Oslo, February 9th 2024: Volue ASA (OSE: VOLUE) reported operating revenues of
NOK 413 million in the fourth quarter of 2023, an increase of 21 percent from
the fourth quarter of 2022. Adjusted EBITDA* was NOK 86 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 106 million in the quarter, an increase of 35
percent compared to the fourth quarter of 2022. Recurring revenue constituted 66
percent of total revenues and reached NOK 272 million in the quarter, an
increase of 29 percent from the fourth quarter of 2022. 

"As we left 2022 a year ago, we pointed at non-recurring volatility driven
revenues in the region of NOK 60 million that were unlikely to be repeated in
2023, leaving us somewhat cautious to the guidance of 15 percent long term
organic growth for the year. With the fourth quarter report in hand, this effect
for the year was approximately NOK 55 million and NOK 25 million in the fourth
quarter. Bearing this headwind in mind, we are proud to report a quarter with
record operating revenues, organic growth at 13 percent and growth including the
latest acquisition at 21 percent. We achieved this through strong uplift in ARR,
accompanied by dedicated operational focus leading to improved project
delivery," Says Trond Straume, CEO of Volue.

Volue's next-generation optimisation suite, Smart Power, was launched April
2023, and the solution had great momentum in the quarter. Agreements were
reached with significant customers in the Spanish growth market, the new
Japanese market and the Nordic home market. Additionally, the solution was
brought live at two major producers in Italy, making Volue's position in the
country unrivalled. 

"Having reached a sufficient base of Insight customers in Japan during the third
quarter, we spent the fourth quarter following the Volue go-to-market playbook.
In the quarter, we made our first deal for Smart Power in Japan. Our successful
implementation of the Insight platform with the customer has already earned us
trust, as we were scrutinised at a high level of detail, making the adoption of
Smart Power a clear vote of confidence. To us, this is a proof point that Volue
is delivering a product with global applicability for a global market, leaving
us very excited for the road ahead," continues Trond Straume, CEO of Volue.

The Power Grid segment closed ARR of NOK 26 million during 2023, and the Spark
ecosystem has attracted 16 smart charging service providers and four grid
operators, introducing incentives for grid-aware behaviour. The Infrastructure
segment closed 100 new logos in 2023, and the construction product line has
reached 90 customers in Sweden. Furthermore, the segment now has customers from
eight countries through incoming requests, fueling increased confidence in
global scalability.

"Our annualised ARR base has reached NOK 1,138 million, serving as an important
metric for Volue. A key ingredient of that achievement is the work we've done in
the Infrastructure segment since listing. The segment is transformed, and during
the process, we've avoided the drop in top-line revenues, unlike most business
model transformations in the industry. Now, we're enjoying strong growth,
healthy margins and robust recurring revenue, while still keeping customer churn
at industry-low levels. Altogether, the segment is in a much stronger position
now compared to listing. When we speak about business model transformation -
this is what good looks like," says Trond Straume, CEO of Volue.

Volue received the verdict from a legal dispute, as disclosed on November 18th
2023. The verdict, which is final and cannot be appealed, requires Volue to pay
a settlement to the counterpart following a dispute from 2021. The
fourth-quarter impact was NOK 57 million, of which NOK 50 million was booked as
other operating expenses and NOK 7 million was booked as other finance costs.
The expenses booked as other operating expenses are classified as non-recurring.
Consequently, there is no impact on adjusted EBITDA in order to reflect the
performance of the underlying business. Interests from 2021 of NOK 7 million and
legal costs of NOK 6 million increase the total impact from the announced NOK 44
million to NOK 57 million.

"Our clear ambition is to be the number one software and software-backed service
provider to the European energy system by 2030. The strong performance towards
the end of 2023 confirms that we are on track," Straume concluded.

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 Arctic Securities at
10:15 am CET. For registration, please use the following link:

https://forms.office.com/e/RZtmLsQSgW

In a video presentation, CEO Trond Straume sums up the results and highlights.
Please find the video here: https://vimeo.com/911233730/a69eed9a56

*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 2023 presentation on page 35.

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 February 9th 2024 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.