Lumi Gruppen AS

Earnings Release • Dec 23, 2025

Lumi Gruppen acquires Edrupt, expanding AI-driven education solutions

Lumi Gruppen acquires Edrupt, expanding AI-driven education solutions

Oslo, 23 December 2025 | Lumi Services AS, a subsidiary of Lumi Gruppen AS ("Lumi Gruppen") has today signed an agreement to acquire Edrupt Holding AS (together with its subsidiary Edrupt AS, "Edrupt"), the company behind the EnkelEksamen digital platform. Edrupt provides online video courses and AI-enhanced learning tools that help students prepare efficiently for exams.

Since 2017, Edrupt has delivered more than 250 digital courses through its EnkelEksamen platform. The company initially focused on tertiary-level business students and has gradually expanded into other subjects and the secondary level. The company extensively uses AI to enhance the student experience.

“Edrupt has built a highly profitable business, addressing a clear market need with innovative technology. By joining forces, we strengthen our position and broaden our market. We see significant growth potential in integrating this exciting technology within Lumi, making our current offerings more scalable and expanding into new growth segments” says Nina Vesterby, CEO of Lumi Gruppen.

Having grown its sales every year, Edrupt is expected to post revenues of approximately NOK 40 million for 2025, up from NOK 33.2 million in 2024.The company is expected to post an operating profit (EBIT) of approximately NOK 10.5 million for 2025, up from NOK 7.0 million in 2024.

Edrupt dates back to 2012, when the EnkelEksamen service was launched by business students who identified an unfilled market segment. The company was formally incorporated in 2017 and is owned by its founders and employees. It has a full-time staff of six and is based in Oslo, Norway.

“Together with the rest of the team, I am looking forward to joining Lumi Gruppen to take EnkelEksamen to the next level. In our discussions we have identified a number of exciting growth opportunities, both in the short and longer term,” said Rune Mofoss, CEO of Edrupt AS.

Transaction details:

• Lumi Services AS will acquire 100 percent of the shares in Edrupt Holding AS, the parent company of Edrupt AS, for a total enterprise value of up to NOK 150 million, which corresponds to a total equity value of up to NOK 157.6 million and subject to customary deduction of any potential leakage.

• Settlement will be in cash and consist of:

o Upfront payment: NOK 71.7 million.

o The remainder is structured as Earn-out payments and outperformance consideration based on the achievement of certain profitability targets over the academic years 2025/2026 and 2026/2027, respectively.

• The acquisition will be financed through existing bank facilities.

• The transaction is subject to certain customary conditions to the benefit of Lumi Services AS and expected to close early in January 2026. The transaction is not subject to any regulatory approvals.

Strategic rationale:

• Adds profitable and scalable business with significant growth opportunities

• Step change for Lumi Gruppen as a provider of AI-based education technology

• Opens new growth avenues for Edrupt

• Leverages complementary strengths to move into new segments

• Diversifies Lumi Gruppen’s portfolio.

Advisors:

PWC has performed financial, technical and tax/vat due diligence, and Wikborg Rein Advokatfirma AS has acted as legal advisor to Lumi Gruppen in connection with the transaction.

For further information please contact:

Martin Prytz, CFO and Head of Investor Relations

E-mail: IR@lumigruppen.no

Mobile: +47 480 14 078

About Lumi Gruppen: 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.

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This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Martin Prytz, CFO and Head of Investor Relations at Lumi Gruppen at the date and time as set out above.