Lumo Kodit (LUMO) Q2 2026 earnings summary

Executive summary

• Revenue, net rental income, and FFO grew strongly in Q2 and H1 2026, supported 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 robust, with strong liquidity, a financial occupancy rate of 95%, and proactive refinancing measures.

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

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 loss.

• Fair value of investment properties rose to €8.5 billion (+7.5%).

• 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, excluding non-recurring costs.

• FFO guidance upper limit reduced by €5 million due to higher finance 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.