EAM Solar (EAM) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked a strategic shift as legal proceedings over subsidy fraud concluded, enabling renewed focus on operational profitability and long-term business planning.

• A new business plan aiming for sustainable profitability and dividends will be presented, contingent on raising new equity.

• Settlement agreement with Intesa Sanpaolo expected to result in a non-recurring profit of EUR 1.39m by reversal of debt provisions.

Financial highlights

• Q1 2026 EBITDA was EUR 2.18m, driven by non-recurring items: EUR 770k from ESGP bankruptcy and EUR 1.5m increase in court-approved claim against Aveleos.

• EBITDA from ordinary operations was negative EUR 46k, reflecting seasonal solar production.

• Net income for Q1 2026 was EUR 1.97m, compared to a loss of EUR 395k in Q1 2025.

• Revenues were EUR 218k, with FIT revenues at EUR 136k and PPA revenues at EUR 76k.

• Book equity at quarter-end was EUR 3.4m; total assets EUR 13.4m; equity ratio 25%.

Outlook and guidance

• Business plan to be published in Q2 2026, targeting long-term profitability and dividend payments.

• Refurbishment of two power plants could increase annual production by 35% to 7.4 GWh.

• Execution of the plan requires new equity capital.