Terminating coverage

Lumi Gruppen - Comeback kid, more to come

Impressive cost execution in Q3 – ‘23e EPS up 19% Estimates de-risked and BS risk gone Massive leverage when market returns - BUY

Lumi Gruppen - Impressive execution

Sales higher, opex lower, adj EBIT 30.9m vs our 18.1m Opex execution de-risks estimates and BS risk materially ’23e EBIT likely up 20% for ’23 on lower costs

Lumi Gruppen - Bank deal secured

Equity issue avoided – agreement reached with bank Covenants waived for H2, headroom for H1’23 Should be a relief – stock to trade up

Lumi Gruppen - Slighty better intake

Final student intake: A small improvement Likely to announce a new bank deal shortly Earnings risk reduced

Lumi Gruppen - It’s not Lumi, it’s the market

Competitor also seeing a weaker market in ‘22 Sonans’ online offering is not losing market shares More confident in a market recovery

Lumi Gruppen - Hit by the perfect storm

Operational assumptions unchanged following Q2 report Risk on covenants, but constructive bank dialogue We cut ’22e-’24e EPS by 4-5%, on higher interest costs

Lumi Gruppen - Status quo

Sales and adj EBIT pre-announced given the PW Booking curves unchanged, accelerated cost cuts Debt situation still challenging, constructive bank dialogue

Lumi Gruppen - Knockout

Full reset of estimate trajectory: adj. EBIT down 30-50% Balance sheet stretched, but seems manageable for now Valuation: ‘22e adj. EV/EBIT 8.9x, FCF yield 10.7%

Lumi Gruppen - Huge and disappointing PW

Huge PW: ’22 EBIT likely down to NOK ~100m (140) Weak student intake. Cost cuts initiated Weak sentiment set to continue. Stock down

Lumi Gruppen - Q2e: Bookings in focus

Small EBIT estimate changes ahead of Q2 Booking curves for SU & ONH key focus in Q2 report Defensive stock with triggers ahead

Lumi Gruppen - Set for momentum shift in H2

’22e adj. EBIT down 5%, small changes to ’23e-’24e Defensive stock with triggers ahead Patience will pay off: BUY, TP of NOK 70

Lumi Gruppen - Q1 slightly below

Sales in-line, adj EBIT 21m vs our 25m Guidance unchanged, ONH bookings good 2022 adj EBIT likely down 4-6%

Lumi Gruppen - Action needed, action taken

Investing for growth: ’22 EBIT down 11%, ’23 unchanged Defensive stock with triggers ahead Patience will pay off: BUY, TP of NOK 70 (73)

Lumi Gruppen - EBIT margin down in ’22

Sales in-line, adj EBIT NOK 24m vs us at 26.8m Long term guidance reiterated, but sort term reduced ’22 EBIT likely down 6-8%

Sonans - Growth engine for free

Time to be brave: BUY Defensive stock with triggers ahead ‘22e EV/EBIT 12.1x, 5% divi yield

Sonans - Weaker student growth hit sales

Adj EBIT 11% below our estimate on lower sales Updated guidance implies EBIT down 2-3% for ‘21 NTECH ramp-up plans in place, still awaiting approval

Sonans - Priced well below its potential

Q3: no estimate changes into report Potential triggers: cost measures and NTECH news flow Defensive growth case at a discount: BUY

Sonans - Down, but definitely not out

Online growth hits profitability - long term an opportunity Lowered guidance cuts ’21e clean EBIT by 16% Still a BUY, long-term case intact

Sonans - Q2 in -line. H2’21 weaker.

Sales up 6% on strong student growth (13%) EBIT down 11% y-o-y due to growth related costs ’21 EBIT down ~15% on new guidance.