Financial Results for the First Quarter 2022

Adjusted EBITDA* was NOK 45 million, with an adjusted EBITDA margin of 16 percent. The transformation towards recurring revenues and Software as a Service (SaaS) continues. SaaS revenues were NOK 66 million in the quarter, an increase of 40 percent compared to the first quarter of 2021. “The SaaS transformation is accelerating and enabled a record number of 900 deals in the quarter. While this transformation puts a short-term drag on growth, it translates into a highly resilient business and future growth for Volue. I am very happy that we’re able to deliver solid growth through this transition,” says Trond Straume, CEO of Volue. Volue reported first quarter 2022 operating revenues of NOK 286 million, up from NOK 256 million in the corresponding quarter last year.

Adjusted EBITDA* for the quarter totaled NOK 45 million (52), and EBIT was NOK 14 million (21). Recurring revenue constituted 65 percent of total revenues and reached NOK 185 million in the quarter, an increase of 13 percent from the first quarter of 2021. “The recent volatility in the energy markets highlights the need for sophisticated software to manage the energy systems of tomorrow. In the short term, we see strong demand. The limiting factor is primarily our capacity.

We’re successful in hiring the best talent, but we see that recruitment and onboarding take longer. This will be high on our agenda in the coming months and quarters,” Straume continues. The company is working on several new initiatives such as Spark and new products related to optimisation and trading solutions. “The shift towards green, non-controllable energy sources combined with the explosive increase in the number of distributed production and storage units require more intelligent energy systems to handle the increased complexity. This presents exciting business opportunities for Volue” says Straume.

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. 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

*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.