Hi, everyone, and welcome to this Q1 webcast hosted by Arctic Securities. My name is Ivar Drevvatne. I am the equity analyst covering Volue here at Arctic, and then we will moderate this session. With me today, I have the management team of Volue, who will soon take you through the presentation. I urge you all to use the chat function on the screen to submit questions. With that, I think we are ready to begin, and I'll leave the word to you, Trond. Thank you, Ivar. Good morning, everyone, welcome to the presentation of the results from the first quarter of 2023. For those of you who are new to Volue, the company was created in 2020, but our roots date back to 1969 as part of a Norwegian resource institute. We have more than 2,500 customers across more than 40 countries. Our team of almost 800 colleagues are spread across nine countries and share the same passion of helping our customers navigate the green transition. Let's move over to the highlights of the first quarter of 2023. Looking at the financial performance, we're pleased to see that despite the somewhat careful guiding at the Q4 announcement, we achieved a strong 19% growth in the quarter compared to Q1 2022. The growth took revenues to NOK 339 million for the quarter. Recurring revenues amounted to NOK 223 million, representing 21% growth compared to last year. This makes for the strongest ARR growth since listing. SaaS revenues ended on NOK 88 million in the first quarter, which is 34% higher than the same period last year. Looking at our segments, the energy segment remains the largest growth driver, providing 22% revenue growth and improved profitability. The power grid segment achieved its highest ever quarterly revenues with 20% growth. In the first half of last year, we opened our office in Tokyo, Japan. It was the first Volue location outside Europe. At our Q4 2022 reporting, we announced that we've had signed a first customer in Japan, and today we're excited to announce that we now have welcomed another 10 customers, 11 in total. We delivered an Adjusted EBITDA margin of 16% in the quarter, which is comparable to the same period last year and in line with expectations. With strong performance and exciting highlights as a backdrop, let's turn our focus to our strategy. Volue was launched in 2020. Based on what we saw in the European energy markets, large power producers were diversifying into renewable sources of energy, making their value chains more complex than ever. In 2020, 109 large power producers controlled 70% of Europe's power generation, leading the growth in the industry. On top of that, they control most of the flexible assets, requiring advanced software solutions to manage complexity. Today, Volue provides an unmatched offerings for such players. Our solutions are designed to help customers extract the most out of their assets. They do this by analyzing, planning, operating, and maximizing profits with feedback loop across their value chains. Over the last year, we've seen the launch of the Inflation Reduction Act in the U.S. and the Green Deal Industrial Plan in the E.U. On top of that, a war in Europe with a subsequent energy crisis and accelerated inflation. When the war broke out, a common opinion was that the energy transition would have to wait and that fossil fuels would have an extended reign. However, it has become clear that Europe's response to energy security is 400 gigawatts of new solar and wind capacity. These are big numbers, and 2030 is not far away. We see this growth coming predominantly from new, small, and mid-sized players, and we estimate there will be about 15,000 of them by 2030. Investments in wind and solar over the period will exceed anything we've ever seen before. This is good news for Volue. Traditionally, we've been predominantly focused on operating assets, but we now also see attractive opportunities to engage in project identification, qualification, and development of new renewable capacity. These new players will have more and different needs compared to the incumbent players. The implications for power distributors are also increasing in magnitude. Their objective to keep the grid in balance will be challenged by vast amounts of non-flexible input. Additionally, 200 million distributed energy resources will be active in Europe by 2030. This will cause peaks and troughs on both the production and distribution side of the equation. Our key takeaway is that the European energy system is transforming on a larger scale and at a higher pace than earlier anticipated. The game is changing, and Volue is ready to seize the opportunity. Volue's strategic focus is to be the number one provider to the European energy system by 2030. Our scope is software and Portfolio Management as a service. Based on the changes we see in the energy system, these are the building blocks that will take us there. It starts with a software platform for incumbent producers. Its attractiveness is proven by the growth in the energy system since listing. Just last week, we launched our next generation platform. This allows customers manage power production, optimization, bidding, and trading in a completely new way. In short, we now enable power producers to capture even more value from their assets by better automation and integration of business processes. It culminates four years of hard work in strategic partnership with European power producers, like Iberdrola recently announced. With our software platform as a fundamental building block, we're expanding on Portfolio Management as a service. This offering is directed at small and medium-sized power producers handling their operations of their assets. This is already an important revenue stream for Volue. Given the change we're seeing in the energy system, we are convinced this will be a significant part of Volue's future. In targeting this space, we're building organically. We will look at structural options in our pursuit of a leading position by 2030. To cope with the radical changes to the power grid, the industry is dependent on new and more intelligent solutions. They're developed by Volue, exemplified by the strategic deals announced in Q4 2022 and Q1 2023. The modular solutions are targeting the power grids of tomorrow with the goal of a strong position in continental Europe by 2030. As an extension to our advanced software platform and Portfolio Management as a service, we know a wind farm or a battery owner will have different software needs than an integrated European power giant. The offering needs to be leaner and more focused while building on the proven capabilities already appreciated by the markets. We recently demonstrated our edge in this space by the announcement of a proof-point deal with a global and dominant car manufacturer. We'll come back to this deal later in the presentation. Finally, Volue is building a platform to leverage the flexibility of the 200 million distributed energy resources that is expected to be online by 2030. We call it Spark, and we're proud to have launched the first offering to the market in Q1. The service will provide users with smart charging optimized for a week-long price forecast, unlike anything else available in the market. By pairing real-time data with long-term forecasting, we're creating real value for customers, EV aggregators, and distributors. Needless to say, these endeavors will require focus, and that is exactly what we will be giving them. This is the future of Volue and what will make us the European number one by 2030. Outside of Volue, Q1 was the quarter where AI took the step into our lives. Applied in a useful way, AI, combined with access to massive amounts of data, can improve productivity and precision. At Volue, we've been on this journey for decades. We started exploring machine learning back in 1996 and built a dedicated center of excellence in 2016. Now, AI is well integrated and a fundamental part of our products. Our data platform provides access to vast volumes of data with unparalleled in-memory performance. Let's look at two selected capabilities from our value chain where AI plays a crucial role in creating customer value. Volue Insight empowers customers across Europe and Japan. The platform delivers unparalleled price prognosis for the power market, driven by cutting-edge AI algorithms. Our team of expert data scientists continually stay at the forefront of AI research, leveraging the best-of-breed technology to construct our forecasting models. We tackle different modeling challenges across time horizons, from the intraday market, with forecasts ranging from 60 to 90 minutes, to tomorrow and beyond for the spot market. Our unwavering commitment to technical excellence positions us as the leader in providing accurate and reliable forecasts for price developments within these markets. Our trading solution, our market model, models aiming at predicting price movements that is fueled by AI. We use our expertise in the market dynamics to train our models to detect hidden correlations between predictable factors and tradable price spreads. In 2030, we'll look back on 2023 as a pivoting moment for AI in the energy industry. For us, it's important that customers onboarding our solutions today can enjoy the AI capabilities available with readiness to reap the AI benefits of tomorrow through our platform. Now, I'd like to turn the attention to our progress in Japan, and I gotta be honest, I have been looking forward to providing this update. The story behind the Japan entry was the deregulation of the power market following the Fukushima disaster. Not surprisingly, Japan decided to build its system based on the Nordic market design. That is great news for Volue, as no one knows the Nordic model better than we do because we literally helped shape it. The Japanese market represents a third of Europe's combined capacity, meaning that the market potential is enormous for Volue. For these reasons, Volue established an office in Japan in early 2022. We launched our first offering in September last year. When we reported our Q4 results, we had signed our first customers. Of course, it brings me great joy to report that we've now signed our 11th customer. We've had feedback from customers doing benchmarking, stating that we consistently outperform the competition. That brings us confidence for the future. With the 11th contract signed, the team in Japan is exceeding the sales ambitions set at the start of the year. Following the successful entry, expansion of our market offerings is under consideration. With more sales success, Volue has won the proof-of-concept contract with a global and dominant car manufacturer. The customer is using batteries in the energy markets before providing them as replacement batteries for EVs. The customer is taking on aggregation, optimization, and trading of these assets. The purpose is to offer the pool's flexibility in the wholesale market in Germany. This includes intraday continuous, and day-ahead auctions. A later extension to other European markets, as well as ancillary services market, is also on the table. The customer intends to build a virtual battery warehouse consisting of first and second life battery storage. The goal is 400 MW installed power capacity, though with a careful start first year of 1 MW-5 MW. Volue will provide software for optimization, battery management, and algo trading. The project is of large strategic value, as it is well-aligned with our expectations for the energy system of 2030. It allows Volue to showcase its ability to leverage utility scale batteries and monetize peaks and redundancies in the energy markets. The project puts us in pole position for the next phase, as well as providing us with a reference case from an industry giant. We believe the market for utility scale batteries will undergo exceptional growth over the years to come. Volue's long-term goal is to become a global provider of software and services for a transforming energy system. This means reviewing our product offerings and delivery models. The initial implication is that Volue has set in motion a strategic assessment of its ownership in Industrial IoT. The IoT product line is by nature hardware-driven, in contrast to the rest of Volue, and with less synergies than initially expected. The IoT business is exciting in many aspects and have a potential to flourish to a greater extent outside Volue with the right owner at the right price. The assessment must also be viewed in context of Volue's focus to increase profitability and a strategic approach to a more focused portfolio of offerings. For illustrative purposes, we're sharing Volue IoT and Volue software and services performance for both 2022 and Q1 2023. For the section of results, for the first quarter, I'll hand over to Arnstein, our CFO. Thank you, Trond. I will now go through the performance for the first quarter of 2023. Volue's revenues continued to grow in the first quarter. Operating revenues ended at NOK 339 million, increasing with 19% from Q1 2022. For the fourth quarter of 2022, we set a record high revenues, and we are now at the same level for this quarter. We are also happy to see that a growth in the recurring and SaaS are as a part of the journey, growth journey, deliver more and more of our revenues on a recurring business model. Our energy segment is leading the way in revenues, growth, and profitability. As expressed in our Q4 results, volatility in the power markets and with our revenues from the market operation came down in the first quarter compared to 2022 as a whole. We believe the volatility will find its new normalized level throughout 2023. In addition to energy, we are very pleased seeing that our power grid segments delivering record high revenues. Our sales team has been working hard. We are excited to see that the journey for the power grid segments has embarked on. Volue continues to invest in scaling and organization to meet our long-term ambitions. Improving margins and cash flow is a core priority. During the first quarter, we have able to realize the organization cost synergies expected to bring some impact later in the year when we expect EBITDA margins to improve year-on-year, over year-on-year, as guided. Adjusted EBITDA margins ended at 16%, which is on par to the performance at the same period last year also. We have been taking profitability measures that allows us to grow margins throughout 2023, and we expect that we will do this with our current staffing. We are currently taking on strategic investment to scale for further growth that impact, has impacted our Adjusted EBITDA margins while implementing margin improvements initiatives to counter these negative effects. Growth and scalability is core for our business, improving our margins over time. We'll keep on strengthening our product offerings and SaaS platforms. We expect R&D CapEx to stay on the same level as we see going forward as we capture the new market opportunities. Growing recurring revenue is core for Volue as a software company, and our growth journey is based on uplift in our annual recurring revenues. Our share for ARR is 66% for the first quarter of 2023, and in the quarter we generated NOK 223 million in recurring revenues, creating a growth of 21% from Q1, 2022. The growth in recurring revenue is important, and it should be viewed in the relation to volatility revenues coming somewhat down, as we indicated that it would do in Q4, 2022. The growth in ARR is driven from all our segments in Q1 2023. We see the SaaS revenues grew with 34% from similar quarter in 2022, leaving the SaaS revenues at NOK 88 million for the quarter. Growth in analyzed recurring revenue base is mainly driven from new sales, both due to new logos, but also upselling to existing customers. As stated previously in the presentation, we have seen a strong sales in the quarter and the base was growing 21% compared to Q1 2022. Combined with low churn, this is a proof point of our growth path and our profitability plan. At the end of Q1, our AR-based annualized recurring revenues on a 12-month basis was NOK 996 million. We are undergoing transformation in our business models. We are pleased to say, see that our churn level remains very low. This is a testimony for our services being business-critical and vital to our customers' business processes. Statistically speaking, the churn level under 2% suggests that the average customer's life cycle is 50 years. Our main growth is coming from the energy segments with a growth rate of 22% in Q1. We expect an unparalleled change in volatility in power market, providing a tailwind for our trading advisor part of the Volue portfolio. The volatility has decreased in Q1 versus Q2 2022. As indicated, our Q4 report is in line with our expectations for the volatility on a more new normalized level in 2023. With the volatility, revenues coming somewhat down, it's especially pleased to see such growth, and it tells us the story that is healthy business and we are building every day in Volue. We see that we have some main drivers for why we see that contribution is going to go up forward. We see that the sales closings is coming from a scalable SaaS product, especially on trading and Insight, products that will give uplift in the contribution without adding new costs since we are talking about scalable SaaS products. For Volue, it's very important to grow on the right products and we are pleased to see that we are succeeding with this in Q1. Few new headcounts are planned to be added throughout 2023, that gives impact on the margins while top line remains growing. Synergies also is taken out through more integrated product lines that reduce the OpEx level. We are experiencing an increased demand for forecast and analytics services, leading strong sales, increased order backlog, and a solid growth in ARR base. SaaS revenues continue to grow for this segment as well, providing additional margins from the SaaS portfolio. The Adjusted EBITDA margin increased compared to last year, both in nominal and percentage terms. We are also seeing an Adjusted EBITDA moving in the right direction. For the power grids segment, we had a quarter with strong sales. The segment delivered record high revenues combined with an uptick in the Adjusted EBITDA margins. We are seeing an uplift in the recurring revenue base that gives a growth going forward. The market outlook is good. The order backlog is growing and Volue has increased the capacity on the delivery side to improve growth rates. The margins in the quarter has increased compared from Q1, 2022, and this we expect to continue with the uplift in ARR going forward. Main drivers for the contribution is that going forward is that in the mid-term, we see increased contribution from scalable products such as our Spark program. We believe that the current team is scaled to capture growth opportunities going forward. Also here we see that the shift in business models is impacting the scalability and the profitability plans. Volue is investing quite significantly addressing new markets and products. We are excited about the deals that has been announced in the recent months. We see them as a validation of our ambitions outside our home markets. Our offering in the power grid segment is crucial for European energy systems. The pathway to renewable energy as well as Volue's path towards position ourselves of Europeans' number one software and software enabled solution provider. For our Infrastructure segment, we are pleased to see that our shift in business models is progressing as planned. We have managed to protect the softer revenues despite a large shift in the revenue stream. For the quarter, we have seen increased revenues compared to the same quarter of 2022. Also in these segments, we do believe that we have drivers that will give uplift in the contribution. We have a strong sales closing in the first quarter, and that will give profitability margins throughout 2023. We have a team that is currently scaled to capture growth opportunities for the year. By also reducing the order backlog, will improve the cash time to cash and provide margins uplifts. For the Infrastructure segments, we have been running expansions on land and especially towards Sweden. Margins have decreased from the same quarter last year and is impacted through our market entry. We expect the ARR uplift from 2022 to provide margin support throughout the year. Trond is going to take over to go through guidance and priorities. Thank you very much, Arnstein. We've spent the last quarter assessing our guidance, as well as putting in motion initiatives and assessment described earlier in the presentation. Our guidance is as follows. We remain confident on our target of long-term organic growth of 15%, and we reiterate the target of NOK 2 billion lock-in revenues by 2025, including M&A, which continues to be an important part of our strategy. We will provide year by year increase in Adjusted EBITDA margin, cash conversion, share of ARR, and SaaS revenues. As Arnstein already talked about, several measures for increased profitability and realized synergies are already in play, increasing the confidence in quarter-by-quarter margin improvements. As supplement to the guidance update, we maintain the following priorities for 2023. Long-term growth target of 15% reiterated, whilst lower 2023 non-recurring revenues may limit growth from 2022. We'll continue to grow the ARR business in line with 2022 performance. We continue to focus on profitability following a more normalized volatility level in the European power markets. At last, structural growth through M&A remains important to our strategy. I think that concludes the presentation. Should we open for Q&A? Yeah, think so. We have received a number of questions already, so we can just jump right into it. The first question, can you provide some more color on the potential in Japan, which products you are providing there, and how you are positioned to win tenders? If we look at, if we look at Japan as a whole, they've taken a very important decision to deregulate the market, to turn off their nukes and move into renewable, non-flexible power such as solar and wind. That is causing incredible volatility in the energy system. That calls for a completely different strategic approach to managing their assets to harmonize the balance between supply and demand. In turn, that creates a massive demand for pretty much everything we're offering in the energy segment. That would be understanding the market, where the market is going, our Smart Power solution for planning, optimizing, and producing power, and solutions to trade in the volatile markets, like our Algo Trader solutions, that will allow them to capture the opportunity and also to avoid sort of the big troughs and imbalances in the markets. We've done, we've started with the Insight platform, which is our analysis and forecasting platform that is used by 40% of all the market participants in Europe, move that into Japan. And what we're seeing when we're speaking to Japanese customers, they're telling us that they are today predominantly using in-house developed solutions, not really made for the market and energy dynamics they're seeing. We see a quite an attractive opportunity there, to move in proven solutions that's really been helping European customers to navigate the changes on the European continent, which is, let's say, 10 years ahead of Japan right now. Japan is catching up. Good. More on Japan. How much of the last quarter's cost increase is related to the market expansion in Japan? It's a brilliant question. If we look at how we've entered Japan, we've done two things. We've put in place a small sales and business development team on the ground. We've taken some initial investments in the platform with two key objectives. Number one, put a local language in the interface. Number two, b uild the energy models for Japan. That is not software development so much per se, but is a modeling exercise. There are some initial costs in the quarter, but not by sort of any... Yeah. That makes sense significant standards. Yeah. Yeah. More on costs, how does inflation impact the current cost base, and do you expect improved margins for the remaining of 2023? Yeah, can I answer that one? That's, of course, we as the rest of the, you know, business is seeing inflation, that's obviously impacting our cost base. At the same time, we also are able to carry that forward to customers. That's something also we kind of not seen the fully effects when it comes to the top line yet. It has impacted the kind of margin, but also gonna see that the top line is growing more than we have also guided upon. Mainly, we see that the main impact when it comes to especially inflation is, of course, people, staff. Throughout 2022, we onboarded a lot of new colleagues, and we kind of think we found their kind of right level. So that's also one of the drivers that we see on the top line will continue to grow with our existing staffing. To combine with some profitability measures that have been done in the quarter, this combination, we'll see that will have improvements on the margins throughout 2023 from the kind of current level on a yearly basis. Now on to the next one. How much of the revenue growth and cost increase year-over-year is explained by currency? Yeah, that's a good question. It's a lot of currency movement at the time. While we have revenues in Euros and of course in Norwegian krone, I would say that we are slightly positive when exchange rates when there's the decrease in NOK towards Euros. At the same time, we have a lot of costs in Euros as well. We are kind of slightly positive. In the quarter, we are estimated that 3% of the kind of growth between 2%-3% is driven from changes in exchange rates. You show the graph with continued low customer churn. At the IPO, there was a discussion on whether low churn could be an indication of too low prices. Can you give some color on how you have adjusted unit prices over the last years? Good question. First of all, I think the low churn can be an indication of low pricing. We have started to take measures on increasing our price level, so to what we feel is a more fair pricing. There's more that we can do, and there's more that we will do, and there's more that we are doing. However, if you look at the churn level so far, we see very little impact on the churn when we move prices. For me, it's a testament that we provide significant business value, and that we have very sticky products to a very solid market, really. Yeah. There's more we can do. A bit more on that, how does inflation adjustment, or how do you inflation adjust these SaaS contracts? I'll start, Arnstein. You might have things to add. When we deliver our SaaS proposition, there is room to adjust our contracts. Depending on the contract, there's an opportunity to adjust based on the inflation, different KPIs, and also sort of a certain increase in our own cost base. There could be an increase in pricing from a big cloud hyperscaler. Mm. There are different measures that we can use. Of course, getting all that cost over to the customer in time, 'cause some of these inflations we're see is been quite increasing rapidly and suddenly. Following the higher power price volatility seen in the last quarters, have you experienced increased demand from potential customers within the battery storage space? Yeah. I think, first of all, we are quite excited about the opportunity to provide our solutions to solve problems in the energy system, by the use of great battery management. We see that different countries sort of opens for different use cases for battery, which we think is great. I think, the proof point deal that we've announced earlier with a German car manufacturer, a big dominating one, is for us a real testament to what we can offer to help exploit some market opportunities and stabilize the energy system using batteries. Mm. Yeah. Where do you see intra-day price variations in the next few years? you expect it mainly to be during summers? I think in general, I don't think there's a very easy answer to that. As we see, sort of, intraday market in Japan is something, Germany is another thing. We've also seen movements here in Norway and in the U.K. I think volatility is here to stay. There's lots of opportunities for software. There's lots of opportunities in short-term trading to master volatility, and there's lots of opportunities for our Insight platform. We have the largest team of power market analysts in Europe, and 40% of the participants in the European energy system is using our platform. In many ways, I could recommend selling you a subscription to the platform, and listen to our market experts, who does weekly and monthly webinars on the topic. The last question here, also on the battery side. What is your view on the battery-based arbitrage business in the next few years? How will it scale? There is definitely opportunities with batteries, but there are. If you look at Sweden just now, Germany just now, the U.K. just now, there are different dynamics and different opportunities. As the power market evolves, I think the use cases and the application for batteries, we've only seen the beginning, because they're gonna be used for so many different things. We see, on behalf of our customers, it's super exciting. Prices on batteries are coming down. The opportunities are increasing. We believe that the opportunities we can. The capabilities we can offer to our customers, to exploit these opportunities are, have a enormous potential. Well, I think we have covered the incoming questions. Thanks everyone for joining, and I wish you all a good day.