Volue - Financial results for the third quarter 2022

11 Nov 2022 07:00 CET

Oslo, 11 November 2022: Volue ASA (OSE: VOLUE) reported operating revenues of
NOK 294 million in the third quarter of 2022, an increase of 23 percent from the
third quarter of 2021. Adjusted EBITDA* was NOK 50 million, with an adjusted
EBITDA margin of 17 percent.

The transformation towards recurring revenues and Software as a Service (SaaS)
continues. SaaS revenues were NOK 70 million in the quarter, an increase of 27
percent compared to the third quarter of 2021.

“This was a strong quarter for Volue. We are starting to reap the benefits of
the investments in our SaaS platform. As a result, margins are expanding from
the first half of the year, as we indicated they would. We also have a solid
platform for continued growth and closed more than 800 sales in the third
quarter, despite this being a seasonally slower period. This makes me confident
in our growth and margin outlook, says Trond Straume, CEO of Volue.

Volue reported third quarter 2022 operating revenues of NOK 294 million, up from
NOK 239 million in the corresponding quarter last year. Adjusted EBITDA* for the
quarter totaled NOK 50 million (48), and EBIT was NOK 19 million (10).

“Our Energy segment continues to drive revenue growth as volatile markets
increase the need for advanced software among our European energy customers. I
would also like to highlight important progress in our Infrastructure segment,
for instance among construction customers in Sweden. Within the Power Grid
segment, we continue to develop our offering for the emerging market
opportunities created by distributed energy resources such as solar panels and
electrical vehicles. In short, we see abundant growth opportunities for Volue,”
Straume continues.

Recurring revenue constituted 62 percent of total revenues and reached NOK 181
million in the quarter, an increase of 19 percent from the third quarter of
2021.

“In the third quarter, we continued to combine growth with strong cash flow,
further strengthened our robust balance sheet. This puts us in an excellent
position to pursue the growth opportunities we have identified, both through our
own initiatives and targeted M&A activities,” 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 the fourth quarter of
2022:

• Further utilise synergies to strengthen margins
• Adjusted EBITDA margins improving from the first half of 2022
• Continue to grow ARR business in line with 2025 targets and 2021 performance
• Expand activities outside Europe
• Strategic investments for international growth
• Structural growth through M&A

Webcast and presentation
For further details, please see the attached report and presentation.

Trond Straume, CEO and Arnstein Kjesbu, CFO, will present the results today at
08:00 am CEST at Hotel Continental in Oslo, Norway.

You can follow the webcast from this link:
https://channel.royalcast.com/landingpage/hegnarmedia/20221111_2/

*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as part of the APM section of the
second quarter 2022 report on page 22.

For additional information, please contact:
Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699, ir@volue.com

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 information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Arnstein Kjesbu, CFO, Volue
ASA, on 11 November 2022 at 07:00 am CET.

More information:
Access the news on Oslo Bors NewsWeb site

575459_Volue Q3 2022 Report.pdf
575459_Volue Q3 22 Presentation.pdf