Volue ASA

Legal Proceedings Report • Nov 18, 2023

VOLUE ASA: ARBITRATION PROCEEDINGS

VOLUE ASA: ARBITRATION PROCEEDINGS

Oslo, November 18th 2023: Following an arbitration proceeding in Oslo, Volue, through Volue Market Services AS (VMS) is required to pay a settlement to a counterpart, impacting fourth-quarter financial results. The arbitration proceeding comes as a result of the claim mentioned in note 24 of Volue’s 2022 annual report. The verdict from the arbitration court is final and cannot be appealed.

The dispute arises from Volue's engagement in financial market services, on the counterpart’s behalf in long-term markets throughout 2021. The contractual breach was caused by procedural errors on Volue's side. Volue is in disagreement with the assessment made regarding Volue’s actions and the loss incurred by the counterpart, leaving Volue disappointed with the outcome of the process.

In the aftermath of the incidents in 2021, Volue has taken measures to significantly strengthen operational procedures within the financial market services area.

Financial market services conducted on behalf of VMS customers is considered non-software. Historically, financial market services were important to VMS, but as more and more of the liquidity in the power market has moved to physical trading, this service is considered non-core. Revenues from financial market services have been declining over the years, with mostly non-recurring annual revenues of approximately NOK 16-18 million, set to continue to decline going forward.

A smaller provision has been made during 2023, based on the expected outcome. However, Volue expect a one-off cost negatively impacting fourth quarter 2023 performance in the range of NOK 24-44 million, depending on the outcome of insurance claims. Volue has sufficient financial capacity available to pay the amount due. The impact will affect Volue's ability to deliver on the guidance concerning increased adjusted EBITDA for 2023. However, excluding the settlement, the guidance of year-on-year improvements in adjusted EBITDA still stands and is valid going into 2024.

For further information, please contact:

Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699, Arnstein.kjesbu@volue.com

Jacob Zeno Clausen Krøvel, Head of Investor Relations, Volue +47 484 03 225, Jacob.krovel@volue.com

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Volue is a market leader in technologies and services that power the green transition. Based on 50 years of experience, Volue provides innovative solutions, systems and insights to industries critical to society. Over 800 employees work with more than 2,500 customers across energy, power grid, water and infrastructure projects that ensure a sustainable, flexible and reliable future. The company is headquartered in Oslo, Norway and active in 40+ countries. Visit volue.com for more information.