Lumo Homes Plc · OMXHEX:LUMO
Lumo Homes — H1 2026 Earnings Presentation
40 slides from Lumo Homes's earnings presentation, Aug 13, 2026
Slide 1: Half-Year Financial Report 1–6/2026
Half-Year Financial Report 1–6/2026 13 August 2026 Reima Rytsölä, CEO Antti Syvänen, Interim CFO
Slide 2: Agenda
Agenda • Summary of January–June 2026 • Financial development and outlook Lumo Homes plc's Half-Year Financial Report January–June 2026 2
Slide 3: Summary of January–June 2026
Summary of January–June 2026 Lumo Homes plc's Half-Year Financial Report January–June 2026 3
Slide 4: Total revenue, net rental income and FFO grew in the second quarter
Total revenue, net rental income and FFO grew in the second quarter • Total revenue, net rental income and FFO grew strongly in the second quarter • Our liquidity remained good and our balance sheet strong • Financial occupancy rate increased from the previous year and stood at 95.0 per cent at the
Slide 5: Operating environment
Operating environment General operating environment Operating environment key figures • The global economic outlook is cautiously positive but the 2026E 2025 prolonged crisis in the Middle East is weakening the GDP growth, % 0.8 0.3 outlook for global economy Unemployment, % 10.4 9.7 • Economic grow
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: 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, supported Jyväskylä 0.9 by immigration and internal migration, main
Slide 8: Lumo Homes’ apartment portfolio
Lumo Homes’ apartment portfolio Apartment distribution, % Fair value distribution, % 3.8 Helsinki region 3.2 2.51.7 2.9 Tampere region 2.8 2.0 1.8 5.1 4.0 Turku region 3.8 • Measured at fair value, 89.2 4.8 Oulu 9.4 per cent of Lumo Homes' Jyväskylä rental apartments were located 10.6 65.7 Kuopio re
Slide 9: Leasing of the acquired 4,761 apartment portfolio progressing significantly better than expected
Leasing of the acquired 4,761 apartment portfolio progressing significantly better than expected • Portfolio integration has proceeded exceptionally well Indicative fair value breakdown, % • Portfolio occupancy rate rose from approximately 83 per cent to approximately 89 per cent in one quarter Hels
Slide 10: Key Figures 1–6/2026
Key Figures 1–6/2026 total revenue net rental income funds from operations (FFO) 235.8 M€ 151.6 M€ 64.8 M€ (229.9 M€, +2.6 %) (145.6 M€, +4.1 %) (62.0 M€, +4.5 %) net promoter score fair value of investment properties (NPS) profit excluding changes in value 1) profit/loss before taxes 8.5 Mrd€ 59 71
Slide 11: Financial targets 2026-2028
Financial targets 2026-2028 1–6/2026 Target Growth Average annual growth of total revenue, % 2.6 5–7 Customer satisfaction Net Promoter Score (NPS) 59 > 65 Profitability Average annual growth of FFO/share, % 4.0 3–5 Risk management Loan to Value (LTV), % 45.1 < 45 Lumo Homes’ objective is to be a st
Slide 12: Financial development and outlook
Financial development and outlook Lumo Homes plc's Half-Year Financial Report January–June 2026 12
Slide 13: Total revenue and net rental income increased
Total revenue and net rental income increased • The increase in total revenue was particularly affected by acquisition of 4,761 apartments in April and improvement in occupancy rate, and was negatively affected by apartments sold in 2025-2026 • Net rental income increased particularly due to the hou
Slide 14: Profit before taxes and FFO increased
Profit before taxes and FFO increased • Profit before taxes and FFO increased. This was positively affected by the increase in total revenue Profit/loss before taxes, M€ Funds From Operations (FFO), M€ and €/share Profit excluding changes in value Changes in value* +4.5% Funds From Operations (FFO)
Slide 15: The occupancy rate increased from previous year
The occupancy rate increased from previous year • The occupancy rate was 95.0 (93.6) per cent in the review period and 94.4 (94.4) per cent in the second quarter • The occupancy rate of the acquired portfolio stood at approximately 89 per cent at the end of the review period • Tenant turnover increa
Slide 16: Positive development of Like-for-Like rental income
Positive development of Like-for-Like rental income Like-for-Like growth (LfL) illustrates the change in rental income for properties owned for two consecutive years in the past 12 months compared to the previous 12-month period 3.7% 0.1% 2.7% -1.0% Impacts of Impact of Other impacts Like-for-Like r
Slide 17: Strong progress in investments
Strong progress in investments • The acquisition of 4,761 apartments was completed on 1 April 2026. The debt-free transaction price was approximately EUR 900 million • 218 apartments were sold during the review period • Modernisation investments increased slightly from the comparison period Gross in
Slide 18: Fair value of investment properties was EUR 8.5 billion
Fair value of investment properties was EUR 8.5 billion • The increase in the fair value of investment properties Fair value of investment properties, M€ * was particularly due to the acquired housing portfolio +7.5% • The valuation yield requirements of the investment 8,150.2 8,038.8 8,473.8 7,960.
Slide 19: Equity ratio and Loan to Value (LTV)
Equity ratio and Loan to Value (LTV) • Equity ratio and Loan to Value (LTV) have remained strong • Following the housing portfolio acquisition in April, LTV rose temporarily above our target level Equity ratio, % Loan to Value (LTV), % 45.3 44.5 43.2 45.4 44.3 45.0 43.7 44.6 43.9 44.4 45.1 42.3 2022
Slide 20: Our financial position has remained strong
Our financial position has remained strong • In May, we issued a EUR 300 million unsecured bond. The proceeds from the issuance were used to refinance half of the EUR 600 million acquisition financing facility drawn in April • In June, we signed a EUR 500 million back-stop facility agreement. The fa
Slide 21: Key figures per share
Key figures per share • Key figures per share did not change significantly from the year-end Equity per share, € EPRA NTA per share, € -0.4% -1.5% 15.55 14.89 19.52 18.44 18.50 18.61 14.67 14.68 14.59 14.53 18.25 17.98 2022 2023 2024 2025 30 Jun 30 Jun 2022 2023 2024 2025 30 Jun 30 Jun 2025 2026 202
Slide 22: Outlook for 2026 (specified)
Outlook for 2026 (specified) Lumo Homes estimates that in 2026 the Group’s total revenue will amount to between EUR 488–493 million (previously EUR 484–497 million). In addition, the company estimates that the Group’s FFO for 2026 will amount to between EUR 147–152 million excluding non-recurring co
Slide 23: 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 24: Thank you!
Thank you! Contact details: Interim Report CEO Reima Rytsölä, tel. +358 20 508 5077 January-September 2026 Interim CFO to be published on Antti Syvänen, tel. +358 20 508 3061 5 November 2026 Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.yritys.lumo.fi/en Lumo Homes
Slide 25: Appendix
Appendix Lumo Homes plc's Half-Year Financial Report January–June 2026 25
Slide 26: 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 27: Topical with our sustainability work
Topical with our sustainability work • The implementation of the new sustainability programme continued during the reporting period. The programme was further integrated into management practices • Lumo was selected for the Europe’s Climate Leaders list in May for the second consecutive year. The re
Slide 28: 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 29: 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 30: Lumo Homes’ ten largest shareholders (as at 30 Jun 2026)
Lumo Homes’ ten largest shareholders (as at 30 Jun 2026) Number of Shareholder shares % of shares Development of the number of shareholders Nominee-registered shareholders 71,002,809 26.8 16,635 15,298 15,222 14,823 15,088 1. Heimstaden Bostad AB 49,389,283 18.7 2. Varma Mutual Pension Insurance Com
Slide 31: Dividend policy
Dividend policy Profit distribution during the reporting period: • The Annual General Meeting 12 March 2026 resolved, in accordance with the proposal of 60% 61% 60% the Board of Directors, that a dividend of EUR 0.11 per share be paid for the financial year 0.37 0.39 0.38 2025 19% • The dividend pay
Slide 32: 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 2.8 2.8 10.5 <25 studios 10.1 25.5 14.5 2 person 25-34
Slide 33: 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 34: 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 • According to the housing market review published by Rakli in
Slide 35: Key figures
Key figures 4–6/2026 4–6/2025 Change, % 1–6/2026 1–6/2025 Change, % 2025 Total revenue, M€ 125.0 115.6 8.1 235.8 229.9 2.6 455.2 Net rental income, M€ 91.7 82.8 10.7 151.6 145.6 4.1 307.7 Net rental income margin, % 73.4 71.7 64.3 63.3 67.6 Profit/loss before taxes, M€ 83.6 -12.7 756.8 62.7 -23.8 36
Slide 36: Consolidated income statement
Consolidated income statement M€ 4–6/2026 4–6/2025 1–6/2026 1–6/2025 1–12/2025 Total revenue 125.0 115.6 235.8 229.9 455.2 Maintenance expenses -27.0 -26.2 -72.7 -71.9 -123.4 Repair expenses -6.3 -6.6 -11.5 -12.4 -24.1 Net rental income 91.7 82.8 151.6 145.6 307.7 Administrative expenses -11.9 -10.6
Slide 37: Balance sheet
Balance sheet M€ 30 Jun 2026 30 Jun 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 0.3 0.4 0.4 Investment properties 8,448.7 7,612.4 7,580.6 Property, plant and equipment 19.3 19.8 19.5 Investments in associated companies 1.5 2.4 2.5 Financial assets 0.7 0.8 0.7 Non-current receivables
Slide 38: Balance sheet
Balance sheet M€ 30 Jun 2026 30 Jun 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 2.7 -11.1 -4.3 Invested non-restricted equity reserve 401.5 164.4 164.4 Retained ea
Slide 39: Financial key figures
Financial key figures 30 Jun 2026 31 Mar 2025 31 Dec 2025 30 Sep 2025 30 Jun 2025 Equity ratio, % 45.0 46.2 45.4 45.6 44.3 Interest cover 2.3 2.3 2.3 2.2 2.2 Coverage ratio 2.4 2.4 2.4 2.4 2.4 Coverage ratio excluding repair expenses ¹⁾ 2.6 2.6 2.6 2.6 2.6 Loan to Value (LTV), % ²⁾ 45.1 42.5 42.3 42
Slide 40: Important information
Important 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 commitme