Oslo, May 5th 2023: Volue ASA (OSE: VOLUE) reported operating revenues of NOK
339 million in the first quarter of 2023, an increase of 19 percent from the
first quarter of 2022. Adjusted EBITDA* was NOK 55 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 88 million in the quarter, an increase of 34
percent compared to the first quarter of 2022. Recurring revenue constituted 66
percent of total revenues and reached NOK 223 million in the quarter, an
increase of 21 percent from the first quarter of 2022. This makes the ARR growth
in the quarter Volue's highest since listing.

"We are pleased to start the year with strong growth momentum. Revenues, ARR and
SaaS are all moving in the right direction, and we are reaping the benefits from
our commitment to investing for growth. The Energy segment continues to be the
dominant force with 22 percent growth and improving margins from the same
quarter the previous year. The demand backdrop for the segment is as attractive
as it's ever been. Europe's response to energy security is a dedicated push for
intermittent renewables. This has crystallised over the last year with a
stronger magnitude than we anticipated when creating Volue in 2020. We have a
clear vision on who will be the number one European player in this space by 2030
- and why it will be Volue," says Trond Straume, CEO of Volue.

Volue established an office in Japan early in 2022 and launched its first
offering to the market in September 2022. By the time of reporting the results
for the fourth quarter 2022, the first customer contract was announced. Today,
the number has increased to 11, and the team in Japan is exceeding the sales
ambitions set when entering the year.  

"The traction we are experiencing in Japan is a testament to the power of our
platform. We have customer feedback stating that we are consistently
outperforming our competitors in Japan, which bodes well for our future in the
market," Straume continues.

"Towards 2030, growth of intermittent renewables will largely come from small
and new players. There is a striking contrast to the energy system of 2020,
where incumbent players were responsible for the growth. At Volue, we have built
a unique offering for those incumbent players, verified by the growth in our
Energy Segments. To add to this growth, we see Portfolio Management as a Service
being attractive for small and medium-sized players within wind, solar and
batteries. In targeting this space, we continue to grow organically and assess
structural options in our pursuit for the European number one position by 2030,"
Straume says.

Volue has prioritised strategic investments in its SaaS platform and expansion
into new markets. This has created short- to mid-term EBITDA impact and
increased R&D capitalisation in line with plans. Measures are in place to
counter margin effects, and Volue targets year-by-year improvement in
profitability and cash conversion. 

"Since listing Volue, scaling for growth has been our main objective. Coming out
of 2022, we have increased our attention on profitability. In the first quarter
of 2023, we realised organisational cost synergies in a way that will allow us
to keep our growth momentum, and we adopted a more proactive approach to our
portfolio. Part of that approach is a strategical assessment of our ownership in
Industrial IoT," says Straume.

Volue provides the following updated long-term guidance to the market
o	Annual long-term organic growth of 15 percent reiterated
o	Target of NOK 2 billion in revenues in 2025, including M&A, reiterated
o	Year-by-year increase of adjusted EBITDA margin, cash conversion, share of ARR
and SaaS revenues

Additionally, Volue has set the following priorities and ambitions for 2023:
o	Long-term growth target of 15% reiterated, whilst lower 2023 non-recurring
revenues may limit growth from 2022
o	Continue to grow ARR and SaaS business in line with 2022 performance
o	Focus on profitability initiatives to improve profitability and cash
conversion
o	Structural growth through M&A


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

Trond Straume, CEO, and Arnstein Kjesbu, CFO, will present the results today
through a webcast and Q&A session with Arctic Securities at 11:30 am CET. For
registration and participation, please send an e-mail to Carine Kyrkjebø at
carine.kyrkjebo@arctic.com. 

In a video presentation, CEO Trond Straume sums up the fourth quarter results
and highlights. Please find the video here:
https://vimeo.com/823817883/03925d98a4

*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as part of the APM section of the
first quarter 2023 presentation on page 33.

For additional information, please contact:
Arnstein Kjesbu, Chief Financial Officer, Volue +47 970 47 699,
Arnstein.kjesbu@volue.com
Jacob Zeno Clausen Krøvel, Head of IR, 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 770
employees work with around 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 is active in 40+ countries.

This stock exchange announcement was published by Jacob Zeno Clausen Krøvel,
Head of IR, Volue ASA, on May 5th 2023 at 07:00 am CET. 

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.