Lumo Kodit Oyj: Lumo Homes plc's Half-Year Financial Report 1 January-30 June 2026

Lumo Homes plc Stock Exchange Release, 13 August 2026 at 8.00 a.m. EEST

Lumo Homes plc's Half-Year Financial Report 1 January-30 June 2026

Total revenue, net rental income and FFO grew in the second quarter

This is a summary of the 2026 Half-Year Financial 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 Half-Year Financial Report have not been audited.

Summary of April-June 2026

• Total revenue increased by 8.1 per cent to EUR 125.0 (115.6) million.
• Net rental income increased by 10.7 per cent, totalling EUR 91.7 (82.8) million. Net rental income represented 73.4 (71.7) per cent of revenue.
• Result before taxes was EUR 83.6 (-12.7) million. The result includes EUR 34.1 (-48.0) million in net result on the valuation of investment properties at fair value and EUR 0.1 (0.0) million in profit/loss from the sale of investment properties. Earnings per share was EUR 0.25 (-0.04).
• Funds From Operations (FFO) increased by 12.4 per cent and amounted to EUR 43.6 (38.8) million.
• Gross investments totalled EUR 860.3 (10.1) million, representing 688.2 (8.8) per cent of total revenue.

Summary of January-June 2026

• Total revenue increased by 2.6 per cent to EUR 235.8 (229.9) million.
• Net rental income increased by 4.1 per cent, totalling EUR 151.6 (145.6) million. Net rental income represented 64.3 (63.3) per cent of revenue.
• Result before taxes was EUR 62.7 (-23.8) million. The result includes EUR -8.5 (-85.3) million in net result on the valuation of investment properties at fair value and EUR -1.5
  (-0.8) million in profit/loss from the sale of investment properties. Earnings per share was EUR 0.19 (-0.08).
• Funds From Operations (FFO) increased by 4.5 per cent and amounted to EUR 64.8 (62.0) million.
• The fair value of investment properties was EUR 8.5 (7.9) billion at the end of the review period including EUR 25.1 (272.8) million Investment properties held for sale.
• The financial occupancy rate stood at 95.0 (93.6) per cent during the review period.
• Gross investments totalled EUR 872.4 (14.1) million, representing 369.9 (6.1) per cent of total revenue.
• Equity per share was EUR 14.53 (14.59) and return on equity was 2.7 (-1.1) per cent. Return on investment was 3.4 (1.1) per cent.
• EPRA NTA per share (net tangible assets) fell by 1.5 per cent and amounted to EUR 17.98 (18.25).
• At the end of the review period, there were no Lumo apartments under construction.

Lumo Homes owned 43,615 (40,946) rental apartments at the end of the review period. Since June of last year, Lumo Homes completed 119 (0) apartments, acquired 4,761 (0), sold 2,219 (27) apartments and demolished or otherwise altered 8 (0) apartments

Key figures

	4-6/2026	4-6/2025	Change %	1-6/2026	1-6/2025	Change %	2025
Total revenue, M€	125.0	115.6	8.1	235.8	229.9	2.6	455.2
Net rental income, M€ *	91.7	82.8	10.7	151.6	145.6	4.1	307.7
Net rental income margin, % *	73.4	71.7		64.3	63.3		67.6
Profit/loss before taxes, M€ *	83.6	-12.7	756.8	62.7	-23.8	364.0	26.8
EBITDA, M€ *	116.8	25.1	364.8	123.0	41.5	196.6	147.8
EBITDA margin, % *	93.4	21.7		52.2	18.0		32.5
Adjusted EBITDA, M€ *	80.5	73.1	10.2	131.0	127.6	2.7	270.6
Adjusted EBITDA margin, % *	64.4	63.2		55.5	55.5		59.4
Funds From Operations (FFO), M€ *	43.6	38.8	12.4	64.8	62.0	4.5	140.9
FFO margin, % *	34.8	33.5		27.5	27.0		31.0
FFO excluding non-recurring costs, M€ *	43.6	38.8	12.4	64.8	62.0	4.5	140.9
Investment properties, M€ ¹?				8,473.8	7,885.1	7.5	7,620.7
Financial occupancy rate, %				95.0	93.6		94.8
Interest-bearing liabilities, M€ * ²?				3,825.9	3,598.4	6.3	3,391.3
Return on equity (ROE), % *				2.7	-1.1		0.6
Return on investment (ROI), % *				3.4	1.1		2.1
Equity ratio, % *				45.0	44.3		45.4
Loan to Value (LTV), % * ³?				45.1	45.7		42.3
EPRA Net Tangible Assets (NTA), M€				4,761.4	4,511.3	5.5	4,492.0
Gross investments, M€ *	860.3	10.1	8,398.7	872.4	14.1	6,084.6	42.5
Number of personnel, end of the period				290	286		256
Key figures per share, €	4-6/2026	4-6/2025	Change %	1-6/2026	1-6/2025	Change %	2025
FFO per share *	0.16	0.16	0.0	0.26	0.25	4.0	0.57
Earnings per share	0.25	-0.04	725.0	0.19	-0.08	337.5	0.08
EPRA NTA per share				17.98	18.25	-1.5	18.61
Equity per share				14.53	14.59	-0.4	14.89
* In accordance with the guidelines issued by the European Securities and Markets Authority (ESMA), Lumo Homes provides an account
of the Alternative Performance Measures used by the Group in the Key figures section of the Half-Year Financial Report
¹? Including Non-current assets held for sale
²? Excluding Liabilities related to non-current assets held for sale
³? Excluding Non-current assets held for sale and liabilities related to non-current assets held for sale. On 30 June 2025, Loan to Value (LTV)
including Non-current assets held for sale and related liabilities was 44.4%.

Outlook for 2026 (specified)

Lumo Homes estimates that in 2026, the Group's total revenue will amount to between EUR 488-493 million (previously EUR 484-497 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 (previously EUR 147-157 million).

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 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

Total revenue, net rental income and FFO grew strongly in the second quarter. The growth was supported particularly by the portfolio acquisition completed in April and the improvement in occupancy rate compared with the previous year. Our liquidity remained good and our balance sheet strong.

Our occupancy rate increased from the previous year and stood at 95.0 per cent at the end of the review period. Renting activity was exceptionally high in the second quarter. Signs of improving market conditions are visible especially in the capital region, although oversupply persists. The supply of rental apartments has started to decline, which is reflected in improving occupancy rates.

Leasing of the apartments in the portfolio acquired at the beginning of April has progressed clearly ahead of our expectations. By the end of June, the portfolio's occupancy rate had increased from approximately 83 per cent to approximately 89 per cent, representing a significant improvement in one quarter. This strong development has continued after the reporting period.

EUR 600 million of the apartment portfolio acquisition was financed with a short-term acquisition facility that was drawn in early April. We refinanced half of the facility in May through the issuance of a EUR 300 million bond. The remaining EUR 300 million is intended to be refinanced during the current year.

Our financial situation has remained stable, and we have extended our bank financing agreements maturing next year well in advance. In addition, we signed a EUR 500 million back-stop facility agreement in June, which can, if necessary, be used to repay the bond maturing next spring. Our plan is to refinance the maturing bond in the debt capital markets, and we are actively monitoring market conditions and assessing the optimal timing.

At the heart of our strategy, published earlier this year, is creating the best customer experience, which we measure through customers' willingness to recommend us (NPS). At the end of June, the NPS stood at 59, reflecting our customers' strong trust in our services. The implementation of the strategy has progressed as planned. We have developed our operating models to become more customer-centric, renewed our organisational structure and strengthened our customer-focused culture. The ongoing development initiatives aim to improve the customer experience throughout the entire customer journey.

The portfolio acquisition completed in April was the largest real estate transaction in Finland in the 2020s and a significant undertaking for our entire organisation. I am particularly pleased with how quickly the renting of the new apartments got off to a strong start and how successfully the new properties were integrated into our operations. I would like to extend my warmest thanks to all our employees whose expertise, commitment and determined efforts have made these achievements possible. At the same time, I warmly welcome the new residents who joined us through the portfolio acquisition to Lumo.

Reima Rytsölä

CEO

News conference and webcast

Lumo Homes will hold a news conference for institutional investors, analysts and media on 13.8.2026 at 10:00 a.m. EEST 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/q2-2026.

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/q2-2026/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. [phone], [e-mail]

Antti Syvänen, Interim CFO, Lumo Homes plc, tel. [phone], [e-mail]

Distribution:

Nasdaq Helsinki, Irish Stock Exchange, key media

Lumo 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.

Lumo Homes plc's shares are listed on the official list of Nasdaq Helsinki. For more information: https://yritys.lumo.fi/en