APPENDIX Introduction
Appendix
Materiality analysis and stakeholder engagement
Economic value and connectivity
CEO letter
Air SERBIA’s Story
Air Serbia in 2025 - year in review
Governance
Environment
Social
10.4 Materiality Assessment — Detailed Results
No.
Material topic
E/S/G
Employees (X)
Stakeholders
Passengers
External avg (Y)
Priority
Reported in
1
Fleet modernization
E
4.23
4.50
3.82
4.16
Operational (Q3)
Chapter 7.3
2
Emissions management / SAF
E
3.97
5.00
3.98
4.49
External (Q2)
Chapter 7.2
3
Energy management
E
3.89
3.50
3.88
3.69
Monitoring (Q4)
Chapter 7.4
4
Noise management
E
3.95
4.25
4.06
4.15
Monitoring (Q4)
Chapter 7.4
5
Digital transformation
G
3.95
4.25
3.97
4.11
Monitoring (Q4)
Chapter 4.4/9.4
6
Flight safety and security
S
4.60
5.00
3.99
4.50
Highest (Q1)
Chapter 9.5
7
Occupational health and safety
S
4.27
4.75
4.04
4.40
Highest (Q1)
Chapter 9.1
8
Training and career planning
S
3.92
4.25
4.08
4.17
Monitoring (Q4)
Chapter 9.1
9
Workforce stability
S
4.23
4.75
4.09
4.42
Highest (Q1)
Chapter 9.1
10
Community engagement
S
3.25
4.00
3.97
3.99
Monitoring (Q4)
Chapter 9.2
11
Customer satisfaction and experience
S
3.97
4.75
3.97
4.36
External (Q2)
Chapter 9.4
12
Complaints management
S
3.89
4.00
3.96
3.98
Monitoring (Q4)
Chapter 9.4
13
Financial sustainability and resilience
G
4.23
4.50
4.01
4.26
Highest (Q1)
Chapter 8.1
14
Ethics and fair competition
G
3.95
4.25
4.10
4.18
Monitoring (Q4)
Chapter 6.4
15
GDPR and cyber risks
G
4.29
4.25
4.15
4.20
Highest (Q1)
Chapter 6.5
Sustainability Report 82
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