Oslo, 10 February 2023: Volue ASA (OSE: VOLUE) reported operating revenues of
NOK 339 million in the fourth quarter of 2022, an increase of 9 percent from the
fourth quarter of 2021. Adjusted EBITDA* was NOK 64 million, with an adjusted
EBITDA margin of 19 percent.

The transformation towards recurring revenues and Software as a Service (SaaS)
continues. SaaS revenues were NOK 79 million in the quarter, an increase of 22
percent compared to the fourth quarter of 2021.

"We are proud to deliver record-breaking operating revenues, despite more
normalised energy markets. Volatility in the energy markets came down in the
fourth quarter of 2022, compared to 2022 as a whole. This negatively affected
operating revenues, but our performance, despite weakening revenues from trading
activities, is a testament to the strength of the business we are building. We
do, however, acknowledge that margins are somewhat under pressure, and we are
not immune to the world around us. Our most important asset is our people, and
when inflation hits salaries, we have prioritised keeping employees and
maintaining growth," says Trond Straume, CEO of Volue.

As Volue is affected by inflation, the margin pathway shared at the capital
markets day in September is being reviewed. However, Volue still sees adjusted
EBITDA margins in 2023 improving from 2022 levels.

"We are now shifting gear. Growth continues to be our top priority, but we are
increasing our focus on profitability. Reflecting on the changes in the world
around us, it is natural to review the margin pathway whilst remaining focused
on growth in end-markets undergoing market transition," Straume continues.

Volue reported fourth quarter 2022 operating revenues of NOK 339 million, up
from NOK 312 million in the corresponding quarter last year. Adjusted EBITDA*
for the quarter totalled NOK 64 million (56), and EBIT was NOK -4 million (27).
A deferred consideration related to the acquisition of Likron has been booked as
a non-recurring item, resulting in the negative EBIT figure.

"The quarter brought sales of strategic magnitude in all segments. In the Energy
segment, we made a breakthrough deal highlighting the complexity that we handle.
The client is a German power major, and Volue will deliver a cross-portfolio
solution digitising the entire energy value chain. After conducting a
comprehensive market analysis, the client found Volue to be unmatched in the
competitive landscape. Winning this breakthrough contract validates Volue's
value proposition in continental Europe. Within power grid, a large Nordic
utility is joining forces with Volue to design efficient work processes to speed
up the electrification of society. The collaboration will result in a completely
new set of solutions that will enable the utility to digitise the end-to-end
process of planning and constructing a new grid. The modular solutions will
target a wider European market and is adaptable to support changing framework
conditions within various geographical markets and easily integrate to different
data platforms. In our Infrastructure segment, the Construction division reached
1000 customers and added 100 in 2022. All of them were SaaS contracts and 30
were in Sweden. We are also very excited to announce that we have won our first
client in Japan. These are all market signals that Volue is the preferred
counterpart for demanding software challenges in the segments we serve," Straume
says.

Recurring revenue constituted 62 percent of total revenues and reached NOK 211
million in the quarter, an increase of 12 percent from the fourth quarter of
2021. 

"For the fourth quarter, and 2022 as a whole, our priorities have been growth
and building our ARR base. We are proud of what we have achieved, and it puts us
in an excellent position to pursue the growth opportunities we have identified,
both through our own initiatives and targeted M&A activities. These elements are
staying with us, but going into 2023, we are increasing our focus on
profitability," says Straume.

Volue continues to prioritise strategic investments in its SaaS platform and
expansion into new markets. This creates 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 will work diligently to improve profitability.


Volue has set the following priorities and ambitions for 2023:

oTop line growth remains the priority and 2025 target of 2 billion inclusive M&A
remains intact
oContinue to grow ARR and SaaS business in line with 2022 performance
oLong-term growth target of 15% reiterated, whilst lower 2023 non-recurring
revenues may limit growth from 2022
oFocus on profitability initiatives following a more normalised European energy
market
oStructural 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 ABG Sundal Collier at 13:00 am CET. For
registration and participation, please send an e-mail to Sara Hvammen at
sara.hvammen@abgsc.no. 

In a video presentation, CEO Trond Straume sums up the fourth quarter results
and highlights. Please find the video here:
https://vimeo.com/797380290/5b9e2dc93d

*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 2022 presentation on page 23.

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, zeno@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 750
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 stock exchange announcement was published by Jacob Zeno Clausen Krøvel,
Head of IR, Volue ASA, on 10 February 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.