Slides
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Investor information meeting3rdNovember 2026 Viktor E. JakobsenChairman of the BoardErik Brandon Reisenfeld Chief Executive Officer
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Agenda 2 1)Introduction & corporate status2)9-month 2026 financial report3)Update on Brundensini & Scardino rebuilding4)Status litigation processes5)Update on group impairment valuation6)Q&A
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Introduction & corporate status 3 EAM Solar 3rd of November 20265 information meetings in 2026§February, May, June & September9M’2026 financial report highlights§EBITDA of EUR 2.76m - mainly due to significant one-offs.§Positive decision in the Supreme Court of Italy.§Rebuilding of Brundensini and Scardino power plants started.§New members to Board of Directors elected.Shareholders§142 320 980 shares outstanding.§5 090 direct shareholders. 98% Norwegian direct shareholders, and 13% held in nominee accounts.Main planned activities in Q4’2026§Pursue collection procedure against Aveleos SA.§Equipment arrives Brundensini & Scardino from mid November until mid December. Construction commencing in November.§Board to conduct review of long-term strategy. Power production
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9-month 2026 financial report 4 P&L§Booked EBITDA of EUR 2.7m, mainly due to net non-recurring items of EUR 3.2m.§Net cash flow of EUR 3.1m.§Net proceeds from equity issue of EUR 4.6m.§EUR 2.88m received in cash from tax refund and P31 bankruptcies.§Gross debt reduced by EUR 4.3m.§Equity ratio increased from 9,7% to 58%.§Investment decision of EUR 1.6m (excl. VAT) on rebuilding power plants. Main deliveries Balance sheet
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Rebuild of Brundensini and Scardino Power Plants 5 EPC Contract §Commencement of Works expected 16 November§Scardino will go offline first; Brundensini two weeks later.§Plants expected online in February/March 2027§Testing Procedures in March/April 2027. §Final tests 18 months after completion. Timeline About BFP§BFP has performed Operations and Maintenance works on these plants for a decade. They know the plants well.§BFP has built several similar-size plants in the area over the past few years. §BFP maintains a network of partners and collaborators in the local area. •The Process in underway. All components ordered. •Fixed Price EPC Contract cost is EUR 1.603m plus VAT. o“Turnkey” Contract. o70% of investment cost will be paid in 2026.•Plants will be rebuilt with: oBi-facial (double sided) N-type solar modules from the Tier-1 manufacturer Jinko Solar.oSingle-Axis Trackers to follow the sun.oNew fences and security systems.oSpace for possible future development and batteries.oEAM Group annual Power Production:oCurrent: 4 100 MWh.oExpected: 7 200 MWh.oIncrease: 75%.
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Legal 6 First Arbitration Case•Supreme Court of Cassation win in June 2026.•Sent back to Court of Appeal for re-consideration with new instructions. •Appeal Hearing has been set for 14 April 2027. •EAM is challenging:1.the exclusion of indicted Aveleos directors;2.the 10% liability limit;3.the validity of the SPA as a whole.Second Arbitration Award Enforcement•Court of Appeal upheld EAM’s right to recover damages from Aveleos.oNow calculated at EUR 4.4m after interest. •Enforcement process now in motion. Mandatory notifications successfully delivered.•Will soon serve the legal demand document.•Aveleos will then have 10 days to pay or become subject to enforcement.
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Update on impairment valuation 7 Annual impairment valuationImpairment valuation September 2026 vs. year-end 2025§Equity value increased by NOK 81m to NOK 155m, NOK 1,09 per share. Book value of equity is NOK 85m, NOK 0,60 per share.Impairment valuation methodology§Conducted annually to check balance sheet values of assets, mainly power plant & equipment (PP&E). DCF based on Objective cost of capital, derived from observed market data (beta-values, risk free interest rates etc.).§Valuation of PP&E based on discounted long-term cash flow from power plants. Key/main assumptions for Solar PV power plants are relating to the expected development in market sales price of electricity. Other balance sheet items remains at booked value since this should be based on the risk adjusted true value.Main impact on valuation since target communicated in May§Target equity NAV May’2026 was NOK 193m.§Difference between target and current assessment (NOK 155m) is;§Increased interest rates (- NOK 11m), stronger NOK/EUR exchange rate (- NOK 5m), and reversal of portion of accrued interest against Aveleos in Q2’2026 report (- NOK 11m). Impairment valuation September 2026 vs. YE’2025 (EUR) Impairment valuation September 2026 vs. YE’2025 (NOK)
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Karenslyst Alle 100278 OsloNorway