Lumo Kodit (LUMO) investor relations material

Executive summary

• Revenue, net rental income, and FFO grew strongly in Q2 and H1 2026, driven by improved occupancy and the acquisition of 4,761 apartments, the largest real estate transaction in Finland in the 2020s.

• The acquired portfolio's occupancy rose from 83% at acquisition to 89% by quarter-end, with expectations to reach 96–97% by Q3.

• Financial position remained stable with strong liquidity, a financial occupancy rate of 95%, and proactive refinancing.

• Customer satisfaction remained high, with an NPS of 59, and strategic initiatives focused on customer experience and sustainability.

• Market conditions in Finland, especially in Helsinki, are improving, with a notable decline in available rental apartments and muted new construction.

Financial highlights

• H1 2026 revenue increased by 2.6% to €235.8 million; Q2 revenue rose 8.1% year-over-year to €125.0 million.

• Net rental income for H1 was €151.6 million (+4.1%); Q2 net rental income up 10.7% to €91.7 million.

• FFO for H1 reached €64.8 million (+4.5%); profit before taxes improved to €62.7 million from a prior year loss.

• Like-for-like rental income up 2.7% year-over-year, mainly due to occupancy gains.

• Gross investments in H1 totaled €872.4 million, mainly due to the portfolio acquisition.

Outlook and guidance

• 2026 revenue guidance narrowed to €488–493 million; FFO guidance set at €147–152 million, upper limit reduced due to higher financial expenses.

• Guidance excludes potential future acquisitions or disposals.

• Pricing power is expected to improve by late 2024 or early 2025 as supply-demand balance shifts.