EAM Solar (EAM) Investor update summary

Legal process and arbitration updates

• The Supreme Court ruled in favor of the company, overturning previous limitations and requiring a new Appeal Court review, including evidence from individuals convicted in related criminal cases.

• The Supreme Court instructed the Appeal Court to reassess the exclusion of indicted individuals and the 10% liability cap, potentially increasing recoverable damages.

• The timeline for the new Appeal Court process is uncertain but expected to be shorter than previous criminal proceedings due to fewer backlog issues.

• The company will announce the timeline to the market once it is reliably known.

• 1st arbitration: Court of Cassation judgment delivered on 29 May 2026; 2nd arbitration appeal decision expected between July and September.

Arbitration and financial claims

• The first arbitration confirmed breach of contract and awarded damages capped at 10%, with the second arbitration calculating these damages.

• Current awarded damages are between EUR 4 million and EUR 5 million, including interest, with a final appeal hearing held in June and a decision expected within two months, possibly delayed by the August court holiday.

• If the contract is declared null, potential recovery could be up to 90% of the original EUR 30 million purchase price, less the value of retained assets.

• Additional damages could be pursued based on expert assessments, potentially raising total claims to EUR 40–60 million.

Power plant operations and subsidies

• Power plants are currently operational, with plans to rebuild them using modern technology, requiring about three months of downtime.

• Any downtime for rebuilding will be compensated by extending the feed-in tariff subsidy period, ensuring no loss of subsidy income.

• State subsidy contracts currently run through 2031, with downtime extensions potentially pushing this into 2032.