Lumi Education Group (LUMI) H2 2025 earnings summary

Executive summary

• Achieved record half-year revenue and strong margin expansion in H2 2025, driven by double-digit growth in both ONH and Sonans segments.

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

• Acquisition of EnkelEksamen, a profitable, high-growth digital education business, enhances digital and AI capabilities and diversifies offerings.

• 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% to NOK 53 million, with ONH at NOK 44 million (26% margin) and Sonans at NOK 18 million (17% margin).

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

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

• Equity ratio improved to 49.6% from 45.4% YoY.

Outlook and guidance

• On track to meet 2025/26 guidance and 2026/27 financial ambitions, with adjusted EBIT tracking ahead due to ONH scale and Sonans cost optimization.

• Revenue growth for 2025/26 expected at 10–11% (excluding M&A), with ONH and Sonans revenues trending within communicated ranges.

• EnkelEksamen expected to deliver 20–25% revenue growth in 2025/26.

• Financial ambitions and margin expectations remain unchanged.

• ONH well positioned for new academic year with new accredited programs; Sonans to focus on growth initiatives.