EAM Solar

Legal Proceedings Report • Mar 6, 2024

EAM Solar ASA: Q4 2023 Financial Report

EAM Solar ASA: Q4 2023 Financial Report

Highlights Q4 2023

EBITDA for the quarter was minus EUR 321 thousand and accumulated for the year minus EUR 1 111 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of minus EUR 40 thousand for the quarter, and minus EUR 129 thousand accumulated for the year, equivalent to an adjusted EBITDA margin of minus 19.6 per cent and minus 13.0 per cent respectively.

Cost of operations and SG&A were EUR 88 thousand and EUR 158 thousand for the quarter, and EUR 237 thousand and EUR 884 thousand accumulated for the year respectively.

Legal costs were EUR 280 thousand in the quarter and EUR 983 thousand accumulated for the year.

On 12 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. There are two further hearings scheduled for 5 March and 20 March 2024. The Court of Appeal has stated its intention to render its judgement in the case at the conclusion of the hearing on 20 March 2024.

The Milan Chamber of Arbitration's final decision in the arbitration between EAM Solar ASA and Aveleos SA was received 29 February 2024. The arbitration court conclusion was net amount in favor of EAM of approximately of EUR 2 939 814.

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.