Lumo Homes plc's Interim Report 1 January-30 September 2026

Strong growth continued and the occupancy rate improved in the third quarter

This is a summary of the 2026 Interim Report, which is in its entirety attached to this release and can be downloaded from the company's website at https://yritys.lumo.fi/en/investors/.

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The figures in this Interim Report have not been audited.

Summary of July-September 2026

• Total revenue increased by 12.0 per cent to EUR 127.3 (113.6) million.
• Net rental income increased by 11.5 per cent, totalling EUR 95.9 (86.0) million. Net rental income represented 75.3 (75.7) per cent of revenue.
• The result before taxes was EUR -87.7 (32.8) million. The result includes EUR -139.6 (-16.4) million in net result on the valuation of investment properties at fair value and EUR 0.6 (-0.2) million in profit/loss from the sale of investment properties. Earnings per share were EUR -0.27 (0.11).
• Funds From Operations (FFO) increased by 4.7 per cent and amounted to EUR 46.1 (44.1) million.
• Gross investments totalled EUR 10.6 (13.6) million, representing 8.3 (12.0) per cent of total revenue.

Summary of January-September 2026

• Total revenue increased by 5.7 per cent to EUR 363.1 (343.6) million.
• Net rental income increased by 6.8 per cent, totalling EUR 247.5 (231.6) million. Net rental income represented 68.2 (67.4) per cent of revenue.
• The result before taxes was EUR -25.0 (9.1) million. The result includes EUR -148.1 (-101.8) million in net result on the valuation of investment properties at fair value and EUR -1.0 (-0.9) million in profit/loss from the sale of investment properties. Earnings per share were EUR -0.08 (0.03).
• Funds From Operations (FFO) increased by 4.6 per cent and amounted to EUR 110.9 (106.1) million.
• The fair value of investment properties was EUR 8.3 (7.6) billion at the end of the review period including EUR 35.9 (41.8) million in Investment properties held for sale.
• The financial occupancy rate stood at 95.5 (94.4) per cent during the review period.
• Gross investments totalled EUR 882.9 (27.7) million, representing 243.2 (8.1) per cent of total revenue.
• Equity per share was EUR 14.30 (14.74) and return on equity was -0.8 (0.3) per cent. Return on investment was 1.3 (1.9) per cent.
• EPRA NTA per share (net tangible assets) fell by 4.3 per cent and amounted to EUR 17.61 (18.40).
• At the end of the review period, there were 32 (119) Lumo apartments under construction.

Lumo Homes owned 43,489 (39,001) rental apartments at the end of the review period. Since September of last year, Lumo Homes completed 119 (0) apartments, acquired 4,761 (0) apartments and sold 399 (1,972) apartments. Renovations and other changes in use had a net positive impact of 7 (0) apartments.

Key figures

Outlook for 2026 unchanged

Lumo Homes estimates that in 2026, the Group's total revenue will amount to between EUR 488-493 million. In addition, Lumo Homes estimates that the Group's FFO for 2026 will amount to between EUR 147-152 million excluding non-recurring costs.

The outlook is based on the management's assessment of total revenue, property maintenance expenses and repairs, administrative expenses, financial expenses and taxes to be paid as well as the management's view on future developments in the operating environment.

The outlook takes into account the estimated occupancy rate and the development of rents. The outlook does not take into account the impact of potential future acquisitions or disposals.

The management can influence total revenue and FFO through the company's business operations. In contrast, the management has no influence over market trends, the regulatory environment or the competitive landscape.

CEO's review

Strong growth continued in the third quarter. Total revenue, net rental income and FFO increased from the corresponding period. Growth was driven by the residential portfolio acquired in April and the improvement in the occupancy rate. Our balance sheet has remained strong, and our liquidity good.

The improvement in the occupancy rate continued in the third quarter, and our financial occupancy rate increased to 95.5 per cent at the end of the review period. Leasing activity remained strong following the summer season, and the occupancy rate for the third quarter increased to 96.4 per cent. The occupancy rate of the portfolio acquired in April has developed exceptionally well. We reached the stabilised occupancy rate estimated for the portfolio already during the third quarter, and at the end of September its occupancy rate stood at 96.8 per cent. The portfolio's performance has been supported in particular by its successful integration into Lumo's operating models and leasing platform, as well as by the high quality and attractive locations of the properties.

The supply of rental apartments has continued to decline, particularly in the capital region. At the same time, new residential construction has remained at a very low level, population growth is expected to continue in the largest cities and the outlook for the Finnish economy has improved. These factors support the gradual rebalancing of the rental market.

The continued rise in market interest rates during the autumn has also been reflected in yield requirements in the real estate market. As a result, we increased the yield requirements used in our valuations, which reduced the fair values ​​of our investment properties. On the other hand, the inclusion of the acquired portfolio in our fair value valuation model had a clear positive impact on fair values. Despite these changes, our balance sheet remained strong.
 

Moody's affirmed our Baa2 credit rating with a stable outlook in September. During the autumn, we have continued to refinance maturing bank loans while extending the maturity of our loan portfolio. After the review period, we refinanced the EUR 125 million syndicated loan well in advance of its maturity in autumn 2027. Thanks to the high hedging ratio of our loan portfolio, changes in interest rates primarily affect new financing. The availability of financing has remained good in both the bank and capital markets.

Although uncertainty persists in the operating environment, we have made good progress towards our key objectives. The successful onboarding of the portfolio acquired in April, the strong development of the occupancy rate and our proactive financing arrangements provide us with a good starting point for the final quarter of the year. We have also further advanced the use of AI to improve the seamless customer journey and operational efficiency. We will continue to implement our strategy, focusing on improving the customer experience and maintaining a strong financial position.
 

Reima Rytsölä

CEO

News conference and webcast

Lumo Homes will hold a news conference for institutional investors, analysts and media on 05 November 2026 at 10:00 a.m. EET at its headquarters at Mannerheimintie 168A, Helsinki, Finland. The event will be held in English. After the event, the media has a possibility to ask questions also in Finnish.

The event can be followed as a live webcast. No registration for the webcast in advance is needed. The event will be accessible at https://lumo.events.inderes.com/q3-2026.

It is also possible to join the news conference via phone. Accessing the teleconference requires registration by clicking the following link: https://events.inderes.com/lumo/q3-2026/dial-in. After the registration you will be provided phone numbers and a conference ID to access the conference.

A recording of the webcast will be available later at the company's website at https://yritys.lumo.fi/en/investors/releases-and-publications/financial-reports/.

For more information, please contact:

Niina Saarto, Director, Treasury & Investor Relations, Lumo Homes plc, tel. +358 20 508 3283, niina.saarto@lumo.fi

Antti Syvänen, Interim CFO, Lumo Homes plc, tel. +358 20 508 3061, antti.syvanen@lumo.fi

Distribution:

Nasdaq Helsinki, Irish Stock Exchange, key media