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Lumi Gruppen

Lumi Gruppen

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Lumi is a leading private education provider in Norway, with an omnichannel offering that has ~8,550 students across 10 campuses and online. The Oslo Nye Høyskole brand is a mid-sized university college (~50% of Lumi's students), offering bachelor’s degrees, master's degrees, and other higher education programmes in various subjects. Its Sonans brand is the largest provider of private candidate exam preparation (~50% of Lumi's students), helping students who wish to improve or complete their high school diploma.

Sustainability information

Lumi Gruppen’s performance is closely tied to labour market trends, with strong job availability potentially reducing demand for education, while a weaker market could drive higher enrolment. The industry’s attractive characteristics may attract new entrants, posing a competitive risk, though Lumi’s established position and experience provide a strong competitive advantage that would take time for rivals to match.

Financials

NOKm 2025 2026e 2027e
Sales 508 594 638
Sales growth (%) 12,3 17 7,4
EBITDA 119 161 187
EBITDA margin (%) 23,5 27,2 29,3
EBIT adj. 89 119 143
EBIT adj. margin (%) 17,5 20 22,5
Pretax profit 37 82 106
EPS 0,5 1,11 1,44
EPS growth (%) N/A N/A 29,9
EPS adj. 0,73 1,11 1,44
DPS 0 0 0
EV/EBITDA (x) 12,8 9,2 7,6
EV/EBIT adj. (x) 17,1 12,4 9,9
P/E (x) 38,7 17,4 13,4
P/E adj. (x) 26,1 17,4 13,4
EV/sales (x) 3 2,49 2,21
FCF yield (%) 3,7 8 9,7
Le. adj. FCF yld. (%) 1,7 6,2 7,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,2 2 1,4
Le. adj. ND/EBITDA (x) 1,8 1 0,5
NOKm 2025 2026e 2027e
Sales 508 594 638
COGS 0 0 0
Gross profit 508 594 638
Other operating items -389 -433 -451
EBITDA 119 161 187
Depreciation and amortisation -44 -43 -43
of which leasing depreciation -34 -33 -33
EBITA 71 119 143
EO Items -18 0 0
Impairment and PPA amortisation 0 0 0
EBIT 71 119 143
Net financial items -34 -37 -37
Pretax profit 37 82 106
Tax -9 -18 -23
Net profit 29 64 83
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 64 83
EPS 0,5 1,11 1,44
EPS adj. 0,73 1,11 1,44
Total extraordinary items after tax -14 0 0
Leasing payments -34 -33 -33
Tax rate (%) 23,2 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 23,5 27,2 29,3
EBITA margin (%) 14 20 22,5
EBIT margin (%) 14 20 22,5
Pre-tax margin (%) 7,3 13,8 16,7
Net margin (%) 5,6 10,8 13
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 12,3 17 7,4
EBITDA growth (%) 18,9 35,5 15,7
EBITA growth (%) 34,4 66,7 20,6
EBIT growth (%) 34,4 66,7 20,6
Net profit growth (%) 104,1 123,1 29,9
EPS growth (%) N/A N/A 29,9
Profitability N/A N/A N/A
ROE (%) 5,7 11,6 13,3
ROE adj. (%) 8,4 11,6 13,3
ROCE (%) 7,2 11,8 13,3
ROCE adj. (%) 9 11,8 13,3
ROIC (%) 6 10,2 12,2
ROIC adj. (%) 7,5 10,2 12,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 137 161 187
EBITDA adj. margin (%) 26,9 27,2 29,3
EBITDA lease adj. 99 129 154
EBITDA lease adj. margin (%) 19,5 21,7 24,1
EBITA adj. 89 119 143
EBITA adj. margin (%) 17,5 20 22,5
EBIT adj. 89 119 143
EBIT adj. margin (%) 17,5 20 22,5
Pretax profit Adj. 55 82 106
Net profit Adj. 42 64 83
Net profit to shareholders adj. 42 64 83
Net adj. margin (%) 8,3 10,8 13
NOKm 2025 2026e 2027e
EBITDA 119 161 187
Goodwill 736 736 736
Net financial items -34 -37 -37
Other intangible assets 0 0 0
Paid tax -9 -18 -23
Tangible fixed assets 17 24 32
Non-cash items 6 -10 -1
Right-of-use asset 189 189 189
Cash flow before change in WC 83 97 125
Total other fixed assets 30 30 30
Change in working capital -21 10 1
Fixed assets 972 979 987
Operating cash flow 62 107 126
Inventories 0 0 0
Capex tangible fixed assets -21 -18 -18
Receivables 36 41 52
Capex intangible fixed assets 0 0 0
Other current assets 2 2 2
Acquisitions and Disposals 0 0 0
Cash and liquid assets 39 94 159
Free cash flow 41 89 108
Total assets 1048 1116 1200
Dividend paid 0 0 0
Shareholders equity 520 584 668
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -21 -20 -20
Total equity 520 584 668
Other non-cash items 16 -14 -23
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 232 232 232
Total other long-term liabilities 0 0 0
Short-term debt 219 219 219
Accounts payable 25 27 28
Other current liabilities 52 54 53
Total liabilities and equity 1048 1116 1200
Net IB debt 382 326 261
Net IB debt excl. pension debt 382 326 261
Net IB debt excl. leasing 150 95 30
Capital employed 971 1035 1118
Capital invested 902 911 929
Working capital -39 -38 -28
Market cap. diluted (m) 1111 1111 1111
Net IB debt adj. 412 366 302
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1522 1477 1412
Total assets turnover (%) 47,6 54,9 55,1
Working capital/sales (%) -9,4 -6,5 -5,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 73,4 55,9 39,2
Net debt / market cap (%) 34,4 29,4 23,5
Equity ratio (%) 49,6 52,4 55,6
Net IB debt adj. / equity (%) 79,1 62,7 45,2
Current ratio 0,26 0,46 0,71
EBITDA/net interest 3,5 4,4 5,1
Net IB debt/EBITDA (x) 3,2 2 1,4
Net IB debt/EBITDA lease adj. (x) 1,8 1 0,5
Interest coverage 2,1 3,2 3,9
NOKm 2025 2026e 2027e
Shares outstanding adj. 58 58 58
Diluted shares adj. 58 58 58
EPS 0,5 1,11 1,44
Dividend per share 0 0 0
EPS adj. 0,73 1,11 1,44
BVPS 9 10,1 11,54
BVPS adj. -3,72 -2,61 -1,18
Net IB debt/share 7,12 6,34 5,22
Share price 19,2 19,2 19,2
Market cap. (m) 1111 1111 1111
P/E (x) 38,7 17,4 13,4
EV/sales (x) 3 2,5 2,2
EV/EBITDA (x) 12,8 9,2 7,6
EV/EBITA (x) 21,4 12,4 9,9
EV/EBIT (x) 21,4 12,4 9,9
Dividend yield (%) 0 0 0
FCF yield (%) 3,7 8 9,7
Le. adj. FCF yld. (%) 1,7 6,2 7,9
P/BVPS (x) 2,13 1,9 1,66
P/BVPS adj. (x) -5,16 -7,35 -16,35
P/E adj. (x) 26,1 17,4 13,4
EV/EBITDA adj. (x) 11,1 9,2 7,6
EV/EBITA adj. (x) 17,1 12,4 9,9
EV/EBIT adj. (x) 17,1 12,4 9,9
EV/CE (x) 1,6 1,4 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 4,2 3 2,8
Capex/depreciation 2,1 1,8 1,8
Capex tangibles / tangible fixed assets 126,2 72,5 55,7
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 26,8 18,8 14,6

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Media

Lumi Gruppen - Company presentation with CEO Nina Vesterby and CFO Martin Prytz
Lumi Gruppen - Company presentation with CEO Nina Vesterby & CFO Martin Prytz

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Hanover Investors 60.1 % 60.1 % 9 Jul 2025
Pareto Asset Management 6.6 % 6.6 % 12 Feb 2026
Handelsbanken Fonder 5.2 % 5.2 % 31 Jan 2026
Holberg Fonder 4.7 % 4.7 % 12 Feb 2026
Forsvarets Personellservice 2.7 % 2.7 % 12 Feb 2026
Melesio Invest AS 2.4 % 2.4 % 12 Feb 2026
Valorem AS 2.1 % 2.1 % 12 Feb 2026
Varner Equities AS 1.7 % 1.7 % 12 Feb 2026
Wenaas Eftf AS 1.6 % 1.6 % 12 Feb 2026
Cmdc AS 1.5 % 1.5 % 12 Feb 2026
Source: Holdings by Modular Finance AB