Lumi Gruppen quarterly report Q3 23 by lumigruppen

Q3 Q U A R T E R LY R E P O R T 2 0 2 3

We facilitate lifelong learning

Contents 3

This is Lumi Gruppen

Highlights Q3 23 — Lumi Gruppen

Key financial and operational figures

Interim report — Lumi Gruppen

Condensed interim financial statement and notes

Alternative performance measures

Company information

LUMI GRUPPEN quarterly report Q3 23

This is Lumi Gruppen Lumi Gruppen is a leading education provider in Norway, offering high-quality educational services. The group consists of two main operating segments: Sonans and Oslo Nye Høyskole (ONH). higher education. ONH is a private university college established in 2007, acquired by Lumi Gruppen in 2019. ONH has one campus located in central Oslo, in addition to a strong online offering.

Sonans is Norway’s market leader within high school private candidate exam preparation courses, primarily to help former high school students achieve better exam results and/or complete their high school diploma to enter

Sonans – market leader within private candidate exams

Oslo Nye Høyskole – National Student Survey 2022:

Lumi Gruppen Students — Campus vs. Online (2023)

Bachelor programmes in International Studies and Political Science rated 5/5 on overall satisfaction.

Sonans Students — Campus vs. Online (2023)

ONH Students — Campus vs. Online (2023)

49% campus

7 666

24% campus

4 396

students

5/5

in overall student satisfaction amongst multidisciplinary University Colleges, #5 of all University Colleges.

38% campus

62% online

Oslo Nye Høyskole – National Student Survey 2022:

3 270

students

51% online

students

76% online

LUMI GRUPPEN quarterly report Q3 23

Highlights for the quarter Oslo Nye Høyskole

Strong growth and profitability for ONH due to increased student intake and stabile cost development. New ONH programmes

+12 ONH to integrate NTech initiative, with 12 new programmes in pipeline.

ONH receives recognition for its quality system which was formally approved by NOKUT.

EBIT

NOK mill.

10.7

New cost programmes to counter effects of weak private candidate market.

+/-

Revenue decline for Sonans partly explained by stricter credit control measures and accounting effects, indicating underlying reduction in revenue of about 10 per cent in Q3-23.

(20.1)

Operating revenue

NOK mill.

103.7 (121.5)

New board elected at EGM 1 November.

LUMI GRUPPEN quarterly report Q3 23

Key financial and operational figures NOK MILLION Q323

QUARTERS

YEAR TO DATE

CHANGE 22 - 23

Q322

2023

2022

INCOME STATEMENT

Revenue

103.7

121.5

316.1

388.5

-14.6%

-18.6%

Payroll expenses

58.2

65.6

155.4

185.8

-11.4%

-16.4%

56.1%

54.0%

49.2%

47.8%

2.1 pp

1.3 pp

Payroll expenses in % of revenue Total other operating expenses Operating expenses in % of revenue EBITDA EBITDA margin Depreciation and amortization

21.1

22.6

85.6

95.3

-6.7%

-10.1%

20.3%

18.6%

27.1%

24.5%

1.7 pp

2.6 pp

24.5

33.3

75.1

107.4

-26.4%

-30.1%

23.6%

27.4%

23.7%

27.6%

-3.8 pp

-3.9 pp

13.8

13.2

42.1

42.3

4.5%

-0.5%

270.3

10.7

20.1

-237.4

65.1

-46.7%

-464.6%

10.3%

16.5%

-75.1%

16.8%

-6.2 pp

-91.8 pp

Non-recurring Items

0.5

10.8

277.6

24.9

-95.4%

1015.0%

Adjusted EBIT

11.2

30.9

40.3

90.0

-63.7%

-55.3%

10.8%

25.4%

12.7%

23.2%

-14.6 pp

-10.4 pp

Impairment EBIT EBIT margin

Adjusted EBIT margin Net financial items

9.0

25.6

21.7

0.5%

18.2%

Profit/(loss) before income tax

1.7

11.1

-263.0

43.5

-84.8%

-705.1%

Tax

0.4

2.9

1.6

9.2

-86.6%

-83.1%

Profit/(loss) for the year

1.3

8.2

-264.5

34.3

-84.1%

-872.0%

Basic/diluted Earnings per share

0.02

0.23

-5.39

0.95

-89.6%

-666.5%

1.3

4.2

6.7

13.1

-67.8%

-48.6%

FINANCIAL POSITION

Capex (fixed assets and development costs) Net Cash Flow from Operations

76.5

51.2

78.8

93.2

49.5%

-15.5%

Total assets

1 168

1 265

1 168

1 265

-7.7%

Equity

474

545

474

545

-13.0%

Equity %

40.6%

43.0%

40.6%

43.0%

-2.5 pp

Cash position

127

88.0%

Net Debt (NIBD)

173

363

173

363

-52.2%

Number of Employees (FTEs)

227

247

227

247

-8.3%

Sick-leave

OPERATIONAL KPIS

5.8%

4.9%

4.8%

0.9 pp

0.0 pp

Number of Campuses Sonans

-25.0%

Number of Campuses ONH

0.0%

Number of Students Sonans

4 396

6 216

4 396

6 216

-29.3%

— of which online

2 232

3 119

2 232

3 119

-28.4%

Number of Students ONH

3 270

2 868

3 270

2 868

14.0%

— of which online

2 490

2 031

2 490

2 031

22.6%

LUMI GRUPPEN quarterly report Q3 23

NOK MILLION Q323

QUARTERS

YEAR TO DATE

CHANGE 22 - 23

Q322

2023

2022

LUMI GROUP KEY FIGURES

Operating Revenue

103.7

121.5

316.1

388.5

-14.6%

-18.6%

— Campus

46.4

57.7

147.5

217.1

-19.6%

-32.0%

— Online

57.3

63.7

168.5

171.2

-10.1%

-1.6%

Total operating revenue

103.7

121.5

316.1

388.5

-14.6%

-18.6%

Payroll Expenses

58.2

65.6

155.4

185.8

-11.4%

-16.4%

56.1%

54.0%

49.2%

47.8%

2.1 pp

1.3 pp

Payroll Expenses in % of operating revenue Other Expenses Other expenses in % of operating revenue

19.0

22.6

71.3

76.5

-15.7%

-6.8%

18.3%

18.6%

22.6%

19.7%

-0.2 pp

2.9 pp

2.1

0.0

14.3

18.8

7151.3%

-23.9%

Bad debt expenses in % of operating revenue

2.0%

0.0%

4.5%

4.8%

2 pp

-0.3 pp

Total operating expenses

79.2

88.2

241.0

281.1

-10.2%

-14.2%

EBITDA

24.5

33.3

75.1

107.4

-26.4%

-30.1%

23.6%

27.4%

23.7%

27.6%

-3.8 pp

-3.9 pp

13.8

13.2

42.1

42.3

4.5%

-0.5%

Bad debt expenses

EBITDA margin Depreciation and amortization

270.3

10.7

20.1

-237.4

65.1

-46.7%

-464.6%

10.3%

16.5%

-75.1%

16.8%

-6.2 pp

-91.8 pp

0.5

10.8

277.6

24.9

-95.4%

1015.0%

Impairment EBIT EBIT margin Non-recurring items Adjusted EBIT

11.2

30.9

40.3

90.0

-63.7%

-55.3%

Adjusted EBIT margin

10.8%

25.4%

12.7%

23.2%

-14.6 pp

-10.4 pp

Number of FTEs

226.6

247.2

226.6

247.2

-8.3%

Sick-leave

5.8%

4.9%

4.8%

0.9 pp

0.0 pp

Operating Revenue NOKm Lumi Gruppen

Sonans

140 105

121.5 103.7

ONH

100

80 73.1

59.3 48.4

22 Q3

44.4

22 Q3

LUMI GRUPPEN quarterly report Q3 23

We are an important part of the Norwegian educational system and provide opportunities for people who want to take higher education and participate in the workforce.

LUMI GRUPPEN quarterly report Q3 23

ONH continues progress, market for Sonans still weak Executive Summary

Third quarter 2023 review1

The positive development for Oslo Nye Høyskole (ONH) continued in the third quarter, with strong profitability due to a combination of top-line growth and cost initiatives. ONH has now become our most significant operating segment. The Group is also pleased to announce the approval of the quality system at ONH by NOKUT. ONH received recognition as well for its development of the quality system and how it is integrated in the organisation. The quality system is key for maintaining the accreditation of study programmes and will also contribute to an improved competitive position with a strong reputation and brand. On the other hand, the market setback continued to affect our private candidate business in Sonans negatively in the third quarter. Lumi Gruppen has taken significant measures to adapt to the market situation for Sonans. The cost reduction programme in Sonans is well on track, with additional savings of NOK 10 million expected to be realised in the second half of 2023. Further cost measures will be implemented, with an effect in the range of NOK 12-18 million. Most of this will have effect from the school year 2024/2025. The expected post-Covid normalisation of our private candidate business in Sonans has not yet materialised. The labour market for young people in Norway has been strong, which has probably contributed to fewer applications for higher education and, hence, lower demand in the private candidate market in general. We see no indication that Sonans has lost material market share. We are now adjusting the cost base of Sonans to the current market. However, a market recovery will rapidly translate into profit improvement. Lumi Gruppen has decided to restructure the NTech vocational initiative and integrate it with ONH, with 12 new programmes in the pipeline. On 16 October 2023, the Group announced a rights issue to raise gross proceeds of approximately NOK 53. The rights issue was not approved, and the Group is working on various alternatives to improving its financing. Further announcement on this matter will be made in due course.

Total operating revenue was NOK 103.7 million compared to NOK 121.5 million last year and represents a decline of 14.6 per cent. The decline was driven by a continuing weak private candidate market, and the third quarter last year was boosted by a change in commercial terms for online. Oslo Nye Høyskole (ONH) continued its uninterrupted growth over the last four years with 22.5 per cent growth in the third quarter, driven by new and existing online study programmes and a higher share of recurring revenues for multi-year programmes. Operating expenses decreased by NOK 9.0 million or 10.2 per cent in the third quarter compared to the same period last year. The largest contributor was personnel expenses, which decreased by 11.4 per cent from NOK 65.6 million to NOK 58.2 million. The decrease in operating expenses is a result of the cost programmes implemented for both Sonans and ONH and strict cost focus throughout the organisation. Strict credit control has been implemented and has already yielded a positive effect on expenses and cash flow. However, bad debt expenses were still higher in the third quarter compared to last year. The reason for this is explained by the sale of the collection portfolio on a nonrecourse basis last year which led to a positive gain and reduced expenses by NOK 2 million. The market for the sale and purchase of collection portfolios has been soft this year and no similar divestment and sale was made in the third quarter this year. Excluding this special item, the actual reduction in operating expenses was NOK 12.0 million for the third quarter. Earnings before interest and tax (EBIT) in the third quarter were NOK 10.7 million compared to NOK 20.1 million last year. The EBIT margin ended at 10.3 per cent compared to 16.5 per cent last year. The decrease in EBIT and lower margin in the quarter was a result of the decline in revenues. Reduced student volumes and lower revenue in the private candidate market have been offset by the cost programme implemented together with the growth in volumes and revenue for Oslo Nye Høyskole. The negative deviation of NOK 17.8 million in revenue was therefore reduced to only NOK 9.4 million in lower EBIT and NOK 7.4 million when excluding the aforementioned bad debt gain last year of NOK 2 million.

1. Figures in brackets = same quarter previous year, unless otherwise specified

LUMI GRUPPEN quarterly report Q3 23

The total liquidity reserve including the revolving credit facility was NOK 197 million in the third quarter (137) and net interest-bearing debt excl. IFRS 16 was NOK 173 million (363). Lumi Gruppen has agreed with its bank on updated and amended terms for its financing. Compared to the existing senior facility agreement, the following changes have been made: — Repayment of NOK 50 million on existing NOK 300 million facility — From 1 to 2 term loans (Term Loan A (“TLA”) of NOK 50 million and Term Loan B (“TLB”) NOK 200 million) — Current revolving credit facility (“RCF”) of NOK 70 million to remain in place — Changes in margin ratchet with separate margins for TLA and TLB — Margin range for the total facility (NOK 300m) was 220 bps to 345 bps — TLA New and RCF: 300 bps to 450bps — TLB New: 350 bps to 500 bps — Arrangement and change of control waiver fee of NOK 5.2 million — Amendment fee of 0.15% of the total facilities

A covenant reset has also been agreed with the following covenant profile for the current school year and thereafter: — Covenant reset (NIBD / EBITDA) for quarters Q3 2023 – Q2 2024: 3.5x, 4.5x, 3.6x and 5.1x — Thereafter, flat at 3.0x in Q1 and Q3, and 4.0x in Q2 and Q4 to account for seasonal working capital fluctuations Cost programmes for ONH and Sonans were successfully implemented last year. With the current full visibility on this year’s intake, the Group has continued its work on cost measures to compensate for the expected decline in profitability for this school year. At the end of the third quarter, the estimated effect from new initiatives is in the range of NOK 12-18 million. Most of this will have effect from the school year 2024/25 as it is related to more structural changes for the Group and changes related to the campus network. The Group will, along with the cost optimisation, also put efforts into continuing to strengthen and expand its study programme offering and exploiting new market opportunities using the available funds for such initiatives. In addition, it will review pricing of the offerings to fully compensate for the expected inflation in the cost base.

LUMI GRUPPEN quarterly report Q3 23

Operating Segments The Group’s reporting structure comprises two operational segments: Sonans and Oslo Nye Høyskole (ONH). SONANS

Operating revenue decreased by 39.2 per cent to NOK 44.4 million (73.1). The decline in revenue is largely explained by lower student volumes for both the online and the campus offering. In addition, the decline is explained by no revenue effect from changes in commercial terms for online. Starting from the third quarter last year, most online programmes were offered for six months compared to twelve months previously. This led to a different accrual of revenue than in previous years with approximately NOK 10 million in higher online revenues in both the third and the fourth quarter of last year. Adjusting for this, the decline in revenue was approximately 30 per cent, in line with the trading update announcement made on 4 October 2023. The Group previously announced a change in its revenue recognition for full-year contracts. In the case where students demonstrate low payment ability in the first semester, revenue from their contracts 2 will not be recognised in the second semester of the school year. The full-year contract revenue will however be recognised when payment is received. The effect of this change was a NOK 1.8 million in reduction of revenue for the third quarter and is expected to be NOK 3.6 million for the second half of 2023. The Group has strengthened its order-to-cash process by implementing credit checks and tighter follow-up of students that are late with payments. This has resulted in a stronger credit quality and hence a stronger cash flow. At the end of the third quarter, the cash flow from students in the third quarter was 90 per cent of the cash flow last year. On a cash basis, this indicates that the decline in revenue for Sonans is most likely around 10 per cent and not the 30 per cent which is the case when comparing with last year’s revenue number excluding the online effect. As observed, higher revenue last year was offset by higher bad debt expenses in the following quarters. A stronger cash flow from students is also a good indicator for the expectation of lower bad debt expenses going forward. Total operating expenses excluding depreciation and amortisation equalled NOK 37.4 million (47.6) in the third quarter. This represents a decrease of 21.4 per cent and

NOK 10.2 million compared to last year. The decrease in operating expenses is a result of the cost programme implemented. Personnel expenses constituted 66 per cent of the cost reduction, but underlying savings are higher as the sales and marketing department, previously employed by Lumi Services, was transferred to Sonans on 1 January 2023. As a result, other expenses (the service fee from the parent company) were reduced by NOK 3 million in the quarter and personnel expenses were increased by the same amount. Taking this into account, personnel expenses were reduced by NOK 9.7 million compared to last year. Last year’s accounts have not been adjusted to reflect this change. Bad debt expenses ended at NOK 1.5 million in the quarter compared to NOK 2.2 million last year. When excluding the additional online revenue of NOK 10 million, the bad debt expense percentage is approximately on the same level as last year. However, the bad debt expense this quarter also includes a provision for accounts receivables belonging to the previous school year 2022/2023. This was not the case in the third quarter last year as 100 per cent of the accounts receivables (also referred to as the collection portfolio) were sold. Compared to last year, any change in the expected credit loss for the portfolio of receivables from the previous school year will have an impact on the profit and loss for the current school year. This has not been the case in previous years as the receivables have always been sold at the end of each school year. Depreciation and amortisation expenses ended at NOK 9.2 million (10.7) in the third quarter. There was no impairment of right-of-use assets in the third quarter. Earnings before interest and tax (EBIT) for Sonans in the third quarter were minus NOK 2.2 million (14.8). The decline in EBIT is, as mentioned, a result of lower volumes and the non-recurring online revenue of NOK 10 million in Q3 2022. Sonans has completed the first phase of its turnaround strategy, which has led to a stronger digital offering and reduced the number of campuses from 15 to 9. The campus operations will in the future be concentrated in the largest cities in Norway and the new education offering Live will provide students with the campus quality experience in the areas without a physical campus. At the end of the third quarter, the number of full-time employees (FTEs) was 84.5 (111.7) and the average number of FTEs during the first nine months was 93.6.

2. Two different periods for full-year students: July to June or January to December.

LUMI GRUPPEN quarterly report Q3 23

OSLO NYE HØYSKOLE (ONH)

Operating revenue increased by 22.5 per cent to NOK 59.3 million (48.4) in the third quarter. Sales growth was mostly driven by the new programmes launched at ONH and online in particular. The growth in revenues is also a combination of a higher share of recurring revenues and volume growth. Total operating expenses excluding depreciation and impairment losses equalled NOK 36.7 million (36.8) in the third quarter. Payroll expenses were in line with last year. Other expenses were down by 3.3 million while bad debt expenses were up by 2.8 million. The negative deviation for bad debt is explained by the sale of ONH’s collection portfolio on a non-recourse basis last year which led to a positive gain and reduced expenses by around NOK 2 million in the third quarter. Depreciation and amortisation expenses were NOK 3.6 million (2.4) in the third quarter. Earnings before interest and tax (EBIT) for ONH in the third quarter were NOK 19.0 million (9.2). The EBIT margin was 13.0 percentage points higher compared to the same period last year as result of higher revenue and a stable development in operating expenses. At the end of the third quarter, the number of full-time employees (FTEs) was 124 (121) and the average number of FTEs during the first nine months was 119.

Group financials CONSOLIDATED INCOME STATEMENT — THIRD QUARTER

Total operating revenue decreased by 14.6 per cent to NOK 103.7 million (121.5). Revenue was adjusted lower by NOK 1.8 million in the quarter as result of full-year contracts in Sonans with low likelihood for receiving a consideration. Please see note 2 in the financial accounts for more information. Total operating expenses excluding depreciation and impairment losses equalled NOK 79.2 million (88.2) in the third quarter. Net savings from the cost programmes were NOK 9.0 million in the quarter compared to last year. These savings are mainly related to a significant reduction in personnel expenses for Sonans, together with reduced marketing expenses and overhead expenses. Bad debt expenses were NOK 2.1 million higher in the third quarter compared to last year and the deviation was, as mentioned, explained by the non-recurring gain from the sale of the collection portfolio in 2022. Excluding this item, the total underlying reduction in operating expenses was around NOK 11.0 million in the third quarter. Depreciation, amortisation, and impairment expenses ended at NOK 13.8 million (13.2) in the third quarter.

LUMI GRUPPEN quarterly report Q3 23

of 2023. Current and non-current liabilities to financial institutions were NOK 298 million at the end of the third quarter compared to NOK 428 million in the same period last year. CONSOLIDATED STATEMENT OF CASH FLOWS — THIRD QUARTER

Non-recurring items were NOK 0.5 million compared to NOK 10.8 million last year. Non-recurring items for the third quarter are mainly expenses related to the closure of three campuses and sublease preparation expenses. In the fourth quarter last year, the Group announced that the numbers presented in the quarterly report will be the reported numbers and not adjusted numbers. Nonrecurring items are therefore only shown on a separate line in the P&L and not included in EBITDA or EBIT number for the third quarter this year and last year as well as for yearto-date this year and last year.

Net cash flow from the Group’s operations during the third quarter was NOK 76.5 million (51.2). The difference between net cash flow from operations and profit before tax is mainly due to changes in working capital. For both Sonans and Oslo Nye Høyskole, most students pay tuition fees early in the semester (resulting in a very positive cash flow in the first and third quarters), and in the latter part of the semester, the cash is used for ongoing operations. The Group received NOK 11.5 million in the third quarter from a repayment of corporate taxes. The reason for this was that Lumi Gruppen AS paid the advance corporate tax in 2022 and 2023, but in the final tax calculation and tax statement for 2022 the corporate tax was payable for Lumi Bidco AS and not Lumi Gruppen. Lumi Bidco therefore received a tax bill of NOK 15.6 million in October 2023 and the net remaining payable was NOK 4.1 million for the corporate tax year 2022. The net cash outflow from investing activities amounted to NOK 1.2 million (4.2) in the third quarter. The majority of this relates to development of new study programmes for ONH. The net cash flow from financing activities was NOK minus 10.7 million (minus 11.8) in the third quarter. This relates to the payment of the principal portion of lease liabilities in accordance with IFRS 16. During the third quarter, the Group had an increase in cash and cash equivalents of NOK 64.5 million (35.2). As of the balance sheet date, the Group had cash and cash equivalents of NOK 126.7 million, compared to NOK 67.4 million at the same time last year.

CONSOLIDATED STATEMENT OF

FINANCING AND BANK COVENANT

Earnings before interest and tax (EBIT) for the Group ended at NOK 10.7 million (20.1) in the third quarter. The decline in EBIT is a result of the revenue decline not being fully offset by the cost programmes implemented. However, when excluding, as mentioned, the non-recurring online revenue for Sonans, the profitability level is closely in line with last year.

FINANCIAL POSITION — THIRD QUARTER

The Group’s assets totalled NOK 1 168 million at the end of the third quarter, a decrease of NOK 97.3 million from the same period last year. The Group’s equity amounted to NOK 474 million, a decrease of NOK 70.9 million compared to the same period last year. The equity ratio was 41 per cent (43 per cent). The net decline in total assets and equity is mainly a result of the goodwill impairment in the second quarter

The leverage ratio at the end of the third quarter was 2.7. The leverage covenant was 3.5 for the quarter. SHAREHOLDER INFORMATION

The Group’s share capital was NOK 23.2 million as of 30 September 2023, consisting of 55 241 433 ordinary shares, each with a par value of NOK 0.42. All the shares are fully paid and have equal rights.

LUMI GRUPPEN quarterly report Q3 23

Lumi Gruppen owned 193 814 treasury shares as at the balance sheet date. The number of shareholders as at 30 September 2023 was 334, of which the top 20 shareholders held 90.4 per cent of the shares. BOARD OF DIRECTORS

On 1 November the general meeting resolved the following composition for the board of directors of the Company: — Helge Midttun (chair, independent) — Bente Sollid Storehaug (independent) — Ashkan Senobari (new, Hanover Investors) — Giles Smyth (new, Hanover Investors) — Fred Lundqvist (new, Hanover Investors) Anne Dahle remains the employee’s elected representative on the board of directors. EVENTS AFTER THE BALANCE SHEET DATE

On 16 October 2023, the Group announced a rights issue to raise gross proceeds of approximately NOK 53 million to satisfy the equity condition under the updated and amended financing terms. The fully underwritten rights issue in the Company to raise gross proceeds of NOK 53 million (the “Rights Issue”) was not resolved as it did not receive sufficient votes in favour at the general meeting to fulfil the 2/3 majority approval as required to be approved. Consequently, the Rights Issue has been cancelled. A further announcement on this matter will be made in due course.

Outlook Lumi’s business model has been transformed during the last year, with a more flexible and scalable business model with a lower share of fixed costs. Given the market conditions for Sonans, the transformation process will continue this school year as well to further improve profitability through organisational changes and pure cost measures. OSLO NYE HØYSKOLE 2023/2024

Based upon the autumn intake and a forecast for the spring intake, revenue is expected to end in the range of NOK 227-232 million for ONH for the school year 2023/2024. SONANS 2023/2024

Based upon the autumn intake and a forecast for the spring intake, revenue is expected to end in the range of NOK 170-175 million for Sonans for the school year 2023/2024. Profitability for Sonans is expected to be weak in the 2023-2024 school year. Lumi Gruppen will continue to adapt the cost structure to the current market situation. NORWEGIAN SCHOOL OF TECHNOLOGY (NTECH)

Lumi Gruppen has decided to restructure the NTech vocational initiative and integrate it with ONH, with 12 new programmes in the pipeline, awaiting approval from NOKUT (the Norwegian Agency for Quality Assurance in Education). This makes the model more scalable and offers synergies with ONH, which will be the common brand. The courses are expected to be offered for the 2024/2025 school year. As previously indicated, the financial impact in terms of revenue of NTech was expected to be limited in the 2023/2024 school year.

LUMI GRUPPEN quarterly report Q3 23

OTHER RELEVANT MARKET CONDITIONS

The market development for Lumi Gruppen is correlated and connected to several macroeconomic drivers including the activity in the public market for higher education and the labour market. There is a demand gap for certain types of higher education in Norway, which means that a significant number of students do not have a place of admission to their preferred education. The result of the intake was announced 20 July, and the number of potential students without an admission place was in line with last year. The labour market has been strong the past year, with particularly strong labour market participation among young people. This partly explains the development in applicants for higher education. A softer labour market could lead to higher demand for education going forward. Lumi Gruppen is closely following the process regarding the recommendations published by the Admission Committee in December 2022. The Ministry of Education and Research announced in October 2023 that it will introduce a parliamentary white paper on the matter during the spring of 2024. The political process means that implementation of any changes will take time, and the first school year with a new system implemented is expected in several years. While the outcome of the process may affect the current offering of Sonans, Lumi Gruppen believes this will also create new business opportunities. As long as access to attractive university programmes is limited, there will be a market for services that help students qualify. Lumi Gruppen is actively planning to adapt to any changes, based on various scenarios.

Responsibility Statement We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 September 2023 has been prepared in accordance with IAS 34 Interim Financial Reporting and gives a true and fair view of the Group’s assets, liabilities, financial position and profit or loss. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the financial year and their impact on the condensed set of financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year, and major related parties’ transactions. DISCLAIMER

This report 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.

Oslo, 8 November, 2023 Approved by the Board of Directors and Management Helge Midttun Bente Sollid Storehaug Ashkan Senobari Chair

Giles Smyth

Fred Lundqvist Anne Dahle

Martin Prytz CFO

Erik Brandt CEO

LUMI GRUPPEN quarterly report Q3 23

Segment Key Figures NOK MILLION Q323

QUARTERS

YEAR TO DATE

CHANGE 22 - 23

Q322

2023

2022

SONANS KEY FIGURES

Operating revenue

44.4

73.1

155.2

248.7

-39.2%

-37.6%

— Campus

27.5

37.7

92.4

155.4

-27.0%

-40.6%

— Online

16.9

35.3

62.8

93.3

-52.2%

-32.7%

Total operating revenue

44.4

73.1

155.2

248.7

-39.2%

-37.6%

Payroll expenses

20.8

27.5

62.6

83.6

-24.4%

-25.1%

46.8%

37.7%

40.3%

33.6%

9.2 pp

6.7 pp

Payroll expenses in % of operating revenue Other expenses Other expenses in % of operating revenue

15.1

17.8

48.1

65.3

-15.3%

-26.4%

34.0%

24.4%

31.0%

26.3%

9.6 pp

4.7 pp

1.5

2.2

11.5

19.1

-33.4%

-39.5%

Bad debt expenses in% of operating revenue

3.4%

3.1%

7.4%

7.7%

0.3 pp

-0.2 pp

Total operating expenses

37.4

47.6

122.3

168.0

-21.4%

-27.2%

EBITDA

7.0

25.5

32.9

80.7

-72.4%

-59.3%

15.8%

34.9%

21.2%

32.5%

-19 pp

-11.3 pp

9.2

10.7

30.5

33.9

-13.5%

-10.2%

Bad debt expenses

EBITDA margin Depreciation and amortization Impairment EBIT EBIT margin Non-recurring items Adjusted EBIT

-2.2

14.8

2.4

46.8

-114.8%

-94.8%

-4.9%

20.3%

1.6%

18.8%

-25.2 pp

-17.3 pp

0.5

6.0

1.1

11.4

-91.7%

-90.4%

-1.7

20.9

3.5

58.2

-108.1%

-93.9%

-3.8%

28.5%

2.3%

23.4%

-32.3 pp

-21.1 pp

Number of FTEs

85.0

111.7

85.0

111.7

-23.9%

Sick-leave

8.3%

5.6%

5.1%

6.2%

2.7 pp

-1.1 pp

Adjusted EBIT margin

LUMI GRUPPEN quarterly report Q3 23

NOK MILLION Q323

QUARTERS

YEAR TO DATE

CHANGE 22 - 23

Q322

2023

2022

OSLO NYE HØYSKOLE KEY FIGURES

Operating revenue

59.3

48.4

160.3

139.6

22.5%

14.8%

— Campus

18.9

20.0

54.5

61.7

-5.7%

-11.6%

— Online

40.4

28.4

105.7

77.9

42.3%

35.7%

Total operating revenue

59.3

48.4

160.3

139.6

22.5%

14.8%

Payroll expenses

29.9

29.5

77.0

76.9

1.4%

0.1%

50.5%

61.0%

48.1%

55.1%

-10.5 pp

-7 pp

Payroll expenses in % of operating revenue Other expenses Other expenses in % of operating revenue

6.2

9.5

22.4

28.2

-34.5%

-20.5%

10.5%

19.6%

14.0%

20.2%

-9.1 pp

-6.2 pp

0.6

-2.2

2.8

-0.3

-125.3%

-1182.6%

Bad debt expenses in % of operating revenue

0.9%

-4.6%

1.7%

-0.2%

5.5 pp

1.9 pp

Total operating expenses

36.7

36.8

102.2

104.9

-0.2%

-2.6%

EBITDA

22.6

11.6

58.1

34.7

94.3%

67.2%

38.1%

24.0%

36.2%

24.9%

14.1 pp

11.3 pp

3.6

2.4

9.5

7.3

48.1%

29.9%

Bad debt expenses

EBITDA margin Depreciation and amortization EBIT EBIT margin Non-recurring items

19.0

9.2

48.5

27.4

106.5%

77.1%

32.0%

19.0%

30.3%

19.6%

13 pp

10.7 pp

1.8

7.3

-100.0%

19.0

11.0

48.5

34.7

72.7%

39.9%

Adjusted EBIT margin

32.0%

22.7%

30.3%

24.8%

9.3 pp

5.4 pp

Number of FTEs

124.0

121.1

124.0

121.1

2.4%

Sick-leave

3.9%

3.4%

4.3%

3.0%

0.5 pp

1.3 pp

Adjusted EBIT

LUMI GRUPPEN quarterly report Q3 23

Condensed interim financial statement and notes

LUMI GRUPPEN quarterly report Q3 23

Consolidated statement of profit or loss NOK 1000

Note

Q323

Q322

YTD23

YTD22

2022

Revenue

2,3

103 704

121 061

314 805

387 354

511 915

Government Grants

417

694

1 111

1 528

Other operating income

617

1 171

103 704

121 477

316 116

388 509

514 614

Total revenue

58 152

65 624

155 414

185 806

247 856

4,5,6

13 756

13 163

42 092

42 293

55 282

4,6

270 344

4 046

Payroll expenses Depreciation and amortisation expenses Impairment Other operating expenses Total operating expenses

Operating profit/loss (EBIT) Interest income

21 080

22 593

85 634

95 298

130 351

92 988

101 380

553 484

323 397

437 536

10 717

20 097

-237 368

65 112

77 078

587

Financial income

241

121

1 264

391

472

Interest expense

-8 903

-6 921

-24 333

-19 028

-27 168

Financial expense

-369

-2 179

-2 547

-3 022

-3 480

Net financial items

-9 024

-8 978

-25 592

-21 652

-29 589

Profit/(loss) before income tax

1 693

11 119

-262 960

43 460

47 489

388

2 900

1 555

9 195

10 339

Profit/(loss) for the period

1 305

8 219

-264 515

34 265

37 150

Basic/diluted earnings per share (NOK)

0.02

0.23

-5.39

0.95

1.03

Income tax

Statement of comprehensive income NOK 1000

Q323

Q322

YTD23

YTD22

2022

OTHER COMPREHENSIVE INCOME

Items not reclassified to profit or loss: Remeasurement of defined benefit pension liabilities - decrease/(increase)

1 570

Related tax effects

-345

Other comprehensive income for the year -

1 224

-264 515

34 265

38 374

TOTAL COMPREHENSIVE INCOME IS ATTRIBUTABLE TO

Owners of Lumi Gruppen AS 1 305 8 219

LUMI GRUPPEN quarterly report Q3 23

Consolidated statement of financial position ASSETS NOK 1000 Note

30.09.23

30.09.22

31.12.22

7 812

2 418

7 721

Goodwill 4

686 688

957 032

NON-CURRENT ASSETS

Deferred tax asset

29 204

24 301

27 895

Total intangible assets

723 704

983 751

992 648

Right-of-use assets

220 821

114 789

123 964

Office machinery and equipment

6 969

11 971

10 415

Total tangible assets

227 791

126 760

134 379

1 679

1 619

Other intangible assets

Investments in shares Total non-current financial assets

1 679

1 619

Total non-current assets

953 174

1 112 130

1 128 646

66 187

63 451

22 601

1 826

21 745

22 207

17 142

Cash and bank deposits

126 752

67 415

29 031

Total current assets

214 684

153 073

70 599

Total assets

1 167 857

1 265 203

1 199 245

CURRENT ASSETS

Trade receivables Earned, not invoiced Other current receivables

LUMI GRUPPEN quarterly report Q3 23

Consolidated statement of financial position EQUITY AND LIABILITIES NOK 1000 Note

30.09.23

30.09.22

31.12.22

23 201

15 201

Share premium

653 240

434 218

470 218

Treasury stock

-81

Retained earnings

-202 702

95 235

61 837

Total equity

473 657

544 573

547 175

282 922

428 267

418 592

EQUITY

Share capital

NON-CURRENT LIABILITIES

Liabilities to financial institutions

Non-current lease liabilities

188 966

82 378

99 955

Total non-current liabilities

471 888

510 645

518 546

CURRENT LIABILITIES

Short term liabilities to financial institutions

15 000

10 000

Current lease liabilities

46 669

42 357

38 408

Trade creditors

3 915

6 948

5 230

Tax payable

17 212

9 378

14 911

Public duties payable

8 481

9 637

16 137

Unearned revenue

101 996

113 180

11 075

Other current debt

29 040

28 485

37 763

Total current liabilities

222 312

209 985

133 523

Total liabilities

694 200

720 630

652 070

Total equity and liabilities

1 167 857

1 265 203

1 199 245

LUMI GRUPPEN quarterly report Q3 23

Consolidated statement of cash flows NOK 1000

Q323

Q322

YTD23

YTD22

2022

1 693

11 119

-262 960

43 460

47 489

11 471

471

-16 500

-16 180

CASH FLOW FROM OPERATIONS

Profit before income taxes Adjustments for — Taxes paid in the period — Gain/loss from sale of fixed assets — Interest expense

9 223

8 821

26 196

21 253

28 464

— Interest paid

-5 268

-4 505

-18 920

-16 180

-18 014

— Interest paid - leasing

-3 082

-1 580

-6 309

-5 051

-6 635

— Depreciation

13 756

13 163

42 092

42 293

55 282

— Impairment

270 344

4 046

— Change in trade receivable, earned not invoiced and unearned revenue

52 320

45 999

49 160

36 153

-26 928

— Change in trade creditors

-2 858

-3 907

-1 316

4 896

3 178

— Differences in expensed pensions and payments in/out of the pension scheme — Change in other current assets and liabilities Net cash flow from operations

-749

-415

-795

-17 945

-20 020

-16 352

2 943

76 489

51 164

78 767

93 221

73 231

CASH FLOW FROM INVESTMENTS

Proceeds from sale of fixed assets

131

Purchase of fixed assets

-533

-1 578

-1 079

-3 750

-3 779

Purchase of intangible assets

-816

-2 612

-5 650

-9 332

-13 743

-85

-60

-10 748

-11 819

-32 971

-30 168

-44 124

Payment to buy shares in other companies CASH FLOW FROM FINANCING

Payment of principal portion of lease liabilities Repayment of liabilities to financial institutions

-130 000

-10 000

Repayment of other loans

-2 413

New equity received

200 000

Costs directly booked in equity

-8 978

Payment of dividend

-36 000

-10 748

-11 819

25 638

-76 168

-90 124

Net cash flow from financing

Net change in cash and cash equivalents

Exchange gains / (losses) on cash and cash equivalents

64 522

35 155

97 721

3 911

-34 475

Cash and cash equivalents at the beginning of the period

62 230

32 260

29 031

63 505

Cash and cash equivalents at the end of the period

126 752

67 415

126 752

67 415

29 031

Unused operational credit facilities in addition

70 000

LUMI GRUPPEN quarterly report Q3 23

Consolidated statement of changes in equity NOK 1000

SHARE CAPITAL

SHARE PREMIUM

TREASURY STOCK

OTHER RESERVES

RETAINED EARNINGS

TOTAL

Balance at 1 January 2023

15 201

470 218

-81

61 837

547 175

Capital increase 16.03.2023

7 000

168 000

175 000

Capital increase 15.05.2023

1 000

24 000

25 000

-8 978

2023

Costs booked directly in equity Profit/(loss) for the year

-264 515

Other equity changes

-25

23 201

653 240

-81

-202 702

473 657

Equity at 30 September 2023

2022

Balance at 1 January 2022 OCI

15 201

470 218

-81

-1 224

60 698

544 812

1 224

Dividend

-36 000

Profit/(loss) for the year

37 150

Other equity changes Equity at 31 December 2022

-10

15 201

470 218

-81

61 837

547 175

LUMI GRUPPEN quarterly report Q3 23

Notes to the Condensed interim financial statements 1 Organisation and basis of preparation Lumi Gruppen AS (the Company or Lumi Gruppen), is the parent company of the Lumi Gruppen (Lumi or the Group) and is a limited liability company incorporated and domiciled in Norway, with its head office in Nydalen, Oslo. The Company is listed on Euronext Growth stock exchange in Oslo, Norway and has the ticker “LUMI”. Lumi Gruppen is a leading player in the education market in Norway. The Group consists of the parent company Lumi Gruppen AS and its subsidiaries Lumi Bidco AS, Lumi Services AS, Sonans Privatgymnas AS, Oslo Nye Høyskole AS, ONH Education AS and Norwegian School of Technology AS. The operating companies in the Group are Sonans Privatgymnas AS, Oslo Nye Høyskole AS and ONH Education AS. Lumi Services AS is a company that organises shared services like IT, marketing and finance on behalf of the operating companies. The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 31 December 2022, unless otherwise stated.

Estimates, judgements and assumptions The preparation of interim condensed financial statements involves the use of accounting estimates. Actual results may differ from these estimates. Management is required to exercise judgment in applying the Group’s accounting policies. Management has used estimates and assumptions that have affected assets, liabilities, revenues, expenses and information on potential liabilities. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. Management has, when preparing the interim financial statements, made certain significant assessments based on critical estimates and significant judgment when it comes to application of the accounting principles.

LUMI GRUPPEN quarterly report Q3 23

2 Revenue Lumi Gruppen earns revenue from educational services including one university college and several private candidate schools across Norway. Services are delivered both on campus and online, and delivered over time to the students. Educational service revenue is distributed according to the individual course sold. Courses for a single semester are distributed over 4 to 6 months while courses running over two semesters are distributed over 10 to 12 months. From 1 January 2023, the Group changed its principles for revenue recognition for full-year contracts in case there is a low probability that the Group will collect the considerations. The revenue is not recognised until the

consideration is received. The probability is determined to be low when no consideration is collected in the first semester of the school year. Invoicing for the educational services is done at the beginning of each school semester, in August/September and January. Invoices sent in August/September are for both the semester and for the entire school year fees. This creates the deferred revenue (unearned income) post in the balance sheet (a contract liability). This contract liability is always current, as the revenue will be earned within a maximum of 9 months after the date of the invoice. The liability will normally be largest in Q1 and Q3, as payments received are for the semester, which runs over two quarters.

NOK 1000

Q323

Q322

YTD23

YTD22

2022

DISAGGRETATING OF REVENUE

Education 103 704 121 061 314 805 387 354

511 915

— of which campus

46 396

57 318

146 218

217 607

272 493

— of which online

57 308

63 743

168 587

169 747

239 422

Government grants

417

694

1 111

1 528

Other income

617

1 171

388 509

514 614

Total revenue 103 704 121 477 316 116

In Q3, NOK 1.8 million (year to date NOK 10.9 million) related to full-year contracts was not recognised in Sonans due to low probability of collecting the amounts owed. In ONH all such revenue was recognised. The revenue not recognised is booked as a liability in the balance sheet and impaired in line with the ECL-model.

LUMI GRUPPEN quarterly report Q3 23

3 Operating segments OTHER/ TOTAL

NOK 1000 SONANS

OSLO NYE HØYSKOLE NTECH

HEADQUARTER

ELIMINATIONS AND IFRS

CONTINUING OPERATIONS

Q3 2023

44 422

59 282

8 655

-8 655

103 704

8 655

-8 655

Total expenses

37 394

36 715

2 187

11 591

-8 655

79 232

— of which management fee

5 700

2 640

225

-8 655

Total revenue — of which management fee

Depreciation and amortisation

9 220

3 592

330

614

13 756

EBIT

-2 192

18 975

-2 517

-3 550

10 717

73 069

48 408

10 519

-10 519

121 477

10 519

-10 519

47 590

36 793

176

14 177

-10 519

88 217

— of which management fee

8 964

1 125

375

-10 519

Depreciation and amortisation

10 663

2 424

13 163

EBIT

14 816

9 191

-178

-3 732

20 097

155 168

160 261

23 172

-22 485

316 116

22 485

-22 485

Q3 2022

Total revenue — of which management fee Total expenses

YTD 2023

Total revenue — of which management fee Total expenses

122 266

102 207

2 524

36 535

-22 485

241 048

— of which management fee

15 540

6 390

170

385

-22 485

Depreciation and amortisation

30 469

9 509

334

1 780

42 092

270 344

2 433

48 545

-2 859

-15 143

-270 344

-237 368

248 729

139 615

31 852

-31 687

388 509

31 719

-31 719

Total expenses

167 979

104 883

1 842

38 087

-31 687

281 104

— of which management fee

26 889

3 413

1 125

292

-31 719

Impairment EBIT YTD 2022

Total revenue — of which management fee

Depreciation and amortisation

33 929

7 318

244

800

42 293

EBIT

46 821

27 414

-1 844

-6 479

-800

65 112

320 347

194 027

42 313

-42 073

514 614

42 313

-42 313

Total expenses

220 900

147 045

2 619

49 717

-42 073

378 207

— of which management fee

35 853

4 538

1 500

422

-42 313

Depreciation and amortisation

42 302

9 840

2 332

800

55 282

2022

Total revenue — of which management fee

Impairment

4 046

EBIT

53 099

37 142

-2 628

-9 736

-800

77 078

LUMI GRUPPEN quarterly report Q3 23

4 Intangible assets Goodwill

NOK 1000

OSLO NYE HØYSKOLE SONANS

TOTAL

COST

Cost at 31 December 2022

211 688

745 344

957 032

Additions -

Additions through acquisitions -

Disposals -

745 344

957 032

Cost at 30 September 2023

211 688

AMORTIZATION AND IMPAIRMENT

Accumulated at 31 December 2022 -

Impairment -

270 344

Amortization Accumulated at 30 September 2023 Carrying amount at 30 September 2023

Amortization method Estimated useful life

270 344

211 688

475 000

686 688

n/a

Impairment tests Impairment tests Impairment tests

As described in the annual report for 2022, goodwill is assessed for impairment at an annual basis, and, as per IAS 36, more frequently if indicators of impairment are identified. Please refer to the 2022 annual report for a description of the accounting principles and identified cash generating units (CGUs) for goodwill in Lumi Gruppen. The autumn intake for CGU Sonans came in at a lower level than expected, and as a result of this an impairment test was performed for this CGU at 30 June 2023. No impairment indicators are identified for CGU Oslo Nye Høyskole, and no impairment test was performed for this CGU at 30 June 2023.

Key assumptions with the measurement of value in use at 30 June 2023 (enterprise value) Measurement of the enterprise value for the CGUs is most sensitive for the following assumptions: Discount rate The discount rate is based on a weighted average cost of capital methodology (WACC). The nominal discount rate is based on the Group’s estimated capital cost measured as the weighted average of the costs for the Group’s equity and debt. The WACC considers the interest rate of the debt, the risk-free interest rate, the debt to total assets ratio, risk premium and an equity risk premium. Beta and debt ratio are based on an average of the applied industry group and a peer group.

LUMI GRUPPEN quarterly report Q3 23

Growth rates Growth rates applied in the impairment testing for goodwill are based on management’s expectations on the market developments. Based on available information and management’s market expertise, the expectation is a slight increase in growth over the coming years with a flat and moderate growth when calculating the terminal value in the DCF model. Management expectations are based on historical trends and publicly available industry analyses. As is the case with expectations with an element of uncertainty, there can be a need for adjustments to the estimates in future periods. The following key assumptions were used for the value-in-use calculations for CGU Sonans at 30 June 2023: — WACC (after tax) 10.9% (11.3% at 31.12.2022) — Terminal growth rate 2.75% (3.22% at 31.12.2022)

Result of the impairment test 30 June 2023 The estimated recoverable amount of the goodwill related to CGU Sonans was NOK 475 million. As this was below the carrying value of NOK 745 million, an impairment of NOK 270 million was recognised at 30 June 2023.

Other intangible assets STUDENT CONSESSIONS, NOK 1000 CONTRACTS PATENTS ETC.

TOTAL

COST

Cost at 31 December 2022

33 000

33 205

66 205

Additions

5 650

Additions through acquisitions

Disposals

Cost at 30 September 2023

33 000

38 855

71 855

Accumulated at 31 December 2022 33 000

5 310

38 310

Impairment -

AMORTIZATION AND IMPAIRMENT

Amortisation

4 341

Accumulated at 30 September 2023

33 000

9 651

42 651 29 204

Carrying amount at 30 September 2023 Amortization method Estimated useful life

29 204

Degressive

Linear

2-4 years

5 years

LUMI GRUPPEN quarterly report Q3 23

5 Property, plants and equipment

NOK 1000

OFFICE LEASEHOLD MACHINERY & IMPROVEMENTS ART EQUIPMENT

TOTAL

COST

Cost at 31 December 2022

13 246

376

46 258

59 880

Additions

1 079

Additions through acquisitions

Disposals

296

13 246

376

47 041

60 664

Cost at 30 September 2023 DEPRECIATIONS AND IMPAIRMENT

Accumulated at 31 December 2022

12 417

37 049

49 466

Depreciation

383

3 983

4 366

Impairment

Disposals

136

Accumulated at 30 September 2023

12 800

40 896

53 696

Carrying amount at 30 September 2023

446

376

6 146

6 969

Linear

n/a

Linear

Estimated useful life In line with lease contract

3-5 years

Depreciation method

6 Leasing The Group leases are primarily office and school buildings and office equipment. Short-term and low-value leases are excluded from the financial lease accounting. Right-of-use assets are leased assets recognised in the statement of financial position in accordance with IFRS 16 and are primarily buildings and office equipment. Right-of-use assets are depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The right-of-use assets are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the asset exceeds its recoverable amount.

LUMI GRUPPEN quarterly report Q3 23

Amounts recognised in the balance sheet NOK 1000 30.09.23

30.09.22

31.12.22

Right-of-use assets Premises

218 151

111 220

120 100

Equipment

2 670

3 568

3 864

Total

220 821

114 789

123 964

Depreciation method

Linear

Useful life In line with

In line with lease contract

lease contract

Lease liabilities Current

46 669

42 357

38 408

Non-current

188 966

82 378

99 955

Total

235 634

124 736

138 362

Amounts recognised in the statement of profit or loss NOK 1000

Q323

Q322

YTD23

YTD22

2022

Depreciation of right-of-use assets

10 666

10 787

33 386

34 470

45 024

Impairment of right-of-use assets

4 046

Settlement with termination

Interest expense

3 082

1 580

6 309

5 051

6 635

RIGHT-OF-USE ASSETS

TOTAL

NOK 1000 COST

Cost at 31 December 2022 Additions

Additions through acquisitions

Disposals

Cost at 30 September 2023

296 087

130 308

426 330

172 124

DEPRECIATIONS AND IMPAIRMENT

Accumulated at 31 December 2022

Depreciation

33 386

Impairment

Accumulated at 30 September 2023

Disposals

205 509

Carrying amount at 30 September 2023

220 821

Depreciation method

Linear

Estimated useful life

In line with lease contract

Linear In line with lease contract

LUMI GRUPPEN quarterly report Q3 23

7 Trade receivables NOK 1000 30.09.23

30.09.22

31.12.22

Trade receivables

100 464

66 748

36 459

— of which Sonans

65 131

43 433

28 659

Loss allowance

-34 277

-3 298

-13 858

— of which Sonans

-28 636

-2 932

-11 197

Total trade receivable, net

66 187

63 451

22 601

NOK 1000 30.09.23

30.09.22

31.12.22

21 063

21 154

16 349

8 Other receivables

Prepaid expenses

Other debtors

Total other receivables

682

1 054

793

21 745

22 207

17 142

9 Share capital and shareholder information Parent company (Lumi Gruppen AS) NOK NUMBER

PAR VALUE

CAPITALISED

0.42

23 201 402

SHARE CAPITAL

Ordinary shares

55 241 433

Cost at 30 September 2023

55 241 433

23 201 402

LUMI GRUPPEN quarterly report Q3 23

At 30 September 2023

TYPE OF ORDINARY ACCOUNT SHARES

% OWNERSHIP

SHAREHOLDERS

The Bank of New York Mellon SA/NV

Nominee

20 504 212

37.1

Euroclear Bank S.A./N.V.

Nominee

7 511 792

13.6

Pareto Aksje Norge Verdipapirfond

Ordinary

3 772 937

6.8

J.P. Morgan SE

Nominee

3 046 609

5.5

Verdipapirfondet Holberg Norge

Ordinary

2 733 333

4.9

The Northern Trust Comp, London Br

Nominee

2 189 896

4.0

Forsvarets Personellservice

Ordinary

1 550 540

2.8

Melesio Invest AS

Ordinary

1 420 709

2.6

Valorem AS

Ordinary

1 217 000

2.2

CMDC AS

Ordinary

980 000

1.8

Wenaas EFTF AS

Ordinary

885 714

1.6

VJ Invest AS

Ordinary

608 198

1.1

Ginko AS

Ordinary

600 000

1.1

Dyvi Invest AS

Ordinary

593 696

1.1

Cawa Invest AS

Ordinary

520 000

0.9

Cortex AS

Ordinary

440 000

0.8

Goldman Sachs International

Nominee

383 685

0.7

Varner Equities AS

Ordinary

366 216

0.7

Bit For Bit Huset AS

Ordinary

325 895

0.6

Jacob Hatteland Holding AS

Ordinary

290 780

0.5

Top 20 shareholder/nominee

49 941 212

90.4

Other

5 300 221

9.6

YTD22

2022

Hanover Active Equity Fund III controls the majority of the shares in Lumi Gruppen AS, with an ownership of 28 016 004 shares (50.7%) through the nominee accounts The Bank of New York Mellon SA/NV and Euroclear Bank S.A./N.V.

10 Earnings Per Share (EPS)

Q323

Q322

YTD23

Profit for the period (in NOK 1000)

1 305

8 219

-264 515

34 265

37 150

Average number of shares (excl. own shares)

55 047 619

36 000 000

49 055 992

36 000 000

Earnings per share (NOK)

0.02

0.23

-5.39

0.95

1.03

LUMI GRUPPEN quarterly report Q3 23

11 Liabilities to financial institutions Current and non-current liabilities to financial institutions are financial liabilities, primarily bank loans, and are recognised initially at fair value and subsequently at amortised cost using the effective interest rate method to measure interest expense on the loans. In connection with the private placement that took place in March 2023, the Group received a commitment from the bank for a new three-year financing agreement. Please see the Q2 report and stock exchange notice for more information. Lumi Gruppen announced additional changes to its financing agreement as consequence of the student intake for Sonans and the change of control that took place in August 2023 with Hanover Investors achieving a 50.7% stake in the company. The additional changes include the following terms.

— Repayment of NOK 50 million on existing NOK 300 million facility — From 1 to 2 term loans (Term Loan A (“TLA”) of NOK 50 million and Term Loan B (“TLB”) NOK 200 million) — Current revolving credit facility (“RCF”) of NOK 70 million to remain in place — Changes in margin ratchet with separate margins for TLA and TLB — Margin range for the total facility (NOK 300m) was 220 bps to 345 bps — TLA New and RCF: 300 bps to 450bps — TLB New: 350 bps to 500 bps — Arrangement and change of control waiver fee of NOK 5.2 million — Amendment fee of 0.15% of the total facilities A covenant reset has also been agreed with the following covenant profile for the current school year and thereafter: — Covenant reset (NIBD / EBITDA) for quarters Q3 2023 Q2 2024: 3.5x, 4.5x, 3.6x and 5.1x — Thereafter, flat at 3.0x in Q1 and Q3, and 4.0x in Q2 and Q4 to account for seasonal WC fluctuations.

NOK 1000 30.09.23

30.09.22

31.12.22

NON-CURRENT INTEREST-BEARING LIABILITIES

282 922

428 267

418 592

Current liabilities to financial institutions

15 000

10 000

Total liabilities to financial institutions

297 922

428 267

428 592

Non-current liabilities to financial institutions

SPECIFICATION OF LIABILITIES TO FINANCIAL INSTITUTIONS

Total amount borrowed

300 000

430 000

Capitalized bank fees

-2 078

-1 733

-1 408

Total liabilities to financial institutions

297 922

428 267

428 592

Liabilities to financial institutions

300 000

430 000

Total

300 000

430 000

COLLATERAL AND GUARANTEES

Nominal value of debt with collateral security

Book value of collateral pledged Accounts receivable

66 187

63 451

22 601

Office machinery and equipment

6 969

11 971

10 415

Total

73 156

75 422

33 016

LUMI GRUPPEN quarterly report Q3 23

12 Related parties Balances and transactions between the Company and its subsidiaries, which are related parties to the Company, have been eliminated on a consolidated basis. There are no significant related party transactions for Lumi Gruppen as of 30 September 2023.

13 Subsidiaries OWNERSHIP/ LOCATION VOTING RIGHT

NAME

Lumi Bidco AS Oslo

100

Lumi Services AS Oslo

100

Sonans Privatgymnas AS Oslo

100

ONH Education AS Oslo

100

Oslo Nye Høyskole AS Oslo

100

Norwegian School of Technology Oslo

100

14 Contingent liabilities There are no contingent liabilities as of 30 September 2023.

LUMI GRUPPEN quarterly report Q3 23

Alternative performance measures The Group reports its financial results in accordance with IFRS accounting principles as issued by the IASB and as endorsed by the EU. 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 use 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 assessing compliance with financial covenants. Alternative Performance Measures reflect adjustments based on the following items: Adjusted EBITDA before impact of IFRS 16 Adjusted EBITDA before impact of IFRS 16 is a measure of EBITDA adjusted for (i) lease expenses applying IAS 17 Leases, (ii) revenue and cost from sold or acquired business, and (iii) certain extraordinary items affecting comparability, referred to as Non-Recurring items in this report. The Group has presented this APM because it considers it to be an important supplemental measure to understand the leverage ratio of the Group. Adjusted EBITDA margin Adjusted EBITDA divided by total revenue. EBIT EBIT is a measure of earnings before deducting net financial items and taxes. The Group has presented this APM because it considers it to be an important supplemental measure to understand the overall picture of profit generation in the Group’s operating activities.

Adjusted EBIT Adjusted EBIT is a measure of EBIT adjusted for (i) revenue and cost from sold or acquired business, and (ii) certain extraordinary items affecting comparability referred to as Non-Recurring items in this report, and (iii) for the subsidiaries of Lumi Gruppen AS, also including IFRS adjustments as these companies report on NGAAP. The Group has presented these APMs because it considers them to be important supplemental measures to understand the underlying profit generation in the Group’s operating activities. Adjusted EBIT margin Adjusted EBIT divided by total revenue. Net debt Current and non-current borrowings for the period (excluding property lease liabilities recognised under IFRS 16) less cash and cash equivalents for the period. Net debt is a non-IFRS financial measure, which the Group considers to be an APM, and this measure should not be viewed as a substitute for any IFRS financial measure. The Group has presented this APM as it is a useful indicator of the Group’s indebtedness, financial flexibility and capital structure because it indicates the level of borrowings after taking into account cash and cash equivalents within the Group’s business that could be utilised to pay down the outstanding borrowings. Net Debt is also used as part of the assessment for financial covenant compliance. Leverage ratio Net debt divided by last twelve months Adjusted EBITDA before impact of IFRS 16. Capital expenditure Capital expenditure (capex) is a measure of total investment in the period both in the operations and in development of new business. Capital expenditures consist of both maintenance capex and development capex and the source of capex is the Statement of cash flows.

LUMI GRUPPEN quarterly report Q3 23