Volue ASA

Investor Presentation • Aug 19, 2022

Second Quarter 2022 Financial Results

19 August 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.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and its subsidiaries and/or the industry in which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Company nor any of its subsidiaries or any such person's officers or employees provides any assurance that the assumptions underlying such forwardlooking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to any actual results.

3 An investment in the Company involves risk, and several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, market acceptance and relations with customers, and, more generally, general economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors.

Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation.

The information in this presentation speaks as of the date hereof. The Company does not intend, and does not assume any obligation, to update or correct the information included in this presentation. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiaries or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business.

The contents of this presentation shall not be construed as legal, business or tax advice, and the furnishing of this presentation should not be considered as the giving of investment advice by the Company or any of its directors, officers, agents, employees or advisers. Prospective investors should consult its own legal, business or tax advisor as to legal, business or tax advice.

This presentation has been prepared for information purposes only, and does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity.

This presentation is subject to Norwegian law and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo district court as legal venue.

	Jørund Haartveit
Senior VP

Volue in brief One of the largest software companies in Norway

Established	Customers	Engaged employees
2020	2,200+	750
Experience in Green Tech 50 years	Customers in 40+ countries	Offices 30
	Industry segments Energy	Power Grid Infrastructure

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

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

Q2 2022 revenues (% of total)	NOK 189m (64%)	Q2 2022 revenues (% of total)	NOK 60m (20%)	Q2 2022 revenues (% of total)	NOK 49m (16%)
Recurring revenues share (2022)	57%	Recurring revenues share (2022)	65%	Recurring revenues share (2022)	85%
SaaS revenues (2022)	23 %	SaaS revenues (2022)	10%	SaaS revenues (2022)	41%
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 2022 revenues (% of total)	NOK 49m (16%)
Recurring revenues share (2022)	85%
EU Taxonomy eligibility	MEDIUM

Highlights for the Quarter

Recurring revenues

NOK 189 mill

Operating revenues

NOK 298 mill

17% growth from Q2 2021 28% growth from Q2 2021

SaaS revenues

NOK 68 mill

29% growth from Q2 2021

Adjusted EBITDA

NOK 44 mill

15% margin, in line with Q1 2022

Q2 Highlights: Strong growth in Energy segment!

Performance, sales and operations

• Strong top-line growth, with solid closing of the quarter
• 44% growth in Energy segment, with especially tailwind in Trading offerings
• High sales performance, with closing of 750 new deals
• Strong growth in new strategic Energy service contributing to good performance
• Continued strong market outlook
• On track for 2025 ambitions

Adjusted EBITDA and other alternative performance measures (APMs) are defined as part of the APM section in this presentation on page 43.

Strong sales performance – continued strong market

Growing activities in trading market

Nordic & Europe

We closed more than

750

deals in Q2 2022

Managing

Customers across more than 40 countries

2022: Several new

2,200+ Strategic Contracts

New strategic revenue area Key strategic value for Volue: Trading advisory

• A logical next step, following Volue's European success with short-, mid- and long-term price forecasting through the Volue Insight platform
• Scalable platform services, enabling customers to increase profit margin from their renewable portfolio, utilising Volue's deep insight to market dynamics and comprehensive trading strategies
• Proven market-ready following robust verification

Quarterly revenue from Trading Advisory 21-22

Volatility in the Energy market increase complexity, requiring sophisticated solutions to rapidly act on market opportunities

Ground-breaking software trading algorithms, provide unprecedented opportunities for scale

Fixed mandates generating ARR growth

Second Quarter 2022 Financial Results

Financial highlights

Financial highlights (NOKm)	Q2 2022	Q2 2021	YTD 2022	YTD 2021	LTM
Operating revenues1	298	233	584	489	1,135
Adjusted EBITDA2	44	57	90	109	195
Adjusted EBITDA margin	15%	24%	15%	22%	17%
Recurring revenues growth (%) Recurring revenues (% of	17%	17%	15%	19%	15%
revenues)	63%	69%	63%	67%	62%
SaaS revenues growth (%)	29%	51%	39%	50%	42%
SaaS revenues (% of revenues)	23%	22%	23%	20%	22%
R&D CAPEX (% of revenues)	9%	10%	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.

Growth

• Strong financial performance with good growth in our software solution
• 28 % revenues growth from Q2-2021
• Strong growth in SaaS revenues of 29% from Q2 2021
• Energy Segment with 44% revenue growth
• Lower Growth in Power Grid and Infrastructure, but positive trend
• Ongoing change in business models

Profitability

Adjusted EBITDA margin in Q2 down from Q2 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

Relatively flat capex level, but lower than plan

• New product features for international growth driving the capex level
• Platform investment for further scalability

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

30%

0

50

100

150

200

250

300

50%

70%

90%

110%

130%

150%

0 %

10 %

20 %

30 %

40 %

50 %

60 %

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

+19% Annualised recurring revenues basis1 673 798 Q2 21 Q2 22

, NOKm Customers stay with Volue

1. Cancelled yearly recurring revenues divided by total revenues.

2. Annualised recurring revenues basis is the yearly value of recurring contracts, delivered and not delivered

Sticky customer base – Volue delivers business critical infrastructure

Typical revenue development for a larger Energy production customer

• Providing high quality and sophisticated software to customers responsible for critical infrastructure
• Crucial for security of supply
• Long lasting customer relations
• Proven quality over time with a strong reputation in the market
• Very sticky customer base Expanding value offerings for customers over time

Upgrade

Energy Segment

1 EBITDA adjusted for non-recurring items.

Growth

• Segment with strong growth of 44% from Q2 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

• Increased profitability due to uplift through scalable products
• 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

1 EBITDA adjusted for non-recurring items.

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

19

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
• Realising 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

20

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

(In)security of supply

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

High volatility – increasing the need for sophisticated solutions

Prices in Germany last 2 Weeks - August 2022

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

An integrated European Power Market

A new price regime

To reduce risk and increase profit Volue provides:

• A pan European Service providing up-todate price- and fundamental data forecasts for all time horizons.
• Unrivaled analysis and research provided by in-house market experts delivered on an intuitive web-interface.
• Easy access data through best-in-class data-API and offers all relevant curves to support and facilitate all daily operations from short to long term markets.

Platform APIs accessed

Times every day

Save the date: Volue Capital Markets Day 21 September 2022

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

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

Significantly simplifying access and interaction for all stakeholders

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

Priorities and ambitions for H2 2022

Further utilise synergies to strengthen margins Expand activities outside Europe 01

Adj. EBITDA margins improving from H1 2022 02

Strategic investments for scalable growth 05

Continue to grow ARR business in line with 2025 targets and 2021 performance 03

Ambitions to exceed NOK 2 billion revenues by 2025

Mid- to long-term ambitions M&A strategy

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

35

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

Volue offers wall-to-wall SaaS solutions and has built up a customer base comprising the leading European energy companies 02

01

Ongoing SaaS-transformation with solid growth in recurring revenues and an uptick in EBITDA margins over time. On track for 2025 ambitions 03

Save the date: Volue Capital Markets Day 21 September 2022

Appendix Financial and Operational Information

Group P&L and KPIs

Group financial performance

39

Key metrics (NOKm)	Q2 2022	Q2 2021	YTD 2022	YTD 2021	LTM
Operating revenues	298	233	584	489	1,135
COGS	50	37	93	78	174
Gross profit	249	196	491	411	962
Gross margin %	83%	84%	84%	84%	85%
Personnel expenses (excl. capitalised R&D)	139	87	296	211	583
Other OPEX	65	52	106	91	184
Adjusted EBITDA	44	57	90	109	195
Adjusted EBITDA margin %	15%	24%	15%	22%	17%
Non-recurring items	6	43	10	52	33
EBITDA	39	14	79	56	162
EBITDA margin %	13%	6%	13%	11%	14%
Depreciation and amortisation	27	25	53	46	99
EBIT	12	-11	26	10	63
EBIT margin %	4%	-5%	4%	2%	6%
Net financial items	4	1	1	1	-5
EBT	16	-10	26	11	58
Tax	6	-5	10	2	23
Profit (loss)	10	-5	17	10	35

Balance sheet

Balance sheet (NOKm)	Q2 2022	Q1 2022	Q2 2021	Q4 2021	Balance sheet (NOKm)	Q2 2022	Q1 2022	Q2 2021	Q4 2021
ASSETS					LIABILITIES AND EQUITY
Property, plant and equipment	130	135	162	141	Equity	785	767	743	767
Intangible assets	573	551	482	543	Total Equity	783	767	743	767
Pension assets	8	8	15	8
Non-current receivables and
investments	35	37	32	39	Lease liabilities	79	84	105	87
Deferred tax assets	21	13	16	5	Other non-current liabilities	14	15	15	15
Total non-current assets	767	744	707	736	Deferred tax liabilities	29	23	36	29
					Total non - current liabilities	123	126	156	132
					Borrowings	10	10	7	18
Inventory	24	24	21	20	Lease liabilities	25	25	31	28
Contract assets	82	74	53	66	Trade and other payables	72	72	45	351
Trade and other receivables	277	307	233	520	Current tax liabilities	41	27	5	19
Financial Investments			0	0	Contract liabilities	183	269	170	49
Cash and cash equivalents	475	631	484	404	Other current liabilities	386	483	341	384
Total current assets	858	1,036	791	1,011	Total current liabilities	717	886	599	848
Total assets	1,626	1,780	1,498	1,746	Total liabilities and equity	1,626	1,780	1,498	1,746

Cash flow statement

41

Cash flow statement (NOKm)	30.06.2022	30.06.2021
Profit before tax from continuing operations	26	11
Depreciations	53	46
Net finance	-1	-1
Change in current assets	-49	43
Change in current liabilities	137	32
Change in other operating items	-	-
Change in tax paid	-	-10
Net cash flow from operating activities	158	121
Interest received	3	1
Purchase of property, plant and intangible assets	-65	-59
Net cashflow from other investments	2	10
Purchase of shares in subsidiaries	-	-
Loans to employees	-	-
Net cash flow from investing activities	-60	-48
Proceeds from issue of shares	-	-
Movement in borrowings	-20	-16
Interest paid	-4	-6
Dividend paid	-	-
Acquisition of non-controlling interests	-2	-5
Purchase of own shares	-4	-
Net cash flow from financing activities	-30	-26
Net change in cash and cash equivalents	68	47
Cash and cash equivalents opening balance	404	434
Effects of exchange rate changes on cash and cash
equivalents	3	4
Cash and cash equivalents closing balance	475	484

Segment overview

Energy Segment (NOKm)	Q2 2022	Q2 2021	YTD 2022	YTD 2021	LTM
Operating revenues	189	131	361	267	689
Adjusted EBITDA	32	20	62	51	137
Adjusted EBITDA margin	17%	15%	17%	19%	20%
R&D CAPEX (% of revenues)	8 %	10%	9%	11%	9%

Power Grid Segment (NOKm)	Q2 2022	Q2 2021	YTD 2022	YTD 2021	LTM
Operating revenues	60	56	124	123	250
Adjusted EBITDA	3	-8	10	23	19
Adjusted EBITDA margin	5%	-15%	8%	19%	7%
R&D CAPEX (% of revenues)	8%	6%	9%	7%	10%

Infrastructure Segment (NOKm)	Q2 2022	Q2 2021	YTD 2022	YTD 2021	LTM
Revenues	49	47	99	99	197
Adjusted EBITDA	9	24	18	35	41
Adjusted EBITDA margin	19%	52%	52%	35%	21%
R&D CAPEX (% of revenues)	15%	13%	14%	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.