Oslo, November 18th 2023: Following an arbitration proceeding in Oslo, Volue,
through Volue Market Services AS (VMS) is required to pay a settlement to a
counterpart, impacting fourth-quarter financial results. The arbitration
proceeding comes as a result of the claim mentioned in note 24 of Volue's 2022
annual report. The verdict from the arbitration court is final and cannot be
appealed. 

The dispute arises from Volue's engagement in financial market services, on the
counterpart's behalf in long-term markets throughout 2021. The contractual
breach was caused by procedural errors on Volue's side. Volue is in disagreement
with the assessment made regarding Volue's actions and the loss incurred by the
counterpart, leaving Volue disappointed with the outcome of the process. 

In the aftermath of the incidents in 2021, Volue has taken measures to
significantly strengthen operational procedures within the financial market
services area. 

Financial market services conducted on behalf of VMS customers is considered
non-software. Historically, financial market services were important to VMS, but
as more and more of the liquidity in the power market has moved to physical
trading, this service is considered non-core. Revenues from financial market
services have been declining over the years, with mostly non-recurring annual
revenues of approximately NOK 16-18 million, set to continue to decline going
forward. 

A smaller provision has been made during 2023, based on the expected outcome.
However, Volue expect a one-off cost negatively impacting fourth quarter 2023
performance in the range of NOK 24-44 million, depending on the outcome of
insurance claims. Volue has sufficient financial capacity available to pay the
amount due. The impact will affect Volue's ability to deliver on the guidance
concerning increased adjusted EBITDA for 2023. However, excluding the
settlement, the guidance of year-on-year improvements in adjusted EBITDA still
stands and is valid going into 2024. 

For further information, please contact: 
Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699,
Arnstein.kjesbu@volue.com
Jacob Zeno Clausen Krøvel, Head of Investor Relations, Volue +47 484 03 225,
Jacob.krovel@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 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. Visit volue.com for more information.