Good morning. Welcome to this quarterly presentation. Slide 4, please. My name is Trond Straume, and I am the CEO of Volue. Together with me today, I have Arnstein Kjesbu, who is our CFO. There will be opportunity to submit questions throughout the presentation, and we will hold a Q&A section at the end. Moving to slide 5. Looking at the financial performance of the second quarter, we delivered revenues of NOK 233 million, despite experiencing operational challenges associated with the cyber incident. Immediately following the incident on the 5th of May, we took the decision to suspend all consulting activities to remove risk for customer impact. We are confident this was the right decision, albeit this created a non-recurring loss for consulting revenues in May and parts of June of a total of around NOK 25 million. Adjusted for this one-off impact, the underlying revenue growth was 18%. The adjusted EBITDA margin was 24%, which is an improvement compared to the same period last year. We continued to grow our recurring revenues to NOK 162 million in the quarter, which is 17% higher than Q2 2020. SaaS revenues ended on NOK 53 million in second quarter, which is a strong 51% growth compared to the same period last year. From an operational perspective, we saw sales closing above targets for the period, with 700 smaller and larger deals closed. We believe the market outlook for 2021 is good, and especially for the energy segment. Looking at the subsequent events, we acquired ProCom GmbH in July, another important milestone on our journey for international growth and market consolidation. We'll get back to the ProCom acquisition later in the presentation. Moving to slide 6. Volue was launched last year with a clear mission to enable the green transition. In preparation of listing Volue on Oslo Stock Exchange in May this year, we created a video to tell our story, and we'd like to share this video 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 315 terawatts annually, realizing an increased profit of more than EUR 1 billion for our customers every year. Our market insight service for power professionals holds 150,000 price curves, accessed 650 billion times annually. 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. Volue, with its heritage, has been pioneering green tech for decades, 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 unrivaled coverage along the clean energy value chain, from monitoring using sensors to realizing cash in trading. Building from success in the Norwegian home market, we have now earned the trust of more than 2,200 customers across 44 countries. Moving to slide 9, we'll look at our segments. Volue is active in 3 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 with our customers 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 into 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 been 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 ongoing expansion to Sweden and Denmark, we believe in further increased profitable growth in Scandinavia. Let's move to slide 10. Now it's time to have a look at some of the key developments in the Volue Group in the second quarter. Let's dive straight into it on slide 11. In July, we made another acquisition in Germany. ProCom is a family-owned business founded in 1977. The company is headquartered in Aachen with offices in Berlin and Cologne. Over the years, ProCom has grown to be the market leader for power optimization in the DACH region, serving more than 60 customers. Their customer base is very complementary to Volue's, with little or no overlap. Beyond being a trusted partner for energy companies in the DACH region, the acquisition expands our footprint in terms of customers and employees in the European market. It also onboards an additional EUR 3 million in annual recurring revenues from the region. The strategic rationale for the acquisition of ProCom is pretty straightforward. We operate in a fragmented market in much need of consolidation. The competitor landscape is filled with specialized players, whilst our customers are asking for partners that can support them on their journey to end-to-end digitalization of the clean energy value chain. With the acquisition of ProCom, we also increased our market access in DACH, which for us is currently the most attractive region in Europe. We launched Volue in March last year with a clear ambition of international growth. With the acquisition of both Likron and ProCom, we now have 120 employees in Germany alone. This makes Germany our largest location and market after Norway, and I'm pleased to report that we are on track on our target for growth. Moving to slide 13. Looking at the sales performance over the last quarter, I'm pleased to say that despite the operational cyber challenges, we saw strong performance. To me, sales performance is a testament of trust from our customers in how we managed the incident. Looking at significant wins in the quarter, we closed 3 strategic contracts, respectively in South, Central, and Eastern Europe. A significant SaaS contract with Statkraft for trading operations has further cemented our SaaS strategy. Combined with Enel, a new large contract with the second-largest power producer in Italy has made Italy a significant market for Volue. Overall, in Q2, we took important steps on our international growth journey to become a global player. Now let's shift our focus and look at the cyber incident in May in a bit more details. Cybercrime targets anything from small businesses to large governmental institutions and occurs every 8 minutes. The global annual cybercrime revenues is estimated to be $1.5 trillion. The cyber incident in Volue on the 5th of May was classified as ransomware, known as Ryuk. During the initial phase of the incident, we quickly decided to not pay ransom, demonstrate transparency, and keep customers and the public informed about the incident and our mitigating actions. We established an emergency response team that managed all communications towards customers and relevant governmental agencies. This allowed our technical team maintain a laser-sharp focus on stopping the attack. Within 30 minutes after discovering the attack, we had our security partners on the ground working to recover systems and platforms. Now looking back, the cyber incident was a true stress test to the organization, but I'm pleased to see the support and praise we've received from customers and the security community. I also learned that being prepared with a clear plan from our efforts from ISO 9001, ISO 27001, and the implementation of GDPR helped us quickly shape and execute our response strategy. Within days, we were able to deem our customers safe and the overall customer impact was contained to a minimum. Following the incident, we shared a post-mortem report with our customers and concluded a comprehensive lessons learned exercise. We're working with a third party, reviewing our response and providing input to our continuous learning process. The most important thing for us now is to implement all our learnings to increase Volue's overall resilience to reduce risk of cybercrime. We've implemented a number of infrastructure improvements, increased our security governance, and accelerated Volue's corporate cloud journey. For the section of results for the second quarter 2021, I'll hand over to Arnstein Kjesbu, who's our CFO. Arnstein? Thank you, Trond. I will now go through the financial performance for the second quarter, and then we move on to slide 19. First of all, I would say that the second quarter has been a strong underlying quarter for Volue when it comes to financial performance. We have seen a quarter with a revenue growth of 18% compared to Q2 2020, adjusted for the cyber incidents. The reported revenue growth was an 8%. Underlying performance is in line with our targets, and we especially see a strong growth in annual recurring revenues and our software as a service revenues for the quarter. The main growth is coming from the energy segment, with a growth rate of 26% adjusted for the cyber incidents. Reported in the segment was 19%, with a positive development for all our sub-segments within energy. Increasing the foothold in Europe, as a part of a growth strategy, both from our existing lines of business but also through the newly acquisition of Likron, is growing the footprint. We especially see combination of recurring revenue streams from the combined offering as a part to the growths. This quarter, we've also seen a strong growth for the power grid area, adjusted for the cyber incidents, on 14%. The reported growth was negative on 7% due to high share of service revenues in the segments. Furthermore, we see that our Gemini portfolio within the infrastructure segments is developing strong in the home market and giving positive margins as a part of development in our adjusted EBITDA numbers. For the grid area, we have been focusing on increasing our margins in the home market and furthermore strengthen our value propositions. What we also seen in the quarter, I will show in a couple slide, is that we have adjusted the EBITDA numbers of one of expenses around NOK 40 million due to the cyber incidents. I will now show the growth in recurring revenue that is core for Volue as a software company. We have seen in this quarter that the revenues from annual recurring revenue is 69% of the total, with a 17% growth in the quarter compared to Q2 2020. The growth in annual recurring revenues is driven from all our segments. We see that more and more of the annual recurring revenues is dominating by software as a service revenue, which I will show on the next slide. Then we move to slide 21. SaaS revenues. Volue has seen a SaaS growth on 51% in the quarter and delivering above our targets for the period. As SaaS revenue is core for further growth and profitability, we're pleased to see that a strong uplift in the levels. The share of software as a service revenues out of total earnings is steadily increasing due to more and more SaaS launches in the market, both from new customers but also uplifting our existing customers to our newly SaaS platform and offerings. To further support the growth, our investments is mainly allocated towards SaaS products and offerings. We move on to slide 2022. The growth in annualized recurring revenue is mainly driven by new sales. As stated previously in the presentation, we have seen strong sales in the quarter that give the uplift in the base. By the end of Q2, our annual recurring revenue base, as analyzed recurring on 12-month basis, is NOK 673 million. In this base, we also see growth due to uplifting existing customers and adjustments in price levels. The base is growing with 17% from Q2 2020, and during the period, we have seen almost no churn. Still our churn levels is approximately around 1% out of total turnover. We move on to slide 23. The cyber incidents has, of course, influenced the quarter. We see one-off impacts both on the revenues and expenses. The impact related to revenues is due to stop in our services mostly in May and partly in June, leading to one-off loss in revenues in Q2. We do not see any impact on our recurring revenues. During the quarter, we was able to bring the business back on track, so we do not expect any impact on revenues after Q2 following from the cyber incidents. Furthermore, in the quarter, Volue has recognized NOK 40 million in one-off related expenses. NOK 6 million is in external costs supporting Volue to rebuild our services and supporting Volue during the incidents. Most of our expenses is related to internal rebuild due to stop in project activities and bringing the systems back up. We do not expect any cost impact after Q2 related to the incidents. Volue also has an insurance coverage due to the cyber incidents. We have not booked any settlement from insurance in Q2, but expect settlements during the second half of 2021. I will move on to slide 24, and then I will give the word back again to Trond, 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 with a 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 the grid network being carefully planned around it. 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 always and traditionally been stable and predictable, with, for instance, EV charging becoming more popular, the load on the grid is creating problems. This leads to instability on the grid, threatening the stability of the frequency, which has to be exactly 15-minute 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 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 consumers to manage this transition, this is what we do, and we know how to do it. Looking at the market trends, Bloomberg suggests 10% growth in investments year on year for the energy industry. This translates to a doubling in power software spend, which is good for us. Let's have a look at the problems software must help to solve. The increase of renewable, non-controllable production brings volatility into the energy system. By 2030, half of the energy production is non-regulated. On the right, you see the current process from planning to production and realized cash. 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 15-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 have a look at an example. This is a typical nightmare scenario. This is from Finland in week 2 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 such market conditions. This is what we help our customers to achieve. Let's look at what we offer to address this. We created Volue as a response to our customers' ask for wall-to-wall digitalization of their business 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 Volue offers to customers in pursuit of wall-to-wall digitalization. Our unique coverage along the value chain puts us in pole position to deliver new and game-changing services such as Intraday Access that we launched back in May. Our services are very sticky, as we are ingrained in our customers' business processes and value creation, and 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 the opportunities to cross-sell our capabilities, fueling further growth. To date, we're supporting 40% of the participants on the European power exchanges with one or more services. Wins in the last quarter cements our position as a dominant supplier to the largest power producers in Europe. Statkraft is the largest producer of renewable energy in Europe, with an annual turnover of EUR 5.5 billion, annual power production of 65 terawatt-hours, and 4,600 employees. Having Enel, the largest power producer in Italy, already on board, we're pleased to close another significant contract with the second-largest power producer in the country, a company with EUR 7 billion in revenues, 3 million customers, and 13,000 employees. An important reason for choosing solutions from Volue is how we help our customers increase top-line revenues and profit margins. Let's have a look at this slide. It is interesting to hear from our customers how Volue helped drive top-line growth, and to date, we're 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 3 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, we're often challenged if we can provide evidence upfront before commitment. Our answer is that we only need to realize 0.5% improvement to deliver ROI in 12 months. In that way, it's an easy value-based sell. That concludes industry development and strategy. Now let's shift our focus to outlook and 2021 priorities. 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 help our customers with wall-to-wall digitalization of the value chain. Our ongoing SaaS transformation leads to growth in recurring revenues and an uptick in EBITDA margins. To see what that looks 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 were shared prior to the listing on Euronext Growth. These haven't changed. Over time, we believe in organic revenue growth of about 15% per year. There are three reasons why we believe in growth. First of all, our end market is growing. Our customers' spend on advanced software solutions is growing as a consequence of the green transition and market changes. Second is European growth. We now have a solid footprint in the European market, and we continue to invest in sales and marketing outside the Nordic region, which still represents the largest source of revenues. Lastly, we believe Volue has a great opportunity to increase the share of wallet through cross-selling. We have over 900 customers in the energy segment, with more than 800 customers only, currently buying from one of the Volue group of companies. 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 fully support their customers on their much-needed transition to renewable 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 for inspection and maintenance, but that's pretty much it. On the very other end of the value chain, we find ETRM or enterprise trade and risk management. 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 offered to a decent customer base. The other category is younger companies with great technologies, great people, and great 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 and the other one to strengthen our capabilities along the value chain. We believe that Volue, with its size and market reach, can bring value to the industry by acting as a consolidator. Following the cyber incident, we discontinued our short-term financial guidance, but we do expect strong underlying performance. At the core of our growth 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. As we continue to pursue synergies within the Volue group, we see there are many opportunities for increased operational efficiency. That concludes our presentation this morning, and we will now move into Q&A. Yes, there is some question that is coming in. Let's open for questions in the audience. The first question that we have received here is related to the cyber incidents. There's some questions on that topic. First of all, how has your feedback from your customers been? I guess that you have been talking to several customers during the period. Quite quickly after we discovered the cyberattack, we decided to demonstrate full transparency and engage very openly with our customers through webcast and through bilateral meetings. I think our overall response from our customers has been fantastic. I think sales performance demonstrates that. No churn also demonstrates that. I think this is not only an attack on Volue as such, but it is an attack on the whole industry. I feel that we've been able to respond professionally. We've been keeping our customer focus throughout the period. I think if you think about the value of the Volue brand, I think that has only increased throughout the period. I'm pretty pleased, to be honest. Yeah. There are two more questions on the cyber. The first one is, do you see any changes of pattern, like how your customers enter into their purchasing process of potential software? I think what is quite interesting to see from a Volue perspective, we're now quite clear that for us, on-premise softwares and platform in our corporate network is a higher risk than keeping such solutions in the cloud. We've also heard from our customers an increased appetite to accelerate the cloud transition and also exploring the opportunity to build disaster recovery platforms in parallel in the cloud. Overall, I think this will fuel the SaaS transformation for the whole industry. There is a question related to the insurance, the estimated recovery from the insurance coverage, and its settlement in the second half of 2021. I can maybe comment on that. We have an insurance cap on NOK 20 million. There is always uncertainty regarding insurance. We do expect to be able to retrieve a large amount of this towards the cap on NOK 20 million to be settled in the second half of 2021, maybe not in Q3, but most probably in Q4. There are some questions related to the sales and sales performance. The first goes into that you're stating that you have 700 deals. How is this spread out through the different segments? It's pretty well spread out through the segments and the sub-segments. Since we launched Volue in March 2020, we've made significant steps in professionalizing and building out our European sales force. We're pretty pleased to also see that we are increasing both our sales effort and our sales successes in Europe. Of course, as we've talked about in the segment presentation, our energy segment is the most developed segments outside the Nordics. That would then enjoy the increased sales focus for Europe. Yeah. Good. There is a question related to the announcement of the three larger sales. Can you comment what kind of services, products you're offering in these deals? It is a software for power optimization and power trading in South, Central, and East Europe. It's sort of the core of our value proposition. Good. There is a question relating to the mergers and acquisition area. What kind of development do you see on potential targets in the market? We maintain a long list of about 50 companies, and we've been engaging, of course, at various maturity stages. Currently, we've been able to close 2. We've said that we're going to do 1 to 2 M&As per year, but I think it's fair to say that, as we've shared previously, we remain quite picky on the companies we'd like to onboard to the Volue family. There is lots of opportunities in the market. It's finding the right companies with the right metrics and the right products. Good. There is questions also, goes to financial guidance. When do you expect to revert with an updated financial guidance? We decided to discontinue our guiding for 2021, following the cyber attack. We are reiterating our 2025 ambition, and we see a good underlying performance throughout 2021. Looking back to the challenges we saw in Q2, we overcome those operational issues, and we're now tracking just as planned for the remaining of the year. Good. We are moving towards the closing. Give some more time for some final questions. If there is any from the audience, please feel free. Ása? Yeah. Thank you. Hi, Kari from Pareto Securities here. Congratulations with a strong quarter despite the cyber attack. Your EBITDA adjusted margin was very good at 24.5%. What was driving this positive EBITDA adjusted margin expansion? I think throughout the quarter and despite the cyber attack, we were able to maintain focus on our sales activities, we were able to maintain focus on the things we could deliver throughout the first weeks of May, and at the beginning of June. I think it's basically our underlying hard efforts through the quarter that really demonstrated our performance. Decent SaaS progress on our journey, good sales and a good focus on cost, basically. There's some final question also from the web. You are commenting that you see a strong market outlook. Can you give some more color on why do you believe in a strong market outlook? In Volue, we're active in three segments: energy, power grid, and infrastructure. What we've seen all the way back to 2015 with the Paris Agreement, we're seeing a shift from fossil energy to renewable energy. That has created lots of market opportunities in the turmoil of this transition. What we're now seeing moving forward is that all this feeding of renewable energy into the energy system will create lots of challenges and opportunities for the power grid. That is called energy flexibilities. That will open, sort of in the longer term, that will open lots of market opportunities. In terms of the energy transition for the energy segment in general, Europe remains very attractive and of course, in the longer term, there is opportunities to take our value proposition and our technology platforms to new continents, such as parts of Asia and the U.S. Yeah. Okay. Thank you for attending this webcast today. I wish you a fantastic weekend when it arrives. Thank you. Cheers.
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