Volue ASA

Report Publication Announcement • Mar 31, 2023

Volue publishes its 2022 Annual Report and ESG Report

Volue publishes its 2022 Annual Report and ESG Report

Oslo, March 31, 2023: Volue ASA (OSE: VOLUE) today published its Annual Report and ESG Report for 2022. The reports are attached and available at https://www.volue.com/investors.

Highlights of 2022:

• Operating revenues of NOK 1,217 million, 17 per cent overall growth

• Adjusted EBITDA of NOK 203 million with margin of 17 per cent

• EBITDA of NOK 147 million with a margin of 12 per cent

• Solid performance in ARR business, with steady growth in new SaaS business

• Strong sales performance with 3,300 deals closed in 2022

• Sales of strategic importance in all segments

• Expanded international activities and European footprint

Reflecting on 2022, Volue’s CEO Trond Straume said:

“2022 was a strong year for Volue. We continued our growth path with operating revenues increasing by 17% and we also reported a 17% adjusted EBITDA. Out of the total revenues, 63% were recurring revenues, accounting for 15% growth.”

“I am impressed and humbled by what the Volue team has been able to achieve this past year. The pandemic was superseded by the war in Europe which injected unparalleled volatility to the European energy markets. In this period, Volue’s efforts remained laser focused at serving our customers while investing in profitable growth, expanding Volue’s footprint in Europe and beyond.”

“Volue is now presenting its third annual ESG report. Here we are looking back at 2022 and how we contributed to sustainable development, but also looking forward on how we can achieve positive impacts by setting bold targets for 2023 and beyond. Volue’s most significant sustainability impact comes through our products, by enabling our customers to deliver upon their sustainability ambitions, whether they work in the energy industry, in construction, in water management or in other sectors critical for society. Our sustainability efforts are focused on four material topics: Environment, Great Place to Work, Ethical Business Conduct, and Secure Products and Operations.”

“For a century, the power industry has been widely recognised as stable, predictable, and conservative. The current power market volatility represents a paradigm shift. We find ourselves in a world ever more dependent on electricity. As we close coal and nuclear power plants to deliver on our sustainability goals, we rely more and more on new energy sources, such as the largely weather-dependent solar and wind assets. At the same time, gas prices are skyrocketing as geopolitical challenges lead to a shortage of supply. In many ways, our end markets are experiencing what we think is the perfect storm. A storm that is projected to last for decades. In this, we see risks but also tremendous opportunities. To manage the green transition, our customers are asking us for wall-to-wall digitalisation across processes and disciplines.”

“Less than three years ago, Volue comprised four companies with separate management teams, a fragmented customer approach, no common R&D or product development strategies, and a mostly Nordic footprint. The company grew through the acquisitions of Likron and ProCom and, today, the six companies have joined forces behind one brand and in one organisation. We believe that Volue with its size and market reach can bring value to the industry by acting as a consolidator.”

“With a successful 2022 behind us, we are enthusiastic about the future. We continue to work towards our goal of NOK 2 billion revenues in 2025. As we progress with our SaaS transformation, we believe in an uptick in margins and improved profitability in 2023 compared to 2022.”

For further information, please contact:

Arnstein Kjesbu, CFO, Volue, +47 970 47 699, Arnstein.kjesbu@volue.com

Jacob Zeno Clausen Krøvel, Head of Investor Relations, Volue +47 4840 3225, Jacob.krovel@volue.com

About Volue | www.volue.com

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 770 employees work with around 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.

This announcement is subject to information pursuant to the Securities Trading Act § 5-12.