Materiality analysis and stakeholder engagement
Introduction
CEO letter
Air SERBIA’s Story
Air Serbia in 2025 - year in review
Governance
Environment
Economic value and connectivity
Social
Appendix
05. MATERIALITY ANALYSIS AND STAKEHOLDER ENGAGEMENT The materiality analysis forms the foundation of this sustainability report. Its purpose is to identify which economic, environmental and social topics - including impacts on human rights - are most important for Air Serbia and its stakeholders, and on that basis to guide the content of the report and management priorities. The process was conducted in accordance with the requirements of GRI 3: Material Topics 2021, which defines the process for determining material topics (GRI 3-1), the presentation of the list of material topics (GRI 3-2) and the management of topics (GRI 3-3). 5.2 Process to determine material topics Context The process was carried out in four steps, in line with the methodology of GRI 3:i
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The business model, activities, business relationships and broader sustainability context of the aviation sector were analysed - including climate impacts, regulatory framework and expectations of passengers and local communities.
As this is Air Serbia's first formal materiality assessment and the first sustainability report prepared in accordance with the GRI Standards, the 2025 reporting cycle establishes the company's baseline. All 18 candidate topics, both those identified as priorities and those flagged for monitoring , are therefore presented in detail in this report, with their individual ratings, position in the matrix and management approach disclosed transparently. Future reporting cycles will build on this baseline by comparing changes in the list of topics and shifts in their prioritization.
Based on sector sources, internal documents and consultations with stakeholders, an initial list of 18 topics was compiled, grouped into the areas of environment (E), social (S) and governance (G). Identification The importance of each topic was rated through a structured questionnaire on a scale of 1 to 5, completed by three groups of respondents - employees, other stakeholders and passengers. Assessment
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5.1 Approach to materiality
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The approach to materiality is based on the principle of significance of impacts: a topic is considered material if it reflects the organization’s significant actual or potential impacts on the economy, the environment and people. In addition to the impact perspective prescribed by GRI, the assessment also incorporates the expectations and interests of key stakeholders, providing a balanced view of topics that are at once significant for society and the environment and relevant to the company’s business model. The results are presented in the form of a materiality matrix with two axes: the horizontal axis (X) represents the internal view - the importance of a topic to employees - while the vertical axis (Y) represents the external view - the average rating of stakeholders and passengers. The position of each topic relative to the average values of both axes determines its priority.
Prioritization 04
Topics were ranked according to the ratings obtained and positioned in the matrix. Topics whose ratings exceed the average values on both axes are treated as priorities
Sustainability Report 18
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