Volue ASA

Investor Presentation • Jan 19, 2023

Volue

Technology for a sustainable tomorrow

Arctic Securities' Green Tech seminar 19 January 2023

Disclaimer

This presentation has been produced by Volue ASA (the "Company" or "Volue") exclusively for information purposes. This presentation is confidential and may not be reproduced or redistributed, in whole or in part, or disclosed by any recipient, to any other person. To the best of the knowledge of the Company and its board of directors, the information contained in this presentation is in all material respect in accordance with the facts as of the date hereof and contains no material omissions likely to affect its import.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and its subsidiaries and/or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Company nor any of its subsidiaries or any such person's officers or employees provides any assurance that the assumptions underlying such forwardlooking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to any actual results.

An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.

Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation.

The information in this presentation speaks as of the date hereof. The Company does not intend, and does not assume any obligation, to update or correct the information included in this presentation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiaries or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

The contents of this presentation shall not be construed as legal, business or tax advice, and the furnishing of this presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisers. Prospective investors should consult its own legal, business or tax advisor as to legal, business or tax advice.

This presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

This presentation is subject to Norwegian law and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo district court as legal venue.

Volue in brief

One of the largest software companies in Norway

878 MNOK

Working across three major industry segments

Help customers master the energy transition by enabling end-to-end optimisation of the green energy value chain

Enable power distributors to support electrification of society by unlocking flexibility and digital management of the power grid

Q3 2022 revenues (% of total) NOK 191m (65%)		Q3 2022 revenues (% of total) NOK 55m (19%)		Q3 2022 revenues (% of total) NOK 48m (16%)
Recurring revenues share (2022)	57%	Recurring revenues share (2022)	63%	Recurring revenues share (2022)	79%
SaaS revenues (2022)	24 %	SaaS revenues (2022)	10%	SaaS revenues (2022)	40%
EU Taxonomy eligibility	HIGH	EU Taxonomy eligibility	HIGH	EU Taxonomy eligibility	MEDIUM

Energy Power Grid Infrastructure

Deliver flexible capabilities for digital water management and help automate processes and machines for the construction industry

Q3 2022 revenues (% of total)	NOK 48m (16%)
Recurring revenues share (2022)	79%
EU Taxonomy eligibility	MEDIUM

Robust, flexible and scalable Volue platform

120 TRILLION WEATHER DATA

data points collected from sensors annually

650 BILLION MARKET INSIGHT

API calls to 150K price curves each year

25 MILLION ENERGY TRADING

algo trades every year based on >30B automated calculations

SaaS transformation laying foundation for margin expansion

1 Recurring revenues are defined as revenues from recurring contracts including Software-as-a-Service (SaaS) 2 SaaS revenues are defined as revenues from software & services operated by Volue in the cloud

2025 ambitions

M&A:

Highly fragmented market. Volue aims to pursue consolidation. Europe primary focus.

Cleaner energy pressuring the infrastructure

Offering customers flexibility and increased value creation

Software, markets insights and IoT technology covering entire value chain

Integrated Value Chain
Analyse		Plan & Operate		Monetise
Capture	Aggregate	Forecast	Optimise	Schedule	Trade	Settle
Portfolio management as a Service

Energy segment example

Help customers master the energy transition by enabling end-to-end optimisation of the green energy valuechain

EU Taxonomy eligibility	HIGH

Enable power distributors to support electrification of society by unlocking flexibility and digital management of the power grid

Q3 2022 revenues (% of total) NOK 191m (65%)	NOK 55m (19%) Q3 2022 revenues (% of total)		NOK 48m (16%) Q3 2022 revenues (% of total)
Recurring revenues share (2022) 57%	Recurring revenues share (2022)	63%	Recurring revenues share (2022)	79%
24 % SaaS revenues (2022)	SaaS revenues (2022)	10%	SaaS revenues (2022)	40%
EU Taxonomy eligibility HIGH	EU Taxonomy eligibility	HIGH	EU Taxonomy eligibility	MEDIUM

Energy Power Grid Infrastructure

Deliver flexible capabilities for digital water management and help automate processes and machines for the construction industry

Q3 2022 revenues (% of total)	NOK 48m (16%)
Recurring revenues share (2022)	79%
EU Taxonomy eligibility	MEDIUM

Why does a power producer need tools for forecasting, optimization and trading?

Calibration of the example

This example is depicted to the right (1):

The real layout can be seen bottom right (2):

Bottom left is a more complex and realistic river (3):

1.

This example describes below complexity…

Reality looks like this

We connect assets to markets

Maximise business value in power generation and trading

Market operations

Automation and efficiency

Predictions

Process efficiency

Short term optimisation

Data quality

5%

expected gain

achieved gain

10%

Expected total gains

Summary:

Solid position for profitable growth and expansion

The shift towards green, non-controllable energy sources drives increased volatility and complexity for customers, requiring dynamic and cloud-based software solutions

Volue offers wall-to-wall SaaS solutions and has built up a customer base comprising the 2 leading European energy companies

Ongoing SaaS-transformation with solid growth in recurring revenues and an uptick in EBITDA margins over time. On track for 2025 ambitions