Good morning, welcome to this quarterly presentation. Slide four, please. My name is Trond Straume, and I'm the CEO of Volue. Together with me today, I have Arnstein Kjesbu, who is our CFO. Roland Peetz, the Managing Director of Likron GmbH, will also be joining us. Following the acquisition of Likron last year, Roland is now leading our combined efforts towards the intraday power trading market in Europe. There will be an opportunity to submit questions throughout the presentation, and we will hold a Q&A section at the end. Moving to slide five. First of all, I'd like to give you a brief update on the recent cyber incident. Yesterday morning, on May 5th, we discovered a cyberattack on parts of Volue. We immediately deployed our cybersecurity task force and initiated mitigating actions. All affected applications were shut down and backup solutions initiated as far as possible. We have been supported by our external data security partners to neutralize the attack. Relevant authorities are informed. Volue is doing its utmost to limit the impact on our customers and will continuously provide updates. Information on the cybersecurity attack will be published on volue.com. It is too early to indicate the operational and financial impacts, as well as the timing to fully resolve the situation. What is good to know is that we have trained for this and we have ISO/IEC 27001 certifications in place. Our plans and procedures are launched and working as intended. Let's move to slide six and start with the highlights of the quarter. Looking at the financial performance in the first quarter, we delivered revenues of NOK 256 million, representing 13% growth compared to the first quarter in 2020. The EBITDA margins were 20%, which is also an improvement compared to the same period last year. We continued to grow our recurring revenues to NOK 164 million in first quarter, which is 16% higher than Q1 2020. SaaS revenues ended on NOK 48 million in first quarter, which is a strong 49% growth compared to the same period last year. From an operational perspective, we saw sales closing above targets for the period, and we believe the market outlook for 2021 is good, and especially for the Energy segment. We rebranded the group subsidiaries to Volue at the beginning of January, dropping the Powel, Scanmatic, Wattsight, and Markedskraft brands. We already see the brand value of Volue being greater than the sum of our former brands. Looking at the subsequent events, we launched our first ESG report, April 14th, and moved to the main list on Oslo Stock Exchange on May 4th. Today, we're launching a new product called Intraday Access, which we'll come back to later in the presentation. Moving to slide seven. Volue was launched last year with a clear mission to enable the green transition. In preparation for listing Volue on Oslo Stock Exchange two days ago, we created a video to tell our story. We'd like to share this story with you today. Electricity. Clean water. Transportation. My name is Trond Straume, and I'm the CEO of Volue. Like a lot of people, I tend to take for granted the services we all depend on. Yet these services are incredibly complex. They need to adapt to volatile resources, constantly evolving consumer behavior, and of course, climate change. Volue was created for exactly this purpose. We're here to help the Energy, Power Grid, Infrastructure, and water industries safeguard the efficient use of scarce resources while increasing resilience and ensuring profitability. Founded by some of the most experienced and innovative technology companies in the industry, we know how vital data is to fast-track the transition to green energy. It is only by examining data in minute detail, making it tangible, and harnessing its complexity, that we can reveal the full picture, and together realize a cleaner, better, and more profitable future. At the core of our value offering is our platform. We measure success by how the platform is utilized by our customers. We currently optimize 350 TWh annually, realizing an increased profit of more than EUR 1 billion for our customers every year. Our market Insight service for power professional hold 150,000 price curves, accessed 650 billion times every year. Our sensor platform collects 120 trillion data points from our 4,500 installations. These numbers increase every year, and this is how we retain 99% of our customers. Slide nine, please. Volue, with its heritage, has been pioneering green tech for decades and with focus on industries critical to society. Our research work started in the power industry more than 50 years ago, and we're now one of the largest software companies in Norway. Creating Volue last year has given us an unrivaled coverage along the clean energy value chain, from monitoring using sensors to realizing cash in trading. Volue is active in three segments, all with relevance to the transition to renewable energy. For the Energy segment, we decided to expand from a dominating Nordic position in 2013 and into continental Europe. We soon found out that we'd solved the most complex optimization problem, being hydro. Since then, we've worked to expand our platform into thermal, solar, wind, batteries, et cetera. This is important to our customers as they continue to operate their existing assets while expanding capacity in new asset types. For our Power Grid business, we enjoy a strong market position in the Nordics with decades of experience supporting our customers, building probably the strongest grid in Europe, and now tested through the EV revolution. We believe we can expand our footprint on the back end of our market position in the energy segment. With our Infrastructure business, we've so far focused on SaaS transformation in our home market, with 900 customers in the infrastructure construction business and covering 84% of the Norwegian population with our water and wastewater business. Combined with our ongoing expansion to Sweden and Denmark, we believe in further increased profitable growth in Scandinavia. Let's move to slide 11. Now it's time to have a look at some of the key developments in the Volue group in the first quarter. Let's dive straight into it on slide 12. First, some words on the listing. Listing Volue on Euronext Growth on the October 19th was an important milestone to accelerate organic and structural growth. Looking at Volue's revenue base, combined with our industry experience and market position, we knew we had the right metrics for Oslo Stock Exchange. Listing Volue on the main market on Tuesday enables Volue to address a larger investor base, supporting accelerated structural and organic growth. Moving to slide 13. Following the creation of Volue in 2020, we decided to fully integrate the group companies. In January, we decided to consolidate the brands into Volue, leaving Powel, Wattsight, Markedskraft, and Scanmatic behind. This will further help accelerate sales and marketing activities and realize synergies across our portfolio through cross-selling to existing customers. Moving to slide 14. We continue to grow our recurring revenues in the quarter with an acceleration in SaaS deliveries. We are committed to our SaaS transformation, and we continue to strengthen our value offerings in the cloud. With the joined-up sales and marketing organization, we're now growing our presence in the market. In March, we conducted our first group-wide digital conference for the Energy sector, with industry experts from all group companies. With our end-to-end coverage along the value chain, no other company in the industry can replicate us. Volue's number one focus is growth in the European markets. Over the years, we've got some accounts in South America, and it is encouraging to see that we continue to close analytics contracts in the U.S. with our Insight business. Europe remains our priority, but it is very useful for us to start learning more about the Americans, which is likely to become a focus for us in the future. Serving an energy market undergoing massive change, it's paramount for us to stay ahead of the curve. A two-year-long R&D program to seamlessly transform our Insight platform was completed in Q1 with practically zero disruption to our services. This is an important milestone to enable rapid expansion to new market and territories. Let's move to slide 15 to see what R&D has prepared for this quarter. With end-to-end capabilities along the clean energy value chain, we can integrate sophisticated and complex solutions previously reserved for the largest energy players. A key to success is reduced deployment time. For our new product, Intraday Access, we've managed to move from 30 days to 24 hours customer onboarding time. Intraday Access will significantly increase the addressable market for our Algo Trader technology. The product is officially launched today, and the first customers are already signed up. Intraday Access is part of our growth strategy. In November last year, we acquired Likron, cementing our European position in an increasingly important intraday power trading market. Now, I will hand over to Roland, who will talk more in details about Likron and Algo Trader on slide 16. Yes, good morning. My name is Roland, and I'm the Managing Director of Likron. Likron is a company that brings trading expertise and state-of-the-art technology and quant analysis to the energy markets, especially the short-term markets. This combination of success factors has created and continues to create enormous value in professional trading operations, such as, for example, investment banking, and we enable this for energy. Why do we do this? Because automated trading technology is a key enabler and a value driver for the integration of renewable energy sources into existing energy systems. Therefore, we have also witnessed massive growth in this market for the past few years, and we expect this growth to continue going forward, especially in continental Europe, Nordics, possibly even outside of Europe, as we heard. Likron is a market leader in this field as a technology provider in terms of the technology and services it provides, but also in terms of its market position and market share. Where we serve a large part of the relevant market, and we have achieved to earn the trust of many major market participants who use Likron systems to trade the markets 24/7. For example, Likron algorithms account for a significant fraction of each megawatt hour traded and the continuous intraday markets on EPEX, which is the main exchange in center of this. Therefore, we are well-positioned to continue our growth path of continued 25%-30% revenue growth year-on-year for the past few years, especially going forward in the context of Volue. Please move over to slide 17. Why did we agree to be acquired by Volue? Likron aim is to connect the trading technology with flexibility and energy systems. By this, we want to monetize large parts of the so-far unaccessed flexibility and energy systems for our customers. Likron agreed to the acquisition by Volue to enable what we call the self-trading power plant. The self-trading power plant continuously and automatically optimizes and trades power generation systems, be it hydro, gas, solar, or wind. This maximizes and monetizes the value of that system in these markets. We aim to maximize the euros per megawatt hour along the wall-to-wall automation of power production and trading. This fits extremely well with Volue strategy and its rationale to fast-forward its algo trading ability, to consolidate the market of service providers, and to accelerate that market shift to renewables, and also to, in general, accelerate the growth in green power production. Please move on to slide 18, where I hand over to Arnstein Kjesbu to take you through the financials. Performance for the first quarter. We move on to slide number 19. First of all, I would say that the first quarter 2021 has been a strong quarter for Volue. We're seeing a quarter with revenue growth on 13% compared to Q1 2020, giving our total revenues on NOK 250 million. This is in line with our targets, and we're seeing a strong growth in annual recurring revenues, and especially software as a service revenues. Our main growth is coming from the Energy segments, with a growth rate of 21% in Q1 2021 compared to Q1 2020. The main driver for growth is sales on large international customers, combined with scalable SaaS solutions from our Insight portfolio. We have success on our internationalization, and more and more revenues from Volue is coming outside of our home markets. For the Power Grid area, we have seen an uplift in the growth rates compared to Q1 2020 with 12%. We're also seeing an overall improved growth rates from 2020. The growth is coming from our home markets. For this quarter, we've seen a negative growth from the Infrastructure area following a very strong Q1 2020 compared to the average growth last year for the segments. However, we see that our software as a service journey are progressing as planned and giving uplift in the SaaS revenues. When it comes to financial impact from COVID-19, this has been very little, and we are delivering impressive results in a challenging time. Our adjusted EBITDA margins in Q1 was 20%, an uplift from Q1 2020. Our margins has improved in the Energy area and Power grid area. Growth and scalability is core for Volue, and we will keep on investing to strengthen our product offering and our SaaS platform. We expect our R&D CapEx level to be approximately 10%-11% out of total sales going forward. In the quarter, we are seeing that our cash balance has improved from our operational activities, and Volue is well-positioned for further organic and structural growth going forward. I will also now go through more details on our recurring revenues and SaaS revenues. We move on to slide number 20. Growing our recurring revenues is core for Volue as a software company, and growth journey is based on uplift in our annual recurring revenues, ARR. Our share of ARR is now 64%, and in the quarter, Volue has 100 in 2020. The growth in ARR is driven from the Energy area and Infrastructure segment. We've seen that more and more of the growth is coming from SaaS revenues, as we will go into on next slide. We move on to slide 21. Volue has seen a growth in software as a service revenues on 49% in the quarter and delivering above our targets in the period. As software service revenues is core for future growth and scalability, we are pleased to see a strong uplift in the levels. The share of SaaS revenues out of total revenues is steadily increasing due to more and more SaaS offering launched in the market, and also lifting existing customers from on-prem solutions to our SaaS offerings. To further support the growth, our investments is mainly allocated towards software as a service product offerings. We move on to slide number 22. Growth in annual recurring revenue basis is mainly driven by new sales. As stated previously in the presentation, we have seen a strong sales in the quarter. This gives an uplift in the base. By the end of Q1, our ARR base as annualized recurring revenues on a 12-month basis is NOK 650 million. In the base, we also see growth due to upsales on existing customers and price adjustments done in Q4 2020 and Q1 2021. The base is growing with 17% from Q1 2020, and during the period we have seen almost no churn. This leaves our churn levels on approximately 1%. Then we move on to slide number 23. As stated in the start, Volue is on track to creating a NOK 2 billion company by end of 2025. Our targets are recurring revenues on 80% out of total revenues, SaaS share of 50% out of total revenues, and Volue are aiming for 30% on adjusted EBITDA margin. The SaaS journey are boosting our margins, combined with scalability from one company and one brand. We will keep on investing to achieve our growth and EBITDA margins in our growing markets. Then we move on to slide 24. Now I will give the word back to Trond Straume, who will go deeper into the industry development and the strategy on slide 25. Thank you, Arnstein. The purpose of Volue is to help our customers succeed on the transition to renewable energy. There is a clear mega trend initiated by the Paris Agreement in 2015 and later accelerated by Angela Merkel's brave decision to phase out nuclear and later coal. Traditionally, energy production has been centralized in larger power producing assets with a grid network being carefully planned around it. However, renewable energy are being installed where climate and political conditions are being met and not necessarily followed by expensive grid expansion. The consumer side has traditionally been stable and predictable, but with, for instance, EV charging becoming more popular, the load on the grid is creating problems. This leads to instability of the grid, threatening the stability of the frequency, which has to be exactly 50 Hz here in Europe. Power used to travel in one direction, from the producer to the consumer, but the rise of batteries and solar panels transforms consumers to prosumers. This leads to volatility in the power trading market, often with negative pricing, where power producers risk losing money on what used to be a predictable demand and a profitable production. Our customers are now talking about the need for wall-to-wall digitalization across processes and disciplines to manage this transformation. For a company like Volue, who's been serving a conservative energy industry for decades, this represents a shift change. Helping power producers, distributors, and industrial consumers manage this transition is what we do, and we know how to do it. Let's move to slide 26. Looking at the market trends, Bloomberg suggests 10% growth in investments year on year for the energy industry. This translates to a doubling in software spend, which is good for us. Let's have a look at the problems software must help to solve on slide 27. The increase of renewable, non-controllable production bring volatility into the energy system. By 2030, half of the energy production is non-regulated. Today only the settlement part of a trade can take up to 20 minutes. The existing process was built for 24-hour planning cycles and is down to 60 minutes without much process optimization. A new 50-minute market is now being introduced, and eventually this must be brought to real-time. As a parallel, we can think of the rise of the robots in financial trading. It is now happening in power, only that it is not financial instruments, but power that is being delivered and consumed instantly. Let's look at an example on slide 28. This is a typical nightmare scenario. This is from Finland in week two this year. Due to differences in supply and demand, customers were facing imbalance cost of EUR 919 per megawatt hour, a disaster for the holder of the imbalance. The player with enough agility and advanced software solutions, however, is capable of analyzing, producing, and monetizing in these market conditions. This is what we help our customers to achieve. Let's look at what we offer to address this on slide 29. We created Volue as a response to our customers' ask for wall-to-wall digitalization of their processes. We define the clean energy value chain through three steps: analyze, plan and operate, and monetize. On the level below, you find all the activities our customers must execute in order to monetize power production. Below again, you see an unrivaled landscape of capabilities that Volue offers to customers in pursuit of wall-to-wall digitalization. Our unique coverage along this value chain puts us in pole position to deliver new and game-changing services, such as Intraday Access that we're launching today. Slide 30, please. Our services are very sticky, and we are ingrained in the customer's business process and value creation. Providing an integrated value chain in the cloud is the answer to our customers' ask for wall-to-wall digitalization of the value chain. For us, this also opens up opportunities to cross-sell our capabilities, fueling growth. Slide 31, please. To date, we're supporting 40% of the participants on the European power exchanges with one or more services. Our focus today have been with the large players such as Uniper, Fortum, Statkraft, E.ON, Vattenfall, et cetera. Now we're seeing the shift to SaaS and for us, wins with global players like Enel and EnBW demonstrates that we're trusted by the largest power producers in Europe. Enel has an annual turnover of EUR 80 billion, annual power production twice the Norwegian consumption, and with 70 million customers. Enel is the world's second largest power producer after State Grid of China. EnBW has an annual turnover of almost EUR 19 billion and 5 million customers. An important reason for choosing solutions from Volue is how we help increase top-line revenues and profit margins. Let's have a look on slide 32. It is interesting to hear from our customers how Volue helps drive top-line growth. To date, we are focused on delivering 5% improvement. To the left, we see a larger utility who recognized 5% improvement translating to EUR 40 million increased revenues annually. Another example is a smaller utility who achieved a return on investments in three months and saw 3% improvement in the first quarter after go live. Now we're looking to find the next 5%, 10% in total. In conversations with executives in a European power producer, we were challenged if we could provide evidence upfront before commitment. Our answer is that we only need to realize 0.5% improvement to provide ROI in 12 months. In that way, it's an easy value-based sell. Moving to slide 33. That concludes industry development and strategy. Now let's shift our focus to outlook and 2021 priorities on slide 34. In summary, we see the shift to green non-controllable energy sources lead to increased volatility and complexity for our customers, requiring more advanced software solutions. We in Volue, we help our customers with wall-to-wall digitalization of the clean energy value chain. Our ongoing SaaS transformation leads to growth in recurring revenues and uptick in EBITDA margins. To see what that's looked like in terms of metrics, let's move to slide 35. Our goal is to create a NOK 2 billion revenue company by 2025. To achieve that, we laid out some financial ambitions that we shared prior to the listing on Euronext Growth, and these haven't changed. Over time, we believe in organic revenue growth of about 15% per year, and there are three reasons why we believe in growth. First of all, our end market is growing. Our customer spend on advanced software solution is growing as a consequence of the green transition and the market changes. Second is European growth. We now have a solid footprint in the European market. We continue to invest in sales and marketing outside the Nordic region, which still represents our largest source of revenue. Lastly, we believe Volue has a great opportunity to increase the share of wallet through cross-selling. Looking at recurring revenues, we see that SaaS contracts holds double the amount of recurring compared to a traditional contract. This is because we take a larger responsibility compared to traditional contracts when operating the software with an associated SLA or service level agreement. As we progress with SaaS transformation, we believe in an uptick in margins with EBITDA levels towards 30%. An important driver for the IPO was the opportunity for structural growth and using the Volue share as currency. We operate in a highly fragmented market of smaller specialized players, which not necessarily can support their customers on their much-needed transition to sustainable energy. When we look at the landscape, we see two distinct players at opposite ends. At the very beginning of the value chain, we find the hardware vendors or the OEMs, such as ABB, Siemens, GE, and Voith. They have some software, but primarily focused on efficiency for turbines and generators, with some software for inspection and maintenance. On the very other end of the value chain, we find ETRM or Enterprise Trade and Risk Management solutions. Their heritage is from risk and finance, not necessarily involved in the monetization of energy in a volatile market. Everything in between is attractive to us, and these players can be divided into two groups. One is established companies with a solid revenue stream, but maybe with a somewhat dated technology stack, but offer to a decent customer base. The other category is younger companies with great technologies, great people and ideas, but without a significant revenue stream and market penetration. We find these two categories of companies attractive for M&A, one for market access, the other one to strengthen our capabilities along the clean energy value chain. We believe that Volue, with its size and market reach, can bring value to the industry by acting as a consolidator. Slide 36, please. Previously, we were guiding NOK 1 billion in annualized run rate sales during the year. With the Likron acquisition fully integrated, we're now looking to exceed NOK 1 billion in revenues in 2021, and we want to achieve that whilst maintaining a healthy EBITDA margin exceeding 20%. With regards to the recent cyber attack, it is too early to say if this will create any negative financial impact this year. At the core of our strategy is to grow our recurring revenues through our ongoing SaaS transformation. The energy market is quite fragmented, and we believe there is an opportunity to take a leading position in a much needed market consolidation. Beyond the synergies of delivering a new product mix to the market, we continue to pursue operational efficiencies as a larger group. That concludes our presentation this morning. I will now move on to Q&A. Slide 37, please. Yes. There's quite a few questions that has arrived. I think we'll go through the questions and start with questions related to more of the business development side. Here is the first question. Growth momentum outside your home market seems to be picking up. Should we read this as a rationale for also seeking M&A opportunities in new geographic areas? If so, in which regions are you actively looking at? We've said, I guess all the way since the IPO process, that we are aspiring to consolidate parts of the market. Currently, in terms of M&A, our primary focus is Europe. If we look at especially the DACH region, we fully appreciate there are a number of attractive companies that we're looking into. Primarily, it is Europe that is our focus, and yes, now seeing that the European market is responding well to our products and services, M&A is definitely a part of that growth journey, too. Thank you. In the presentation, you're also talking about expansions outside of Europe. Does your product need new developments enable to go into new markets? To answer that question, I think it can be smart to look at the portfolio. If you look at our software in the energy segment, we have a broad set of capabilities and parts of our portfolio. Looking, for instance, on the Insight portfolio, it's quite adaptable to new markets. As I referred to, we've just transitioned into a new software platform, which provides much more agility to put in new price models for new markets and move rapidly. Insight is also an attractive portfolio in terms of how we go to market with digital sales. There are other parts of the portfolio, for instance, our optimization, which is very core to our capabilities. Optimization is a problem that sort of spans across geographies and markets really. Thank you. Then there's questions regarding the pros and cons of being a large integrated service provider in your Energy and Power Grid area versus being a more small and specialized provider. Do you see utilities preferring to buy services bundled or separately? I think there's a couple of sort of perspectives to that question. First of all, I think that size matters. Gaining trust from the larger energy players, they would of course do due diligence on all their suppliers. They would expect sufficient quality and security certification, which we hold by the way, and a sort of proven track record, market penetration, customer references. That's important, and that's good for us. We are that player. We really think that size do matter in these markets. Yeah. Further questions. Do you see any material difference among utilities in their willingness to buy services on a SaaS basis across different geographical areas? Yes, we do. There are geographical differences. What's been important for us is to be able to offer one or more services, meaning that we have the agility to start lean with a customer, gain their trust, and hopefully then grow from there. That's an important part of our value proposition. Looking at the perspective of SaaS, there are some services that is quite welcome to accept SaaS deliveries and others are more complicated. If we look in Europe, in general, Germany has traditionally been quite conservative alongside Sweden. We're now seeing Germany going for software as a service and we're also seeing interesting progress in Sweden. I think for the last 18-24 months, we've seen SaaS being a part of all tenders in Europe. Yeah. Talking about the SaaS and annual recurring revenues journey, there is a couple of questions I'll summarize. Can you please give some more color on the phasing of the developments toward the 80%? Will this be a lumpy or backend loaded or front-loaded journey? Maybe I can start answering upon this. We are seeing that our annualized ARR levels are growing steadily and what we also see now on the sales, that is more and more of our sales is coming on a software as a service platform, and this being growing the basis. We expect the revenues from SaaS to grow steadily towards the 50%. We see a development year-on-year towards the 80% and furthermore, 50% on the SaaS elements. Yeah. There is some more questions related to in the home markets, been a couple of transactions. The first one is related to Kongsberg, who is considering to list Kongsberg Digital. The first question here is Kongsberg Digital a competitor you often meet in the Power Grid side? Yeah. First of all, we're quite big supporters of companies like Kongsberg Digital really making a huge success with a Norwegian heritage. That's fantastic. In terms of where Kongsberg Digital is approaching the market, we don't see them as a competitor. They are addressing quite different markets. I'm sure they're doing parts of their activity would overlap with us, but in all fairness, we don't see them as competitors in the market. There's two questions more related to competitors. The first one goes into how does Volue differ from your competitors along your different segments? I think if you look at the energy segment, we have a full coverage along the value chain. What's been important for us and a significant part of the rationale for creating Volue is to be able to support our customers from sensors in power production to realized cash in trading. What our customers are telling us is that the need for speed is ever-increasing, and they need to fully integrate this value chain to be able to capitalize in the shorter markets. We're the player that can help our customers achieve just that. Having said that, we're more than happy to deploy parts of our end-to-end capabilities and grow from there. We have that flexibility. In terms of our Power Grid business, we have a strong market position in the Nordics. We see great opportunity to grow into Europe on the back end of our position in the Energy segment. Looking at Infrastructure, we have a strong position in Scandinavia. If you look at how we see the industries that we address with our capabilities, we believe that Norway has an advantage being more digitalized, and which will help us take our proven solutions into new markets that is rapidly developing on their digitalization journey. We are closing up on the Q&A session. There is, as mentioned, one more question related to competition. That's historically, energy companies has been investing quite heavily in own product development. How do you see this now going forward? If we look at both the Enel and the EnBW contract, there's good examples where our customers decided to cease in-house development and go off the shelf with a company like Volue. We truly believe it's quite hard as the digitalization journey for these companies progress. We believe it's quite hard for them to keep up with in-house developed software. That's a great growth driver for the company. Thank you. I think we've come to the end of the Q&A section and our time. I just leave 30 seconds for any last questions. The last question is actually on the cyber attack. When do you expect to have more information about or any updates on the situation? We've decided to be quite transparent in this situation. We're continuously publishing updates on our website, volue.com. There is link there to our updates. We will continue to keep all our stakeholders updated as we progress and as we continue to mitigate any operational impacts on the cyber attack. Okay. Okay. Thank you. Thank you so much.
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