Investments - Romania

PRB monitoring

• ROMATSA planned a total asset value for new investments in RP4 of 99.4M€2022, of which 13.8% relates to new major investments. ROMATSA planned 2 new major investments for RP4, all of which have started.

• In 2025, ROMATSA overspent +0.1M€2022 (+759.2%) in costs related to new major investments. This is attributable to the re-phasing of the cash flows of the ATM system upgrade project.

• According to the reporting tables, ROMATSA underspent -0.2M€2022 (-0.9%) in costs related to investments in 2025. These amounts must be reimbursed to the airspace users through a reduction of future unit rate(s), unless the NSA decides after consultation with the users, that the ANSP must not reimburse a part of the difference according to article 28 of Regulation (EU) 2019/317.

• ROMATSA reported no funding from Union assistance programmes in 2025.

Value of the assets for New Investments included in the Performance Plan Romania | ROMATSA and comparison with Union-wide

Determined and additional asset value by investment category

Total value of the asset for new investments (M€2022)	99.41	% of total
New major investments (above 5M€ each)	13.67	14%
Included in the performance plan	13.67	14%
Additional	0.00	0%
Other new investments (below 5M€ each)	85.74	86%

ROMATSA asset value of new investments compared to Union-wide (%)

2.0%

Determined asset value: en route and terminal

Total value of the asset for new major investments (M€2022)1	13.67	% of total
En route	13.67	100%
Terminal	0.00	0%
1 For investments where the allocation has not been clearly provided, an allocation has been assumed based on available information.

Determined asset value by type of investment

New ATM system	8.12
Overhaul of existing ATM system	0.00
Other ATM	0.00
CNS	0.00
Infrastructure	8.12
Ancillary	0.00
Other	0.00
Unknown	5.55
1 When summing the assets for new major investments by investment type, the total may differ from the overall asset value for new major investments, as some investments have been categorised under multiple investment types.

Costs related to investments included in the Performance Plan Romania | ROMATSA

New and existing investments

Determined costs	2025D	2026D	2027D	2028D	2029D	RP4
Total costs of new and existing investments (M€2022)	21.56	23.86	24.54	23.46	23.00	116.42
New major investments from RP4	0.01	0.15	0.65	1.50	1.62	3.93
Other new investments from RP4	5.79	9.61	11.34	11.63	12.34	50.72
Major investments from RP3	1.13	0.93	0.85	0.79	0.73	4.42
Existing investments from previous RPs	14.62	13.16	11.70	9.55	8.31	57.34

Actual costs	2025A	2026A	2027A	2028A	2029A	RP4
Total costs of new and existing investments (M€2022)	21.36	NA	NA	NA	NA	21.36
New major investments from RP4	0.07	NA	NA	NA	NA	0.07
Other new investments from RP4	4.30	NA	NA	NA	NA	4.30
Major investments from RP3	1.12	NA	NA	NA	NA	1.12
Existing investments from previous RPs	15.87	NA	NA	NA	NA	15.87

Difference (A-D)	2025	2026	2027	2028	2029	RP4
Total difference (M€2022)	(0.20)	NA	NA	NA	NA	NA
New major investments from RP4	0.06	NA	NA	NA	NA	NA
% change of actual with respect to determined	+759%	NA	NA	NA	NA	NA
Other new investments from RP4	(1.50)	NA	NA	NA	NA	NA
% change of actual with respect to determined	-26%	NA	NA	NA	NA	NA
Major investments from RP3	(0.01)	NA	NA	NA	NA	NA
% change of actual with respect to determined	-1%	NA	NA	NA	NA	NA
Existing investments from previous RPs	1.25	NA	NA	NA	NA	NA
% change of actual with respect to determined	+9%	NA	NA	NA	NA	NA

Costs of investments by nature - En route

Determined costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	17.95	19.91	20.25	19.92	19.42	97.45
Depreciation	7.58	9.74	10.25	10.34	10.15	48.06
Cost of capital	9.93	9.73	9.55	9.13	8.81	47.14
Cost of leasing	0.45	0.45	0.45	0.45	0.45	2.24

Actual costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	17.77	NA	NA	NA	NA	17.77
Depreciation	6.45	NA	NA	NA	NA	6.45
Cost of capital	10.63	NA	NA	NA	NA	10.63
Cost of leasing	0.69	NA	NA	NA	NA	0.69

Difference (A-D)	2025	2026	2027	2028	2029	RP4
Total difference (M€2022)	(0.18)	NA	NA	NA	NA	NA
Depreciation	(1.13)	NA	NA	NA	NA	NA
Cost of capital	0.70	NA	NA	NA	NA	NA
Cost of leasing	0.24	NA	NA	NA	NA	NA

Costs of investments by nature - Terminal

Determined costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	3.60	3.94	4.29	3.55	3.58	18.96
Depreciation	1.58	1.80	2.29	1.63	1.58	8.87
Cost of capital	1.77	1.89	1.74	1.66	1.74	8.81
Cost of leasing	0.25	0.25	0.26	0.26	0.26	1.28

Actual costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	3.59	NA	NA	NA	NA	3.59
Depreciation	1.47	NA	NA	NA	NA	1.47
Cost of capital	1.77	NA	NA	NA	NA	1.77
Cost of leasing	0.35	NA	NA	NA	NA	0.35

Difference (A-D)	2025	2026	2027	2028	2029	RP4
Total difference (M€2022)	(0.02)	NA	NA	NA	NA	NA
Depreciation	(0.11)	NA	NA	NA	NA	NA
Cost of capital	0.00	NA	NA	NA	NA	NA
Cost of leasing	0.09	NA	NA	NA	NA	NA

Costs by new major investments

Determined costs	2025	2026	2027	2028	2029	RP4
Total costs of major investments in RP4 (M€2022)	0.01	0.15	0.65	1.50	1.62	3.93
ATM system Upgrade	0.00	0.10	0.30	0.49	0.67	1.56
Radar PSR/MSSR Mode S Constanța	0.01	0.06	0.35	1.01	0.94	2.37

Actual costs	2025	2026	2027	2028	2029	RP4
Total costs of major investments in RP4 (M€2022)	0.07	NA	NA	NA	NA	0.07
ATM system Upgrade	0.07	NA	NA	NA	NA	0.07
Radar PSR/MSSR Mode S Constanța	0.00	NA	NA	NA	NA	0.00

Difference (A-D)	2025	2026	2027	2028	2029	RP4
Total difference (M€2022)	0.06	NA	NA	NA	NA	NA
ATM system Upgrade	0.07	NA	NA	NA	NA	NA
Radar PSR/MSSR Mode S Constanța	(0.01)	NA	NA	NA	NA	NA

Costs by Common Project One (CP1) ATM Functionality (AF)

Determined costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	2.50	2.05	2.45	2.40	1.55	10.95
CP1-AF1	0.00	0.00	0.00	0.00	0.00	0.00
CP1-AF2	0.00	0.00	0.00	0.00	0.00	0.00
CP1-AF3	0.00	0.00	0.00	0.00	0.00	0.00
CP1-AF4	0.00	0.00	0.00	0.00	0.00	0.00
CP1-AF5	2.38	1.94	2.12	2.14	1.55	10.13
CP1-AF6	0.11	0.11	0.34	0.26	0.00	0.82

Actual costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	2.85	NA	NA	NA	NA	2.85
CP1-AF1	0.00	NA	NA	NA	NA	0.00
CP1-AF2	0.00	NA	NA	NA	NA	0.00
CP1-AF3	0.00	NA	NA	NA	NA	0.00
CP1-AF4	0.00	NA	NA	NA	NA	0.00
CP1-AF5	2.73	NA	NA	NA	NA	2.73
CP1-AF6	0.11	NA	NA	NA	NA	0.11

Difference (A-D)	2025	2026	2027	2028	2029	RP4
Total difference (M€2022)	0.35	NA	NA	NA	NA	NA
CP1-AF1	0.00	NA	NA	NA	NA	NA
CP1-AF2	0.00	NA	NA	NA	NA	NA
CP1-AF3	0.00	NA	NA	NA	NA	NA
CP1-AF4	0.00	NA	NA	NA	NA	NA
CP1-AF5	0.35	NA	NA	NA	NA	NA
CP1-AF6	0.00	NA	NA	NA	NA	NA

Costs by Strategic Deployment Objective (SDO)

Determined costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	1,434.16	2,442.54	2,921.79	3,501.22	3,491.46	13,791.17
Total costs SDO – 1	9.67	11.45	10.63	65.20	199.62	296.56
Total costs SDO – 2	429.29	756.66	681.63	459.10	424.87	2,751.54
Total costs SDO – 3	0.00	21.37	73.15	158.19	191.00	443.71
Total costs SDO – 4	70.65	360.21	542.59	557.69	385.42	1,916.56
Total costs SDO – 5	504.89	562.74	603.68	635.16	624.70	2,931.17
Total costs SDO – 6	0.00	0.00	0.00	0.00	4.41	4.41
Total costs SDO – 7	0.00	0.00	0.00	0.00	8.83	8.83
Total costs SDO – 8	0.00	0.00	0.00	0.00	0.00	0.00
Total costs SDO – 9	419.66	730.12	1,010.11	1,625.88	1,652.62	5,438.40
Total costs SDO – 10	0.00	0.00	0.00	0.00	0.00	0.00

Actual costs	2025	2026	2027	2028	2029	RP4
Total costs of new and existing investments (M€2022)	1,647.77	NA	NA	NA	NA	1,647.77
Total costs SDO – 1	6.20	NA	NA	NA	NA	6.20
Total costs SDO – 2	380.86	NA	NA	NA	NA	380.86
Total costs SDO – 3	13.65	NA	NA	NA	NA	13.65
Total costs SDO – 4	183.12	NA	NA	NA	NA	183.12
Total costs SDO – 5	557.70	NA	NA	NA	NA	557.70
Total costs SDO – 6	0.00	NA	NA	NA	NA	0.00
Total costs SDO – 7	0.00	NA	NA	NA	NA	0.00
Total costs SDO – 8	0.00	NA	NA	NA	NA	0.00
Total costs SDO – 9	506.23	NA	NA	NA	NA	506.23
Total costs SDO – 10	0.00	NA	NA	NA	NA	0.00

Difference (A-D)	2025	2026	2027	2028	2029	RP4
Total difference (M€2022)	213.61	NA	NA	NA	NA	NA
Total costs SDO – 1	(3.47)	NA	NA	NA	NA	NA
Total costs SDO – 2	(48.42)	NA	NA	NA	NA	NA
Total costs SDO – 3	13.65	NA	NA	NA	NA	NA
Total costs SDO – 4	112.47	NA	NA	NA	NA	NA
Total costs SDO – 5	52.81	NA	NA	NA	NA	NA
Total costs SDO – 6	0.00	NA	NA	NA	NA	NA
Total costs SDO – 7	0.00	NA	NA	NA	NA	NA
Total costs SDO – 8	0.00	NA	NA	NA	NA	NA
Total costs SDO – 9	86.57	NA	NA	NA	NA	NA
Total costs SDO – 10	0.00	NA	NA	NA	NA	NA

Expected benefit and impact per new major investment Romania | ROMATSA

New major investments	SES mandated	Partnership
ATM system Upgrade	X
Radar PSR/MSSR Mode S Constanța

Public funding granted for total CAPEX (CEF/TEN-T)