With regard to the information released by the press concerning the documentation for the "Hydropower Development of the Jiu River on the Livezeni-Bumbești sector" project, Hidroelectrica finds it necessary to provide certain clarifications, in order to keep the shareholders, investors, and the public duly informed.
The document in question is an information note intended for the General Meeting of Shareholders, drawn up in accordance with the provisions of the Company's Articles of Association, informing the shareholders of the Supervisory Board Resolution No. 92/2024 on the approval of the project's technical and economic indicators. The purpose of the note is neither to approve new technical and economic indicators, nor to promote a new version of the project, but, rather, to inform the General Meeting of Shareholders of a resolution already adopted by the Supervisory Board.
For a proper understanding of the context, it is essential to consider the chronological sequence of the acts issued and of the procedural stages completed within the project. The Supervisory Board Resolution No. 92 on the approval of the technical and economic indicators was adopted in December 2024. Subsequently, on 17 June 2025, the Environmental Agreement No. 2 for the project was issued. Although the information note was drafted in 2026, for the sole purpose of informing the General Meeting of Shareholders of the Supervisory Board Resolution No. 92/2004, adopted prior to the issuance of the Environmental Agreement, it does not constitute a document updating the project's technical and economic indicators.
Following the issuance of the Environmental Agreement, the company initiated the technical expert assessments required for updating the project documentation. These assessments were completed in June 2026 and are the basis for the new feasibility study being drawn up by the Design Department, on the basis of which the investment's technical and economic indicators will be updated, in line with the provisions of the Environmental Agreement and the conclusions of the technical expert assessments. The indicators thus updated will follow the approval process laid down by the legal framework and the company's internal regulations and will subsequently be brought to the attention of the shareholders, in accordance with the provisions of the Articles of Association.
To qualify the information note as containing "false information" is to disregard the nature, subject matter and procedural context in which it was drawn up. The document is aimed at informing the General Meeting of Shareholders of the Supervisory Board Resolution No. 92/2024 and does not constitute the documentation for updating the technical and economic indicators after the issuance of the Environmental Agreement. Analysing it outside the chronological sequence of the acts and procedural stages of the project may lead to conclusions that do not fully reflect the facts.
Under these circumstances, Hidroelectrica firmly rejects any interpretation suggesting that it intended to mislead its shareholders or to present information contrary to the applicable legal framework. The documents referred to in the public domain correspond to distinct procedural stages and must be analysed in relation to the time at which they were drawn up and to their specific subject matter, without being extrapolated to the subsequent stages of updating the project.
Hidroelectrica is implementing this project and will further its implementation, in compliance with the provisions of the Environmental Agreement and all applicable legal requirements.
Hidroelectrica reaffirms its commitment to transparency, compliance with corporate governance principles and the proper information of shareholders, investors and the public.