The year ended in line with expectations, with stable demand and continued
online migration 

o	Revenue ended at NOK 532 mill. for the year (+2,6%) 
o	Shift to online studies for Sonans
o	Continued growth from new programmes for Oslo Nye Høyskole (ONH) 
o	Operating profit/EBIT ended at NOK 111.7 mill. for the year (-13.6%) 
o	Fixed campus cost structure short term for Sonans
o	Ramp-up of costs related to new programmes at Oslo Nye Høyskole 
o	Net Profit ended at NOK 59.1 mill. for the year (-1.8%)
o	Reduced financing cost following the IPO with higher equity share and reduced
debt 
o	Equity ratio at 42.7% as at 31 December 2021 (23.8%)
o	Proposed dividend of NOK 1 per share equal to 61% of Net Profit

CEO Erik Brandt in Lumi Gruppen comments:

The demand for our student offerings remains strong and the need for higher
education is increasing. Student satisfaction is at all-time high and the
introduction of new study programmes at Oslo Nye Høyskole has been a success.
Sonans has been negatively impacted by the Covid-19 pandemic, but important
measures have been taken to align our study programmes to the rapid online
migration that has taken place.

Due to the Covid-19 pandemic, we saw a rapid student migration from campus
classes to online courses. This shift happened faster than we expected, leaving
us with an overextended campus structure. Responding to this development, and to
further improve the student offerings at Sonans, several measures have been
undertaken. We have introduced a new and unique learning concept by establishing
a digital campus structure and we will scale down the number of campuses.

During 2021 we renamed Bjørknes Høyskole to Oslo Nye Høyskole, to better reflect
the strategic direction of the school. The college has never experienced a
stronger position among the students than at the end of 2021. We have launched
four new bachelor programmes during the year, resulting in a record high student
intake. It is also positive that the growth is driven by strong demand for our
multi-year programmes, securing a platform for additional expansion and growth.

I believe we have established a clear roadmap for expanding our student
programmes and operations going forward. However, the first key to success is to
have an efficient and dedicated organisation in place to secure execution
capacity - and I am happy to say that we do. I am impressed with the competence
and dedication I have seen in all parts of the organisation throughout the year
and the way my colleagues and teammates have adapted to all challenges and
changes throughout the pandemic.

The market for education is growing and we have a strong position in this
market. I am looking forward to creating value for all our stakeholders together
with my competent and highly motivated colleagues.

Financial results

Total revenue for the Group grew by 2.6% in 2021 and ended at NOK 532.1 million
(NOK 518.4 million). Oslo Nye Høyskole AS had a solid increase in revenues from
new and existing programmes in 2021 with 19.3% growth and revenue ended at NOK
168.6 million (NOK 141.3 million). For Sonans, revenue declined by 3.6% and
ended at NOK 363.1 million (NOK 376.4 million) which is a result of the online
shift negatively affecting value per student.
The EBITDA for the Group ended at NOK 167.1 million (NOK 193.2 million), a
decline of 13.5% compared to last year. The decline is a result of a lower
margin from the online shift in Sonans combined with the late marketing launch
of certain new programmes at Oslo Nye Høyskole. Finally, and not least, there
were extra costs incurred in connection with the stock exchange listing in
February 2021.
The operating profit/EBIT for the Group was NOK 111.7 million (NOK 129.3
million) and profit before tax for the Group was NOK 75.2 million (NOK 77.7
million).

The annual report will also be available on the company's website at
https://lumigruppen.no/portfolios/reports-and-presentations/

Contact information
Martin Prytz, 
CFO and Head of Investor Relations
E-mail: IR@lumigruppen.no
Mobile: +47 480 14 078

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. 

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.