocation (for indirect costs).
The actual cost per unit of product is calculated upon completion of the order by dividing the
production costs collected for that order by the quantity of products manufactured under the
respective order.
Orders are launched at planned cost, as applicable.
In the case of orders relating to export sales, the price is expressed in lei by translating the foreign
currency amount at the budgeted exchange rate.
In applying its accounting policies, the company issues procedures, instructions and working
guidelines approved by the executive management.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 4 – TRANSACTIONS IN FOREIGN CURRENCIES
AEROSTAR considers the Romanian leu as the functional currency and the financial statements are
presented in thousands of lei.
Foreign currency transactions are initially recorded at the exchange rate of the functional currency at
the date of the transaction.
On the date of the Statement of Financial Position, financial assets and liabilities denominated in
foreign currency are retranslated into the functional currency using the exchange rate, communicated by
the Romanian National Bank, effective at the end of the financial year:
Currency
31.12.2025
31.12.2024
1 EUR
1 USD
1 GBP
5.0985 lei
4.3417 lei
5.8335 lei
AVERAGE
EXCHANGE
RATE
2025
5.0415 lei
4.4705 lei
5.8854 lei
4.9741 lei
4.7768 lei
5.9951 lei
Foreign exchange gains and losses arising on the settlement of financial assets and liabilities
denominated in foreign currency are recognised in the Statement of Profit or Loss for the financial
year during which they occur.
Considering that 85% of the turnover recorded during the reporting period i s denominated in US D and
EUR, while a significant portion of operating expenses is denominated in lei, fluctuations in exchange
rates will affect both its net revenues and financial position as expressed in the functional currency.
During the reporting period, the net foreign currency exposure, determined as the difference between
cash inflows from financial assets and cash outflows for financial liabilities denominated in foreign
currencies, is as follows:
Foreign exchange net exposure
18.245
41.872 (363)
YEAR 2025
Cash inflows from financial assets
Cash outflows for financial liabilities
K EUR
32.568
(14.323)
K USD K GBP
76.647 -
(34.775) (363)
AEROSTAR has decided not to use foreign currency hedging (options, forwards) due to the relatively
high initial costs and the potential loss of opportunities in case of LEU depreciation against the main
currencies (USD, EUR).
The remeasurement of financial assets and liabilities denominated in foreign currencies at 31
December 2025 resulted in the recognition of a foreign exchange loss of 5.315 thousand lei.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 5 - INTANGIBLE ASSETS: reporting period 31 December 2025
Gross carrying
amount
Accumulated
amortisation
Net carrying
amount
Gross carrying
amount
Accumulated
amortisation
Net carrying
amount
Licences
9.577
(8.221)
1.356
8.620
(7.299)
1.321
Other intangible assets
(software)
1.408
(1.226)
182
1.340
(873)
467
Total
10.985
(9.447)
1.538
9.960
(8.172)
1.788
Carrying amounts as at 31 December 2025 Carrying amounts as at 1 January 2025
Net carrying amount
Net carrying
amount as at
1 January 2025
Additions at gross
carrying amount
Amortisation for
the period
Net carrying
amount as at
31 December 2025
Licences
Other intangible assets
Total
1.321
467
1.788
1.062
68
1.130
(1.027)
(353)
(1.380)
1.356
182
1.538
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 5 - INTANGIBLE ASSETS: reporting period 31 December 2024 (continued)
Gross carrying
amount
Accumulated
amortisation
Net carrying
amount
Gross carrying
amount
Accumulated
amortisation
Net carrying
amount
Licences
8.620
(7.299)
1.321
7.754
(6.527)
1.227
Other intangible assets
(software)
1.340
(873)
467
1.194
(613)
581
Total
9.960
(8.172)
1.788
8.948
(7.140)
1.808
Carrying amounts as at 31 December 2024 Carrying amounts as at 1 January 2024
Net carrying amount on 31.12.2024 and transactions during the period:
Net carrying
amount as at
1 January 2024
Additions at gross
carrying amount
Amortisation for
the period
Net carrying
amount as at
31 December 2024
Licences
Other intangible assets
Total
1.227
581
1.808
884
146
1.030
(790)
(260)
(1.051)
1.321
467
1.788
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2024
(unless specified otherwise, all amounts are stated in thousand lei)
NOTE 5 - INTANGIBLE ASSETS: reporting period 31 December 2025 (continued)
The category of intangible assets includes the following classes of assets of similar nature and use:
• Licences
• Other intangible assets
Software programmes are recorded under other intangible assets.
The useful lifetimes for the intangible assets are established in years, based on the period of the contract or the service life, as the case may be. The useful
life of the licenses and software purchased or internally generated is 3 years.
Amortisation expenses are recognised in the income statement using the straight-line method.
The intangible assets carried in the balance sheet as at 31 December 2025 have not been impaired, and no impairment adjustments were recognised.
When determining the gross carrying amount of intangible assets, the company uses the historical cost method.
The value of fully amortised software licences as at 31 December 2025 and still in use is 7.165 thousand lei.
All intangible assets carried in the balance sheet as at 31 December 2025 are the property of Aerostar S.A.
Intangible asset additions during the period were as follows:
• Development of the production management IT system
• Purchase of software licences
1.130 thousand lei
68 thousand lei
1.062 thousand lei
During the reporting period, there were no licences generated internally or acquired through business combinations.
During the reporting period, there were no assets classified as held for sale in accordance with IFRS 5.
Net carrying amount as
at 1 January 2025
Additions
(reclassifications) at gross
carrying amount
Disposals
(reclassifications) at gross
carrying amount
Depreciation for the period
Net carrying amount
as at 31 December
2025
Land
31.171
-
-
-
31.171
Buildings
50.107
1.987
-
(6.126)
45.968
Plant and machinery and motor vehicles
75.334
9.867
(502)
(20.375)
64.324
Other equipment and office equipment
1.453
170
(7)
(319)
1.297
Technical installations and motor vehicles
in the course of procurement
-
327
-
-
327
Property, plant and equipment under
construction
1.680
12.853
(12.023)
-
2.510
T otal property , plant and equipment
159.745
25.204
(12.532)
(26.820)
145.597
Investment property
6.598
10
-
(702)
5.906
Grand total
166.343
25.214
(12.532)
(27.522)
151.503
Gross carrying
amount
Accumulated
depreciation
Net carrying amount
Gross carrying amount
Accumulated
depreciation
Net carrying amount
Land
31.171
-
31.171
31.171
-
31.171
Buildings
103.410
(57.442)
45.968
101.423
(51.316)
50.107
Plant and machinery and motor
vehicles
260.685
(196.361)
64.324
251.321
(175.987)
75.334
Other equipment and office
equipment
4.050
(2.753)
1.297
3.886
(2.433)
1.453
Technical installations and
motor vehicles in the course of
procurement
327
-
327
-
-
-
Property, plant and equipment
under construction
2.510
-
2.510
1.680
-
1.680
T otal property , plant and
equipment
402.153
(256.556)
145.597
389.481
(229.736)
159.745
Investment property
12.964
(7.058)
5.906
12.954
(6.356)
6.598
Grand total
415.117
(263.614)
151.503
402.435
(236.092)
166.343
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 6 – PROPERTY, PLANT AND EQUIPMENT: reporting period 31 December 2025
Net carrying amount as at 31 December 2025 and transactions during the period:
Carrying amounts as at 31 December 2025 Carrying amounts as at 1 January 2025
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 6 – PROPERTY, PLANT AND EQUIPMENT (continued): reporting period 31 December 2024
COMPARATIVE FIGURES - PROPERTY, PLANT AND EQUIPMENT
Gross carrying
amount
Accumulated
depreciation
Net carrying amount
Gross carrying amount
Accumulated
depreciation
Net carrying amount
Land
Buildings
Plant and machinery and motor
vehicles
251.321
(175.987)
75.334
231.120
(157.716)
73.404
Other equipment and office
equipment
3.886
(2.433)
1.453
3.835
(2.115)
1.720
Property, plant and equipment
under construction
1.680
-
1.680
727
-
727
T otal property , plant and
equipment
389.481
(229.736)
159.745
364.925
(205.438)
159.487
Investment property
12.954
(6.356)
6.598
12.749
(5.453)
7.296
Grand total
402.435
(236.092)
166.343
377.674
(210.891)
166.783
Net carrying
amount as at
1 January 2024
Additions
(reclassifications) at
gross carrying amount
Disposals
(reclassifications) at
gross carrying amount
Depreciation for the
period
Land
Buildings
Plant and machinery and motor vehicles
Other equipment and office equipment
Investment property
Property, plant and equipment under
construction
727
25.594
(24.641)
-
1.680
Grand total
166.783
50.441
(25.680)
(25.201)
166.343
Carrying amounts as at 31 December 2024 Carrying amounts as at 1 January 2024
31.171
101.423
-
(51.316)
31.171
50.107
30.894
98.349
-
(45.607)
30.894
52.742
Net carrying amount as at 31 December 2024 and transactions during the period:
Net carrying amount as at
31 December 2024
30.894
52.742
73.404
1.720
7.296
277
3.286
21.028
51
205
-
(212)
(827)
--
-
(5.709)
(18.271)
(318)
(903)
31.171
50.107
75.334
1.453
6.598
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS FOR
THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 6 – PROPERTY, PLANT AND EQUIPMENT (continued)
Property, plant and equipment are measured at acquisition or production cost less accumulated
depreciation and impairment losses.
The depreciation method applied to property, plant and equipment is the straight-line method.
Depreciation expenses are recognised in the profit and loss account.
The following useful lives are assumed for property, plant and equipment:
- buildings 30-50 years
- plant and machinery 2-25 years
- motor vehicles 4-18 years
- other property, plant and equipment 2-18 years
- investment property 25-50 years
Usefu l lives are determined by committee s comprising the Company’ s specialists. The tax depreciation
lives of property, plant and equipment are regulated by the applicable tax legislation.
The Company has not acquired assets through business combinations and has not classified any assets
as held for sale.
Investment property comprises 13 real estate properties – buildings leased to third parties under lease
agreements. Rental income for this category of assets amounted to 3.278 thousand lei.
At the date of transition to IFRS, the Company estimated and included in the cost of property, plant and
equipment the estimated costs of dismantling and removing the assets at the end of their useful lives.
These costs were recognised through the establishment of a provision, which is recognised in the
income statement over the useful lives of the property, plant and equipment through inclusion in
depreciation expense. This expense is not tax deductible.
This expense is not tax deductible.
The depreciation of an asset begins when the asset is available for use and ends on the day when the
asset is reclassified in another category or when it is derecognised.
The depreciation does not end when the asset is not in use.
The land and buildings are separable assets, and their accounts are kept separately, even when they are
acquired together.
The land has an unlimited useful life and therefore does not depreciate.
The value of land owned by Aerostar SA is presented at acquisition cost, i.e. the assumed cost that was
recorded at the date of transition to IFRS.
In accordance with the provisions of IAS 36 - Impairment of assets, the Company proceeded to the
identification of any signs of impairment of property, plant and equipment, taking into account the
external and internal sources of information.
Internal sources of information:
The economic performance of the assets is good, all fixed assets that are in operation benefit the
Company.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 6 – PROPERTY, PLANT AND EQUIPMENT (continued)
External source of information:
The indicator providing information on investor interest in listed companies on the capital market is the
market capitalisation to equity ratio (MBR).
Indicator MBR - Market to Book Ratio
Market capitalisation to equity ratio (MBR)
31.12.2025
2,02
The above-unit value of the MBR indicator is achieved by high-performing companies on the capital
market that attract investor interest.
The property, plant and equipment in the balance at 31 December 2025 are not impaired and no
significant indicators of impairment were identified.
The gross carrying amount of property, plant and equipment fully depreciated and still in use as at 31
December 2025 is 128.334 thousand lei.
As at 31 December 2025, no mortgages have been established on the investment properties owned by
Aerostar S.A.
25.214 thousand lei
Additions of property, plant and equipment were as follows:

commissioning of technological equipment, hardware,
and measurement and control equipment –

building modernisation work

technical installations and assets under construction
10.037 k lei
1.987 k lei
327 k lei

property, plant and equipment under construction performed during the period

reclassification of building to investment property
1
2.853
k lei
10 k lei
Disposals of property, plant and equipment were as follows:

transfer of assets under construction to property, plant and equipment
following commissioning

derecognition of property, plant and equipment because the Company no longer
expects future economic benefits from their use
12.532 k l
e
i
1
2.023
k lei
509 k lei
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 7- FINANCIAL ASSETS
Shares/equity
interests held in
subsidiaries
As at 1 January 2025
14 46.075
2 42 46.133
Increases/(Decreases)
207 29.106
- 5 29.318
Other non-
current
investments –
shares
Other non-
current
investments –
contribution to
share capital
Other non-
current
receivables –
Total
supplier
guarantees
As at 31 December 2025
221 75.181
2 47 75.451
As at 31 December 2025, the fair value increase relating to other non-current investments – shares amounts to 29.106 thousand lei and comprises:
Revaluation to fair value of Evergent
Investments S.A. shares
Value of shares sold during
January – September 2025
Total net increase in
value
35.397
(6.395)
Value of shares purchased
during January – September
2025
104
29.106
A) Investments in subsidiaries recorded at cost:
Subsidiary/ CAEN Code
Registered office
No. of
shares/
equity
interests
issued
Voting Aerostar’s
rights holding
(%) (k lei)
Financial information
for 2024
Share
capital
(k lei)
Reserves
(k lei)
Net Nominal
profit value per (k
lei) share (k lei)
Foar SRL Bacău
9, Condorilor Street
800 100% 211
8 424 124 0,01 1,4
x x x x x
Airpro Consult SRL Bacău - core activity
9, Condorilor Street according to
CAEN code
7820
100
100% 10
10
305 721 0,10
Net asset
per
share
(k lei)
10,36
TOTAL
- core activity
according to
CAEN code
7739
x
x x
221
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 7- FINANCIAL ASSETS (continued)
In December 2025, Aerostar Company entered into a share transfer agreement and acquired 392 shares of Foar S.R.L. from GKN Fokker
Aerospace BV, for a value of 207 thousand lei. As a result, as at 31 December 2025, the Company increased its shareholding percentage in
FOAR SRL to 100%.
Both companies in which Aerostar holds participations are registered in Romania.
B) Investments in equity instruments through other comprehensive income:
Portfolio value
at market price
(thousand lei)
Portfolio value at
acquisition cost
(thousand lei)
75.180
32.887
shares
Price per
Issuer
CAEN code
No. of
Symbol share as at
Registered office
31.12.2025 (lei)
Evergent Investments S.A. - core activity
according to
Str. Pictor Aman 94C, Bacău CAEN code
27.140.923 EVER 2,7700
6499
As at 31 December 2025, the Company held 27.140.923 shares of Evergent Investments S.A., listed on the Bucharest Stock Exchange. Aerostar
accounts for its shareholding at fair value through other comprehensive income, in accordance with IFRS 9 “Financial Instruments”. The
Company has exercised the irrevocable option to designate these equity instruments at fair value through other comprehensive income because
these financial assets are held both for the collection of dividends and for potential gains from their sale, and not for trading. The gain or loss
relating to these equity instruments is recognised in other comprehensive income, except for dividend income.
C) Cash contribution to the establishment of the initial equity of the “Cluster for Education for Sustainable Development – C-EDD”
association"
The Association was voluntarily established by its founding members, operating as a Romanian private legal entity without a profit-making
purpose. The Association is non-governmental, apolitical, non-profit, and independent, not subordinated to any other legal entity.
The purpose of the Association is to develop and implement effective mechanisms for public-private dialogue in the educational field, to act as a
space for dialogue and collaboration among the main stakeholders in education, to improve the quality of educational processes, and to
connect continuing education with the economic environment, providing qualified human resources for sustainable development.
The value of Aerostar’s contribution to the equity of the “Cluster for Education for Sustainable Development – C-EDD” Association amounts
to 2.500 lei.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 8 - TRADE RECEIVABLES
TRADE RECEIVABLES, of which :
Customers :
Domestic customers
Foreign customers
Doubtful customers
112.760
29.460
83.300
3.675
96.855
31.782
65.073
219
Loss allowance for trade receivables
(2.036)
(197)
31 December
2025
31 December
2024
Suppliers – debtors
TOTAL TRADE RECEIVABLES
2.350
116.749
5.926
102.803
I n accordanc e wit h th e provision s o f th e Accountin g Policie s Manual , i n orde r t o cove r th e ris k o f non-
recovery of amounts representing doubtful trade receivables, the Company recognises loss
allowances for doubtful customers, as follows:
-
at 50% of the value of receivables outstanding at due date, if the delay period is between 30 days
and 180 days. As at 31 December 2025, the Company recognised loss allowances of this nature
amounting to 1.639 thousand lei;
-
at 100% of the value of receivables outstanding at due date, if the delay period exceeds 180
days. As at 31 December 2025, the Company recognised loss allowances of this nature
amounting to 397 thousand lei.
In determining the recoverability of a trade receivable, changes in the customer’s creditworthiness
from the date the trade credit was granted up to the reporting date were taken into consideration.
Suppliers – debtors have the following settlement terms:

in 2026: 2.317 thousand lei

in 2027: 33 thousand lei
Receivables denominated in foreign currency were measured at the exchange rate of the foreign
exchange market communicated by the National Bank of Romania applicable at the end of December
2025.
Favourable or unfavourable foreign exchange differences arising between the exchange rate at which
foreign currency receivables are recorded and the exchange rate communicated by the National Bank of
Romania applicable at the end of December 2025 were recognised in the corresponding income or
expense accounts.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 9 - OTHER RECEIVABLES
31 December
2025
31 December
2024
Receivables related to personnel and similar accounts 27 63
Receivables related to social security budget and state 4.845 2.945
budget, of which:

VAT recoverable

Non-chargeable VAT

Amounts recoverable from the Health Insurance House
(sick pay reimbursements)
2.097 380
94 109
2.521
2.360

Receivables related to government grants

Excise duties recoverable for fuel used

Other receivables related to the local budget
0 64
66 10
53 8

Other receivables related to social security budget and state
budget
14 14
Interest receivable on bank deposits
2.987 3.665
Other debtors
635 1.699
Loss allowance for other debtors
(482) (403)
TOTAL OTHER RECEIVABLES
8.012 7.969
Note:
- Other receivables related to the social security, state, and local budgets represent amounts
resulting from the submission of amended tax returns;
- Interest receivable relates to bank deposits held by the company at the end of the reporting
period;
- Of the total other receivables, 31%, amounting to 2.521 thousand lei, is represented by
amounts reimbursed but not yet collected from the Health Insurance House.
AEROSTAR S.A. BACAU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 10 - INVENTORIES
of which:
62.320
97.487
70.654
93.135
27
-
37
4
Raw materials
Consumable materials
Other materials
Semi-finished goods
Packaging materials
Finished goods
Work in progress (goods and services)
Gross carrying amount of inventories
Allowance for inventory write-downs
Net carrying amount of inventories(adjusted)
31 December
2025
31 December
2024
78
58.434
71.733
290.079
80.328
209.751
36
44.580
76.215
284.661
78.456
206.205
INVENTORY WRITE-DOWNS
Increases/
31 December Write-downs
2025 recognised/
Decreases/
Reversals/
31 December
2024
41.137 11.769 2.132 31.500
- - 4 4
125 7 220 338
1.115 4.579 8.341 4.877
80.328 18.782 16.910 78.456
37.951 2.427 6.213 41.737
Total write-downs
Write-downs of raw materials
Write-downs of consumable
materials
Write-downs of semi-finished
goods
Write-downs of finished goods
Write-downs of work in
progress
Inventories are measured at the lower of cost and net realisable value.
Net realisable value represents the estimated selling price of inventories less all estimated costs to
complete and all estimated costs necessary to make the sale.
The cost of inventories comprises purchase costs, conversion costs, and other costs incurred in
bringing the inventories to their present location and condition.
Inventory write-downs are made periodically based on the findings of inventory review committees
and/or module managers, in order to present inventories at the lower of cost and net realisable
value.
Within the company, goods are considered impaired if their age exceeds the storage period
established internally by the Board of Directors.
In accordance with the Accounting Policies Manual, Aerostar S.A. establishes inventory write-
downs as follows:
AEROSTAR S.A. BACAU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 10 – INVENTORIES (continued)
- for raw materials, consumables, semi-finished goods, and spare parts, different storage periods
are established for each profit centre;
- for finished goods and work in progress, inventory write-downs are made each period as
follows:
a) 100% of the value for inventories of this type that are not based on customer contracts;
b) variable percentages, agreed with the relevant profit centres, for finished goods not
delivered within contractual deadlines.
The cost of materials recognised as expense during the period amounts to 258.012 thousand lei,
comprising:
- 243.556 thousand lei expenses related to material inventories;
-
13.386 thousand lei expenses related to consumption of water, gas, and electricity;
-
1.070 thousand lei expenses related to non-stocked materials.
Aerostar S.A. holds finished goods (safety stocks) at the levels agreed under customer contracts.
Aerostar S.A. does not have pledged inventories.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 11 - CASH AND CASH EQUIVALENTS
Cash includes:
- cash on hand (cash held at Aerostar’s cash office);
- demand deposits held with banks (current bank accounts).
Cash equivalents include:
- term deposits held with banks;
- cheques deposited with banks for collection.
At the end of the reporting period, cash and cash equivalents consist of:
Cash on hand
Demand deposits with banks
Term deposits with banks
Bank cheques deposited for collection
Cash and cash equivalents
31.12.2025
30
23.237
290.085
-
313.352
31.12.2024
30
31.170
229.203
-
260.403
There are no restrictions on the use of current bank accounts or deposits held with banks.
The value of the credit line available in the form of an overdraft, accessible for future
operating activities, is USD 2.500 thousand (equivalent to 10.854 thousand lei).
During the reporting period, the credit line was not utilised.
AEROSTAR’s policy is to maintain cash deposits in an amount corresponding to the
established provisions. The balance of provisions as at 31.12.2025 amounts to 75.299
thousand lei.
Term deposits are made for short periods (up to 6 months), as AEROSTAR prefers to
maintain easy access to its cash. Accordingly, other cash investment alternatives, such as
investing in mutual funds, are not preferred due to the associated investment risks.
Accordingly, in the short term, these investments may experience significant fluctuations due to
various conjunctural factors.
AEROSTAR’s decision to place only short-term bank deposits is primarily driven by global
political and economic uncertainties, disruption of supply chains, and the potential for events
that may require the purchase of raw materials and other supplies for the establishment of
safety stocks.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 12 - EQUITY
The Company’s equity as at 31 December 2025 amounted to 710.205 thousand lei. The increase in
equity during 2025 compared to 31 December 2024 was 89.871 thousand lei.
Changes in equity items during 2025 compared to 2024:

Share capital remained unchanged:
As at 31 December 2025, the share capital of AEROSTAR S.A. Bacau amounted to 48.728.784 lei,
divided into 152.277.450 shares with a nominal value of 0,32 lei.

Reserves increased by 84.681 thousand lei:
o
an increase of 40.447 thousand lei following the appropriation of the 2024 profit in
accordance with AGOA (the Ordinary General Meeting of Shareholders) held on 24
April 2025;
o
an increase of 9.735 thousand lei arising from the allocation during 2025 of tax
incentives received;
o
an increase of 35.396 thousand lei resulting from the revaluation at fair value of the
shares held in Evergent Investments S.A.;
o
a decrease of 1.213 thousand lei resulting from the transfer to retained earnings of the fair
value revaluation differences relating to equity instruments previously recognised in other
comprehensive income, following their disposal;
o
an increase of 316 thousand lei due to the transfer to reserves of retained earnings
representing realised surplus from revaluation reserves.

Other items of equity decreased by 7.134 thousand lei as a result of deferred income tax
recognised in equity.

Retained earnings increased by 1.016 thousand lei as follows:
o
an increase of 258 thousand lei arising from deferred income tax recognised in equity;
o
an increase of 1.074 thousand lei representing the net gain realised on the disposal of
equity instruments previously recognised in other comprehensive income;
o
a decrease of 316 thousand lei due to the transfer to reserves of retained earnings
representing realised surplus from revaluation reserves.

The balance of retained earnings as at 31 December 2025 amounted to 55.390 thousand lei,
comprising :
o
retained earnings arising from the use, at the date of transition to IFRS, of fair value as
deemed cost = 26.053 thousand lei;
o
retained earnings representing gains realised from revaluation reserves, capitalised over
the depreciation of property, plant and equipment = 24.534 thousand lei;
o
net gains realised on the disposal of equity instruments previously recognised in other
comprehensive income = 4.803 thousand lei.

The profit for the period amounted to 98.037 thousand lei.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless otherwise specified, all amounts are stated in thousands of lei
)
Revaluation
differences
26.330
133
29.902
-
-
16.490
9.246
-
9.479
7.726 8.547
5.635 - 10.638
Long-term provisions
Provisions for customer
warranties
Provisions for
decommissioning of
property, plant and
equipment
16.466 24
- - 16.490
Other provisions
12.826 20.695 133 19.264
9.479 9.246 - 9.479
31 December
2024
Decreases/
Reversals/
Reclassifications
46.603
667
31
December
2025
75.299
warranties
NOTE 13 - PROVISIONS
Increases/
Additions/
Reclassifications
Total provisions 85.108 36.127
Provisions for customer
34.726 21.373
16.466 24
benefits
Provisions for
decommissioning of
property, plant and
equipment
Provisions for employee
9.246 9.479
Other provisions 24.670 5.251
11.027
534
19.428
43.866 8.571
11.666
409
41.180
19.674 -
6.031 409 14.052
Short-term provisions
41.242 27.556
34.937
258
34.119
27.000
9.246
5.251 4.996 125 5.376
Provisions for customer
warranties
Provisions for employee
benefits
Other provisions 4.996
Provisions for customer warranties
Provisions for customer warranties are recognised to cover the risks of non-conformities arising
during the warranty period of products sold and services rendered, in accordance with contractual
provisions. The standard warranty period is generally 24 months.
Provisions for decommissioning of property, plant and equipment
Provisions for the decommissioning of property, plant and equipment, particularly buildings, are
recognised to cover the costs of dismantling, removal of components and restoration of the sites
where they are located and are included in their cost. The value has been estimated using an annual
discount rate of 6,5%.
Provisions for employee benefits
Provisions for employee benefits are recognised for bonuses granted in accordance with the
applicable Collective Labour Agreement and for unused annual leave outstanding from the previous
year.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless otherwise specified, all amounts are stated in thousands of lei
)
NOTE 13 – PROVISIONS (continued)
Other provisions
Other provisions include provisions recognised for:

covering risks specific to the aviation industry, such as: the risk of latent defects and the risk of
identifying quality-related incidents that may give rise to damages;

covering expenses related to the Company’s obligations towards A.J.O.F.M., in accordance with
O.U.G. (Government Emergency Ordinance) no 95/2002;
During the period January–December 2025, the Company recorded expenses related to the
recognition of provisions amounting to 31.519 thousand lei and income related to the reversal/
reduction of provisions amounting to 41.352 thousand lei, resulting in net income from adjustments to
provisions of 9.833 thousand lei.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 14 – INVESTMENT GRANTS RELATED TO ASSETS
AEROSTAR recognises grants related to assets as deferred income.
(820)
(828)
31.12.2025
1.552
828
724
-
31.12.2024
2.380
830
1.550
-
Balance as at 1 January, of which:
Short-term
Long-term
Grants received
Grants recognised in income in line with the
depreciation/amortisation recognised during
the period
Balance as at 31 December, of
which:
Short-term
Long-term
732
264
468
1.552
828
724
The balance recorded as at 31 December 2025 represents grants related to investments in non-
current assets which will be recognised in income over the useful life of the related assets, in line
with the depreciation/amortisation recognised.
Grants received in previous years for the financing of assets relate to the implementation of four
investment projects under four non-reimbursable financing agreements:
1. Contract no. 210304/22.04.2010: ”Expansion of aerostructures manufacturing and assembly
capacities for civil aviation’, carried out between April 2010 and October 2012, the grant
received from the Ministry of Economy, Trade and Business Environment (MECMA) amounted to
5.468 thousand lei, of which 393 thousand lei remains to be recorded in income;
2. Contract no. 229226/14.06.2012: ”Creating a new manufacturing capacity to diversify
production and export growth’, carried out between June 2012 and May 2014, the grant received
from the Ministry of Economy, Trade and Business Environment (MECMA) amounted to 6.011
thousand lei, of which 30 thousand lei remains to be recorded in income;
3. Contract no. 5IM/013/24.03.2015: ”Consolidation and sustainable development of the
machining and painting sectors through high-performance investments’, carried out between
March and December 2015, the grant received from the Ministry of European Funds (MFE)
amounted to 8.299 thousand lei, of which 22 thousand lei remains to be recorded in income.
4. Financing contract no. 10/28.02.2023: ” Equipping the AEROSTAR Testing Laboratory with
NDT testing equipment", carried out between March 2023 and December 2023, the grant
received from the Ministry of Economy amounted to 381 thousand lei, of which 277 thousand lei
remains to be recorded in income.
All investment projects in non-current assets have been implemented and completed in accordance
with the contractual terms agreed.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 15 - TRADE PAYABLES
Advances received from customers, of which:
Domestic customers with credit balances
Foreign customers with credit balances
12.737 9.593
9 19
12.728 9.574
Suppliers , of which:
Domestic suppliers of materials and services
Foreign suppliers of materials and services
39.565 49.653
9.539 10.863
24.023 30.561
Suppliers – invoices not yet received
Suppliers of non-current assets
3.229 6.024
2.774 2.205
31 December
2025
31 December
2024
Total trade payables
52.302 59.246
Advances received from foreign customers relate to aircraft maintenance and repair services
(99,66%) and other services rendered (0,34%).
No mortgages have been established for the reported payables.
Favourable or unfavourable foreign exchange differences arising between the exchange rate at
which the foreign currency payables are recorded and the exchange rate published by the National
Bank of Romania applicable at 31 December 2025 have been recognised in the appropriate profit or
loss accounts.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 16 - OTHER LIABILITIES
4.653 4.295
8.605 6.828
1.792 626
5.022 4.631
313 287
979 906
251 207
193 116
55 55
3.871 3.400
3.548 3.125
276 252
47 23
31 December
2025
31 December
2024
17.129 14.523
Other current liabilities , of which:

Liabilities related to personnel and related
accounts

Liabilities related to social security budget and
state budget , of which:
– VAT payable
– social security contributions
– work insurance contribution
– payroll income tax
– contribution for persons with disabilities not
employed
– other taxes
– other social liabilities

Other liabilities, of which:
– dividends
– other creditors
– guarantees received
Other non-current liabilities
1.480 1.467
The category “Other non-current liabilities” includes the liability related to the right-of-use for
leased land for the MRO Hangar in Iași.
The dividends outstanding as at 31 December 2025, amounting to 3.548 thousand lei represent the
amounts remaining due to shareholders who have not presented themselves at the payment agent
CEC Bank S.A. (designated by AEROSTAR) and which are not statute-barred.
The Company does not have any overdue liabilities to the state budget, social security budget, or
local budgets.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 17 - DEFERRED INCOME TAX
Deferred tax is recognised for temporary differences arising between the tax base of the assets and
liabilities and their carrying amounts. The deferred tax is calculated at a tax rate of 16% applicable to
the temporary differences.
The company has estimated and recognised deferred tax liabilities related to non-current assets
(arising from differences between the carrying amounts and the tax values, differing useful lives,
etc.) and reserves, and has recognised deferred tax assets related to non-current equity investments
(shares), inventory write-downs, and impairment of trade receivables, as well as provisions for
warranties granted to customers, and other provisions.
Structure of the deferred tax recorded as at 31.12.2025 is:
651
61
1.559
26.564
Deferred tax liabilities
1. Deferred tax liabilities arising from differences between the carrying amounts
(higher) and the tax bases (lower) of non-current assets
2. Deferred tax liabilities related to legal reserves
3. Deferred tax liabilities related to reserves arising from tax incentives
4. Deferred tax liabilities related to retained earnings representing realised surplus
from revaluation reserves
5. Deferred tax liabilities related to non-current equity investments - shares
Total deferred tax liabilities
6.767
35.602
Deferred tax assets
1. Deferred tax assets related to other provisions
2. Deferred tax assets related to provisions for warranties granted to customers
3. Deferred tax assets related to employee benefit provisions
4. Deferred tax assets related to inventory write-downs
5. Deferred tax assets related to impairment of trade receivables
Total deferred tax assets
311
4.784
1.516
12.853
403
19.867
Balance – Net deferred tax liability
15.735
The company has not recognised deferred tax assets related to other provisions for risks specific to the
aviation industry due to uncertainty regarding the tax deductibility of the expenses that may arise
from the settlement of obligations in future periods. Consequently, the differences between the tax
bases and the carrying amounts would be nil.
During the period 1 January 2025 – 31 December 2025, the company recorded deferred income tax
amounting to 7.230 thousand lei and deferred income tax expense amounting to 7.359 thousand lei,
resulting in a net impact on financial performance of (129) thousand lei.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 17 - DEFERRED INCOME TAX (continued)
Deferred income tax recognised in equity, amounting to 34.579 thousand lei, comprises deferred tax
liabilities of 34.890 thousand lei and deferred tax assets of 311 thousand lei.
Deferred tax liabilities consist of:
- deferred tax liabilities related to legal reserves 1.559 thousand lei;
- deferred tax liabilities related to reserves arising from tax incentives 26.564 thousand lei
- deferred tax liabilities related to non-current equity investments - shares 6.767 thousand lei;
Deferred tax assets amounting to 311 thousand lei relate to provisions for risks and expenses
established prior to the date of transition to IFRS.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 18 - FINANCIAL INSTRUMENTS
A financial instrument is any contract that simultaneously gives rise to a financial asset of one entity
and a financial liability or an equity instrument of another entity.
Financial assets and financial liabilities are recognised when AEROSTAR becomes a party to the
contractual provisions of the instrument.
Financial assets of AEROSTAR include:
-
demand and term deposits held with banks;
-
trade receivables;
-
shares in Evergent Investments S.A. shares (stock symbol: EVER);
-
non-current receivables (guarantees deposited with third parties)
Financial liabilities of AEROSTAR include:
-
trade payables;
As of the reporting date, AEROSTAR does not record any financial liabilities related to bank
overdrafts or long-term bank loans.
The main types of risk arising from the financial instruments held, to which AEROSTAR is
exposed, are:
a) credit risk;
b) liquidity risk;
c) foreign currency risk;
d) interest rate risk.
e) market risk
a) Credit risk
Credit risk is the risk that one of the parties involved in a financial instrument will cause a financial
loss to the other party by failing to fulfil a contractual obligation, and it mainly relates to:
- demand and term deposits held with banks;
- trade receivables.
Demand and term deposits are held exclusively with top-tier banks (top 5 by total assets), with
ratings reflecting the lowest level of risk.
In certain cases, specific instruments are required to mitigate commercial credit risk (advance
payments, bank payment guarantees, confirmed export letters of credit).
AEROSTAR has no significant exposure to a single counterparty and does not present a significant
concentration of receivables in any single geographic area.
Credit risk exposure
The carrying amount of the financial assets, net of impairment, represents the maximum exposure to
credit risk.
The maximum credit risk exposure as at the reporting date is presented in the table below:
31.12.2025 31.12.2024
Demand and term deposits held with banks
Trade receivables, net of loss allowance
Non-current receivables
Total
313.322
108.876
42
422.240
260.373
95.347
42
355.762
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
The maximum credit risk exposure by geographic area for trade receivables, net of loss allowance,
is presented in the table below:
31.12.2025 31.12.2024
Domestic market
Eurozone countries
United Kingdom
Other European countries
Other regions
Total
29.787 31.867
38.146 27.712
22.417 27.926
4.685 1.342
13.841 6.500
108.876 95.347
3.675
220
Loss allowance
The ageing analysis of gross trade receivables at the reporting date is presented in the following
table:
Gross Loss Gross Loss
amount allowance amount allowance
31.12.2025 31.12.2024
107.237
95.237
In due time
Overdue, total, of
which:
31-60 days
61-90 days
91-120 days
Over 120 days
Total
1.981 993
724 398
440 281
530 364
110.912 2.036
77 39
52 26
47 23
44 22
95.457 110
Movement in the loss allowance for trade receivables during the year is presented in the following
table:
31.12.2025 31.12.2024
Balance at 1 January
Loss allowance recognised
110 267
5.833 1.549
Loss allowance reversed to income (3.907) (1.706)
Balance at 31 December 2.036 110
As at 31.12.2025, 97% of the balance of trade receivables relates to customers with a good payment
history.
b) Liquidity risk
Liquidity risk is the risk that AEROSTAR may encounter difficulties in meeting obligations
associated with financial liabilities that are settled in cash.
AEROSTAR’s policy regarding liquidity risk is to maintain an optimal level of liquidity to ensure it
can meet its obligations as they fall due.
To assess liquidity risk, cash flows from operating, investing, and financing activities are monitored
and analysed on a weekly, monthly, quarterly, and annual basis to estimate the net changes in
liquidity.
Additionally, specific liquidity ratios (current ratio, quick ratio, and overall solvency ratio) are
analysed monthly against budgeted levels.
Furthermore, to mitigate liquidity risk, AEROSTAR maintains an annual liquidity reserve in the
form of a Credit Facility (available as an overdraft) granted by banks, up to USD 2.500 thousand.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
The time bands used for the analysis of the contractual maturities of financial liabilities, to illustrate
the timing of cash flows, are presented in the table below:
Liabilities
Carrying
amount
Contractual
cash flows
0-30
days
31-60 over 60
days days
31.12.2025
Trade payables
36.336
(36.336)
(30.658)
(4.963) (715)
31.12.2024
Trade payables
43.629
(43.629)
(39.016)
(3.983) (630)
Cash flows included in the maturity analysis are not expected to occur earlier or in significantly
different amounts.
As at 31.12.2025 AEROSTAR does not have any overdue liabilities.
c) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate due to changes in foreign exchange rates.
Foreign currency risk exposure
AEROSTAR is exposed to foreign currency risk because 85% of the turnover recorded during the
reporting period is denominated in USD and EUR, while a significant portion of operating expenses is
denominated in lei.
Thus, AEROSTAR is exposed to the risk that fluctuations in exchange rates may affect both its net
income and its financial position as expressed in lei.
However, AEROSTAR has chosen not to use foreign currency hedging instruments (options,
forwards) due to relatively high initial costs and the potential loss of opportunities in the event of
RON depreciation against the main currencies (USD, EUR).
Net exposure in original currency
2.995
14.094 17
The net exposure of financial assets and liabilities to foreign currency risk is presented below, based
on the carrying amounts denominated in foreign currency as at the end of the reporting period:
31.12.2025 k EUR k USD k GBP
Demand and term deposits held with banks
Trade receivables
Trade payables
1.937
3.061
(2.003)
2.983 24
14.622 -
(3.511) (7)
Sensitivity analysis
Based on the net exposure calculated in the table above, AEROSTAR is primarily exposed to
foreign currency risk arising from fluctuations in the USD/LEU and EUR/LEU exchange rates.
Considering the historical evolution of the USD/LEU and EUR/LEU, high volatility is observed for
USD/LEU (+/-10%) and low volatility for EUR/LEU (+/-2%). Accordingly, a reasonably possible
change of +/-10% for USD/LEU and +/-2% for EUR/LEU at the end of the reporting period is
considered.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
The effect of a reasonably possible change in the EUR/LEU and USD/LEU exchange rates on
AEROSTAR’s financial result is calculated in the table below:
+/- 2%
+/- 10%
EUR/LEU
2.995 k EUR
5,0985
15.270 k lei
USD/LEU
14.094 k USD
4,3417
61.192 k lei
31.12.2025
Net exposure in original currency
Exchange rate
Net exposure in functional currency
Reasonably possible change in exchange
rate
Effect of the change on financial result
+/- 305 k lei
+/- 6.119 k lei
d) Interest rate risk
During the reporting period, AEROSTAR had access to a multi-product Credit Facility with a total
amount of USD 7.000 thousand, intended to finance operating activities, of which:
-
USD 2.500 thousand is available as an overdraft;
-
up to USD 7.000 thousand is available for the issuance of guarantee instruments (bank
guarantees and import letters of credit), provided that the overdraft facility is not used.
Interest is applicable only to the overdraft.
As the overdraft facility was not used during the reporting period, income and cash flows are not
affected by fluctuations in market interest rates.
As at 31.12.2025, the amount of guarantees granted under commercial contracts through the
issuance of bank guarantees and import letters of credit amounted to 5.318 thousand lei (equivalent to
USD 1.225 thousand).
As at 31.12.2025 no mortgages had been established over AEROSTAR’s owned property assets.
e) Market risk, is the risk that the fair value or future cash flows of a financial asset will fluctuate
due to changes in market prices.
The maximum exposure to market risk at the reporting date is presented in the table below:
75.180
46.074
31.12.2025
31.12.2024
Portfolio value of Evergent Investments S.A.
shares (stock symbol: EVER)
The increase in the portfolio value of shares was driven by the closing price of EVER shares at 2,77
lei/share as at 31.12.2025, representing an increase of 88% compared to 31.12.2024.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 19 - OPERATING REVENUE
Operating revenue, of which:
620.434
584.004
Revenue from the sale of products
334.087
333.771
Revenue from services
281.610
246.474
Revenue from sale of goods
337
19
Rental income
3.348
3.027
Trade discounts granted (28)
Revenue from other activities
1.052
741
Revenue related to inventories of finished
goods and work in progress
9.708
45.210
Revenue from the production of non-current
assets
1.528
1.338
Operating grants
409
305
Investment grants
818
826
Other operating income
1.261
1.663
In 2025, the Company recorded operating grants amounting to 409 thousand lei. The
majority of these amounts were granted to support the indefinite employment of graduates
from educational institutions in accordance with Law no. 76/2002 on the unemployment
insurance system and the promotion of employment.
Other operating income of 1.261 thousand lei includes, among others, amounts recovered
from former employees (tuition fees and other outstanding amounts), as well as
compensation and recovered taxes.
31 December
2025
31 December
2024
Total operating revenue
634.158
633.346
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 20 – OPERATING EXPENSES
Employee benefits expenses, of which:
Salaries and allowances
Meal vouchers expense
Social security and insurance contributions
Raw materials and consumables
Energy, water, and gas
Other material expenses, of which:
Expenses related to non-inventoried materials
Expenses related to goods
Packaging materials
Other materials
External services, of which:
Repairs
Transport costs
Commissions and fees
Travel and secondments
Royalties and rents
Other services rendered by third parties
Trade discounts received
(318)
29.442
(110)
27.110
(9.833)
(17.489)
3.791
Depreciation and amortisation
Net expenses (income) from adjustments to
provisions
Net expenses (income) from adjustments to current
assets
Other operating expenses
8.269
11.034
8.669
Total operating expenses:
538.442
546.151
31 December
2025
212.850
186.761
14.952
11.137
229.455
13.386
15.171
1.070
416
754
12.931
36.229
11.585
4.980
2.508
1.043
786
15.327
31 December
2024
202.037
176.814
14.915
10.308
237.328
13.451
13.695
1.519
14
817
11.345
50.426
19.931
7.678
2.350
1.135
809
18.523
In accordance with the provisions of the International Financial Reporting Standards and the
Accounting Policies Manual, the Company recognises adjustments to provisions (Note 13) and
adjustments for the impairment of current assets, namely inventories, work in progress and
receivables (Notes 8, 9, and 10).
In 2025, the Company granted to its employees meal vouchers amounting to 14.061 thousand lei
and holiday vouchers amounting to 891 thousand lei.
Other operating expenses, totalling 8.269 thousand lei include, among others, local taxes and
levies, sponsorships, scholarships granted to students enrolled in the dual education system, and
environmental protection expenses.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
In 2025, AEROS T AR recorded increases/recognitions and decreases/reversals of adjustments to
provisions, as follows:
In 2025, the impact of adjustments to provisions led to a decrease in operating expenses of 9.833
thousand lei.
In 2025, the impact of adjustments for the impairment of current assets led to an increase in
operating expenses of 3.791 thousand lei.
Adjustments to provisions
(9.833)
(17.489)
31 December
2025
31.519
(41.352)
31 December
2024
30.484
(47.973)
Increases/provisions recognised
Decreases/reversals
Net expenses/(income) from adjustments to
provisions
Adjustments to the impairment of current assets
3.791
31 December
2025
31 December
2024
Increases/adjustments recognised
Inventory write-downs
Loss allowance for receivables
Losses on receivables and other debtors
Total increases/adjustments recognised
18.782
5.962
2
24.746
23.813
1.725
85
25.623
Decreases/reversals of adjustments
Inventory write-downs
Loss allowance for receivables
Total decreases/reversals of adjustments
(16.910)
(4.045)
(20.955)
(12.655)
(1.934)
(14.589)
Net expense/(income) from adjustments to the
impairment of current assets
11.034
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 21 - FINANCIAL INCOME
31 December
2025
31 December
2024
Foreign exchange gains
Interest income
Income from shares in subsidiaries
Income from financial assets measured at fair value
Total financial income
6.207 9.462
14.241 11.147
584 516
3.321 3.802
24.353 24.927
Information regarding the Company’s exposure to risks arising from the financial instruments held
are presented in Note 18 – Financial Instruments .
Income from financial assets measured at fair value represents dividends from the Company’s
holdings of equity instruments in Evergent Investments S.A.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 22 - FINANCIAL EXPENSES
31 December
31 December
Foreign exchange losses
Interest expenses on lease contracts
11.522 7.283
29 30
2025
2024
Total financial expenses
11.551 7.313
In 2025, the Company recorded the following items under financial expenses:

losses from unfavourable foreign exchange differences;

interest expenses related to the right-of-use of the land concession for the MRO
Hangar in Iași.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 23 - INCOME TAX
Income tax is recognised in the statement of profit or loss.
Current income tax is the tax payable on the profit for the current period, calculated based on the applicable
tax regulations at the reporting date. The applicable income tax rate as at 31.12.2025 was 16% (the same rate
applied for the financial year 2024).
31 December 2025
31 December 2024
Gross accounting profit 108.518 104.809
Current income tax expense 10.352 8.967
+1.558
+286
5
58
Differences
Tax reductions -
-64.621
-62.102
-2.519
-403
+6.403
1.558
+3.080
286
+1.479
-6.806
Income tax related to the gain on sale of held investments 205
Reconciliation of accounting profit with taxable profit for the year ended 31
December 2025
Accounting revenue 658.511 Taxable revenue 593.890
Accounting expenses 549.993 Tax-deductible expenses 487.891
Gross accounting profit 108.518 Taxable profit 105.999
Accounting tax (16%) 17.363 Income tax at statutory rate (16%) 16.960
Tax reductions , of which: 6.403

related to investments under
Art. 22 of the Fiscal Code

sponsorships 3.080

3% bonus under OUG
107/2024

bonus under OUG 153/2020 1.479
Final income tax expense 17.363 Final income tax expense 10.557
Applicable statutory rate 16,00% Applicable statutory rate 16,00%
Effective average tax rate
(calculated on gross accounting 9,73 %
profit)
Comparative figures 31 December 2024
Gross accounting profit
Current income tax expense
Income tax related to the gain on sale of held investments
104.809
8.967
558
+2.997
Differences
Tax reductions -
-63.038
-61.523
-1.515
-242
+7.002
2.997
+2.706
+1.299
-7.244
Reconciliation of accounting profit with taxable profit for the year ended 31
December 2024
Accounting revenue 658.273 Taxable revenue 595.235
Accounting expenses 553.464 Tax-deductible expenses 491.941
Gross accounting profit 104.809 Taxable profit 103.294
Accounting tax (16%) 16.769 Income tax at statutory rate (16%) 16.527
Tax reductions , of which: 7.002

related to investments under
Art.22 of the Fiscal Code

sponsorships 2.706

bonus under OUG 153/2020 1.299
Final income tax expense 16.769 Final income tax expense 9.525
Applicable statutory rate 16,00% Applicable statutory rate 16,00%
Effective average tax rate
(calculated on gross accounting 9,09 %
profit)
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 23 - INCOME TAX (continued)
Key factors affecting the effective tax rate:

tax incentives representing the corporate income tax exemption related to investments made
under Art.22 of the Fiscal Code and sponsorships.

non-deductible expenses for tax purposes (expenses related to the recognition or increase of
provisions and value adjustments for current assets that are non-deductible for tax purposes,
accounting depreciation that is non-deductible for tax purposes, etc.).

non-taxable income resulting from the recovery of non-deductible expenses.
Financial performance in 2025 is influenced by current and deferred income tax as follows:
Current income tax expense*
Deferred tax expense
Deferred tax income
Current and deferred income tax
31 December 2025
(10.352)
(7.359)
7.230
(10.481)
31 December 202
4
(8.967)
(7.056)
6.939
(9.084)
*Note: The income tax for the year 2025 amounts to 10.557 thousand lei, of which 205 thousand lei is
recognised in equity, representing tax on the gain from the sale of equity instruments recognised
through other comprehensive income.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 24 - EARNINGS PER SHARE
The calculation of basic earnings per share was based on the profit attributable to ordinary
shareholders and the weighted average number of ordinary shares outstanding.
Diluted earnings per share is equal to basic earnings per share as the Company has no potential
ordinary shares outstanding.
IN LEI
Profit attributable to ordinary shareholders
Weighted average number of ordinary shares
outstanding
98.037.045
152.277.450
95.724.564
152.277.450
Earnings per share
0,644
0,629
31.12.2025
31.12.2024
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 25 - AVERAGE NUMBER OF EMPLOYEES
Average number of employees
Own employees
12 months 2025
1.699
12 months 2024
1.698
Employee headcount
31.12.2025
31.12.2024
Own employees
1.781
1.753
As at 31 December 2025, the total headcount of the Company was 1.874, of which 1.781 were own
employees and 93 were temporary agency workers.
As at 31 December 2024, the total headcount of the Company was 1.884, of which 1.753 were own
employees and 131 were temporary agency workers.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 26 - RELATED PARTY TRANSACTIONS
Purchases of goods and services
Airpro Consult SRL Bacău
Foar SRL Bacău
Year 2025
13.050
242
Year 2024
12.910
364
TOTAL
13.292
13.274
Sales of goods and services
Airpro Consult SRL Bacău
Foar SRL Bacău
Year 2024
-
2
TOTAL
Year 2025
-
2
2
2
Payables
Airpro Consult SRL Bacău
Foar SRL Bacău
TOTAL
Balance as at
31.12.2025
903
13
916
Balance as at
31.12.2024
728
24
752
Dividends received by Aerostar
Airpro Consult SRL Bacău
Foar SRL Bacău
TOTAL
Year 2025
521
63
584
Year 2024
-
153
153
Related party transactions for the period 01.01.2025-31.12.2025 consisted of:

Provision by Airpro Consult SRL Bacău to Aerostar S.A. of temporary workforce services;

Provision by Foar SRL Bacău to Aerostar S.A. of equipment rental services;

Provision by Aerostar S.A. to Foar SRL Bacău of premises rental services;

In December 2025, Aerostar S.A. entered into a share transfer agreement and acquired 392 quota
shares of Foar S.R.L. from GKN Fokker Aerospace B. V ., for a total value of 207 thousand lei.
(Note 7).

Dividends received by Aerostar S.A. from Airpro SRL Bacău and Foar SRL Bacău (Note 7).
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei)
NOTE 27 - CASH FLOW INFORMATION
The method used in presenting the Statement of Cash Flows is the direct method.
The Statement of Cash Flows presents cash flows and cash equivalents classified by operating,
investing and financing activities, thus highlighting the manner in which AEROSTAR generates
and uses cash and cash equivalents.
For the purpose of preparing the Statement of Cash Flows:
-
cash flows represent receipts and payments of cash and cash equivalents;
-
cash comprises cash on hand (cash in the company’s cash office) and demand deposits held
with banks (balances in current bank accounts);
-
cash equivalents comprise term deposits held with banks.
Cash flows arising from transactions in foreign currencies are recorded in the functional currency
(LEU) by applying to the foreign currency amount the exchange rate between the functional
currency and the foreign currency at the date of the cash flow (the date of receipt or payment).
Gains and losses arising from changes in foreign exchange rates are not cash flows. However,
the effect of changes in foreign exchange rates on cash and cash equivalents held in foreign
currency is reported in the Statement of Cash Flows separately from cash flows from operating,
investing and financing activities, in order to reconcile cash and cash equivalents at the
beginning and at the end of the reporting period.
The summary statement of cash flows for 2025 is presented in the table below:
Cash flows Amount %
Total receipts, of which: 655.810 100%
Receipts from operating activities 630.874 96%
Receipts from investing activities 24.936 4%
Receipts from financing activities - 0%
Total payments, of which: (599.463) 100%
Payments for operating activities (550.455) 92%
Payments for investing activities (13.769) 2%
Payments for financing activities (35.239) 6%
Net increase in cash and cash equivalents 56.347
Cash and cash equivalents at the end of the period 313.352
Operating activities are the main cash-generating activities of AEROSTAR.
- cash receipts from customers amounted to 626.191 thousand lei;
- cash receipts from the State Budget amounted to 4.683 thousand lei, of which 4.210 thousand lei
represent VAT and other social contribution receivables, and 473 thousand lei represent
operating grants;
- payments to suppliers and employees amounted to 451.378 thousand lei, of which 322.547
thousand lei were payments to suppliers and 128.831 thousand lei were payments to employees;
- payments of taxes and duties to the State Budget amounted to 99.077 thousand lei, of which
84.321 thousand lei were payroll taxes and contributions, 10.128 income tax, 2.170 thousand lei
VAT, 2.458 thousand lei local taxes and duties.
Operating activities generated a net cash inflow of 80.419 thousand lei, an increase of 42.101
thousand lei compared to 2024.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei)
Investing activities include:
-
interest received from bank deposits amounted to 14.919 thousand lei;
-
dividends received from Evergent Investments S.A. amounted to 2.989 thousand lei;
-
proceeds from the sale of Evergent shares (stock symbol: EVER) amounted to 6.443
thousand lei
The shares acquired are held both for the collection of dividends and for capital gains.
In 2025,
the sale of EVER shares generated a gross gain of 1.279 thousand lei.
-
dividends received from related parties (Airpro Consult SRL, Foar SRL) amounted to 585
thousand lei;
-
payments for the acquisition of property, plant, and equipment and intangible assets
amounted to 13.457 thousand lei.
-
payments for the acquisition of financial assets (Evergent shares) amounted to 312 thousand
lei.
The amount of cash flows allocated for the increase of operating capacity represents 2% of the
total cash used in operating, investing, and financing activities.
In the financing activities, 35.239 thousand lei was paid, representing dividends due to
AEROSTAR’s shareholders.
The level of cash and cash equivalents as at 31.12.2025 amounted to 313.352 thousand lei,
representing an increase of 52.949 thousand lei compared to the beginning of the year.
AEROSTAR S.A. BACAU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 28 - COMMITMENTS AND OTHER OFF-BALANCE SHEET ITEMS
AEROSTAR S.A. records in off-balance sheet accounts rights, obligations and assets that are not
recognised in the Company’s assets and liabilities, as follows:
-
1.246

Commitments :
o
guarantees granted to partners – in the form of bank
guarantees and letters of credit
o
guarantees received from partners – in the form of
bank guarantees and letters of credit
o
a mortgage guarantee received
87.830
500
46.866
500
56.652
51.095
2.237
2
41
3.468
2
41
539
554

Assets, of which:
o
inventories of other materials provided for use
(tools, devices, gauges, protective equipment,
measurement and control equipment, technical
library, etc.)
o
materials received in custody
o
finished goods received in custody
o
materials – customer owned
o
property, plant, and equipment and intangible
assets – obtained or acquired as a result of co-
financed activities
o
products received for processing/repair
10.553
21.132
o
materials received for processing/repair
4.540 4.420
2.552 2.490
o
underlying assets related to concession contracts –
Iași Hangar
o
fixed assets proposed for scrapping
221 448
258 244
1.944 2.616
211 218
12 14
831 787

Other off-balance sheet items, of which:
o
material guarantees established for the
responsibility of custodians regarding asset
management
o
commitments for covering certain obligations to
A.J.O.F.M. under Report No. 9624/12.12.2011
o
debtors written off, still monitored
o
creditors
o
de minimis aid for participation in trade fairs and
exhibitions

Greenhouse gas emission certificates
3.116 3.346
31 December
2025
31 December
2024
As at 31 December 2025, AEROSTAR S.A. held 7.179 greenhouse gas emission certificates.
The market value on the last trading day of a GHG certificate was EUR 85,12, according to the
European Energy Exchange website (compared to EUR 66,96 in December 2024), based on a
revaluation exchange rate of 5.0985 lei/euro.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(
unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 29 - REMUNERATION OF DIRECTORS
The Board of Directors of AEROSTAR S.A. as at 31.12.2025 comprises:
In 2025, Aerostar S.A. did not grant any advances or loans to members of the Board of Directors, nor
did it assume any commitments on their behalf in the form of guarantees of any kind.
At the Ordinary General Meeting of Shareholders held on 12 December 2024, the shareholders of
Aerostar S.A. approved:
- the establishment of the directors’ remuneration for the financial year 2025, at a fixed net
amount of 5.000 lei per month;
- for the term of office starting on 11.07.2024, the remuneration of directors holding executive
positions shall consist of the fixed remuneration plus an additional fixed net monthly
remuneration not exceeding ten (10) times (inclusive) the remuneration granted to a member of the
Board of Directors.
The total gross remuneration granted to the members of the Board of Directors and the executive
management in 2025, in accordance with the resolutions of the General Meeting of Shareholders
(AGA) and in line with their responsibilities, amounted to 1.918 thousand lei.
Surname and First Name
Position
Profession
Economist
Engineer
Economist

FILIP GRIGORE
Aviation
Engineer

DAMASCHIN DORU

FILIP ALEXANDRU

TONCEA RADU TUDOR
Aviation
Engineer

DOROŞ LIVIU-CLAUDIU
President
of the Board of Directors
Vice-President of the Board of
Directors and Financial
Director
Member
of the Board of Directors and
Chief Executive Officer
Member
of the Board of Directors
Member
of the Board of Directors
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 30 - RISK MANAGEMENT
AEROSTAR is exposed to a variety of risks and uncertainties that may affect its financial
performance. The business lines operated by AEROSTAR, its operational results, or financial
position could be impacted by the occurrence of the risks described below.
AEROSTAR aims to ensure medium- and long-term sustainability and to reduce uncertainty
associated with its strategic and financial objectives.
The risk management processes ensure the identification, analysis, evaluation, and mitigation of
risks in order to minimise their effects to an agreed level.
However, additional risks and uncertainties may exist beyond those presented below, which are
currently unknown or considered insignificant, but which could affect AEROSTAR’s business lines in
the future.
Operational Risk
Operational risk is the risk of incurring losses or failing to achieve expected sales and profits,
arising from:
-
the use of inadequate processes, systems, or human resources, or those that do not perform
their intended function properly;
-
external events and actions, including deterioration of global economic conditions, natural
disasters, or other events that may affect AEROSTAR’s assets.
Given current global political turbulence, new types of risks may arise in the future, and
AEROSTAR closely monitors key conflict areas.
Legal Risk is considered a component of operational risk and is defined as the risk of loss arising
both from fines, penalties, and sanctions to which AEROSTAR may be subject in case of non-
compliance or improper application of legal or contractual provisions and regulations, and from the
improper establishment of the contractual rights and obligations of AEROSTAR and/or its business
partners.
The monitoring and mitigation of legal risk are ensured through a continuous system of updates on
legislative changes, as well as through the implementation of a structured process for analysing,
endorsing, and approving the terms and conditions included in commercial contracts.
AEROSTAR allocates, and will continue to allocate, funds for investments and other operating
expenses to prevent and manage operational risk.
In addition, AEROSTAR aims to maintain, through the establishment of provisions for risks and
related expenses, its own funds to cover the risks to which it is exposed.
Furthermore, to mitigate operational risk, AEROSTAR annually renews, with top-tier insurance and
reinsurance companies, a civil liability insurance policy covering its main business lines (aviation
products manufacturing and commercial aircraft maintenance).
Credit Risk represents the risk that AEROSTAR may incur a financial loss as a result of a business
partner’s failure to fulfil its contractual obligations, and it mainly arises from demand and term
deposits held with banks as well as from trade receivables.
Deposits are placed only with top-tier banks (top 5 by total assets), which are considered to have a
high degree of solvency.
Credit risk, including country risk related to the customer’s operating location, is managed
individually for each business partner. Where deemed necessary, specific instruments are requested to
mitigate credit risk, such as advance payments, bank payment guarantees, and confirmed export
letters of credit).
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
AEROSTAR has no significant exposure to any single business partner and does not record any
significant concentration of turnover in a single geographic area.
However, there is exposure to the global Airbus program market, as a substantial proportion of the
Company’s products are incorporated into Airbus aircraft.
Quantitative information on AEROSTAR’s exposure to credit risk is presented in detail in Note 18
(Financial Instruments) of the Financial Statements.
Liquidity Risk is the risk that AEROSTAR may encounter difficulties in meeting its obligations
associated with liabilities as they fall due.
To manage liquidity risk, cash flows are monitored and analysed on a weekly, monthly, quarterly,
and annual basis to determine the estimated level of net liquidity changes. This analysis provides the
basis for financing decisions and capital commitments.
To mitigate liquidity risk, AEROSTAR maintains an annual liquidity reserve in the form of a credit
line structured as an overdraft facility provided by banks, amounting to USD 2.500 thousand.
During the reporting period, AEROSTAR did not utilise the credit line, as all activities were
financed from its own resources.
Market Risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate due to changes in market prices.
Market risk includes price risk, currency risk, and interest rate risk.
AEROSTAR is primarily exposed to price risk arising from fluctuations in the prices of raw
materials and other materials used in production processes, caused by exceptional events, the
imposition of international sanctions affecting the availability of parts and materials, or increases in
specific import/export duties on metal products to and from the United States.
Management of this risk is carried out through:
-
diversification of the supplier portfolio, which provides increased negotiating leverage in the
event of rising raw material prices from certain suppliers.
-
signing long-term contracts with fixed-price clauses.
AEROSTAR is exposed to currency risk as 85% of its turnover is denominated in USD and EUR,
while a significant portion of operating expenses is denominated in lei. Consequently, AEROSTAR is
exposed to the risk that fluctuations in exchange rates may affect both its net income and its
financial position as expressed in lei.
AEROSTAR has decided not to use foreign exchange hedging instruments (options, forwards) due to
relatively high initial costs and the potential loss of opportunities in the event of a depreciation of the
RON against the main currencies (USD, EUR).
A sensitivity analysis of AEROSTAR’s exposure to fluctuations in exchange rates is presented in
detail in Note 18 (Financial Instruments) of the financial statements.
Regarding interest rate risk, as AEROSTAR did not utilise the contracted Credit Line during the
reporting period, its income and cash flows are not affected by changes in market interest rates.
Other aspects of risk management are presented in the section RISK AND OPPORTUNITY
MANAGEMENT within the Board of Directors’ Report.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei)
NOTE 31 - PREPAID EXPENSES AND DEFERRED INCOME
31 December
31 December
2025
2024
Prepaid expenses (short-term)
896 1.049
Deferred income (short-term)
5.510 3.448
Expenses incurred and income recognised during the current period, but relating to future periods or
financial years are recorded separately in the accounting records, as prepaid expenses or deferred
income, as appropriate.
As at 31 December 2025 prepaid expenses include amounts to be recognised within a period of up to
one year representing, among others, taxes and duties, subscriptions, insurance policies,
commissions, participation in trade fairs and conferences, online services, and IT system
maintenance.
As at 31 December 2025, Aerostar has not recognised any long-term deferred income . The short-
term deferred income includes amounts relating to the delivery of goods and the provision of
services for which the criteria for revenue recognition under IFRS 15 have not yet been met (the
customers have not yet obtained control over the goods or services).
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 32 - RIGHTS-OF-USE ASSETS UNDER LEASES: reporting period ended 31 December 2025
Gross carrying
amount
Accumulated
depreciation
Net carrying
amount
Gross carrying
amount
Accumulated
depreciation
Net carrying
amount
Right-of-use asset for
the MRO hangar land
in Iași
2.022
(277)
1.745
1.959
(236)
1.723
Total
2.022
(277)
1.745
1.959
(236)
1.723
Carrying amount as at 31 December 2025 Carrying amount as at 01 January 2025
Net carrying amount as at 31.12.2025:
Net carrying
amount as at
01 January 2025
Revaluations
during 2025
Provision update for
cost of
dismantling/removal/
restoration of the
underlying asset
Depreciation for
the period
Net carrying
amount as at
31 December 2025
Right-of-use asset for
the MRO hangar land
in Iași
1.723
40
24
(42)
1.745
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousands of lei
)
NOTE 32 - RIGHTS-OF-USE ASSETS UNDER LEASES
(continued)
COMPARATIVE FIGURES – RIGHTS-OF-USE ASSETS UNDER LEASES: reporting period ended 31 December 2024
Gross carrying
amount
Accumulated
depreciation
Net carrying
amount
Gross carrying
amount
Accumulated
depreciation
Net carrying
amount
Right-of-use asset for
the MRO hangar land
in Iași
1.959
(236)
1.723
1.940
(194)
1.746
Total
1.959
(236)
1.723
1.940
(194)
1.746
Carrying amount as at 31 December 2024 Carrying amount as at 01 January 2024
Net carrying amount as at 31.12.2024 and transactions during the period:
Net carrying
amount as at
01 January 2024
Revaluations
during 2024
Provision update for
cost of
dismantling/removal/
restoration of the
underlying asset
Depreciation for
the period
Net carrying
amount as at
31 December 2024
Right-of-use asset for
the MRO hangar land
in Iași
1.746
(3)
21
(41)
1.723
The right-of-use of the land for the MRO Hangar land in Iasi was retranslated at the foreign exchange rate communicated by the National Bank of
Romania on the last banking day of each reporting period.
AEROSTAR S.A. BACĂU
NOTES TO THE COMPANY FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED ON 31 DECEMBER 2025
(unless specified otherwise, all amounts are stated in thousand lei
)
NOTE 33 - EVENTS AFTER THE REPORTING PERIOD
Aerostar S.A. has not identified any events occurring after the reporting date that would have an
impact on the financial statements for the financial year ended 31 December 2025.
These company financial statements, comprising the statement of financial position, the statement of
profit or loss and other comprehensive income, the statement of changes in equity, the statement of
cash flows and the explanatory notes to the financial statements, were approved by the Board of
Directors on 19.03.2026 and were signed on its behalf by:
Alexandru FILIP
Chief Executive Officer
Doru DAMASCHIN
Financial Director
DECLAR A TION
The undersigned GRIGORE FILI P , as Chairman of the Board of Directors of
AEROS T AR S.A., ALEXANDRU FILI P , as General Director of AEROS T AR S.A.
and DORU DAMASCHIN, as Financial Director of AEROS T AR S.A., hereby
undertake the responsibility for the preparation of the individual financial statements as
on 31.12.2025 and we confirm hereby that:
a) The accounting - financial statement for 2025, that was prepared in accordance
with the applicable accounting standards provides a fair image, compliant with
the reality of the assets, obligations, financial position, of the profit and loss
account of the company Aerostar S.A. Bacău;
b) The report of the Board of Directors on the financial year 2025, prepared in
accordance with the provisions of Regulation no. 5/2018 issued by the Financial
Supervisory Authority - Annex no. 15, contains a correct review of the company’s
development and performance, a description of the main risks and uncertainties
related to the activity of Aerostar S.A. Bacău and are prepared in accordance
with the sustainability reporting standards mentioned in Article 29b of Directive
2013/34/EU, with subsequent amendments and with the clarifications adopted
pursuant to Article 8 para. (4) of Regulation (EU) 2020/852 on taxonom y .
President of the Board of Directors,
GRIGORE FILIP
General Directo r ,
ALEXANDRU FILIP
Financial Directo r ,
DORU DAMASCHIN