Lumi Education Group AS: Strong H1 2026 results; softer 2026/27 intake

Oslo, 27 August 2026 — Lumi Education Group AS ("Lumi" or the "Group") today published its results for the first half of 2026. The Group delivered all-time high first-half revenue and strong margin expansion, with 17% revenue growth and 54% adj. EBITA growth, concluding the 2025/26 academic year with 16% revenue growth and a 20% adjusted EBITA margin. The 2026/27 intake to date points to a softer year, and the Group has identified and implemented a comprehensive set of measures and initiatives in response.

H1 2026 highlights • Revenue of NOK 277.0 million, +17.4% y/y (+10% excluding EnkelEksamen) • Adjusted EBITA of NOK 55.7 million, +54% y/y (+42% excluding EnkelEksamen), corresponding to a margin of 20.1% (15.3%) • ONH revenue +14.7% y/y, with an adj. EBITA margin of 25.9% (19.9%); Sonans revenue +1.6% y/y, with an adj. EBITA margin of 18.3% (12.1%) • EnkelEksamen, consolidated from February 2026, contributed revenue of NOK 18.5 million and adj. EBITA of NOK 4.2 million • Free cash flow after leases of NOK 41 million (excluding EnkelEksamen), an improvement of NOK 47 million year on year, with FCF conversion of 80% • Academic year 2025/26 concluded with revenue of NOK 550 million, +16% y/y, and adj. EBITA of NOK 108.9 million, +58% y/y, corresponding to a margin of 19.8% (14.5%) • The acquisition of Bjørknes Privatskole, announced in May 2026, is expected to complete in Q3 2026

2026/27 intake

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 at that point, 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. EnkelEksamen has bedded in well and is on track for continued double-digit growth in the 2026/27 academic year.

CEO comment "The first half of 2026 was strong, with record revenue, significant margin expansion and much improved cash flow. The coming academic year will be softer, and we are managing that through cost measures. In parallel, the work that builds our long-term growth continues as planned. We will update the market again in October when the full intake picture is available," said Nina Vesterby, CEO of Lumi Education Group.

Presentation and webcast

A presentation will be held today at 10:00 CEST via live webcast. To join, please use the following link: https://bit.ly/4bVnO33

For further information, please contact: Martin Prytz, CFO, Lumi Education Group Tel: +47 480 14 078 Email: IR@lumigruppen.no

About Lumi Education Group

Lumi Education Group ("Lumi") is one of Norway's leading education providers, founded in 1989. Through its portfolio of brands, including Sonans, Oslo Nye Høyskole and EnkelEksamen, the Group operates across higher education, exam preparation, vocational training and digital learning. Lumi develops its companies through organic growth and selective M&A, providing strategic support, capital and governance while preserving the brand, culture and academic integrity of each business. By broadening access to relevant education, Lumi supports social mobility and workforce development in a society where demand for new skills continues to grow. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

More information: Access the news on Oslo Bors NewsWeb site

680962_H1 2026 Lumi Education Group Report.pdf 680962_H1 2026 Lumi Education Group Presentation.pdf