EAM Solar ASA: Q1 2024 - Financial report

24 May 2024 07:00 CEST

Highlights Q1 2024

EBITDA for the quarter was minus EUR 3 thousand. Adjusted for legal costs the
EBITDA was EUR 39 thousand for the quarter, equivalent to an adjusted EBITDA
margin of 18.6 per cent.

Cost of operations and SG&A were EUR 58 thousand and EUR 114 thousand for the
quarter. Legal costs were EUR 42 thousand in the quarter.

In July 2023, Section V of the Criminal Appeal Court of Milan notified the
parties that the appeal process for the criminal proceedings related to the P31
fraud case would continue and the first hearing took place on 30 November 2023.
A final hearing was conducted 16 May 2024. The Court of Appeal has stated its
intention to render its judgement in the case on 13 June 2024.

The Milan Chamber of Arbitration’s issued their decision in the arbitration
between EAM Solar ASA and Aveleos SA on 29 February 2024. The arbitration court
conclusion was a net amount in favour of EAM of approximately EUR 2.7 million
after interest is applied. The arbitration decision may be appealed until the 18
June 2024.

On 21 May Energeia AS issued a notice of termination of the management agreement
of EAM Solar ASA. The termination period is 12 months. During this period
Energeia AS will conduct the management tasks as defined by the prevailing
management agreement and assist the Board of EAM Solar ASA in the establishment
of a self-sufficient organisation.

For further information, please contact: Viktor E Jakobsen, Chairman, phone +47
9161 1009, viktor@eam.no


About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and
operates solar power plants. The Company currently owns solar PV power plants in
Italy. The plants are operating under long-term sales contracts. In addition,
the Company's business is lawsuits in relation acquisition of solar power
plants.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

619638_2024-EAM-Q1-report.pdf