Volue ASA
OSE:VOLUE
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Earnings Call Analysis
Summary
Q2-2023
Volue, under CEO Trond Straume, displayed a robust second quarter in 2023 with a 26% growth in operating revenues, hitting NOK 375 million. The adjusted EBITDA margin reached 17%, and annual recurring revenues experienced a 25% increase to NOK 236 million, including a significant 43% jump in SaaS revenues. Capitalizing on the swift expansion of intermittent renewables and targeting emerging small-medium energy players, Volue enhanced its market position by acquiring Enerim's Energy Service division, aiming to become the Nordic and future European market leader. Concurrently, it began a strategic review of its Industrial IoT business and divested Fire & Chimney products, reinforcing its strategic focus on becoming Europe's top provider in energy software, energy market services, and power grid solutions by 2030.
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Hi. I'm Trond Straume, CEO of Volue. Today, I'm presenting our financial results as well as selected highlights from the second quarter of 2023. Total operating revenues for Volue amounted to NOK 375 million in the second quarter, representing a growth of 26% from the same quarter last year. Adjusted EBITDA came in at NOK 63 million, making the adjusted EBITDA margin 17%. Annual recurring revenues amounted to NOK 236 million, out of which NOK 98 million were SaaS revenues. By extension, ARR and SaaS grew by 25% and 43%, respectively, illustrating strong performance compared to the same quarter last year.
We're pleased to once again hold true to our promise of strong growth as we're reaping the benefits of the investments we've made in our platform since listing. The energy system of tomorrow has crystallized over the last year. Intermittent renewables are being brought online at a breathtaking speed and moving towards 2030, this will largely be done by small to medium and new players. The contrast to the energy system of 2020 is significant. Incumbent players used to be responsible for growth in power capacity.
At Volue, we've built a unique offering for those incumbent players, and that's verified by the growth in our Energy segment. To add to this growth, we're targeting the rise of small to medium wind solar and battery players with portfolio management as a service. In that context, we are thrilled to have announced and closed our biggest acquisition to date in the shape of Enerim Energy Service division. This acquisition ties perfectly together with Volue market services and Volue trading advisory to form Volue energy market services.
Combined, we will become the Nordic market leader positioned to be a leader in Europe by 2030. This acquisition is a direct result of our strategy going into 2030. Our goal is being the #1 European provider of energy software, energy market services and power grid solution. In order to reach such goal, Volue will need to be focused in its efforts on both the organic and structural access. In the first half of 2023, we initiated a strategic review of our ownership in the Industrial IoT business, a process that is still ongoing. We've also divested in Fire & Chimney products at very attractive multiples. We view our structural actions so far this year as proof points in our dedication towards the 2030 goal.
For more details, please find our quarterly presentation published on our website, volue.com. Thank you for your attention, and have a great day.