Lumo Homes Plc · OMXHEX:LUMO
Lumo Homes — Kojamo — Q1 2026 Earnings Presentation
40 slides from Lumo Homes's earnings presentation, May 6, 2026
Slide 1: Interim Report 1–3/2026
Interim Report 1–3/2026 6 May 2026 Reima Rytsölä, CEO Erik Hjelt, CFO
Slide 2: Agenda
Agenda • Summary of January–March 2026 • Financial development and outlook Lumo Homes plc's Interim Report January–March 2026 2
Slide 3: Summary of January–March 2026
Summary of January–March 2026 Lumo Homes plc's Interim Report January–March 2026 3
Slide 4: Like-for-like rental income grew, occupancy rate improved from the previous year
Like-for-like rental income grew, occupancy rate improved from the pevious year • Total revenue and net rental income decreased mainly due to the sale of a portfolio of approximately 2,000 apartments completed in July last year • FFO declined as a result of lower total revenue and the cold winter •
Slide 5: Operating environment
Operating environment General operating environment Operating environment key figures 2026E 2025 • The global economic outlook is uncertain. Inflation caused GDP growth, % 1.0 0.2 by the war in the Middle East and rising interest rates Unemployment, % 10.2 9.7 weaken the outlook for economic growh I
Slide 6: Operating environment
Operating environment Housing production Industry key figures 2026E 2025 • Residential start-ups are expected to decline further to Residential start-ups, units 15,000 16,300 15,000 units this year and remain at the same level next year of which non-subsidised apartments 3,400 2,700 • Growth in hous
Slide 7: Key Figures 1–3/2026
Key Figures 1–3/2026 total revenue net rental income funds from operations (FFO) 110.8 M€ 59.9 M€ 21.2 M€ (114.3 M€, -3.1 %) (62.8 M€, -4.7 %) (23.3 M€, -8.7 %) net promoter score fair value of investment properties (NPS) profit excluding changes in value 1) profit/loss before taxes 7.6 Mrd€ 60 21.7
Slide 8: Carbon-neutral energy use target for 2030
Carbon-neutral energy use target for 2030 • We are committed to achieving carbon-neutral energy use across our properties by 2030. Our target is to reduce the carbon footprint of energy consumption per apartment by 5% annually • Over the past five years, the carbon footprint of energy consumption pe
Slide 9: Acquisition of 4,761 apartments completed after the review period
Acquisition of 4,761 apartments completed after the review period • New properties were available for rent immediately in Indicative fair value the Lumo online store breakdown, % • Portfolio takeover has started as planned Helsinki region 75.6% Tampere region 17.9% • Occupancy rate has turned positi
Slide 10: Financial development and outlook
Financial development and outlook Lumo Homes plc's Interim Report January–March 2026 10
Slide 11: Total revenue and net rental income
Total revenue and net rental income • The decline in total revenue was particularly affected by the housing portfolio sold in July 2025. On the other hand, the improvement in the occupancy rate increased total revenue • The decrease in net rental income was particularly affected by the decreased tot
Slide 12: Profit before taxes and FFO
Profit before taxes and FFO • Profit before taxes and FFO decreased. This was particularly affected by the decrease in total revenue, the increase in heating costs caused by the cold winter, and the increase in administrative expenses during the review period Profit/loss before taxes, M€ Funds From
Slide 13: The occupancy rate improved from previous year
The occupancy rate improved from previous year • The occupancy rate was 95.6 (92.8) per cent in review period • Tenant turnover increased slightly from the comparison period Financial occupancy rate, % Tenant turnover, % excluding internal turnover 95.6 94.8 31.1 29.5 29.7 93.0 92.8 27.9 92.0 91.5 6
Slide 14: Like-for-Like rental income grew
Like-for-Like rental income grew • The latest 12 months compared to the previous 12-month pediod • The growth was due to a significantly improved occupancy rate 4.3% 0.0% 3.2 % -1.1% Impacts of Impact of Other impacts Like-for-Like rents and water charges occupancy rate rental income growth Lumo Hom
Slide 15: Investments were at a low level in the first quarter
Investments were at a low level in the first quarter • A project of 119 apartments in Helsinki was completed in February • After the review period, we completed the acquisition of 4,761 apartments • Modernisation investments increased from the comparison period as we started a few larger modernisati
Slide 16: Fair value of investment properties was EUR 7.6 billion
Fair value of investment properties was EUR 7.6 billion • In the first quarter, the change in the fair value of Fair value of investment properties, M€ * investment properties was EUR -42.6 million -4.5% • The change in fair value was mainly due to changes in calculation parameters as the properties
Slide 17: Equity ratio and Loan to Value (LTV) strengthened
Equity ratio and Loan to Value (LTV) strengthened • Equity ratio and Loan to Value (LTV) have remained strong • LTV decreased by 1.5 percentage points from the comparison period • There is a sizeable buffer to the upper LTV threshold of 45 per cent Loan to Value (LTV), % Equity ratio, % 46.2 43.7 44
Slide 18: Our financial position has remained strong
Our financial position has remained strong • In February, we signed a EUR 600 million acquisition financing facility, which was drawn after the review period on 1 April 2026 • The facility is intended to be refinanced with debt from the capital markets • In March, we repaid a bond of EUR 135 million
Slide 19: Key figures per share
Key figures per share • Key figures per share at a slightly stronger level than previous year Equity per share, € EPRA NTA per share, € +0.8% +0.8% 19.52 18.44 18.50 18.61 18.31 18.46 15.55 14.67 14.68 14.89 14.65 14.77 2022 2023 2024 2025 31 Mar 31 Mar 2025 2026 2022 2023 2024 2025 31 Mar 31 Mar 20
Slide 20: Financial targets 2026–2028
Financial targets 2026-2028 1–3/2026 Target Growth Average annual growth of total revenue, % ¹⁾ n/a 5–7 Customer satisfaction Net Promoter Score (NPS) 60 > 65 Profitability Average annual growth of FFO/share, %²⁾ n/a 3–5 Risk management Loan to Value (LTV), % 42.5 < 45 ¹⁾ Actual 1-3/2026 Total reven
Slide 21: Outlook for 2026 unchanged
Outlook for 2026 unchanged Lumo Homes estimates that in 2026 the Group’s total revenue will amount to between EUR 484–497 million. In addition, the company estimates that the Group’s FFO for 2026 will amount to between EUR 147–157 million excluding non-recurring costs. The outlook is based on the ma
Slide 22: We create better urban living – Simply the right home
Our Values Mission Brand Promise We create better Simply the right home Happy to serve Strive for success urban living Courage to change Strategic focus area Seamless customer A truly customer-centric The most capable and Industry leading Strong contribution to journey enabled by data, portfolio re
Slide 23: Thank you!
Thank you! Contact details: Half-Year Financial Report CEO Reima Rytsölä, tel. +358 20 508 5077 January-June 2026 to be CFO published on Erik Hjelt, tel. +358 20 508 3225 13 August 2026 Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.yritys.lumo.fi/en Lumo Homes plc's
Slide 24: Appendix
Appendix Lumo Homes plc's Interim Report January–March 2026 24
Slide 25: Topical with our sustainability work
Topical with our sustainability work • We implemented a renewed sustainability programme at the beginning of 2026. The programme focuses on the themes most material to our business and stakeholders and supports the execution of our strategy • We launched a large-scale apartment-specific water meteri
Slide 26: Sustainability programme targets and progress
Sustainability programme targets and progress The new sustainability programme was implemented at the beginning of 2026. All figures are based on 2025 data. Carbon-neutral energy use Energy efficiency Water consumption Target: Scope 2 emissions reduced to zero by 2030 Target: 6% energy efficiency im
Slide 27: Sustainability programme
Sustainability programme Buildings & homes Customers Personnel We create We provide homes We are a modern sustainable buildings where customers workplace that strives and homes thrive and feel safe for success and has the • Reduce greenhouse gas emissions from our • Be a fair and transparent landlor
Slide 28: Operating environment
Operating environment Rental market situation Population growth forecast 2024–2050, % Helsinki 20.8 • There is still plenty of supply in the rental market Capital region* 25.2 • Population growth will continue in the largest cities, mainly Jyväskylä 0.9 concentrated in the capital region, Tampere an
Slide 29: Immigration and its impact
Immigration and its impact • Net immigration to Finland has been at historically high level in recent years. In 2025, net immigration decreased from the previous year but it was still third highest in the history of statistical recording • Immigration from Asia has increased since 2020, and it accou
Slide 30: Lumo Homes' apartment portfolio
Lumo Homes’ apartment portfolio Apartment distribution, % Fair value distribution, % Helsinki region 1.7 2.9 4.2 2.7 2.3 3.5 Tampere region 3.2 2.0 4.3 3.7 Turku region 5.7 Oulu 8.4 4.6 Jyväskylä 9.6 Kuopio region 65.1 Lahti region 76.0 Others Number of Number of commercial and Financial apartments,
Slide 31: Housing stock and customer distribution
Housing stock and customer distribution • Lumo Homes’ housing stock meets the demand well • All age groups are represented among the tenants Housing stock by apartment type, % Customers by household type, % Customers by age group, % 1 person 4.9 2.7 2.7 10.5 <25 studios 11.1 24.6 14.6 2 person 25-34
Slide 32: Dividend policy
Dividend policy Dividend history Lumo Homes’ objective is to be a stable dividend payer whose annual dividend payment and/or share buy-backs will be at 60% 61% 60% least 20 per cent of FFO, provided that the Group’s equity ratio is 40 per cent or more 0.37 0.38 0.39 and taking account of the company
Slide 33: Lumo Homes' ten largest shareholders (as at 31 Mar 2026)
Lumo Homes’ ten largest shareholders (as at 31 Mar 2026) Number of Shareholder shares % of shares Development of the number of shareholders Nominee-registered shareholders 76,912,367 31.1 15,823 15,298 15,222 14,823 15,088 1. Heimstaden Bostad AB 49,389,283 20.0 2. Ilmarinen Mutual Pension Insurance
Slide 34: Lumo living benefits
Lumo living benefits Lumo living includes Services for easy move Other benefits • Pets welcome • Key machine • Home insurance • Security deposit 0 € • Moving service • Electricity contract • Free decoration paints • Home cleaning service • Home cleaning services • My Lumo service • Dishwasher ordere
Slide 35: Key figures
Key figures 1–3/2026 1–3/2025 Change, % 2025 Total revenue, M€ 110.8 114.3 -3.1 455.2 Net rental income, M€ 59.9 62.8 -4.7 307.7 Net rental income margin, % 54.0 54.9 67.6 Profit/loss before taxes, M€ -20.9 -11.0 -89.7 26.8 Gross investments, M€ 12.0 4.0 202.0 42.5 Funds From Operations (FFO), M€ 21
Slide 36: Consolidated income statement
Consolidated income statement M€ 1–3/2026 1–3/2025 1–12/2025 Total revenue 110.8 114.3 455.2 Maintenance expenses -45.7 -45.7 -123.4 Repair expenses -5.2 -5.8 -24.1 Net rental income 59.9 62.8 307.7 Administrative expenses -10.2 -9.1 -40.8 Other operating income and expenses 0.8 0.7 3.9 Profit/loss
Slide 37: Balance sheet
Balance sheet M€ 31 Mar 2026 31 Mar 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 0.4 0.4 0.4 Investment properties 7,547.6 7,642.6 7,580.6 Property, plant and equipment 19.4 27.2 19.5 Investments in associated companies 2.4 2.2 2.5 Financial assets 0.7 0.8 0.7 Non-current receivables
Slide 38: Balance sheet
Balance sheet M€ 31 Mar 2026 31 Mar 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity attributable to shareholders of the parent company Share capital 58.0 58.0 58.0 Share issue premium 35.8 35.8 35.8 Fair value reserve 5.1 -7.3 -4.3 Invested non-restricted equity reserve 164.4 164.4 164.4 Retained ear
Slide 39: Financial key figures
Financial key figures 31 Mar 2026 31 Dec 2025 30 Sep 2025 30 Jun 2025 31 Mar 2025 Equity ratio, % 46.2 45.4 45.6 44.3 43.6 Interest cover 2.3 2.3 2.2 2.2 2.2 Coverage ratio 2.4 2.4 2.4 2.4 2.5 Coverage ratio excluding repair expenses ¹⁾ 2.6 2.6 2.6 2.6 2.7 Loan to Value (LTV), % ²⁾ 42.5 42.3 42.2 45
Slide 40: Important information
Import information This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securitites in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment