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Solid end to the yearGroup revenue was NOK 272m, 5% above our estimate of NOK 260m and up 14% y-o-y. This resulted in full-year sales of NOK 508m, up 12.5% y-o-y. Adj. EBIT was NOK 53.2m (19.6% margin), +18% vs. our estimate of NOK 45m. Sonans delivered adj. EBIT of NOK 17.6m, which was above our NOK 15m, driven by a very strong 17% margin. ONH once again reported strong profitability, with adj. EBIT of NOK 43.5m compared to our NOK 39m. Regarding ONH, Lumi commented on strong growth momentum and noted that the institutional accreditation process is ongoing, with a decision expected before the end of April 2026. A positive outcome would strengthen ONH’s strategic positioning and likely provide further financial upside. We raise our 2026e EBIT by 2%, driven by tighter cost control, stronger-than-expected margins and demonstrated operating leverage. AY'25/26e guidance seems fineThe outlook for the 2025/26 academic year appears intact, with performance tracking in line with previously communicated guidance. That said, the underlying development differs somewhat between the two segments. ONH is trending towards the upper end of its guided revenue range of NOK 323-326m, and we estimate NOK 325m. Sonans, by contrast, is developing towards the lower end of its NOK 198-202m range, and we therefore assume NOK 198m. On profitability, both segments are progressing towards their respective margin targets of ~15% for Sonans and 25-30% for ONH. We pencil in adjusted EBIT of NOK 100m for the AY'25/26e, corresponding to a group margin of ~19%. Fair value range of NOK 18-25A valuation using peer multiples points to NOK 18-25/sh. Lumi is trading at '26e/'27e EV/EBIT of ~12.4x/9.9x and a P/E of ~17.4x/13.4x while enjoying strong earnings growth and relatively high barriers to entry. |