Presentation of the results from the first quarter of 2024. My name is Trond Straume, and I'm the CEO. Together with me today, I have Arnstein Kjesbu, who's our CFO. There will be opportunity to submit questions throughout the presentation, and we will hold the Q&A section at the end. 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 research institute. We have more than 2,500 customers across more than 40 countries, and our team of more than 800 colleagues are spread across nine countries and share the same passion of helping our customers navigate the green transition. And Volue is active in three segments, all with relevance to the transition to renewable energy. For the energy segment, we decided to expand from a dominating Nordic position in 2013 and into Continental Europe. Since then, we've worked to expand our platform into thermal, solar, wind, and batteries, etc. This is important to our customers as they continue to operate their existing assets while expanding capacity to new asset types. For our Power Grid business, we enjoy a strong market position in the Nordics. With decades of experience supporting our customers, building probably the strongest grid in Europe and now tested through the EV revolution, we believe we can expand our footprint on the back end of our market position in the energy segment. With our infrastructure business, we work to complete a SaaS transformation in a home market with more than 1,000 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. Now, let's move over to the highlights of the first quarter of 2024. Looking at the financial performance, we're pleased to continue our track record of strong growth in ARR and SaaS revenues. Operating revenues came in at NOK 400 million, representing a growth of 18% compared to the same quarter last year. Our product line, Volue Energy Market Services, delivered strong sales of its platform for handling asset operations on behalf of customers. Volue Energy Market Services is the result of combining Volue with Enerim domain knowledge and technology platform, a platform which is the foundation for SaaS transformation in the product line, and we'll come back to them shortly. In the quarter, recurring revenues amounted to NOK 284 million, representing 27% growth. SaaS revenues ended on NOK 126 million, which is 42% higher than Q1 last year. The Insight product line won 25 new customers from 14 different countries in the quarter, adding to our upsell pipeline and highlighting the geographical span in our ongoing efforts. When presenting the Q4 results, we spent quite some time on the performance of the infrastructure segment. When we today present results from the first quarter, it is rewarding to see the segment continuing to display strong growth in operating revenues, ARR, and SaaS, in combination with improved profitability. Our organic growth in the quarter was 10%, impacted by the shift away from non-ARR, providing more robust revenue streams over time. Additionally, we are delivering on the improvements in profitability, which we have been consistently communicating since the first quarter of 2023. As a final highlight remark, I'd like to draw attention to our disclosure of net retention rates. NRR is an important KPI for SaaS companies, and we're pleased to disclose strong numbers validating our ability to upsell existing customers and leveraging our position in the market. Now, I'd like to zoom in a bit on Volue's product line, Volue Energy Market Services, or VEMS for short. At the tail end of 2022, Volue's power market analysts predicted a softer power market in terms of volatility, and this motivated us to initiate a business model transformation of Volue Energy Market Services. An instrumental part of the transformation was the acquisition of NRM to leverage their platform for offering our solutions increasingly on an ARR and SaaS model. In the year that has passed, we've seen a clear trend in the market in addition to the decreased volatility. Large power generators and traders are announcing their exit from financial power trading. However, overall power volumes are only increasing. For us, this is a confirmation of our message since listing back in 2020. The shift to renewable energy leads to liquidity being moved from financial power markets into short-term physical power markets. This trend is playing right into the hands of Volue Energy Market Services, who is ready to operate assets on behalf of customers who would traditionally sell their production on long contracts. Looking at KPI development over the last year, we've taken massive strides, increasing ARR from 41%-68%. Having executed a successful SaaS transformation of the infrastructure segment, we're confident in our ability to replicate the journey for Volue Energy Market Services. The core priority in this transformation is to shift non-ARR to ARR. Like with the infrastructure segment, business model transformation cools down organic growth and profitability in the short term while ARR builds momentum. Once completed, Volue Energy Market Services will contribute to driving growth on Volue key metrics. Now, let's zoom back out and look at Volue's strategy for growth. For decades, Volue has built a solid license and maintenance business on mission-critical solutions, continuing to provide stable revenues. These robust cash flows limit churn vulnerability and enable investments in the solutions of tomorrow. This allows for an attractive combination of profitability and strong growth. On top of this foundation, we're building SaaS revenues with our land and expand go-to-market strategy. It allows us to deliver SaaS revenues that are outgrowing ARR and non-recurring revenues, avoiding the bathtub effect while transforming the business model and improving profitability. We have gained a strong foothold in Europe for our strategy, and we've established a stronghold in Iberia. The markets we operate in are already enormous, and to add to our efforts in chasing growth, they're increasing in size at a high pace. Looking at this holistically, Volue is in a perfect position for profitable growth and business model transformation, and we've proven our ability to execute. Volue solutions are at the heart of the everyday processes of our customers, enabling efficient production and trading of power across Europe. Unlocking sustainability benefits and operational improvements with higher and more consistent returns provides Volue with robust revenues. Delivering unparalleled customer value every day for years has helped Volue foster longstanding relationships with a highly conservative customer group. Consequently, Volue has gained a great vendor position where we are on the right side of the fence with industry giants accompanied by high switching costs for customers. So our history, track record, and domain knowledge provides us with predictable recurring revenues from current solutions. Combined with an industry-leading customer churn below 2% creates a great foundation for this journey that Volue has embarked upon. And at Volue, we have decades of experience in mastering complex optimization problems at scale for our customers. As power producers diversify their portfolios, bringing more asset classes into the mix, the optimization problem becomes increasingly complex, and Volue thrives in this environment. On this slide, you'll see what good looks like when we put our decades of experience into the next-gen optimization solution, Smart Power, and optimize production for a major European power producer. The green line represents power production, and the blue line is the market price for electricity. So starting at the left-hand side of the graph, production is stable when using their legacy solution. When reaching the goal live mark, the value of Smart Power becomes clear as daylight: hundreds of assets across hydro, thermal, and batteries all singing in unison to the market. The business outcome for the customer is twofold. Firstly, the solution clearly drives your revenues and profitability. Secondly, the producer contributes to improved balance in the energy system, exemplifying profitable energy transition in practice by Volue. Looking at how Volue's solutions help drive business performance, it's not hard to see why Volue enjoys low customer churn. On top of a robust foundation, we're building SaaS revenues with our go-to-market strategy. First, we lead with the Insight platform. The offering is an industry-leading analytics platform for energy professionals, allowing for full overview of energy markets and fundamental data. The sales cycle of this offering is typically 6 hours to 6 weeks and a relatively easy sell for us, providing a foot in the door with a customer. Secondly, when our customers have gained knowledge of the markets, they want to trade, and that's when we follow on with our trading solutions. At Volue, we possess the market-leading Algo Trader, reaching the milestone of 55 million trades over the last 12 months. The sales cycle of this offering is typically 6 weeks to 6 months. Thirdly, we have our Smart Power platform in energy solutions. When customers have insights of the markets and are trading sophisticatedly, they need to optimize their production, exemplified on the previous slide. Using this offering requires customers to change how they monetize their assets, and consequently, the sales cycle is longer, typically from 6 to 18 months. The good thing is that when sold and onboarded, it's super sticky. The value we bring is obvious, and combined with our efficient go-to-market strategy, we were able to achieve net retention rates of 109% in 2021, 107% in 2022, and an impressive 117% in 2023. In our view, these numbers are clear evidence to our growth journey and our ability to grow customer relationships, and we're pretty proud to present them. And Arnstein will dive deeper into net retention rates later in the presentation. Here's a selection of news pieces we published during Q1. The common denominator is Volue's growing position in Europe, Iberia, and Pacific. They highlight how we're taking Smart Power live with A2A and Enel in Italy, allowing them to reap the benefits of improved profits and a better balance in the Italian energy system. We've also extended our partnership with Iberdrola, who's utilizing our trading capabilities. All three companies are crucial players in the European energy system and long-time customers of Volue. Also, during the first quarter, our cutting-edge algo trading solution has officially been enabled for continuous intraday trading on the Iberian energy exchange, OMIE. This wasn't a solo mission. OMIE requires working with a market agent, so we did what we do best and teamed up with one of our fantastic customers. The approval by OMIE provides the foundation for further Iberian growth on our algo trading capabilities. These stories highlight how we at Volue are able to build on our unique skills to foster long-term and growing customer relationships. Looking beyond our strong foundation, the building of SaaS revenues, as well as a strong position in Europe, let's look at the markets we operate in. We estimate the current European and Japanese SAM for Volue's energy system serving portfolio is NOK 20 billion measured in ARR. The energy system is the green transition, and few other markets are fueled by global megatrends like the markets we operate in. At Volue, we believe the push for electrification will provide market tailwinds for as long as we can see. From 2020 to 2030, the number of power producers in Europe is estimated to increase with a CAGR of 6% from 8,600 to 15,000, bringing more potential customers to Volue. Furthermore, from 2023 to 2030, the installed renewable capacity in Western Europe is estimated to grow with a CAGR of 10% from 390-750 GW, bringing more volatility into the system and increasing the need for Volue solutions. Combined, this gives ample room for growth as market sizes will transform and Volue will expand its serviceable, addressable market through geographical expansion and product development. In sum, these building blocks set up Volue for success. Our longstanding customer relationships built on decades of domain knowledge and delivery of system-critical solutions are rare and really difficult to replicate. They provide us with long cash flows and churn protection, from which we can build SaaS revenues through our go-to-market strategy. We have a strong position in Europe while our end markets are growing at a high pace, leaving ample room for growth. With such a promising field to play on, why should Volue be the player to thrive? The best and most tangible evidence are what we find when we look in the rearview mirror. Since listing, we've been able to execute on the opportunities arising in the market and grown operating revenues by 71% from NOK 892 million in 2020 to NOK 1,525 million over the last 12 months. ARR has increased by 83% in the same period, from NOK 572 million to NOK 1,046 million. SaaS revenues have increased 196% from NOK 147 million in 2020 to NOK 435 million. The pace at which SaaS is outgrowing ARR, which in turn is outgrowing operating revenues, speaks directly to the ongoing business model transformation. Adding that our annualized ARR base has exceeded NOK 1.2 billion brings some visibility to our growth. Furthermore, after headwinds on profitability in 2022, we've been able to increase Adjusted EBITDA margins as guided while undergoing such powerful growth on key metrics. From a more operational point of view, one of the indications we have on market developments are the number of algo trades on our platform. Since listing, this has increased by 162% from 21 million to 55 million over the last 12 months. The Volue platform has become the market leader and executes about a quarter of all intraday trades on the European power exchange EPEX SPOT on behalf of our customers. This is a testament not only to our ability to bring customers onto the platform, but also the underlying movement in the market, which is moving faster and faster precisely like we want it to. So with these proof points on our ability to execute, it is time to hand over the words to Arnstein Kjesbu, our CFO, for the first quarter financial results. Thank you, Trond. I will now go through the financial performance for the first quarter of 2024. Volue revenues continue to grow in the first quarter. Operating revenues ended at NOK 400 million with 18% growth from Q1 in 2023. The organic growth in the quarter ended at 10%. The energy segment faced headwind in non-recurring volatility revenues when compared to the first quarter of 2023. The abnormal volatility revenues were estimated to be 14% lower for the quarter compared to last year. With that in mind, we are especially pleased with the uplift in ARR and SaaS is outweighing the decrease in non-recurring revenues. We grow rates with 27% and 42% respectively. Furthermore, the margins have improved despite the shortfalling in non-recurring revenues that also contains higher margins on the gross margin level. As a proof point on increased profitability also going forward when building more and more recurring revenues, the cash flow in the quarter was strengthened by the prepayments on recurring revenues following the yearly cycles. Furthermore, Volue continues to invest in next-generation solutions to meet our long-term ambitions, but also improving margins and cash flow is core priority for the group. Our share of ARR is 71% for the first quarter of 2024, and in the quarter, Volue generated NOK 284 million in recurring revenues. The uplift brings ARR levels for the last 12 months on 69%, which also is a substantial improvement. Our share of revenues from SaaS for the first quarter were 31%, and Volue generated NOK 126 million in SaaS revenues. The uplift in Q1 to 31% of total revenues also is a significant improvement. The ARR and SaaS are driven from all our segments, strengthening our revenue mix and foundations, as well as continuing to build recurring revenues. Growth in annualized recurring revenues driven by new sales is driven by new sales, upsell, and price lift, as you've seen from our net retention rate features. As previously stated in the presentation, we have seen a strong growth in the quarter, and the base was growing with 31% from Q1 2023. At the end of Q1, our ARR-based annualized recurring revenues on a 12-month basis were bringing over NOK 1.2 billion revenues. This comes from strong sales in 2023 and in Q1. Furthermore, we gained uplift in our ARR levels for 2024. Combined with good market outlook, we expect the ARR growth to be solid also in 2024. As we are undergoing transformation of our business models, we are pleased to see that our churn level remains very low and also dropping on the last 12-month basis. Please note that the features reported as churn is on our total ARR revenues, while earlier we reported churn based on total revenues that you can see from the overview. A new KPI in the quarter is reporting on net retention rates. These features covers only Q1 2024 and hence does not look on a yearly basis as shown in the next slide. The total MRR, monthly recurring revenues, is the sum of delivered contracts to customers at also the end of the period. The main share of the contracts are yearly renewables when it comes to price increases and is taken into account in the first quarter. The same applies for churn and downsell. The amounts are only an indication of MRR on an annual basis. However, we do see a very strong first quarter when presenting also these features. For your reference, we also disclosed a net retention rate on a yearly basis, also going back to 2021. Throughout the period, we see a strong uplift in the features as a proof point of Volue's ability to upsell and deliver value to our customers. Moving on to the energy segment, we are pleased to see that our progress in the energy segment continues. This quarter, the segment is growing with 26% with an organic growth on 7%. We are especially pleased to see with the quarters we see the growth rates in recurring revenues and services continues. The volatility has decreased versus last year, and with the volatility revenues coming down with an effect of approximately NOK 40 million. This is especially pleasing to see such strong growths in the recurring, and it tells also a story of a healthy business we are building in Volue every day. The adjusted EBITDA is reduced compared to last year, but given the high margin profits from the non-recurring revenues in 2023, the underlying development is strong, and we are on the right way. The integration of Enerim is going as planned, and we are able to create momentum towards our combined service offering for the product line. The power-based segment is developing the right way. This quarter, we can report a growth of 9% and improving in both adjusted EBITDA and ARR share compared to the same period last year. We are seeing an uplift in recurring revenue base, and that also gives growth going forward with combined good market outlook. The margin in quarters has increased with a more stable cost base, is the main reason compared to last year. Furthermore, Volue invests quite significantly in addressing new market opportunities for the product area to meet the long-term growth opportunities. For the infrastructure segments, we are pleased to see that the growth is very strong, and our shift in business models are progressing as planned. A very strong growth from last year at 20%. This is mainly driven by a strong closing of new contracts. Margins have improved as among the highest we have been able to report for the segment. The expected ARR improvements are to provide a margin uplift also in the time to come. The current team is scaled to capture growth and to improve time-to-cash processes will contribute to drive margin uplifts also for the infrastructure segment. So then back to you again, Trond. Thank you, Arnstein. Let's shift our focus to guidance. Volue maintains its long-term guidance on organic growth, an active M&A agenda, and year-on-year improvements of important KPIs. By delivering on these guidance elements, the previously communicated ambition of NOK 2 billion in revenues by 2025 will be met. As Volue does not provide short-term financial guidance and maintains growth and M&A guidance, the target of NOK 2 billion in 2025 is now deemed redundant and hence removed. The removal is not only the result of successful growth over time, but also a demonstration of dedication towards attractive M&A opportunities and continuous streamlining of the business. Hence, Volue maintains the following long-term guidance to the market: annual long-term organic growth of 15%, active M&A agenda with one to two deals per year, year-by-year increase of adjusted EBITDA margin, cash conversion, share of ARR, and SaaS revenues. So that concludes the presentation, and we might now move over to Q&A. Great. Thank you so much, Trond and Arnstein. I remind everyone to use the Q&A function to submit your questions, and we will try to answer as much as possible. But while you guys type in your questions, we can maybe start with one from me, firstly on the growth. So in both energy and power grid, you deliver 7% organic growth in energy and 9% in power grid. So should we be worried with regards to the 15% organic growth targets? We feel very confident on the long-term organic growth target. We spent quite a bit of time last year to talk about the softer volatility in the market leading to less non-recurring revenues in 2023, and that's a trend that has continued into 2024. We're able to offset that as we shift over to ARR and SaaS revenues. So we're super pleased to see that we delivered 7% and 9% organic growth, and we will simply just continue building ARR and SaaS. And what we've seen in the infrastructure segment, what we're now seeing in the energy market services segment is the same. ARR and SaaS will continue to move ahead and deliver much more attractive revenue class, if you like. Yep. Thank you. And I see now we've received some questions. Firstly, I'll try to summarize some of the similar type of questions here. Firstly, on CapEx. So reported CapEx was around 15% of revenue while R&D CapEx was only 10%. What drove this other CapEx of 5% of sales, and how should we think about this other CapEx and similar type questions? Tangible CapEx seems quite high in the quarter. Could you give some color on this and the facing effects? Yeah, the rest of our scale CapEx levels are mainly not related to R&D. That's been the reason also in the Scanmatic segment. But what we are guiding upon when it comes to CapEx is we like to say that we are around 10%-12% out of total sales. It varies across the quarters due to both the projects and kind of how many hours. But we feel quite comfortable on the CapEx level, and are striving to kind of hold a level that is reasonable on investments while taking down kind of more of the maintenance effort in the product. So that's also one of the reasons why we invest to streamline the portfolio to ensure the profitability at cash margins and all that. No changes to the 10%-12%? No, no. 10%-12%, we are still on. Okay, great. One question here on the new metric, the net retention rate. So great that you started to disclose this. But question looking backwards a little, for the 2021-2023 period, would it be possible to say something about how much has been average price increases and how much has been volume? Yeah, I do think looking back on these features, a very little part has been price increases. So it's been yearly in the range of NOK 20 million-NOK 30 million, which is on the price increases. On the ARR growth? Yeah. Okay, thank you. And on that topic, do you plan to do any sort of increases? I mean, we've had seen very high inflation. We know that it impacted your cost levels a bit. How do you use that in your price settings towards customers? Yeah, we continue to work on the pricing model. Our main focus is shifting business model and moving towards SaaS throughout the live, and that's where we also have more flexibility on the pricing compared to old pricing models. But we mainly strive to take in pricing with changes in business model, and that's free. So that's why we follow kind of the overall profitability on the product levels, where, of course, pricing is an important element, but not purely pricing increases standalone. Also hear a question on the gross margins. They came down a bit year-on-year in both energy and power grid. Could you provide some details there? Yeah, for the energy segment, we know that the trading-related revenues have come down, and that holds a high gross margin. So comparing this, that's natural, and also when you're moving away this, the gross margin on the SaaS narrow product is pretty stable. While the power grid segment also has some more uses of third-party components in some of the products, that has kind of been the reason for lower gross margins in the power grid segment. Okay. Staying on the trading part, an area which I think we all find very interesting given its strong growth and the non-growth algo trades, and the increase there we've seen in the last couple of years. Could you tell us a bit about the pricing models and the revenue impact you have there? Is it a platform fee, or do you get fees from the number of trades, and how do you see the development there? The model is volume-based. It's a recurring fee, and given the size of the customer, you move sort of from band to band. As you increase activity on the platform, you add more power volumes, and it's those volumes that dictate the price. As we grow with customers, we'll also grow revenues on the platform. But also then if customers trade more, the same customer trades more, you will also get higher revenues? Correct. Yeah. Number of customers and activity. Yeah. There is one follow-up question on the CapEx we discussed earlier. When you say 10, 11, 12% of total sales over time, is this only the R&D CapEx, or the total CapEx including the tangibles as is the sort of in the cash flow statement? Yeah, that's all the different R&D, but we even foresee very little of other CapEx. Yes, there was some more in the quarter, but usually very little of that in our core business. Yeah. Okay. So in the power grid segment, which is the segment where you are sort of come the shortest in terms of switching towards ARR and SaaS, I mean, that's still, of course, the plan. You invest a lot there. You invested in high capacity, but still you expect the consultancy revenues to drive results going forward, at least that's what you state in the slides today. Any comments on that and when we will see a larger uptick in the ARR and SaaS share in that segment? Yeah. Of course, we are, as you stated, investing towards more product-related growth. There is some diversity for that. It's the growth products that we have on Spark that we do think will come over time. In addition, we are also having SaaS products that we are in the business phase of that also will drive more of pure SaaS growth for the segment going forward. On the cash conversion this quarter, the free cash flow was close to NOK 400 million, so very strong, and it beats previous Q1s by quite a mile. Is this mainly driven by the weaker 2023, or does sort of this higher ARR base start to truly impact now? I would say it's mainly a company. It's a combination. Of course, the ARR base, when you are now on 71% of total revenues for the quarter, that is kind of prepayments. So that helps. In addition, we see the movements in net working capital also being positive. And for the energy market services, it was quite weak at Q4 to kind of catch up in Q1, but that's more volatility in the net working capital for that part of the business. But we typically see a normal cycle for ARR business, and once we deliver more and more recurring, you should see a strengthened cash profile over time. Yeah. It's possible to quantify the effects of the sort of the timing effects from Q4 into Q1 on this more? We don't have certain numbers to disclose now so that we need to. Fine. Talking a bit about the target, you obviously discussed it in the presentation within NOK 2 billion 2025 revenue target removed. Of course, between the lines here, it seems like this is since you expect large M&A impacts, what you reiterate 1-2 a year. Can you say something about the focus you do on this scene? Are you more focused on larger M&A deals to get customer portfolios? Are you in the niche tech side of things? What should we read into with regards to the new target or removal of that target and the M&A deals in particular? I think when it comes to M&A, I think we have had a pretty consistent M&A strategy ever since listing. We are quite picky on the M&A targets we are assessing. We have a substantial long list, and we're looking at two categories. So it's the same strategy. So one for additional capabilities along the value chain, another one basically for market access. I think what we've demonstrated ever since listing is that we remain quite picky. So we're looking for attractive deals, and we would only engage in companies and targets that could really contribute with material value to the company. In terms of size, that's spanning from sort of smaller companies to a bit more chunky sizes. Thank you. And with that, it seems like you've answered all the questions. Thank you, Tone Jakobsen, Arnstein. And thank you all for listening in, and have a good day.