EAM Solar
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EAM Solar (EAM) investor relations material

EAM Solar Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary29 Jan, 2026

Executive summary

  • Full year 2025 EBITDA was a loss of EUR 200k, but EBITDA from ordinary power plant operations was positive at EUR 216k, reflecting ongoing operational profitability despite extraordinary costs.

  • Significant legal and relisting costs (EUR 720k) impacted overall EBITDA, with litigation and relisting activities dominating non-operational expenses.

  • A major equity issue in October/November 2025 increased share capital to NOK 20.3m, with 20,320,980 shares outstanding.

  • Ongoing legal disputes, particularly with Intesa Sanpaolo, resulted in a EUR 4.4m provision for long-term debt, with settlement negotiations ongoing.

Financial highlights

  • Full year 2025 revenues were EUR 1.22m, down from EUR 1.51m in 2024, mainly due to lower power production and plant outages.

  • Net loss for 2025 was EUR 1.02m, an improvement from EUR 1.32m loss in 2024.

  • Cash position at year-end was EUR 329k, with total assets of EUR 11.8m and equity of EUR 1.8m (15% equity ratio).

  • Cost of operations reduced by 10% year-over-year to EUR 196k.

  • EBITDA from power plant operations was EUR 215k, with an 84% margin.

Outlook and guidance

  • Planned refurbishment of Brundensini and Scardino plants in 2026 is expected to increase annual power production by 65% and annual revenues to EUR 1.9m.

  • Anticipated free cash flow increase of EUR 750k post-refurbishment, with a payback period of approximately 2.5 years.

  • The company expects to resume FIT payments for ENFO25 in March 2026, adding EUR 220k annually.

Refurbishment plan: expected FCF increase?
Intesa settlement: What are the key remaining hurdles?
ENFO25 FIT payments: impact on 2026 cash?
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Frequently asked questions

EAM Solar ASA is a Norwegian investment company that focuses on acquiring, owning, and operating solar power plants in Europe. Its primary activity is selling electricity under long-term, fixed-price contracts from its solar photovoltaic plants. The company's operations are primarily based in Italy, where it manages multiple solar power facilities, including plants in the Puglia and Basilicata regions. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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