contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Kojamo is active in the real estate industry. The company specializes in property development and acquires, develops, and invests in properties around the Finnish domestic market. The vision is to offer housing solutions that are rented out to customers in growing Finnish cities. In addition to the main business, various web portals are also offered for renting out homes. The head office is located in Helsinki.

Regarding the investment property example above, let’s leave loan principal repayments out of the calculations entirely to better highlight the absurdity of the situation: After a massive renovation, the maintenance fee + interest expense = €800/month. From a rent of €1000, the profit is €200/month * 12 months = €2,400/year. Divided by the debt-free selling price of €165,000 = a 1.45% annual yield. No investor would agree to buy this or keep it. Well, 10 years before the renovation, the debt-free selling price was around €100,000; after the renovation, once the truth was revealed, the debt-free selling price is now under €30,000. The generally accepted market price level was previously completely wrong. The housing company debt on the apartment is now €135,000. Perhaps half of the renovation cost is reflected as an increase in value; at least €50,000 went “up in smoke.” The real estate investor thus lost wealth equivalent to 20 years of net rental yield (€2,400/year) in connection with the renovation. Despite the massive renovation (bathroom, kitchen, toilet), the living room and bedrooms inside the apartment are in 1970s condition, meaning another €5,000 - €10,000 will be spent on renovating them in the coming years when floors, walls, etc., are renewed. The calculation above also assumes a 100% occupancy rate for the next 20 years, meaning no vacant months. It is an unrealistic calculation. And by the time that €135,000 loan is paid off with rental income decades from now, the planning for the next renovation has already begun, tens of thousands in maintenance backlog has accumulated, and the interest expenses for the next renovation loan start running. Whether there are such “dud” properties in Lumo’s portfolio, I don’t know. And by asking the CEO, the answer you get will always be an overly positive perspective.

You don’t need to squeeze that entire thousand into the rent. Actually, just the increased interest costs are enough if the property’s value increased by as much as the renovation cost. Well, in reality, that’s not the case, but part of it is still capital appreciation and therefore a return for the investor.

As an outsider, it is difficult to estimate future renovation costs. Will Lumo’s estimate be sufficient in the future as the need for repairs accelerates and the price of renovations continues to rise? I know of a housing company that underwent an extensive plumbing renovation; in addition, the facade, electrical systems, balconies, windows, roofs, and stairwells were renewed. The concrete frame remained in place, but almost everything else was demolished and rebuilt. In family-sized apartments, the monthly maintenance fee rose to the level of 1,000 euros (management fee + loan repayment + interest). The loan will be repaid over the next 20 years, and residents hope that interest rates stay low. In this housing company, the apartments became uninvestable. You cannot charge more than 1,000 euros in rent, so the entire amount goes toward the maintenance fee. Now that interest rates have risen, the rental income likely won’t even cover the costs when the next interest rate adjustment date arrives; the owner will have to pay the remainder of the maintenance fee from other income. Lumo has a massive investment portfolio, so the risk is naturally diversified; a single catastrophic housing company won’t collapse their finances in any way. However, it remains to be seen how many such properties Lumo will have over the next 10 years as renovations begin.

On a general level, maintenance and repair costs for apartments are expensive. Especially in the Helsinki metropolitan area (pk-seutu). The mentioned €6.77 may even be an underestimate.

That’s how they all work. Free months, but the rent isn’t lowered. When there is a good supply of rental apartments, those who can manage with low moving costs are able to change apartments every year, thus always getting one free month.

Actually, this was avoided until the previous CEO’s final day. After Nieminen’s departure, however, management quickly accepted the realities, and the occupancy rate has since been raised from 91.5% → 95.6%, specifically through substantial rent reductions. This also seems to be evident in the average square meter rents reported by Lumo. That figure was on an almost dead-certain upward trend until Q3 2024, after which it turned downward. Nieminen left the company specifically during Q4 2024, which is hardly a coincidence. So, it seems those rent cuts used to fill the empty units have indeed made their way into the valuations.

Lumo-Kojamo has avoided that until the very last moment, as it would also reflect on the balance sheet value. That is why companies in this sector often offer free months or gift cards instead of lowering rents.

Lumo Kodit

Lumo Homes plc Stock Exchange Release, 12 May 2026 at 12:04 p.m. EESTLumo Homes plc: Managers' TransactionsPerson subject to the notification requirementName: Veronica LindholmPosition: Member...

<div class="abstract">Lumo Homes plc Stock Exchange Release, 12 May 2026 at 12:04 p.m. EEST</div>Lumo Homes plc: Managers' TransactionsPerson subject to the notification requirementName: Veronica LindholmPosition: Member of the Board/Deputy member&nbsp;Issuer: Lumo Kodit OyjLEI: 7437007YPUOQZ8OV1R42Notification type: INITIAL NOTIFICATIONReference number: 156415/5/4____________________________________________Transaction date: 2026-05-11Venue: NASDAQ HELSINKI LTD (XHEL)Instrument type: SHAREISIN: FI4000312251Nature of transaction: RECEIPT OF A SHARE-BASED INCENTIVE Transaction details(1): Volume: 2,108 Unit price: 0 EURAggregated transactions (1): Volume: 2,108 Volume weighted average price: 0 EURFor more information, please contactErik Hjelt, Chief Financial Officer, Lumo Homes plc, tel. +358 20 508 3225, <a href="mailto:erik.hjelt@kojamo.fi">erik.hjelt@lumo.fi</a>DistributionNasdaq HelsinkiLumo Homes plc is Finland's largest residential real estate company and a bold innovator in urban living. Our homes are located in the largest growth centres, with excellent transport connections and diverse services nearby. We invest in sustainable, modern and digital solutions that make life in a rental home smooth and flexible. We create better urban living by delivering the best customer experience. Lumo - simply the right home. &nbsp; Lumo Homes plc's shares are listed on the official list of Nasdaq Helsinki. For more information: <a href="https://yritys.lumo.fi/en">https://yritys.lumo.fi/en</a><div></div>