Lumi Gruppen (LUMI) H1 2025 earnings summary

Executive summary

• Revenue grew 11% in H1 2025 and 12% for the 2024/2025 academic year, reaching NOK 475 million, with positive momentum across all segments.

• Adjusted EBIT rose 31% to NOK 36.2 million in H1 and 43% to NOK 68.8 million for the academic year, with margin improvements.

• ONH delivered 15.8–16% revenue growth and 20–21% higher Adjusted EBIT in H1, while Sonans returned to growth with a 5% revenue increase.

• Acquisition of Realfagshjelpen expands reach into primary and upper secondary school markets, enhancing premium academic support and one-to-one tutoring.

• Strategic focus on double-digit growth at ONH, margin improvement at Sonans, and selective acquisitions.

Financial highlights

• H1 2025 revenue: NOK 236 million (up 11%); academic year revenue: NOK 475 million (up 12%).

• Adjusted EBIT: NOK 36.2 million (up 31%); margin 15.3% (up 2.3pp); academic year Adjusted EBIT: NOK 68.8 million (up 43%), margin 14.5% (up 3.1pp).

• Operating cash flow fell to NOK 6.2 million, mainly due to delayed sale of Sonans' collection portfolio.

• Cash position at period end was NOK 45 million, down from NOK 65 million, impacted by asset purchases, capex, and debt repayments.

• EBITDA increased to NOK 52.6 million (22.3% margin); Adjusted EBITDA reached NOK 60.6 million (25.7% margin).

Outlook and guidance

• Expect continued growth in all business areas, though ONH intake is slower than previous years due to accreditation delays.

• ONH projected to achieve more than 10% growth; Sonans to continue steady growth but not yet full recovery.

• Institutional accreditation for ONH expected Q1 2026, supporting future growth.

• Financial ambitions remain: ONH ~15% growth and 25–30% EBIT margin; Sonans ~5% growth and 15% EBIT margin.

• Trading update to be issued after intake period concludes.