Lumi Education Group As · OSL:LUMI
Lumi Education Group As — Lumi Gruppen — H2 2025 Earnings Presentation
24 slides from Lumi Education Group As's earnings presentation, Feb 12, 2026
Slide 1: Lumi Gruppen H2 2025 Presentation
LUMI GRUPPEN H2 2025 Presentation CEO NINA VESTERBY CFO MARTIN PRYTZ 12 February 2026
Slide 2: H2 2025 Highlights: Key takeaways
H2 2025 HIGHLIGHTS Key takeaways • Record half-year revenue, double-digit growth and strong margin expansion. • ONH continues its strong growth momentum and is well positioned for the 2026/27 intake. • Sonans strengthens profitability and advances key strategic initiatives with a new managing direct
Slide 3: H2 2025 Highlights: Financial highlights
H2 2025 HIGHLIGHTS Financial highlights • Group revenue of NOK 272 million (+14% y/y). • ONH segment: revenue NOKm 169 (+16% y/y). • Sonans segment: revenue NOKm 103 (+10% y/y). • Group adj. opex (incl. D&A) NOKm 219 (+6% y/y), reflecting cost optimisation in Sonans (-3%) and continued scale in ONH.
Slide 4: Financials H2 2025
FINANCIALS H2 2025 PAGE 4 - LUMI GRUPPEN
Slide 5: Revenue
FINANCIALS – H2 2025 REVENUE REVENUE PER SEGMENT AND TOTAL (NOKM) • All-time-high Group revenue in H2 300 Fy 25 = 508M/+13% 2025, with both segments 272 267 delivering double-digit growth. 265 250 248 239 236 • Revenue growth sustained over 91 three consecutive reporting 92 212 212 212 periods, with
Slide 6: Adj. opex
FINANCIALS – H2 2025 ADJ. OPEX ADJ. OPEX INCL. D&A PER SEGMENT (NOKM) • Group operating expenses, including 300 D&A, amounted to NOKm 219 representing growth of 6% y/y. Fy25 = 419M/+7% 250 219 • ONH operating expenses, including 206 200 D&A, amounted to NOKm 125, an 200 183 190 185 increase of 12% y
Slide 7: Adj. opex by nature
FINANCIALS – H2 2025 ADJ. OPEX ADJ. OPEX INCL. D&A BY NATURE (NOKM) • Personnel expenses remain the largest expense category and 240 increased by 1.5%, reflecting scale 220 219 effects improving operating leverage 200 206 200 in ONH and cost optimisation in 183 190 185 Sonans. 180 160 132 PERSONNEL
Slide 8: Adj. EBIT
FINANCIALS – H2 2025 ADJ. EBIT ADJ. EBIT PER SEGMENT AND TOTAL (NOKM) • Group adj. EBIT amounted to NOKm 53, representing 64% y/y growth, with Fy25 = 89M/+48% 70 an adj. EBIT margin of 19.6%. 53 60 • Adj. EBIT growth was driven by 50 double-digit revenue growth of 14%, 32 36 40 combined with lower g
Slide 9: Cash flow
FINANCIALS – H2 2025 CASH FLOW • Free cash flow after leases amounted FCF AFTER LEASES* NET WORKING CAPITAL to NOK 41 million, up 23% y/y, with a cash conversion of 77% in H2 2025. 55 ADJ. EBIT, NOKM 53 50 FCF, NOKM • Net working capital ended at NOK -32 - 37 - 32 - 56 million, representing a NOK 24
Slide 10: Balance sheet
FINANCIALS – H2 2025 BALANCE SHEET 219 209 • LTM FCF after lease impacted by CASH RCF temporarily working capital 181 39 CAPEX FACILITY movements. • The leverage ratio at the end of the second half was 1.9 well below the bank leverage covenant of 4.0. 70 • Amendment to the existing loan agreements w
Slide 11: Commercial & Operational Highlights
COMMERCIAL & OPERATIONAL HIGHLIGHTS PAGE 11 - LUMI GRUPPEN
Slide 12: The acquisition of EnkelEksamen – adding a profitable, high-growth digital education business
COMMERCIAL & OPERATIONAL HIGHLIGHTS THE ACQUISITION OF ENKELEKSAMEN – ADDING A Student growth driven by programme development without institutional PROFITABLE, HIGH -GROWTH DIGITAL EDUCATION accreditation BUSINESS Strategic rationale for acquiring EnkelEksamen • Adds profitable and scalable business
Slide 13: The acquisition of EnkelEksamen – adding a profitable, high-growth digital education business
COMMERCIAL & OPERATIONAL HIGHLIGHTS THE ACQUISITION OF ENKELEKSAMEN – ADDING A Student growth driven by programme development without institutional PROFITABLE, HIGH -GROWTH DIGITAL EDUCATION accreditation BUSINESS +250 digital +40k sold 4.8 (1-5) courses Courses* Rating** A digital learning platform
Slide 14: EnkelEksamen – continued development and integration within Lumi
COMMERCIAL & OPERATIONAL HIGHLIGHTS Student growth driven by programme development without institutional ENKELEKSAMEN – CONTINUED DEVELOPMENT AND accreditation INTEGRATION WITHIN LUMI • Differentiate the institution Further penetration through existing through advanced, scalable AI- segments (higher
Slide 15: ONH – continues to deliver strong growth momentum
COMMERCIAL & OPERATIONAL HIGHLIGHTS Student growth driven by programme ONH –CONTINUES TO DELIVER STRONG GROWTH development without institutional accreditation MOMENTUM AND IS WELL POSITIONED FOR THE 2026/27 INTAKE • ONH continues to deliver strong growth in a market increasingly favouring flexible o
Slide 16: Sonans – strengthens profitability and advances key strategic initiatives
COMMERCIAL & OPERATIONAL HIGHLIGHTS Student growth driven by programme development without institutional SONANS – STRENGTHENS PROFITABILITY AND accreditation ADVANCES KEY STRATEGIC INITIATIVES • Appointment of a new Managing Director with a strong digital profile, strengthening both strategic direct
Slide 17: Group – continued focus on profitable organic growth, while exploring M&A
COMMERCIAL & OPERATIONAL HIGHLIGHTS GROUP – CONTINUED FOCUS ON PROFITABLE ORGANIC Student growth driven by programme development without institutional GROWTH, WHILE EXPLORING NEW GROWTH AVENUES accreditation AND M&A Core and adjacent Bolt -on and technology markets acquisitions Targeted bolt-on and
Slide 18: Trading Update and Financial Ambitions
TRADING UPDATE AND FINANCIAL AMBITIONS PAGE 18 - LUMI GRUPPEN
Slide 19: Trading update
TRADING UPDATE AND FINANCIAL AMBITIONS TRADING UPDATE Including 2026 spring intake, Academic year refers to the period 1 July to 30 June. REVENUE** PER SEGMENT AND TOTAL (NOKM) • Lumi expects a revenue growth excl. M&A revenue of 10 GROUP to 11% for the academic year 2025/26. 562-567 • Adj. EBIT tra
Slide 20: Financial ambitions towards AY 2026-27
INSERT SLIDE TITLE HERE TRADING UPDATE AND FINANCIAL AMBITIONS FINANCIAL AMBITIONS TOWARDS THE AY 2026 -27 Excl. any market recovery 4 years GROWTH/REVENUE ~15% PA ~5% PA NOK ~50 MILLION Excl. any market recovery ADJ. EBIT % 25 -30% ~15% 25 -30% • 10-20% margins short- • Newly established online • D
Slide 21: Questions?
QUESTIONS? PAGE 21 - LUMI GRUPPEN
Slide 22: Disclaimer
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 ar
Slide 23: Analyst coverage (commissioned)
ANALYST COVERAGE (COMMISSIONED ) LUMI GRUPPEN
Slide 24: Carnegie and ABG Sundal Collier analyst coverage
ABG SUNDAL CARNEGIE COLLIER Carnegie Investment Bank AB ABG Sundal Collier Commissioned research Carnegie Equity Research Hjalmar Jernström Petter Nystrøm / Henrik Bartnes T +46 70 86 22814 T +47 22 01 61 35 M +47 48 01 61 35 hjalmar.jernstrom@carnegie.se petter.nystrom@abgsc.no www.carnegie.se www.