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
o	Revenue of NOK 277.0 million, +17.4% y/y (+10% excluding EnkelEksamen)
o	Adjusted EBITA of NOK 55.7 million, +54% y/y (+42% excluding EnkelEksamen),
corresponding to a margin of 20.1% (15.3%)
o	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%)
o	EnkelEksamen, consolidated from February 2026, contributed revenue of NOK 18.5
million and adj. EBITA of NOK 4.2 million
o	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%
o	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%)
o	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.
is information is subject to the disclosure requirements pursuant to section\
5-12 of the Norwegian Securities Trading Act.\