EAM Solar — Earnings Release 2021

May 19, 2021

EAM Solar ASA: Q1 2021 Financial Report

EAM Solar ASA: Q1 2021 Financial Report

HIGHLIGHTS Q1 2021

EBITDA for the quarter was minus EUR 483 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of minus EUR 15 thousand for the quarter equivalent to an adjusted EBITDA margin of minus 6 per cent.

Cost of operations and SG&A were EUR 46 thousand and EUR 230 thousand for the quarter respectively.

Legal costs were EUR 467 thousand in the quarter.

On 20 January 2021, the Criminal Appeal Court of Milan revoked the first instance judgement of the Criminal Court of Milan, acquitting Mr Akhmerov and Mr Giorgi for fraud against the State of Italy and EAM Solar ASA.

EAM Solar ASA learned in January that the Bolzano Public Prosecutor requested the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (“Økokrim”) search the Company offices in relation to a new investigation for subsidy fraud. The Company is collaborating with Økokrim through a voluntary transfer of documents.

EAM Solar ASA was informed on 3 March 2021 that the Criminal Court of Bolzano, on the request of the Public prosecutor, has decided that the Company’s CEO, Viktor E Jakobsen, no longer is considered as a “person of interest” (suspect) in the ongoing investigation.

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 acquisition of solar power plants.

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