Lumi Gruppen AS | Establishment of a long-term management incentive program

26 Nov 2025 14:34 CET

Oslo, 26 November 2025

The board of Lumi Gruppen AS (the "Company") has resolved to establish a new
long-term incentive plan for certain key employees of the Company and its
subsidiaries (the "LTIP"). The Board believes equity-based remuneration is
essential for the recruitment and retention of key employees, as well as
ensuring access to talent for the Company.

The LTIP is structured such that certain key employees are granted awards that,
subject to certain performance criteria being met, may be converted into shares
in the Company over a term of four years. The awards will be granted based on
the Company's performance during the four consecutive school years from
2024/2025 to 2027/2028 (inclusive).

For the school year 2024/2025, 20% of the awards will vest on the date one year
after the date of issuance, subject to the performance criteria being met. The
remainder of the awards will vest evenly over the following three years, subject
to the relevant performance criteria being met for the relevant school year. Any
vested awards can be exercised by the participant on the date that falls two
years following the date of the respective award vesting for school years
2025/2026 and 2026/2027 respectively, while any vested awards for the school
year 2027/2028 can be exercised by the participant on the date that falls one
year after the relevant date of the award vesting.

Issuance of shares under the LTIP will require a resolution by the general
meeting of the Company or an authorisation from the general meeting to the board
to increase the share capital. In the event that the Company's general meeting
does not approve the issuance of shares for the purposes of settling any LTIP
awards, the Company will reserve the right under the terms of the LTIP to settle
any vested awards in cash.

Subject to all conditions under the LTIP being met, the maximum number of new
shares in the Company that can be issued under the LTIP is 2,400,000 new shares,
each with a strike price to be determined at the board of directors discretion.

Contact information
Martin Prytz, CFO
E-mail: IR@lumigruppen.no
Mobile: +47 480 14 078

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

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 by 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.

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