Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
EXTRAORDINARY AND ORDINARY SHAREHOLDERS’ MEETING ON 7 AND 8 SEPTEMBER 2026
EXPLANATORY REPORT BY THE SHAREHOLDER ROMA CAPITALE ON ITEM 1 OF THE AGENDA FOR THE
EXTRAORDINARY SESSION AND ON ITEMS 2 AND 3 OF THE AGENDA FOR THE ORDINARY SESSION, PREPARED IN ACCORDANCE WITH ARTICLE 125 -TER, PARAGRAPH 3 OF LEGISLATIVE DECREE 58 OF 1998 .
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Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
Acea SpA - Piazzale Ostiense 2, 00154 - Rome / Tel. +39 06 57991 Share Cap Euro 1,098,898,884 Tax ID Code and VAT No. 05394801004 - CCIAA RM REA 882486 - TRIB RM 355096/97
www.acea.it
***
Assessments by the Board of Directors of Acea S.p.A. pursuant to Article 125 -ter, paragraph 3, of the Consolidated Law on Finance (TUF)
Dear Shareholders,
pursuant to Article 2367 of the Italian Civil Code and Article 11.3 of the Articles of Association, at the request of the shareholder Roma Capitale – which, at the time of the request, held 108,611,150 ordinary shares in Acea S.p.A., representing 51% of th e relevant share capital - the Shareholders’ Meeting has been called for an extraordinary and ordinary session to discuss and resolve, respectively,
extraordinary session
(i) a proposal to amend Article 15.1 of the Articles of Association concerning the maximum number of members of the Board of Directors. The proposal envisages raising this threshold from 13 (thirteen) to 15 (fifteen) and, in order to avoid gaps in application and ensure that the list -voting mechanism is fully consistent with this new threshold, to extend – in the section of the Articles of Association governing the quotient mechanism used for the allocation of seats to minority lists – the set of divisors to 7 by adding the divisor 64 (sixty -four), so as to provide for the following sequence: 1, 2, 4, 8, 16, 32, 64, and, subject to the approval and registration with the Companies Register of the amendment to the Articles of Association referred to in point (i) above, at the ordinary session (ii) setting the number of members of the Board of Directors to 14 (fourteen), (iii) appointing Alessandro Picardi – the candidate ranked eighth on the list submitted by Roma Capitale at the Shareholders’ Meeting of 3 June 2026 – as the fourteenth member of the Company’s Board of Directors, with a term of office expiring on the date of the Shareholders’ Meeting convened to approve the financial statements for the financial year ending 31 December 2028, coinciding with the term of office of the other members of the Board of Directors currently in office.
Roma Capitale’s request is legitimate, as the aforementioned shareholder holds the stake required by law (namely at least one -twentieth of the Company’s share capital) to exercise the right referred to in Article 2367, paragraph 1 of the Civil Code. Furthe rmore, these are not matters on which the Shareholders’ Meeting, under the law, is to resolve on the proposal of the directors or on the basis of a draft or report prepared by them.
Without wishing to comment on the merit of the proposals, the Board of Directors invites the Shareholders to take whatever decisions they deem most appropriate.
With respect to the above, Acea’s Board of Directors has determined, also with the support of its advisors, that:
- the conditions for exercising the right of withdrawal provided for by the regulations in force are not met, both with regard to the proposed amendment to Article 15.1 of the Articles of Association concerning the maximum number of members of the Board of D irectors, and with regard to the increase in the number of members of the Board of Directors from 13 to 14, as well as
- the Shareholders’ Meeting may act, in full legitimacy, to amend the Articles of Association and appoint a new member to the Board of Directors – on the basis of the new wording of Article 15 of the Articles of Association, subject to its approval – with effect subject to the registration of the resolution amending the Articles of Association in the relevant Companies Register.
The Board of Directors therefore submits for a decision to the Shareholders’ Meeting, convened in extraordinary and ordinary session at the Company’s registered office in Rome – Piazzale Ostiense 2 – on 7 September 2026 at 10:00 on first call and, if necessary, on 8 September 2026, at the same place and time, on second call, the proposals put forward by the shareholder Roma Capitale pursuant to Article 2367 of the Italian Civil Code and Article 11.3 of the Articles of Association.
For the Board of Directors