Trading update for the academic year 2026/27: stable earnings expected despite softer intake

Lumi Education Group (the "Company") today provides a trading update following the conclusion of the autumn 2026 intake across its segments.

Oslo Nye Høyskole (ONH) The ONH segment (Oslo Nye Høyskole, Oslo Nye Fagskole and ONH Education) expects total revenue for the academic year 2026/27 to increase by 2-4%, to NOK 340-345 million. The increase is driven by growth in recurring revenues from continuing students, which more than offsets a softer intake of new students.

The softer intake was partly driven by market trends, with the number of students starting higher education growing only by around 0.5% relative to last year. Campus grew in line with the market, but with a smaller portfolio than peers. Online developed positively in several areas but was softer overall.

ONH is responding by developing its programme portfolio towards areas of strong demand, led by new bachelor's programmes and supported by new one-year programmes. As new programmes currently depend on NOKUT's processing times, ONH expects to launch more programmes as approvals come through, starting from spring 2027.

Outlook for the academic year 2026/27 (1 July 2026 to 30 June 2027) - Revenue growth of 2-4%, corresponding to revenue* of NOK 340-345 million. - Adjusted EBITA margin of approximately 25%, broadly in line with the prior academic year, supported by cost measures implemented during the autumn.

Sonans The Sonans segment expects revenue for the academic year 2026/27 to decline by 11-13%. The figures exclude Bjørknes, which is presented separately. The completion reform (Norwegian: fullføringsreformen) negatively impacted demand this year, and changing market conditions affected the average revenue per student.

Sonans continues to pursue its plan to grow its market share in trade subjects (Norwegian: yrkesfag). The Company estimates a revenue potential of NOK 20-30 million in this area, delivered mainly online and with attractive margins.

Outlook for the academic year 2026/27 (1 July 2026 to 30 June 2027) - Revenue decline of 11-13% (excluding Bjørknes), corresponding to revenue* of NOK 173-176 million. - Adjusted EBITA margin of 10-12%, with cost measures mitigating the effect of lower volumes.

Sonans: Bjørknes The acquisition of Bjørknes Privatskole was completed on 26 September 2026, with consolidation from 1 October 2026. Given the softer intake at Sonans, the integration of Bjørknes and Sonans has been accelerated, and synergies in line with the 75-100% of Bjørknes' NOK 8 million EBIT communicated at the time of the acquisition are expected, substantially from the academic year 2027/28.

Outlook for the academic year 2026/27 (1 July 2026 to 30 June 2027), before synergies - Revenue of NOK 21-23 million and adjusted EBITA of NOK 5-6 million for the nine months consolidated (approximately NOK 28-30 million and NOK 7-8 million on a 12-month pro forma basis).

EnkelEksamen EnkelEksamen has bedded in well within the Group and will be consolidated for a full academic year for the first time in 2026/27. In 2025/26, revenue ended at the top of the communicated range of NOK 41-43 million. Outlook for the academic year 2026/27 (1 July 2026 to 30 June 2027) - Revenue growth of 12-19%, corresponding to revenue of NOK 48-51 million. - Adjusted EBITA margin of 25-30%.

Group Including Bjørknes from 1 October 2026, total Group revenue for the academic year 2026/27 is expected to grow by 1-4%. Excluding Bjørknes, Group revenue is expected to be 0-2% below the prior year. Outlook for the academic year 2026/27 (1 July 2026 to 30 June 2027) - Revenue* of NOK 582-595 million (versus NOK 573.2 million in the prior year**). - Adjusted EBITA of NOK 106-111 million (versus NOK 109 million in the prior year). Other items

In response to the softer intake, the Group has implemented cost measures with an expected effect of approximately NOK 25-30 million in the academic year 2026/27 and approximately NOK 30-35 million annualised, equally split between Sonans and ONH. The cost measures are included in the outlook above.

The Company expects to recognise non-recurring expenses of approximately NOK 10 million in the academic year 2026/27, mainly related to the integration of Bjørknes and Sonans, other cost measures and the appeal process with NOKUT. These are excluded from adjusted EBITA and from the outlook figures above.

Based on the completed intake, the Company expects to recognise a non-cash goodwill impairment related to Sonans of NOK 175-250 million (out of total goodwill allocated to Sonans of NOK 475 million) in its report for the second half of 2026. The impairment will not affect the Group's cash flow, adjusted EBITA or financing covenants.

* Revenue is defined as Operating Revenue in the Group's financial statements. ** Prior-year figure for EnkelEksamen is presented on a full-year basis, including the period before consolidation.

Nina Vesterby, CEO of Lumi Education Group, commented: "This year's intake has been softer than expected, and we have acted early. Cost measures have offset most of the decline, and we are adjusting our offering where demand is moving, with new programmes at ONH, a faster Bjørknes integration in Sonans and continued strong growth in EnkelEksamen. Our business model gives us good visibility for the year ahead, and we expect to deliver earnings in line with last year. Our focus now is to position our segments for solid growth from the 2027/28 intake."

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 Education Group Lumi Education Group ("Lumi") is one of Norway's leading education providers, founded in 1989. Through its portfolio of brands, including Sonans, Oslo Nye Høyskole and EnkelEksamen, the Group operates across higher education, exam preparation, vocational training and digital learning. Lumi develops its companies through organic growth and selective M&A, providing strategic support, capital and governance while preserving the brand, culture and academic integrity of each business. By broadening access to relevant education, Lumi supports social mobility and workforce development in a society where demand for new skills continues to grow.

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