SANTIERUL NAVAL ORSOVA S.A.

ANNUAL REPORT FOR FINANCIAL YEAR 2025

CONTENTS PAGE

Annual report of the board of directors 2 – 36

Remuneration report 37- 42

Statement of compliance with the Bucharest stock exchange corporate governance code 43 - 88

Statement of Financial Position 91 - 92

Statement of Comprehensive Income 93 - 94

Statement of Changes in Equity 95

Statement of Cash Flows 96– 97

Notes to Separate Financial Statements 98 – 162

Statement 163

Independent Auditors Report 164 -170

ȘANTIERUL NAVAL ORȘOVA S.A.

ANNUAL REPORT OF THE BOARD OF DIRECTORS ACCORDING TO LAW NO. 24/2017 AND THE ASF REGULATION NO. 5/2018 concerning the issuers of financial instruments and market operations AND OF THE MFP ORDER NO. 2844/12.12.2016 FOR THE FINANCIAL YEAR CONCLUDED ON 31.12.2025

Date of the Report: 17 th of March 2026

- Name of the trading company: ŞANTIERUL NAVAL ORŞOVA S.A.;

- Registered office: 4, TUFĂRI Street, ORŞOVA, MEHEDINŢI County;

- Telephone/fax:0252/362399 0252/360648;

- Single registration code issued by the Trade Register: RO 1614734;

- Registered number with the Trade Register: J25/150/03.04.1991;

- Code LEI: 254900UXAJ8TPIKLXG79

- Subscribed and paid capital: 28.557.297,5 lei

- Number of shares: 11.422.919 common shares, each of 2,5 lei ;

- Regulated market where the issued securities are traded: it is a company whose shares are traded on a regulated market, respectively it is listed in the Bucharest Stock Exchange, symbol: SNO

- The company is registered with ASF– Securities Record Office – with Certificate no. 111/02.03.1998, updated on 06.10.2008 further to the increase in share capital as a result of the merger.

1. ANALYSIS OF THE COMPANY’S ACTIVITY

2025, although it was a difficult year, still under inflationary pressures manifested in the general economic environment but also marked by geopolitical developments caused by regional conflicts and political uncertainties, ended with financial results higher than the projected levels for this year. The company's performance was also at a high level compared to that achieved in recent years.

1.1. Description of the company's core business

a) Description of the company's core business

The main object of activity of the company "Șantierul Naval Orșova" S.A. is the construction of river vessels (NACE code rev.2: 3011 "Construction of ships and floating structures", NACE code rev.3: "Construction of civil ships and floating structures"). This activity, up 35.06% compared to 2024 and carried out at the headquarters in Orsova, accounted for 84.03% of the turnover of 2025, the ships built being intended for intra-community deliveries.

In 2025, the activity with a large share in the turnover of the Agigea branch was that of river/sea ship repairs (56.25%). Rental income held a share of 31.46% of the branch's turnover (30.70% in 2024). It is worth mentioning that only 3 of the 4 rooms in the branch's patrimony were rented during 2025. The turnover achieved by the branch decreased by 8.83% compared to the previous year, and its share in total turnover decreased by 5.26% (from 20.17% in 2024 to 14.91% in 2025).

b) Stipulation of the setup date of Șantierul Naval Orșova SA

The company was established on the basis of G.D. no. 19/10.01.1991, by transforming and taking over the patrimony of the former Orsova Shipyard, subordinated to the Ministry of Transport and Telecommunications.

It is registered with the Trade Register Office under no. J25/150/1991.

In 1998, by selling the package of shares held by the former FPS, the company became a company with entirely private capital, domestic and foreign.

c) Description of any significant merger or reorganization of the company, subsidiaries or subsidiaries during the financial year

In 2025, no such events were recorded.

The only merger operation, since the company's inception until now, took place in 2008. It is a merger by absorption: Orşova Naval Shipyard SA, Bucharest county. Mehedinti being the absorbing company and the company Servicii Construcţii Maritime SA Agigea, Agigea county. Constanta, being the absorbed society. Following this merger, the company's main headquarters remained in Orşova, and the former company in Agigea became a branch of the company Şantierul Naval Orşova SA. On this occasion, the company's share capital increased from RON 21,643,150 to RON 28,557,297.5, and the number of shares increased from RON 8,657,260 to RON 11,422,919, each share having the nominal value of RON 2.5/share. Since the merger and as of the date of this report, the share capital and number of shares have remained unchanged.

d) Description of assets acquisitions and/or sales:

Acquisitions and disposals of assets are described in paragraph 5.4 of this report, as well as in the NOTES to the 2025 financial statements, which are attached to this report.

e) Description of the main results of the company’s activity assessment:

1.1.1. General assessment elements for the period under review (year 2025):

• total income, out of which: 126.859.878 lei

▪ Agigea Branch 20.610.514 lei

• total costs 116.444.982 lei

▪ out of which Agigea Branch 16.656.162 lei

• gross profit, out of which: 10.414.896 lei

▪ Agigea Branch 3.954.352 lei

▪ Orsova headquarters 6.460.544 lei

• market share held:

▪ the production obtained at the headquarters addresses the market share of intra- community river ships, where the company holds a share of approximately 2 - 3%;

▪ the rental of ships (barges) through the branch was done during the last part of the year, within the country where the share is approximately 5%;

• as of 31.12.2025, the company’s available funds in accounts amounted to 9.942.789 Lei, out of which:

▪ 1.382.190 lei in the Lei account

▪ 8.558.380 lei in the foreign currency accounts

▪ 2.054 lei, petty cash

▪ 165 lei other values

The main characteristics of the year 2025, compared with the previous years, could be shortly synthesized by:

• Increasing the demand, in the segment of river vessels on which our company operates, of passenger vessels;

• Increase in the sale prices of ships, as a consequence of the increase in the prices of raw materials and materials on the one hand, and on the other hand of services;

• Conclusion of new shipbuilding contracts covering the entire production capacity for the next 2 years;

• An increase in the activity at the Agigea Branch compared to previous years, mainly as a result of the fact that greater attention was paid to the development of the ship repair activity (the revenues from the ship repair activity became predominant in the turnover of the branch), but also to the revival of the business of closing the halls.

• The good name that the company has in the European builder market has contributed greatly to obtaining new shipbuilding orders.

Further information and comments in relation to these indicators and the company's activity are presented in paragraph 4 of this report and in the NOTES to the financial statements, which are attached to this report.

1.1.2 The assessment of the technical level of the trading company

The company's object of activity is diversified, the two offices having different but complementary roles in achieving the objectives. Thus, the activities carried out include: the construction and intra- community delivery of river vessels (headquarters in Orșova), the rental of own barges in the intra and extra-community space (Agigea branch) and repairs of ships belonging to third parties (Agigea branch). For the construction of ships, the company has the technical equipment and specialists necessary for this type of construction. The organizational system, the technical culture, the equipment, the technological flows specific to shipbuilding, therefore allow the execution and delivery of river and sea vessels of various types and increased complexity.

The Orsova Shipyard offers its customers a wide range of products. Currently, it is possible to build any type of river vessel for the transport of goods (containers, fuel tanks, chemicals, food, pharmaceuticals), but also to build coastal ships and ships intended for passenger transport.

The company's management has shown and shows a continuous concern for the modernization of production processes, by purchasing the most modern equipment specific to the naval field. Aware of the fact that the company must maintain itself at a level of endowment corresponding to the current requirements, major investments have been made for the purchase of machines, equipment, modern equipment and work facilities for the construction of river vessels. Qualification and employee selection courses were carried out, exchanges of experience in the country and abroad, but also actions to modernize the existing equipment, both at the headquarters in Orșova and at the branch in Agigea. Also, competitive equipment specific to shipyards (80, 47+25 ton electric cranes, a micro twin robot for welding, plasma cutting machines, with numerical control, high definition, sandblasting/painting equipment, welding sources in a protective gas environment) and IT equipment were purchased, together with the licenses and programs necessary for proper operation, high-performance ventilation systems.

If in 2013 and 2014 the modernization and increase of the lifting and launching capacity of the Orșova track was carried out, the repair and modernization project of the Agigea launch track is currently in the completion phase.

In 2025, at the main headquarters in Orșova, high-performance, automatic welding equipment, a strip cutting machine, paint pumps, a maneuvering winch were purchased. It also continued the process of modernizing the technology platform in order to place adjustable tables for making the section blocks, as well as the modernization of the information system.

At the Agigea branch, a Dacia Duster car was purchased and the modernization works at the launch hold continued.

The long and fruitful collaboration with partners in the Netherlands can be attributed to the fact that the company has sought, in a very special way, to meet their requirements, by rigorously achieving the imposed quality standards.

The implemented quality assurance system is able to cope with the most modern requirements, the company being certified by LLOYD'S REGISTER QUALITY ASSURANCE; During 2019, the company also obtained the Quality System Certification in accordance with the new DIN ISO 9001:2015 standard (certificate no. 10186440 in the field "Construction and repair of ships and boats").

SANTIERUL NAVAL ORSOVA SA has at its disposal:

- A Quality Manual – revision 4/12.01.2015

- Procedures : - Documents control – revision 1/03.03.2011

• Registration Control – revision 1/27.05.2014

• Control of non-conform product – revision 2/ 12.01.2018

• Corrective actions – revision 2/12.01.2015

• Preventive actions – revision 2/12.01.2015

- Working instructions

• Purchased material/products’ acceptance

• Release from storages – revision 1/13.10.2012

• Testing the product provided by the Client – revision 1/13.01.2012

• Maintenance of the equipment– revision 1/08.11.2012

The Orșova Shipyard benefits from a favorable conjuncture, a prerequisite for sustainable development, for the following reasons:

- the geographical location is advantageous, both in the case of the headquarters in Orșova (a city located on the banks of the Danube) and in that of the branch in Agigea (in the port of Constanta);

- the possibilities of adapting to market requirements are increased, the status of medium-sized shipyard opening the prospect of business diversification;

- pollution is within normal limits (pollution is not a disruptive factor);

- the share of foreign supplies and services in 2025 is over 85% of the turnover;

- the company has qualified personnel, in accordance with the requirements of the technological process; we note, however, that there is an increasing trend in the average age of employees;

- the endowment with specific fixed assets is at a reasonable level (comparable to that of other construction sites operating on the same segment); In this direction, the company started, many years ago, an investment program that aimed, on the one hand, to increase the share of active fixed assets, and on the other hand, to replace the means of production with a high degree of physical and moral wear and tear with much more efficient ones, likely to ensure higher productivity; This strategy aimed to increase the flexibility and efficiency of fixed assets and to bring them to a technical and technological level that would allow the production of products that meet the standards imposed by external customers;

- the marketing of ships involves the conclusion of direct contracts with the shipyards that arm the hulls or with European seafarers;

- stable partners, mainly companies belonging to the intra-community area (Netherlands, Germany, Belgium);

In 2025 there were no major changes in the demand for new sea/river vessels, the global demand for ships being tempered by macroeconomic uncertainties, rising material costs and fluctuations in transport rates. At the same time, trade tensions and tariff policies have influenced decisions regarding the placement of orders. In the general weak context of the market, the construction of passenger ships and military ships attracted investment and interest. According to information on the ship market, the current situation will continue in 2026, but also in the coming years. In terms of shipbuilding, China continues to dominate the global market with about 63% of all new construction and is the largest builder. South Korea remains in second place with 21%, the difference of about 16% of the market being held by countries in Europe, Asia and the USA.

In this context, we believe that a strategy for the future must be realistically analyzed, in order to be able to find – further – pricing and financing policies that ensure the continuation of the activity in conditions of performance and competitiveness.

1.1.3 Assessment of the technical supply activity (domestic sources, foreign sources imports).

In 2025 there were no important changes in terms of the main suppliers of raw materials and materials, Further in 2025, the Company, due to the interruption of the activity of the company Liberty Arcelor Mittal Galati, turned to a company outside the community area for the purchase of raw material. As in previous years, the insurance of the material base was carried out mainly from ISO-certified suppliers in the country, according to European norms and standards. However, when the quality-price ratio was more favorable to imports or intra-community purchases, the company opted for this option; We refer especially to naval sheet, stainless steel sheet, pipes, profiles. As far as intra-Community acquisitions are concerned, these are mainly those materials that are not produced in the country or for which the customers of the contracted vessels have imposed a certain quality standard; We exemplify such materials: laminates and paints for river/sea vessels. The transport of the ships in Germany/Holland, depending on the delivery conditions of the contracts, was carried out on the Orsova – Regensburg segment and on the Regensburg – Rotterdam route with domestic and non-EU providers (RHENUS PARTNERSHIP, CLASSIC CHARTER GMBH – GERMANY, VIGILIA TRADING BV – NETHERLANDS).

As there was a rhythmicity of supplies, the stocks of materials were always at an optimal level, which ensured the continuity of the activity, with no interruptions in the manufacturing process due to lack of raw materials and materials.

The main suppliers of raw materials and materials in the country, depending on the value of supplies and their importance, were:

• LIBERTY ARCELOR MITTAL GALATI: for medium and thick plates;

• DUCTIL Buzău: welding consumables;

• LINDE GAZ Timişoara: technical gases

• PENTAGON SRL TECUCI: grinding stones

• NIMFA COM SRL BUC.: pipes and various profiles

• COMTECH CO SLATINA pipes and different profiles

• DAMILA RM VALCEA steel pipes;

• MIRAS INTERNATIONAL TARGOVISTE different profiles;

• INOX METAL pipes and different profiles

• PLASMASERV welding consumable

• EURONERA DISTRIBUTION gloves, screens, safety goggles, filters

Just as during the previous years, the main foreign supplier of materials:

• JULIUS HANDELS GMBH from Austria for profiles and pipes,

• INTERCOM GROUP BG, for sheet metal

• MAKSTIL AD, for sheet metal

The subcontracting activity of specific operations continued in 2025, but at a higher level than in previous years. These collaborations were necessary for the proper development of the activity, referring to the activities of painting ships, metal constructions, components of ship equipment, ship transport, etc. Among the most important collaborating companies we list:

1. SCHIPBUILDING CONSTRUCT – for the metal construction activity;

2. BVE SHIPBUILDING – for ship repair activity;

3. ROMINEX PLANT – for the metal construction activity;

4. GRIMEX TG.JIU - for the metal construction activity;

5. ECO STEEL SOLUTION SRL – for ship repair activity;

6. VIGILENT SECURITY – for security services;

7. BERG BANAT - for galvanizing.

1.1.4 Assessment of sales activity

The turnover, in terms of total activity, increased by 23.37% compared to the previous year. In structure, revenues from shipbuilding increased by 35.06%, while revenues from ship repair activity decreased - by 7.06% compared to 2024. The turnover achieved was, in particular, due to external, intra- community deliveries and services for ships built in Orșova, and internal services for the ship repair activity, from the Agigea branch. As for the revenues from the sale of residual products, mainly due to the recovery of waste resulting from the production process but also from the scrapping of some assets compared to 2024, they registered a decrease, by 17.19. Also decreasing were the revenues from renting salons (by 21.73%).

All 5 ships completed and delivered in 2025, from Orșova, were destined for delivery to the intra- community market.

Below is a comparative situation over the last three years of intra-community deliveries, by beneficiaries, expressed as a percentage of total ship deliveries (according to IFRS 8):

In 2025, Rensen Driessen Shipbiulding B.V. was the sole beneficiary of the 5 hulls built by the company.

The contractual payment terms for all these deliveries were by paying initial advances from 10% to 70% and, respectively, paying the difference after the ships arrived at their destination.

As in previous years, the main concern of the Board of Directors and the executive management has been and will remain to find solutions so that the conclusion of commercial contracts is carried out at prices that ensure the profitability of the activity and with the guarantee of payment of the price. This is also due to the fact that in the new external conditions there can be rapid, unexpected changes, from one day to the next, on the market on which we operate.

In the new market conditions, the competition in this sector of activity is quite fierce because most of the orders come from the European Community, and the business partners have become more demanding in terms of the quality of the works. The company has a technical and technological level that meets these requirements and has a stable position among shipbuilders, which leads us to appreciate that it is capable of winning other contracts in relation to the competition.

The company's main competitors in the shipbuilding and repair business are, as in previous years:

- in the country - all shipyards

- abroad – especially the shipyards in China and Korea, and then Poland, Serbia, Turkey, Slovakia, the Czech Republic and Ukraine.

1.1.5 Assessment of aspects related to employees / company staff

TThe most important resource of society is the human resource. The company's efforts to achieve and increase production in 2025 also meant a greater need for a workforce. Thus, given the fact that the average age of employees is high and the age structure is not balanced, the company has faced and continues to face a real risk related to personnel due to the departure from the company of employees who reach retirement age. The steps taken at the level of the executive management to recruit new skilled workers in the trades of welders and locksmiths were to replace those who left, especially through retirement, but also to ensure the necessary workforce to carry out the contracted production for 2025.

Regarding the company's personnel, we can conclude that:

• On the one hand, there is a phenomenon of aging of the salaried personnel that will continue in the next period;

• On the other hand, there is a certain decrease in the qualification of the newly hired personnel, especially in the basic trades (welders and locksmiths), which will lead to the outsourcing of some metal construction works in the future, as long as there is no competition for employment;

• We are still facing difficulties in filling positions;

• The continued manifestation of labor force fluctuation.

In 2025, the number of personnel increased by 1.16%, compared to 2024.

The average number of personnel for the entire year 2025 is 348 employees, compared to 344 employees in the previous year. The effective number on 31.12.2025 was 368 employees, of which 333 at the Orşova headquarters and 35 at the Agigea Branch.

Of the total number, by sectors of activity as of 31.12.2025, the situation is as follows:

• 367 in industrial activity

• 1 in medical activity

In structure, the situation is as follows:

• 46 technical, economic, specialized and administrative staff, of which:

o 39 people in Orşova (of which 34 with higher education);

o 7 in Agigea (of which 6 with higher education).

• 5 foremen, of which 6 in Orşova;

• 317 workers, of which:

o 289 people in Orşova;

o 28 people in Agigea.

Another grouping of the staff structure, in terms of gender, is presented as follows:

• men – 315 persons (305 in the previous year);

• women – 53 persons (44 in the previous year).

During 2025, a number of 93 newly hired employees and 76 departures were registered; The latter left through: retirements, termination of employment contracts for reasons related to the employee's person, expiration of the individual employment contract and with the agreement of the parties, the latter being the most common.

A permanent concern of the company's management was that of continuous professional improvement of the salaried personnel, maintaining health, stimulating the staff, all of which had the effect of increasing the efficiency at work.

At the level of the company, two trade unions are legally constituted.

The degree of unionization of the workforce is 65.76%.

As for the rights of the employees in the Collective Labor Agreement, they were negotiated in such a way as to ensure the profitability of the activity, but at the same time, a balance between the two parties. During 2025 there were no elements of a conflictual nature between the employees and the company's management.

Other aspects regarding the company's employees/personnel are presented in the NOTES to the financial statements, which are an integral part of this report.

1.1.6 Assessment of the impact of the company’s core business on environment

The environmental policy of Șantierul Naval Orșova SA is based on the principles of precaution, prevention and correction of pollution at source. As a totality of actions, documentation or programmes that identify, describe and assess possible significant effects on the environment, it is closely linked to compliance with the principles of the European directives on respect for and protection of the environment (EC Directive 2002/42/EC, SEA Directive 2001/42/EC, Habitats Directive 92/43/EC, Directive 2004/35/EC on liability for environmental damage and the ELD Directive), as well as the socio-economic policy of the society.

The company's environmental policy is appropriated by the entire company's staff, being periodically analyzed, in order to continuously adapt to the changes that may occur on environmental factors, given that the entire activity of the company is carried out in an area protected by law, in the area of the "Iron Gates" National Park.

Aware of the importance of protecting the environment, in order to reduce the negative impact on it, the entire company team carries out its activity according to the following principles:

- compliance with Romanian environmental legislation and alignment with European Union Directives;

- mitigating the impact of the company's main activity on environmental factors;

- systematic assessment of accident risks and development of prevention measures.

- integrating environmental considerations into the development and adoption of the company's plans and programs;

- superior capitalization of primary resources of raw materials and energy with effects on minimizing the quantities of waste, wastewater, pollutants in water, air and decreasing unit costs per ton of product;

- continuous improvement of environmental aspects, especially significant ones, based on environmental management programs, the action plan (an integral part of the environmental permit) having set targets, objectives, deadlines and responsibilities;

- increasing the degree of education in terms of environmental protection by ensuring the organizational and implementation framework of projects regarding wastewater disposal, waste storage (especially hazardous waste), soil protection.

The company operates a monitoring system for all environmental factors by authorities and specialized firms. The activity of collection and recovery, respectively disposal of waste resulting from production processes is carried out selectively, in full compliance with the provisions of the mandatory provisions of O.U.G. 92/2021 on waste management records and for the approval of the list of waste, including hazardous waste, only through authorized companies, based on firm contracts.

The impact on the environment through the activity of heating and hot water supply for the company's employees is insignificant, given the fact that the heating of our unit (the administrative center and the locker rooms) is done with the help of 8 (eight) power plants for hot water heating, with a power of 36 kw each, and one of 24 KW, of the ROMSTAL EKCO type. L1.

During 2025, the company fully complied with the obligations resulting from the Environmental Permit no. 21/27.02.2013, revised on 15.03.2024, valid up to date, endorsed by the National Agency for Environmental Protection Mehedinti for the period 27.02.2025 - 27.02.2026, also fulfilling all the obligations imposed on it by the Water Management Authorization no. 68/01.11.2024, valid up to date, no event with a negative impact on the environment being reported (proof of the control acts of the inspectors from the Mehedinti Environmental Guard, two during 2025, no pecuniary or coercive measures being ordered by them).

1.1.7 Assessment of research and development activities

As in previous years, in 2025 the company did not record expenses with research and development activity, and for 2026 it does not intend to incur such expenses, due to the fact that – still – the technical projects of the built ships are usually supplied by customers or the projects that the company bought in previous years with the right of use for new constructions to be carried out in the future are used.

1.1.8 Assessment of company activities regarding risk management

Starting from the specifics of the company's main activity, namely the construction of ships and floating structures, as well as the fact that the company's products are sold in the community space, a series of risks can be identified. At the moment, due to the competitive environment, the sudden changes at European and global level, it is normal that the degree of exposure (vulnerability) to risks is much higher than in past periods.

At the same time, society has felt and still feels the effects of the global economic and financial crisis.

Therefore, the list of potential sources of risk could include:

2. Price risk

3. Currency risk

4. Environmental risk

5. Information security risk

6. Liquidity risk, etc.

As has also been shown, the decrease in the demand for ships accompanied by the reduction in sales prices, as an effect of the global economic crisis, has directly affected the company's activity in recent years, including in 2025.

In order to be able to overcome this difficult period, the company's management had to initiate actions and programs to help it manage costs so that it could survive on the river vessel market. This aspect aimed at reducing costs according to the evolution of foreign markets continues to be the main concern of the company's management.

Taking into account the estimates/forecasts regarding the evolution of the exchange rate in 2025, the company carried out hedging operations. These derivative operations were concluded at an exchange rate above the official one of the respective period, which determined that the favorable exchange rate differences recorded in 2025 from such operations were about 260 thousand lei.

Further, the company paid special attention to ensuring better security of the information system and the database, given that the vulnerabilities of the cyber system can create significant problems for companies.

Other aspects regarding risk management (credit, currency, liquidity) are presented in the NOTES to the financial statements, which are attached to this report.

1.1.9 Perspectives on the company’s activity

The year 2026, analyzed both in terms of external factors related to trade and political tensions, as well as internal factors (inflation, workforce, fiscal policy), is expected to be a year in which the economy is forecast to grow moderately.

Regarding the prospects of the company's activity, the following are shown:

- The company has over 32 years of experience in the field of construction and repair of river vessels; they are executed at the level of quality standards imposed by foreign customers, and the name of the company is already well known and appreciated by Western European shipbuilders;

- The company's activity will continue to be influenced by the economic uncertainties manifested on the markets in which we operate;

- Currently the company has concluded contracts for the years 2026, 2027 and partially 2028, which ensure the coverage of the production capacity at the main headquarters and give us the security of continuing the activity in the coming years;

- As far as the Agigea Branch is concerned, at the end of 2025 there were four hydroclapel barge ships in its patrimony, which are described in item 2.1 b of this report; During 2025, three ships were leased of these. For 2026, the company's new strategy, in view of their state of technical and moral degradation, aims to sell 4 rooms and purchase two new halls. At the same time, the branch has the necessary facilities and capacities to be able to carry out ship construction and repairs, aiming for the ship repair activity to continue its growth compared to previous years;

- Considering the concluded contracts, the production structure and the evolution of salary costs and those with raw materials and materials, the company based its Income and Expenditure Budget for 2026 on a volume of revenues at a higher level than that achieved in 2025.

- Efforts will be continued to find new sources of income at the branch level, but also to reduce production costs so that the company becomes more competitive;

- Also, after carrying out technical and opportunity analyses, the company aims to carry out an investment program for 2026 consisting mainly of:

o Completion of the works on the modernization of the launch path from Agigea, respectively the replacement of the wreck trolleys, which will lead to increasing the safety of ship lifting-launching operations;

o Purchase of welding equipment, especially for the Orsova headquarters;

o Purchase of a high-definition plasma cutting machine

o Purchase of a crane Locateli 17/47 to

o Investments in IT equipment, software updating

o Modernization of technological platforms and inland roads

o Modernization of the buildings and equipment of the mechanical workshop located in the patrimony of the branch

o Modernization and sanitation of production halls, administrative and social spaces

o Purchase of rooms

2. COMPANY’S FIXED ASSETS

2.1. The land and the most important buildings and production equipment owned by the company are located, part, at the main headquarters in Orşova (4 Tufări Street, Orşova, Mehedinti County), and another part at the headquarters of the branch in Agigea Commune, Port Constanta South Precinct, Constanta County.

In 2025 there were no significant changes in their composition, the largest investment expenses were those related to the repair, replacement and modernization of the existing ones, as we have shown.

a) In Orsova, a total area of land of 85,790 sqm is owned at the administrative headquarters, confirmed by extracts from the Land Book.

The fixed assets existing at the headquarters in Orşova are mainly made up of:

- a 1,800 t launching hold with ten wires on a length of 100 linear m, with the help of which ships with a maximum length of 135 linear meters and a width of 15 linear meters can be launched and which was modernized in 2014.

- a technological platform that allows the simultaneous assembly of 5 river vessels as well as the execution of sections and blocks related to shipbuilding;

- 5 80+25 t gantry cranes purchased in recent years for the assembly platform, 2 16 ton gantry cranes together with 2 magnetic sleepers for handling sheets at the sheet metal warehouse and the blasting station and one 5 ton Portal crane, purchased in 2019; they provide more safety and have led to increased labor productivity by replacing existing cranes that were physically and morally worn;

- a micro twin robot for welding, put into operation in 2024;

- 1 OMNIMAT coordinate cutting machine based on computer programs and 4 with OMNICUT plasma, put into operation in 2007, respectively 2009, 2018 and 2021;

- Hydraulic sheet metal bending press, purchased in 2017

- Compressors (4 pieces) type ACU 9L8 from HAFI and a screw compressor;

- an automated horizontal painting blasting line purchased in 2009 for sheets up to 3000 mm wide;