HIGHLIGHTS Q1 2023

EBITDA for the quarter was minus EUR 315 thousand. Normal operations, adjusted
for legal costs resulted in an EBITDA of minus EUR 191 thousand for the quarter,
equivalent to an adjusted EBITDA margin of minus 91 per cent.

Cost of operations and SG&A were EUR 53 thousand and EUR 357 thousand for the
quarter.

Legal costs were EUR 125 thousand in the quarter.

On 31 January 2023 the Company announced the resignation of the Chair of the
Board of Directors, Mrs Ragnhild Wiborg.

From 1 January 2023 the Company will not recognise Feed-In-Tariff revenues for
ENFO 25. See Financial Review for more information.

The Company had a profit before tax of EUR 512 thousand, mainly caused by
foreign exchange gain due to currency fluctuations.

On 25 April 2023, Aveleos requested permission from the Court to appeal the 2022
stay of the standstill. On 2 May 2023, the Court heard arguments and on 5 May
2023 rendered a judgement rejecting Aveleos' appeal on the merits.

The Annual General Meeting held on 22 May 2023 elected Viktor E Jakobsen as
Chairman of the Board of Directors and Stephan L Jervell and Gro P Hvammen as
members of the Board of Directors.

Given the limited amount of news in the quarter, the Company has decided not to
hold a company presentation. Both financial and legal development is thoroughly
described in the report. 

For further information, please contact:

Viktor E Jakobsen, Chairman, phone +47 9161 1009, viktor@eam.no
   
About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and
operates solar power plants. The Company currently owns solar PV power plants in
Italy. The plants are operating under long-term sales contracts. In addition,
the Company's business is lawsuits in relation acquisition of solar power
plants.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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