Q1 SONANS HOLDING | 11 May 2021 2021 Erik Brandt, CEO and Henrik Knudtzon, CFO Q1 | 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 NOK 518m 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 (from H2 2021) ~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. Q1 | 2021 | SONANS HOLDING

Strong financial track record and execution

Revenue Financial targets NOKm Sonans Utdanning Bjørknes Høyskole 12% 518 464 430 374 5-10% 317 Revenue 284 2021: Around 5% for the year. 20-25% 249 255 265 growth 221 H1 2021 in the area of the 2021: Around 25% 167 same period LY 128 95 114 68 77 39 45 53 Adj. EBIT Towards slightly above 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 margin 30% >30%

Leverage Adj EBITDA (NGAAP) NIBD / ~2.5x NOKm EBITDA*

+19% 155 Short term level 2-3% of revenues due to exceptional 123 Capex development activities 119 118 91 Mid- to long-term target 1% of revenue 63 57 54 56 55 35 16 17 20 Dividend 7 11 13 13 pay-out 60-80% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 policy

Sonans Utdanning Bjørknes Høyskole Adjustments

3 * EBITDA excluding effects of IFRS16 Q1 | 2021 | SONANS HOLDING

Increasing need for higher education supports growth ambitions

Number of higher education applicants (‘000) Continued growth in applications for autumn 2021

CAGR +3.7% 151 154 Public higher education 136 142 139 128 132 117 120 109 116 • 3,304 more applicants than 2020 • Business and administration with 8% growth in applications

Private institutions 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 • Handelshøyskolen BI − 19% increase applicants for bachelor programmes Higher education applicants per admission place − 10% growth for master programmes 2.6 • Kristiana – 9% increase in applicants overall 2.5 2.5 2.4 2.4 2.4 2.4 • Noroff – 33% increase in applicants 2.3 2.3 2.3 2.2 Strong underlying demand for both Sonans Utdanning and Bjørknes Høyskole 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

4 Source: Samordnet Opptak (i.e. public higher education in Norway); company websites Q1 2021 Financials Q1 | 2021 | SONANS HOLDING Q1 2021 highlights: High student growth, revenue impacted by Covid-19 measures

• Q1’21 revenue up by 7% to NOK 133.3 million and record Pro forma Revenue number of students enrolled in the spring semester − High growth at Bjørknes following strong autumn 2020 student intake NOKm 6.8% − Covid-19 measures triggered extraordinary shift to online at Sonans Education 133.3 124.8

• Adj. EBIT increased by 9% in Q1’21 compared to last year, driven by profitable growth at Bjørknes

• Student intake for autumn semester 2021 significantly up year- Q1’20 Q1’21 over-year − Still early in the student intake cycle Adj EBIT & Adj EBIT margin

• Growth initiatives on track NOKm 9.2% Percent − New bachelor programs 29.6 30 27.1 100 − Norwegian School of Technology 80 − Continue improvement of online offering 20 60 40 10 21.7% 22.2% • Successful listing on Euronext Growth and refinancing 20 − Well funded to execute growth plan and realise long-term ambitions 0 0 Q1’20 Q1’21

6 Q1 | 2021 | SONANS HOLDING Group revenues stable by semester but some seasonality in opex

Quarterly pro forma revenues and adj. EBIT margin

• 7% increase in revenues from Q1’20 driven by NOKm +7% Percent student growth 150 136.0 133.3 50 124.8 125.8 131.8 40 • Revenue seasonality driven by semester – spring 100 39.9% 30 semester Q1 & Q2 and autumn semester Q3 & Q4 21.7% 34.5% 22.2% 25.5% 20 50 • Q1 opex for Sonans Holding has 10 0 0 increased by 6% since same period LY Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 − Payroll biggest item, increased due to higher activity at Bjørknes Adj opex − Other cost up due to increased activity at Bjørknes, project related IT costs and professional fees NOKm 6% − Sales and marketing slightly down due to website 91.1 development costs LY and lower accrued costs for 1H’21 85.6 88.9 74.2 • Some seasonality in opex 63.4 − Payroll very low in Q2 due to holiday pay effect and variable activity costs end of each semester at Bjørkes − Higher marketing costs in 1H due to higher accruals in spring semester

Q1’20 Q2’20 Q3’20 Q4’20 Q1’21

7 Q1 | 2021 | SONANS HOLDING

Sonans Utdanning - Strong student growth but revenues impacted by shift to online

• Strong underlying student growth of 10% in the spring semester

• Q1 revenue impacted by Covid-19 measures triggering extraordinary shift to online studies – flat year on year

• Focus on operational efficiency secured stable cost development – personnel costs up only 0.6%

• Q1’21 adj. EBIT-margin on par with last year

• Opex seasonality leading to adj. EBIT margin variation across quarters

Revenues Adj. EBIT & EBIT margin # Students* 9.7% NOK million NOK milllion 8,492 7,740 7,740 -0.6% 7,580 7,580 0.2% 40 36.6 100 35 94.9 94.3 92.9 94.4 95.0 30.1 80 30 5,834 24.8 5,948 5,948 25 60 5,837 5,837 19.7 19.6 20 39% 32% 40 15 26% 21% 10 21% 20 2,658 5 1,792 1,792 1,743 1,743 0 0 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21

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 8 and online contracts per 17 September included Q1 | 2021 | SONANS HOLDING Sonans Utdanning - Covid-19 measures caused shift to online

Q1 revenue bridge – estimated* effect of mix shift to online • Significant shift from campus to online studies due to Covid-19 measures NOKm − Lock down in Norway (especially Oslo) in peak +5% sales period in January 99.4 94.9 95.0 1.9 2.5 5.4 5.5 • Online share of total revenue increased to 31% vs 23% in Q1’20

• Financial implications of shift to online studies: − Lower price for online vs campus − Online revenues recognized over 12 months vs campus revenues over 6 months – revenue deferred to later period

• Target of 5% revenue growth in 2021 remains unchanged Q1’20 Campus Online Q1’21 Price Income Q1’21 Mix effect periodisation shift effect adjusted sales

9 * Estimated assumes growth rate of online would be 2x campus if not extraordinary Covid-19 infection rate and measures had occurred during peak intake period in January 2021 Q1 | 2021 | SONANS HOLDING Bjørknes Høyskole - Strong demand and improved efficiency

• 28% growth in number of students in the spring semester and 28% increase in revenues in Q1’21 vs Q1’20

• Solid revenue growth driven by strong student intake especially in the autumn of 2020 – no mix shift, price for campus and online equal

• Growth also partly driven by new programs and embedded through a high degree of recurring revenues

• Strong growth yielding economies of scale and improved margins

• Opex seasonality leading to adj. EBIT margin variation across quarters

Revenues Adj. EBIT & EBIT margin # Students 27.6% NOKm NOKm 2,513 2,513 36.8% 2,415

16 15.5 100 27.8% 1,893 1,893 14 41.2 12.1 11.5 80 1,548 1,548 38.7 38.3 12 10.7 1,538 30.0 31.4 10 60 1,119 1,119 7.8 8 39% 40% 40 6 26% 28% 28% 4 965 965 20 774 774 877 2 0 0 Q1’20 Q2’20 Q3’21 Q4’21 Q1’22 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21 Q1’20 Q2’20 Q3’20 Q4’20 Q1’21

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 10 ** 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) Q1 | 2021 | SONANS HOLDING

Well funded to execute growth plan

NOKm Q1'21 FY2020 Intangible assets 960.9 968.2 • IPO and primary issue of NOK 200 million in February Tangible assets 161.4 163.9 Financial assets 1.6 1.5 • Loan facility refinanced with Nordea - debt reduced by NOK Fixed assets 1,123.9 1,133.6 156 million Accounts receivables 38.1 24.0 − New senior facility of NOK 450 million Earned, not invoiced 2.7 51.9 − Other receivables 17.5 16.2 Revolving credit facility of NOK 70 million Cash and bank deposits 163.4 17.8 Current assets 221.8 109.9 • Leverage ratio – NIBD/EBITDA* of 1.8 Total assets 1,345.7 1,243.5 − Seasonal low point of leverage Paid-in equity 494.6 294.6 Retained earnings - 5.6 3.0 • Significant cash generation in Q1. Most tuition Equity 489.0 297.6 fee paid at the start of semester Provisions 2.2 2.2 Liabilities to financial institutions 436.3 541.8 Non-current lease liabilities 105.2 113.3 • Final contingent consideration for acquisition of Non-current liabilities 543.8 657.3 Bjørknes Høyskole totalling NOK 30 million due in May Liabilities to financial institutions 10.0 54.0 Current lease liabilties 43.3 44.2 • Cash and liquidity position as of 31 March of Trade creditors 5.8 5.6 NOK 163.4 million Unearned income 155.1 82.2 Tax payable 23.5 22.8 Contigent consideration 30.0 30.0 Other current debt 45.2 49.9 Current liabilities 312.9 288.6 Total liabilities 856.7 945.9 Total equity and liabilities 1,345.7 1,243.5

11 * LTM adjusted EBITDA excluding IFRS16 effects Q1 | 2021 | SONANS HOLDING

High cash conversion in Q1 due to tuition payment cycle

Key Cash flow elements in Q1’21 and cash conversion*

NOKm 126.1

• Student intake period for spring semester in early Q1 and invoicing/payment of tuition leads to 98.4 favourable NWC 30.1 2.4 • Q1’21 capex mostly capitalised development costs Adj EBITDA Capex Change in NWC Simplified at Bjørknes Høyskole and NTech before IFRS operational cash flow

• Given the seasonal NWC and capex profile the cash Operational cash flow & cash conversion conversion is very high in the first quarter

419% • This tuition invoicing/payment also takes place in 421% Q3, whereas Q2 and Q4 have negative operational cashflow 115 126

Q1’20 Q1’21

12 * Calculated as (LTM forma adjusted EBITDA before IFRS –Capex Delta NWC – ) / Pro forma adjusted EBITDA before IFRS Q1 | 2021 | SONANS HOLDING Q1 with negative NWC due to high level of invoiced tuition at start of semester

Adj. net working capital*

NOKm

• Net working capital of -140 million in Q1’20

-23.9 -26.1 -32.6 • First quarter with low NWC since students are invoiced -41.4 for spring semester in early Q1. Similar effect in Q3 for autumn semester -75.7

-92.6 • Growth has positive cash flow effect from net working -107.9 capital -120.4

-139.8 Q1 Q2 Q3 Q4

2019 2020 2021

* Pro forma and one-off adjusted net working capital. One offs includes Bjørknes Høyskole AS loan to Oslo Analytica, provision for Qybele, grants from Kompetanse Norge for Bjørknes Høyskole, COVID-19 tax extension, listing costs, prepayment of rent (reclassified from NWC to net debt in regards to IFRS), bonus accrual and earn-outs related to acquisition of Bjørknes Høyskole 13 (reclassified from NWC to ND) Q1 2021 Operations Q1 | 2021 | SONANS HOLDING

Key priority - Optimal learning environment for the students

“Sonans Holding strives to create an excellent student experience, enabling the students to leverage their full potential and strengths” Q1 | 2021 | SONANS HOLDING

Market leading education creates high student satisfaction

Bjørknes Høyskole – Ranked 3rd in Norway Sonans Education: Top results and student satisfaction

“How satisfied are you with the teachers?” (Scale 1-5) 4.5 4.5 5.0 4.8 4.6 4.6 4.6 4.2 4.1 4.1 4.1 4.1 4.0 4.0 3.9  Satisfied students 2020 2021

Qualification for higher education (Sonans Utdanning 2020 alumni) og

- 85% NTNU OsloMet høgskole Høgskole grøn utvikling grøn Arkitektur Høyskolen for for Høyskolen Høgskulen for for Høgskulen 15%  BjørknesHøyskole

Ledelse Ledelse og Teologi Students eligible for higher ed. Universitetet i Oslo Atlantis Medisinske Atlantis

Høyskolen Kristiania Høyskolen Not qualified Qualified HandelshøyskolenBI Lovisenberg diakonale designhøgskolen i Oslo designhøgskolen Norges Handelshøyskole Høyskolen Høyskolen for dansekunst

16 Source: Studiebarometeret 2020 Q1 | 2021 | SONANS HOLDING Sonans Utdanning - Continued growth opportunity in self-study segment

Estimated* # private candidates and Sonans market share

# thousand students • Successfully targeting self-study segment with ~25,000 students that pay for Sonans’ leading education offering exam retakes without paying for educational assistance from Sonans Utdanning or − Capturing market share consistently since 2014 similar providers

43.6 43.6 42.9 42.7 42.4 • Continued targeting of self-study segment 41.2 41.8

− Building awareness around offering (57%) 57% − Documenting the value and student outcome of high 61% 68% 65% 61% quality education programs 74% 73% (100%) − Offering tailored omnichannel education to reach a broader market 17% (17%) 15% 15% 13% 13% 10% 11% 26% 22% 24% 24% 16% 17% 20%

2014 2015 2016 2017 2018 2019 2020 (26%) Sonans Competitors Self study

* Based on Sonans Gruppen’s own estimate 17 Sources: Management, County school offices, Privatistweb, UDIR Q1 | 2021 | SONANS HOLDING Sonans Utdanning - Positive momentum on student intake for the autumn, although still early in the cycle

Sonans Utdanning – net sales 24% ahead of LY per week 17, most of sales cycle still left

NOKm 350 2021

300 2020 2019 250

200

150

100

+24% 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 • Strong growth in sale for the school year 2021/2022 per week 17 − Campus sales 9% ahead of LY − Online sales up 68% from same period LY • Most of sales cycle remaining and week 17 must be considered as indicative only

18 Q1 | 2021 | SONANS HOLDING Sonans Utdanning - Shorter-term initiatives to support growth strategy

• New school at Ski, accepting students from autumn • Enhance online offering with revised content and new functions • Several new highly motivated principals recruited • Continuous sales and marketing improvement

− New dashboards and KPIs to improve insight − Further training and development of counsellors − New market campaign

19 Q1 | 2021 | SONANS HOLDING Bjørknes Høyskole - Launch of new programmes to drive growth

Significant growth in # programmes offered at Bjørknes Illustration of revenue from launch of new bachelor programme* NOKm 10 1 35.1 34.1

2 12.1 11.8

22.3 5

11.4 11.2 11.5 7 11.1

11.1 10.8 11.2 11.5

2020 2021 School Year 1 School Year 2 School Year 3 School Year 4

Bachelor (confirmed) Bachelor (pending) Master Year 1 cohort Year 2 cohort Year 3 cohort Year 4 cohort

• 2 new bachelors’ and 1 new master confirmed • Still waiting for NOKUT accreditation for 2 bachelors' (one has been given conditional accreditation) • New autumn 2021 programs with relative late launch and autumn 2021 application volume expected to be impacted

20 * Based on actual student intake for autumn 2020 for new bachelor of psychological health work. Tuition fee of NOK 42,000 per semester. Inflation of 3%. 5% churn after the first two semesters Q1 | 2021 | SONANS HOLDING Bjørknes Høyskole - Positive momentum on student intake for the autumn, although still early in the cycle

Bjørknes høyskole – very high growth in applications compared to LY And even higher growth in signed contracts

# unique applicants # signed contracts 2021 2020 3,500 2,000 2019

3,000

1,500 2,500

2,000 1,000 1,500 +48% 1,000 500

500 +145%

0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Jan Feb Mar Apr May Jun Jul Aug Sep

• Number of unique applicants up 48% per end of April • Signed contracts up 145% per end of April − Campus up 40% compared to LY − Campus increased by 163% compared to LY − Online applicants with 58% increase from LY − Online contracts up by 127% from LY

Most of enrolment cycle remaining so data per April 21 must be considered as indicative only Q1 | 2021 | SONANS HOLDING Bjørknes Høyskole - Shorter-term initiatives to support growth strategy

• Three new programs confirmed for the autumn and two bachelors pending accreditation • Growing the organization to support new programmes and student growth • Significant boost of sales and marketing (i.e. new website, new profile, new campaign, new dashboards and increased marketing spend)

22 Q1 | 2021 | SONANS HOLDING

New growth initiative: Norwegian School of Technology

• Large demand for high quality Business idea practical programming expertise

• Vocational school, potentially higher education and boot camps for IT education Concept • Focus on practical usage of IT skills demanded by job market • Target group: All students with IT interest

• Target of first semester in 2022 • Started to hire employees Progress • Re-submit NOKUT application in August 2021

23 Q1 2021 Summary and outlook Q1 | 2021 | SONANS HOLDING

Summary and outlook

• The leading private education provider in Norway listed on Euronext Growth in Q1

• Increasing need for higher education supports growth ambitions

• Record-high level of students and student intake in Q1, and strong momentum for autumn intake

• Solid revenue growth and adj. EBIT growth in Q1 2021, in spite of covid-19 effects

• Focus on developing and expanding leading education offerings

• Well prepared and funded to execute strategy and the company’s financial ambition remains unchanged

25 Q1 | 2021 | SONANS HOLDING

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