Volue ASA

Earnings Release • Sep 19, 2023

Volue

Technology for a sustainable tomorrow

Handelsbanken Nordic Tech Days 19/09/2023

We help power producers and grid operators handle the green transition. For power producers that means turning volatility into profitability and for grid operators, it means efficiently running current- and planning for new infrastructure

Volue in brief

One of the largest software companies in Norway

Working across three major industry segments

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

Q2 revenues (% of total)	NOK 225m (60%)
Recurring revenues share (Q2)	64%
EU Taxonomy eligibility	HIGH

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

Q2 revenues (% of total)	NOK 225m (60%)	Q2 revenues (% of total)	NOK 89m (24%)	Q2 revenues (% of total)	NOK 62m (16%)
Recurring revenues share (Q2)	64%	Recurring revenues share (Q2)	49%	Recurring revenues share (Q2)	74%
SaaS revenues (Q2)	31 %	SaaS revenues (Q2)	6%	SaaS revenues (Q2)	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

Q2 revenues (% of total)	NOK 62m (16%)
Recurring revenues share (Q2)	74%
EU Taxonomy eligibility	MEDIUM

Recurring revenues

NOK 236 mill

25% growth from Q2 2022 26% growth from Q2 2022

Operating revenues

NOK 375 mill

SaaS revenues

NOK 98 mill

43% growth from Q2 2022

Adjusted EBITDA

NOK 63 mill

17% margin, 44% growth from Q2 2022

Q2 Highlights: Record growth in ARR

Performance, sales and operations

• Exceptional growth in revenues
• Highest ARR growth since listing
• Energy segment, excluding Industrial IoT, with very strong growth in ARR
• Very solid growth for Power Grid segment, combined with uplift in margins
• Infrastructure segment with strong growth in ARR and uplift in margins from Q1
• Profitability in line with guidance and uplift from Q1 and last year
• Volue's largest acquisition completed in Q2
• Ahead of plan in Japan with 19 customers to date, but limited overall financial impact in the quarter

Adjusted EBITDA and other alternative performance measures (APMs) are defined as part of the APM section in this presentation on page 36.

Cleaner energy pressuring the infrastructure

Volue ensuring supply=demand in the energy system

Optimising the grid life cycle for grid operators

Profit maximisation for Power Producers

Customer statements

Fortum achieved a 5% increase in revenues translating to 40MEUR annually

Power Producers Power Grid Operators

Tensio were able to automate 40% of all grid connection requests

Market changes playing into Volue's hands

Changing market conditions	Increased demand for	Products enabling growth
More renewables entering asset play	Integrated value chain	End-to-end coverage on the clean energy value chain of energy software
New asset owners	Tools for professional monetisation on the behalf of new asset owners	Portfolio mgmt. as a service and scalable solutions
Large Investments in grid, more DER's changing the ecosystem	Control and real-time documentation of grid, quicker turnaround to document changes	Next generation SaaS offerings, addressing grid issues triggered by the green transition

Million algo trades

Volue achievements since listing

Completed must-win battles from the '21-'23 strategy

Guidance

Annual long-term organic growth of 15% reiterated

Target of NOK 2 billion in revenues 2025, including M&A, reiterated

Year-by-year increase of adjusted EBITDA margin, cash conversion, share of ARR and SaaS revenues