Interim report
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H1 2026 Report Education that moves people forward.
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Contents We are Lumi 3 Key financials 4 APM 6 H1 2026 Report 10 Financials 17 APM - definitions 42
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 3 1 2 3 6-16 Years Primary and Secondary School High School Higher Vocational education Higher education Non-Credit programmes 16-19 Years > 19 Years > 19 Years > 19 Years Digital learning platform providing video-based exam preparation and AI-enabled study tools for both high school and university students. 1 Oslo Nye Høyskole offers flexible university college programmes designed to enhance career opportunities and professional deve lopment. 2 Sonans prepares student s for higher edu cation by supporting improved readine ss and performance in upper secondary examinat ions. EnkelEksamen Lumi operates across three key segments: We are Lumi Lumi is a leading Norwegian education group. Through our portfolio of brands, we expand access to flexible, technology enabled education and help people move forward. We develop businesses that deliver sustainable returns in a structurally growing market. We provide strategic and operational support, capital and governance while preserving the brand, culture and academic integrity that make each business unique and successful. We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 3 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 Key financial and operational figures We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 4 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Change 25-26 NOK MILLION H126 H125 FY25 H1 Operating revenue 276.2 234.3 505.2 17.9% — Campus 97.8 90.9 195.5 7.6% — Online 178.4 143.4 309.7 24.4% Other income 0.7 1.7 2.5 -55.7% Total income 277.0 235.9 507.7 17.4% Payroll expenses 125.3 114.7 251.3 9.2% Payroll expenses in % of total income 45.2% 48.6% 49.5% -3.4 pp Other expenses 69.6 58.0 117.2 20.0% Other expenses in % of total income 25.1% 24.6% 23.1% 0.5 pp Credit loss expenses 8.0 10.7 20.1 -25.2% Credit loss expenses in % of total income 2.9% 4.5% 3.9% -1.6 pp Total operating expenses 202.8 183.4 388.6 10.6% EBITDA 74.1 52.6 119.2 41.0% EBITDA margin 26.8% 22.3% 23.5% 4.5 pp Depreciation and amortisation 31.6 24.8 47.8 27.5% Impairment 0.1 0.0 0.0 0.0% EBIT 42.4 27.8 71.4 52.5% EBIT margin 15.3% 11.8% 14.1% 3.5 pp Net financial items 16.9 19.3 34.0 -12.5% Profit/loss (-) before income tax 25.4 8.4 37.4 201.5% Tax 4.1 1.9 8.7 122.2% Profit/loss (-) for the period 21.3 6.6 28.7 223.8% Basic/diluted earnings per share (NOK) 0.37 0.11 0.50 223.8% Change 25-26 NOK MILLION H126 H125 FY25 H1 Financial Position Capex (fixed assets and development cost) 7.3 6.8 16.7 7.0% Net cash flow from operations 52.5 6.2 61.9 745.3% Total assets 1 185 1 050 1 048 12.9% Equity 542 498 520 8.7% Equity % 45.7% 47.5% 49.6% -1.7 pp Cash position 71 45 39 55.6% Net interest-bearing debt 265 207 180 28.3% Operational KPIs Number of employees (FTEs) 230 221 219 4.1% Sick-leave 4.7% 4.4% 3.8% 0.3 pp Number of campuses Sonans 9 9 9 0.0% Number of campuses ONH 1 1 1 0.0% Number of students 9 429 8 549 9 429 10.3% 5 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 Alternative performance measures We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 6 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Group Change 25-26 NOK MILLION H126 H125 FY25 H1 Non-recurring items operating expenses 6.6 8.1 17.7 -18.0% Adjusted EBITDA 80.7 60.6 136.9 33.1% Adjusted EBITDA margin 29.2% 25.7% 27.0% 3.4 pp Non-recurring items depreciation and impairment - 0.4 0.4 -100.0 % Acquisition-related amortisation 6.7 0.0 0.0 Adjusted EBITA 55.7 36.2 89.5 53.7% Adjusted EBITA margin 20.1% 15.3% 17.6% 4.8 pp Adjusted profit/loss(-) for the period1 34.6 15.0 46.8 130.6% Adjusted earnings per share (NOK) 0.60 0.26 0.81 130.6% 1 Tax not adjusted Segment Change 25-26 NOK MILLION H126 H125 FY25 H1 Adjusted EBITDA Sonans 29.0 24.4 54.1 18.8% Sonans - adjusted EBITDA margin 30.6% 26.2% 27.5% 4.4 pp ONH 53.4 39.4 93.4 35.6% ONH - adjusted EBITDA margin 32.6% 27.5% 29.9% 5.1 pp EnkelEksamen 6.1 EnkelEksamen - adjusted EBITDA margin 33.0% Adjusted EBITA Sonans 17.3 11.3 28.8 53.8% Sonans - adjusted EBITA margin 18.3% 12.1% 14.7% 6.2 pp ONH 42.3 28.5 72.0 48.3% ONH - adjusted EBITA margin 25.9% 19.9% 23.1% 5.9 pp EnkelEksamen 4.2 EnkelEksamen - adjusted EBITA margin 22.6% 7 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Academic year Key financial figures for the academic year (AY) ended 30.06. NOK MILLION AY 25/26 AY 24/25 Change EBIT 86.0 56.5 52.1% EBIT margin 15.7% 11.9% 3.8 pp EBIT - segment level Sonans 26.7 13.6 95.5 % Sonans - EBIT margin 13.5% 7.3% 6.2 pp ONH 83.1 59.1 40.7% ONH - EBIT margin 25.0% 20.6% 4.5 pp Adjusted EBITA 108.9 68.8 58.2 % Adjusted EBITA margin 19.8% 14.5% 5.3 pp Adjusted EBITA - segment level Sonans 34.9 16.9 106.0 % Sonans - adjusted EBITA margin 17.6% 9.0% 8.6 pp ONH 85.8 61.7 39.1 % ONH - adjusted EBITA margin 25.8% 21.4% 4.5 pp 8 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 9 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 H1 2026 Report We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 10 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions H1 2026 in Brief All comments in the executive summary refer, unless otherwise stated, to the period from 1 January 2026 to 30 June 2026, compared to the corresponding period from 1 January 2025 to 30 June 2025. Financial performance In the first half of 2026, the Group delivered strong financial performance, supported by continued revenue growth and disciplined cost management. Total income amounted to NOK 277.0 million, representing an increase of 17.4% compared with the prior year. Growth was driven by all operating segments, with the ONH segment reporting total income of NOK 163.6 million, up 14.7% year on year, and the Sonans segment reporting total income of NOK 94.9 million, up 1.6% year on year. EnkelEksamen was consolidated with effect from February 2026, contributing revenue of NOK 18.5 million in the first half. Organic revenue growth, excluding EnkelEksamen, was 10%. Adjusted operating expenses, including depreciation and amortisation, amounted to NOK 221.2 million, corresponding to an increase of 10.7% compared with the prior year. The development reflects payroll costs affected by salary increases and increased FTEs, combined with higher marketing and IT costs. EnkelEksamen was consolidated with effect from February 2026, contributing operating expenses of NOK 14.3 million in the first half. Organic operating expense growth, excluding EnkelEksamen, was 4%, well below the revenue growth of 10%. Adjusted EBITA for the Group amounted to NOK 55.7 million, representing growth of 53.7% compared with the prior year. ONH reported adjusted EBITA of NOK 42.3 million, up 48.3% compared with the prior year, corresponding to a margin of 25.9% (19.9%). Sonans reported adjusted EBITA of NOK 17.3 million, up 53.8% compared with the prior year, corresponding to a margin of 18.3% (12.1%). EnkelEksamen contributed adjusted EBITA of NOK 4.2 million in the first half. Excluding EnkelEksamen, adjusted EBITA growth was 42.2%. Non-recurring expenses primarily relate to acquisition-related costs recognised in Lumi Services, residual Sonans restructuring costs and expenses connected with ONH's appeal of NOKUT's refusal of its institutional accreditation application. Reported EBIT amounted to NOK 42.4 million, an increase of 52.5% compared with the prior year. Excluding EnkelEksamen, reported EBIT was NOK 38.2 million, an increase of 37.5%. Free cash flow after leases amounted to NOK 41 million, representing an improvement of NOK 47 million compared with the prior year. Cash conversion was 80% in the first half of 2026. In March 2026, the Group signed a two-year extension option to its financing agreement. 2026/27 Acacdemic year intake While the 2026/27 intake is not yet complete, current indications point to broadly flat volumes at ONH, with growth in recurring revenues from continuing students offsetting a softer new intake, and Sonans revenue expected to end 10-15% behind the previous academic year. Full admission data is released in October, and the Group will provide a trading update at that point, covering the completed intake, its assessment of the underlying drivers and the financial implications. Meanwhile, the Group has identified and implemented a comprehensive set of cost measures aimed at mitigating the effect of the softer intake on profitability. Multiple growth initiatives are also in motion, including continued development of the programme portfolio towards areas of strong demand, the pursuit of institutional accreditation for ONH, and the acceleration of the Bjørknes integration and trade-subject growth in Sonans. EnkelEksamen has bedded in well and is on track for continued double-digit growth in the 2026/27 academic year. Mergers and acquisitions In May 2026, the Group signed an agreement to acquire the operating business of Bjørknes Privatskole, a well-established provider of exam preparation courses for private candidates with a strong profile in STEM-oriented subjects. The acquisition complements Sonans's existing offering and is expected to generate operational synergies through shared infrastructure, marketing and platform utilisation. Completion is expected in Q3 2026, subject to customary closing conditions, with the consideration payable in cash and financed through existing facilities and available cash. 11 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions H1 2026 Group Financials All comments on the Group financials refer, unless otherwise stated, to the period from 1 January 2026 to 30 June 2026, compared to the corresponding period from 1 January 2025 to 30 June 2025. Consolidated income statement Total income for the first half of 2026 was NOK 277.0 million compared to NOK 235.9 million in the prior year, representing a growth of 17.4%. This was to a large extent driven by Oslo Nye Høyskole (ONH), which delivered 14.7% growth supported by continued expansion in new online programmes combined with a higher share of recurring revenues from multi-year programmes. Sonans continued to grow, with revenue increasing by 1.6% compared to the prior year. Total operating expenses excluding D&A in the first half were NOK 202.8 million (183.4) which represents a growth of 10.6% that is explained by salary inflation and higher IT and marketing expenses. Payroll expenses amounted to NOK 125.3 million (114.7) representing a 9.2% increase compared with the prior year. The reported NOK 10.6 million increase in personnel expenses reflects salary adjustment and an increase in FTEs of 4.1% from 221 to 230. Other operating expenses excluding credit loss expenses amounted to NOK 69.6 million, up from NOK 58.0 million in the prior year. The increase was partly driven by an increase in marketing spend and higher IT and technology expenses. Excluding non-recurring items, other operating expenses amounted to NOK 63.0 million, compared with NOK 51.6 million in the prior year. EnkelEksamen was consolidated with effect from February 2026, contributing operating expenses of NOK 14.3 million in the first half. Total credit loss expenses for the Group amounted to NOK 8.0 million, down from NOK 10.7 million in the prior year. The decrease was driven by a gain from the sale of the collection portfolio pertaining to the academic years 2024/25 and 2025/26 for Sonans and ONH. Non-recurring expenses amounted to NOK 6.6 million, compared with NOK 8.1 million in the prior year. Non-recurring items primarily relate to: — Appeal-related costs in connection with ONH’s application for institutional accreditation, approximately NOK 2.4 million. — M&A-related expenses in connection with the acquisition of Bjørknes Privatskole amounted to approximately NOK 2.0 million. — Residual Sonans restructuring costs, appr. NOK 0.6 million. — Other non-recurring professional fees incl. LTIP, appr. NOK 1.6 million. Depreciation and amortisation expenses amounted to NOK 31.6 million, compared to NOK 24.8 million in the prior year. This includes amortisation of acquisition-related items of NOK 6.7 million in the first half of 2026. Excluding amortisation of acquisition-related and non- recurring items, depreciation and amortisation amounted to NOK 24.9 million, compared to NOK 24.4 million in the prior year. Operating profit (EBIT) for the Group amounted to NOK 42.4 million with a margin of 15.3%, compared to NOK 27.8 million and a margin of 11.8% in the prior year. This improvement was driven by revenue growth across segments, with a solid 17.4% increase in the first half in combination with scale effects leading to improved operating leverage in ONH and cost optimisation in Sonans. EnkelEksamen contributed operating profit (EBIT) of NOK 4.2 million in the first half. Excluding non-recurring expenses and acquisition-related amortisation, adjusted operating profit (adj. EBITA) amounted to NOK 55.7 million with a margin of 20.1%, up from NOK 36.2 million and a margin of 15.3% in the prior year. EnkelEksamen contributed adjusted operating profit (adj. EBITA) of NOK 4.2 million in the first half. For the 2025/26 academic year, adjusted operating profit (adj. EBITA) for the Group totalled NOK 108.9 million, with a margin of 19.8%, compared to NOK 68.8 million the prior academic year (margin of 14.5%). The uplift in adjusted EBITA represents a year-on-year growth of 58.2 %. Reported EBIT for the 2025/26 academic year was NOK 86.0 million, a growth of 52.1% compared with EBIT of NOK 56.5 in the academic year 2024/25. 12 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Consolidated statement of financial position The Group’s total assets amounted to NOK 1 185 million at the end of the first half, representing a change of NOK 135 million compared to the prior year. Equity amounted to NOK 542 million with an equity ratio of 45.7%, compared to 47.5% in the prior year. The increase in total assets was primarily driven by the acquisition of EnkelEksamen, increasing goodwill and other intangible assets. Refer to note Business combinations for details on the purchase price allocation. The increase is offset by a reduction in right-of-use assets and trade receivables. Trade receivables decreased following the sale of the collection portfolios in Sonans and ONH pertaining to academic years of 2024/25 and 2025/26. Current and non-current interest-bearing liabilities to financial institutions amounted to NOK 267.5 million at the end of the first half, compared with NOK 227.5 million in the prior year. At 31 December 2025 the remaining maturity was less than 12 months and the interest-bearing debt was classified in full as current. An option to extend the loans was signed in March 2026, and at 30 June 2026 the portion classified as current is related to instalments due within 12 months of NOK 15 million. Other interest-bearing liabilities consist of contingent consideration comprising earn-out payments and outperformance consideration linked to the achievement of specified profitability targets for EnkelEksamen for the academic years 2025/26 and 2026/27. The acquisition-date fair value of the contingent consideration was NOK 71.5 million, of which NOK 26.3 million is classified as current and NOK 45.1 million as non-current. Consolidated statement of cash flow Compared to the prior year, consolidated cash and cash equivalents increased by a net NOK 25 million. As of the balance sheet date, the Group had cash and cash equivalents of NOK 71 million, compared to NOK 45 million last year. Additionally, the Group had NOK 70.0 million available in undrawn amounts on the rolling credit facility, which remains unchanged from the prior year. Net cash flow from the Group’s operations was NOK 52.5 million in the first half compared to NOK 6.2 million in the prior year. Cash flow developed ahead of the increase in profit during the period, driven by an improvement in working capital. Working capital benefited from the sale of the collection portfolios, leading to a reduction in trade receivables. Net cash outflow related to capex (fixed assets and development cost) amounted to NOK 7.3 million in the first half, compared with an outflow of NOK 6.8 million in the prior year. Investments in shares of NOK 44.8 million relate to the acquisition of Edrupt Holding AS. Refer to note Business combinations for details. Net cash inflow from financing totalled NOK 31.2 million in the first half, compared to NOK - 22.9 million in the prior year. The increase in cash flow from financing is explained by the drawdown on the capex facility of NOK 55 million in connection with the purchase of Edrupt Holding AS. Financing and bank covenant The leverage ratio at the end of the first half stood at 2.0, well below the leverage covenant of 4.0x. Including twelve months of EnkelEksamen earnings on a pro forma basis, the ratio was 1.6. Segment development The Group’s reporting structure comprises three operational segments: Oslo Nye Høyskole (ONH), Sonans and EnkelEksamen. All comments refer, unless otherwise stated, to the period from 1 January 2026 to 30 June 2026, compared to the corresponding period from 1 January 2025 to 30 June 2025. Oslo Nye Høyskole Oslo Nye Høyskole is the largest segment in the Group with a 59% share of the total income in the first half of 2026, down from 60% last year. Total income increased by 14.7% to NOK 163.6 million (142.6) in the first half. Sales growth was driven by strong market demand for flexible, online programmes, in combination with programme expansion and higher recurring revenues from multi-year programmes. 13 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Total operating expenses excluding depreciation and amortisation amounted to NOK 112.9 million, compared to NOK 104.8 million in the prior year. The increase was largely attributable to higher personnel expenses reflecting a 4.4% annual salary adjustment, together with higher and more normalised marketing expenses. Group expenses (management fees) decreased by NOK 0.1 million in the first half compared with the prior year. At Group level, total expenses remained broadly stable, and the change primarily reflects an accounting-related reallocation and has no impact on Group EBIT. Credit loss expenses, included in other operating expenses, decreased by NOK 1.8 million in the first half and amounted to NOK 2.6 million, compared with NOK 4.4 million in the prior year. The decrease was driven by a gain from collection portfolio sales. Depreciation and amortisation expenses amounted to NOK 11.1 million in the first half, compared to NOK 10.8 million the year before. Operating Profit (EBIT) ended at NOK 39.6 million, with a corresponding margin of 24.2%, compared to NOK 26.9 million and a margin of 18.9% in the prior year. When adjusting for non-recurring expenses, adjusted operating profit (adj. EBITA) in the first half was NOK 42.3 million with a margin of 25.9%. In the first half of 2025 adj. EBITA was NOK 28.5 million, with a margin of 19.9%. Sonans Sonans is the second largest segment in the Group with a 34% share of the total income in the first half of 2026, compared to 40% in the prior year. Total income increased by 1.6% to NOK 94.9 million (93.4). Revenue growth is supported by the acquisition of Realfagshjelpen AS, which is included in segment Sonans from July 2025. Total expenses excluding depreciation and amortisation amounted to NOK 67.4 million, compared to NOK 70.7 million in the same period last year. The decrease was primarily driven by lower lease expenses due to improved lease terms and lower group expenses, offset by increased payroll costs following salary adjustment and higher marketing and IT costs. Group expenses (management fees) decreased by NOK 3.7 million in the first half compared with the prior year. At Group level, total expenses remained broadly stable, and the change primarily reflects an accounting-related reallocation and has no impact on Group EBIT. Credit loss expenses, included in other operating expenses, decreased by NOK 0.9 million in the first half and amounted to NOK 5.4 million, compared with NOK 6.3 million in the prior year. The decrease was driven by a gain from collection portfolio sales. Depreciation and amortisation expenses amounted to NOK 11.7 million in the first half, down from NOK 13.5 million in the prior year. The reduction is explained by improved lease terms on existing premises. Operating profit (EBIT) was NOK 15.8 million, with a corresponding margin of 16.6%, compared to NOK 9.1 million in the prior year. The improvement in operating profit primarily reflects cost optimisation and lower lease expenses, together with modest revenue growth. Adjusted operating profit (adj. EBITA) amounted to NOK 17.3 million in the first half, with a corresponding margin of 18.3%, compared to NOK 11.3 million in the same period last year. EnkelEksamen EnkelEksamen is a new segment in Lumi, consisting of Edrupt Holding AS and Edrupt AS. The Group acquired 100% of the shares in Edrupt Holding AS in February 2026. For details on the transaction, please refer to note Business Combinations. EnkelEksamen contributed an operating profit (EBIT) of NOK 4.2 million in the period February- June 2026, with a corresponding margin of 22.6%. Market drivers and outlook The education market in which Lumi Education Group operates remains structurally attractive, supported by long-term demand for education, upskilling and flexible learning solutions. While near-term market dynamics have been softer, as reflected in the 2026/27 intake, the underlying drivers of demand remain intact and continue to support the Group's long-term development across its segments. 14 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions The Group's priorities are to protect profitability through the 2026/27 academic year, position ONH and Sonans for the 2027/28 intake, and leverage EnkelEksamen's technology and momentum, supporting a phased return to growth. Continued monitoring of regulatory and macroeconomic developments remains important to ensure adaptability and long-term value creation. 2026/27 Academic year intake Oslo Nye Høyskole (ONH) At ONH, volumes for the 2026/27 academic year are expected to be broadly flat, as growth in recurring revenues from continuing students offsets a softer new intake. Sonans At Sonans, revenue for the 2026/27 academic year is expected to end 10-15% behind the previous academic year. Shareholder information The Group’s share capital was NOK 24.4 million as of 30 June 2026, consisting of 58 034 676 ordinary shares, each with a par value of NOK 0.42. All the shares are fully paid and have equal rights. Lumi Education Group owned 193 814 treasury shares as of the balance sheet date. The number of shareholders as of 30 June 2026 was 305, of which the top 20 shareholders held 93.6% of the shares. Events after the balance sheet date Impairment indicator - Sonans Following the end of the reporting period, sales for the 2026/27 academic year have been softer across the Group. The shortfall is most pronounced in the Sonans segment, where sales have developed below the corresponding levels of previous academic years. A substantial part of Sonans' annual sales is generated during the main enrolment period in the second half of July and until end of September. At 30 June 2026, sales volumes were limited and the deviations observed at that date were not considered sufficiently significant or conclusive to constitute an indication of impairment. Subsequent sales developments have, however, provided clearer evidence of weaker demand for the 2026/27 academic year. The development is expected to have a material adverse impact on the forecast cash flows of the Sonans cash-generating unit and is considered an indication of impairment. Accordingly, the Group will update its impairment assessment of goodwill allocated to Sonans. As at the date of authorisation of this interim financial report, the main sales period has not been fully completed, and the forecast for the 2026/27 academic year has therefore not been finalised. Consequently, the potential financial effect, including any impairment of goodwill, cannot currently be reliably estimated. Any impairment identified based on the updated assessment will be recognised in the period in which the impairment test is completed. Acquisition of Bjørknes Privatskole In May 2026, the Group signed an agreement to acquire the operating business of Bjørknes AS, comprising the business and brand known as Bjørknes Privatskole, a provider of exam preparation courses for private candidates. Completion of the acquisition is expected in Q3 2026, subject to customary closing conditions, with the consideration payable in cash and financed through existing facilities and available cash. Responsibility statement We confirm, to the best of our knowledge, that the condensed set of financial statements for the period 1 January to 30 June 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting and gives a true and fair view of the Group’s assets, liabilities, financial position and profit or loss. We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the financial year and their impact on the unaudited condensed set of financial statements, the principal risks and uncertainties and major related party transactions. 15 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Disclaimer This report 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. Oslo, 27 August 2026 Approved by the Board of Directors and Management Rob Woodward Bente Sollid Ashkan Senobari Fred Lundquist Chair Henriette Grønn Nina Vesterby CEO 16 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 Condensed interim financial statements We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 17 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Consolidated statement of profit or loss NOK 1000 Note H126 H125 FY25 Revenue 2, 3 276 226 234 283 505 229 Government grants 469 891 1 304 Other operating income 262 761 1 209 Total income 276 957 235 935 507 742 Payroll expenses 125 267 114 678 251 339 Depreciation and amortisation expenses 4,5,6 31 617 24 790 47 782 Impairment 4 143 - - Other operating expenses 77 578 68 689 137 243 Total operating expenses 3 234 605 208 157 436 363 Operating profit/loss (-) (EBIT) 42 352 27 778 71 378 Interest income 889 956 5 753 Financial income 1 362 568 934 Interest expense -17 397 -19 539 -37 770 Financial expense -1 785 -1 331 -2 899 Net financial items -16 930 -19 346 -33 982 Profit/loss (-) before income tax 25 422 8 433 37 396 Income tax 4 122 1 855 8 652 Profit/loss (-) for the period 21 301 6 578 28 744 Basic/diluted earnings per share (NOK) 10 0.37 0.11 0.50 18 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Statement of comprehensive income NOK 1000 Note H126 H125 FY25 Other comprehensive income Other comprehensive income for the period - - - Total comprehensive income for the period 21 301 6 578 28 744 Total comprehensive income is attributable to Owners of Lumi Education Group AS 21 301 6 578 28 744 19 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Consolidated statement of financial position ASSETS NOK 1000 Note 30.06.26 30.06.25 31.12.25 Non-current assets Deferred tax assets - 5 232 7 227 Goodwill 4 746 722 686 688 691 754 Other intangible assets 4 128 694 43 258 43 846 Right-of-use assets 6 180 438 198 089 189 074 Office machinery and equipment 5 16 078 14 342 16 802 Investments in shares 2 429 1 679 2 429 Other long-term receivables 6 19 786 26 353 20 405 Total non-current assets 1 094 146 975 641 971 536 Current assets Trade receivables 7 5 162 18 815 27 782 Earned, not invoiced revenue 1 500 3 079 1 593 Other current receivables 6, 8 13 470 6 998 8 477 Cash and bank deposits 70 536 45 342 38 908 Total current assets 90 668 74 234 76 759 TOTAL ASSETS 1 184 815 1 049 875 1 048 295 EQUITY AND LIABILITIES NOK 1000 Note 30.06.26 30.06.25 31.12.25 Equity Share capital 9 24 375 24 375 24 375 Share premium 677 277 677 277 677 277 Treasury stock -81 -81 -81 Retained earnings -159 821 -203 288 -181 122 Total equity 541 750 498 283 520 449 Non-current liabilities Deferred tax 9 848 - - Non-current interest-bearing liabilities 11 294 319 236 977 - Non-current lease liabilities 6 181 855 196 169 186 995 Total non-current liabilities 486 021 433 146 186 995 Current liabilities Current interest-bearing liabilities 11 41 333 15 000 219 219 Current lease liabilities 6 39 968 44 074 44 602 Trade creditors 11 148 9 401 7 328 Tax payable 16 487 1 855 9 554 Public duties payable 8 447 13 376 17 321 Unearned revenue 7 134 5 497 4 943 Other current debt 32 526 29 243 37 884 Total current liabilities 157 044 118 446 340 851 Total liabilities 643 065 551 592 527 847 TOTAL EQUITY AND LIABILITIES 1 184 815 1 049 875 1 048 295 20 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Oslo, 27 August 2026 Approved by the Board of Directors and Management Rob Woodward Bente Sollid Ashkan Senobari Fred Lundquist Chair Henriette Grønn Nina Vesterby CEO 21 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Consolidated statement of changes in equity NOK 1000 Share capital Share premium Treasury stock Retained earnings Total equity 2026 Balance at 1 January 2026 24 375 677 277 -81 -181 122 520 449 Profit/loss (-) for the period - - - 21 301 21 301 Equity at 30 June 2026 24 375 677 277 -81 -159 821 541 750 2025 Balance at 1 January 2025 24 375 677 277 -81 -209 865 491 705 Profit/loss (-) for the period - - - 6 578 6 578 Equity at 30 June 2025 24 375 677 277 -81 -203 288 498 283 Balance at 1 January 2025 24 375 677 277 -81 -209 865 491 705 Profit/loss (-) for the period - - - 28 744 28 744 Equity at 31 December 2025 24 375 677 277 -81 -181 122 520 449 22 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Consolidated statement of cash flow NOK 1000 H126 H125 FY25 CASH FLOW FROM OPERATIONS Profit/loss (-) before income taxes 25 422 8 433 37 396 Adjustments for — Taxes paid in the period - - - — Interest expense 17 397 19 539 37 770 — Interest paid -8 616 -10 265 -23 187 — Interest paid - leasing -8 226 -8 839 -17 320 — Interest income -889 -956 -5 753 — Interest received 9 - 3 892 — Interest received - leasing 880 956 1 861 — Depreciation 31 617 24 790 47 782 — Impairment 143 - - — Change in trade receivable, earned not invoiced and unearned revenue 15 696 -6 198 -15 121 — Change in trade creditors 1 983 -4 529 -6 814 — Change in other current assets and liabilities -22 910 -16 720 1 393 Net cash flow from operations 52 506 6 212 61 900 CASH FLOW FROM INVESTMENTS Purchase of property, plant and equipment -1 472 -2 299 -6 896 Purchase of intangible assets and capitalised development cost -5 785 -4 485 -9 828 Payment to buy shares in other companies -44 793 - -4 482 Net cash flow from investments -52 050 -6 784 -21 207 NOK 1000 H126 H125 FY25 CASH FLOW FROM FINANCING Repayment of liabilities to shareholders - - -26 000 Payment of principal portion of lease liabilities -16 327 -15 355 -29 555 Repayment of liabilities to financial institutions -7 500 -7 500 -15 000 Drawdown of capex facility 55 000 - - Drawdown of revolving credit facility - - 44 000 Repayment of revolving credit facility - - -44 000 Net cash flow from financing 31 173 -22 855 -70 555 Net change in cash and cash equivalents 31 629 -23 428 -29 863 Cash and cash equivalents at the beginning of the period 38 908 68 770 68 770 Cash and cash equivalents at the end of the period 70 536 45 342 38 908 Unused operational credit facilities in addition 70 000 70 000 70 000 23 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 Notes to the condensed interim financial statements We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 24 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 1 General information and basis of preparation Lumi Education Group AS (the Company) is the parent company of Lumi Education Group (Lumi/the Group) and is a limited liability company incorporated and domiciled in Norway, with its head office at Bislett, Oslo. The shares of the Company are admitted to trading on Euronext Growth in Oslo, Norway with the ticker “LUMI”. The Group is a leading player in the Norwegian education market. The Group consists of the parent company Lumi Education Group AS and its subsidiaries Lumi Services AS, Sonans Privatgymnas AS (Sonans), Oslo Nye Høyskole AS (ONH), ONH Education AS (ONH E), Oslo Nye Fagskole AS (ONF), Oslo NF AS, Ekko Digitale AS, Realfagshjelpen AS, Edrupt Holding AS and Edrupt AS. The operating segments in the Group are Sonans, Oslo Nye Høyskole and EnkelEksamen, where Sonans consists of Sonans and Realfagshjelpen, Oslo Nye Høyskole consists of ONH, ONH E and ONF, and EnkelEksamen consists of Edrupt Holding AS and Edrupt AS. The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 31 December 2025, unless otherwise stated. Estimates, judgements and assumptions The preparation of interim condensed financial statements involves the use of accounting estimates. Actual results may differ from these estimates. Management is required to exercise judgement in applying the Group’s accounting policies. Please refer to the financial statements for the year ended 31 December 2025 for details. 2 Revenue from contracts with customers The Group earns revenue by providing educational services, which are delivered both on campus and online. Services are delivered over time to the campus students and the online students who buy a course with unlimited access to the course content during the contract period. Educational revenue is earned over time (not at a point in time) and is allocated throughout the academic year as the services are delivered. Invoicing for educational services is carried out at the start of each school semester. Invoices sent in the autumn semester are, in some instances, for the entire academic year. This results in recognition of deferred revenue, presented as a contract liability in the statement of financial position. This contract liability is always current, as the revenue will be earned within a maximum of nine months from the invoice date. NOK 1000 H126 H125 FY25 DISAGGREGATION OF REVENUE Educational services 276 226 234 283 505 229 — of which campus 97 820 90 884 195 509 — of which online 178 406 143 399 309 720 Government grants 469 891 1 304 Other income 262 761 1 209 Total income 276 957 235 935 507 742 25 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 3 Segments NOK 1000 Sonans Oslo Nye Høyskole EnkelEksamen Other/Head- Quarter Eliminations and group postings Total H126 Total income 94 871 163 572 18 514 14 570 -14 570 276 957 — of which management fee - - - 14 570 -14 570 - Total expenses 67 399 112 930 12 398 24 688 -14 570 202 845 — of which management fee 6 070 8 500 - - -14 570 - Depreciation and amortisation 11 685 11 075 1 787 382 6 688 31 617 Impairment - - 143 - - 143 EBIT 15 787 39 567 4 187 -10 500 -6 688 42 352 H125 Total income 93 359 142 576 - 18 390 -18 390 235 935 — of which management fee - - - 18 390 -18 390 - Total expenses 70 695 104 784 - 26 278 -18 390 183 367 — of which management fee 9 760 8 630 - - -18 390 - Depreciation and amortisation 13 539 10 843 - 408 - 24 790 EBIT 9 125 26 949 - -8 296 - 27 778 FY25 Total income 196 599 311 143 - 34 740 -34 740 507 742 — of which management fee - - - 34 740 -34 740 - Total expenses 150 956 219 328 - 53 038 -34 740 388 582 — of which management fee 16 460 18 280 - - -34 740 - Depreciation and amortisation 25 634 21 337 - 811 - 47 782 EBIT 20 009 70 478 - -19 109 - 71 378 26 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 4 Intangible assets Goodwill NOK 1000 Oslo Nye Høyskole Sonans EnkelEksamen Total COST Cost at 31 December 2025 211 688 750 410 - 962 098 Additions - - 54 968 54 968 Cost at 30 June 2026 211 688 750 410 54 968 1 017 065 IMPAIRMENT Accumulated at 31 December 2025 - 270 344 - 270 344 Accumulated at 30 June 2026 - 270 344 - 270 344 Carrying amount at 30 June 2026 211 688 480 066 54 968 746 722 The addition to goodwill in 2026 is related to the acquisition of 100% of the shares in Edrupt Holding AS. See note Business combinations for further information. The acquired business is reported as a separate segment under the name EnkelEksamen. Goodwill is tested for impairment annually and whenever there is an indication that it may be impaired, in accordance with IAS 36. See the 2025 annual report for a description of the Group’s accounting policies and identified cash-generating units (CGUs). The most recent annual impairment test was performed at 31 December 2025. Assessment of impairment indicators at 30 June 2026 The Group assessed whether there were any indicators of impairment at 30 June 2026. For Sonans, student enrolment for the 2026/27 academic year was at an early stage at the reporting date, as a substantial part of annual enrolment takes place during the second half of July and the first half of August. Although enrolment at 30 June was somewhat below expectations, enrolment volumes at that point were limited and the deviation was not considered sufficiently significant or conclusive to constitute an indication of impairment. Following the reporting date, enrolment has developed significantly below expectations. This subsequent development is considered an indication of impairment and will result in an updated impairment assessment of goodwill allocated to Sonans. See note Subsequent events for further information. Result of the impairment test at 31 December 2025 No impairment was recognised for either CGU as a result of the impairment test performed at 31 December 2025. For goodwill allocated to the Sonans CGU, the value-in-use calculation was based on an assumption that the private candidate market would gradually normalise and move closer to historical student volume levels. The calculation also reflected the expected effects of implemented and planned cost-reduction measures, including structural changes to operations, as well as the continued development of Sonans' educational offering and commercial initiatives aimed at reducing the impact of migration between delivery channels. The DCF model was based on the budget for the 2025/26 academic year and forecasts for the subsequent five academic years. The forecast period assumed annual increases in prices, 27 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions salaries and other costs of between 2.0% and 2.5%. Payroll costs were assumed to increase in line with campus student volumes, as these volumes determine the required number of classes and teaching FTEs. For online courses, higher student volumes do not require a corresponding increase in personnel expenses, reflecting the scalability of the online delivery model. Management's forecasts assumed that Sonans' EBITDA would gradually return towards historical levels, supported by a recovery in the private candidate market and the effects of implemented cost measures. The impairment test performed at 31 December 2025 did not result in the recognition of an impairment loss. Key assumptions in the value-in-use calculation The value-in-use calculations for the CGUs are most sensitive to the following assumptions: Discount rate The discount rate is based on a weighted average cost of capital methodology (WACC). The nominal discount rate is based on the Group’s estimated cost of capital measured as the weighted average of the costs for the Group’s equity and debt. The WACC considers the interest rate of the debt, the risk-free interest rate, the debt-to-total-assets ratio, risk premium and an equity risk premium. Beta and debt ratio are based on an average of the applied industry group and a peer group. Growth rates Growth rates applied in the impairment test at 31 December 2025 were based on management's expectations for market developments at that date. Based on the information then available and management's market expertise, the forecasts assumed a gradual improvement over the forecast period and a stable long-term growth rate for the terminal value. These expectations were based on historical trends and publicly available industry analyses. The following key assumptions were used for the value-in-use calculations for CGU Sonans and ONH at 31 December 2025: — WACC (after tax) 11.6% (11.2% at 31 December 2024) — Terminal growth rate 3.0% (3.0% at 31 December 2024) Sensitivity analysis As part of the impairment test at 31 December 2025, the Group performed sensitivity analyses for changes in the key assumptions, primarily the terminal growth rate and WACC. Based on the assumptions and circumstances at that date, reasonably possible changes in these assumptions would not have caused the carrying amount of the CGUs to exceed their recoverable amounts. 28 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Other intangible assets Additions to other intangible assets relate to development of course content in Sonans and ONH and the acquisition of Edrupt Holding AS. The additions to the technology platform and brand name relate to the acquisition of Edrupt Holding AS. See note Business combinations for further details. NOK 1000 Course content Website Technology platform Brand name Total COST Cost at 31 December 2025 69 453 3 149 - - 72 602 Additions 5 917 - - - 5 917 Additions through business combinations 40 138 - 16 091 36 143 92 372 Cost at 30 June 2026 115 507 3 149 16 091 36 143 170 891 AMORTISATION AND IMPAIRMENT Accumulated at 31 December 2025 26 443 2 313 - - 28 756 Amortisation 10 895 169 2 235 - 13 298 Impairment 143 - - - 143 Accumulated at 30 June 2026 37 481 2 482 2 235 - 42 198 Carrying amount at 31 December 2025 43 009 836 - - 43 846 Carrying amount at 30 June 2026 78 027 668 13 857 36 143 128 694 Amortisation method Linear Linear Linear NA Estimated useful life 3-5 years 3 years 3 years NA 29 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 5 Property, plant and equipment NOK 1000 Leasehold improvements Art Office Machinery & equipment Total COST Cost at 31 December 2025 22 870 376 57 753 80 999 Additions 97 - 1 474 1 571 Cost at 30 June 2026 22 967 376 59 228 82 570 DEPRECIATION AND IMPAIRMENT Accumulated at 31 December 2025 14 444 - 49 754 64 198 Depreciation 513 - 1 782 2 295 Accumulated at 30 June 2026 14 956 - 51 536 66 493 Carrying amount at 31 December 2025 8 426 376 7 999 16 802 Carrying amount at 30 June 2026 8 010 376 7 691 16 078 Depreciation method Linear n/a Linear Estimated useful life In line with lease contract 3-5 years 6 Leasing The Group's leases are primarily office and school buildings and office equipment. Short-term and low-value leases are excluded from the financial lease accounting. Amounts recognised in the statement of profit or loss NOK 1000 H126 H125 FY25 Depreciation of right-of-use assets 16 024 18 012 34 111 Interest income from sublease 880 956 1 861 Interest expense 8 226 8 839 17 320 30 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Amounts recognised in the statement of financial position NOK 1000 30.06.26 30.06.25 31.12.2025 Right-of-use assets Premises 177 905 194 289 185 919 Equipment 2 532 3 801 3 156 Total 180 438 198 089 189 074 Sub-lease receivable Current 4 203 - 4 419 Non-current 19 786 26 353 20 405 Total 23 989 26 353 24 824 Lease liabilities Current 39 968 44 074 44 602 Non-current 181 855 196 169 186 995 Total 221 823 240 242 231 598 Movement in right-of-use assets NOK 1000 Premises Equipment Total Carrying amount at 1 January 2025 211 679 4 239 215 918 Additions 15 168 190 15 358 Disposals -8 091 - -8 091 Depreciation -32 837 -1 274 -34 111 Carrying amount at 31 December 2025 185 919 3 156 189 074 Carrying amount at 1 January 2026 185 919 3 156 189 074 Additions 8 733 25 8 758 Disposals -1 370 - -1 370 Depreciation -15 376 -648 -16 024 Carrying amount at 30 June 2026 177 905 2 532 180 438 Estimated useful life In line with lease contract Depreciation method Linear 31 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 7 Trade receivables Trade receivables at 30 June 2026, 30 June 2025 and 31 December 2025: NOK 1000 30.06.26 30.06.25 31.12.25 Trade receivables 6 394 35 850 53 930 - of which Sonans (segment) 2 415 19 509 29 502 - of which ONH (segment) 3 949 16 341 24 428 - of which EnkelEksamen (segment) 30 - - Loss allowance -1 232 -17 035 -26 148 - of which Sonans (segment) -565 -9 875 -14 717 - of which ONH (segment) -668 -7 159 -11 431 - of which EnkelEksamen (segment) - - - Total trade receivable, net 5 162 18 815 27 782 In June 2026, Sonans and ONH sold collection portfolios relating to the 2024/25 and 2025/26 academic years. The sale resulted in a significant reduction in both gross trade receivables and the associated loss allowance compared with 30 June 2025 and 31 December 2025. 8 Other receivables NOK 1000 30.06.26 30.06.25 31.12.25 Prepaid expenses 6 463 6 268 4 042 Other debtors 2 804 729 16 IFRS 16 current sub-lease receivable 4 203 - 4 419 Total other receivables 13 470 6 998 8 477 32 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 9 Share capital and shareholder information Number NOK par value Capitalised Share capital Ordinary shares 58 034 676 0.42 24 374 564 Cost at 30 June 2026 58 034 676 24 374 564 Hanover Active Equity Fund III controls the majority of the shares in Lumi Education Group AS, with an ownership of 34 899 970 shares (60.1%) through the nominee accounts The Bank of New York Mellon SA/NV and Euroclear Bank S.A./N.V. At 30 June 2026 Type of account Ordinary shares Ownership Shareholders The Bank of New York Mellon SA/NV Nominee 20 504 212 35.3 Euroclear Bank S.A./N.V. Nominee 14 395 758 24.8 Pareto Aksje Norge Verdipapirfond Ordinary 3 849 410 6.6 J.P. Morgan SE Nominee 3 046 609 5.2 Verdipapirfondet Holberg Norge Ordinary 2 733 333 4.7 Forsvarets Personellservice Ordinary 1 550 540 2.7 Melesio Invest AS Ordinary 1 420 709 2.4 Valorem AS Ordinary 1 217 000 2.1 Varner Equities AS Ordinary 974 414 1.7 Wenaas EFTF AS Ordinary 900 000 1.6 CMDC AS Ordinary 840 489 1.4 Dyvi Invest AS Ordinary 593 696 1.0 Cortex AS Ordinary 440 000 0.8 Jacob Hatteland Holding AS Ordinary 329 344 0.6 Bit For Bit Huset AS Ordinary 325 895 0.6 CACEIS Bank Nominee 286 547 0.5 BKK Pensjonskasse Ordinary 280 240 0.5 Varde Norge AS Ordinary 250 000 0.4 Lumi Education Group AS Ordinary 193 814 0.3 OM Holding AS Ordinary 182 898 0.3 Top 20 shareholder/nominee 54 314 908 93.6 Other 3 719 768 6.4 33 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 10 Earnings per share H126 H125 FY25 Profit/loss (-) for the period NOK 1000 21 301 6 578 28 744 Average number of shares Excl. own shares 57 840 862 57 840 862 57 840 862 Earnings per share NOK 0.37 0.11 0.50 11 Interest-bearing liabilities Current and non-current liabilities to financial institutions are financial liabilities, primarily bank loans, and are recognised initially at fair value and subsequently at amortised cost using the effective interest rate method to measure interest expense on the loans. The liabilities to financial institutions at the balance sheet date are loan facilities from Nordea. The current loan agreement with Nordea has the following terms: — The loan is arranged as two term loans, Term Loan A (“TLA”) of NOK 12.5 million (originally NOK 50 million) and Term Loan B (“TLB”) NOK 200.0 million — Current revolving credit facility (“RCF”) of NOK 70 million — TLA and RCF margins range from 300 bps to 450 bps — TLB margin ranges from 350 bps to 500 bps — Biannual instalments to TLA of NOK 7.5 million until termination date — Termination date 31 August 2028 The covenant profile is set as follows: — Covenant (NIBD / EBITDA) 3.0x in Q1 and Q3, and 4.0x in Q2 and Q4 to account for seasonal working capital fluctuations The covenant is tested quarterly. At 30 June 2026, the leverage ratio was 2.0. The ratio is calculated based on NGAAP (excluding IFRS 16) and including adjustments of EBITDA from non-recurring items, capped at a maximum of 15%. The leverage ratio is calculated as total net debt, excluding the subordinated loan, divided by EBITDA. In March 2026, the Group signed an amendment to its financing agreement, which included an increase in the capex facility from NOK 70 million to NOK 100 million, as well as an option to extend the financing agreement by two years, resulting in a new maturity in the second half of 2028. The option to extend was executed in March 2026. In May 2026, the Group made a drawdown of NOK 55 million under the capex facility. Other interest-bearing liabilities consist of contingent consideration comprising earn-out payments and outperformance consideration linked to the achievement of specified profitability targets for EnkelEksamen for the academic years 2025/26 and 2026/27. The acquisition-date fair value of the contingent consideration was NOK 71.5 million, of which NOK 26.3 million is classified as current and NOK 45.1 million as non-current. On 17 November 2023, Lumi signed a new unsecured subordinated loan agreement for loan financing in the amount of NOK 52 million provided by Lola Bidco AS, securing the repayment of NOK 50 million to Nordea. The loan was entered into on an arm's-length basis and with terms in line with the Nordea Term Loan Facility A. As a consideration for the loan, an annual interest rate was charged, subject to adjustments to ensure that the interest rate payable under the loan agreement corresponded to the interest rate that would have been payable if the loan had remained outstanding under (and added to) the Nordea Term Loan A Facility (the facility with the lowest margin across the Nordea Facilities) for the same period. In April 2024 the first repayment of the Lola Bidco loan of NOK 26 million plus accrued unpaid interest of NOK 1.9 million was converted into equity by issuing a total of 2 793 243 new shares to Lola Bidco 34 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions AS. In July 2025, the Group repaid the remainder of the loan. The total amount repaid was NOK 26 million, in addition to accrued interest as of the payment date of NOK 3.0 million. NOK 1000 30.06.26 30.06.25 31.12.25 Interest-bearing liabilities Non-current liabilities to financial institutions 249 202 211 093 - Current liabilities to financial institutions 15 000 15 000 219 219 Non-current liabilities to shareholders - 25 884 - Other non-current liabilities 45 117 - - Other current liabilities 26 333 - - Total interest-bearing liabilities 335 651 251 977 219 219 Specification of interest-bearing liabilities Total amount borrowed 267 500 253 500 220 000 Capitalised bank fees -3 298 -1 523 -781 Other liabilities 71 450 - - Total interest-bearing liabilities 335 651 251 977 219 219 Collateral and guarantees Nominal value of debt with collateral security Liabilities to financial institutions 267 500 227 500 220 000 Total 267 500 227 500 220 000 Book value of collateral pledged Trade receivables 5 162 18 815 27 782 Property, plant and equipment 16 078 14 342 16 802 Total 21 240 33 157 44 584 35 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 12 Related parties Balances and transactions between the Company and its subsidiaries, which are related parties to the Company, have been eliminated on a consolidated basis. On 17 November 2023 Lumi entered into a NOK 52 million loan agreement with shareholder Lola Bidco AS. The loan was entered into on an arm's-length basis and with terms in line with the Nordea Term Loan Facility A. NOK 26 million of this loan was converted to equity in 2024, the remaining NOK 26 million was repaid in July 2025. Refer to note 11 for further details on the loan agreement between Lumi and Lola Bidco AS. In the first half of 2026 the purchase of services and fees from Hanover Investors, owners of Lola Bidco AS, amounted to NOK 1.9 million (first half 2025: NOK 1.9 million). Interest on the loan for the same period amounted to NOK 0.0 million (first half 2025: NOK 1.2 million). For 2025 in total the purchases of services and fees from Hanover Investors amounted to NOK 3.8 million, and interest amounted to NOK 1.3 million. There are no other significant related party transactions for Lumi Education Group as of 30 June 2026. 13 Subsidiaries NAME Location Ownership/ Voting right % Lumi Services AS Oslo 100 Sonans Privatgymnas AS Oslo 100 Oslo Nye Høyskole AS Oslo 100 ONH Education AS Oslo 100 Oslo Nye Fagskole AS Oslo 100 Ekko Digitale AS Oslo 100 Oslo NF AS Oslo 100 Realfagshjelpen AS Trondheim 100 Edrupt Holding AS Oslo 100 Edrupt AS Oslo 100 Lumi Services AS purchased 100% of the shares in Edrupt Holding AS in February 2026, and Edrupt Holding AS and its fully owned subsidiary Edrupt AS are consolidated into the Group's financial reporting from 1 February 2026 onwards. Edrupt is reported as a separate segment under the name EnkelEksamen. For details on the transaction refer to note Business combinations. Lumi Services AS purchased 100% of the shares in Realfagshjelpen in July 2025, and Realfagshjelpen AS is consolidated into the Group's financial reporting from 1 July 2025 onwards. Realfagshjelpen AS is reported as part of the Sonans segment. Consideration transferred amounted to NOK 5.2 million. A purchase price allocation has been performed and no separately identifiable intangible assets were recognised. Goodwill of NOK 5.1 million has been recognised, representing the residual amount after recognising the fair value of identifiable net assets acquired. Ekko Digitale Fagskole AS merged with Oslo Nye Fagskole AS in December 2025. The merger was accounted for using the continuity method, with accounting effect from 1 January 2025. 36 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 14 Contingent liabilities Refer to note Business combinations for details on the contingent consideration related to the acquisition of Edrupt Holding AS. There are no other contingent liabilities as of 30 June 2026. 15 Subsequent events Impairment indicator - Sonans Following the end of the reporting period, sales in the Sonans segment for the 2026/27 academic year have developed significantly below expectations and below the corresponding level in previous academic years. A substantial part of Sonans' annual sales is generated during the main enrolment period in the second half of July and the first half of August. At 30 June 2026, sales volumes were limited and the deviations observed at that date were not considered sufficiently significant or conclusive to constitute an indication of impairment. Subsequent sales developments have, however, provided clearer evidence of weaker demand for the 2026/27 academic year. The development is expected to have a material adverse impact on the forecast cash flows of the Sonans cash-generating unit and is considered an indication of impairment. Accordingly, the Group will update its impairment assessment of goodwill allocated to Sonans. As at the date of authorisation of this interim financial report, the main sales period has not been fully completed, and the forecast for the 2026/27 academic year has therefore not been finalised. Consequently, the potential financial effect, including any impairment of goodwill, cannot currently be reliably estimated. Any impairment identified based on the updated assessment will be recognised in the period in which the impairment test is completed. Acquisition of Bjørknes Privatskole In May 2026, the Group signed an agreement to acquire the operating business of Bjørknes AS, comprising the business and brand known as Bjørknes Privatskole, a provider of exam preparation courses for private candidates. Completion of the acquisition is expected in Q3 2026, subject to customary closing conditions, with the consideration payable in cash and financed through existing facilities and available cash. 16 Business combinations Acquisition of Edrupt Holding AS On 23 December 2025, Lumi Services AS, a subsidiary of Lumi Education Group AS (the “Group”), entered into an agreement to acquire 100 per cent of the shares in Edrupt Holding AS and its subsidiary Edrupt AS (together, “Edrupt”). The transaction was legally completed on 9 February 2026. Edrupt has been included in the consolidated financial statements from 1 February 2026 as the financial effect of applying 9 February 2026 as the consolidation date was assessed as immaterial. Edrupt operates the EnkelEksamen digital learning platform and provides online video courses and AI-enabled learning tools designed to help students prepare for examinations. Since 2017, Edrupt has delivered more than 250 digital courses through the platform. The business initially focused on business students in higher education and has subsequently expanded into other subject areas and the upper-secondary education segment. The acquisition supports the Group’s strategy of expanding its digital and technology- enabled education offering. It strengthens the Group’s capabilities within AI-based education technology, adds a profitable and scalable digital business and provides opportunities to expand into new customer and market segments. The Group acquired 100 per cent of the shares in Edrupt Holding AS. Accordingly, no non- controlling interests were recognised in connection with the acquisition. Consideration transferred The fair value of the consideration transferred at the acquisition date was NOK 143.2 million and comprised the following: 37 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions NOK 1000 Cash consideration 71 754 Contingent consideration - current 26 333 Contingent consideration - non-current 45 117 Total consideration transferred 143 204 The cash consideration was financed through the Group’s existing bank facilities. The contingent consideration consists of earn-out payments and outperformance consideration linked to the achievement of specified profitability targets for the academic years 2025/26 and 2026/27. The acquisition-date fair value of the contingent consideration was NOK 71.5 million. The calculated undiscounted amount payable under the contingent consideration is based on estimated EBIT for the academic years 2025/26 and 2026/27. The net present value is calculated using a discount rate of 12.0 per cent. At 30 June 2026, there had been no material change in the fair value of the contingent consideration compared with the amount recognised at the acquisition date. Identifiable assets acquired and liabilities assumed The following table presents the fair values of the identifiable assets acquired and liabilities assumed at the acquisition date: IDENTIFIABLE ASSETS ACQUIRED NOK 1000 Intangible assets 92 372 Right-of-use assets 1 693 Office machinery and equipment 230 Other current receivables 2 243 Cash and bank deposits 26 962 TOTAL IDENTIFIABLE ASSETS ACQUIRED 123 500 LIABILITIES ASSUMED NOK 1000 Deferred tax 18 546 Non-current lease liabilities 1 087 Current lease liabilities 607 Trade creditors 1 837 Tax payable 2 575 Public duties payable -209 Other current debt 10 822 TOTAL LIABILITIES ASSUMED 35 264 NET IDENTIFIABLE ASSETS ACQUIRED NOK 1000 Net identifiable assets acquired 88 236 Goodwill 54 968 TOTAL 143 204 The net cash outflow at the acquisition date was NOK 44.8 million, comprising cash consideration of NOK 71.8 million less cash and cash equivalents acquired of NOK 27.0 million. This excludes payments relating to contingent consideration that may be made after the acquisition date. 38 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Intangible assets The fair value of the acquired intangible assets comprised: NOK 1000 Fair Value Estimated useful life Brand name - EnkelEksamen 36 143 Indefinite Course content 40 138 3-5 years Technology platform 16 091 3 years Total intangible assets 92 372 The EnkelEksamen brand name was valued using the relief-from-royalty method. Under this method, the fair value is estimated as the present value of the hypothetical royalty payments that a market participant would avoid by owning the brand rather than licensing it from a third party. The valuation was based on a royalty rate of 8.0 per cent, application of the royalty rate to 100 per cent of forecast revenue and a discount rate of 12.0 per cent. The brand name was assessed as having an indefinite useful life. The assessment reflects the established market recognition and reputation of the EnkelEksamen brand within the exam-preparation segment and its expected ability to support both existing and future course offerings. Unlike individual course content and technology, the brand is not inherently subject to obsolescence as a result of changes in curricula, examination formats or technological development. The Group therefore expects the brand to generate economic benefits for the foreseeable future. The course content library was valued using the multi-period excess earnings method. Under this method, the fair value is estimated as the present value of the after-tax cash flows attributable to the existing course content after deducting contributory asset charges. The valuation was based on a churn rate of 33.3 per cent, a contributory asset charge of 10.2 per cent and a discount rate of 11.5 per cent. The estimated useful life reflects the gradual obsolescence of the content as academic curricula, syllabi, reading lists and examination formats change. The technology platform was valued using the replacement cost method. The fair value reflects the estimated cost that a market participant would incur to develop a platform with equivalent functionality and utility. The platform was assigned an estimated remaining useful life of three years, reflecting the pace of technological development, the current technology architecture and the expected need for continuous redevelopment and enhancement. No separate customer relationship or order backlog intangible asset was recognised. Edrupt primarily sells individual exam-preparation courses directly to students, and customers do not generally enter into long-term contractual relationships with the company. Other assets and liabilities The carrying amounts of working capital items, including receivables, payables and other current assets and liabilities, were assessed to approximate fair value. These items are short- term in nature and are generally expected to be realised or settled within one year. No material differences between carrying amounts and fair values were identified. The carrying amounts of office machinery and equipment were also assessed to approximate fair value. The assets were relatively recent, had been maintained in accordance with normal industry practice, and there were no indications of impairment or observable market evidence suggesting that fair value differed materially from the carrying amount. The acquired receivables had a fair value of NOK 2.2 million at the acquisition date. The fair value approximated the gross contractual amount receivable, and no material amounts were expected to be uncollectible at the acquisition date. Goodwill Goodwill arising from the acquisition was calculated as follows: NOK 1000 Total consideration transferred 143 204 Less: fair value of net identifiable assets acquired 88 236 Goodwill recognised 54 968 39 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions The goodwill primarily represents expected synergies from combining Edrupt’s digital learning platform, course offering and technology with the Group’s existing operations, future growth opportunities, the ability to expand into new products and customer segments, and the value of the assembled workforce. The assembled workforce was valued at NOK 3.6 million using a simplified replacement cost approach. As the Group does not control the employees, the assembled workforce does not meet the recognition criteria for a separate intangible asset and is therefore included as part of goodwill. The recognition of deferred tax liabilities relating to the fair value adjustments to the acquired intangible assets increased goodwill by NOK 18.5 million. None of the goodwill recognised is expected to be deductible for income tax purposes. Valuation methods and key assumptions The principal valuation methods and assumptions applied in determining the fair values of the acquired intangible assets are presented in the table below. The valuations are based on management’s forecasts and assumptions regarding future revenue, profitability, content obsolescence, technological development and the continued use of the EnkelEksamen brand. Intangible asset Valuation method Key assumptions Brand name Relief-from-royalty method Royalty rate of 8.0%, 100% revenue attribution and discount rate of 12.0% Course content library Multi-period excess earnings method Churn rate of 33.3%, contributory asset charge of 10.2% and discount rate of 11.5% Technology platform Replacement cost method Estimated replacement cost, functional equivalence and remaining useful life of three years Acquisition-related costs Total acquisition-related costs amounted to NOK 3.7 million, of which NOK 3.5 million was recognised in 2025 and NOK 0.2 million was recognised during the six months ended 30 June 2026. 40 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Contribution to the Group’s results The table below presents Edrupt’s actual contribution to the Group’s consolidated results from 1 February 2026, as well as the estimated contribution had the acquisition occurred on 1 January 2026: PROFIT OR LOSS NOK 1000 Feb-Jun 26 Jan 26 H126 Revenue 18 514 1 896 20 410 Total income 18 514 1 896 20 410 Payroll expenses -4 065 -792 -4 857 Depreciation and amortisation expenses -1 787 -310 -2 097 Impairment -143 - -143 Other operating expenses -8 332 -1 502 -9 834 Total operating expenses -14 328 -2 604 -16 932 Operating profit/loss (-) (EBIT) 4 187 -708 3 479 Interest income - - - Financial income 719 1 720 Interest expense -51 - -51 Financial expense -17 -2 -19 Net financial items 651 -1 650 Profit/loss (-) before income tax 4 838 -709 4 129 Income tax - - - Profit/loss (-) for the period 4 838 -709 4 129 From 1 February 2026 to 30 June 2026, Edrupt contributed revenue of NOK 18.5 million and profit for the period of NOK 4.8 million to the Group’s consolidated results. Had the acquisition occurred on 1 January 2026, management estimates that Edrupt would have contributed revenue of NOK 20.4 million and profit for the period of NOK 4.1 million for the six months ended 30 June 2026. The pro forma amounts have been prepared as if the acquisition had occurred on 1 January 2026 and include Edrupt’s results for January 2026. The amounts do not include adjustments for depreciation and amortisation arising from the purchase price allocation, financing effects and other acquisition-related adjustments. The pro forma information is presented for illustrative purposes only and does not necessarily represent the results that would have been achieved had the acquisition occurred on 1 January 2026. The purchase price allocation is final at 30 June 2026. No measurement-period adjustments were recognised during the six months ended 30 June 2026. 41 Lumi Education Group Half-year report 2026 - H1
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2022 Artbox Report Template All rights reserved © Artbox AS 2022 Alternative performance measures (APM) - definitions We are Lumi Key financials APM H1 2026 Report Financials APM - definitions 42 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions APM - definitions The Group reports its financial results in accordance with IFRS accounting principles as issued by the IASB and as endorsed by the EU. 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 use 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 assessing compliance with financial covenants. Alternative Performance Measures reflect adjustments based on the following items: Adjusted EBITDA Adjusted EBITDA is a measure of EBITDA adjusted for certain extraordinary items affecting comparability, referred to as non-tecurring expenses in this report. The Group has presented this APM because it considers it to be an important supplemental measure to understand the leverage ratio of the Group. Adjusted EBITDA margin Adjusted EBITDA divided by total revenue. EBIT EBIT is a measure of earnings before deducting net financial items and taxes. The Group has presented this APM because it considers it to be an important supplemental measure to understand the overall picture of profit generation in the Group’s operating activities. Adjusted EBITA Adjusted EBITA is a measure of EBIT adjusted for non-recurring expenses and acquisition- related amortisation. A non-recurring item is an extraordinary item affecting comparability. The Group has presented these APMs because it considers them to be important supplemental measures to understand the underlying profit generation in the Group’s operating activities. Adjusted EBITA margin Adjusted EBITA divided by total revenue. Adjusted profit/loss(-) for the period Adjusted profit/loss(-) for the period is a measure of profit/loss(-) for the period adjusted for non-recurring expenses and acquisition-related amortisation. Net debt Current and non-current interest-bearing liabilities excluding property lease liabilities recognised under IFRS 16 less cash and cash equivalents at the balance sheet date. Net debt is a non-IFRS financial measure, which the Group considers to be an APM, and this measure should not be viewed as a substitute for any IFRS financial measure. The Group has presented this APM as it is a useful indicator of the Group’s indebtedness, financial flexibility and capital structure because it indicates the level of borrowings after taking into account cash and cash equivalents within the Group’s business that could be utilised to pay down the outstanding borrowings. Net Debt is also used as part of the assessment for financial covenant compliance. Leverage ratio Net debt divided by last twelve months Adjusted EBITDA before impact of IFRS 16 (equals adjusted NGAAP EBITDA). Capital expenditure Capital expenditure (capex) is a measure of total investment in the period both in the operations and in development of new business. Capital expenditures consist of both maintenance capex and development capex and the source of capex is the Statement of cash flows. Free cash flow after leases Free cash flow after leases (FCF after leases): Net cash flow from operations, adjusted for net interest paid on borrowings, less payments for capital expenditure (fixed assets and capitalised development cost) and payment of the principal portion of lease liabilities. For H1 2026, the measure is presented excluding EnkelEksamen; EnkelEksamen will be included in the measure from H2 2026 onwards. 43 Lumi Education Group Half-year report 2026 - H1
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We are Lumi Key financials APM H1 2026 Report Financials APM - definitions Cash conversion Cash conversion: FCF after leases divided by adjusted EBITA, both excluding EnkelEksamen for H1 2026. Reconciliation of adjusted EBITDA, EBITA and Profit/loss (-) for the period: NOK MILLION H126 H125 FY25 EBITDA 74.1 52.6 119.2 Non-recurring items operating expenses 6.6 8.1 17.7 Adjusted EBITDA 80.7 60.6 136.9 EBIT 42.4 27.8 71.4 Non-recurring items operating expenses 6.6 8.1 17.7 Non-recurring items depreciation and impairment 0.0 0.4 0.4 Acquisition-related amortisation 6.7 0.0 0.0 Adjusted EBITA 55.7 36.2 89.5 Profit/loss (-) for the period 21.3 6.6 28.7 Non-recurring items operating expenses 6.6 8.1 17.7 Non-recurring items depreciation and impairment 0.0 0.4 0.4 Acquisition-related amortisation 6.7 0.0 0.0 Adjusted profit/loss(-) for the period 34.6 15.0 46.8 44 Lumi Education Group Half-year report 2026 - H1
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Lumi Education Group Management Board of Directors Financial Calendar Phone: +47 915 04 070 Office Address: Pilestredet 56 0167 Oslo Post Address: Postboks 3606 Bislett 0136 Oslo Website: www.lumiinvestor.no IR contact: ir@lumigroup.no Nina Vesterby Group CEO Martin Prytz CFO & Investor Relations Morten Danielsen Managing Director ONH Madelene Stolpe Managing Director Sonans Rune Mofoss Managing Director EnkelEksamen Rob Woodward Chair Bente Sollid Director Ashkan Senobari Director Henriette Grønn Director Fred Lundquist Director Half-year Report H2 2026 17 FEBRUARY 2027 Annual Report 2026 15 APRIL 2027 Annual General Meeting 14 MAY 2027 Half-year Report H1 2027 25 AUGUST 2027