Lumo Homes Plc · OMXHEX:LUMO
Lumo Homes — Kojamo — Q1 2025 Earnings Presentation
42 slides from Lumo Homes's earnings presentation, May 8, 2025
Slide 1: Interim Report 1–3/2025
Interim Report 1–3/2025 8 May 2025 Erik Hjelt, Interim CEO 1
Slide 2: Agenda
Agenda • Summary of January–March 2025 • Financial development • Outlook and financial targets Kojamo plc's Interim Report January–March 2025 2
Slide 3: Summary of January–March 2025
Summary of January– March 2025
Slide 4: The improvement in occupancy rate accelerated in the first quarter of the year
The improvement in occupancy rate accelerated in the first quarter of the year • Total revenue and net rental income grew in the first quarter of the year • FFO decreased from the comparison period which was affected by increased financial expenses • Our occupancy rate has improved since last autumn
Slide 5: Operating environment
Operating environment General operating environment Operating environment key figures • The outlook for the global economy is exceptionally 2025E 2024 uncertain. The trade tariffs imposed by the United States GDP growth, % 1.0 -0.1 and the retaliatory tariffs imposed by some countries are significan
Slide 6: Operating environment
Operating environment Housing production Industry key figures • Housing production has been at a historically low level for three years already, and it is not expected to increase in the 2025E 2024 first half of this year Residential start-ups, units 20,000 17,621 • Last year, around 15,500 new dwel
Slide 7: Operating environment
Operating environment Rental market situation Population growth forecast 2022–2040, % • The supply of rental housing remains abundant, especially Helsinki 22.4 in the capital region Capital region* 25.9 • Urbanisation and decreasing average household size Jyväskylä 8.0 support the long-term demand K
Slide 8: Key figures 1–3/2025
Key figures 1–3/2025 total revenue net rental income funds from operations (FFO 114.3 M€ 62.8 (60.6 M€, +3.7%) M€ 23.3 (25.5 M€, -8.6%) M€ (113.3 M€, +0.9%) profit excluding changes in fair value of investment gross investments value 1) profit/loss before taxes properties 7.9 Bn€ 4.0 M€ 26.3 M€ -11.
Slide 9: Financial development
Financial development
Slide 10: Total revenue and net rental income increased
Total revenue and net rental income increased • Total revenue increased especially due to the improved occupancy rate and the rental apartments completed in 2024 • The growth in net rental income was positively impacted by increase in total revenue and by decrease in property maintenance expenses an
Slide 11: Profit before taxes and FFO
Profit before taxes and FFO • Result before taxes and FFO decreased. This was particularly affected by increased financial expenses Profit/loss before taxes, M€ Funds From Operations (FFO), M€ and €/share Profit excluding changes in value Changes in value* -8.6% 1,278.9 Funds From Operations (FFO) €
Slide 12: Occupancy rate has improved since last autumn
Occupancy rate has improved since last autumn • The occupancy rate in the first quarter increased by 1.2 percentage points compared to the previous quarter and was 92.8%. The occupancy rate for March was already 93.5% • Tenant turnover decreased from last year • There is still oversupply and typical
Slide 13: Development of Like-for-Like rental income
Development of Like-for-Like rental income The past 12 months compared to the previous 12-month period Development of Like-for-Like rental income as at 31 March 2025 +0.8% -1.7% -1.4% -0.5% Impacts of Impact of Other Like-for-Like rents and water charges occupancy rate impacts rental income growth K
Slide 14: 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 on-going development project where we are building 119 apartments in Helsinki • This year, we will make modernisation investments slightly more than last year Gross investment and sales of
Slide 15: The value of investment properties was EUR 7.9 billion
The value of investment properties was EUR 7.9 billion • The fair values did not change significantly from the end of the year. The valuation yield requirements of the investment properties were not changed in the first quarter Fair value of investment properties, M€* -1.7% 8,327.5 8,150.2 8,038.8 7
Slide 16: Equity ratio and Loan to Value (LTV) at a strong level
Equity ratio and Loan to Value (LTV) at a strong level • Equity ratio and Loan to Value (LTV) have remained strong • 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 43.9 44.5 45.4 44.0 45.3 44.5 44.3 43.6 43.2 37.7 2021 2022 20
Slide 17: Loans maturing in 2025 and 2026 are covered
Loans maturing in 2025 and 2026 are covered • Following the successful issuance of the 500 M€ bond in March, our loans maturing in 2026 are also covered. The seven-year bond extends the maturity profile of our loans • In connection with the issuance of the new bond, we repurchased the bond maturing
Slide 18: Key figures per share
Key figures per share • Key figures per share remained at the year-end’s level Equity per share, € EPRA NRV per share, € -1.2% -0.8% 22.04 19.53 17.25 18.51 18.60 18.45 17.21 15.55 14.83 14.67 14.68 14.65 2021 2022 2023 2024 31 Mar 31 Mar 2021 2022 2023 2024 31 Mar 31 Mar 2024 2025 2024 2025 Kojamo
Slide 19: Outlook and financial targets
Outlook and financial targets
Slide 20: Outlook for Kojamo in 2025 unchanged
Outlook for Kojamo in 2025 unchanged Kojamo estimates that in 2025, the Groupʼs total revenue will increase by 1–4 per cent year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2025 will amount to between EUR 135–145 million, excluding non-recurring costs. The outlook is based on the
Slide 21: Strategic targets
Strategic targets M€ 1–3/2025 2024 2023 2022 2021 2020 Target Annual growth of total revenue, % 0.9 2.3 7.0 5.5 2.0 2.3 4–5 Annual investments, M€ 4.0 52.8 190.7 501.6 356.9 371.2 200–400 FFO/total revenue, % ¹⁾ 20.3 32.8 37.8 38.9 39.1 39.5 > 36 Loan to Value (LTV), % ²⁾ 45.4 43.9 44.6 43.7 37.7 41
Slide 22: Summary
Summary Total revenue and net rental Our occupancy rate has The fair values of investment income increased improved since last autumn, properties remained at the and the increase accelerated year-end level FFO decreased due to during the first quarter of the Our financing situation has increased fin
Slide 23: Thank you!
Thank you! Contact details: w Interim CEO Erik Hjelt, tel. +358 20 508 3225 w Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.kojamo.fi Half-Year Financial Report January-June w 2025 to be published on 21 August 2025 Kojamo plc's Interim Report January–March 2025 23
Slide 24: Appendix
a . — = >< kojamo
Slide 25: 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 26: 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 27: 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 28: 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 29: Kojamo's apartment portfolio
Kojamoʼs apartment portfolio Apartment distribution, % Fair value distribution, % Helsinki region 2.1 3.5 4.5 4.0 Tampere region 3.1 2.4 2.5 3.1 5.0 Turku region 4.3 5.4 Oulu 8.5 5.2 Jyväskylä 9.6 62.7 Kuopio region Lahti region 74.0 Others Number of Number of commercial and Financial apartments, ot
Slide 30: Housing stock and customer distribution
Housing stock and customer distribution • Kojamo’s housing stock meets the demand nicely • All age groups are well represented among the tenants Housing stock by apartment type, % Customers by household type, % Customers by age group, % studios 2.7 1 person 2.7 5.0 <25 11.6 14.3 12.2 24.0 2 person 2
Slide 31: Topical with our sustainability work
Topical with our sustainability work • Due to the Omnibus proposal made by the EU Commission, we will no longer be subject to sustainability and taxonomy reporting requirements. Due to the enactment of the Stop-the-clock directive, which postpones the start of the reporting obligation, we will not r
Slide 32: Key figures of sustainability 1–3/2025
Key figures of sustainability 1–3/2025 1–3/2025 1–3/2024 Target 1–3/2025 1–3/2024 Target CO₂ emissions -7.1 -13.2 -5.0 Percentage of 89 87 90 per apartment, customers using tCO₂e/apartment, My Lumo, % change % * NPS 57 51 48 Heat index of portfolio, -1.6 1.4 -3.0 weather-nomalized, kWh/m³, change %
Slide 33: 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 34: Sustainability commitments and reporting
Sustainability commitments and reporting Our sustainability Our sustainability reporting and recognitions Our commitments memberships 74/100 We participated in the global GRESB sustainability assessment Our target is carbon-neutral energy use in our properties by 2030 We apply EPRA’s Best Practice W
Slide 35: 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 36: Kojamo's ten largest shareholders (as at 31 March 2025)
Kojamoʼs ten largest shareholders (as at 31 March 2025) Number of Shareholder shares % of shares Development of the number of the shareholders Nominee-registered shareholders 81,350,349 32.9 15,823 14,651 15,361 15,170 15,137 1. Heimstaden Bostad AB 49,389,283 20.0 2. Ilmarinen Mutual Pension Insura
Slide 37: Key figures
Key figures 1–3/2025 1–3/2024 Change, % 2024 Total revenue, M€ 114.3 113.3 0.9 452.4 Net rental income, M€ 62.8 60.6 3.7 302.9 Net rental income margin, % 54.9 53.5 66.9 Profit/loss before taxes, M€ -11.0 39.3 -128.0 26.3 Gross investments, M€ 4.0 8.4 -52.8 52.8 Funds From Operations (FFO), M€ 23.3
Slide 38: Consolidated income statement
Consolidated income statement M€ 1–3/2025 1–3/2024 1–12/2024 Total revenue 114.3 113.3 452.4 Maintenance expenses -45.7 -46.7 -125.5 Repair expenses -5.8 -6.0 -24.1 Net rental income 62.8 60.6 302.9 Administrative expenses -9.1 -9.1 -39.4 Other operating income and expenses 0.7 0.4 2.7 Profit/loss o
Slide 39: Balance sheet
Balance sheet M€ 31 Mar 2025 31 Mar 2024 31 Dec 2024 ASSETS Non-current assets Intangible assets 0.4 0.5 0.5 Investment properties 7,642.6 8,058.9 7,960.0 Property, plant and equipment 27.2 27.8 27.4 Investments in associated companies 2.2 2.0 2.2 Financial assets 0.8 0.8 0.8 Non-current receivables
Slide 40: Balance sheet
Balance sheet M€ 31 Mar 2025 31 Mar 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 -7.3 17.5 -7.4 Invested non-restricted equity reserve 164.4 164.4 164.4 Retained ea
Slide 41: Financial key figures
Financial key figures 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 Equity ratio, % 43.6 43.2 43.1 43.0 44.3 Interest cover 2.2 2.3 2.5 2.7 3.0 Coverage ratio 2.5 2.6 2.7 2.8 3.3 Coverage ratio excluding repair expenses ¹⁾ 2.7 2.8 2.9 3.1 3.7 Loan to Value (LTV), % ²⁾ 45.4 43.9 44.7 45
Slide 42: 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