Financial Results for the First Quarter of 2024

Oslo, May 15th 2024: Volue ASA (OSE: VOLUE) reported operating revenues of NOK 400 million in the first quarter of 2024, an increase of 18 percent from the first quarter of 2023. Adjusted EBITDA* was NOK 83 million, with an adjusted EBITDA margin of 21 percent.


May 15, 2024

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The transformation towards recurring revenues and Software as a Service (SaaS) continues. SaaS revenues were NOK 126 million in the quarter, an increase of 42 percent compared to the first quarter of 2023. Recurring revenue constituted 71 percent of total revenues and reached NOK 284 million in the quarter, an increase of 27 percent from the first quarter of 2023.  

 “We are picking up 2024 where we left 2023 – with momentum on growth in SaaS, ARR and operating revenues accompanied by improving adjusted EBITDA margins. During the first quarter, we have published several news pieces with the common denominator being how we are growing in Europe generally and Iberia in particular.

"They highlight how we’ve taken Smart Power live with A2A and Enel in Italy, allowing them to reap the benefits of improved profits and a better balance in the Italian energy system. We have also extended our partnership with Iberdrola, who’s utilising our trading capabilities. All three companies are crucial players in the European energy system and long-time customers of Volue. The stories highlight how we at Volue are able to build on our unique skills to foster long-term and growing customer relationships,” says Trond Straume, CEO of Volue. 

The previously announced reduction of non-recurring volatility-driven revenues during 2023 has continued into 2024 but the effect is less significant now. At the start of 2023, Volue initiated a business model transformation of Volue Energy Market Services with the goal of shifting away from volatility driven non-recurring revenues towards ARR. The acquisition of Enerim and its platform is instrumental to this transformation and already proving fruitful. Non-recurring revenues are decreasing, while ARR is increasing, impacting growth in the process, building a more resilient revenue base and profitability over time. Consequently, Volue is proud of the organic growth rate of 7 percent in the Energy segment, when seen in relation to the segment’s organic growth in ARR and SaaS of 20 and 24 percent, respectively. 

 “Our go-to-market strategy starts with the Insight platform as our spearhead, where we demonstrate our value-add. From there we add trading and optimisation capabilities as we expand the customer relationship. With this strategy as a backdrop, we are pleased to see the Insight platform winning 25 new customers from 14 different countries in the quarter. This expands our platform for upselling and highlights the geographical breadth of our growth,” Straume continues.  

"Our clear ambition is to be the number one software and software-backed service provider to the European energy system by 2030. The pace at which we have entered 2024 confirms that we are on track," Straume concludes. 

Volue maintains its long-term guidance on organic growth, an active M&A agenda and year-on-year improvements of important KPIs. By delivering on these guidance elements, the previously communicated ambition of NOK 2 billion revenues in 2025 will be met. As Volue does not provide short-term financial guidance and maintains its growth and M&A guidance, the target of NOK 2 billion in 2025 is now deemed redundant and hence removed. The removal is not only the result of successful growth over time but also a demonstration of dedication towards attractive M&A opportunities and continuous streamlining of the business. 

 Volue maintains the following long-term guidance to the market 

  • Annual long-term organic growth of 15 percent  
  • Active M&A agenda with 1-2 deals per year 
  • Year-by-year increase of adjusted EBITDA margin, cash conversion, share of ARR and SaaS revenues 

About Volue

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 800 employees work with more than 2,500 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 active in 40+ countries. 

Highlights and presentation  

For further details, please see the presentation on our investor pages. In the video presentation below, CEO Trond Straume sums up the results and highlights. 

For additional information, please contact:

Photo of Arnstein Kjesbu png

Arnstein Kjesbu

Chief Financial Officer & Strategy

Jacob Zeno Clausen Krøvel, Head of Investor Relations

Jacob Zeno Clausen Krøvel

Head of Investor Relations