Lumi Education Group reported record first-half 2026 revenue of NOK 277 million, a 17% increase from the prior-year period and 10% excluding the contribution from EnkelEksamen, the group said in a results update tied to its earnings call transcript.
Adjusted EBITDA rose 54% year-on-year to NOK 56 million, lifting the adjusted EBITDA margin to 20%. For the full academic year 2025–2026, revenue reached NOK 550 million, up 16% from the prior year, with adjusted EBITDA margin remaining at 20%. The Online Higher Education unit (ONH) contributed NOK 42 million in adjusted EBITDA, a 48% increase, while Sonans added NOK 17 million, up 54%. EnkelEksamen, consolidated since February, contributed NOK 90 million in revenue over five months.
Free cash flow after leases improved to NOK 41 million from a negative NOK 6 million in the prior-year period, with cash conversion at approximately 80%. Adjusted operating expenses rose 11% to NOK 220 million, or 4% excluding EnkelEksamen, while non-recurring expenses totaled NOK 6.6 million, primarily related to M&A costs, accreditation appeals, and restructuring.
The group’s leverage ratio stood at 2.0x, or 1.6x on a pro forma basis including EnkelEksamen’s 12-month earnings, well below the 4.10 covenant. Available funds amounted to NOK 185 million, sufficient to cover earn-outs, business considerations, and ordinary capital expenditures without additional financing. The EnkelEksamen earn-out liability was valued at NOK 71.5 million, with a maximum potential payment of NOK 86 million under the sale and purchase agreement.
Lumi’s share price remained unchanged at NOK 19.2, roughly 23% above its 52-week low and 15% below its high. The stock’s trailing 12-month return reached 144%, with a P/E ratio of 17.6.
Management guided for broadly flat ONH intake in the 2026–2027 academic year, while Sonans intake is expected to decline by 10% to 15%. The first EnkelEksamen earn-out installment is due in Q4 2026, with a full trading update scheduled for late October once student intake data is finalized. Bjørknes will be included in reporting starting in H2 2026.
CEO Nina Vesterby highlighted the group’s “uplifting results and growth on both revenue and margins,” emphasizing faster program adaptation to labor market needs, including changes driven by artificial intelligence. CFO Martin Prytz noted the organization’s ability to reduce costs while protecting core operations, with available funds covering financial obligations and capex without additional financing.
