Trading Update on Autumn 2024 Intake

14 Oct 2024 08:00 CEST

Trading Update on Autumn 2024 Intake
Lumi Gruppen (the "Company") today provides a trading update following the
conclusion of the Autumn 2024 intake across our key segments.

Oslo Nye Høyskole (ONH)
The Company is pleased to report that our largest segment, Oslo Nye Høyskole,
continues to perform well, delivering 21 per cent growth in revenue from signed
contracts for the upcoming academic year 2024-25. Combined with ONH’s existing
recurring revenue book of multi-year Bachelors and Masters degrees, the ONH
segment is expected to grow at 14-15 per cent over the coming academic year.
This continued double-digit revenue growth demonstrates the persistent demand
for our offerings in the market and reinforces ONH’s market position as a
fast-growing leader in online tertiary education. ONH expects to continue to
deliver EBIT margins in line with or slightly ahead of the prior academic year.

ONH* outlook for academic year 2024-25**
Growth: 14 to 15 per cent
Estimated revenue: 280-285M (246M in the same period last year)
* ONH Segment (ONH, ONF and ONHE) /**For the period 1 July 2024 to 30 June 2025

Sonans
Sonans has performed encouragingly against the backdrop of challenging end
markets with estimated revenue growth of 1-3 per cent, reversing revenue
declines of the last two academic years. Management remains optimistic about the
long-term potential of Sonans and believe the last few years of performance are
reflective of relatively extreme macroeconomic circumstances pressuring demand
for tutoring following COVID. The labour market in Norway remains unusually
strong by historic standards, a reversal of which could well result in increased
demand for Sonans’s offering.

Now that Sonans revenues have stabilised, management intends to actively focus
on increased efficiencies and will implement measures to enhance margin
performance based on current student volumes. Additionally, management are
committed to continued investment in initiatives that promote sustainable growth
in this segment, including Sonans’ online offering which management believe
remains the largest in the private candidate market. We anticipate gradual
improvements to profitability as these proactive strategies begin to take
effect, with the potential for significant growth as and when the macroeconomic
environment becomes more favourable.

Sonans outlook for academic year 2024-25*
Growth: 1 to 3 per cent
Estimated revenue*: 180-183M (178M in the same period last year)
*For the period 1 July 2024 to 30 June 2025

Further updates will be provided as part of our regular financial reporting.

Nina Vesterby, CEO of Lumi Gruppen, commented:

"We are pleased with the continued strong and consistent growth at Oslo Nye
Høyskole and encouraged that the revenue decline at Sonans has now reversed,
with the segment returning to modest levels of growth. We remain focused on
delivering quality education and supporting our students while positioning the
company for strong profitability and future growth across all segments."

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: 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.

More information:
Access the news on Oslo Bors NewsWeb site