• 25 companies listed on the Main Market of the Bucharest Stock Exchange achieved the maximum score in the 2025 VEKTOR by ARIR evaluation, compared to 21 companies in 2024 and 16 in 2023, a trend that reflects the growing determination of more companies to adopt best practices in investor communication;
• 4 issuers out of the 35 included in the BETAeRO index achieved a VEKTOR by ARIR score of 10 for investor communication, compared to 5 issuers in 2024;
• The indicator was expanded in 2025 to include corporate bond issuances listed on the Main Market of the Bucharest Stock Exchange, with 6 scores of 10.

Bucharest, January 30, 2026 – The Romanian Investor Relations Association (ARIR), the promoter of the Investor Relations (IR) concept, announces the 2025 results of VEKTOR by ARIR , the indicator that evaluates investor communication.

The detailed results are available for 120 listed companies and 33 corporate bond issuances. On the Main Market, out of 81 companies evaluated, 25 achieved a VEKTOR by ARIR score of 10, based on a 9-criteria methodology assessing aspects related to transparency, proactive communication with investors, and corporate governance.

For companies included in the BETAeRO index, 4 out of the 35 evaluated achieved a VEKTOR by ARIR score of 10 for investor communication, based on an 11-criteria methodology. Regarding corporate bond issuances listed on the Main Market of the Bucharest Stock Exchange, 6 bond issuances achieved the maximum score, while 27 bond issuances received a score of 9, based on an 8-criteria methodology.

Main Market

• VEKTOR by ARIR 10 was received by the following companies: Antibiotice;AQUILA; AROBS Transilvania Software; Banca Transilvania; BRD; Digi Communications; Electrica; Evergent Investments; Farmaceutica REMEDIA; Hidroelectrica; IMPACT Developer & Contractor; MedLife; OMV Petrom; One United Properties; Premier Energy Plc, Purcari; Nuclearelectrica; Roca Industry; Romgaz; Safetech Innovations, Simtel Team, Sphera Franchise Group; TeraPlast; Transgaz; Transilvania Investments.
• VEKTOR by ARIR 9 was received by two companies: the Bucharest Stock Exchange; Transport Trade Services.

AeRO Market

• VEKTOR by ARIR 10 was received by the following companies: 2B Intelligent Soft (Bento); Arctic Stream; DN AGRAR Group; Norofert.
• VEKTOR by ARIR 9.5 was received by: SIPEX.
• VEKTOR by ARIR 9 was received by the following companies: Softbinator Technologies;Meta Estate Trust.

Bond issuances

• VEKTOR by ARIR 10 was received by 6 bond issuances, issued by Banca Transilvania; Electrica; Romgaz.
• VEKTOR by ARIR 9 was received by 27 issuances, issued by Autonom Services; Banca Comercială Română; Bittnet Systems; IMPACT Developer & Contractor; Patria Bank; Raiffeisen Bank.

The average VEKTOR by ARIR indicator score for all companies on the Main Market is 4.35 (4.1 in 2024), while for companies in the Premium category it is 7.6 (7.7 in 2024). Regarding companies included in the BET index, the average VEKTOR by ARIR score increased to 9.68 (9.5 in 2024).

The average VEKTOR by ARIR score for companies in the BETAeRO index is 5.0, compared to 5.33 in 2024. The most frequently fulfilled criteria by Main Market companies, according to the VEKTOR by ARIR 2025 methodology, are criteria 5 and 6, referring to the availability of financial results in an easily processable format and the availability of historical financial results, respectively – criteria met by approximately half of the evaluated companies. On the other hand, only around 30 companies comply with criterion 2, which concerns investor access to conference calls, a criterion that has historically had a low fulfillment rate, as well as criterion 3, which requires the publication of audio-video recordings or bilingual transcripts of financial results conference calls, and criterion 8, which requires the organization of at least one annual company event for investors or participation in an investor event organized by a third party.

The most frequently fulfilled criteria by companies listed on the AeRO Market are criterion 3, regarding quarterly financial reporting, and criterion 2, which requires the company website to be available in both Romanian and English, fulfilled by 25 and 24 of the evaluated companies, respectively. The criterion met by the smallest number of companies is criterion 11, which requires facilitating electronic access to the GMS, fulfilled by 11 companies (one third).

The VEKTOR by ARIR results for 2025 are available on the page of each listed equity issuer and each evaluated bond issuance on the Bucharest Stock Exchange (BVB) website, while the aggregated results report, along with relevant statistics, is available in the section dedicated to the VEKTOR by ARIR indicator on the ARIR website.

The evaluation of investor communication through the VEKTOR by ARIR indicator takes place annually, starting in 2019, and has since been published on the Bucharest Stock Exchange website. Since 2022, the indicator has also been extended to companies included in the BETAeRO index, and since 2025 to corporate bond issuances listed on the Bucharest Stock Exchange. The VEKTOR by ARIR results have been audited yearly by Forvis Mazars Romania.

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About the Romanian Investor Relations Association (ARIR):

ARIR is the promoter of the Investor Relations (IR) concept in Romania and we believe that by following standards of transparency, corporate governance and proactivity in communicating with investors, our members will benefit from added value, attract funding more easily, have the reputation and trust necessary for the continued development of their business.

ARIR was founded at the initiative of Daniela Maior (Șerban) in November 2018 together with the founding members: Bucharest Stock Exchange (BVB), ALRO, Franklin Templeton Management – Bucharest, Hidroelectrica, Nuclearelectrica, TeraPlast, Transelectrica and Tony Romani. The following have joined the community: Electrica, OMV Petrom, Antibiotice, Purcari, BRK Financial Group, Banca Transilvania, Transgaz, MedLife, Romcarbon, Farmaceutica REMEDIA, Autonom, IMPACT Developer & Contractor, Transport Trade Services, Patria Bank, BRD – Groupe Société Générale, Rompetrol, AQUILA, MF Capital, Bento, ROMGAZ, DN AGRAR, Sphera Franchise Group and ROCA Industry as Associate Members. ENVISIA, RTPR, Forvis Mazars, Marsh Broker de Asigurare – Reinsurance and Clifford Chance Badea have become Affiliate Members.