Lumi Education Group (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 general education market growth.

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

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

• Institutional accreditation targeted for spring 2026 to accelerate program launches and competitiveness, enabling faster development and expansion into new fields.

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

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.

• Lifelong learning trend is strong, with ONH seeing 18% growth in students over 25 years old in the last five years; government policies and demographics support flexible education.

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

• Flexible study models and digital-first offerings cater to a diverse, older student base.

Technology and Student Experience

• Continued investment in hybrid and AI-driven learning enhances flexibility and student outcomes.

• ONH has held the highest student satisfaction ratings for four consecutive years, with strong digital resource scores.

• Sonans delivers high academic outcomes and grade improvements, solidifying its reputation.