The Romanian Investor Relations Association (or ARIR), a promoter of the Investor Relations concept in the local capital market, awarded 29 companies on the Main and BETAeRO markets a perfect 10 score in an analysis of their transparency, proactive communication with investors, and corporate governance. In 2019, only 3 companies were recognized for the quality of their investor relations with the top score, according to Romania Insider.
The analysis, titled VEKTOR by ARIR, aims to evaluate investor communication for 120 listed companies and 33 corporate bond issuances based on several key criteria.
On the Main Market, out of 81 companies evaluated, 25 achieved a VEKTOR by ARIR score of 10, while 4 out of the 35 companies on the BETAeRO index also got a perfect score. The first were analyzed according to 9 criteria, while the latter faced 11 criteria.
Regarding corporate bond issuances listed on the Main Market of the Bucharest Stock Exchange, 6 bond issuances achieved the maximum score. In comparison, 27 bond issuances received a score of 9, based on an 8-criterion methodology.
A VEKTOR by ARIR score of 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 and Transport Trade Services.
Among the BETAeRO companies, a score of 10 was received by 2B Intelligent Soft (Bento), Arctic Stream, DN Agrar, and Norofert, while SIPEX received a score of 9.5, and Softbinator Technologies and Meta Estate Trust scored a 9.
Six bond issuances by Banca Transilvania, Electrica, and Romgaz received a VEKTOR by ARIR score of 10, while 27 issuances by Autonom Services, BCR, Bittnet Systems, Impact Developer & Contractor, Patria Bank, and Reiffeisen Bank received a score of 9.
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.
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 evaluation of investor communication through the VEKTOR by ARIR indicator takes place annually. At the event in Bucharest marking the publication of the report, Remus Vulpescu, General Manager of the Bucharest Stock Exchange, highlighted the importance of transparency in the process of growth and maturation of the local capital market. “At the end of last year, nearly 286,000 retail investors were active on the Bucharest Stock Exchange, according to data published today by the Investor Compensation Fund. This is a number more than five times higher than in 2019,” Remus Vulpescu said at the event announcing the Vektor results.
He added that, in this context, the quality of communication between companies and investors becomes essential. “Listed companies must ensure periodic and continuous communication with the market, through financial reporting and current reporting whenever relevant events occur. European and national legislative frameworks establish minimum transparency requirements, without, however, limiting company communication only to these obligations,” Remus Vulpescu said.
Daniela Maior, President and co-founder of the Romanian Association for Investor Relations, concurred, noting that communicating with investors becomes especially important “even when we do not have good news.”
Alexandru Petrescu, President of the Financial Supervisory Authority, in turn, said that Romanian capital markets have enjoyed 2 years of peace and stability, and that this is also thanks to transparency.
The event was concluded with an award ceremony and speeches by representatives of the companies with the best VEKTOR by ARIR results.
The Bucharest Stock Exchange (BVB) stands as a beacon of resilience and growth in Central and Eastern Europe. No longer just a regional player, the BVB has leveraged strategic listings and a surge in retail participation to redefine Romania’s role in the global financial landscape.
The “Hidroelectrica Effect” and the Maturity of the Market
The watershed moment for the BVB remains the historic 2023 listing of Hidroelectrica, which acted as a catalyst for the market’s reclassification and global visibility. In 2026, the momentum has not slowed. The exchange has successfully transitioned from a “Frontier” mindset to a robust Emerging Market status, attracting institutional investors from London, New York, and Tokyo.
The total market capitalization of companies listed on the BVB has reached record highs, driven not only by the energy giants but also by a diversifying portfolio of IT, agriculture, and green energy firms.
The Rise of the Retail Investor: A Digital Shift
One of the most significant shifts in the last decade has been the democratization of the Romanian stock market. In 2026, the number of individual investors has surpassed the 200,000 mark, a staggering increase from pre-pandemic levels.
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Mobile-First Investing: The integration of stock trading into popular banking and fintech apps has lowered the barrier to entry.
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The “Fidelis” Success: Government bonds for individuals (Fidelis) have acted as a “gateway drug” for the stock market, teaching thousands of Romanians the basics of investing before they move into equities.
Technological Infrastructure: The Central Counterparty (CCP)
The full operationalization of the Central Counterparty (CCP.RO) by 2025 has been a game-changer for market liquidity in 2026. This infrastructure has allowed for the introduction of derivative products—futures and options—which were previously missing from the Romanian market.
This move has allowed investors to hedge their positions and has attracted high-frequency traders, significantly increasing daily trading volumes.
ESG and the Green Transition
In line with European trends, the BVB has become a leader in ESG (Environmental, Social, and Governance) reporting in the region. The “Green Bond” segment has seen a flurry of activity as Romanian municipalities and corporations seek to finance sustainable projects.
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Sustainability Indices: The BVB now features dedicated indices that track companies with the highest ESG scores, providing a roadmap for ethical investing.
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Energy Independence: As Romania positions itself as a regional energy hub, the BVB serves as the primary platform for financing the transition to nuclear and renewable energy sources.
Challenges: Liquidity and Global Headwinds
Despite the optimism, the BVB faces ongoing challenges in 2026. Global inflation trends and geopolitical tensions in the Black Sea region continue to cause bouts of volatility. Furthermore, while liquidity has improved, it remains concentrated in the top 10 companies of the BET Index, leaving smaller companies on the Aero market struggling for visibility.
| BVB Key Metrics (Feb 2026) | Value / Trend |
| BET Index (Main Index) | All-time High Territory |
| Number of Investors | > 215,000 |
| Daily Trading Volume (Avg) | €25 Million+ |
| Top Sector | Energy & Utilities |
