EAM Solar (EAM) Q2 2026 earnings summary

Executive summary

• Achieved EBITDA of EUR 2.66m in H1 2026, driven by significant one-off items; core operations EBITDA was a loss of EUR 89k.

• Fully subscribed NOK 55m rights offering, with subscriptions exceeding NOK 100m.

• Major legal milestones reached, including favorable arbitration and court decisions, and a settlement with Intesa Sanpaolo.

• Shift in focus from litigation to operational improvements and plant rebuilds.

Financial highlights

• H1 2026 revenues were EUR 547k, down from EUR 596k in H1 2025; cost of operations EUR 110k.

• Net income of EUR 2.18m in H1 2026, compared to a loss of EUR 531k in H1 2025.

• Adjusted net income was a loss of EUR 574k, reflecting underlying operational challenges.

• Total assets at EUR 11.98m, equity ratio at 30%, and cash position of EUR 593k at June-end, rising to EUR 3.4m after VAT refund and equity issue.

Outlook and guidance

• Rebuilding of two power plants (Brundensini and Scardino) set to begin in October 2026, expected to increase group power production by 75% by early 2027.

• Production levels from Lorusso and ENFO25 expected to normalize following repairs.

• Focus on operational profitability as litigation winds down.