Lumi Gruppen AS – Annual Report 2025

Oslo, 15 April 2026

Lumi Gruppen AS (“Lumi” or the “Company”) has today published its Annual Report for 2025.

Strong financial performance and strategic progress

Lumi delivered a year of profitable growth and continued strategic execution in 2025, strengthening its position as a focused provider of flexible, technology-enabled education. Total income increased by 12.5% year-on-year to NOK 507.7 million, while adjusted EBIT increased 49% to NOK 89.5 million, corresponding to a margin of 17.6%, up from 13.3% in 2024. Operating profit (EBIT) increased to NOK 71.4 million (2024: NOK 53.0 million), and profit after tax doubled to NOK 28.7 million (2024: NOK 14.0 million).

CEO statement Commenting on the results, CEO Nina Vesterby said:

“In 2025, Lumi Gruppen delivered strong financial performance, with revenue growth above 12% and adjusted EBIT growth of 49%, while continuing to develop our flexible, technology-enabled offering in response to demand for real and measurable progress. Our results validate our strategy. We see strong momentum in Oslo Nye Høyskole and improved profitability in Sonans. At the same time, we are strengthening our digital capabilities and expanding our education portfolio, further accelerated by recent acquisitions.

Looking ahead, increasing demand for digital and flexible solutions will continue to support profitable growth for Lumi Gruppen. With improved earnings and cash generation, we are well positioned to invest in growth initiatives, including programmes, platforms, people and acquisitions.”

Year in brief • Total income: NOK 507.7 million (+12.5% YoY) • Adjusted EBIT: NOK 89.5 million (+48.7% YoY), margin 17.6% • EBIT: NOK 71.4 million (+34.6% YoY) • Profit after tax: NOK 28.7 million (2024: NOK 14.0 million) • Continued strong growth in Oslo Nye Høyskole, with revenue up 16.1% (2024: 20.1%) and adjusted EBIT margin of 23.2% (2024: 21.1%) • Sonans with revenue growth of 7.2% (2024: -8.2%) and adj. EBIT margin of 14.7% (2024: 10.3%) following restructuring

The Group also strengthened its strategic position through acquisitions, including Realfagshjelpen and the announced acquisition of Edrupt AS (EnkelEksamen platform), enhancing its digital capabilities and broadening its education offering.

Financial review highlights Revenue growth was primarily driven by sustained demand for flexible higher education and continued scaling of online programmes. ONH remained the main growth engine, while Sonans benefited from stabilising market conditions and efficiency measures.

Total operating expenses increased on the back of higher personnel costs, increased technology investments and higher credit loss provisions. Despite this, operating leverage and cost discipline drove margin expansion.

Cash flow from operations was NOK 61.9 million (2024: NOK 85.4 million), with the year-on-year decrease primarily driven by working capital effects and the absence of collection portfolio sales in the prior year.

The Group maintained a sound financial position, ending the year with net debt of NOK 181m, compared to an LTM adj. EBITDA-capex-lease of NOK 73m (2.5x) and an available credit and capex facilities totalling NOK 170m.

Outlook Lumi remains well positioned for continued growth, supported by structural demand for lifelong learning and flexible education. The Company maintains its financial ambitions of delivering double-digit revenue growth and EBIT margins above 20%.

The full Annual Report 2025 is attached and available on www.lumigruppen.no.

For further information, please contact: Martin Prytz, CFO 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: Oslo Nye Høyskole (ONH) and Sonans. ONH is a private university college established in 2007, with 80% of the students studying online, supplemented by a brand new, modern and well-equipped campus opened in 2025 located in central Oslo. ONH has grown revenues more than 15% per annum over the past 10 years reflecting its focus on fast growing areas of study demand delivered across a modern, accessible and flexible mix of channels. Sonans is Norway’s market leader in high school private candidate exam preparation courses, primarily to help former high school students achieve better exam results and/or complete their high school diploma to enter higher education.