Volue ASA

Investor Presentation • Feb 10, 2022

volue

Fourth Quarter 2021 Financial Results

10 February 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.

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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.

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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.

Trond Straume Arnstein Kjesbu

Volue in brief

One of the largest software companies in Norway

Robust, flexible and scalable Volue platform

120 TRILLION

650 BILLION

25 MILLION

Working across three major industry segments

2021 revenues (% of total)	NOK 595m (57%)
Recurring revenues share (2021) 62 %
SaaS revenues (2021)	$24 \%$
EU Taxonomy eligibility	HIGH

2021 revenues (% of total)	NOK 249m (24%)
Recurring revenues share (2021)	61%
SaaS revenues (2021)	$10\%$
EU Taxonomy eligibility	HIGH

Energy Power Grid Infrastructure

2021 revenues (% of total)	NOK 197m (19%)
Recurring revenues share (2021)	74%
SaaS revenues (2021)	28 %
EU Taxonomy eligibility	MEDIUM

What we said early 2021:

Highlights for the Quarter

Q4 Highlights: Strong growth in ARR and total revenues

Performance, sales and operations

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Subsequent events

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Strong sales performance – continued strong market

3,200

US & Japan

2,200+

Strategic contracts

Fourth Quarter 2021 Financial Results

2021 Key figures

On track for 2 billion target in 2025

NOK 1,040 mill NOK 214 mill

NOK 667 mill NOK 221 mill

Financial highlights

Financial highlights (NOKm)	Q4 2021	Q42020	2021	2020
Operating revenues 1	312	240	1,040	892
Adjusted EBITDA 2	57	54	214	196
Adjusted EBITDA margin	18%	22 %	21%	22%
Recurring revenues growth (%)	17%	13%	17 %	$12 \%$
Recurring revenues (% of revenues)	60%	67%	64%	64%
SaaS revenues growth (%)	35 %	37 %	50%	31%
SaaS revenues (% of revenues)	21%	20 %	21%	$16 \%$
R&D CAPEX (% of revenues)	11%	11%	10 %	$10 \text{ %}$

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Energy Segment

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Power Grid Segment

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Infrastructure Segment

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Accelerating shift towards SaaS

Strong growth in ARR base and highly sticky customer base

Industry Developments and Strategy

Cleaner energy pressuring the infrastructure

Backdrop

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High volatility – increasing the need for sophisticated solutions

The green shift triggers a race on both sides!

2025-2030 the consumption grows faster than the production

Offering customers flexibility and increased value creation

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

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

Summary & Outlook

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 and upselling opportunities

Strong foundation for 2022

Expanded international activities and European footprint

Acquistion of ProCom and successful integration of ProCom and Likron

Closed more than 3,200 deals in a continued strong market

Listed on Oslo Stock Exchange

Priorities and ambitions for 2022

Ambitions to exceed NOK 2 billion revenues by 2025

Mid to long-term ambitions % recurring Revenue growth revenues $~15\%$ Towards $80\%$ organic revenues growth of total revenues per year Adj. EBITDA % SaaS revenues margin % $>50\%$ Towards $30\%$ adj. EBITDA margin of total revenues

M&A strategy Highly fragmented market - Volue aims to pursue consolidation Europa primary focus; US and APAC secondary Analyse $\vee$ Plan & operate $\vee$ Monetise

volue

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

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volue

Appendix Financial and Operational Information

Group P&L and KPIs

Key metrics (NOKm)	Q4 2021	Q4 2020	2021	2020
Operating revenues	312	240	1,040	892
COGS	38	45	159	153
Gross profit	274	195	881	739
Gross margin %	88%	81%	85%	83%
Personnel expenses (excl. capitalised R&D)	151	129	498	437
Other OPEX	66	11	169	105
Adjusted EBITDA	57	54	214	197
Adjusted EBITDA margin %	18%	23%	21%	22%
Non-recurring items		24	75	48
EBITDA	50	30	139	149
EBITDA margin %	16%	13%	13%	17%
Depreciation and amortization	23	18	92	66
EBIT	27	12	47	82
EBIT margin %	9%	5%	5%	9%
Net financial items	$-6$	-4	$-5$	$-9$
EBT	21	8	42	73
Tax	10 1	$-13$	13	10 1
Profit (loss) continued operations	11	21	29	63
Profit/loss from discontinued operations	$\overline{O}$	$\overline{O}$	$\circ$	39
Net profit/loss		21	29	101

Balance sheet

Balance sheet (NOKm)			Q4 2021 Q3 2021 Q4 2020
ASSETS
Property, plant and equipment	141	147	162
Intangible assets	544	492	463
Pension assets	18	14	15 1
Non-current receivables and
investments	29	33	32
Deferred tax assets	17	24
Total non-current assets	750	709	680
				Е
Inventory	20	22	13
Contract assets	65	74	39
Trade and other receivables	520	244	296
Financial Investments		$\left( \right)$	10
Cash and cash equivalents	404	395	434
Total current assets	1,009	735	793
Total assets	1,759	1,444	1,473

Balance sheet (NOKm)		Q4 2021 Q3 2021 Q4 2020
LIABILITIES AND EQUITY Equity Total Equity	765 765	751 751	743 743
Lease liabilities Other non-current liabilities Deferred tax liabilities	89 14 46	95 15 1 43	117 38 26
Total non - current liabilities	150	153	181
Borrowings Lease liabilities Trade and other payables Current tax liabilities	18 26 349 17	6 27 68 7	4 21 147 16
Contract liabilities	49	109	56
Other current liabilities	385	323	305
Total current liabilities Total liabilities and equity	844 1,759	541 1,444	548 1,473

Cash flow statement

Cash flow statement (NOKm)	31.12.2021	31.12.2020
Profit before tax from continuing operations	42	75
Depreciations	92	65
Net finance	5	$\overline{7}$
Change in current assets	$-238$	$-78$
Change in current liabilities	253	176
Change in other operating items	$-30$	5
Change in tax paid	$-2$	$-14$
Net cash flow from operating activities	122	230
Interest received	3	7
Purchase of property, plant and intangible assets	$-119$	$-134$
Net cashflow from other investments	10	$-1$
Purchase of shares in subsidiaries	-4	$-62$
Loans to employees		$-30$
Net cash flow from investing activities	$-110$	$-220$
Proceeds from issue of shares	O	550
Movement in borrowings	$-15$	$-86$
Interest paid	-8	$-17$
Dividend paid	$\Omega$	$-42$
Acquisition of non-controlling interests	-6	$-238$
Purchase of own shares	$-5$	$\Omega$
Net cash flow from financing activities	$-34$	167
Net change in cash and cash equivalents	$-22$	177
Cash and cash equivalents opening balance	434	233
Net cash flow from discontinued operations	O	15
Effects of exchange rate changes on cash and cash
gguivalents		9
$\mathop{\mathrm{Cas}}\nolimits$ and cash equivalents closing balance	404	434

Segment overview

Energy Segment (NOKm)	Q4 2021	Q4 2020	2021	2020
Revenues	187	124	595	456
Adjusted EBITDA1	35	20	126	86
Adjusted EBITDA margin	19%	16%	21%	19%
R&D CAPEX (% of revenues)	10%	11%	10%	10%
Power Grid Segment (NOKm)	Q4 2021	Q4 2020	2021	2020
Revenues	70	59	249	235
Adjusted EBITDA 1	8	25	32	57
Adjusted EBITDA margin	11%	43%	12%	24%
R&D CAPEX (% of revenues)	16%	14%	10%	8%
Infrastructure Segment (NOKm)	Q4 2021	Q4 2020	2021	2020
Revenues	55	57	197	201
Adjusted EBITDA 1	14	8	57	53
Adjusted EBITDA margin	25%	15%	28%	26%
R&D CAPEX (% of revenues)	14%	10%	12%	11%

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, amortization 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.

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. 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 capitalized, as they previously would have been.