Volue ASA

Investor Presentation • May 6, 2021

First-quarter 2021 financial results

6 May 2021

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Today's presenters

Trond Straume Arnstein Kjesbu Roland Peetz

CEO CFO Managing Director, Likron GmbH

Cyberattack

On the 5th of May, Volue was subject to a cyber-attack impacting some of its operations.

VOLUE'S RESPONSE & ACTIONS

• Mitigating actions implemented by task force
• Shut down of affected applications
• Backup solutions initiated
• Relevant authorities and customers are informed

IMPACT OF CYBERATTACK

• Volue Technology ("Powel") operations only unit impacted
• All other Volue lines of business seems safe
• So far seen limited impact on front-end customer platforms
• Short-term production capacity affected

Priority is to ensure safe and uninterrupted operations We will continuously provide updates on volue.com

Q1 Highlights - Volue on-track for 2021 and 2025 targets

Financial results

Revenues NOK 256 million 13 % growth from Q1 2020

Adjusted EBITDA NOK 52 million 20 % margin, improved from Q1 2020

Recurring revenues NOK 164 million 16 % growth from Q1 2020

SaaS revenues NOK 48 million 49 % growth from Q1 2020

Performance, sales and operations

• Strong quarter with delivery on targets
• Strong growth in ARR with strong SaaS growth
• Fully integrated Likron GmbH within the Energy segment
• Sales closed above targets for the period
• Solid market outlook for 2021 especially for the Energy segment
• Significantly increased Sales and Marketing team
• Volue brand recognition already more impact than sum of four brands

Subsequent events

• Volue launched first ESG report 14th April
• Volue listed on the main list at Oslo Stock Exchange on 4th May
• Launching algorithmic trading solution for mid market segment today
• Cyberattack on Volue , updates on volue.com

Volue – Realising the future of energy

https://vimeo.com/543928529

Robust and scalable Volue platform

650 BILLION MARKET INSIGHT

API calls to 150K price curves each year

315 TWh power volumes optimised per annum ENERGY PRODUCTION

Volue in brief: A leading supplier of software and technology solutions for the energy, power grid and infrastructure markets

Brief overview of Volue

Volue in numbers:

• 2,000 customers in 40+ countries
• 50 years in green-tech
• One of the largest software companies in Norway
• NOK 892m in revenues (2020)
• 22% adjusted EBITDA margin (2020)
• More than 30 offices in 9 countries
• A strong team of more than 600 engaged employees

Key target markets

Volue is active in three segments

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

2021 sales (% of total)	NOK 136m (53%)
Recurring revenue share (2021)	65 %
Degree of EU Taxonomy alignment	HIGH

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

2021 sales (% of total)	NOK 68m (27%)
Recurring revenue share (2021)	55%
Degree of EU Taxonomy alignment	HIGH

Energy Power Grid Infrastructure

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

2021 sales (% of total)	NOK 52m (20%)
Recurring revenue share (2021)	73%
Degree of EU Taxonomy alignment	HIGH

Key developments

OSE listing achieved - Key milestones for reaching 2025 ambition

Key milestone for Volue to transfer to main list on Oslo Stock exchange

1

The company has the right metrics for being listed on OSE

2

Broaden our investor base and provide a stronger foundation to accelerate structural and organic growth.

One company, one culture, one brand, one go-to-market channel

Operational highlights in Q1

Significant increase in ARR Level

• Ongoing SaaS-transition towards pure SaaS deliveries
• Significant investments in SaaS-platform enables further scalability

Sales and Marketing – One brand

• Volue as brand significant strengthen of GoToMarket channel
• Significant increased sales and marketing organisation
• Digital conference demonstrating breadth and strength of the group

Increased focus on market expansions

• Business development activities outside of Europe
• Consolidation of market through M&A

Product development

• Ongoing Energy transition and new market regulation will require new product features
• Insight SaaS offerings fully transformed

1

2

3

Introducing Intraday Access for the wider market

Volue provides access to always-on Intraday markets for small and medium-sized producers. With a record low onboarding time of only 24 hours, customers benefit from full transparency and a fair profit-sharing model.

• Up to 20% increased profits
• Transparent risk management
• Zero hidden costs

Increased customer profitability Utilising synergies across the value-chain

• Best-in-class algorithmic trading
• Accurate price forecasts
• 30 years of market knowledge

Likron: A pioneer in automated energy trading

About Likron

Founded in 2010

• First Independent Software Vendor (ISV) for the European power exchange EPEX SPOT to develop an algorithmic machine for automatic intraday power trading
• Brings deep trading expertise, state of the art IT and quantitative analysis to the short-term energy markets

Milestones

• First EPEX SPOT ISV 2014 (Germany)
• Nord Pool ISV 2016 (Nordics)
• ICS / Catrina 2018 (Cross border capacity trading)
• Trayport / Pegas 2018 (European Natural Gas)
• HUPX 2019 (Hungary)

Core services & products

• Cloud born SaaS offering, 65% of total revenue
• 24/7 algo energy trading
• Quant trading strategies
• Portfolio optimisation

Likron in numbers

> 6 years of Algo trading	> 60 GWh/day with algos
> 35 employees	~ 22k trades / day
> 75 TWh traded	~ 20% of EPEX Trades
> 35 production accounts	~ 2/3 market share of ISV trading volume on EPEX

Selected customers and projects

Likron – Strategic rationale for acquisition

Creating an algorithmic trading powerhouse

Acquisition further strengthens Volue's offering within algorithmic power trading solutions in Europe

Consolidating fragmented energy technology market

Volue takes active role in a much-needed consolidation of energy technology market, with a goal of helping customers accelerate shift to renewable energy

Accelerating growth and innovation in areas relevant to the green energy transition

Transition to carbon-free energy production depends on a successful digitalisation of the entire green energy valuechain

First-quarter 2021 financial results

Financial highlights

Financial highlights (NOKm)	Q1 2021	Q1 2020	2020	2019	LTM
Revenue	256	227	892	798	921
Gross margin	84 %	86 %	83 %	87 %	82 %
Adjusted EBITDA1	52	40	196	134	208
Adjusted EBITDA margin	20 %	18 %	22 %	17 %	23 %
EBITDA	42	40	148	100	150
EBITDA margin	16 %	18 %	17 %	13 %	16 %
Cash balance at the end of the period2	594	447	434	280	594
Recurring revenue growth (%)	16 %	9 %	12 %	NA	NA
Recurring revenue (% of revenue)	64 %	61 %	64 %	64 %	65 %
SaaS revenue growth (%)	49 %	34 %	31 %	NA	NA
SaaS revenue (% of revenue)	19 %	14 %	16 %	14 %	18 %
R&D CAPEX (NOKm)	26	20	86	33	92
R&D CAPEX (% of revenue)	10 %	9 %	10 %	4 %	10 %

1 EBITDA adjusted for capitalised R&D and non-recurring items

2 Including restricted cash

Comments

• Strong revenue growth in Q1 2021 with 13% compared to Q1 2020
  • Strong contribution from the Energy segment with 21% growth in Q1, with increasing foothold in Europe
  • Power Grid segment with strong growth on 12%, driven by strong sales on software solutions
  • Negative growth from Infrastructure area, following a very strong Q1-2020, but large growth on ARR from Q1- 2020
  • Limited impact from Covid-19 with good order intake and growth in Q1 2020
  • Very strong growth in recurring revenues and especially SaaS
  • Delivering on targets
• Adjusted EBITDA margin in Q1 improved from Q1-2020
  • Personnel and other OPEX growing lower than revenue, scale advantages will increase margin levels going forward
  • Cost related to IPO partly included in Q1 results
  • Improved EBITDA margins for all segments
• Strong cash balance improved from operational activities
• R&D capitalisation stable around ~10-11%

Strong growth in annual recurring revenues (ARR)

1 Recurring revenues is defined as revenues from recurring contracts including software as a service 2 SaaS revenue is defined as revenue from software hosted by Volue and distributed through web applications

300

350

400

450

500

550

600

Accelerating shift towards SaaS

1 Recurring revenues is defined as revenues from recurring contracts including software as a service 2 SaaS revenue is defined as revenue from software hosted by Volue and distributed through web applications

Strong growth in ARR base and highly sticky customer base

1. Cancelled yearly recurring revenue divided by total revenue.

customers

Step change in revenue growth and profitability

Step-change in revenue growth expected

AdjustedEBITDA margin	14%	17%	22%	23%	Towards 30%
Recurring revenue growth			12%
Recurring revenue share	57%	64%	64%	65%	Towards 80%
SaaS growth			31%
SaaS share	10%	14%	16%	18%	>50%

Industry developments and strategy

Cleaner energy pressuring the infrastructure

Software spending from the power sector to reach USD 5bn by 2025 (up 60% vs. today), fuelled by the green energy shift

Growth drivers

Increased renewable capacity and shifting wholesale market dynamics, resulting in increased power market complexity

Expected growth in power software spending, requires additional hardware, implementation and services, driving total digitalisation costs to 2x power software spending

Solutions within advanced analytics, artificial intelligence and optimisation growing the most

Europe is at the forefront of power digitalisation, with 25% share of global spending

Growing share of green, non-controllable power sources increases the complexity in the European energy markets

Non-controllable power will represent more than 50% of European power capacity…

…making the process to optimise production and trading exponentially more complex

Increase in non-controllable production sources,

27

Few and expensive storage or switch-off alternatives

with production changing in seconds Real-time decision making requires new software tools >

Example from the new reality: Penalties paid in the balancing market can be extreme if failing to re-position in the intraday market

Volue enabling customer success

Software, markets insights and IoT technology covering entire value-chain

ANALYSE	PLAN & OPERATE				MONETISE
CAPTURE > AGGREGATE > FORECAST	>	OPTIMISE	>	SCHEDULE	>	TRADE	> SETTLE

IIoT - Sensor data		Market data & forecasts on capacity, fundamentals and prices: Long- and short-term
capturing & aggregation	Forecasting	Long & short-term production planning &	Trading	Settlement
Hydrology Meteorology Environment	Inflow & Demand	optimisation Multi-purpose technologies	Intraday algo trading (power & gas) Spot auction bidding (on the roadmap) Ancillary service bidding & activation request	Nordic Balance Settlement
			Position mgmt & scheduling (power and gas)
Portfolio management as a Service

Industrial IoT Market insights Energy software Market services

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 opportunities

Large international client base a testament to Volue's high-quality offering

Recent significant strategic contract wins

Multinational Italian electric utility company serving over 70 million customers Q4 2019

German electric utility company serving more than 5 million costumers Q3 2020

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

2021 - Outlook and priorities

Summary: Solid position for profitable growth and expansion

1

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

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

2

Ongoing SaaStransformation with solid growth in recurring revenues and an uptick in EBITDA margins

Reiterating ambitions to create a NOK 2 billion revenue company by 2025

Mid to long-term ambitions M&A strategy

Highly fragmented market – Volue aims to pursue consolidation

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

On track for 2021 priorities and ambitions

Full year revenues > NOK 1 billion (Change from previous guidance of achieving NOK 1 billion in annualised run-rate sales during 2021)

Exceed 20% in adjusted EBITDA margin

Accelerate growth in ARR through SaaS transformation

Structural growth – Take lead position in market consolidation

Utilise synergies in Volue group to increase operational efficiency

Appendix Financial and operational information

Group P&L and KPIs

Group financial performance Comments

Key metrics (NOKm)	Q1 2021	Q4 2020	Q1 2020	LTM
Revenue	256	240	227	921
COGS	41	50	32	167
Gross profit	215	190	194	755
Gross margin %	84 %	79 %	86 %	82 %
Personnel expenses (excl. capitalised R&D)	125	115	117	430
Other OPEX	38	21	37	117
Adj EBITDA	52	54	40	208
Adjusted EBITDA margin %	20 %	22 %	18 %	23 %
Non-recurring items	10	24	0	58
EBITDA	42	29	40	150
EBITDA margin %	16 %	12 %	18 %	16 %
Depreciation and amortization	21	18	16	71
EBIT	21	11	24	79
EBIT margin %	8 %	5 %	11 %	9 %
Net Finance	0	-4	3	-10
EBT	21	7	27	69
Tax	7	-10	2	20
Profit (loss) continued operations	14	16	25	49
Profit/loss from discontinued operations1	0	0	2	37
Net profit/loss	14	16	26	87

• Strong revenue growth in Q1 2021 with 13% compared to Q1 2020
  • Strong contribution from the Energy segment with 21% growth in Q1, with increasing foothold in Europe
  • Power Grid segment with strong growth on 12%, driven by strong sales on software solutions
  • Negative growth from Infrastructure area, following a very strong Q1-2020, but large growth on ARR from Q1- 2020
  • Limited impact from Covid-19 with good order intake and growth in Q1 2020
  • Very strong growth in recurring revenues and especially SaaS
  • Delivering on targets
• Adjusted EBITDA margin in Q1 improved from Q1-2020
  • Personnel + other OPEX growing lower than revenue, scale advantages will increase margin levels going forward
  • Cost related to IPO partly included in Q1 results
  • Improved EBITDA margins for all segments
• Strong cash balance improved from operational activities
• ³⁹ R&D capitalisation stable around ~10-11%

Balance sheet

Balance sheet

ASSETS				LIABILITIES AND EQUITY
Pension assets Non-current receivables and	16	15	17
Assets connected to discontinued
operations	0	0	125

Balance sheet (NOKm)	Q1 2021	Q4 2020	Q1 2020	Balance sheet (NOKm)	Q1 2021	Q4 2020	Q1 2020
ASSETS				LIABILITIES AND EQUITY
Property, plant and equipment	148	162	103	Equity	742	743	383
Intangible assets	468	463	250	Total Equity	742	743	383
Pension assets Non-current receivables and	16	15	17
investments	32	32	1	Lease liabilities	105	117	84
Deferred tax assets	12	8	5	Other non-current liabilities	38	38	2
Total non -current assets	676	680	376	Deferred tax liabilities	39	26	8
				Total non - current liabilities	182	181	94
				Borrowings	2	4	0
Inventory	21	13	10	Lease liabilities	20	21	26
Contract assets	61	39	48	Trade and other payables	61	147	324
Trade and other receivables	244	297	210	Current tax liabilities	8	16	4
Financial Investments	10	10	10	Contract liabilities	259	56	203
Cash and cash equivalents Assets connected to discontinued	594	434	447	Other current liabilities Liabilities connected to discontinued	332	305	97
operations	0	0	125	operations	0	0	94
Total current assets	929	793	850	Total current liabilities	681	548	748
Total assets	1,605	1,473	1,226	Total liabilities and equity	1,605	1,473	1,226

Cash flow statement

Cash flow statement (NOKm)	31.03.2021	31.03.2020
Profit before tax from continuing operations	21	27
Depreciations	21	17
Net finance	0	-3
Change in current assets	16	33
Change in current liabilities	152	224
Change in other operating items	11	-9
Change in tax paid	-6	-10
Net cash flow from operating activities	215	280
Interest received	5	4
Purchase of property, plant and intangible assets	-28	-24
Net cash flow from investing activities	-23	-20
Movement in short terms borrowings	-1	-49
Repayment of lease liabilities	-14	-6
Interest paid	-6	-5
Acquisition of non-controlling interests	-5
Net cash flow from financing activities	-26	-60
Net change in cash and cash equivalents	165	200
Cash and cash equivalents opening balance Effects of exchange rate changes on cash and cash	434	233
equivalents	-5	0
Cash and cash equivalents closing balance	594	434

Energy

Key financials and KPIs Comments

Growth

• Growth rates primarily driven SaaS-offerings and large ongoing projects, 21 % growth in Q1
• Strong sales in the period, Insight portfolio growing significantly in Europe
• Strong growth in SaaS-revenues
• Likron included in figures
• Solid backlog from several major customer wins

Profitability

• Increase in margins 2021 due to strong revenue growth and scalability
• Further SaaS products gives uplift in EBITDA level throughout Q1.
• Large increase in capacity in 2021 for further investments in new product and services

CAPEX

• CAPEX level at ~12 % of sales, mainly constituted by R&D investments
• Significant investments into new products related to optimisation and trading solutions
• Investment plan established in 2018 for analytics and forecasting pure SaaS business and delivery model

Power Grid

Growth

• Positive development with growth rates in Q1 2021 compared to 2020, with 12% growth from Q1 2020
• Strong sales in Q1 gives further uplift in ARR revenues.
• Good growth in home market, with large ongoing project in Norwegian home market

Profitability

• EBITDA margin improved from Q1 2020
• Negative contribution from one large project impacting development in 2020, little negative impact in Q1 2021
• Investments in market expansions with new products for an European markets

CAPEX

• CAPEX at ~8 % of sales
• Ongoing investments in flexibility products
• CAPEX level expected to increase over the next 12 months

Infrastructure

Growth

• Strong growth in recurring revenues from Q1 2020
• Negative growth in top line from Q1 2020, following from a very strong Q1 2020 compared to average 2020
• Slowdown in the Swedish construction market due to postponed contract following from Covid-19
• Strong home market in Norway

Profitability

• Margins decreased following a decrease in sales
• Investment in market expansions drive EBITDA margins down
• Profitability supported by scalable business models and easy onboarding processes
• Investments in market expansions in 2020

CAPEX

• CAPEX level at ~11 % of sales, expected to stay at same levels near-term
• Ongoing investments to increase offerings on Gemini platform and additions to the current product range
• All investments directed towards SaaS offerings

1 2 3 4 5

Alternative performance measures

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.

Alternative performance measures

Alternative performance measures

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:

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

EBITDA adjusted - In order to give a better representation of underlying performance, the following adjustments are made to EBITDA:

• Special items: items that are not part of the ordinary business, such as IPO related costs

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

Net interest-bearing debt - Total interest-bearing debt, less interest-bearing receivables and cash.

Equity ratio - Total equity divided by total assets.