Volue ASA

Earnings Release • May 6, 2021

VOLUE: FINANCIAL RESULTS FOR FIRST QUARTER 2021

VOLUE: FINANCIAL RESULTS FOR FIRST QUARTER 2021

(Oslo, 6 May 2021) Volue ASA (Volue, OSE: VOLUE) reported revenues of NOK 256 million in the first quarter of 2021 (Q1 2020: 227) and an adjusted EBITDA of NOK 52 million (40), of which recurring revenues amounted to 64 percent in the period. The company is on track for creating a NOK 2 billion company by 2025, and expects the 2021 revenues to exceed NOK 1 billion.

“Volue continues to deliver on our growth and expansion strategy, with a solid performance in the first quarter, especially in the Energy segment which posted 21% growth in the quarter. We see a strong development on building a continually increased recurring revenue base, where the SaaS-transformation of the company is steadily progressing with a solid development from the corresponding quarter last year,” says Trond Straume, Volue’s chief executive officer.

Volue reported revenues of NOK 256 million in the first quarter of 2021, up from NOK 227 million in the corresponding quarter last year, and an adjusted EBITDA of NOK 52 million, up 30 percent year-on-year, and an EBIT of NOK 21 million (24). Recurring revenues represented 64 percent of the total turnover in the quarter, growing 16 percent to NOK 164 million year-on-year, while revenues from the Software as a Service offering amounted to 19 percent of the total.

”The first quarter saw continued ARR growth and sales closing above target. We will seek to accelerate ARR growth further through SaaS transformation going forward, as we offer wall-to-wall SaaS solutions and have already built up a customer base comprising leading European companies,” Straume adds.

Following the listing on Euronext Growth during the autumn of 2021, Volue was listed on the Oslo Stock Exchange 4 May 2021.

“Volue is focused on securing the availability of the core services societies rely on – from energy, power grid, water to infrastructure - today and tomorrow, and this new milestone will enable us to broaden our investor base and provides a stronger foundation to accelerate structural and organic growth. By being admitted to Oslo Børs, we’ve achieved one of our 2025 ambitions,” Straume adds.

Volue has a 2025 ambition of creating a NOK 2 billion revenue company with an adjusted EBITDA margin towards 30%, SaaS revenues increasing to 50% and recurring revenues towards 80%.

“Following a solid performance in the first quarter of 2021, and with all the business development initiatives under development by the entire Volue team, we reiterate our long-term ambitions and increase our 2021 revenue guidance to exceed NOK one billion, ” Straume concludes.

Volue will present its first quarter 2021 report on Thursday 6 May 2021 at 08:00 CET. The investor presentation will be streamed live and be hosted by Trond Straume, chief executive officer, and Arnstein Kjesbu, chief financial officer. The presentation will be held in English and questions can be submitted throughout the event. The streaming event is available through:

https://channel.royalcast.com/landingpage/hegnarmedia/20210506_4/

The presentation is scheduled to conclude at 08:45 CET.

For additional information, please contact:

Trond Straume, chief executive officer, Volue +47 907 99 625

Arnstein Kjesbu, chief financial officer, Volue +47 970 47 699

About Volue | www.volue.com

Volue is a global supplier of technology that enables the transition to sustainable energy, power grid and infrastructure markets, serving over 2,000 customers in 40+ countries. With 50 years of green technology expertise, Volue offers software solutions, systems and market insight that optimise production, trading, distribution and consumption of energy, as well as infrastructure and construction projects. As one of Norway’s leading software companies, Volue provides critical services to infrastructure that underpin the functioning of our societies, paving the way for a clean, flexible, reliable and profitable energy future.