Oslo, August 15th 2024: Volue ASA (OSE: VOLUE) reported operating revenues of
NOK 409 million in the second quarter of 2024, an increase of 9 percent from the
second quarter of 2023. Excluding effects from the Enerim acquisition, the
operating revenue figures were flat. Adjusted EBITDA* was NOK 88 million, with
an adjusted EBITDA margin of 22 percent.

The development in operating revenues is a consequence of softer markets for
non-recurring volatility-driven revenues, combined with the strategic decision
to shift such revenues towards ARR and build a more resilient revenue base over
time. 

The transformation towards recurring revenues and Software as a Service (SaaS)
continues. SaaS revenues were NOK 135 million in the quarter, an increase of 38
percent compared to the second quarter of 2023. Recurring revenue constituted 71
percent of total revenues and reached NOK 292 million in the quarter, an
increase of 24 percent from the second quarter of 2023. 

"SaaS revenues continue to outgrow ARR, which in turn is outgrowing operating
revenues, highlighting our unwavering focus on business model transformation.
Growth in operating revenues came in on the soft side this quarter. However, the
momentum we're delivering in ARR and SaaS illustrates the strong underlying
performance, given the move away from non-ARR," Says Trond Straume, CEO of
Volue.

Adjusted EBITDA* was NOK 88 million for the second quarter of 2024, compared to
NOK 63 million in the same period in 2023 and an improvement in adjusted EBITDA
margin from 17 percent to 22 percent.

"The uplift in profitability comes from organic improvements. The Power Grid
segment delivered its strongest Adjusted EBITDA margin since listing, and
Infrastructure continues to showcase stellar ARR and SaaS figures. Consequently,
the Infrastructure segment benefits from scaling effects, resulting in improved
profit margins," Straume continues.

In June, Volue announced a significant milestone on the journey towards
revolutionising forecast modelling through the new AI-based wind model. The
model allows for automated retraining and expanded use of weather inputs. It has
accurate modelling tailored for both onshore and offshore wind conditions.
Furthermore, the model is capable of adjusting to rapid shifts in the
geographical distribution of renewable energy capacity within a country.
Consequently, it delivers 20 percent improved accuracy.

"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 in the
first half of 2024 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	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

Voluntary cash offer

On July 8th 2024, the newly established entity, Edison Bidco AS, announced an
intention to launch a voluntary cash offer for all outstanding shares in Volue.
Edison Bidco AS is controlled by Arendals Fossekompani, Advent International L.
P. and Generation Investment Management LLP. The offer, at NOK 42 per share,
represents a premium of 51 percent to the last traded price and 39 percent and
50 percent to the 3-month and 6-month volume weighted average price of the date
preceding the date of the announcement, respectively.

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 at 09:30 am CET. For participation, please use
the following link:

https://teams.microsoft.com/l/meetup-join/19%3ameeting_NWYzYThjYTgtYWEyYS00NDM0L
WE0NTktMjY5YzVmMDc0NTBm%40thread.v2/0?context=%7b%22Tid%22%3a%229ce76d42-5ecb-4d
8f-939b-a462ad28cf34%22%2c%22Oid%22%3a%229044750f-ea15-4c9b-9bc9-1b899d92d13d%22
%7d

In a video presentation, CEO Trond Straume sums up the results and highlights.
Please find the video here: vimeo.com/998670292/01fa71dda7

*EBITDA and other alternative performance measures (APMs) are defined and
reconciled to the IFRS financial statements as part of the APM section of the
second 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.