EAM Solar (EAM) Q4 2025 earnings summary

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.