Volue ASA

Earnings Release • May 5, 2022

Volue - Financial results for the first quarter 2022

Volue - Financial results for the first quarter 2022

Oslo, 5 May 2022: Volue ASA (OSE: VOLUE) reported operating revenues of NOK 286 million in the first quarter of 2022, an increase of 12 percent from the first quarter of 2021). Adjusted EBITDA* was NOK 45 million, with an adjusted EBITDA margin of 16 percent.

The transformation towards recurring revenues and Software as a Service (SaaS) continues. SaaS revenues were NOK 66 million in the quarter, an increase of 40 percent compared to the first quarter of 2021.

“The SaaS transformation is accelerating and enabled a record number of 900 deals in the quarter. While this transformation puts a short-term drag on growth, it translates into a highly resilient business and future growth for Volue. I am very happy that we’re able to deliver solid growth through this transition,” says Trond Straume, CEO of Volue.

Volue reported first quarter 2022 operating revenues of NOK 286 million, up from NOK 256 million in the corresponding quarter last year. Adjusted EBITDA* for the quarter totaled NOK 45 million (52), and EBIT was NOK 14 million (21).

Recurring revenue constituted 65 percent of total revenues and reached NOK 185 million in the quarter, an increase of 13 percent from the first quarter of 2021.

“The recent volatility in the energy markets highlights the need for sophisticated software to manage the energy systems of tomorrow. In the short term, we see strong demand. The limiting factor is primarily our capacity. We’re successful in hiring the best talent, but we see that recruitment and onboarding take longer. This will be high on our agenda in the coming months and quarters,” Straume continues.

The company is working on several new initiatives such as Spark and new products related to optimisation and trading solutions.

“The shift towards green, non-controllable energy sources combined with the explosive increase in the number of distributed production and storage units require more intelligent energy systems to handle the increased complexity. This presents exciting business opportunities for Volue” says Straume.

Volue continues to prioritise strategic investments in its SaaS platform and expansion into new markets which creates short- to mid-term EBITDA impact, and increased R&D capitalisation in line with plans.

Volue has set the following priorities and ambitions for 2022:

* Expand activities outside Europe

* Adjusted EBITDA margin in line with Q4 2021

* Continue to grow ARR business in line with 2025 targets and 2021 performance

* Structural growth through M&A

* Strategic investments for scalable growth

* Further utilise synergies and strengthen organisation

For further details, please see the attached first quarter 2022 report and presentation.

Webcast and presentation today at 08:00 am CEST

Trond Straume, CEO and Arnstein Kjesbu, CFO, will present the first quarter 2022 results today at 08:00 am at Hotel Continental in Oslo, Norway.

You can follow the webcast from this link:

https://channel.royalcast.com/landingpage/hegnarmedia/20220505_4/

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as part of the APM section of the first quarter 2022 report on page 21.

For additional information, please contact:

Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699, ir@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 730 employees work with more than 2,200 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 is active in 40+ countries.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Arnstein Kjesbu, CFO, Volue ASA, on 5 May 2022 at 07:00 am CEST.