Please find below a summary of legal developments which occurred in Q1 2026 as well as a calendar of key upcoming legal dates.
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As previously reported, the Company and Intesa Sanpaolo have been working to finalize a settlement agreement aimed at ending a dispute between the parties.
EAM and Intesa are now in agreement on all terms, and the Company expect the Settlement Agreement to be signed in April 2026.
As announced in conjunction with the most recent Shareholder Information Meeting, the settlement agreement would see EAM pay Intesa Sanpaolo EUR 2.5m in 2026 and EUR 500k in 2027, for a total of EUR 3m.
EAM had booked a debt provision of EUR 4.6m for the Intesa Sanpaolo claim in previous financial reporting. Accordingly, once signed, a positive reversal of EUR 1.6m will be reflected in the financial accounts.
Both EAM and Intesa would then agree to waive any and all subsequent or related claims against one another.
The hearing scheduled for 15 April 2026 has been postponed until 8 July 2026. This hearing, and related appeal, will be dropped once the settlement agreement has been signed.
- ENS 1 Pledge Proceedings:
As communicated on 12 February 2026, Aveleos had filed for a seizure over the shares of ENS 1.
On 18 March 2026, the court held a hearing to determine whether this proceeding should be halted based on the EAM’s superior receivable against Aveleos. The court decided that the parties must argue the matter on the merits and set a hearing date for 17 June 2026.
Aveleos has admitted to the court that they had already received EUR 513k of its claimed EUR 771k from the bankruptcy of ESSP. Aveleos’ claim against EAM has therefore been reduced to EUR 257k.
Because of this, EAM’s net credit against Aveleos, after interest, has grown by ca. EUR 1m, to EUR 4.95m (NOK 55,9m) as of the end of Q1 2026. This will be reflected in the Q1 2026 financial report.
A separate hearing is set for 21 May 2026 in order to assess the value of the shares of ENS 1 should it later be found that EAM must pay the EUR 257k to Aveleos.
EAM has been presented the right to pay ca. EUR 75k to the court in the meantime in order to stop the valuation of the shares of ENS 1 and to prevent any risk of a sale of ENS 1 shares in order to satisfy the debt. Therefore, the Company does not consider there to be any remaining risk related to the Company’s ownership of ENS 1.
- 2026 Legal Calendar:
22 April: Supreme Court Hearing re: First Arbitration (decision expected in June 2026).
21 May: ENS 1 Valuation/Security Hearing.
3 June: Second Arbitration Appeal Hearing.
17 June: ENS 1 Merits Hearing.
8 July: Intesa Appeal and Stay (expected to be dropped).
- Q1 2026 Report:
EAM’s Q1 2026 Report will be published after market hours on 15 April 2026. The report describes the above topics in further detail.
For further information, please contact:
Viktor E Jakobsen, Chair, phone +47 9161 1009, viktor@eam.no
Erik Brandon Reisenfeld, CEO, phone +479055 3658, erik@eam.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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