Volue ASA

Investor Presentation • May 5, 2022

First Quarter 2022 Financial Results

5 May 2022

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.

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CEO CFO

Trond Straume Arnstein Kjesbu

Camilla Thorrud Larsen Senior VP

Volue in brief

One of the largest software companies in Norway

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

Working across three major industry segments

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

Q1 2022 revenues (% of total)	NOK 172m (60%)
Recurring revenues share (2022)	60%
EU Taxonomy eligibility	HIGH

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

Q1 2022 revenues (% of total) NOK 172m (60%)	Q1 2022 revenues (% of total)	NOK 64m (22%)	Q1 2022 revenues (% of total))	NOK 50m (18%)
Recurring revenues share (2022) 60%	Recurring revenues share (2022)	63%	Recurring revenues share (2022)	84%
30 % SaaS revenues (2022)	SaaS revenues (2022)	9 %	SaaS revenues (2022)	38 %
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

Q1 2022 revenues (% of total))	NOK 50m (18%)
Recurring revenues share (2022)	84%
EU Taxonomy eligibility	MEDIUM

Highlights for the Quarter

Q1 Highlights: Steady growth in ARR business

Performance, sales and operations

• Strong growth in SaaS revenues
• Strong growth in Energy segment , with especially tailwind in trading software
• Strong sales performance, with closing of 900 new deals
• Extraordinary strong performance in trading advisory gave uplift in operating revenues
• Continued strong market outlook
• On track for 2025 ambitions

Subsequent events

• Volue released the second ESG report

Strong sales performance – continued strong market

We closed more than

900

deals in Q1 2022

Growing activities on new business

Japan & Spark

Managing

2,200+

Customers across more than 40 countries

2022: Several new

Strategic contracts

Shift in business models – More ARR and less one-off

Expected development of revenue. Target to maintain revenues and increase ARR during shift.

Target impact for Volue transformation

Shift from 2021 to 2022 for Infrastructure

Total infrastructure revenue ex. consultancy

First Quarter 2022 Financial Results

Financial highlights

Financial highlights (NOKm)	Q1 2022	Q1 2021	2021	LTM
Operating revenues1	286	256	1,040	1,070
Adjusted EBITDA2	45	52	214	207
Adjusted EBITDA margin	16 %	20 %	21 %	19 %
Recurring revenues growth (%)	13 %	16 %	17 %	16 %
Recurring revenues (% of revenues)	65 %	64 %	64 %	64 %
SaaS revenues growth (%)	40 %	49 %	50 %	48 %
SaaS revenues (% of revenues)	23 %	19 %	21 %	22 %
R&D CAPEX (% of revenues)	11 %	10 %	10 %	10 %

1 Cyber insurance settlement of NOK 20 million not included in operating revenues for 2021.

13 2 EBITDA adjusted for non-recurring items.

Note that adjusted EBITDA does not include estimated one-off loss of revenues due to the cyber-incident in 2021.

Growth

• Strong financial performance influenced by one-off items in trading advisory
• 12 % revenues growth from Q1-2021
• Strong growth in SaaS revenues of 40% from Q1 2021
• Energy Segment with 26% revenue growth
• Negative impact on top-line due to currency effects

Profitability

Adjusted EBITDA margin in Q1 down from Q1 2021

• Strategic investments in SaaS platform creates short- to mid-term EBIT impact
• Increased cost to strengthen organisation for future growth
• Shift in business models gives impact on margins

Capex

Increased R&D capitalisation in line with plan

• New product features for international growth

Strong growth in annual recurring revenues (ARR) Accelerating shift towards SaaS

50%

-20

30

80

130

180

230

280

55%

60%

65%

70%

75%

80%

85%

90%

0%

5%

10%

15%

20%

25%

30%

35%

40%

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 hosted by Volue and distributed through web applications

300

350

400

450

500

550

600

650

700

750

Strong growth in ARR base and highly sticky customer base

Energy Segment

Growth

• Segment with strong growth of 26% from Q1 21
• Solid contribution from European expansion
• Trading area with strong figures due to high activity in the intraday markets
• Increased demands for forecast and analytics services following a strong market trends
• Extraordinary strong results from trading advisory services, giving uplift in operating revenues
• Strong sales, increased order back-log

Profitability

• Reduced profitability due to investment in sales and marketing organisation
• Increased margins from product portfolio
• Large increase in capacity for further investments in new products and services
• Increased SaaS-share of revenues gives improved margins from the SaaS-portfolio

Capex

• CAPEX level at ~11 % of revenues, mainly constituted by R&D investments
• Significant investments into new products related to optimisation and trading solutions

Power Grid Segment

17

Growth

• Good sales performance gives uplift in ARR level
• Good market outlook with large pipeline and high activity
• Reduced growth due to mainly delivery capacity
• Strong sales, increased order back-log

Profitability

• Decreased adjusted EBITDA margin from Q1 due to increased investment
• Investments in the Spark program gives impact on margins compared to last year
• Margins expected to improve going forward
• Investments in market expansions with new products for European markets

Capex

• Increase in CAPEX level in the quarter at ~9 % of revenues
• Ongoing investments in international expansion
• CAPEX level expected to increase over the next 12 months compared to average 2021

Infrastructure Segment

18

Growth

• Successful shift in business models progressing, creating up-lift in ARR
• Strong growth in SaaS revenues
• Increased activities in Construction market, especially for Sweden
• Strong sales, increased order back-log

Profitability

• Ongoing investments in market expansions combined with shifting to SaaS business models putting pressure on EBITDA margins in the short term throughout 2022
• Adjusted EBITDA margins increased following stronger sales in the quarter compared

Capex

• CAPEX level at ~14% of revenues, expected at same levels in the near-term
• Ongoing investments to increase offerings on SaaS platform and additions to the current product range addressing innovative solution for the water industry

Main drivers for growth in profitability towards 2025

Main drivers for increased profitability towards 2025 Increasing contribution from product lines

• Shift to SaaS will increase profitability over time, but short-term impact
• Economy of scale with centralised technology services and capabilities in Volue Platform
• Taking out synergies within the Volue group
• Profitable upsell and growth in new markets

Impacting profitability in 2022

• Investments in scaling the organization, particularly on sales and marketing
• SaaS journey and shift in business models
• Several new business development activities taken into the accounts

Changing towards SaaS require investments impacting profitability for target product on short term

Expected profitability over time when investing in SaaS transformation

Industry Developments and Strategy

Cleaner energy pressuring the infrastructure

Backdrop

• Geopolitical challenges
• Coal and nuclear decommissioning
• Shortage of gas
• Volatile consumption
• Increased power demand
• Rapid increase of renewables
• Electrification ongoing

High volatility – increasing the need for sophisticated solutions

Example: Prices in Germany first week in April, 2021

The green shift triggers a race on both sides!

2025-2030 the consumption grows faster than the production

Significant value-creation potential demonstrated for customers adopting business-criticalsolutions from Volue

1 Revenue gain for customers up to 5% pre-Volue establishment. Given the benefits from Volue's wall-to-wall offering, this gain is expected to increase by additional 5 percentage points

Reduce risk and increase profit

By utilising Volue's open eco-system to connect assets to markets

Multi-asset power generation portfolios

Optimise use of assets to maximise revenues

• Detailed mathematical representation of the physical system
• Account for physical and regulatory restrictions
• Large and complex problem with coupling in time and space
• Multi-asset coordinated optimisation

Increasingly complex power markets

-

Select and use the markets which maximise revenue

• Bidding support and market access
• Compliance with applicable market rules and regulations
• Optimal trading strategies
• Multi-market considerations

Products to maximise revenue, reduce risk and avoid penalties

• Power generation and bidding optimisation
• Bidding support, strategies and trading in physical power markets
• Seamless integration of optimisation and trading
• Data management and automation

Summary & Outlook

Volue offers a comprehensive product and service portfolio, covering the entire clean energy value-chain

Significantly simplifying access and interaction for all stakeholders

Services are mainly delivered on a cloud platform, underlining fact that the SaaS transformation is well underway

Addressing the shared customer segment across Volue's business units - opens significant cross-sales and upselling opportunities

Strong foundation for 2022

Expanded international activities and European footprint

Acquistion of ProCom and successful integration of ProCom and Likron

Strong order backlog and good market outlook

Strong financial position for further growth

Priorities and ambitions for 2022

• Expand activities outside Europe
• Adj. EBITDA margin in line with Q4 2021 2
• Continue to grow ARR business in line with 2025 targets and 2021 performance 3
• Structural growth through M&A 4
  • Strategic investments for scalable growth
  • Further utilise synergies and strengthen organisation

1

5

6

Ambitions to exceed NOK 2 billion revenues by 2025

Mid to long-term ambitions M&A strategy % recurring revenues Towards80% of total revenues Revenue growth ~15% organic revenues growth per year % SaaS revenues >50% of total revenues Adj. EBITDA margin % Towards30% adj. EBITDA margin

Highly fragmented market – Volue aims to pursue consolidation

Europa primary focus; US and APAC secondary

Ambitions to act as a consolidator and engage in bolt-on transactions on a recurring basis as well as pursue larger strategic options in a more opportunistic manner

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

2

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

3

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

Appendix Financial and Operational Information

Group P&L and KPIs

Group financial performance

Key metrics (NOKm)	Q1 2022	Q1 2021	LTM	2021
Operating revenues	286	256	1,070	1,040
COGS	43	41	161	159
Gross profit	243	215	909	880
Gross margin %	85 %	84 %	85 %	85 %
Personnel expenses (excl. capitalised R&D)	151	130	540	514
Other OPEX	47	33	184	175
Adjusted EBITDA	45	52	207	214
Adjusted EBITDA margin %	16 %	20 %	19 %	21%
Non-recurring items	5	10	70	75
EBITDA	40	42	137	138
EBITDA margin %	14 %	16 %	13 %	13 %
Depreciation and amortisation	26	21	96	91
EBIT	14	21	40	47
EBIT margin %	5 %	8 %	4 %	5 %
Net financial items	-3	0	-9	-6
EBT	10	21	30	40
Tax	4	7	9	12
Profit (loss)	6	14	21	28

Balance sheet

Balance sheet (NOKm)	Q1 2022	Q1 2021	Q4 2021	Balance sheet (NOKm)	Q1 2022	Q1 2021	Q4 2021
ASSETS				LIABILITIES AND EQUITY
Property, plant and equipment	135	148	141	Equity	767	742	767
Intangible assets	551	468	543	Total Equity	767	742	767
Pension assets	8	16	8
Non-current receivables and
investments	37	32	39	Lease liabilities	84	105	87
Deferred tax assets	13	12	5	Other non-current liabilities	15	38	15
Total non-current assets	744	676	736	Deferred tax liabilities	23	39	29
				Total non - current liabilities	126	182	132
				Borrowings	10	2	18
Inventory	24	21	20	Lease liabilities	25	20	28
Contract assets	74	61	66	Trade and other payables	72	61	351
Trade and other receivables	307	244	520	Current tax liabilities	27	8	19
Financial Investments		10	0	Contract liabilities	269	259	49
Cash and cash equivalents	631	594	404	Other current liabilities	483	332	384
Total current assets	1,036	929	1,011	Total current liabilities	886	681	848
Total assets	1,780	1,605	1,746	Total liabilities and equity	1,780	1,605	1,746

Total non - current liabilities	126	182	132
Borrowings	10	2	18

Cash flow statement

Cash flow statement (NOKm) Profit before tax from continuing operations Depreciations Net finance	31.03.2022 6 26 3	31.03.2021 14 21 0
Change in current assets	196	16
Change in current liabilities	51	152
Change in other operating items	0	0
Change in tax paid	0	1
Net cash flow from operating activities	285	204
Interest received	1	5
Purchase of property, plant and intangible assets	-34	-28
Net cashflow from other investments	0	0
Purchase of shares in subsidiaries Loans to employees	0 0	0 0
Net cash flow from investing activities	-33	-23
Proceeds from issue of shares	0	0
Movement in borrowings	-13	-1
Interest paid	-3	-6
Dividend paid	0	0
Acquisition of non-controlling interests	0	-5
Purchase of own shares	-1	0
Net cash flow from financing activities	-17	-13
Net change in cash and cash equivalents	234	166
Cash and cash equivalents opening balance	404	433
Effects of exchange rate changes on cash and cash
equivalents	-4	-5
Cash and cash equivalents closing balance 41	631	594

Segment overview

Energy Segment (NOKm)	Q1 2022	Q1 2021	2021	LTM
Operating revenues	172	136	595	631
Adjusted EBITDA	30	26	124	128
Adjusted EBITDA margin	17%	19%	21 %	20 %
R&D CAPEX (% of revenues)	10 %	12%	10 %	9 %
Power Grid Segment (NOKm)	Q1 2022	Q1 2021	2021	LTM
Operating revenues	64	67	249	246
Adjusted EBITDA	6	10	32	28
Adjusted EBITDA margin	10%	15%	13 %	11 %
R&D CAPEX (% of revenues)	9 %	8%	10 %	10 %
Infrastructure Segment (NOKm)	Q1 2022	Q1 2021	2021	LTM
Revenues	50	52	197	195
Adjusted EBITDA	9	10	57	56
Adjusted EBITDA margin	18%	20%	29 %	29 %
R&D CAPEX (% of revenues)	14 %	11%	12 %	13 %

Alternative performance measures (APMs)

Basis for preparation

This presentation provides financial highlights for the quarter for Volue. The financial information is not reported according to the requirements in IAS 34 and the figures are not audited.

Volue ASA presents alternative performance measures as a supplement to measures regulated by IFRS. The alternative performance measures are presented to provide better insight and understanding of operations, financial position and the basis for future developments.

The definitions of these measures are as follows:

Adjusted EBITDA - In order to give a better representation of underlying performance, EBITDA is adjusted with non-recurring items. Note that adjusted EBITDA does not include estimated one-off loss of revenues due to the cyber-incident.

ARR – Annual Recurring Revenues is defined as revenues from recurring contracts including software as a service.

EBIT - Profit/loss before tax and net finance cost.

EBITDA - Profit/loss before tax, net finance cost, depreciation, amortisation and impairment.

Revenue growth adjusted for cyber-incident -

The growth in revenue from a previous period, after adjusting the 2021 numbers for estimated revenue loss from the cyber-incident (only relevant for 2021 figures).

SaaS – Software as a service. SaaS revenues are defined as revenues from software hosted by Volue and distributed through web applications

Non-recurring items - items that are not part of the ordinary business, such as IPO related costs and costs related to the cyber-incident (only relevant for 2021 figures). In addition, external costs related to implementation of corporate back-office cloud-based systems (e.g. ERP) are considered non-recurring. In accordance with IFRS IC agenda decision (Configuration or Customisation Costs in a Cloud Computing Arrangement) from April 2021, these costs have not been capitalised, as they previously would have been.