、。
Sports day's finally over, and now midterms, huh.
Literal
Sports-festival [also-も] ended [and-also-し], next [topic-は] mid-term test [I-see-かあ].
も marks 体育祭 as 'also' in a list of things already done. The し chaining to a trailed-off follow-up is characteristic — 'sports day's over and (so now...)' — leaving the new topic to surface naturally. Final かあ is the reflective か 'huh' stretched into a sigh, conveying mild resignation about the coming test. 中間テスト is a compound: 中間 (middle) + テスト (English loan 'test').