EAM Solar

Pre-Annual General Meeting Information • Jun 4, 2025

INFORMATION MEETING EAM SOLAR AS

5. June 2025

• Q1'2025 results (Viktor E Jakobsen)

• Q1 Company Updates (Admin & Operation) (Erik Reisenfeld)

• Legal Status Update (Erik Reisenfeld)
• Annual General Meeting Agenda (Information) (Viktor E Jakobsen)

▪ Q&A

eam\_LOGO_CUBE_BLUE072.eps Q1 2025 PRELIMINARY FINANCIAL RESULTS

• Q1 power production 761 MWh, 26% below normal. Q1 power production approx. 15% of annual production due to seasonality.
• First quarter EBITDA negative with a EUR 165k. Cost of relisting process approx. EUR 100k in the quarter.
• First quarter legal costs mainly related to FIT reinstatement of ENFO 25.
• Cash position at the end of the quarter was EUR 455k.
• Group assets of NOK 131m with a book equity ratio of 6,7% (NOK 8,7m).

EUR 000'	Q1 2025	Q1 2024	2024	2023
Revenues	233	210	1 283	993
Cost of operations	-56	-58	-198	-237
SG&A	-230	-114	-931	-743
Legal costs	-112	-42	-1 538	-983
EBITDA	-165	-3	-1 384	-971
Depreciation	-141	-141	-565	-564
EBIT	-307	-144	-1 949	-1 535
Net financial items	-34	420	300	584
Profit before tax	-340	276	-1 649	-951
Tax	-7	-13	-138	-260
Net income	-347	263	-1 786	-1 211
EbS:	0,00	0,04	-0,01	-0,18
No. of shares (m)	152,99	6,85	152,99	6,85
EBITDA adj.	-53	39	154	12

• End of management agreement with Energeia AS.
  • o Establishment of EAM's own organization.
  • o Available resources.
• Re-listing of EAM to Euronext Growth.
  • o Purpose
  • o Status
• One-off costs

• Intesa Sanpaolo (formerly UBI Banca)

  • o No substantial developments to report
  • o Intesa has not yet served nor enforced the judgement

• Arbitration Award Follow-up:

  • o Damages award
  • o Pledge over shares of ENS 1
  • o Appeal Final Hearing: 11 March 2026

eam\_LOGO_CUBE_BLUE072.eps LEGAL STATUS (CRIMINAL COURT OF MILAN)

• Hearing on 17 June 2025. Decision is Anticipated same-day.
• Reason for postponement
• Possible Outcomes:
  • 1. Full Acquittal of all charges
  • 1. Conviction Upheld on B) and D) only
  • 1. Appeal Ruling on F) overturned, but sent back to Court of Appeal
  • 1. Conviction reinstated on F) conclusively.
• Next steps

Annual general meeting to be held at Karenslyst Allé 10, 11th of June at 10:00 CET.

Topics to be explained:

• Share consolidation (20:1 Reverse Split)
• Authorization to the Board to increase the share capital

NB: Remember to send proxies

Q & A session