Oslo, November 10th 2023: Volue ASA (OSE: VOLUE) reported operating revenues of
NOK 334 million in the third quarter of 2023, an increase of 14 percent from the
third quarter of 2022. Adjusted EBITDA* was NOK 63 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 105 million in the quarter, an increase of 50
percent compared to the third quarter of 2022. Recurring revenue constituted 76
percent of total revenues and reached NOK 254 million in the quarter, an
increase of 40 percent from the third quarter of 2022. 

"We're excited that our annualised ARR base broke the barrier of 1 billion NOK
in the quarter, representing an important milestone for Volue. This demonstrates
that we hold true to our promise of powerful growth in ARR and SaaS as we are
reaping the benefits of the investments we've made in our platform. Through our
go-to-market strategy, we're building a robust SaaS company, and our success in
doing so is evident from the growth we've delivered in ARR and SaaS revenues
since listing in 2020," says Trond Straume, CEO of Volue.

Volue achieves sustained growth through key customer acquisitions, highlighted
by strategic wins in the quarter. Notably, the company expanded its presence in
Japan, reaching 22 paying customers. The proven market fit in Japan serves as a
clear testament to the value that Volue brings customers - also in virgin
markets without decades of track record.

The strategic review of the ownership in Industrial IoT is still underway, and
it's deemed appropriate to keep the unit somewhat separate from the Energy
segment. Hence, Industrial IoT is reported under "other segments", and all
figures referred to in the Energy segment are excluding Industrial IoT.

In the third quarter of 2023, revenues from the newly acquired Enerim Oy's
Energy Market Services division are recognised in the Energy segment. On the
other hand, the Energy segment faced headwinds in non-recurring
volatility-driven revenues when compared to the third quarter of 2022. The
abnormal volatility revenues is estimated to NOK 60 million for the full year
2022. As indicated and expected, these revenues came down, and the effect was
approximately NOK 30 million in the third quarter. 

In sum, the Energy segment grew at a rate of 16 percent compared to the same
quarter last year, while the organic growth versus the same period was -3
percent. Achieving organic revenues almost on par with the same period last year
in the absence of the non-recurring revenues suggests strong development in ARR
and SaaS and a very healthy improvement in the underlying business.

"With decreased non-recurring revenues and great progress in ARR and SaaS, we're
left with significant uplifts in their respective shares of revenue for the last
twelve months. The fact that we've also been able to improve margins from the
corresponding quarter last year speaks volumes to the underlying performance of
our business," Straume says. 

Going forward, Volue sees substantial potential in the growth of batteries, wind
and solar. The acquisition of the Enerim Energy Market Services division and
increased focus on portfolio management as a service is a direct consequence of
the group's belief in this segment.
 
"We have hit the ground running on the integration of Enerim and the formation
of Volue Energy Market Services. The business line is providing Portfolio
Management as a Service to a growing market, including small to medium wind,
solar and battery players. Combined, we are the Nordic market leader, positioned
to be a leader in Europe by 2030," Straume says.

"We are steadfast in our ambition to become the number one software and
software-backed service provider to the European energy system by 2030. At the
speed markets are changing, opportunities are opening up for Volue across the
board, and our task is to pursue the right ones. In order to do so, Volue will
continue to be focused, both organically and structurally," Straume continues.

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


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 hosted and moderated by ABG Sundal Collier at
09:30 am CET. For registration, please send an e-mail to invitations@abgsc.no.

In a video presentation, CEO Trond Straume sums up the results and highlights.
Please find the video here: https://vimeo.com/882835118/cad1c00bbf?share=copy

*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as part of the APM section of the
third quarter 2023 presentation on page 32.

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 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.

This stock exchange announcement was published by Jacob Zeno Clausen Krøvel,
Head of Investor Relations, Volue ASA, on November 10th 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.