HIGHLIGHTS Q1 2023 EBITDA for the quarter was minusEUR 315 thousand . Normal operations, adjusted for legal costs resulted in an EBITDA of minusEUR 191 thousand for the quarter, equivalent to an adjusted EBITDA margin of minus 91 per cent. Cost of operations and SG&A wereEUR 53 thousand andEUR 357 thousand for the quarter. Legal costs wereEUR 125 thousand in the quarter. On31 January 2023 the Company announced the resignation of the Chair of the Board of Directors, MrsRagnhild Wiborg . From1 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 ofEUR 512 thousand , mainly caused by foreign exchange gain due to currency fluctuations. On25 April 2023 , Aveleos requested permission from the Court to appeal the 2022 stay of the standstill. On2 May 2023 , the Court heard arguments and on5 May 2023 rendered a judgement rejecting Aveleos' appeal on the merits. The Annual General Meeting held on22 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 AboutEAM Solar ASA :EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants inItaly . 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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