EAM Solar

Earnings Release • Nov 15, 2022

EAM Solar ASA: Q3 2022 Financial Report

EAM Solar ASA: Q3 2022 Financial Report

HIGHLIGHTS Q3 2022

EBITDA for the quarter was EUR 39 thousand and accumulated for the year minus EUR 587 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of EUR 58 thousand for the quarter and EUR 141 thousand for the first half year, equivalent to an adjusted EBITDA margin of 17 per cent and 14 per cent respectively.

Cost of operations and SG&A were EUR 70 thousand and EUR 216 thousand for the quarter and EUR 186 thousand and EUR 674 thousand accumulated for the year respectively.

Legal costs were EUR 18 thousand in the quarter and EUR 728 thousand accumulated for the year.

On 1 July 2022 Oslo District Court dismissed EAM Solar ASA’s request for a Private Criminal Proceeding against Enovos Luxembourg SA.

On 15 July the Company filed an appeal of the decision by the Oslo District Court to the Borgarting Appellate Court.

On 21 October Borgarting Court of Appeal rejected EAM Solar ASA’s appeal against Oslo District Court’s decision to reject the start of a private criminal proceedings against Enovos Luxembourg S.A.

During the quarter, the Company participated in a private placement whereby EAM Solar ASA at the nominal price of NOK 0.02 per share and for a total consideration of NOK 137 044.20, subscribed for 6 852 210 new shares in Energeia AS. These shares were later in the quarter, following an extraordinary general meeting, distributed as dividend to the shareholders of EAM Solar ASA.

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.