EAM Solar (EAM) Status Update summary

Q3 financial performance

• Q3 2024 revenue was EUR 415k and EBITDA EUR 31k; 9M revenue was EUR 1.046m and EBITDA negative EUR 89k.

• EBITDA adjusted for legal costs was EUR 185k in Q3 and EUR 160k for 9M 2024.

• Q3 net income was EUR 199k versus a EUR 827k loss in Q3 2023; 9M net loss was EUR 187k versus EUR 740k in 9M 2023.

FIT and legal matters

• FIT support for the ENFO25 solar plant was reinstated in October; outstanding payments were expected in Q4 2024, potentially net NOK 5–8m, subject to GSE’s final settlement.

• The unpaid ENFO25 FIT was not recognized at Q3; the GSE receivable had been written down to zero in 2022, with no FIT income recognized in 2023.

• The key Q3 event was the Milan Court of Appeal ruling on 4 July; an appeal was filed with the Italian Supreme Court.

• Net compensation of approximately EUR 2.8m (NOK 30m) from the February 2024 arbitration award was not booked.

Liquidity and equity raise

• Liquidity was described as very strained; absent sufficient liquidity or equity by end-October 2024, the board would consider reconstruction and debt negotiations or cessation of operations.

• The equity raise offered 100m–250m new shares at NOK 0.10 each, targeting NOK 10m–25m; subscription ran from 17 to 31 October 2024.

• Shareholders opting not to participate faced dilution of 93.5%–97.3%; Norne Securities was settlement agent.