H1 2026 Presentation 27 August 2026
Agenda 1. H1 2026 Highlights
2. Financials 3. Commercial update
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Lumi Education Group
Highlights H1 2026
3
H1 2026 in Brief • Strong H1 2026 performance, delivering all-time high revenue, up 17% y/y, concluding academic year 2025/26 with 16% revenue growth and a 20% adj. EBITA margin. • Margins strengthened in the largest segments: ONH reached 26% (H1 2025: 20%) and Sonans 18% (H1 2025: 12%). • Cost discipline delivered: Sonans reduced its cost base by 6% year-on-year, while ONH benefited from scale on the existing platform.
• Cash flow improved markedly: FCF after leases came in at NOK 41m, up NOK 47m year-on-year, with FCF conversion of 80%.
4
H1 2026 Financial Highlights • Group revenue of NOK 277m, +17% y/y (+10% excl. EnkelEksamen). ‒ ONH segment: revenue of NOK 164m, +15% y/y. ‒ Sonans segment: revenue of NOK 95m, +2% y/y. ‒ EnkelEksamen: revenue of NOK 19m (consolidated for five months; no comparable prior-year period).
• Group adj. opex (incl. D&A) of NOK 221m, +11% y/y (+4% excl. EnkelEksamen), the comparable increase reflecting cost optimisation in Sonans (-6%) and continued scale in ONH. • Group adj. EBITA of NOK 56m, +54% y/y (+42% excl. EnkelEksamen). ‒ ONH adj. EBITA of NOK 42m, +48% y/y; margin of 26% (H1 2025: 20%). ‒ Sonans adj. EBITA of NOK 17m, +54% y/y; margin of 18% (H1 2025: 12%). ‒ EnkelEksamen: adj. EBITA of NOK 4.2m (consolidated for five months; no comparable prior-year period).
• Group reported EBIT of NOK 42m, +53% y/y (+37% excl. EnkelEksamen). Non-recurring expenses comprise Bjørknes Privatskole transaction costs, ONH appeal costs in connection with institutional accreditation and residual Sonans restructuring costs. • FCF after leases (excl. EnkelEksamen) amounted to NOK 41m, up NOK 47m y/y, with an FCF conversion of 80%. • The sale of collection portfolios from AY 2024/25 and 2025/26 contributed NOK 25m to cash flow in H1 2026.
5
Lumi Education Group
H1 2026 Financials
6
FINANCIALS – H1 2026
Revenue •
•
All-time high Group H1 revenue, with total growth of 17% in the first half, 10% excluding EnkelEksamen. ONH delivered 15% y/y growth, continuing its strong performance.
Revenue per segment and total (NOKm) 300 265
92
•
For the academic year as a whole, sales growth was driven by online programmes, both newly launched and established.
100
•
Sonans delivered 2% y/y growth, down from 10% in H2 2025 due to a softer spring intake in H1 2026.
0
•
For the academic year as a whole, growth reflected improved revenue per student, continued volume growth in the digital classroom offering, and in trade subjects.
239 212
91
200
Strong momentum from the autumn intake continued into the spring.
7
248
250
•
272
267
212
212
169 101
173
176
111
H122 H2 AY 21/22
H222 H1 AY 22/23
89
94
89
H124 H2 AY 23/24
164
ONH
95
SONANS
19
ENKELEKSAMEN
143
123
145
50
H221 H1 AY 21/22
145 123
AY 2025/26 = 550M/+16%
236
103
150
277
103
93
H123 H2 AY 22/23
H223 H1 AY 23/24
H224 H1 AY 24/25
H125 H2 AY 24/25
H225 H1 AY 25/26
H126 H2 AY 25/26
REVENUE GROWTH
H222
H123
H223
H124
H224
H125
H225
H126
GROUP
-6%
-20%
-15%
0%
14%
11%
14%
17%
ONH
12%
11%
19%
23%
19%
16%
16%
15%
SONANS
-16%
-37%
-38%
-19%
5%
4%
10%
2%
FINANCIALS – H1 2026
Adj. OPEX •
•
•
•
•
•
Group adj. operating expenses, including D&A*, amounted to NOK 221m, an increase of 11% y/y (+4% excluding EnkelEksamen). The comparable cost growth of 4% against revenue growth of 10% (excluding EnkelEksamen) reflects continued operating leverage. ONH adj. operating expenses, including D&A, amounted to NOK 121m, an increase of 6% y/y, below revenue growth of 15%. The increase was primarily driven by personnel expenses, reflecting wage inflation and a higher number of FTEs y/y. Other expenses were largely flat y/y.
Adj. OPEX incl. D&A per segment (NOKm) 300
250
200
150
206 190
183
71
91
100
112
221
125
121
ONH
78
SONANS
200
115
100
50
0
105
91
76
88
86
82
ENKELEKSAMEN
7
7
8
6
3
8
H123 H2 AY 22/23
H223 H1 AY 23/24
H124 H2 AY 23/24
H224 H1 AY 24/25
H125 H2 AY 24/25
H225 H1 AY 25/26
Sonans adj. operating expenses, including D&A, amounted to NOK 78m, a decline of 6% y/y.
OPEX GROWTH
The reduction reflects lower personnel and lease expenses following restructuring.
8 * Excluding acquisition-related amortisation.
185
219
8
14
GROUP
H126 H2 AY 25/26
H124
H224
H125
H225
H126
GROUP
1%
9%
8%
6%
4%
ONH
40%
23%
15%
12%
6%
SONANS
-28%
-3%
8%
-3%
-6%
FINANCIALS – H1 2026
Adj. OPEX •
•
•
•
•
9
Adj. OPEX incl. D&A By nature (NOKm)
Personnel expenses remain the largest expense category, increasing by 7% excluding EnkelEksamen, mainly driven by ONH and wage inflation.
250
Personnel expenses represented 46.9% of revenue, compared with 47.9% in the prior year, down 1 p.p.
150
Other operating expenses were broadly stable, with some natural variation across categories. Credit loss expenses decreased y/y, driven by the receivables sale completed at the end of H1 2026 at better pricing than the ECL model's estimated loss rates, alongside stable underlying payment performance. Reported non-recurring expenses amounted to NOK 6.6m, mainly comprising M&A costs, ONH accreditation appeal costs and residual Sonans restructuring costs.
219
206 200
183 28 12
190
185
26 5
23 7
40
45
50
H123 H2 AY 22/23
119
H223 H1 AY 23/24
24 4
25 11
49
105
23 9 54
51
51
100 98
200
130
113
132
221 14
ENKELEKSAMEN
23 8
D&A
55
OTHER OPERATING EXPENSES
121
PERSONNEL EXPENSES
CREDIT LOSS EXPENSE
H124 H224 H125 H225 H126 H2 AY 23/24 H1 AY 24/25 H2 AY 24/25 H1 AY 25/26 H2 AY 25/26
Personnel Expenses in % of revenue 56.5%
60 50
49.3%
45.9%
54.3%
47.9%
48.6%
46.9%
40 30 20 10 0
H123 H2 AY 22/23
H223 H1 AY 23/24
H124 H224 H125 H225 H126 H2 AY 23/24 H1 AY 24/25 H2 AY 24/25 H1 AY 25/26 H2 AY 25/26
FINANCIALS – H1 2026
Adj. EBITA •
•
•
•
•
•
10
Group adj. EBITA amounted to NOK 56m, representing 54% y/y growth (+42% excl. EnkelEksamen), with an adj. EBITA margin of 20%. Adj. EBITA growth was driven by double-digit revenue growth, combined with lower growth in operating expenses. ONH adj. EBITA amounted to NOK 42m, representing 48% y/y growth with an adj. EBITA margin of 26%. Margin improvement was driven by sales growth (+15%) and scale effects improving operating leverage. Sonans adj. EBITA amounted to NOK 17m, representing 54% y/y growth with an adj. EBITA margin of 18%. Margin improvement was driven by sales growth (+2%) and cost optimisation.
Adj. EBITA per segment and total (NOKm) 70
56
53
60
AY 2025/26 = 109M/20%
50 40
29
30 20
30
10 0
5 -6
-10 -20
H123 H2 AY 22/23
20
28
24
32
33
36
42
ONH
17
SONANS
4
ENKELEKSAMEN
-8
-8
GROUP
H225 H1 AY 25/26
H126 H2 AY 25/26
44
29
31 13
6
18
11
-2 -9
-9
-6
-4
H223 H1 AY 23/24
H124 H2 AY 23/24
H224 H1 AY 24/25
H125 H2 AY 24/25
ADJ. EBITA DEVELOPMENT
H124
H224
H125
H225
H126
ADJ. EBITA GROWTH (H/H)
-5%
59%
31%
64%
54%
LTM ADJ. EBITA
11%
13%
14%
18%
20%
ADJ. EBITA MARGIN ONH
19%
23%
20%
26%
26%
ADJ. EBITA MARGIN SONANS
15%
6%
12%
17%
18%
Adj. EBITA: EBIT adjusted for non-recurring expenses and acquisition-related amortisation. Full APM definitions in the half-year report.
FINANCIALS – H1 2026
Cash flow •
•
•
•
•
•
11
Free cash flow after leases amounted to NOK 41m, an improvement of NOK 47m y/y, with an FCF conversion of ~80% in H1 2026. Net working capital ended at negative NOK 38m, an improvement of NOK 9m y/y.
The improvement was mainly driven by the sale of the collection portfolios for both Sonans and ONH. In June 2026, the portfolio sale contributed a total of NOK 25m in cash.
Net working capital will fluctuate between reporting periods depending on the timing of collection portfolio sales. The sale reduced accounts receivable by NOK 14m, with a corresponding positive NWC effect.
FCF after Leases* (NOKm) 55
Net Working Capital (NOKm) 53
51
-29
-41
50
-38
45 40
36
35
30
H124 H2 AY 23/24
28
29
25
19
20
20
41
41
33
15 10 16
16
-15
12
OTHER REC.
7
TRADE CREDITORS
-6
PUBLIC DUTIES
-12
OTHER
ADJ. EBITA, NOKM H223 H1 AY 23/24
13
10
-10
-9
-12
-13
-38
-35
-60
-58
FCF, NOKM H123 H2 AY 22/23
5
Working Capital Liabilities (NOKm)
0
-10
TRADE REC.
18
19
H124 H125 H126 H2 AY 23/24 H2 AY 24/25 H2 AY 25/26
5
-5
H126 H2 AY 25/26
Working Capital Assets (NOKm)
32 29
H125 H2 AY 24/25
H124 H2 AY 23/24
H224 H1 AY 24/25
H125 H2 AY 24/25
H225 H1 AY 25/26
* Excluding EnkelEksamen for the five months consolidated.
H126 H2 AY 25/26
-7
-10
-38 -56
H124 H125 H126 H2 AY 23/24 H2 AY 24/25 H2 AY 25/26
FINANCIALS – H1 2026
Balance Sheet (NOKm) •
The leverage ratio at the end of the first half was 2.0, well below the bank covenant of 4.0.
•
Including twelve months of EnkelEksamen earnings on a pro forma basis, the ratio was 1.6.
•
•
•
12
268
198
185 CASH
NOK 55m was drawn under the capex facility in H1 2026 to fund the upfront payment for the EnkelEksamen acquisition.
RCF 70
The earn-out liability of NOK 86m represents the maximum amount under the SPA; the first earn-out instalment is due for payment in Q4 2026. Available funds of NOK 185m at the end of H1 2026 cover the earn-out, the Bjørknes acquisition and ordinary capex without the need for additional financing.
CAPEX FACILITY
94
86
82
70
45 IBD*
NET DEBT
EARN OUT**
AVAILABLE FUNDS
* Interest-bearing bank debt ** Earn-out; undiscounted maximum vs. NOK 71.5m recognised
LTM ADJ. EBITDA - CAPEX - LEASE
LTM FCF AFTER LEASE
Lumi Education Group
Commercial update
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AY 26/27 intake: softer than expected • While the 2026/27 intake is not yet complete, current indications point to broadly flat volumes at ONH, with growth in recurring revenues from continuing students offsetting a softer new intake, and Sonans revenue expected to end 10-15% behind the previous academic year.
• Full admission data is released in October, and the Group will provide a trading update covering the completed intake, its assessment of the underlying drivers and the financial implications. • Meanwhile, the Group has identified and implemented a comprehensive set of cost measures aimed at mitigating the effect of the softer intake on profitability. • Multiple growth initiatives are also in motion, including continued development of the programme portfolio towards areas of strong demand, the pursuit of institutional accreditation for ONH, and the acceleration of the Bjørknes integration and trade-subject growth in Sonans.
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• EnkelEksamen has bedded in well and is on track for continued double-digit growth in the 2026/27 academic year.
ONH accreditation: status update • ONH is pursuing institutional accreditation, which would over time expand its addressable market and programme portfolio through wider degree rights. • On 29 April 2026, the Board of NOKUT resolved not to grant ONH institutional accreditation. ONH has appealed the decision, and appeal-related costs are recognised as non-recurring expenses in H1 2026. • The Group will revert with any material updates in accordance with its disclosure obligations.
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