EAM Solar

Earnings Release • May 19, 2020

EAM Solar ASA: Q1 2020 Financial Report

EAM Solar ASA: Q1 2020 Financial Report

HIGHLIGHTS Q1 2020

EBITDA for the quarter was minus EUR 184 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of minus EUR 29 thousand for the quarter, equivalent to a negative adjusted EBITDA margin of 10 per cent.

Cost of operations and SG&A were EUR 46 thousand and EUR 280 thousand for the quarter.

Legal costs were EUR 155 thousand in the quarter.

EAM Solar ASA has been informed by Energeia AS that the sale of the power plants Varmo and Codroipo has been executed

and achieved financial close on 30 April 2020. Consequently, the sale of the power plants is fully consummated and the cash proceeds from the transaction has been received by Energeia AS.

For further information, please contact: Viktor E Jakobsen, CEO, 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 solar power plants.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.