- Operating revenue NOK 108 million (133)  
- EBIT NOK 6 million (14) 
- Significantly improved balance sheet by raising NOK 175 million in new equity
and a new three-year loan agreement 
- Cost programme on track in Sonans with NOK 19 million in annual savings in the
first quarter
- Cost development at Oslo Nye Høyskole stabilised with improved EBIT margin 
- Improved credit quality, as bad debt cost is reduced by 3.6 percentage points
compared to the fourth quarter 2022
- Launch of NTech marketing campaign in the first quarter, targeting first
enrolment for the school year 2023/2024 
- On 24 April 2023, Hanover Active Equity Fund III announced a cash offer of NOK
15.25 per share 

"As expected, the post-Covid driven market setback continued to affect our
candidate business in Sonans negatively in the first quarter. At the same time,
Oslo Nye Høyskole continued to grow strongly, and preparations for the launch of
the new technology trade school NTech progressed well. We have reduced our cost
base, improved credit quality, and significantly strengthened our financial
position by raising additional equity, positioning the company for a likely
market recovery," says CEO Erik Brandt.

ONH
ONH's revenues grew by 13.5 per cent from the corresponding quarter last year.
Sales growth is, to a large extent, driven by new programmes, and online in
particular. The revenue increase also reflects a combination of a higher share
of recurring revenues and volume growth. Operating costs have stabilised,
leading to expanding margins. 

Sonans
Operating revenues for Sonans decreased by 35.9 per cent from the corresponding
quarter last year. Most of the decline in revenue for Sonans is related to lower
student volumes for the campus offering. Online revenue was also reduced, partly
related to revenue not recognised as a result of students with full-year
contracts demonstrating a low payment ability. Total operating costs decreased
by 29.6 per cent. Sonans has completed its turnaround, which has led to a
stronger digital offering and a reduced number of campuses from 15 to 12, with a
further reduction to 9 by the end of the second quarter of 2023. The new
education offering Live will provide students with the campus quality experience
in the areas without a physical campus.

NTech
The planned vocational information technology school NTech was approved by NOKUT
(the Norwegian public agency for quality assurance in education) in December
2022. A marketing campaign was launched in the first quarter of 2023, targeting
the first enrolment of students for the school year 2023/2024. NTech represents
a new growth opportunity in a market segment growing rapidly in recent years.

Financials
Revenues in the first quarter were NOK 108 million, compared to NOK 133 million
in the same quarter of 2022. A lower number of students at Sonans negatively
impacted revenues, but this was partially offset by an increase at ONH.

EBIT was NOK 6.1 million, compared to NOK 14.3 million in the same quarter the
year before. The decrease in EBIT and lower margin in the quarter was a result
of reduced student volumes and lower revenue for Sonans, partially offset by
revenue growth for ONH and reduced operating costs.

Net loss for the quarter was NOK 2.0 million, compared to a profit of NOK 6.5
million the year before. Earnings per share were negative NOK 0.05, compared to
positive NOK 0.18 the year before.

Voluntary cash offer
On 24 April 2023, Hanover Active Equity Fund III announced a cash offer of NOK
15.25 per share for all issued and outstanding shares in Lumi. The board of Lumi
unanimously recommended the offer. The offer period commenced on 26 April 2023
and will expire at 16:30 CEST on 30 May 2023, subject to extensions at the sole
discretion of the offeror.

Outlook
Lumi's business model has been transformed during the last year, with a more
flexible and scalable business model with a relatively lower share of fixed
costs. Following the successful efficiency programmes with significant cost
reductions, a more favourable market situation will therefore rapidly improve
the financial performance and profitability.

The private candidate business is the most important swing factor for Lumi
Gruppen's financial development in the short to medium term. The visibility into
the volume trend for Lumi Gruppen's private candidate business in Sonans remains
limited for the second half of 2023. More clarity will come during the coming
months.

The cancellation of exams in high schools three years in a row has affected the
private candidate market, and the re-introduction of exams this spring will
likely contribute to a more normal market situation going forward. 

Lumi Gruppen is closely following the process regarding the recommendations
published by the Admission Committee in December 2022. At this stage, these are
suggestions that are likely to be modified through the political process before
a potential implementation. Recent signals based on the public hearings indicate
that the changes might be more moderate than originally proposed. 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 four to five 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.

Report and presentation 

Please see attached the first quarter report presentation for further
information. 

CEO Erik Brandt and CFO Martin Prytz will present the company's results today at
09:00. The digital presentation will be held in English and can be accessed
here: bit.ly/3nMsWjX  


For more information, please contact:	

Martin Prytz
CFO, Lumi Gruppen AS 
Tel: +47 480 14 078 
Email: IR@lumigruppen.no 

About Lumi: Lumi Gruppen is a leading Norwegian education provider founded in
1989. Today, Lumi Gruppen consists of two main divisions: Sonans and Oslo Nye
Høyskole. Sonans is the market leader in Norway within private candidate exam
preparation courses, and Oslo Nye Høyskole offers high quality bachelor's
degrees within health, social sciences, psychology and business and
administration, both on campus and online.