Lumo Homes Plc · OMXHEX:LUMO
Lumo Homes — Kojamo — Q3 2025 Earnings Presentation
43 slides from Lumo Homes's earnings presentation, Oct 30, 2025
Slide 1: Interim Report 1–9/2025
Interim Report 1–9/2025 30 October 2025 Reima Rytsölä, CEO Erik Hjelt, CFO 1
Slide 2: Agenda
Agenda • Summary of January–September 2025 • Financial development • Outlook and financial targets Kojamo plc's Interim Report January–September 2025 2
Slide 3: Summary of January–September 2025
Summary of January– September 2025
Slide 4: Occupancy rate improved, total revenue and net rental income increased
Occupancy rate improved, total revenue and net rental income increased • Total revenue and net rental income grew • FFO decreased due to higher financial and repair expenses compared to the previous year • Our balance sheet is strong, and there were no significant changes in the fair values of inves
Slide 5: Operating environment
Operating environment General operating environment Operating environment key figures 2025E 2024 • The outlook for the global economy is cautiously GDP growth, % 1.0 0.4 optimistic. The uncertainty and tariffs continue to weaken the growth of global economy Unemployment, % 9.4 8.4 Inflation, % 0.4 1
Slide 6: Operating environment
Operating environment Housing production Industry key figures • Residential start-ups are projected to remain at the previous 2025E 2024 year’s low level and to increase next year Residential start-ups, units 17,800 17,765 of which non-subsidised apartments 4,500 3,360 • There is still oversupply in
Slide 7: Operating environment
Operating environment Rental market situation Population growth forecast 2024–2050, % Helsinki 20.8 • Urbanisation and decreasing average household size Capital region* 25.2 support the long-term demand Jyväskylä 0.9 Kuopio -2.9 • Population growth will continue in the largest cities, driven Lahti -
Slide 8: Immigration and its impact
Immigration and its impact • Net immigration to Finland has tripled over the past five years. Net immigration in 2024 declined slightly from the previous year to around 47,000, but in longer-term comparison, it continues on a growth trajectory • In 2023, a large number of immigrants arrived in Finla
Slide 9: Kojamo's apartment portfolio
Kojamoʼs apartment portfolio Apartment distribution, % Fair value distribution, % 2.9 Helsinki region 1.7 4.2 2.8 2.3 3.5 Tampere region 3.2 2.0 4.4 3.8 5.7 Turku region Oulu 8.4 4.6 Jyväskylä 9.6 Kuopio region 65.1 Lahti region 75.8 Others Number of Number of commercial and Financial apartments, ot
Slide 10: Key figures 1–9/2025
Key figures 1–9/2025 total revenue net rental income funds from operations (FFO) 343.6 M€ 231.6 (228.4 M€, +1.4%) M€ 106.1 (113.8 M€, -6.7%) M€ (338.8 M€, +1.4%) profit excluding changes in fair value of investment net promoter score value 1) profit/loss before taxes properties (NPS) 7.6 Bn€ 58 110.
Slide 11: Financial development
Financial development
Slide 12: Total revenue and net rental income increased
Total revenue and net rental income increased • Total revenue increased due to the improved occupancy rate • Net rental income was positively impacted by growth in total revenue but weakened by increased repair expenses Total revenue, M€ Net rental income, M€ +1.4% +1.4% 442.2 452.4 413.3 297.2 302.
Slide 13: Profit before taxes and FFO
Profit before taxes and FFO • Result before taxes improved especially due to a smaller fair value change than in the comparison period • FFO decreased which was affected by increased financial and repair expenses in the review period Profit/loss before taxes, M€ Funds From Operations (FFO), M€ and €
Slide 14: The occupancy rate improvement continued
The occupancy rate improvement continued • The financial occupancy rate was cumulatively from the beginning of the year 94.4 (91.5) per cent • Following the busy summer months, renting continued at a good level in early autumn, and the occupancy rate for the third quarter increased to 96.1 per cent
Slide 15: Like-for-Like rental income turned clearly positive
Like-for-Like rental income turned clearly positive The latest 12 months compared to the previous 12-month period 1.7% -0.2% 1.1% -0.5% Impacts of Impact of Other Like-for-Like rents and water charges occupancy rate impacts rental income growth Kojamo plc's Interim Report January–September 2025 15
Slide 16: Investments remain at a low level
Investments remain at a low level • We will not make new investment decisions for the time being • We have one ongoing development project in Helsinki where 119 apartments will be completed in the beginning of next year • The sale of 1,944 apartments was completed at the end of July • Modernisation
Slide 17: The value of investment properties was EUR 7.6 billion
The value of investment properties was EUR 7.6 billion Fair value of investment properties, M€* • The valuation yield requirements of the investment -3.6% properties were not changed in the third quarter 8,327.5 8,150.2 8,038.8 7,960.0 7,925.9 7,637.2 • During the third quarter, the fair value chang
Slide 18: 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 2.5 percentage points from the comparison period • There’s a significant buffer to LTV upper threshold of 50 per cent Equity ratio, % Loan to Value (LTV), % 49.0 43.7 44.6
Slide 19: Next financing arrangements will be for 2027 maturities
Next financing arrangements will be for 2027 maturities • In September, Moody’s affirmed Kojamo’s Baa2 credit rating and upgraded the outlook to stable • In August, we refinanced an unsecured 100 M€ loan with OP • In September, we refinanced an unsecured 75 M€ revolving credit facility with Danske •
Slide 20: Key figures per share
Key figures per share • Key figures per share did not change significantly from the year-end Equity per share, € EPRA NRV per share, € +1.2% +0.3% 22.04 19.53 17.25 18.45 18.51 18.34 18.40 15.55 14.74 14.67 14.68 14.56 2021 2022 2023 2024 30 Sep 30 Sep 2021 2022 2023 2024 30 Sep 30 Sep 2024 2025 202
Slide 21: Outlook and financial targets
Outlook and financial targets
Slide 22: Outlook for Kojamo in 2025
Outlook for Kojamo in 2025 Kojamo estimates that in 2025, the Groupʼs total revenue will increase by 0–2 per cent year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2025 will amount to between EUR 135–141 million, excluding non-recurring costs. The outlook is based on the managemen
Slide 23: Strategic targets
Strategic targets • This autumn, we initiated a strategy review that focuses on updating our existing strategy M€ 1–9/2025 2024 2023 2022 2021 2020 Target Annual growth of total revenue, % 1.4 2.3 7.0 5.5 2.0 2.3 4–5 Annual investments, M€ 27.7 52.8 190.7 501.6 356.9 371.2 200–400 FFO/total revenue,
Slide 24: Summary
Summary Total revenue and net rental Improvement in occupancy Our financing position has income grew rate continued; the third remained good, and quarter occupancy rate was indebtedness decreased FFO decreased due to already 96.1 per cent increased financial and repair expenses No significant change
Slide 25: Thank you!
Thank you! Contact details: w CEO Reima Rytsölä, tel. +358 20 508 5077 w CFO Erik Hjelt, tel. +358 20 508 3225 Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.kojamo.fi Financial Statements for 2025 to be published w on 11 February 2026 Kojamo plc's Interim Report Jan
Slide 26: Appendix
a . — = >< kojamo
Slide 27: Our strategy
»* kojamo Our strategy 0) Happy to serve Mission We create better urban living. Urbanisation & internationalisation Values g Strive for success Strategic focal points + Delivering the best + The most competent customer experience personnel and a dynamic + Growth workplace + Operational excellence +
Slide 28: Strategic focal points
Strategic focal points Delivering the We offer easy and effortless services for For now, we focus on growing best customer our customers and create added value Growth total revenue in the existing experience through services apartment portfolio We create competitiveness and Responsibility Operationa
Slide 29: Lumo – Easily best living
Lumo – Easily best living Homes for Basic functions various life Lumo Service Center Real estate development stages My Lumo service Maintenance Sales Cleaning Lumo webstore Renovations and repairs Building management Waste management Customer Technical management benefits Fixed customer benefits Bro
Slide 30: Housing stock and customer distribution
Housing stock and customer distribution • Kojamo’s 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, % studios 1 person 4.9 2.6 2.6 12.1 <25 11.4 14.1 24.6 2 person 25-34 21
Slide 31: Topical with our sustainability work
Topical with our sustainability work • Due to the Omnibus proposal, we will no longer be subject to sustainability and taxonomy reporting requirements. Due to the enactment of the Stop-the-clock directive, we will not report the 2025 data in accordance with CSRD. Kojamo's goal is to continue to clos
Slide 32: Key figures of sustainability 1–9/2025
Key figures of sustainability 1–9/2025 1–9/2025 1–9/2024 Target 1–9/2025 1–9/2024 Target CO₂ emissions -7.4 -18.9 -5.0 Percentage of 90 87 90 per apartment, customers using tCO₂e/apartment, My Lumo, % change % * NPS 58 54 48 Heat index of portfolio, 0.0 3.5 -3.0 weather-nomalized, kWh/m³, change % *
Slide 33: Our roadmap towards carbon neutrality
Our roadmap towards carbon neutrality • We are committed to carbon-neutral energy use in our properties by 2030 • Our goal is to reduce our carbon footprint per apartment by 5% annually • Our property electricity is 100% carbon neutral 1,537 kg CO2e 635 kg CO2e 0 kg CO2e Kojamo plc's Interim Report
Slide 34: Sustainability is visible in our everyday life
Sustainability is visible in our everyday life 100% n/a 100% 7.5% * 61/39% ** 3% 100% 100% 96.1 0.6 (-22.9%) 31,000 30% ** In 2024, one own development project under construction with E-value ≤80 that entered the planning phase before 2021 54 39% 2,640 5 88% 79% 69 M€ 55 Kojamo plc's Interim Report
Slide 35: Sustainability commitments and reporting
Sustainability commitments and reporting Our sustainability Our sustainability reporting and recognitions Our commitments memberships We apply EPRA’s Best Practice Recommendations in our reporting Our target is carbon-neutral energy use in our properties by 2030 We are in the FIBS, the largest corpo
Slide 36: Dividend policy
Dividend policy Kojamo’s objective is to be a stable dividend Dividend history payer whose annual dividend payment will be at least 60 per cent of FFO, provided that the Group’s equity ratio is 40 per cent or more 60% 61% 60% and taking account of the company’s financial position 0.37 0.38 0.39 The
Slide 37: Kojamo's ten largest shareholders (as at 30 September 2025)
Kojamoʼs ten largest shareholders (as at 30 September 2025) Number of Shareholder shares % of shares Development of the number of the shareholders Nominee-registered shareholders 79,303,271 32.1 15,170 15,823 15,298 15,222 1. Heimstaden Bostad AB 49,389,283 20.0 15,137 2. Ilmarinen Mutual Pension In
Slide 38: Key figures
Key figures 7–9/2025 7–9/2024 Change, % 1–9/2025 1–9/2024 Change, % 2024 Total revenue, M€ 113.6 113.2 0.4 343.6 338.8 1.4 452.4 Net rental income, M€ 86.0 85.7 0.3 231.6 228.4 1.4 302.9 Net rental income margin, % 75.7 75.8 67.4 67.4 66.9 Profit/loss before taxes, M€ 32.8 50.6 -35.2 9.1 -14.3 163.2
Slide 39: Consolidated income statement
Consolidated income statement M€ 7–9/2025 7–9/2024 1–9/2025 1–9/2024 1–12/2024 Total revenue 113.6 113.2 343.6 338.8 452.4 Maintenance expenses -21.9 -22.7 -93.8 -93.8 -125.5 Repair expenses -5.7 -4.7 -18.1 -16.6 -24.1 Net rental income 86.0 85.7 231.6 228.4 302.9 Administrative expenses -9.3 -8.8 -
Slide 40: Balance sheet
Balance sheet M€ 30 Sep 2025 30 Sep 2024 31 Dec 2024 ASSETS Non-current assets Intangible assets 0.3 0.4 0.5 Investment properties 7,595.4 7,924.6 7,960.0 Property, plant and equipment 19.7 27.6 27.4 Investments in associated companies 2.4 2.2 2.2 Financial assets 0.8 0.8 0.8 Non-current receivables
Slide 41: Balance sheet
Balance sheet M€ 30 Sep 2025 30 Sep 2024 31 Dec 2024 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 -7.5 -6.2 -7.4 Invested non-restricted equity reserve 164.4 164.4 164.4 Retained ea
Slide 42: Financial key figures
Financial key figures 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 Equity ratio, % 45.6 44.3 43.6 43.2 43.1 Interest cover 2.2 2.2 2.2 2.3 2.5 Coverage ratio 2.4 2.4 2.5 2.6 2.7 Coverage ratio excluding repair expenses ¹⁾ 2.6 2.6 2.7 2.8 2.9 Loan to Value (LTV), % ²⁾ 42.2 45.7 45.4 43
Slide 43: 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