EAM Solar (EAM) Q3 2026 earnings summary

Executive summary

• 9M 2026 EBITDA was EUR 2.76m, primarily from significant one-off items; adjusted EBITDA from ordinary operations was EUR 79k.

• Supreme Court rulings and criminal proceedings have advanced litigation prospects, while the July equity issue and plant rebuild strengthened liquidity and operations.

• Gross debt fell 42% to EUR 5.9m and the equity ratio rose to 58% at September-end; cash was EUR 3.4m.

Financial highlights

• 9M revenue was EUR 981k versus EUR 983k YoY; EBITDA was EUR 2.760m versus EUR 48k, and EBIT was EUR 2.250m versus a EUR 376k loss.

• 9M net income was EUR 2.046m versus a EUR 559k loss; EPS was EUR 0.014 versus negative EUR 0.073.

• Q3 revenue was EUR 434k versus EUR 388k YoY; EBITDA was EUR 98k versus EUR 169k, and net loss was EUR 131k versus EUR 28k.

• 9M operating cash flow was EUR 1.47m; net cash increased EUR 3.10m after EUR 196k of investments and EUR 1.82m net financing inflow.

• Positive non-recurring items totaled EUR 3.25m, including an Intesa provision reversal, bankruptcy proceeds and an adjustment to the Aveleos claim; the Intesa reversal had no cash effect.

Outlook and guidance

• Brundensini and Scardino are expected to return to the grid in late February and March 2027, respectively, after construction-related outages from November 2026.

• Rebuilt plants are expected to lift annual output from ~4,100 MWh to ~7,200 MWh, a 75% increase, and add EUR 930k in annual operating cash flow.

• Annual operational EBITDA is projected to rise from EUR 1m to EUR 2m for the remaining FIT-subsidy period through 2031/2032.

• Expected FY 2026 production is 4,000 MWh, 25% below rated output; the forecast includes the temporary Brundensini and Scardino shutdown.