Press Release

Bucharest, July 15, 2026

Nuclearelectrica announces that it has taken note of the resolution adopted by the company’s shareholders, including the majority shareholder, the Ministry of Energy (Resolution No. 5/July 15, 2026), to reject item 9 the agenda of the Ordinary General Shareholders’ Meeting (OGSM) held on July 15, 2026, namely the rejection of the item regarding “Approval of initiating steps to assess the feasibility of updating the Implementation Strategy for the Small Modular Reactor (SMR) Project, approved by OGMS Resolution No. 8/September 22, 2022.” We are fully aware that the development of the investment projects carried out by Nuclearelectrica depends entirely on the vote of its shareholders. As also highlighted in the document intended for shareholders, the company submitted for approval by its shareholders, at the General Shareholders’ Meeting held on July 15, 2026, the initiation of steps to reassess the initial development strategy for the Small Modular (SMR) by expanding the analysis to include other SMR technologies and broadening the list of potential sites (in the event of a decision to scale up).

The company’s intention was for our shareholders to approve the conduct of a technology benchmarking study and multiple scenarios, based on recent technological developments, to serve as the foundation for an informed decision-making process leading to the most advantageous solution for Romania, given that a number of conditions associated with the Final Investment Decision (FID) for the Doicești Project could not be met for reasons beyond the control of both Nuclearelectrica and the project company RoPower Nuclear S.A..

With a high degree of responsibility toward the nature of the project and the protection of the interests of SNN and RoPower Nuclear, these conditions also stemmed from the project’s status as a FOAK (First-Of-A-Kind) project—that is, the first project of its kind undertaken on this scale and within this regulatory and market context—a status that, by its very nature, entails a higher degree of technical, operational, and financial complexity than in the case of replicated projects.

This mechanism, confirmed as necessary by the Ministry of Energy, is an essential condition precisely for managing the specific risks of a FOAK project, such as the one in Doicești—a point also confirmed by the Ministry of Energy— for which there is no operational history or established commercial track record. Safety is and will always be an absolute priority.

The objective of Nuclearelectrica and RoPower Nuclear has been to ensure, objectively, certain and unequivocal assurance of the technology’s operational robustness, in addition to that resulting from the technical analysis—an aspect that implies an equal sharing of responsibility among the parties from a technical, operational, and financial standpoint.

Since the vote by Nuclearelectrica’s shareholders on July 15, 2026, was “against,” this implies continuing the initial Project Development Strategy, approved in September 2022—an aspect that, in fact, the proposal to reassess the Strategy submitted for our shareholders’ approval expressly included. Consequently, Nuclearelectrica and RoPower Nuclear will continue, in accordance with the shareholders’ approval from February 2026, their efforts to reach a commercial consensus with NuScale regarding the terms for the acquisition of the SMR modules and the Framework Agreement, in parallel with discussions with representatives of the Romanian government regarding the feasibility of fulfilling the other conditions, some of which were requested by the majority shareholder, the Ministry of Energy, itself.

According to the shareholder information memorandum for the SNN General Shareholders’ Meeting held on July 15, 2026, Nuclearelectrica and RoPower Nuclear are in discussions with the Ministry of Energy regarding these conditions and aspects of financial support for the SMR project post-FID (i.e., after the conditions are met), however, these discussions have not yielded any concrete results in terms of fulfilling the FID conditions requested by the majority shareholder to facilitate the transition to the Pre-EPC phase, as stated in the Shareholder Information Memorandum dated February 12, 2026. Nuclearelectrica reiterates that moving to the next phases of the Project requires the fulfillment of all FID-related conditions, a fact clearly stated in Resolution No. 1/2026 of the Extraordinary General Meeting of Shareholders, by which our shareholders (including the Ministry of Energy) approved the conditions whose fulfillment forms the basis for the Project’s feasibility and which, consequently, represent mandatory requirements that determine the Project’s feasibility, with the proviso that failure to meet any of these conditions renders the Project unfeasible, in which case, should any of the aforementioned conditions not be met, the Project would be deemed unfeasible (Annexes 3 and 6 to the General Shareholders’ Meeting note dated February 12, 2026).

In accordance with the reporting milestones associated with the project’s implementation, the next update to SNN shareholders on the project’s progress, based on the initially approved strategy, was scheduled to take place in September 2026, in compliance with the provisions applicable to a company listed on the Stock Exchange and the right of its shareholders to fair disclosure.

With regard to item 11 on the agenda of the Extraordinary General Meeting of SNN Shareholders on July 15, 2026, namely “Approval of the establishment, by SNN, as sole founder, of a foundation, with the characteristics set forth in the Note,” Nuclearelectrica expresses its regret over the vote to reject this agenda item by the company’s shareholders, including the Ministry of Energy, given the opportunity to advance a project essential for the long-term development of expertise in the nuclear industry, taking into account the need for trained and specialized personnel, as well as the ability to attract European funds for vocational training (an objective that can be achieved through a foundation). In this context, we believe that the establishment of the foundation represents a significant missed opportunity. Nuclearelectrica provides specialized training for personnel involved in nuclear safety activities in a professional and responsible manner, and will continue to do so; however, the establishment of the foundation would have served a broader purpose and would have represented an initiative benefiting the entire nuclear sector, as well as a way to involve not only Nuclearelectrica but also institutions of higher education, the academic community, research institutes, etc.

Regarding the majority shareholder’s request to convene a General Shareholders’ Meeting with the information “Information Note to the Shareholders of S.N. Nuclearelectrica S.A. regarding the elements that form the subject of the conclusions and recommendations contained in the Report on the Audit Conducted at NUCLEARELECTRICA S.A., issued by the Prime Minister’s Audit Office, following the audit conducted between October 15, 2025, and March 20, 2026,” we note that, in accordance with applicable legal provisions,  the company is taking the necessary legal steps and will transparently inform SNN shareholders regarding the recommendations and conclusions of the report issued by the Prime Minister’s Audit Office. At the same time, we wish to assure our shareholders that the company will continue to carry out the SMR project, as well as the other major projects, in accordance with the approvals granted by our shareholders, while adhering to the shareholders’ strategies and approvals currently in effect.