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Third party research

Lumi Gruppen - H1 delivered - eyes on the autumn intake - ABG

Lumi Gruppen

This is a third party research report and does not necessarily reflect our views or values

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- H1 delivered in line
- All eyes on the autumn intake
- Fair value range of NOK 14-25

H1 delivered in line

Group revenue was NOK 236m, 3% above our estimate of NOK 229m. The reported revenue was also above the NOK 225m-232m guidance. Adj. EBIT was NOK 36m (15.3% margin), in line with our estimate of NOK 36m. Our understanding is that the better revenues were mainly driven by ONH, which delivered ~16% growth supported by new online programmes and a higher share of recurring revenues. The improvement in adj. EBIT (up from NOK 27.7m in H1'24) was driven by revenue growth and a stable contribution margin. For the academic year (AY)'24/'25, group adj. EBIT landed at NOK 69m, in line with our estimate of NOK 69m. Sonans delivered 37% adj. EBIT growth y-o-y.
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