AS Sustainability Report

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

5.5 Materiality matrix All topics are presented in the materiality matrix. The dashed lines indicate the average values on both axes and divide the matrix into four quadrants. The numbers next to the points correspond to the topic numbers in the previous table.

Most material topics

4.6

2

6

9

7

FREQUENCY The quadrants are interpreted as follows:

4.4

11

Highest priority (Q1) - high significance both internally and externally : flight safety and security, workforce stability, occupational health and safety, financial sustainability and resilience, GDPR and cyber risks.

13

15

14

16

8

4.2

External priority (Q2) - valued more externally than internally : emissions management/SAF, customer satisfaction and experience, procurement and supply chain.

4

1

18

Operational priority (Q3) - valued more internally: fleet modernization, sustainable network and destination development, responsible marketing and brand.

5

4.0

10

12

Topics for monitoring (Q4) - lower relative significance: energy management, noise, digital transformation, training, community engagement, complaints management, ethics and fair competition. Key finding: Flight safety and security is by far the highest-rated topic. A notable divergence is also observed for emissions management/SAF, which external parties rate very highly (4.49) while employees rate it below average (3.97) , indicating the need for a stronger internal focus on decarbonization.

17

3.8

Environment Social Governance

3

3.6

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6

INTERNAL VIEW – SIGNIFICANCE TO EMPLOYEES (X)

Sustainability Report 22

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