Volue ASA

Earnings Release • Feb 10, 2022

Volue - Financial results for the fourth quarter 2021

Volue - Financial results for the fourth quarter 2021

Oslo, 10 February 2022: Volue ASA (OSE: VOLUE) reported operating revenues of NOK 312 million in fourth quarter 2021 (Q4 2020: 240), of which recurring revenues was 60 percent in the period. Adjusted EBITDA* was NOK 57 million (54) with an adjusted EBITDA margin of 18 percent. The company experienced strong sales performance in the quarter, including a break-through contract in Iberia. Based on a successful 2021, Volue is lifting its long term revenues ambition to exceed NOK 2 billion revenues by 2025.

“We delivered strong financial performance in fourth quarter, with the Energy Segment reporting 51% revenue growth, driven by extraordinary high activity within the Trading area, including trading advisory services. The annual recurring revenues (ARR) increased by 17% from fourth quarter last year with steady growth in new SaaS business of 35% in the same period,” says Trond Straume, CEO of Volue.

Volue reported fourth quarter 2021 operating revenues of NOK 312 million, up from NOK 240 million in the corresponding quarter last year, and NOK 1,040 million (892 million) for the full year 2021. Adjusted EBITDA* for the quarter totaled NOK 57 million and NOK 214 million for 2021. Recurring revenues represented 60 percent of operating revenues in the quarter, growing to NOK 188 million, while revenues from the Software as a Service offering amounted to 21 percent of the total. Organic growth compared to the same period last year was 21 percent.

“2021 was an exciting year for Volue and I’m proud to say that we met our bold ambitions. I’m especially pleased that we managed to exceed our target of NOK 1 billion in operating revenues and also complete the integration of the acquired companies Likron and ProCom, despite the challenges caused by the cyber incident in May, Straume continues.

As communicated in November 2021, the company is working on several new initiatives such as Distributed Energy Resources and new products related to optimisation and trading solutions. 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.

“The high volatility in power markets is increasing the need for sophisticated, flexible and scalable software solutions. This is what Volue delivers and we help our customers with wall-to-wall digitalisation of the clean-energy value-chain every day," says Straume.

Volue sees continued strong markets and has a strong foundation for continued profitable growth and expansion. Based on a successful 2021, the Company is now lifting its long term revenues ambition to exceed NOK 2 billion in revenues by 2025. In addition, 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 fourth quarter 2021 presentation.

Webcast and presentation today at 08:00 am CET

Trond Straume, CEO and Arnstein Kjesbu, CFO, will present the fourth quarter 2021 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/20220210_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 fourth quarter 2021 presentation on page 40.

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 Ingrid Aarsnes, Head of IR & ESG, Volue ASA, on 10 February 2022 at 07:00 am CET.