EAM Solar

Quarterly Report • Aug 16, 2023

EAM Solar ASA: Q2 2023 Financial Report

EAM Solar ASA: Q2 2023 Financial Report

HIGHLIGHTS Q2 2023

EBITDA for the quarter was minus EUR 525 thousand and accumulated for the year minus EUR 834 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of minus EUR 66 thousand for the quarter, and minus EUR 253 thousand for the first half year, equivalent to an adjusted EBITDA margin of minus 27 per

cent and minus 56 per cent respectively.

Cost of operations and SG&A were EUR 47 thousand and EUR 264 thousand for the quarter, and EUR 99 thousand and EUR 608 thousand accumulated for the year respectively.

Legal costs were EUR 459 thousand in the quarter and EUR 581 thousand accumulated for the year.

The Company had a profit before tax of EUR 135 thousand for the first half year, mainly caused by foreign exchange gain due to currency fluctuations.

The Annual General Meeting on 22 May 2023 elected Viktor E Jakobsen as Chairman of the Board of Directors and Stephan L Jervell and Gro P Hvammen as members of the Board of Directors.

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 will continue with a first hearing set for 30 November 2023. 

Given the limited amount of news in the quarter, the Company has decided not to hold a company presentation. Both financial and legal development is thoroughly described in the report.

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.