Oslo ,May 15th 2024 :Volue ASA (OSE:VOLUE ) reported operating revenues ofNOK 400 million in the first quarter of 2024, an increase of 18 percent from the first quarter of 2023. Adjusted EBITDA* wasNOK 83 million , with an adjusted EBITDA margin of 21 percent. The transformation towards recurring revenues and Software as a Service (SaaS) continues. SaaS revenues wereNOK 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 reachedNOK 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 inEurope generally and Iberia in particular. They highlight how we've takenSmart Power live with A2A and Enel inItaly , allowing them to reap the benefits of improved profits and a better balance in the Italian energy system. We have also extended our partnership withIberdrola , who's utilising our trading capabilities. All three companies are crucial players in the European energy system and long-time customers ofVolue . The stories highlight how we atVolue are able to build on our unique skills to foster long-term and growing customer relationships," saysTrond Straume , CEO ofVolue . 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 ofVolue 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 ofNOK 2 billion revenues in 2025 will be met. AsVolue does not provide short-term financial guidance and maintains its growth and M&A guidance, the target ofNOK 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, andArnstein Kjesbu , CFO, will present the results today through a webcast and Q&A session hosted and moderated byPareto Securities at09:30 am CET . For participation, please use the following link: http://bit.ly/4axZMZ0 In a video presentation, CEOTrond 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 AboutVolue | www.volue.comVolue 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 inOslo, 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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