Lumi Gruppen: On track for the school year 2024/25 - Nordea

Revenue in H1 came in stronger than expected at NOK 211m (NDA estimates NOK 199m). ONH had revenue of NOK 123m vs NDA estimates of NOK 113m. The larger than expected revenue derives from higher than expected revenue from online programs and higher share of recurring revenue from student volume. EBITDA came in lower than expected where ONH had higher cost related to personnel expenses, higher marketing expenses and investments into the vocational offering (ONF). We believe the higher cost is necessary for continued growth in the coming academic years. EBIT of NOK 24m was in line with our estimates (NOK 24m). We expect no material changes to the overall investment case vs. previous communication.

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