Lumi Gruppen Presentation Q3 22

Lumi Gruppen Presentation Q3 2022, 2 November 2022 CEO Erik Brandt and CFO Martin Prytz

Q3

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans

Lumi Gruppen — a leading private education provider in Norway Attractive market position and financial characteristics

Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Sonans — market leader within private candidate exams

Oslo Nye Høyskole — National Student Survey: overall student satisfaction (2021)

Oslo Nye Høyskole — National Student Survey: Online educational offer (2021)

Top 1 Top 3 Top 1 Revenue 2021 (NOK million)

532

Adj. EBIT 2021 (NOK million)

133

Adj. EBIT% 2021

25%

The group consists of two main operating segments: Sonans and Oslo Nye Høyskole (ONH). Sonans is Norway’s market leader within high school private candidate exam preparation courses.

ONH is a private university college, with a campus in central Oslo, and a strong online offering.

High school private candidate exam preparation courses in Norway.

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L U M I G R U P P E N presentation Q3 22

Private university college with strong online offering and campus in Oslo.

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Challenging market conditions post-Covid, cost reduction programmes implemented Online shift and decline in application to higher education significantly affects the private candidate market Revenue ended at NOK 121.5 million for the third quarter (-7.2%) Adjusted EBIT ended at NOK 30.9 million for the third quarter (-4.6%) Cost reduction programme totalling NOK 61 million implemented in Sonans to mitigate the effect of the online shift and the decline in campus sales

Introduction of “Live” successful, already a mid-sized campus with profitable operations and an integrated part of the campus course offering Oslo Nye Høyskole with a stronger performance compared to the higher education market, cost reduction programme totalling NOK 15 million decided on and implemented in Q4 2022

Operating Revenue Q3 and Ytd (NOKm)

Adj. EBIT Q3 and Ytd (NOKm)

-2.5% 388.5

-17.8% 398.3

109.6 90.0

-7.2%

5

121.5

130.9

Q3-22

Q3-21

L U M I G R U P P E N presentation Q3 22

-4.6%

Ytd-22

Ytd-21

30.9

32.4

Q3-22

Q3-21

Ytd-22

Ytd-21

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Financials

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Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Solid growth for online in a challenging market Operating revenue ended at NOK 121.5 for the third quarter (-7.2%) Sonans revenue ended at NOK 73.1 million (-15.5%) in the third quarter, online revenue grew by 54.8% while campus revenue declined by 40.7% Changes in commercial terms for Sonans online positively affects online revenue in the quarter together with the price increases implemented ONH revenue ended at NOK 48.4 million (+8.5%) in the third quarter, online revenue grew by 13.6% and campus revenue grew by 1.9%

Quarterly Operating Revenue (NOKm)

Development in Operating Revenue Q on Q (NOKm)

-7.2% 121.5

-7.2% 130.9

130.9

121.5 -25.9

0.4

3.4

12.5

Q3-22

9

Q3-21

L U M I G R U P P E N presentation Q3 22

Q3-21

Sonans Campus

Sonans Online

ONH Campus

ONH Online

Q3-22

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans

Decline in campus revenue for Sonans offset by the cost reduction programme implemented in Q3 Adj. EBIT ended at NOK 30.9 million for the third quarter (-4.6%)

Oslo Nye Høyskole

Adj. EBIT margin improved by 0.7% compared to same period last year

Strategy & Operations

Cost reduction programme totalling NOK 61 million implemented for Sonans and reported savings in personnel cost on adjusted basis was NOK 12.3 million in the third quarter. Other expenses were down by NOK 3.4 million

Sonans Oslo Nye Høyskole Outlook Disclaimer

ONH OpEx increased by NOK 5.3 million in the third quarter compared to last year, while revenues grew by NOK 3.8 million. Growth in OpEx driven by the new programmes Cost programme totalling NOK 15 million decided on for ONH, yielding impact already from fourth quarter and full effect from first quarter next year

Adj. EBIT (NOKm) and Adj. EBIT (%)

Development in Adj. EBIT Q on Q (NOKm)

-4.6% 30.9

32.4 3.8

5.3

32.4

1.6

13.4

11

25.4%

24.7%

Q3-22

Q3-21

L U M I G R U P P E N presentation Q3 22

Adj. EBIT Q3-21

Sonans Revenue

0.6

30.9

15.6

Sonans OpEx

ONH Revenue

ONH OpEx

Group/ NTECH

Depr. & Amortisation

Adj. EBIT Q3-22

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Sonans — Online revenue growth and cost reduction programme implemented in Q3 Operating Revenue ended at NOK 73.1 million (-15.5%) for the third quarter Growth for online driven by higher volumes (i.e., online shift) and the effect of changes in the commercial terms for online courses from January 1, 2022 Personnel expenses were reduced by NOK 12.3 (-35.3%) million in the third quarter compared to same period last year. Number of FTEs is down by 22% Other operating expenses were reduced by NOK 3.4 million (-15.9%), mainly related to lower campus operation expenses, overhead, and marketing expense Adj. EBIT ended at NOK 20.9 million (+1.7%) for the third quarter Adj. EBIT margin improved by 4.8% compared to the same period last year

Revenue (NOKm)

Adj. OpEx (NOKm)

Adj. EBIT (NOKm)

-15.5%

-28.0%

+1.7%

86.4

55.9

20.9

20.5

73.1

Active students

-36.9% 4,911

40.3

3,097

Q3-22

Q3-21

Q3-22

Q3-21

Q3-22

Q3-21

Campus

-11.5% 3,526 3,119

Online Q3-22 Q3-21

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L U M I G R U P P E N presentation Q3 22

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Sonans — Online revenue growth and cost reduction programme implemented in Q3, cont.

Cost reduction programme has been successfully implemented in Q3 2022 In Q3 2022, reduction in total operating expenses was NOK 15.6 million, of which NOK 9.6 (61%) million on reported basis Reduced personnel expenses largest contributor in the cost reduction programme, followed by reduced campus operation expenses and reduced marketing expenses Majority of measures not short term in nature and will continue to yield impact going forward and contribute to an improved profitability for Sonans

Number of FTEs in Sonans

Specification of the cost reduction programme

-27%

-26% 143

232 14

105

112

28

6 9

FC Q4-22

Q3-22

Q3-21

LTM Adj. OpEx Q22022*

Closing 3 Campuses

Reduced FTE Reduction Service Fee from Group Sonans

Reduced Marketing Expense

4

171

Otber

Estimated 12M Adj. OpEx Base Q2-2023

* LTM OpEx Q2-2022 = the period from Q3-21 to Q2-22

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Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Oslo Nye Høyskole — continued revenue growth, ramp up in cost to be offset by the cost reduction programme Operating Revenue ended at NOK 48.4 million (+8.5%) in the third quarter, online revenue growing by 13.6% and campus revenue growing by 1.9% Growth driven by new programmes in combination with a higher share of recurring revenues from the multi-year programmes (bachelor and master’s programmes) Operating expenses at ONH increased by NOK 5.4 million in the third quarter. This is mainly related to personnel expenses for the new programmes. Other expenses decreased by NOK 0.9 million Cost reduction programme totalling NOK 15 million decided on and implemented in the fourth quarter. Expect full effect from January 2023 Adj. EBIT ended at NOK 11.0 (-12.3%) with a corresponding margin of 22.7% (-5.5%)

Revenue (NOKm)

Adj. OpEx (NOKm)

Adj. EBIT (NOKm)

+8.5%

+18.0%

-12.3%

48.4

44.6

35.0

Active students

12.6 29.6

+9.2%

11.0

2,031 1,860

-10.8% 837

Q3-22

Q3-21

Q3-22

Q3-21

Q3-22

Q3-21

938

Campus

Online Q3-22 Q3-21

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L U M I G R U P P E N presentation Q3 22

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Lumi Group — Improved financial flexibility with the amendment to the loan agreement Agreement with Nordea on new terms for the school year 2022/2023.

The new agreement allows for a sufficient headroom Covenant waiver for Q3 and Q4, leverage covenant @4.0 in Q1 2023 and @5.0 in Q2 2023 Slightly higher interest rate next 9 months (+0.25%) and penalty fee of NOK 1.25 million Measures taken to improve net working capital and liquidity. Negotiation on payment terms with suppliers and monthly payment for leases vs. pre-quarterly payments

Cash and RCF

NIBD, ex. Lease

New Leverage Covenant

+6.0%

-22.4% 177

363

5.0

342 4.0

137 107 67

70

70

Q3-22

Q3-21

Cash RCF

19

r / ay e v i Wa t holid an n e Cov

L U M I G R U P P E N presentation Q3 22

Q3-22

Q3-21

0.0

0.0

Q3-22

Q4-22

Q1-23

Q2-23

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Group — Financial Focus Sonans Execute on the cost reduction programme totalling NOK 61 million to mitigate the effect of the decline in revenue for the school year 2022/2023 Additional measures in pipeline, including a review and assessment of the campus network and online offering (channel strategy)

ONH Execute on the cost reduction programme totalling NOK 15 million to mitigate the effect of flat volumes year on year and ramp-up in OpEx from new programmes Group Functions Contribute to optimization of processes cross business units and continue the process to reduce overhead expenses for Sonans and ONH

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Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Strategy & Operations

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Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook

• Strong market position maintained in a challenging market • Underlying market demand for education still strong • Significant cost programme implemented according to plan, a more scalable and flexible operational model established • Strong intake for Bachelor and Master’s programmes • Outperformed the market development for higher education in Norway

Disclaimer

• Growth strategy from 2019 implemented, updated growth strategy in process

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Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Strategy & Operations Sonans

Sonans — improved sales towards end of the autumn student intake Total sales for the student intake this autumn down by 28% vs. last year ― Campus declined by 42% ― Online including “Live” up 12% ― Total sales declined by 28% as of week 37

Oslo Nye Høyskole

Key market drivers affecting the education market in 2022

Outlook

— Strong decline in applicants to higher education (-13%)

Disclaimer

— Strong decline in students without an admission place (-43%) — Third consecutive year with cancelled exams in high schools, improved grades and less students failing (low drop out rate and “grade inflation”) — Low unemployment rate — Young people can travel and do something else for the first time since 2019

Final student sales autumn intake 2022 -28% 292

Accumulated student sales autumn intake 2020 to 2022

+12%

-42% 218

83 74

209

350 323 292

300 250

126

209

200 150 100 50

Total

Campus

Total sale LY 27

Online Total sale

L U M I G R U P P E N presentation Q3 22

0 4

6

8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 2022

2021

2020

-10%

-28%

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen

Sonans — A future oriented operation established Operations aligned with the challenging market conditions

Sonans

— Full time employees reduced by 22% per Q3

Oslo Nye Høyskole

— Three campuses closed

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

— Classroom efficiency optimized — Administration re-organized

A more scalable and flexible business model established — Introduction of «Live» successful — already a mid-size campus and profitable — Significant increase in online students possible without additional costs — Campus capacity not fully utilized — Significantly increased geographical reach

Attractive financial metrics for digital platforms with limited investment cost and a more flexible cost base

Illustration/Picture

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L U M I G R U P P E N presentation Q3 22

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen

Sonans — Market fundamentals and need for higher education still strong Demand for skilled workers increasing

Sonans

— Technological advances

Oslo Nye Høyskole

— Complexity in society increasing

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

— Increased job opportunities — Improved wages

Report from SSB* confirms the importance of private candidate schools — 62% didn’t have any diploma before entering private candidate schools — Private candidate schools crucial for young people wanting to change their lives — 80% of private candidates entering either higher education or labour market — Up to 45% of first-time private candidates are 25 years or older

Stable growth in the market for higher education recent years — CAGR 3% from 2013 to 2019, 4% when including 2021 and 2022 * Statistics Norway

Continuous growth in campus sales since 2008 with a CAGR of 11% until the Covid outbreak in 2020

300 266 219

+11% 165 135

145

236

246

-31%

250

218

194

182

200

162

160

126

100

150 100

80

50

2008

31

2009

2010

2011

L U M I G R U P P E N presentation Q3 22

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

0

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

Sonans — Solid market position maintained despite the market decline Stable market share of around 60% maintained since 2014 — Four times higher than #2 private candidate school

Strategy & Operations

Highest student satisfaction among private candidate schools

Sonans

— Considerable resources devoted to create optimal learning environment

Oslo Nye Høyskole

— Never compromised on student satisfaction when implementing efficiency measures

Outlook Disclaimer

— Student satisfaction on same high level Autumn 2022 despite significant cost reduction — Student critical functions remained at local campuses

Sonans with strongest multichannel student offerings

Solid market position of around 60% maintained since 2014*

Successful online transformation – Sonans uniquely positioned among private candidate schools “Top of mind” within online teaching*

60%

37

15%

10 12% 7%

5%

2

1% Sonans

Comp. 1

Comp. 2

Comp. 3

* Source: proff.no (“Comp.” = competitor) 33

L U M I G R U P P E N presentation Q3 22

Comp. 4

Comp. 5

Sonans

1

1

1

Comp. 1 Comp. 2 Comp. 3 Comp. 4 Comp. 5

* Source: Sonans survey (“Comp.” = competitor)

0 Other

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

ONH — Continues to outperform market for higher education ONH with stable student intake vs last year, excluding single subjects — Overall market for higher education fell 12.6% in 2022

Sonans

Bachelor programmes up 9% secures increased earnings visibility

Oslo Nye Høyskole

— Limits operational risk

Outlook

— Master programme up 65%

Disclaimer

— Annual programmes fell by 11%

Strategy & Operations

Robust growth for new programmes — Existing programmes affected by challenging markets due to post-covid effects

ONH applied for new bachelor programme — Plan to launch new annual programmes derived from multi year programmes

Signed contracts: Solid performance for multi year programmes in a challenging market

618

Bachelor

Master

671 23 38

+65% 677

Annual units

Other

600 20 27

-11%

+35% 1 338 1 336

Total

2021

35

+9%

2022

L U M I G R U P P E N presentation Q3 22

0%

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans Oslo Nye Høyskole

ONH — Higher student intake expected given investments made last 2 years Key priority to increase number of students in existing programmes — Increase economies of scale

Sonans

Cost reduction programme totalling NOK 15 million in annual cost savings

Oslo Nye Høyskole

— Full effect from January 2023

Outlook

— Positive P&L impact expected already in Q4 2022

Strategy & Operations

Disclaimer

Cost reduction mainly related to personnel reductions

Doubling of multi year programmes since 2020

10

Total number of students up 14% since 2020

10

2,798

2,868

2,513 988 1,180 1,277 5

1,618

1,880

1,236

Q3 2020

Q3 2021

Q3 2022

Q3 2020

Q3 2021

Number of Students - multi year programmes Number of Students - other 37

L U M I G R U P P E N presentation Q3 22

Q3 2022

Introduction About Lumi Gruppen Executive Summary

Financials Lumi Gruppen Sonans

ONH — Update of growth strategy in progress Growth strategy implemented in 2019 completed — Continue to develop new programmes with a solid market potential

Oslo Nye Høyskole

Business model increasingly more effective and scalable

Strategy & Operations

— Simplify reporting routines

Sonans Oslo Nye Høyskole

Comprehensive update of ONHs quality systems

Outlook

— Quality audit by NOKUT in Q1 2023

Disclaimer

Improve coordination of operations — Identify synergies and better coordinate operations at ONH and Norwegian School of Technology when operational

Developing the digital offering — More Bachelor students attending online programmes — ONH: a unique position within online courses — public sector does not prioritize

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L U M I G R U P P E N presentation Q2 22

Introduction About Lumi Gruppen

Outlook

Executive Summary

Operations aligned with challenging market conditions

Financials

— Sonans: cost programme implemented, additional measures in pipeline

Lumi Gruppen

— ONH: cost reduction programme of NOK 15 million decided on

Sonans Oslo Nye Høyskole

Strategy & Operations Sonans Oslo Nye Høyskole Outlook Disclaimer

Financial flexibility restored — Financial covenants in 2022 waived, adjusted for the first half of 2023

Financial forecast for 2022 — Expect revenues in the area of NOK 505 million (532) and Adj. EBIT in the area of NOK 105 million (134)

Challenging macro environment with increasing interest rates and inflation Well prepared for a likely market recovery next year — Still a strong need for higher education in Norway — A new more scalable business model established — Competitive position for Lumi Gruppen strengthened during the pandemic

Disclaimer This presentation includes forward-looking statements which are based on our current expectations and projections about future events. Statements herein, other than statements of historical facts, regarding future events or prospects, are forward-looking statements. All such statements are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. As a result, you should not place undue reliance on these forward-looking statements.

The Group reports its financial results in accordance with accounting principles IFRS. However, management believes that certain alternative performance measures (APMs) provide management and other users with additional meaningful financial information that should be considered when assessing the Group’s ongoing performance. These APMs are non-IFRS financial measures, and should not be viewed as a substitute for any IFRS financial measure. Management, the board of directors and the long term lenders regularly uses supplemental APMs to understand, manage and evaluate the business and its operations. These APMs are among the factors used in planning for and forecasting future periods, including assessment of financial covenants compliance.

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L U M I G R U P P E N presentation Q3 22

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