Lumi Education Group (LUMI) H1 2026 earnings summary

Executive summary

• Achieved all-time high revenue and margin growth in H1 2026, with group revenue up 17% year-over-year and strong cash flow improvement across all business units.

• Acquired Bjørknes and EnkelEksamen (Edrupt), expanding the portfolio and contributing to growth; EnkelEksamen added NOK 18.5 million in revenue and NOK 4.2 million EBIT.

• Margins strengthened in ONH (up to 26%) and Sonans (up to 18%), driven by cost discipline and operational execution.

• Cost discipline led to a 6% reduction in Sonans' cost base and improved scale benefits in ONH.

• Free cash flow after leases improved to NOK 41 million, with 80% cash conversion.

Financial highlights

• Group revenue reached NOK 277 million for H1 2026, up 17% year-over-year; online revenue grew 24.4%.

• Adjusted EBITDA was NOK 56 million, up 54% year-over-year, with a 20% margin for both H1 and the full year.

• Free cash flow after leases improved by NOK 47 million to NOK 41 million; net cash flow from operations was NOK 52.5 million.

• Sale of collection portfolios improved cash flow and reduced credit loss expenses.

• Net profit for the period was NOK 21.3 million, up 223.8% year-over-year.

Outlook and guidance

• ONH volumes for 2026/27 expected to be flat, while Sonans revenue is forecasted to decline 10-15% due to weaker demand.

• Cost measures implemented to mitigate profitability impact from softer intake; growth initiatives and portfolio development continue.

• EnkelEksamen expected to continue double-digit growth in 2026/27.

• Institutional accreditation appeal for ONH ongoing; outcome pending.