Q2 SONANS HOLDING | 25 August 2021 2021 Erik Brandt, CEO and Henrik Knudtzon, CFO Q2Q1 | 2021 | SONANS HOLDING

The leading private education provider in Norway

Attractive market position and financial characteristics Both local presence and online offering

#1 Top 3 National survey for student satisfaction for higher Undisputed market leader within private candidate exams education

Tromsø NOKm 518 30% Revenue* 2020 Adj. EBIT margin* (IFRS) 2020

Bodø ~100% 25% Cash conversion Online revenue share** 2020

+ online Operates in two different markets in Norway

High school private candidate exam Private university college with preparation courses in Norway strong online offering 14 campuses across Norway One campus in and Oslo Lillestrøm Oslo Campus and online offering online offering Sandvika Bjørknes Høyskole Ski ~8,500 students**, of which 2,500 students**, of which Fredrikstad ~2,100 are online 1,500 are online Porsgrunn Tønsberg

Kristiansand

* Pro forma for the sale of Sonans Karriere AS. Pro forma approximation of Sonans Gruppen’s IFRS Adj. EBIT, reflecting a reversal of leasing costs in accordance with IAS 17. Adjusted for items deemed to be of non-recurring character 2 ** Number of signed contracts by week 37 for Sonans Utdanning and contracts signed by week 35 / 37 for campus / online students for Bjørknes Høyskole. Q2Q1 | 2021 | SONANS HOLDING Q2 in line with expectations, growth in autumn intake driven by online • Q2’21 revenues up 7% to NOKm 134.1 Q2 revenues and Adj. EBIT

− Number of students up 13.2% NOKm 7% Percent − Shift in revenue mix towards online 150 134.1 100 125.8 • Adj. EBIT down 11% in Q2’21 to NOKm 47.6, as 80 100 53.5 expected 47.6 60 40 50 − Increased headcount at Bjørknes to support student growth 20 − 0 0 Shift towards online and Covid-19 related costs at Sonans Q2’20 Q2’21 Utdanning

Student intake per week 33 • Solid growth in students in ongoing autumn intake # signed contracts +3% +19% − Sonans Utdanning and Bjørknes Høyskole with a market 7,259 1,478 leading position 7,026 1,243 1,508 2,337 880 710 − Online major growth driver, accelerated by Covid-19 5,518 4,922 533 598

• Change in student mix from Campus to online for Autumn 20 Autumn 21 Autumn 20 Autumn 21 Sonans Utdanning will affect short term profitability

• All growth initiatives on time and according to plan Online Campus

3 Q2 2021 Financials Q2Q1 | 2021 | SONANS HOLDING

Preparations for increased student activity drives opex growth

Quarterly pro forma revenues and adj. EBIT margin

NOKm +7% Percent • 7% increase in revenues from Q2’20 driven by 150 136.0 134.1 50 125.8 131.8 133.3 student growth 35.5% 40 100 42.6% 30 − Growth at Sonans Utdanning impacted by mix shift to 34.5% 20 online; lower prices and deferral of income 50 23.0% 22.2% 10 • High degree of revenue visibility in business model 0 0 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 • Some seasonality in opex Adj opex − Payroll low in Q2 due to holiday pay effect NOKm − Higher marketing costs in 1H 92.3 91.1 • Q2 opex up NOKm 13.9 74.2 73.9 60.0 − Increased payroll due to higher activity at Bjørknes and expected growth

− Costs driven by Covid-19 effects

Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

5 Q2Q1 | 2021 | SONANS HOLDING

Personnel costs most important driver of opex increase

Quarterly opex bridge

NOKm

8.1 73.9 2.2 0.8 • Opex up NOKm 13.9 5.0 5.9 60.0 1.9 • Sonans Utdanning: NOKm 3.1 driven by Covid-19 3.1 effects

− Higher Covid-19 related (e.g. hygiene costs)

− Higher bad debt costs due to increase share of online students

• Bjørknes Høyskole: NOKm 5.9 in personnel expansion to absorb expected growth

Q2’20 Sonans Bjørknes Group/other Q2’21 Utdanning Høyskole

- Covid-19 driven costs - Investment in organisation to drive growth - Other cost increase (e.g. inflation/activity related)

6 Q2Q1 | 2021 | SONANS HOLDING Sonans Utdanning - Strong student growth - revenues impacted by shift to online • Strong underlying student growth of 10% in the spring semester − Revenue impacted by imposed Covid-19 measures triggering extraordinary shift to online studies • Opex increased by 10%: − Covid-19 related expenses (e.g. increased hygiene costs at campuses) − Increase in bad debt due to higher share of online claims − Personnel expenses. Partly due to salary increase and partly due to new principals at several campuses • Q2’21 adj. EBIT-margin lower than last year due to deferred online revenues and higher opex

Revenues Adj. EBIT & EBIT margin # Students* +10% NOKm million NOKm 8,492 8,492 -13% 7,740 7,580 7,580 +1% 40 36.6 100 35 32.0 94.3 92.9 94.4 95.0 95.2 30.1 80 30 5,834 5,834 24.8 5,948 25 60 5,837 5,837 19.6 20 39% 32% 34% 40 15 26% 10 21% 20 2,658 2,658 5 1,792 1,743 1,743 0 0 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

Campus Online

* Number of students with active contracts. For the spring semester (Q1 and Q2), full-year and online contracts as of 27 January included and for the autumn semester (Q3 and Q4), full-year 7 and online contracts per 17 September included Q2Q1 | 2021 | SONANS HOLDING

Sonans Utdanning - Shift to online affects revenue

Revenue bridge – estimated* effect of mix shift to online

NOKm +6% • Significant shift from campus to online studies due 99.5 to imposed Covid-19 measures 95.2 94.3 1.9 2.5 5.2 6.1 − Lock down in Norway (especially Oslo) in peak sales period in January

• Online share of total revenue increased to 23% vs 17% in Q2’20

• Financial implications of shift to online studies:

− Lower price for online studies vs campus

− Revenue deferred to later period (online revenues recognised over 12 months vs 6 months for campus) Q2’20 Campus Online Q2’21 Price Income Q2’21 Mix effect periodisation shift Adj. EBIT margin effect adjusted Percent sales 39% 34% 38%

8 * Estimated assumes growth rate of online would be 2x campus growth rate if not extraordinary Covid-19 infection rate and measures had occurred during peak intake period in January 2021 Q2Q1 | 2021 | SONANS HOLDING Bjørknes Høyskole - Strong demand and investments in growth • 28% growth in number of students in the spring semester and 23% increase in revenues • Revenue growth driven by strong student intake especially in the autumn of 2020 − Equal price for campus and online − Revenues from students at Bjørknes Høyskole increased by 27% compared to Q2’20 − Fees from partner universities abroad NOKm 0.6 lower due to travel restrictions reducing outgoing students • Opex increased by NOKm 8.0 compared to Q1’20 − Most of opex increase driven by investment in expected growth

Revenues Adj. EBIT & EBIT margin # Students +28% NOKm NOKm 2,513 2,513 2,415 2,415 -11% 16 15.5 100 +23% 1,893 14 41.2 12.1 11.5 80 1,548 1,548 38.7 38.3 38.6 12 10.7 10.8 1,538 1,538 31.4 10 60 1,119 8 39% 40% 6 28% 28% 28% 40 4 965 965 20 774 877 877 2 0 0 Q2’20 Q3’21 Q4’21 Q1’22 Q2’22 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21 Q2’20 Q3’20 Q4’20 Q1’21 Q2’21

Online Campus

* Number of students with active contracts. For the spring semester (Q1 and Q2), full-year and online contracts as of 27 January included and for the autumn semester (Q3 and Q4 ), full-year and online contracts per 17 September included 9 ** Number of active students per week 4 for the spring semester (Q1 and Q2) and per week 36 for the autumn semester (Q3 and Q4) Q2Q1 | 2021 | SONANS HOLDING

Well funded to execute growth plan

NOKm Q2'21 Q1'21 FY2020 Intangible assets 965.4 960.9 968.2 Tangible assets 12.1 20.8 13.8 Right-of-use assets 130.4 140.6 150.1 Financial assets 1.6 1.6 1.5 Fixed assets 1,109.5 1,123.9 1,133.6 Accounts receivables 23.3 38.1 24.0 • Leverage ratio – NIBD/EBITDA* of 2.7x Earned, not invoiced income 1.5 2.7 51.9 Other receivables 24.9 17.5 16.2 − High point of leverage due to high seasonal NWC in Q2 Cash and bank deposits 37.3 163.4 17.8 Current assets 87.0 221.8 109.9 • Final contingent consideration for acquisition of Total assets 1,196.5 1,345.7 1,243.5 Bjørknes Høyskole totalling NOKm 30 paid in Q2’21 Paid-in equity 494.6 494.6 294.6 Retained earnings 22.8 -5.6 3.0 • Cash position as of 30 June of NOKm 37.3 Equity 517.4 489.0 297.6 Provisions 2.2 2.2 2.2 Liabilities to financial institutions 426.6 436.3 541.8 • Cash position declined in Q2 in line with seasonality Non-current lease liabilities 97.3 105.2 113.3 Non-current liabilities 526.1 543.8 657.3 Liabilities to financial institutions 20.0 10.0 54.0 Current lease liabilties 41.6 43.3 44.2 Trade creditors 5.8 5.8 5.6 Unearned income 35.2 155.1 82.2 Tax payable 8.7 23.5 22.8 Contigent consideration - 30.0 30.0 Other current debt 45.0 45.2 49.9 Current liabilities 156.3 312.9 288.6 Total liabilities 682.4 856.7 945.9 Total equity and liabilities 1,199.8 1,345.7 1,243.5

10 * LTM adjusted EBITDA excluding IFRS16 effects Q2Q1 | 2021 | SONANS HOLDING

Q2 cash flow in line with expected seasonality

Key Cash flow elements in Q2’21 and cash conversion*

NOKm 47.6 • Q2’21 capex mostly development costs at 1.9 Bjørknes Høyskole and NTech 107.9

• Negative NWC development in Q2 – in line -62.2 with seasonality as invoicing/payment of Adj EBITDA Capex Change in NWC Simplified before IFRS operational spring tuition occurs mostly in Q1 cash flow

NWC by quarter • NWC and capex profile gives a negative NOKm cash conversion in the second quarter

-23.9 • Growth has positive cash flow effect from net -31.8 -32.6 -26.1 -41.4 working capital -75.7 -92.6 -107.9 -120.4 -139.8 Q1 Q2 Q3 Q4 2019 2020 2021

11 * Calculated as (LTM forma adjusted EBITDA before IFRS – Capex Delta NWC ) / Pro forma adjusted EBITDA before IFRS Q2 2021 Operations Q2Q1 | 2021 | SONANS HOLDING Sonans Utdanning & Bjørknes Høyskole with strong market positions

• Record high student intake Strong market fundamentals • Increasing need for higher education

• Will affect short term profitability Shift in revenue mix to online • Longer term online represents a significant opportunity

• Launch of 5 new programmes with full effect in 2022 Growth initiatives progressing according to plan • Norwegian School of Technology Q2Q1 | 2021 | SONANS HOLDING Sonans Utdanning – Autumn intake impacted by mix shift to online

Sonans Utdanning – net sales 4% below LY per week 33, most of sales cycle completed

NOKm 350 2021

300 2020 -4% 2019 250

200

150

100

50

0 Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 • Decline in net sales for the school year 2021/2022 per week 33 − Online sales up 48.7% from same period LY − Campus sales 13.6% behind LY • Majority of sales completed, but several weeks of sales left and final sales for the autumn 2021 intake still not complete

14 Q2Q1 | 2021 | SONANS HOLDING Sonans Utdanning - Significant shift in student mix affects short term revenues…

# of students enrolled as of week 33

Percentage growth Y-o-Y 12% 3% 5% 12% 5% -11% • Solid long-term growth in number of students 55% • Strong market fundamentals 7% 12%

• Increasing need for higher education Campus Online Total • 2020 – Covid-19 driven growth in # students Accumulated sales as of week 33 • 2021 – Reverting back to ‘normal’ student growth Percentage growth Y-o-Y rate with significant shift towards online studies 16% -4% • Growth in sales lower than growth in number of 13% 6% 4% -14% students

49% 19% 35%

Campus Online Total

2018 2019 2020 2021

15 Q1 | 2021 | SONANS HOLDING

…and short-term profitability

Revised adj. EBIT expectations for Sonans Utdanning in 2021

Slightly above 30%

• Online courses priced ~30% below campus courses Around 25% − In addition, deferred accrual of revenues vs campus

• Adjustments made to cost base

− Class optimalisation on campus

− Defer non-critical spend

− Increase operating efficiency

• Short term cost base relatively fixed, especially premises and personnel costs

Target adj. EBIT margin 2021

16 Q2Q1 | 2021 | SONANS HOLDING Longer term online model more scalable and efficient than campus and Sonans Utdanning positioned to capture market

Sonans Utdanning - Online cost base more efficient than campus High student satisfaction at Sonans – online higher than campus

Cost as share of sales – indicative only Share of alumni respondents who «Would recommend Sonans to a friend?» Percent 89 84

Scalable costs (premises, personnel, other opex)

Sales and marketing Bad debt Campus Online Online Campus

Key strategic considerations 1. Adjust operational model to reflect shift towards online 2. Assess future campus footprint 3. Further develop online offering and evaluate pricing model

17 * Premises cost before effect of IFRS16 Q2Q1 | 2021 | SONANS HOLDING

Record high applications and signed contracts

Bjørknes høyskole – 35% growth in applications compared to LY 19% growth in signed contracts

# unique applicants # signed contracts

4,000 1,500

3,500 +19%

3,000 +35% 1,000 2,500

2,000

1,500 500 1,000

500

0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34

• Number of unique applicants up 35% per week 33 • Signed contracts up 19% per week 33 − Campus increased by 17% compered to LY − Campus increased by 12% compared to LY − Online applicants with 54 % increase from LY − Online contracts up by 24% from LY

Still some sales to go for the autumn sales cycle 18 Q2Q1 | 2021 | SONANS HOLDING Increase in bachelor and master contracts secures multi year growth

Signed contracts at Bjørknes per week 33 • Bjørknes Høyskole is increasing number of multi # signed contracts year study programs +227 − Will contribute to revenue growth not only next 12 months but also for school years 22/23 and 23/24 1,478 • 4 new 3-year bachelor programs established +234 200 1,251 − Business & administration 622 − 65 -30 Digital marketing

453 − Social sciences 423 388 55 +22 − Organisational psychology -24 1,278 557 218 192 214 194 • 1 new 5-year master program established +25 368 55 − Psychology 25 159 • Full effect of new study programs in 2022 Bachelor Master Annual Single Other Total programs subjects

New programmes Existing programmes

19 Q2Q1 | 2021 | SONANS HOLDING

Expanding study programs in high growth segment

Norway: Growth in number of employees 2015-2020*

• Norwegian School of Technology 21.1 % − Starting to build a solid education platform for IT programs, both online and on campus

• Focus on practical usage of IT skills demanded by job market

• Target group: All students with IT interest

• Progress

− Target of first semester in 2022

− Core team in place 4.0 % − Re-submit NOKUT application on 25 August 2021

Average growth Growth in IT professions

* Statistics Norway 20 Q2Q1 | 2021 | SONANS HOLDING

Outlook: Well prepared to exploit market opportunities

Financial targets

Sonans Utdanning Bjørknes Høyskole

• Sonans Utdanning and Bjørknes Høyskole with Revenue 5% (5-10%) 25% (20-25%) all time high student intake in the ongoing growth 2021: Slight decline for the 2021: >25% autumn intake year (Around 5% for the year) (Around 25%) Towards slightly above • Strong market fundamentals with significant Adj. EBIT >30% margin 30% online opportunities 2021: Around 30% 2021: Around 25% − Sonans Utdanning with a competitive edge Leverage • All growth initiatives progressing according to NIBD / ~2.5x EBITDA* plan and budget

• Change in revenue from shift from campus to Short term level 2-3% of revenues due to exceptional online Sonans Utdanning will affect short term Capex development activities profitability Mid- to long-term target 1% of revenue

Dividend pay-out 60-80% policy

21 Q2Q1 | 2021 | SONANS HOLDING

Disclaimer

This report includes forward-looking statements which are based on our current expectations and projections about future events. Statements herein, other than statements of historical facts, regarding future events or prospects, are forward-looking statements. All such statements are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. As a result, you should not place undue reliance on these forward-looking statements

The Group reports its financial results in accordance with accounting principles IFRS. However, management believes that certain alternative performance measures (APMs) provide management and other users with additional meaningful financial information that should be considered when assessing the Group’s ongoing performance. These APMs are non-IFRS financial measures, and should not be viewed as a substitute for any IFRS financial measure. Management, the board of directors and the long term lenders regularly uses supplemental APMs to understand, manage and evaluate the business and its operations. These APMs are among the factors used in planning for and forecasting future periods, including assessment of financial covenants compliance

22 Q2Q1 | 2021 | SONANS HOLDING

Appendix

23 Q2Q1 | 2021 | SONANS HOLDING

OPEX impacted by Covid-19 effects in Q2’21

Quarterly opex bridge

NOKm

• Payroll increased by NOKm 2.6

− About half the increase from general salary increase 53.2 1.3 -0.7 1.8 48.2 − New principals at several campuses 2.6

• Premises cost (non-lease related) up by NOKm 1.8

− Mostly due to high Covid-19 related hygiene costs at campuses

• Bad debt has increased by NOKm 1.3

− Share of losses are higher for online than campus student claims

• Other opex down by NOKm -0.7 from general Q2’20 Payroll Premises Bad debt Other opex Q2’21 cost reductions costs

24 Q2Q1 | 2021 | SONANS HOLDING Organisational ramp up to handle increasing number of students drives opex growth

Quarterly opex bridge

NOKm • Payroll increased by NOKm 5.9

− NOKm 1.2 in ‘holiday effects’ 25.8 − Net increase of 23 FTEs (32% growth), primarily in 1.5 psychology faculty roles and administration 0.6 5.9 − Variable payroll costs associated with increased number of students and faster invoicing from contractors 17.7

• Bad debt increased by NOKm 0.6

• Other opex increased by NOKm 1.5

− Increased sales and marketing costs

− Improvements in Qybele (technology platform)

− General higher activity level Q2’20 Payroll Bad debt Other opex Q2’21

25 Q2Q1 | 2021 | SONANS HOLDING

Streamlining of Sonans Holding during 2H 2021

Ongoing simplification of corporate structure Renaming of Sonans Holding and Bjørknes Høyskole

• New identity to reflect strategic direction

Sonans Holding As

Sonans Holdco AS Sonans Holding As holding • New identity to reflect multi brand strategy Sonans Midco AS Sonans Bidco AS

Sonans Bidco AS Sonans Gruppen AS Ongoing CFO search

Sonans Norwegian Sonans Gruppen Bjørknes Bjørknes Bjørknes Privatgymnas School of AS Høyskole AS Education AS Høyskole AS AS Technology AS • Current CFO steps down end of August. Interim CFO role Sonans Bjørknes Privatgymnas AS Education AS to be filled with VP of Finance (former CFO of Sonans)

Norwegian School of • Ongoing process with top tier search agency Technology AS

• Fewer entities with less administration • Expect to close during 2H • No operational changes • More logical structure reflecting three business units

26