-	Operating revenue NOK 105 million (134)   
-	EBIT excluding impairment NOK 16 million (31)  
-	Cost programmes on track with a total of NOK 40 million in savings for the
first half of 2023. Additional NOK 10 million in annual savings with effect from
the second half of 2023 
-	Stabilised cost development at ONH leading to a strong EBIT margin in the
quarter   
-	Launch of NTech vocational courses in the second quarter 
-	Group EBIT negatively affected by NOK 270 million non-cash impairment loss

"The second quarter is a mixed bag for Lumi. On the one hand, the positive trend
continues for the ONH university college. We are now at an inflexion point where
ONH becomes our most significant operating segment. On the other hand, the
post-Covid driven market setback continued to affect our private candidate
business in Sonans negatively. The market for Sonans is expected to normalise
over time, which would rapidly translate into profit improvement. However, the
timing of this normalisation is still uncertain," says CEO Erik Brandt.

ONH
ONH's revenues grew by 8 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 38 per cent from the corresponding
quarter last year, as expected. 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, as previously
reported. Total operating costs excluding depreciation and impairment losses
decreased by 29 per cent. Sonans has continued to execute according to its
turnaround strategy, which has led to a stronger digital offering and reduced
the number of campuses from 15 to 9 from Q3-23. 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.

NTech
In the first half of 2023, Lumi launched its marketing campaign for NTech. The
first programme offered is "WebApp development and design", and the plan is to
continue to develop and launch programmes annually within the technology areas
relevant for NTech. The student volumes in the vocational market have grown
quite significantly over the past years, and Lumi believes that NTech is well
positioned to take a significant share of this market. NTech will offer
programmes both on campus and online.

Financials
Revenues in the second quarter were NOK 105 million, compared to NOK 134 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 before impairment of goodwill was NOK 16.1 million, compared to NOK 30.7
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. Including the non-cash impairment of goodwill, reported EBIT was negative
NOK 254.2 million.

Net loss for the quarter was NOK 261.9 million, including the non-cash goodwill
impairment, compared to a profit of NOK 19.6 million the year before. Earnings
per share were negative NOK 4.89, compared to positive NOK 0.54 the year before.

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. 

Based on the student intake for Sonans, more cost measures are being prepared
for implementation in the third quarter.

Oslo Nye Høyskole 2023/2024
For ONH, the trend is positive, with applicants trending clearly higher than
last year, in line with indications given when the first quarter was presented.

The sales for the autumn intake per week 32 are expected to end around 12 per
cent above the autumn intake of the previous school year. 

Based upon the autumn intake forecast per week 32 and a forecast for the spring
intake, revenue is expected to end in the range of NOK 225-235 million for ONH
for the school year 2023/2024.

Sonans 2023/2024
The private candidate business in Sonans is the most important swing factor for
Lumi Gruppen's financial development in the short to medium term. The
cancellation of exams in high schools three years in a row has affected the
private candidate market, and the market is not yet normalised.

The sales for the autumn intake per week 32 are expected to end around 30 per
cent below the autumn intake of the previous school year. 

Based upon the autumn intake and forecast per week 32 and a forecast for the
spring intake, revenue is expected to end in the range of NOK 165-180 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.

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, the cancellation of exams in high schools during covid and the labour
market. 

There is a demand gap in public higher education in Norway, which means that a
significant number of students do not have a place of admission. The number of
applicants to higher education, which was announced by the Norwegian
Universities and Colleges Administration Services (NUCAS) in late April, showed
a small growth compared to last year, but still significantly lower than in 2020
and 2021. 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. 

Report and presentation 
Please see attached the second-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/3Yk6UTw 

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.