Financial information
Last updated: 26.2.2026
Lumo’s (previously Kojamo) outlook for 2026
According to the Kojamo plc’s Financial Statements Release 1 January–31 December 2025
Kojamo estimates that in 2026, the Groupʼs total revenue will amount to between EUR 484–497 million. In addition, Kojamo estimates that the Group’s FFO for 2026 will amount to between EUR 147–157 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 development of rents. The outlook also takes into account the impact of the acquisition of 4,761 apartments which is estimated to be completed 1 April 2026. 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.
Financial targets 2026-2028
| Target | |
|---|---|
| Average annual growth of total revenue, % | 5-7 |
| Net Promoter Score (NPS) | > 65 |
| Average annual growth of FFO/share, % | 3-5 |
| Loan to Value (LTV), % | < 45 |
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Strategic targets until 2025
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | Target | |
|---|---|---|---|---|---|---|---|
| Annual growth of total revenue, % | 0.6 | 2.3 | 7.0 | 5.5 | 2.0 | 2.3 | 4–5 |
| Annual investments, M€ | 42.5 | 52.8 | 190.7 | 501.6 | 356.9 | 371.2 | 200–400 |
| FFO/total revenue, % | 31.0 | 32.8 | 37.8 | 38.9 | 39.1 | 39.5 | > 36 |
| Loan to Value (LTV), % | 42.3 | 43.9 | 44.6 | 43.7 | 37.7 | 41.4 | < 50 |
| Equity ratio, % | 45.4 | 43.2 | 44.5 | 45.3 | 49.0 | 45.6 | > 40 |
| Net Promoter Score (NPS)* | 57 | 54 | 50 | 45 | 20 | 36 | 40 |
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* The calculation method has changed 2022 for example including digital services in calculation. Actual for 2021 and 2020 have not been adjusted to reflect the current calculation method.
Strategic targets until 2020
Financial targets
| 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| Equity ratio over 40% | 46.9% | 43.0% | 41.3% | 40.7% | 41.1% |
| Loan to Value (LTV) less than 50% | 40.5% | 45.9% | 46.0% | 47.1% | 39.8% |
| Funds from Operations (FFO) over 32% of total revenue | 37.5% | 32.4% | 32.0% | 31.9% | 34.9% |
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Operating targets
| 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| Fair value of investment property portfolio EUR 6 billion | 5.1 | 5.1 | 4.7 | 4.3 | 4.0 |
| Number of apartments appr. 38,000 | 35,272 | 34,713 | 34,383 | 34,974 | 41,153 |
| Net Promoter Score: 40 | 33 | 35 |
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