Lumi Education Group reported record first-half revenue of NOK 277 million for 2026, a 17% increase year-on-year, driven by its Online Higher Education unit and the consolidation of EnkelEksamen. Full-year revenue for the 2025–2026 school year reached NOK 550 million, up 16% from the prior period.
Adjusted EBITDA for the first half climbed 54% to NOK 56 million, lifting the margin to 20%, while free cash flow after leases turned positive at NOK 41 million compared with a negative NOK 6 million in the prior-year period. The Online Higher Education segment contributed NOK 42 million in adjusted EBITDA, a 48% increase, with margins expanding from 20% to 26%. Sonans reported NOK 17 million in adjusted EBITDA, up 54% with margins improving from 12% to 18%.
EnkelEksamen, consolidated since February, added NOK 90 million in revenue over five months. Adjusted operating expenses rose 11% to NOK 220 million, though excluding EnkelEksamen the increase was 4%. Non-recurring costs totaled NOK 6.6 million, primarily tied to M&A activity, accreditation appeals, and restructuring. Net working capital improved by NOK 14 million, supported by a NOK 25 million cash injection from portfolio sales.
The group maintained a leverage ratio of 2.0x, or 1.6x on a pro forma basis including EnkelEksamen’s 12-month earnings, well below its 4.10 covenant. Available funds stood at NOK 185 million, sufficient to cover earn-outs, business consideration, and ordinary capital expenditures without additional financing. A NOK 55 million draw from the capex facility funded the upfront payment for EnkelEksamen, with the maximum earn-out under the SPA listed at NOK 86 million and a recognized fair value of NOK 71.5 million.
Management guided for a 10% to 15% decline in Sonans intake for 2026–2027, while ONH intake is expected to remain broadly flat. The group has appealed a pre-summer accreditation denial by Norway’s NOKUT, noting that institutional accreditation typically requires two to three years for new programs. CEO Nina Vesterby highlighted faster program adaptation needs amid artificial intelligence-driven labor market shifts.
Lumi’s share price was flat at NOK 19.20, trading 23% above its 52-week low and 15% below its high, with a 12-month return of 144% and a P/E ratio of 17.6.
