Lumi Gruppen (LUMI) ABGSC Investor Days summary

Investment Case, Market Positioning, and Strategic Priorities

• Focus on high-growth segments: adult learners, flexible/online education, and vocational training, all outpacing the general education market.

• Online and flexible education applicants have grown at an 11% CAGR, with ONH and Sonans having 80% and 50% online students, respectively.

• Lifelong learning is a key trend, with ONH seeing 18% growth in students over 25 in five years; 60% of ONH and 30% of Sonans students are above 25.

• Persistent undersupply of public study places in Norway creates a 2.2x demand gap, especially in psychology (4.2x) and business (2.6x) niches; private colleges bridge this gap.

• Institutional accreditation targeted for spring 2026 to accelerate program launches and competitiveness.

Management, Synergies, and Digital Strategy

• Leadership team brings expertise in online business models, finance, and operations, supporting growth and innovation.

• Synergies between ONH and Sonans leverage market leadership in online education and hybrid models for efficiency and scalability.

• Regulatory and political support for lifelong learning and education funding remains strong in Norway.

• New ONH campus opened in March, enhancing student and staff satisfaction.

• Digital-first experience and AI tools are integrated to support diverse learner needs.

Market Trends and Growth Drivers

• Norwegian higher education demand has risen 38% in 15 years, outpacing public study place growth and creating a structural supply gap.

• Government policies and demographic trends support lifelong learning and flexible education, especially for students over 25.

• Stable regulatory environment and strong public investment in education underpin sector growth.

• Flexible study models cater to a diverse, older student base.

• Private colleges like ONH and Sonans bridge the demand gap, especially in business administration and psychology.