Assuming that the aquastat is operating correctly, and that essential details are all present and correctly installed, why is the system behaving this way?
When designing hydronic circuits, most of us focus on what’s necessary for that circuit to absorb thermal energy at a heat source, carry it along like a conveyor belt and release that energy at one or more heat emitters.
Have a look at the rating tables for most finned-tube baseboard sold in North America and chances are you’ll see a footnote under the table that reads something like this: “Ratings are based on active fin length and include 15% heating effect factor.”