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Lumi Gruppen AS
Investor Presentation • Aug 14, 2025
3656_rns_2025-08-14_b31114ac-601f-4700-a74e-f7f77f5a3cd6.pdf
Investor Presentation
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Highlights
Financials H1 2025
Business Update
& Outlook
Revenue: NOK 236 million (213)
Growth: 11%
Adjusted EBIT: NOK 36.2 million (27.7) Growth: 31% Margin: 15.3% (13.0)
Reported EBIT: NOK 27.8 million (24.3)
Growth: 14%
Margin: 11.8% (11.4)
Continued strong performance with 16% revenue growth in H1 2025.
Revenue grew by nearly 5% in H1 2025.
Acquisition of Realfagshjelpen, an educational service provider specialising in private tutoring.
For the 2024/2025 academic year, total revenue reached NOK 475 million (423), representing a 12% cent increase.
This was driven by continued growth in online programmes and higher recurring revenue from multi-year students.
Encouraging growth of nearly 5% in H1 2025 at Sonans, after two years of declining revenues.
Favourable market trends in online university college education have likely contributed to increased market share for ONH.
ONH generated NOK 143 million in H1 2025, up 16% year-on-year, continuing its strong growth trajectory.
For the first half, total revenue reached NOK 236 million (213) — representing an 11 % increase.
SOLID II % REVENUE GROWTH IN HI 2025
Lumi Gruppen
Reported EBIT for H1 2025 came in at NOK 27.8 million (24.3), up 14.3% from the year before. Reported EBIT margin was 11.8% (+0.4 pp.).
For the 2024/2025 academic year, Reported EBIT was up 52.3% to NOK 56.5 million (37.1), with a margin of 11.9% (+3.1 pp.).
Total expense growth excl. D&A was mainly driven by salary inflation, combined with higher bad debt expenses — the latter explained by an unusually low-level last year.
The improvement in Adjusted EBIT was driven by operating leverage on a largely fixed cost base, alongside ongoing benefits from cost reduction programmes.
For the 2024/2025 academic year, Adjusted EBIT was up 43.0% to NOK 68.8 million (48.1), with a margin of 14.5% (+3.1 pp.).
Adjusted EBIT for H1 2025 came in at NOK 36.2 million (27.7), up 30.6% from the year before. The Adjusted EBIT margin was 15.3% (+2.3 pp.).
Driven by Revenue Increases Across Segments and Stable OpEx Development
ADJUSTED EBIT INCREASED BY 31% IN H1 2025 AND 43% FOR AY 2024/2025
* The latest academic year (AY) comprises the second half of 2024 and the first half of 2025.
EXPENSES* UP 6% LIKE-FOR-LIKE (LFL), MAINLY DUE TO 5.2% SALARY INFLATION
Adjusted EBIT up 20.7% to NOK 28.5 million (23.6), representing a margin of 20.0% (19.2).
Driven by Revenue Growth and Stable Expense Development
Excluding ONF*, which is currently operating at a small loss, the Adjusted EBIT margin was 24.1% cent (24.7).
Reported EBIT up 14.0% to NOK 26.9 million (23.6), representing a margin of 18.9% (19.2).
Total Operating Expenses incl. D&A
Personnel expenses rose 5.2% due to salary inflation and additional staff for higher student volumes and a broader programme portfolio.
The management fee was adjusted upward by NOK 1.8 million, though total Group expenses remained stable compared to last year.
D&A increased by NOK 3.4 million, of which NOK 1.1 million reflects a timing effect from the recognition of the new lease contract.
ONH: ADJ. EBIT AND ADJ. EBIT MARGIN FOR H1 2025
Adjusted EBIT ended at NOK 11.3 million (13.2), representing a margin of 12.1% (14.8).
When Adjusting for Mgmt. fee and Higher Bad Debt Expenses
Adjusted EBIT LFL was NOK 17.8 million (19% margin) when excluding NOK 3.5m portfolio sale gain and NOK 3.0m mgmt. fee adjustment from last year.
Reported EBIT was NOK 9.1 million (13.2) representing a margin of 9.8% (14.8).
Total Operating Expenses incl. D&A
Excluding the portfolio sale gain and mgmt. fee adjustment, operating expenses fell by NOK 1.2 million in H1 2025, reflecting continued underlying margin improvement from cost measures.
The management fee was adjusted upward by NOK 3.0 million, though total Group expenses remained stable compared to last year.
D&A expenses were reduced by NOK 1.9 million, reflecting a smaller number of campuses, improved lease terms and sub-leasing.
SONANS: ADJ. EBIT AND ADJ. EBIT MARGIN FOR H1 2025
Lower Operating Cash Flow explained by delayed collection portfolio sale – NWC position in line with last year when adjusting for this.
Op. cash flow fell to NOK 6.2m (vs. 32.3m) from the delayed collection portfolio sale and last year's inclusion of the 2022/2023 portfolio. Sale of the 2024/2025 portfolio will take place during H2 2025. In addition, higher non-recurring expenses compared to last year.
NWC was boosted last year by a one-off effect from expensing marketing costs instead of capitalising them, reducing other current assets.
DEVELOPMENT IN NWC AND RECEIVABLES
* H1 25 Adj. shows the expected NWC position if the portfolio was sold in June like last year.
Provision for bad debt (NOKm)
LUMI GRUPPEN
The cash position at the end of H1 2025 was NOK 45 million, compared to NOK 65 million the year before. The decrease is explained by the following items:
Asset purchase of Ekko in H2 2024 of approximately NOK 15.5 million, including legal expenses.
Additional capex mainly in H2 2024 related to ONH's new campus: NOK 5.0 million.
Two debt repayments in the last academic year vs. one last year, totalling NOK 7.5 million, with a corresponding reduction in bank loans.
No sale of the collection portfolio in the first half of 2025, representing a value of approximately NOK 14 million.
The intake softness for ONH is largely timing-related, driven by delays in NOKUT's accreditation process.
The intake for the 2025/26 academic year remains strong, though at a slower pace than last year, and is structurally sound.
The Intake for the 2025/26 shows continued strong growth, albeit at a somewhat slower pace than in the previous year
Samordnet Opptak still shows a healthy demand gap of 2.2 and strong underlying interest in flexible and online programmes continues.
Faster Programme Approvals
Autonomy to accredit and adapt our own programmes shortens time-to-market for new study offerings.
Segment Expansion
Enables more agile entry into new and indemand fields, aligned with labour market needs and student demand.
Increased Competitiveness
Accelerated development strengthens ONH's position as an innovative and relevant education provider.
The institutional accreditation process for ONH is ongoing, with a decision likely in Q1 2026.
Several programmes for both ONH and ONF are currently in the process of being accredited.
A Catalyst for Growth
The current pipeline of programmes ensures growth for next year's intake, regardless of institutional status.
Programme development with institutional accreditation
This approach allows ONF to grow responsibly and sustainably, aligned with Lumi's long-term growth plan.
Once additional accreditations are secured, ONF is well positioned to expand its programme portfolio beyond its current offering.
ONF has been partially restructured to operate at or near break-even levels in the short term.
Restructuring in Place
ONF primarily concentrates on educational programmes within the fields of technology and health.
Focus on increasing operational efficiencies and implementation of additional measures to enhance margin performance.
Acquisition of Realfagshjelpen strengthens Sonans' position in premium academic support services.
Building a stronger leadership team to drive Sonans' future growth.
Organisational Strengthening and Margin Optimisation at Current Scale
Committed to initiatives supporting Sonans' sustainable growth.
ONF restructuring to ensure financial resilience combined with an attractive pipeline of programmes to be launched when accredited.
A well-sequenced accreditation pipeline at ONH together with the institutional accreditation process.
Ongoing cost optimisation and margin improvement for Sonans on current volumes.
Confident in Our Financial Ambitions Towards 2026/2027
Continued demand for flexible, tech-driven learning solutions. Market fundamentals intact with a stable political backdrop.
SPINCTED SEID STERO CAPITAL MARKETS DA
H1 2025
ONH is pursuing university
college accreditation. Expanding study programmes in high -demand fields aligned with labour market needs and student demand, both digital and on new campus.
Leading the way in innovative, digital, and student -centred study formats for lifelong learning.
GROW VOCATIONAL INITIATIVE
Synergies with ONH
Strong political support
Lumi Gruppen
Sonans maintains a strong brand and top student outcomes as Norway's leading private exam prep provider.
Focus on steady growth, cost discipline, and a leaner business model
amid stable political conditions.
Indicators point to demand recovery and market normalisation, with potential return to pre pandemic performance.
Possibilities in core and adjacent markets, such as non ECTS courses, boot camps and corporate training.
Bolt-on and technology acquisitions (EdTech), i.e. to enhance AI
capabilities and student experience.
Exploration within new geographies, utilising Lumi's online expertise to maximise synergies.
.
Excl. any market recovery
• 10-20% margins shortterm, > 20% longer-term. • Online leadership and top brand recognition.
- Newly established online vocational college.
- Programmes in technology and health.
Excl. any market recovery 4 years
FINANCIAL CALENDAR
Next Interim 12 February 2026 Report (H2 2025)
15 April 2026 Annual Accounts
Trading update autumn intake
To be announced (primo October)
Lumi Gruppen
NALYSI COVERAGE (COMMISSIONED)
LUMI GRUPPEN
Carnegie Investment Bank AB
Commissioned research Carnegie
Hjalmar Jernström
T +46 70 86 22814
ABG Sundal Collier
Equity Research
Petter Nystrøm / Henrik Bartnes
T +47 22 01 61 35 M +47 48 01 61 35
This presentation includes forward-looking statements which are based on our current expectations and projections about future events. Statements herein, other than statements of historical facts, regarding future events or prospects, are forward-looking statements. All such statements are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. As a result, you should not place undue reliance on these forward-looking statements.
The Group reports its financial results in accordance with accounting principles IFRS. However, management believes that certain alternative performance measures (APMs) provide management and other users with additional meaningful financial information that should be considered when assessing the Group's ongoing performance. These APMs are non-IFRS financial measures, and should not be viewed as a substitute for any IFRS financial measure. Management, the board of directors and the long term lenders regularly uses supplemental APMs to understand, manage and evaluate the business and its operations. These APMs are among the factors used in planning for and forecasting future periods, including assessment of financial covenants compliance.
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