Oslo, May 15th 2024: Volue ASA (OSE: VOLUE) reported operating revenues of NOK
400 million in the first quarter of 2024, an increase of 18 percent from the
first quarter of 2023. Adjusted EBITDA* was NOK 83 million, with an adjusted
EBITDA margin of 21 percent.

The transformation towards recurring revenues and Software as a Service (SaaS)
continues. SaaS revenues were NOK 126 million in the quarter, an increase of 42
percent compared to the first quarter of 2023. Recurring revenue constituted 71
percent of total revenues and reached NOK 284 million in the quarter, an
increase of 27 percent from the first quarter of 2023. 

"We are picking up 2024 where we left 2023 - with momentum on growth in SaaS,
ARR and operating revenues accompanied by improving adjusted EBITDA margins.
During the first quarter, we have published several news pieces with the common
denominator being how we are growing in Europe generally and Iberia in
particular. They highlight how we've taken Smart Power live with A2A and Enel in
Italy, allowing them to reap the benefits of improved profits and a better
balance in the Italian energy system. We have also extended our partnership with
Iberdrola, who's utilising our trading capabilities. All three companies are
crucial players in the European energy system and long-time customers of Volue.
The stories highlight how we at Volue are able to build on our unique skills to
foster long-term and growing customer relationships," says Trond Straume, CEO of
Volue.

The previously announced reduction of non-recurring volatility-driven revenues
during 2023 has continued into 2024 but the effect is less significant now. At
the start of 2023, Volue initiated a business model transformation of Volue
Energy Market Services with the goal of shifting away from volatility driven
non-recurring revenues towards ARR. The acquisition of Enerim and its platform
is instrumental to this transformation and already proving fruitful.
Non-recurring revenues are decreasing, while ARR is increasing, impacting growth
in the process, building a more resilient revenue base and profitability over
time. Consequently, Volue is proud of the organic growth rate of 7 percent in
the Energy segment, when seen in relation to the segment's organic growth in ARR
and SaaS of 20 and 24 percent, respectively.

"Our go-to-market strategy starts with the Insight platform as our spearhead,
where we demonstrate our value-add. From there we add trading and optimisation
capabilities as we expand the customer relationship. With this strategy as a
backdrop, we are pleased to see the Insight platform winning 25 new customers
from 14 different countries in the quarter. This expands our platform for
upselling and highlights the geographical breadth of our growth," Straume
continues. 

"Our clear ambition is to be the number one software and software-backed service
provider to the European energy system by 2030. The pace at which we have
entered 2024 confirms that we are on track," Straume concludes.

Volue maintains its long-term guidance on organic growth, an active M&A agenda
and year-on-year improvements of important KPIs. By delivering on these guidance
elements, the previously communicated ambition of NOK 2 billion revenues in 2025
will be met. As Volue does not provide short-term financial guidance and
maintains its growth and M&A guidance, the target of NOK 2 billion in 2025 is
now deemed redundant and hence removed. The removal is not only the result of
successful growth over time but also a demonstration of dedication towards
attractive M&A opportunities and continuous streamlining of the business.

Volue maintains the following long-term guidance to the market
o	Annual long-term organic growth of 15 percent 
o	Active M&A agenda with 1-2 deals per year
o	Year-by-year increase 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 Pareto Securities at
09:30 am CET. For participation, please use the following link:

http://bit.ly/4axZMZ0

In a video presentation, CEO Trond Straume sums up the results and highlights.
Please find the video here: https://vimeo.com/946121526/2e2c7c43aa

*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 2024 presentation on page 36.

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 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.

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