Lumi Gruppen (LUMI) H2 2025 earnings summary

Executive summary

• Achieved record half-year revenue with 14% year-over-year growth, driven by strong performance in both ONH and Sonans segments.

• Margin expansion supported by disciplined cost management and operational scaling, especially in ONH.

• Acquisition of EnkelEksamen, a profitable, high-growth digital education business, enhances AI-led growth and diversification.

• ONH maintained strong growth momentum and is well positioned for the 2026/27 intake, while Sonans improved profitability and advanced strategic initiatives.

• Sonans completed restructuring, with further cost savings expected from January 2026.

Financial highlights

• Group revenue reached NOK 272 million in H2 2025, up 14% year-over-year; ONH revenue NOK 169 million (+16% y/y), Sonans NOK 103 million (+10% y/y).

• Adjusted EBIT increased by 64% year-over-year to NOK 53 million in H2, with a margin of 19.6%.

• Free cash flow after leases was NOK 41 million, up 23% year-over-year, with a 77% cash conversion rate.

• Personnel expenses declined to 49% of revenue in H2, down from 54% the previous year.

• EBITDA for H2: NOK 66.6 million (margin 24.5%); Adjusted EBITDA: NOK 76.2 million (margin 28.0%).

Outlook and guidance

• On track with 2025/2026 guidance and financial ambitions, expecting 10–11% group revenue growth.

• ONH expected to reach the upper end of the communicated growth range; Sonans at the lower end.

• EnkelEksamen projected to deliver 20–25% growth for the 2025/2026 academic year, with higher seasonality in H2.

• EBIT margin for ONH trending towards 25–30% and Sonans towards 15% for 2026/27.

• Revenue and adjusted EBIT for 2025/26 tracking in line or ahead of previous guidance.