Volue ASA

Report Publication Announcement • Apr 1, 2022

Volue publishes its 2021 Annual Report and ESG Report

Volue publishes its 2021 Annual Report and ESG Report

Oslo, April 1, 2022: Volue ASA (OSE: VOLUE) today published its Annual Report and ESG Report for 2021. The reports are attached and available at

https://www.volue.com/investors.

Highlights of 2021:

• Operating revenues of NOK 1,039 million, 17 per cent overall growth

• Adjusted EBITDA of NOK 214 million with margin of 21 per cent

• Solid performance in ARR business, with steady growth in new SaaS business

• Acquistion of ProCom and successful integration of ProCom and Likron

• On track for 2025 ambitions - increasing revenues target to exceed NOK 2 billion

Reflecting on 2021, Volue’s CEO Trond Straume said:

"2021 was a strong year for Volue. Despite the difficulties created by the ongoing pandemic, we dedicated our efforts to serving our customers and invested in profitable growth, expanding Volue’s footprint in Europe and beyond."

"I am very proud that we met our bold ambitions for 2021. We exceeded our operating revenue goal of NOK 1 billion – our revenues grew by 17 per cent to NOK 1,039 million, and we reported a 21 per cent adjusted EBITDA. Out of the total revenues, 64 per cent were recurring revenues, accounting for 17 per cent growth.

"Last year, Volue presented its first ESG report, describing our sustainability efforts within four main areas: Environment, Great Place to Work, Ethical Business Conduct, and Reliable Products and Operations. This year, we have built on our ESG commitments by working with dedication on these sustainability areas and have set new bold targets for 2022. To aid us on our sustainability journey, we have looked to proven sustainability frameworks that could help us keep our strategic focus and create greater impact. In 2021, Volue became a signatory of the UN Global Compact, the world’s largest corporate initiative for sustainability, and this year we are also reporting according to the GRI standards for the first time."

"We find ourselves in a world ever more dependent on electricity. As we close down coal and nuclear power plants to deliver on our sustainability goals, we count more and more on new energy sources – the largely weather-dependent solar and wind assets. At the same time, gas prices are skyrocketing as geopolitical challenges lead to a shortage of supply. In many ways, our end markets are experiencing what we think is the perfect storm. A storm that is projected to last for decades. In this, we see risks but also tremendous opportunities. To manage the green transition, our customers are asking us for wall-to-wall digitalisation across processes and disciplines."

"Less than two years ago, Volue comprised four individual companies with separate management teams, a fragmented customer approach, no common R&D or product development strategies, and a mostly Norwegian footprint. The company grew through the acquisitions of Likron and ProCom, and today, the six companies have joined forces behind one brand and in one organisation. We believe that Volue, with its size and market reach, can bring value to the industry by acting as a consolidator."

"With a successful 2021 behind us, we are quite bullish about the future. We are now looking to exceed our NOK 2 billion revenue target for 2025. As we progress with our Software-as-a-service (SaaS) transformation, we believe in an uptick in margins, with an EBITDA level towards 30 per cent, SaaS revenues increasing to 50 per cent and recurring revenues towards 80 per cent in 2025."

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 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 announcement is subject to information pursuant to the Securities Trading

Act § 5-12.