Welcome everybody, both those being physically present here in Oslo and those of you who's following us online. My name is Arnstein Kjesbu, CFO in Volue. We are very pleased to arrange our very first Capital Market Day in Volue's history. As always, the disclaimer, and you know the drill. Since the IPO, we have been focused on getting our investors to better understand Volue and continuously increase on transparency in our reporting to the capital markets. In this section, we are very pleased to show more of Volue. Many of our investors is asking us, "What do you actually do for our customers?" We hope to answer some of those questions today. We have put aside a program that allows us to touch upon the following topics. Outlook into our markets, with focus on trend we see, our growth drivers, and what's the further strategy, for Volue in the long-term picture from our CEO, Trond Straume. From insights, Anamaria Toebe will address how Volue can help predict, the future with our Insight platform. Camilla Thorrud Larsen will go deeper into our optimization and trading solution, explaining, more on what we actually do for our customers. Previously, we've been giving some highlights from our Spark program a new product area within Volue, and we're happy to give more information from our Spark lead, Kjetil Storset. Power grid and infrastructure, the own segments in Volue, has not been presented in detail to the stock markets, and we are happy to share more, information from Stein Petter Agersborg and Frode Solem. Our COO, Ingeborg Gjærum, will show some more insights to our people dimensions and our ESG strategy. Before I will go deeper into the financial outlook, going forward. After Trond is wrapping up the presentation, there will be the possibility to submit questions either directly in the room or through the online QA module. With this, Trond, the floor is yours. Thank you, Arnstein. Good morning, everyone, and thank you for participating at Volue's first Capital Markets Day. Three years ago, we saw three things disrupting our end markets. Non-regulated energy sources being fed into the energy system, creating volatility in the power markets. Increased imbalance on the grid caused by the EV revolution, and changed weather conditions leading to flood and droughts. Climate change is a significant driver for this volatility, and we believe digital holds a massive potential to create value. The theme of this Capital Markets Day is value out of volatility. Increased volatility is the reason why we created the company. Helping customers create value out of volatility is what we do. It is also the story behind the name of the company, Volue. Let me start by giving you a brief overview of the company. Our roots dates back to 1969 as part of a Norwegian research institute. We were asked by Scandinavian energy companies to solve two problems. First problem was to help improve valuation and forecasting of power production. Second problem was to help them move from analog to digital management of the electrical distribution grid. Today, we would call it digitalization. Two problems, one for power producer and another one for power distributors. We researched these two topics for 27 years before we were privatized in the mid-1990s. To date, we spent more than NOK 4 billion in research and development, and still counting. In a nutshell, we focus on helping our customers to capture energy from nature, to transform it to electricity that is monetized, distributed, and consumed. Over the years, we've expanded our business into water and utilities and construction sectors, which we will address in more details later. Two years ago, we decided to merge four companies to double down on our efforts, helping our customers master the energy transition. Volue is now the front runner with digital coverage along the clean energy value chain, from monitoring using sensors to realize cash in power trading. Building from our success in the Norwegian home market, we have now earned the trust of more than 2,200 customers across more than 40 countries. Volue is active in three segments, all with relevance to the transition to renewable energy. In the energy segment, we help our customers by enabling end-to-end optimization of the green energy value chain. Power producers have traditionally been organized in three more or less independent disciplines, tasked with operations, production planning, and energy trading. This worked well in the past when they only had to make a few dozen decisions every day. Today, our customers must make thousands of decisions every hour to maximize return. This calls for effective use of big data and process automation, leaving only big and important decisions to humans. To date, 40% of the participants across the European power exchanges use one or more services from our energy business. For our power grid business, we enjoy a strong market position in the Nordics. We have decades of experience supporting our customers in planning, operations, and maintenance of probably the strongest grids in Europe. The EV revolution and the rise of distributed energy resources cause instability in the grid, with increased risks of blackouts. This opens growth opportunities, and 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 more than 900 customers in the infrastructure construction business and covering 85% 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. With a Nordic background, we're now present across the European continent, which is at the heart of our market strategy. Our end markets are being disrupted by the world's efforts to decarbonize while battling security of supply in parallel. This leads to regulatory change and the rise of distributed energy resources such as EV chargers and solar panels. This ongoing transformation is projected to last for decades, as we collectively must succeed on delivering on sustainability goals to limit the impact of climate change. Today, we have 5% market share in the Nordic and European home market that continues to grow. The market is occupied by smaller specialized players struggling to support their customers on their journey to net zero emissions. As we continue to grow, we look to expand our market reach. First expansion is already underway by the opening of our office in Tokyo, Japan, earlier this year. To better understand why we exist, it is important to understand the energy system. Most people would say that the system is extremely complex, and that is in many ways true, but it all comes down to a simple equation: supply equals demand. Supply and demand of energy must be in perfect balance in real-time. The perfect balance is required to maintain a stable frequency, which is 50 Hz here in Europe. If you increase supply without additional demand, the frequency exceeds 50 Hz. If demand increase without more supply, the frequency drops below 50 Hz. Both scenarios can lead to disaster for the energy system and all connected electric components. Supply and demand are matched continuously in the power market. More weather-dependent energy production from solar and wind, combined with unpredictable demand driven by, for instance, EV charging, threatens the stability of the energy system. This results in more complex complexity with increased volatility in the power markets, creating more opportunity and more risk for the power industry. 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 manage this transition is what we do, and we know how to do it. In Volue, we're quite proud of what we do to help our customers manage the energy transition. We've lined up four presentations today where we will talk more in details about what we do for the participants across the energy value chain. If you look at the industries we serve, they've been considered conservative and slow-moving for a century. The digitalization hype that started a decade ago was aimed at helping industries work a little bit smarter and hopefully become a little bit more efficient. The challenge ahead of us are different, fundamentally different. You can no longer look at yesterday to predict tomorrow. We've been released from the pandemic just to experience new geopolitical challenges and the war in Ukraine. This happened at a time when we planned to use Russian gas as a central component to navigate the energy transition. Power producers are now bailed out by governments due to market disruption and failed strategy. Bottlenecks in power grids leads to unparalleled price volatility and increased risk of power blackouts. Big topics this year are security of supply and energy security. We are worried about sufficient supply of commodities such as oil, gas, and coal. The accelerated shift to renewable energy will replace predictable capacity with weather-dependent production, leading to increased risk and reward for the energy industry. Looking at the water industry, their primary objective to transport and treat water and wastewater hasn't changed, but the world around us is changing. Increased urbanization, combined with lack of investments in infrastructure, put the health of people and communities at risk. This happens at a time when the water industries is disrupted by flood and droughts. You'll hear more details about what we do for our customers in these segments throughout the day. To summarize the growth opportunity in Volue's market, it is driven by climate change and our collective efforts to decarbonize the planet. Both growth drivers are already present, and looking at the world around us, the market opportunity is only growing. By 2030, more than half of the energy capacity in Europe will be weather-dependent, and it will be generation like solar and wind. The crisis in Europe is here. We read about it every day in the news, and we see the consequence every single month on our utility bills. At the same time, we buy heat pumps and electric cars like never before, leading to even more problems to solve. In many ways, you can say that our end markets are experiencing what we think is the perfect storm. To weather this storm, the energy industry must optimize assets, improve strategies, and automate trading. This is what we do, and we know how to do it. Now let's see the market opportunity in the context of growth for Volue. With a combined market share of 5% in a fragmented market full of smaller specialized players, we see good growth opportunity with our existing portfolio. With six companies now integrated into the group, we have an unrivaled set of capabilities and a strong 750 team of people with deep insight into the challenges our customer face. As we progress with our SaaS transformation, we continue to invest in solutions such as the new Energy Trading Advisory that was launched last quarter. Additional investments in wind and solar and the Spark program, specifically addressing growth of distributed energy resources, will attract even more logos. In parallel, we localize our platform for expansion to markets such as Japan. On top of our organic growth, we see opportunity to pursue structural growth when we identify attractive companies with potentials like Likron and ProCom. Looking closer at our business models, we started our transformation in 2019. In short, we're changing from a classic software license and maintenance model to a SaaS subscription model. Churn rates under 2% is a great starting point, and more flexible subscription models helps lower the barrier for adoption. Our strategy to date has been to shift one product line at a time. Changing business models do create a short-term impact on revenue and profitability, but it creates a more robust and scalable platform business over time. We laid out some ambitions at the IPO two years ago, and these haven't changed. We believe in about 15% organic revenue growth, increase in recurring revenues towards 80% with more than half of our revenues being generated from our SaaS business. By protecting and growing our margins, we believe in adjusted EBITDA levels towards 30%. We operate in highly fragmented markets in need of consolidation. Combining these growth metrics with M&A, we believe in NOK 2 billion in revenues by 2025. 2025 is fast approaching, and we've started our planning towards 2030. We will continue to concentrate our efforts on the energy and power grid segments, with expansion in Europe, Asia Pac, and eventually North America. New regulations and ongoing market harmonization will open new opportunities in flexibility and reserve markets. The share of renewables continues to increase, creating opportunities to growth capabilities and market reach. Our 2030 strategy will quadruple the addressable market from NOK 20 billion-NOK 80 billion, enabling long-term growth and value creation for our investors. Volue's industrial IoT business is currently part of our energy segment, and the capabilities we've developed for this segment are tried and tested. More than 90% of Norwegian power producers now utilize our sensors as part of their operations. We're aiming for the number one position in Norway and Sweden while expanding our operations in new European territories. Our technology is battle-proven, and we see this business holding potential for growth across multiple industry verticals. By offering our capabilities to additional industries, it makes good sense to consider measuring industrial IoT as a separate segment towards 2030. Our CFO, Arnstein Kjesbu, will pick up on this later in his presentation. The infrastructure segment is a textbook example for how to execute business model transformation using software as a service as a driver for increased customer value. These efforts have also lowered the barriers to new market entry. Localizing the platform for the Swedish market has proven successful, and we plan for the number one position in the Nordics by 2030. The competitive space in the infrastructure market is dominated by smaller national players, so expanding country by country is an efficient market expansion strategy. If I were to leave you with four key messages today, it would be these: Volue is a young company with decades of experience supporting the energy and power grid and infrastructure industries. Our target markets are facing disruption in parallel with ongoing transformation to sustainability, translating to more opportunity and growth for Volue. We maintain our growth plan to achieve NOK 2 billion with 80% recurring revenues by 2025. The energy transition will continue to accelerate, and by 2030 we aim for the number one position in Europe with growth in Asia and eventually North America. Thank you for your time. I will now hand over the word to our next speaker, Anamaria Toebe, who will talk more in details about how we help predict the future with our Insight platform. Thank you, Trond, and thank you for the opportunity to present Insight today at the Capital Market Day. As you all know, we are currently experiencing unprecedented price levels and volatility in the power markets and the energy complex as a whole. For any company that is active in the power market or has exposure to power prices, access to trustworthy and consistent analysis and data has never been more relevant. In Insight, we are developing a wide range of products for the customers, which are mainly producers, power producers, trading companies and consumers, but also service providers, grid owners or investors. In this way, we support the whole value chain by delivering up-to-date information for the energy market participants. I would like to start my presentation by looking into the main factors which are impacting the energy prices recently, and afterwards, have a look on the products and tools which Insight offers to the market participants to help them understand the market dynamics and reduce risk exposure now and in the future. As Trond already said, Europe is facing a perfect storm. Energy prices are up, economic growth is going down, and we expect a very challenging winter ahead of us. The main driver is currently the exceptional high gas price in Europe, triggered by the geopolitics of Russian supply dynamics. We see here in the graph the development of the monthly TTF contract, which is Europe's benchmark gas contract, and we have highlighted some of the factors that contributed to the price volatility during the past months. We see that during the summer, the gas contract reached historically highs when Russia announced the stop of the Nord Stream 1 pipeline operation. This volatility has been reflected in the marginal cost for gas-fired power generation and implicitly in the wholesale electricity prices, which also reach extreme levels. We see here in the graph on the left-hand side. This graph shows the overview of the monthly historical power prices averages since 2015 for the largest European markets. This power crisis has been escalating this summer, driven by some additional factors, as very low French nuclear availability, historically low hydro storage levels from Scandinavia to Iberia, given the widespread drought condition and fuel supply logistics due to very, very low water levels in Europe. All these factors have been adding up, and we see power prices in Europe struggling to extreme levels and now taking even over the rise in the gas prices. In Italy, for example, here on the right-hand side, depicted in red, the price has settled at the highest level of EUR 550 per MWh for base load August contracts. Also the Nordic prices reached unprecedented levels this summer. If we take into account that usually the averages for a monthly contract hardly exceed EUR 50 per MWh for the past years. Looking ahead, the situation doesn't look better. On the right-hand side, we have the development of the most important power contract in Europe, which is the Front Year Cal 2023 future market, which is the electricity to be delivered in the course of next year and which has been following the movements of the gas prices. As a consequence, we saw, for example, the French contracts spiking up to EUR 1,000 per MWh late August. Now, prices have been dropping slightly down due to the gas storage improvements, but also due to discussions by European Commission for market intervention. However, the volatility in the future markets and the levels we currently see in the electricity prices are extreme. At Volue, we support the energy market players in these challenging times to optimize and plan their production, reduce risks, and maximize their profit in the trading. We do that by providing real-time data, forecasts, market analysis from 15 minutes up to 30 years ahead. Data loaders and quantitative models are running continuously on our scalable cloud-based platform and enable our customers to get information for all products and geography in a consistent and accurate way. We offer access to all the data through our performant API, which is accessed around 50 million times a day by 5,000 market participants. We help in this way our clients to manage the information overflow and provide them with the insight and the data needed to navigate this volatile market environment and enable them to efficiently manage the continuous operation and trading in all markets from balancing day ahead, up to further out to investment curve. With over 25 years of market experience, we offer a wide range of products for customer decision support, forecasting the whole tradable markets range, as I said, from short term to long term. We make use of artificial intelligence and machine learning models to forecast prices and cross-border exchanges. Also including the core flow-based market coupling algorithm, as we know that evaluating and forecasting accurately the interconnection relationship between neighboring countries is crucial in the power markets. We have developed in-house models for hydrology, wind, solar, electricity consumption for all European bidding zones, and launched the first offerings for Japan market, as I will talk also later in the presentation about this. On top, we enable our clients with outstanding analysis and research provided by our market experts through daily comments, recommendations or reports. Volue has one of the largest group of market experts within the power domain, covering all European markets. Our analysts also support the customers in consultancy projects like power purchase agreements or CapEx expertise, or prepare some various scenarios to analyze and quantify the uncertainties in the market and the impact on the prices now and in the future. All data and figures that we provide can be extracted using our performant API. Moreover, the customers can access this information using systems like Python or Excel add-in. Therefore, the Volue products come with a performant out-of-the-box integration in the insight platform. Especially for the players active in the shorter markets like imbalance or intraday or day ahead, getting the latest information and changes in fundamental forecasts are critical for the trading. Our API gives the customers the possibility to retrieve this data timely and in a consistent manner, and it's accessible from all over the world 24/7. As noted earlier in the presentation, Volue, Trond also mentioned it, we have recently entered the Japanese power market for the energy market players. We have opened already last year an office in Tokyo, and this has been growing gradually already. Establishing a presence outside Europe has been Volue's goals and ambition since the beginning. Japan power market is still early in the growth trajectory, and due to its size, generation mix, and infrastructure, has the potential of becoming one of the greatest liberalized power markets in the world. Several international firms, as well as some European utilities, have already entered the Japanese power market, attracted by the potential trading opportunities this offers. Looking into the development of the spot traded volumes at the Japan Electric Power Exchange, we observe a substantial growth in the volumes for the past years and months. This increase in liquidity shows the firmer presence of international players, but it is also a result of the changing energy policies in the power market transition for the last years. Let's have a look on some of the steps in the market transition for Japan, because the Japanese power market has been long dominated by regional companies with a virtual monopoly on generation and distribution. It has been gradually opened to competition and reached full liberalization in 2016. Also, the earthquake and following tsunami in March 2011, with a consequent accident at Fukushima Nuclear Power Plant, marked the transition in the process for support of renewables in the energy generation mix, and especially solar photovoltaics, accelerated by feed-in tariff scheme. This scheme has been upgraded this year to a premium feed-in tariff, including an improvement in the subsidy system for renewables, and also a stronger market-driven approach. On top of that, the Japanese government committed to achieve carbon neutrality by 2050 and a 46% reduction in the greenhouse gas emissions by 2030. This goal is in line with Volue's values and motivation for entering this market, to support the market participants in this process. Next, let's take a closer look on the strategic plan for 2030, which is the foundation for reaching this carbon neutrality goal. The Japanese government plans to gradually phase out coal, as we see here. They expect a reduction to 90% in coal production by 2030. When it comes to renewables, we saw already during the past years that there was increase in the renewables generation, and this has been adding to some more volatility in the power system. The energy strategy plan foresees an increase up to 38% out of the total generation by 2030, with the focus in wind and solar and hydro generation. The total wind installed capacity, it's expected to reach 19 GW by 2030, out of which 15 GW for onshore wind generation. This boost in renewable power leads to increased price volatility in the short-term markets and makes access to real-time, reliable, and accurate supply and demand forecasts essential for the market participants. Our models and products are scalable and adjustable for new energy markets like Japan. Since this year, Volue delivers real-time forecasts for weather-driven fundamentals like demand, wind, solar, temperature, along with actual data for electricity spot and LNG. These models and data are continuously updated and can be accessed using our performant API and tools that I presented earlier. Currently, our team is working on including information on individual power plant availability and developing the short-term price prognosis for all Japanese areas by the end of this year. Our plan is to extend the offerings for Japan power market to include the complete chain of products up to long-term horizon forecasts. This up to 2024. We believe that the expansion to the Japan market aligns perfectly with the Volue value. We are a trustworthy provider with an acknowledged experience in the power market and decided to explore new markets beyond the continent. Our explorers in Norway and Germany are working together with their colleagues in Japan in order to develop tools and analysis to create a sustainable tomorrow. Let me conclude with some takeaways for the Insight segment. We provide a one-stop-shop data for data forecasts and analysis for the European markets and beyond in a way that is easy to access, consistent, and reliable, and important, timely. We are a trustworthy provider and being already the preferred partner for the European markets, and we will continue to support the market participants to understand the changing market dynamics, optimize production, and reduce risk exposure now and in the future. Thank you for your time. Now I would like to welcome my colleague, Camilla Thorrud Larsen, who will talk about our energy solution portfolio. Thank you, Anamaria. I'm very glad to be here today and to talk more about Volue's software solutions for the energy segment. In a nutshell, we develop and deliver solutions that enables our customers to monetize power production in increasingly more complex and volatile markets. Our primary target market is power producers across Europe, which can have power generation portfolios consisting of different asset technologies. That could be wind, solar, hydropower, energy storage like batteries, and thermal generation, for example, biomass-fueled power plants. We help our customers in the process of planning, bidding, and trading power in an optimal way. My presentation today is divided into two parts. First, I will share our view on the market we address, the challenges they face, and the solutions we provide for this segment. In the second part, I will go through a specific customer case to give you an idea on how Volue solutions are being used and how we add value to our customers. Like I said, our primary target market is power producers of different shapes and sizes across Europe. As you can see from the numbers on the bottom of the screen here, the market is already big, with more than 8,500 power producers operating almost 28,000 power plants in total. Furthermore, the market is growing and the market is changing. The energy transition is happening, and as you know, this refers to the shift from fossil-based generation to renewables. The graph to the right shows how power capacity is expected to evolve over the next 30 years. As you can see, this represents a significant change in the energy mix. The projection shows an overall increase in installed capacity, represented by substantial growth in renewables, together with a decline in the conventional fossil-based capacity. For the power system to cope with this increasing share of intermittent renewable energy in the mix, new regulations and market mechanisms are put in place, and this to ensure a balance between supply and demand can be possible to achieve at all times. In the midst of this significant structural change, we find the power producers. They must adapt operations to an increasingly more complex market structure relating to both new markets and markets with a finer time granularity. An important implication of this is that the number of tasks and decisions to be made increases substantially while the time available to perform them decreases. Sophisticated and flexible digital solutions that enable optimal operation of generation portfolios, as well as rapid and timely response to market signals, becomes more important than ever. To capture the full value of power generation assets, the right tools to optimize and market the power that is being generated is essential. Volue provides a platform of products which solves the difficult problem of maximizing profits from a multi-asset portfolio in a multi-market environment. Our product suite represents a central and business-critical part of our customers' overall IT landscape. Power producers today are facing a hugely complex process of capturing and processing data and forecasts, optimizing production towards multiple markets, and execute trades in the various markets at the right time. This process repeats continuously throughout the day, seven days a week, all year around. It becomes obvious that to extract the full value of your assets, you need a system which not only provides you with optimal decisions and the ability to trade, but also provides you with the necessary performance and level of automation required to identify and capture new opportunities in time. With the acquisition of the Germany-based companies Likron and ProCom, Volue got a better foothold in the continental European market. We are now providing the market-leading solution for algorithmic intraday trading, together with an extended set of the main expertise across this entire value chain. This puts us in a strong position for further growth. Let's have a look at the left-hand side of this picture and Volue's optimization solutions. The objective of any rational power producer would be to optimize the use of their assets to maximize profits. This is actually quite a difficult problem, and not something you by any means could do by hand. Each of these assets can have quite complex characteristics, and you also need to take into account a multitude of restrictions and constraints. These constraints could be related to the physical system itself, like ramping constraints, meaning how fast you can increase or decrease the power output. Or it could be regulatory restrictions. For example, that you have to ensure a minimum flow of water in rivers over certain periods of the year. All these details must be considered to answer the question to how much you could and should produce, from which units, at what time, and for what price. This constitutes a large, complex decision-making problem, which is best solved using advanced mathematical optimization models capable of maximizing the performance of your overall multi-asset portfolio. Volue provides state-of-the-art optimization models for production planning and bidding, which can handle large multi-asset portfolios. These are developed by our own experts within the field. We emphasize high performance, and we use advanced mathematical methods and algorithms to ensure that the calculation times are low. Our optimization models also allows for highly detailed modeling of all asset types and can take into account highly complex constraints and restrictions. This is something that differentiates us from our competitors, which typically focus on one asset type, for example, thermal power plants, and then model the others in a more simplified manner. Our approach, though, of obtaining a high level of detail across the entire portfolio gives more optimal results and also implementable results. That is optimal production plans which are really feasible to run. This minimizes the need for time-consuming manual adjustments afterwards, which is a big advantage in today's power markets, where everything goes so fast and decisions must happen even faster. Now for the right-hand side of this picture, the trading part. As a power producer, you typically monetize production in the power markets. Power markets, which again growing in complexity. New market mechanisms are put in place, more volumes are moved to the short-term markets, and the market's time granularity increases. As a power producer, you need to select and use the markets which are more profitable for your particular portfolio. You need to be able to effectively access those markets to place bids and offers at the right time. Moreover, you also need to know that the bids and offers complies with applicable rules and regulations so that you don't miss out on any opportunities based on simple mistakes. Volue provides trading solutions for all relevant physical markets across Europe. These solutions do not only provide our customers with a route to market for their power productions. Built-in smartness supports the bidding process, ensures compliance, and let our customers apply advanced trading strategies in short-term markets. With our trading products, trades can be executed quickly, effectively, and automatically. Another thing that separates Volue from its competitors is how the trading products are seamlessly integrated with the optimization and production planning system and how it is all underpinned by a robust and scalable and flexible data management solution. Because we firmly believe that it's no longer possible to view asset optimization and trading as two separate processes, simply because the new market structures leave no time for that. Okay, I will now go through a customer case to illustrate how Volue's solution is being used to optimize production plans and trading decisions. This case concerns Enel. The customer in question is Enel. Enel is the world's second-largest power producers. This particular case concerns Enel Italy, where they own and operate a large multi-asset portfolio. More specifically, a portfolio consisting of wind, solar, geothermal, hydroelectric, biomass, and thermoelectric generation assets. In total, the portfolio consists of more than 550 power plants. Obviously, to decide how to optimally operate all of these 550 assets together and how to price the energy produced in the different power markets at all time is a hugely complex and challenging task. Enel relies on Volue solutions to solve this task, optimizing production plans and bidding decisions across the entire Italian portfolio. The ultimate goal for them is to extract the full value from this portfolio and thus maximize their profits. Volue's solution is central for Enel's daily operation of their Italian portfolio, and constitutes an integral part of the overall system landscape. In this picture here, the orange boxes represents tasks or processes, decisions solved by Volue's software products. Whereas the light blue ones are solved by Enel's own or third-party tools. By seamlessly integrating our standard products into Enel's IT landscape, we have ended up with a solution that fulfills Enel's specific business problem. Let's start with the day-ahead market. In the day-ahead market, Enel sell electricity on the day before actual production and delivery. This happens in a closed auction, and is where the majority of Enel's total production is traded. The problem at this stage is to determine how much to produce from which of these 550 power plants, and for what price. Volue's optimization solution is run based on the most recent information or input data, if you like. Our data management system takes care of capturing, processing, and structuring all data relevant for the optimization run. The result is optimized production plans and a bid basis, which then is sent to Enel's tool for bidding into the day-ahead market. After the day-ahead market clears, Enel is notified about the result, and they have now a contract for physical delivery of electricity the next day. This obligation goes into the Volue system again, where it is immediately made available for subsequent optimization runs. A lot can happen before the last amount of contracted energy has to be delivered. In the intraday market, Enel has the possibility to make adjustments and to balance their positions closer to real time. The problem at this stage is similar to what they are facing before the day-ahead auction closes. Namely, to determine how much to bid or ask in this case, and at what price. There is, however, a big difference between the day-ahead and the intraday process. In contrast to day-ahead, where market clears once per day, the intraday auctions market clears 70 times per day in Italy. This calls for a more or less continuous process of capturing and processing new information, run optimizations based on the most recent input data, and decide how to act towards the market based on those results. At this stage, performance is essential in order to arrive at the optimal decisions in time. When we are moving in on the delivery hour or delivery quarter, a close to real-time optimization is performed, again, based on the most recent data and information available. This is when the final production plans are calculated and sent to the dispatch centers that control the power plants. At this point, the fact that our optimization models are so detailed and give results and production plans that are actually implementable is a huge value to our customers. Minimal need for manual interaction at this stage leads to rapid refresh of data and the ability to spend time on the activities that really matters and brings in the revenue, such as intraday trading. This example illustrates the complexity faced by power producers every day, and it also highlights the value of Volue's advanced and high-performing solutions. Okay, to sum it all up in a few sentences, I would say Volue is on top of the energy transition. We offer power producers across Europe a solution to the challenges they face every day in an increasingly more complex power market. A market where prices fluctuate more rapidly than ever, and where sophisticated, high-performance, and automated solutions for optimization and trading become a necessity to stay ahead of the game. We have a strong market position in Europe, but our ambition is clear, and that is to grow further, and like Trond said, to be nothing less than number one. Thank you for your time. I will now hand over the word to our next speaker, Kjetil Storset, who will talk more about our Spark program. Thank you, Camilla. Yes, my name is Kjetil, and I'm a Spark lead at Volue. I will introduce you to Spark, the new matchmaker in the neighbor energy system. Volue has more than 50 years of history in the energy business, optimizing energy storage and grid operations. Spark is a business development program addressing new business opportunities on neighborhood level of the energy system. New business opportunities driven by solar panels on rooftop, need for batteries to balance the local grid, and high penetration of electric vehicles. We will add 200 million new distributed energy resources in Europe by 2030. 200 million resources that are going to be connected to the grid where you have the need for demand and supply to be balanced continuously. That's about increased flexibility needs to handle this. The market potential for Spark is NOK 35 billion. This part of the energy transition, this is with broad political backing. There is no turning back. Regulatory barriers will be removed, like the new regulations in Germany, incentivizing solar panels on the entire rooftop, producing more than your own consumption, and with no limitation of maximum power feed-in. Standalone solar panels on the entire rooftop and high penetration of electric vehicles will be highly problematic for the local power system. The reason why is that local power system is getting more supply than it's designed for. Electric vehicles charging at the same time will demand more than the system is designed for. This increased complexity creates problems that call for new instruments with high scalability for day-to-day energy coordination on local level. On regional level of the power system, market instruments is used to coordinate demand and supply 24/7. That is what Camilla just presented. On neighborhood level, however, the grid operator has no instruments to coordinate demand and supply on a day-to-day basis. The need for such instruments is already a reality in all areas with high growth of solar panels. Neighborhood energy coordination by grid-aware charging of batteries is the new market opportunity addressed by Spark. Spark will make EV charging smarter. Spark will coordinate demand and supply on neighborhood level on a day-to-day basis, and flexible demand on the neighborhood level will be aggregated to participate on regional markets. Spark serves as a matchmaker. It's about making smart charging at scale an opportunity for the power system, both on neighborhood level and on regional level. Spark is a business-to-business offering addressing three segments of subscribers. Owners, operators, and charging point operators of distributed energy resources like EV manufacturers, car sharing, rental, and leasing services, public transportation, and public parking operators. The second segment are local grid operators and preferred regional market actors like power producers, retailers, traders, balance service providers, and virtual power plants. On the energy side, energy resource side, Spark offers reduced power bill. To local grid operators, Spark offering is day-to-day local energy coordination. To regional market actors, Spark offering is aggregation of distributed energy resources. Spark business model is a subscription-based matchmaker fee, monthly NOK 30 per energy resource. And 1 million energy resources on board the Spark ecosystem will then give NOK 350 million annual recurring revenue. My experience with charging at public parking is that there is no smart charging today. I want to use airport parking as an example. Most of the cars are driving in at the airport early in the morning and are planning to stay there for the whole day or even for several days. When connecting the electric vehicle, the charging starts directly and keep on until fully charged. For me, this is not at all smart charging, and basically you can't do it worse. Because this is what leads to a lot of electric vehicles will start charging at the same time in the morning, in the high-price period of the day, and the hours with the highest risk of bottlenecks in the power grid. To make charging at the airport parking smarter, as an example, Spark will offer smart charging to reduce the power bill by moving charging to lower price hours. Share value and support to local grid operators by grid-aware charging. Share a value from aggregation of flexible volumes to regional power markets. Three value streams. They are not there today. Look into local grid operators as a segment. Standalone, both solar panels and high penetration of electric vehicles at home will be highly problematic for the local power system. Today, local grid operators has no instruments to coordinate demand and supply on a day-to-day basis. The local grid operators has two goals, keep the power on, and make sure the voltage is okay. The first grid of a charging service to local grid operators will be a restoration power service. When reconnecting after an outage, there will be a peak demand on the system. This peak demand introduces a safety risk for the field workers reconnecting the power. Spark restoration power service will disconnect all EV charging before reconnecting to reduce the safety risk for the field workers, and it will be operated by the field workers on their mobile. The next more advanced grid-aware charging service will be day-to-day energy coordination. High penetration of electric vehicle charging at the same time. Spark will coordinate this as a subscription-based day-to-day coordination service to local grid operators. The Spark roadmap looks like this. Already in Q4 this year, we will offer the first service, aggregation of electric vehicles for regional reserve markets, powered by Volue Market Services. In Q1 next year, Spark will offer smart charging for electric vehicle owners, operators, and charging point operators, powered by Volue Insight weekly price forecast. Before summer next year, Spark will offer grid-aware charging, support for restoration of power for local grid operators. In Q1 2024, Spark will offer grid-aware charging, support for day-to-day local energy coordination for local grid operators. To sum up, there will be a massive rollout of solar panels on rooftops and electric vehicle with a broad political backing. Standalone, both solar panels and high penetration of electric vehicles will be highly problematic for the local power system. Spark will serve as a matchmaker, balancing the neighborhood energy system with a highly scalable business model. That's what Spark is all about. I'll be more than happy to speak to you after the session. Thank you for your time. I will now hand the word over to our next speaker, Stein Petter Agersborg, who will talk about helping utilities and grid operators. Thank you, Kjetil. I will now tell you more about the product line named Power Grid in Volue. First, I would like to place the Power Grid product line in the power system. Power Grid's customers are the grid operators. These companies have a natural monopoly as their own grid and infrastructure below the transmission lines. This encapsulates high voltage, medium voltage, and low voltage, and basically means bringing the electrical power from the power producers to the households and industries. Those with keen eyes can see that the arrows are not only going one way in this picture. This is because we now also have prosumers as well as consumers. In other words, the grid operators now also have customers that both consume and produce power through, for example, rooftop solar panels, as Kjetil just explained, and this gives opportunities. The grid operators are monopolists, as you and me cannot choose who distribute the power to us. We can only choose who we buy the power from. This means that they have a social mandate to deliver electricity to end customer at all times in a safe manner. Doing this calls for being focused on stable, well-proven, and resilient systems. Hence, this is a conservative market. In addition, they have an obligation to strengthen and expand the grid to enable the green transition in a cost-efficient manner. As the electrification of the grid, of the society is very high on the political agenda, the grid operators are being pushed to strengthen the grid at a speed they are not accustomed to, and they need to change the way they work, and this also brings opportunities. The more power we consume, the more capacity and flexibility is needed in the grid. This calls for a massive investment and build-out in a short time. To manage this, the grid operators need accurate digital twins, the right domain tools, and to automate as much of the work process that is possible. This is what we deliver to our customers. To share with you why we are in pole position to go further, I would like to start with the beginning. As Trond mentioned, in the seventies, we were part of a research institute, and we basically got the order from the grid industry in Norway to digitalize the documentation of the grid. That's what we did, and hence created the first digital twin of the grid that the industry could use. From there, we secured a sticky position at our customers. We expanded and offered value along the large portion of the value chain of our customers. We now deliver value through our solution along the main purpose of a grid operator, create new grids, operate it, maintain it, and optimize it. Since distributing power involves lethal amounts of electric energy, building and strengthening the grid is a costly operation with costly materials. Hence, there is a need for tools to ensure efficient planning, where to build what capacity in the right order. This calls for detailed analysis and design to ensure the right investment. In addition, they have to handle a large amount of contractors and subcontractors as well. The next step is to commission the grid, make it live, and then operate it. The grid operators needs to know the state of the grid at all times, as there are financial penalties for outages. Not to mention the potential hazards of longer-lasting blackouts and negative media attention. The grid is not a steady state mechanism. New connections are being set up every day in the grid. New households, new EV chargers, and new rooftop solar panels. This calls for expansion and strengthening of the grid. In addition, the grids needs also costly maintenance to ensure security of supply. Finally, the grid operators needs the tool to do technical and financial analysis of their grid to plan for the grid development strategy in the long-term perspective. All of this calls for niche products that are heavily domain-focused, and we supply the grid operators with these tools to do this in the most optimized manner. When we look at our home market, you can see we have a dominant customer share in Norway and Denmark. In Sweden, we do have a smaller share, as we are targeting the big ones, and we now do have two out of the three biggest grid operators in Sweden. The interesting part here is that even though we have a dominant position, there are still room for upsale and growth in the Nordics. Not all of our customers have all of our solutions, and we are working hard on getting a greater share of the spending on software within our value offering to further increase our growth. Another important aspect is that we see a transition that is aligned with the European need. Our customers want to modernize their solutions landscape to get cross-system synergies. This means that they want to have modular solutions delivered as software as a service. Some of our biggest customers are investing in this journey, and the reason we do so as well is that this fits with needs of the European market. This will also enable us to create spearhead products to grow our business in Continental Europe. There are 3,000 electrical utilities in Europe, which each year spend NOK 11.4 billion on the software portfolio we are a supplier of. This is of course, an attractive market to get, and we are now rigging for taking an European position. Coming from the Nordics, we do also have an unfair advantage to exploit. We have come further in the electrification of the society than the rest of Europe has. I will take you through an example of this. With the electrification of the private transportation sector, meaning the rollout of electric vehicles, comes the need for EV charger at household level. In Norway, we have been through this wave, and we have seen the strain it causes the grid operators to handle the volume of these kinds of requests. There's a lot of manual labor done by a few experts, which creates a bottleneck at the grid operators. In addition, these kinds of requests demand several system handovers with a traditional setup that we used to have in Norway in the past. These system setups are now in place in continental Europe. This leads to long lead time for the end customers, bad reputation, and costly work for the grid operators. In Germany, we will see a 50% increase in these requests the coming years as the car manufacturers are stopping to produce combustion engine vehicles. We saw this in Norway a few years ago when the EV incentives made the general public invest in EV cars instead of combustion engine wheels, and we learned from it. In Europe, there is an investment of NOK 1 billion each year in software spending in this part of the value chain, and we will see a steep increase in investment within this segment. What we did was to develop a solution that automates the handling of over 50% of these kinds of requests. This means that we are able to now automate half of all the tasks that needs manual interaction to be fulfilled at the grid operators. We are further developing this solution and target automating up to 75% of these requests. This has an enormous impact on the lead time for the end customers, the workload of the grid operators, and it also frees up expertise competency that can work on more crucial tasks. We are now in the process of adopting this solution to fit with the European system landscape. We aim to grow substantially within this segment using the solution as our spearhead product. I would like to emphasize that this is just one example out of several where we have an unfair advantage since we have come further in electrification of society here in the Nordics. To summarize, Power Grid are working with monopolistic customers in a niche market that we have a long-term relationship with. The electrification of society changes the market and gives opportunities for our software. Our Nordic unfair advantage gives great possibilities in Europe's NOK 11.4 billion ARR market. Our customers are changing the wanted delivery model in line with European needs and Volue's strategy. With that, I would like to thank you for your attention. We will now have a break, and we'll be back at 10:40 A.M. Okay, welcome back. My name is Frode Solem, heading up the infrastructure business in Volue. I'm going to talk about the backbone of society. This is the real stuff. I've shared my presentation into three sections today. The first section, I will talk about global trends and challenges. In the second section, I will talk about what we deliver and the value we bring to our customers within infrastructure. In my third section or last section, I will give you a presentation of three different use cases or customer cases to give you an idea of what we deliver to our customers. If you look around us, we see climate change and more extreme weather conditions. We see too little rain, we see too much rain. All of this triggers changes on how we put pressure on the water network, water system. This change triggers need for analysis to reduce impact of climate change and increasing infrastructure resilience, especially as urbanization also is adding pressure to current infrastructure. Aging infrastructure will over time cause increased risk of more water leakage and water contamination as well. Urbanization puts new requirement for water and wastewater systems and public transportation. As a consequence of climate change, aging infrastructure and urbanization, there's a need for large investments in infrastructure. Several analysis and reports is pointing out that the construction industry is one of the least digitalized industries, and benchmark show a low productivity improvement compared to other industries. This development can be improved with standardization, new IT solutions, and changes in how construction industries operate. In short, about our position in Volue. Volue Infrastructure business is based on a Nordic position in Norway, Sweden and Denmark. We serve more than 1,200 customers and have more than 15,000 users in the cloud. From 2020, we started transforming our business, both with new offering in the cloud and also transforming the business models to a subscription-based models. In the last 12 months, we have increased the number of SaaS clients with 50%, and we have an increase by 32% for the construction business in Sweden. The infrastructure business consists of two market segments. We call it the heavy construction and the road and community. Within heavy construction, there is 950 companies. There are construction companies, design companies, and the builders or the owners of the project. Typical projects supported by our software could be design and construction of railways and metros, district heating, roads, tunnels, ports and harbors, airports, water and sewage projects, windmill parks, and hydroelectric facilities. Within heavy construction, we are supporting the digital system design and construction phase through what we call BIM models of design of the project. This is the digital twin of the project. In this example, we are connected to different equipment as well. On the typical construction site, there could be drones flying over the construction site each day or each week. We receive information from these drones, process them, so we can get the progress of how the project are going. We also connect to the owner of excavators in the project. The 3D model, the design, we send that directly to the pilot in the excavators to do the job, and we get information back from the pilot to the office from the excavator. In this way, we can monitor the progress of the project. We also provide strong capabilities for mass calculation and keeping mass balance. With the control of mass balance and the cubic of excavation, our customer can optimize transport and also document CO2 emission of a project. With dynamic modeling in our system, our customer could also document reduction in CO2 emission, which change over time and improved mass balance. An important value utilizing our software is also document the quality of work, and to provide documentation of invoicing to the end customer. I will later on present some examples from the heavy construction industry. Within water community segment, there are 250 customers in Norway and Denmark, and we have a market share of 85% in Norway for all water and sewage network. In addition to a 20% market share in Denmark. We provide software where our customers can be in control over the water and wastewater system. We provide solutions for documentation and efficient operation of the network. As one example, we collect information from different sensors, field workers, customers for analysis, decision-making, and efficient operation. Our system also supports advanced analysis, leakage control, detection and control through machine learning algorithms. We also provide system for documenting privately owned water infrastructure as well. Today we have more than 2,000 contractors working for the water wastewater owners that is users in our system. We all expect clean water delivered to us. This water, and I expect it as well, could be affected by the changing climate. It could be affected by age of the infrastructure, or it could be also impacted by urbanization. We, in this case, sometimes the water get contaminated as well. We provide supports for the operator to notify consumers of water if something happened with the water, if there's a hazard, or the water is not delivered as expected. I will now go through a couple of four different use cases, or customer cases. The first customer case is from City of Stavanger. It's located on the west coast of Norway. The topic for this story is documentation and operation of the water infrastructure. Stavanger City is the fourth largest city in Norway, 140,000 citizens, 1,260 kilometers of water and wastewater network. Another customer is responsible for delivering clean water to the customers and taking care of the wastewater, so the wastewater is clean when it goes out in the fjords. Stavanger City using our software for documenting the infrastructure and day-to-day operation of it, so everyone in Stavanger gets clean water. They decide which tasks to prioritize based on planned and unplanned events. They have efficient online documentation to all the field operators. They know what they were going to do each day. They get support also for managing the privately owned infrastructure as well, in combination with the publicly owned infrastructure. Also get a live presentation on how the status of the grid is through combining it with different sensors that is also present in the water grid. In addition, they have a system to notify the customers and a system for us to get the complaints back from customers as well. We cover the process, operating the power network at Stavanger. My second case is from this city, the city of Oslo, and the main purpose of this project is to provide new water supply for the city of Oslo. The budget of this project is NOK 27 billion, and it consists of assembly halls and 20 km of new water tunnels. There's around 2.5 million cu m of rocks to be excavated. The project is ongoing to be finalized by 2028. Volue software is utilized by all relevant stakeholders in the project. City of Oslo, design companies, contractors are using our software. The delivery from Volue improves collaboration between the parties in the project and to align projects and taking care of design changes and document progress. On the left in this picture, you see part of a 3D model, or as we call it a BIM model, of an assembly hall in this project, where a 300-m long TBM machine, also called a tunnel boring machine, is to be assembled before starting the 20-km long excavation of the tunnel. Volue software will be further used for mass calculation and quality control of this project. Urbanization requires investment in infrastructure. The third customer case is from the capital of Sweden, Stockholm. Stockholm is growing fast and needs to improve the transportation capacity and expand the metro lines to meet the future. The project has a budget of SEK 32 billion. The project shall deliver 20 km of new metro tracks and 10 new metro stations. The major construction work began in 2020 and expected to take eight years to complete. The City of Oslo is planning that 130,000 new family homes and apartments will be built close to the new metro lines and stations. In this project, as in the project from the City of Oslo, we are delivering dynamic 3D modeling capabilities. The customer are utilizing the Volue software for planning purposes towards drill-and-blast process in the tunnel. Volue software is also used for mass calculation, quality of work during the process. In my last customer project, I would like to invite you to Twin Peaks. Twin Peaks is a wind farm, northern part of Sweden in Sollefteå Municipality. The delivery of this project is to provide new green energy and consists of 39 turbines with 242 MW installed capacity. For the construction, a 40-km road network is required to transport or assemble the windmills. In this case, the contractor is utilizing Volue software to optimize mass balance and minimize the need for transportation. Volue software also provides simulation tool to simulate the transportation of windmills, so requirements for curves and slopes on the long transportation are met and that the windmills reach its position without any delay. The Twin Peaks Wind Farm will be in operation from 2024. To sum up my presentation for today, aging infrastructure needs modernization. Digitalization is increasing due to market trends and regulation, and shift towards software as a service fits Volue strategy. We are supporting the operation of water and wastewater network to take care of scarce resources and build infrastructure for the future. Based on our leading position in Norway, Volue aims to be number one in the large and growing Nordic market for construction and water community software. Thank you for your time. I will now introduce the next speaker, Ingeborg Gjærum, who will talk about our sustainability effort as an integrated part of our business. Thank you. Thank you, Frode. I'm here to present our strategy when it comes to ESG, that is environmental, social and governance, or sustainability, as we call it internally. That is actually a word we use quite often because not only is sustainability rooted in our vision, but also it is one of our core values. Oftentimes, when we present and talk about ESG, it is in the form of a report or a standard, and that is all well and good. We believe that more transparency will accelerate efforts within the ESG domain. Therefore, Volue is, along with the rest of the green tech community, dedicated to both expand and improve our ESG reports going forward. That said, and in all honesty, it is not ESG reports who will drive or accelerate the green shift. When we have said that sustainability is part of our vision, it is because we want it to be the very foundation on which we build our strategy and drive our investments. I might be stepping on some toes here, but we dare say that everyone, or at least almost everyone, can be very good at ESG reporting, but it doesn't mean you're sustainable. We want to be good at both. We want to deliver good and transparent ESG reports, but at the same time, we want to enable our customers to become even greener. That is why we have a purpose saying we realize the green transition, and as we show through the vision we have, we will do that through the technology we deliver. Already during the first months of Volue back in 2020, we decided upon which of the UN Sustainable Development Goals we would have as our most important ones. Not surprisingly, perhaps, Sustainable Development Goal Number 7 on affordable and clean energy is, of course, at the core of what we do. Our expertise when it comes to energy production, optimization, trading, and distribution of power is helping our customers to get the most out of their resources and can also play an important role enabling a greener energy future. Further, SDG Number 11 on sustainable cities and communities was one of the areas where we said from the outset that we wanted to make a difference. My colleague, Kjetil Storset, has previously today shown you what we're doing to the Spark program, and we are confident that is an area which will entail large business opportunities for us going forward. Finally, we also expect that going forward, climate change adaptation will gain increasing attention. That is unfortunate, one could say, because it is the evidence that we have not been able to prevent the climate from changing. Nevertheless, to safeguard infrastructure, biodiversity, and not least people, it is essential that we build a more robust society in the face of a changing climate. That is why we decided that also Sustainable Development Goal Number 6 would be essential to us. [audio distortion] just here showing that we have software that can help us take care of precious water resources. Our software can prevent waste of clean water, it can ensure that wastewater ends up where it's supposed to, and it can prevent flooding even in times of changing precipitation patterns. Our commitment to our very vision and the way we want to deliver upon those sustainable development goals is through the products and services that we deliver to new and to existing customers. I'm not going to repeat all the strong messages already sent to you by my colleagues, but if there is one thing that I want you to take away from these presentations, it is that sustainability is at the heart of everything we do in Volue. Going forward, we will, of course, continue making our own operations as green as possible. We will continue delivering ever better ESG reports. The main sustainability value we provide will be through the technology that we create. In the next part of my presentation, I will try to take you through how we work with ESG and how we work to incorporate that into all aspects of our business. We have selected four focus areas to drive our efforts on reaching our own mission, and those four were selected through a materiality analysis that we did back in 2020, and which we updated last year, and which we will continue to update year by year. When conducting that materiality analysis, we used the recognized GRI or the Global Reporting Initiative framework to do that. Through that, we have compared, on the one hand, ESG topics which are relevant to our main stakeholders, and on the other hand, which areas where we can truly make a difference. That has resulted in four focus areas, which I will list to you, but I will only go further into the two last ones. First, ethical business conduct is a prerequisite for, I would say, any company, and especially for us, given the customers that we have, and also given the fact that we've chosen trustworthy to be one of our values. Second, cybersecurity is, of course, a focus area for all our customers, and then, of course, to us. We know what is expected of us, and we know that this is an area where we need to be at the forefront, both to safeguard our own operations and that of our customers. Third, technology, and I would say especially software, is about capacity, capabilities, and competence, or people, in other words, and I'll come back to that in just a minute. Fourth is obviously environment, and that is the topic I will conclude my presentation about, by going further into. First, on people. What you see here summarizes the Volue values, trustworthy, explore, together, and sustainable. Today, we have around 750 explorers, whereas around 65% is situated in the Nordics. When we call our employees explorers, that is at least in two dimensions. First, we need to be at the forefront in terms of technology and software development. Also second, as I'm sure you've seen from what has been presented today, generic technology competence will not be sufficient for us to deliver value. We also need to understand our own domains, and hence, we source people and competence from the industries we serve to really understand our customers' processes and their needs. I would say the very crux of any competitive advantage in Volue is our ability to combine technology competence with domain Insights. Also, when it comes to people, we have said from the outset that we wanted to be an international company and that the way to get there would not be by exporting Norwegians. We have a clear target of increasing the share of non-Nordic employees. Obviously, the acquisitions that we have done has increased significantly the share and number of German employees, where we have around 130 employees today. In Berlin, in Munich, in Aachen, we have brought on board very highly skilled people and a lot of competence, which has already shown value to the offerings we bring to the market. I want to highlight our product development hub in Gdańsk in Poland. Here we have around 100 employees, and we are extremely proud of the competence that we have built in Gdańsk and the fact that we're able to both recruit and retain that team, even though we see increasing competition from other international players. As you see, around one third of our employees work within product development, and that is the largest part of our team. Needless to say, our ability to recruit and retain people here is a prerequisite for success for us. I would lie if I said we have not felt the challenges of the great movement in the workforce in general, and especially the war on talent in the tech domain. That said, we do see that we are able to bring on board resources needed and that the Volue message is strong, especially, I would say, among young talent, and that the investments we have put in telling that story and into employer branding is really paying off. We source talent from a variety of places, both in terms of geography, experience, education. For instance, we have a collaboration agreement with the Norwegian University of Science and Technology. Also we of course seek employees that are diverse both in form of nationalities and gender and age. We're investing in diversity, in mentorships, in leadership training, and next week all employees will gather here in Oslo for an all-company gathering to create amazing moments together, to learn from each other, and to rally around our strategy. I have to say that for a company who was founded one week before we were all quarantined, who have never really gotten to meet each other, that is indeed a milestone. Fast-forward to environment, which I will conclude my presentation. That is our, as I said, our fourth focus area. In 2020, our first year, we did a climate risk analysis, and we used as inspiration the acknowledged framework as well, which is called the Task Force on Climate-related Financial Disclosure, or TCFD. What we find is that when we look at climate risk, for us, that primarily entails opportunities, and that the faster the acceleration towards a renewable fuel energy transition goes, the better. In addition, of course, we work every day to improve our own operations, looking into our energy consumptions and also how to reduce emissions from traveling. I started by saying that there is a difference between being good at ESG reporting and being sustainable, and that is why we don't only welcome but also engage in the EU taxonomy. On the left here you see the six climate goals as defined by the EU, and the two on the top were those who were defined the first and also the ones that are most relevant to us. That is climate change mitigation and adaptation. In 2021, we assessed our operations to see how much of our top line we considered to be eligible to the EU taxonomy. We found that is around 70% of our revenues, as you see from that overview. Now we have embarked on the next steps related to the taxonomy. Firstly, we're reassessing those 70% of the eligible activities, related both to the two first goals here, but also to see which of our activities are relevant for and eligible related to the other four of the EU climate targets. Second, we have started identifying required documentation to verify alignment. I'm sure the audience knows there is a difference here between alignment and eligibility, and that alignment goes beyond that of eligibility. Taxonomy alignment implies that an activity is compliant with the requirements enumerated specifically for that activity of the taxonomy. Before 2022 is over, and when we report next year for 2022, we will have assessed documentation needed to comply with the technical screening criteria to, of course, to Do No Significant Harm criteria, and also with the minimum safeguards. That will be included in our report next year. To summarize where we are in terms of reporting. We started in 2020 selecting the UN Sustainable Development Goals right from the outset. In 2021, we published our first ESG report. In the same year, 2021, we also joined the UN Global Compact. We will report our first communication of progress related to the UN Global Compact next year together with our ESG report. Also when we came out with our 2021 report, we did that in accordance with the GRI standard. We will obviously continue reporting according to the GRI. When we come out with the report next year, we will also publish for the first time the share of aligned activities according to the taxonomy. We have very clear plans on what lies ahead for each of those four focus areas which we have. We have clearly included the prioritized tasks for 2022, and also the ones that were prioritized for 2021 and the status on those in our ESG report, which is readily available on our web pages. We will of course assess our materiality analysis again this year, but we expect no significant changes compared to last year. I have spent most of my working life as an environmental activist, and I have to say it is a privilege to be part of a team that can honestly say that environmental challenges means opportunities. To us, ESG is about investments and the solutions that we provide. We are building a great place to work to push for more climate mitigation and for building a more robust society in the face of climate change. We serve essential functions in society, ensuring we have power and that we have clean water both for people and industries. We do it because we see that there is also potential for business. Needless to say, we would have done none of this if there was no room for profitable growth in this domain. We know the responsibility which lies upon us, given the customers we have and their commitment to society. We believe that taking on that responsibility is what is going to fuel our growth going forward. On that note, having talked about growth and profitability, who better to give the word over to than the CFO, Arnstein Kjesbu. Thank you. Thank you, Ingeborg. I will now go through the financial performance and our outlook as a part of our growth journey. As you see from the headline, the sales transformation is the key for our margin expansions. Since Volue was created, we have seen a steady development in our financial performance, in line with our targets stated at the IPO. Our revenues has increased with NOK 310.037 million since 2019, giving us a growth rate at 43%. At the same time, we are able to strengthen the EBITDA from 2019. For Volue, its core to grow within recurring revenues, as shown, has grown with 40%. Since 2019, our SaaS revenues have more than doubled. Combined with growth, we have been able to continuously invest in more of our own developments, and we have a significantly stronger investment capacity to put into our product compared to 2020. Combined, these metrics are laying a strong foundation for future further growth and margin expansions in the years to come. Moving on to our segments. As shown in the figures, the energy segment has been carrying out most of the growth for Volue, with a growth rate of 74% since 2019. In the figures, the energy segment was also acquired NOK 72 million coming through M&A. The foundation for Volue was made up by the energy segment, and these figures clearly show that having a wider and stronger value offering within the energy segment has been paying off. For the energy segment, with a European reach, we are growing due to the following elements. The energy transition is ongoing. Expanding European footprint, taking new market shares, and cross-sales and up-sales within the portfolio. Power Grid has been focused in Nordic home market and at the same time developing products that will lay out the foundation for European growth. Infrastructure has been focused on SaaS transformation in a strong home market. Looking deeper into our development from recurring revenues, we can see that Volue has been able to steady growth with both in recurring and SaaS. A continuous SaaS transformation is ongoing, both the market itself and how Volue are addressing our markets. SaaS offerings are becoming mandatory in almost every tenders and sales processes, and Volue is putting most of its effort on the investment capacity in developing SaaS products. Changing its business models in line with the market is core, and Volue has not seen any increase in churn levels going to SaaS delivery models. Our products are critical for society, core for our customers' operations, and not easily replaceable. Where is the growth coming from? Our main growth is coming from upselling on our large customer base. At the same time, we also keep on bringing new logos in. As stated, shift in business, though, give us a higher share of wallets, and it's important contributing to the factor for growth. The energy segment has, as I said, grown the strongest due to more cross-selling European expansion, taking a larger and larger market shares. The power grid showing a lower growth rate due to focus on the home market in the Nordic. The strong uplift in sales revenues for infrastructure in our home markets by a successful shift in business models, combined with introduction of new products. As said, our main growth is coming from the energy segment, and this is especially good since this also laid out the foundation for Volue. In this segment, Volue has truly taken a European position, with more than 50% of the revenues coming outside the Nordic area. In this segment, we have several lines of business, from industrial IoT focusing on sensors, Insight focus on the market analysis, Volue Market Services, and trading advisory with portfolio management as a service. Energy Solutions and trading solutions focus on optimization and trading software. We see a very strong volatility in the power markets, and this creates a tailwind both in our trading solutions. The power market creates the volatility and increased demand for our services. The adjusted EBITDA in absolute figures are improving from good uplift in sales revenues. We expect also to grow the profitability in as we also bring on our products into new markets. We keep on investing in the area and to meet the large market opportunities that we see, and the investment level will increase going forward for this segment. Industrial IoT is a sub-segment included in the energy segment, representing approximately 150 NOK in revenues on a full year basis. As mentioned by Trond, we have again a solid footprint as number one in Norway and Sweden. The business are combined software and hardware business with sensors data as core delivery. For this segment, we're also serving other industry verticals, and we are currently considering reporting this as a standalone segment to increase some transparency in our financial reporting. The growth rate and margins in the energy are stronger than in industrial IoT. We will give more information regarding this topic in our Q3 reporting on the eleventh of November. For the segment, we remain very positive for the further outlook. We are in the middle of the energy transition, and this goes both in the short run and longer run when it comes to our growth and impacting our margins for the segments. We see growth through new assets, solar, wind and batteries. Combined with a more complex market, there is a definite need for new and better solutions that is fueling our growth. For the Power Grid segment, we have seen a more stable revenue development since the IPO. The segment has been focusing on the Nordic home market. Currently, the order backlog is growing, and Volue has been increasing our capacity to deliver sites, which also will increase the revenues going forward. The margin has decreased from 2020, and the segment has been influenced by a larger delivery projects with weak margins. Combined with a larger investment, this has put pressure on the EBITDA levels. There's a clear focus to improve our margins going forward, as a combination of increased order backlog, growth in recurring revenues, that we see this combination will boost our margin, especially from our home market. As we have previously said, Volue is investing quite significantly in addressing new market opportunities in the Spark program, which impacts margin, and we expect the CapEx level to increase also for this segment going forward. We're very positive for the future outlook for the segments, with the Nordics as the main growth driver in the short to mid-range. Whilst towards 2025, we expect more rapid growth from our international expansions outside the Nordics. For our infrastructure segments, we are pleased to see that the shift in business models are progressing as planned, and we have managed to protect software revenues, despite the larger shift in the revenue stream. This gives an expected short-term revenue growth impact, but building short shareholder value more quickly. We are growing a top line compared to last year, and in the segments, we have two product areas. Water, wastewater, and construction being relatively equal in size, measured in revenues, and both serving the Nordic home markets. The margins are partly weaker compared to 2021, but as expected to change in business models. In West and South products, we expect for this area, the CapEx level to be in line with the current level going forward. We remain quite positive for the outlook market for the segments with a strong home market. We expect uptick in our growth rates and improve margins for the segments, and especially see a good opportunities for the construction market in Sweden. Volue's plan is to increase the profitability towards 2025. The main element for the increase in our margins as a growing SaaS company is growth through economy of scale. Most of our expected revenues will come through existing products and give a solid uplift in recurring revenues. What are the main drivers why profit and cash flow will improve towards 2025 in line with our targets? Shift to SaaS will increase profitability with centralized technology and capitals and services and capabilities in the Volue platform. We are doing significant investment to meet the market opportunity, and profitability will increase by getting more and more services up on our platforms. Volue is investing in sales, marketing, and building the further organization for scale, and we will see the scalability as an integrated organization towards 2025. Most of all, we are expecting our market footprint and meeting increased addressable market that give profitability by upselling and growth in new markets. Towards the end of the period, we expect impact from the larger ongoing investments that will drive growth and return on our investments. In the short run, we have several activities that is impacting our short-term profitability. Investment in scaling the organization, SaaS journey and shift in business model, and also several new business development activities are taken into account. As a proof point, why we will see increased profits, we already see uplift in the contribution from our products already in 2022. As you can see from the figures, we are planning a steady uplift in our EBITDA levels towards 2025, and it's a core priority to get uplift in the margins already in 2023. Since the foundation of Volue, the opportunities for structural growth has been core. From the IPO, we have, two companies has been acquired together with six companies then being integrated with success. Going forward, the core priority for our M&A strategy is to increase the footprint outside of the Nordics. We are currently seeking capabilities for flexibility and distributed energy resources, the market entry point for the power grid outside the Nordics, and bolt-on to our existing, energy business. Furthermore, companies with solid revenue stream and cash flow are attractive for Volue. However, within the flexibility and distributed energy resource space, companies at an early stage addressing new opportunities and new technology is attractive for Volue. The ambition is to acquire one to two companies per year, and currently we are seeing good opportunities in the market. There is much need for consolidation with many smaller players in the value chain, but also combined with companies having a larger market share. These ones are making up attractive targets for Volue. We're currently being most active in Europe for the M&A space, but will increase focus outside Europe in the next phase. As stated in the start, Volue has a very solid foundation with respect to our financial position with a solid cash flow from our operation. This allows us to invest for further growth, and we expect to increase our CapEx from 10% towards 12%-13% out of total revenues over the next two years. Having no interest-bearing debt, Volue has the capacity to acquire companies without going to the stock market. However, larger M&A deals will probably require use of the capital market for further funding. Our balance sheets remain strong, and we are committed to a prudent financial policy with a strong balance sheet over time. To summarize, we have a strong growth in favorable markets, and our growth in our end market provides us a significant ample room for further growth. The SaaS transformation are ongoing, and this lays out the foundation for our revenue and margin expansions. Core focus on improving margin and creates stronger cash conversion will remain priorities as the top line continues to grow. Yes, we do see opportunities within to grow within the M&A space to also realize our revenue ambitions. This ends our presentation. I will now give back the word back to Trond, who will summarize before we move on to the Q&A section. Thank you, Arnstein. To summarize. We're going to the Q&A session in just a few minutes. I would like to leave you with a few reflections. First of all, this has been our first ever Capital Markets Day. I hope the team of speakers have given you a better understanding of what we do, why we are excited about our customers, and the opportunity ahead of us. I started out by saying that at Volue we create value out of volatility. In fact, the idea that volatility in the energy markets would increase was a basic premise when we set up the company. Wow, that turned out to be true. To Volue, volatility is an opportunity to help our customers navigate a challenging market characterized by the green transition. We see more wind and solar in the energy mix, an explosion of distributed energy resources such as solar panels and electric vehicles. We see increased geopolitical challenges and a market that is not run day by day, but second by second. This means that advanced software is an absolute necessity, and Volue is ready to supply it. As you've seen today, energy markets are more volatile and complex than ever. To us, this increases our market. We expand geographically with the clear ambitions of becoming the market leader within the European energy markets. In parallel, we expand to new markets such as Japan. We also see increasing demand on our customers within the infrastructure segment. For this business, we aim for a Nordic leadership position. We also see growth potential in adding more to our offerings, cross-selling and upselling to existing customers across the portfolio. Lastly, we aim to create entirely new market segments as we do with our Spark Neighborhood Program. In short, we see huge and growing markets that pose no meaningful restriction on our growth. Over the past years, Volue has followed a clear strategy of moving to a software as a service cloud platform, and this ongoing transformation builds a much more robust platform for growth, enabling increased margins as we reap the benefits of this transition over the coming quarters and years. Today, we've maintained our ambitions for 2025 in terms of revenue, EBITDA, and the move to recurring and SaaS revenues. We've also started to look towards 2030. Energy and Power Grid will continue to be the main focus of our growth ambitions, and we've identified market opportunities that will quadruple the addressable market. With that, I would like to open the floor to questions, both from those of you in this room and those of you following our webcast. Thank you. Jørgen Bruaset from Nordea. Two questions from my side. First, a topic we haven't really discussed much about today, which is quite frequently discussed in the capital markets, is cost inflation. Could you elaborate some comments on where you see cost inflation in your cost base and how the dynamics are in terms of passing that through in terms of higher prices? My second question is on cross-selling, which is a topic we've discussed in the past as well. Are you able to say something more about the timeline, both in terms of the expected uptick of that going forward, and also the realized cross-selling from the IPO until today? Thank you. Thank you very much. First of all, inflation. Our main cost driver is people. It is people that makes our software that we run and operate on behalf of our customers. Clearly, we're not protected against inflation as a company. How our contracts are structured, there is an opportunity to increase our annual contracts according to different indexes, and that varies from region to region. That's one opportunity. In addition, our shift to new business models also helps offset some of the inflation that we're seeing that we're able to capture a more fair price for the products that we offer to the markets. In general, for us, we see the scalability in our ability to deliver more of the same standardized products to more customers. That is in reality our path to really scalable growth and to combat the inflation challenge that we see. For the second question about cross-selling, right from the outset in March 2020, we took a decision that we would like to build one company with one sales and marketing function. That has really been one of the sort of core hypothesis behind the company, that we would be more successful driving growth under one brand and one contact point to our customers. For us, cross-selling and upselling is something that has been sort of built into the strategy. We haven't reported detailed on how we sort of enable cross-selling from sort of customer scenario to customer scenario, but I think it's fair to say that how we've set up and structured the company, all our salespeople are empowered to sell the whole portfolio. A significant growth driver for us is the opportunity to add a broader set of capabilities to the larger market. Hi. This is Gustavo Vasquez from Crystal Asset Management. Volue, since a couple of years, was created for volatility and the energy transition. Just the recent months or even this year has kind of accelerated that, has changed a lot, has moved the markets in unforeseen ways. I'm trying to understand here, in the case of Volue, which is basically a software company with some services as well, what has tangibly changed this year in terms of, for example, lead times, sales cycle, decision-making from the customer side? We know that at the grid level, you have different incentives. Sometimes they're not profit optimizers. At the energy level, you have infrastructure companies, funds, for example. Mm-hmm Or actually, power companies. Mm-hmm And with in-house capabilities. What are the new pressure points for them to accelerate or change behavior when they consider Volue? Mm-hmm. Is it easier to call them now? Do you get faster feedback now that you have more SaaS? Is it the lead times of also installing is faster? What's changing, especially since now? If we look back to February 24, Volue, as any other responsible company, has started analyzing what this potentially could mean. We started sort of looking at previous periods, such as the financial crisis, to sort of see whether there are links. I think at least our learning is that every crisis is different, unique ingredients. Now we're facing high inflation, which probably pushes back massive investments sort of in the construction industry, for instance. That's a characteristic. What we found is that we have very limited or close to no exposure to Russia, and we've dealt with that anyway. Second, we're seeing that across this energy value chain, we see sort of different behaviors. Some companies are much more focused on the day-to-day activities to manage and master a very, very volatile market. That really calls for solutions like Anamaria Toebe presented earlier today. There's a much higher influx appetite and interest in our ability to analyze and predict and prognose the markets together with our short-term trading solutions. For some other customers that is sort of maintaining a long-term perspective on the market, they are more interested in integrating the value chain and optimizing for the long run. We also see differences between the players that's in the market today that has got an ongoing diversification and newer players that is being brought online, which basically needs the whole thing. I think if I've got one learning after February this year, is that one of our key strengths in Volue is that we appreciate the short-term focus for our customers, but also the long-term focus for our customers. That really helps create a resilient company that enables us to grow in different market conditions. Hi. Garth Orvik from Pareto. First of all, congratulations with a very insightful and exciting capital markets day. Just a quick follow-up on that question. Would you say that increased sort of desire on both short and long-term solutions are that recurring type of revenues or is it more on the consultancy side? Because, of course l onger term, I want to see that growth in order intake be recurring. Yes. When we sell our capabilities to the market, it is by and large on a recurring model. If you think about, again, Anamaria's presentation earlier today, what we're selling with the Insight platform is a recurring model. I think the focus and the appetite for insight and knowledge and the ability to act on short-term variations in the market, I think that's here to stay. I don't think that's going away anytime soon. I think the whole industry and us as a European community would really benefit of having sort of a bit more predictable energy market. I think volatility is here to stay, turbulence is here to stay for a long time, and so is our SaaS offerings that is being utilized by our customers. Yeah. Just to comment on the consulting question, that's been going down this year compared to last year. We're not growing on that part this year. Okay. Thank you. The more perhaps pressing question is, of course, you had done the same revenue targets going back two years, and as you just spent some minutes talking about this, that you see increased activity and more volatility and the customers in desperate need of optimization and more opportunities to monetize. Why is the revenue ambitions kept the same and not increased? I think for us, we've already set a quite an ambitious 2025 goals. If you extrapolate what we project within in terms of revenue growth, there's an organic part and a structural part. I think we're seeing that we're able to consistently deliver on our goals. For us, we appreciate setting some predictability, and we take pride in achieving what we've said. Should we show it over? Fantastic. I think we're sort of prepared to maintain that target. Yeah, Haakon Amundsen from ABG. I guess a follow-up to that because you've kept your revenue ambitions, your growth ambitions, but your margin trajectory has been kind of more bumpy than perhaps imagined. Also you're increasing your CapEx guidance or your expectations. I'm just wondering if you can walk us through that dynamic. Are the investments kind of post 2025 type growth objectives? Or what's driving that dynamic there? I think I'll start answering that question, and then I'll pass to Arnstein. I think for us, what we're experiencing as we grow and learn more about the global energy market, which is constantly evolving. Our EBITDA trajectory is impacting our longer term investments. Yeah. Obviously we try to balance also the risk in the portfolio, being most of our investments is going into a kind of mid-term range. That meaning that gives impact from 2024 and onwards, since most of our investments and plans going in for next year is already kind of being ready to ship. But we also have, like, the Spark program and initiatives going in for the longer run, so being more front-loaded when it comes to return of the investments. That also goes to a question that is online, when it comes to, can you elaborate on the requirement of your CapEx levels between the various segments. Using same return requirements for all the segments. To start off on that, we see that, in Volue, we look across the portfolio when it comes to investments, to take the best opportunities. We have, of course, some investment going to European markets and abroad, being in one category, and some investments is more on our existing products, having other CapEx and return requirements. That's also why there's different kind of cash profile when it comes to a new business versus existing business. This volatility have created Brussels be nervous for the market in general, and you're seeing a lot of thoughts from Brussels now to interfere in the market. What's your view on this here, and then how will it impact your business and the investments you have also seen yesterday, the German utility being nationalized? To start answering the last part of your question first, we are seeing that some power producers in Europe are under distress. The examples you're referring to, German governments are intervening and maybe nationalizing companies. I think what's important to keep in mind is that the primary challenge for Europe is to secure sufficient supply of energy. Actions like German authorities may take is to secure that supply. That means that these companies are crucial to contribute to security of supply, but also to contribute to the transition to renewable energy. I think for us, we are pleased and ready to support these customers regardless of their ownership. That's number one. Second, to your questions about changes of regulations. We've been maneuvering and offering services to quickly help our customers adapt to a new way to maneuver in. We believe that regardless of the regulations, the most important thing for us is that there is supply and there is demand. I think that with Europe's largest team of power market analysts, I think that we are the go-to house for customers that is concerned about price development, but also how potential regulations can impact them. I think there is a necessity to do at least short and mid-term things with the power market, and we are ready to help our customers maneuver that water. Yes. There's a question that is coming online. The market trend seems like an excellent backdrop for growth. What are the bottlenecks to grow even faster? Has anything changed following the increased volatility in the European markets? If you look at the end markets, as we've said, I guess a number of times today, we are serving a conservative industry that is putting security of supply and sufficient energy delivered as their primary and most important task. I think that's an important backdrop, and that also speaks to how we've been able to gradually grow, and we demonstrate that quarter by quarter. We enjoy very low churn levels, below 2%, as a testament to how we are able to play into these end markets. Moving forward, if you look at our growth trajectory, we are serving a market that is constantly under change, and we take pride in investing and be at the forefront of the new market regulations that our customers are facing. We do, of course, see sort of a constant shift in priorities from regulators and markets to introduce new requirements. For us, being number one, being the first and being available with these new capabilities as these market opens, that's an important component for our growth. Another question online is, can you say, is it possible to say something about the growth profile for the different segments going forward? Yeah. What we've said and reiterated today is that our main focus is European growth and then into Asia, PAC and North America. Our primary focus is the power grid and energy market. I think we've demonstrated with the energy segment that we're capable of growing and enjoying the opportunities in the energy market. In terms of our infrastructure segment, we're saying that we're aiming for the number one position in the Nordics. The market is sort of quite distinguished between sort of national players. We feel that that's a country by country market expansion is a quite sound strategy. Of course, not limited to the Nordics, but we see good growth opportunity in that home market. Okay. I think that concludes our Q&A section. Thank you for attending in the room. Thank you for attending on the webcast, and have a fantastic rest of the day. Thank you. Thank you.