Investor newsletter / 1.4.2026
Lumo’s investor newsletter is primarily published after an Interim Report and the subsequent roadshows, before the beginning of the silent period. The purpose of the newsletter is to discuss topical issues and themes related to Lumo as an investment that are relevant for investors. It does not contain new, unpublished information. The newsletter is available on Lumo’s investor pages and can be subscribed to the e-mail.
2025
The Financial Statements Release was published on 11 February 2026. The Financial Statements and the Board of Directors’ Report, Corporate Governance Statement and Remuneration Report for 2025 were published on the same day. We also announced our updated strategy and new financial targets for strategy period 2026-2028, as well as a new plan period 2026-2028 in the key employee long-term incentive scheme.
The publications, webcast recording from the results news conference as well as transcript of the event are available at Lumo’s Investors website.
Our Sustainability Report 2025 was published on 4 March 2026.
The Annual General Meeting was held on 12 March 2026. We announced the resolutions of Annual General Meeting and the organizing meeting of the Board of Directors. The Annual General Meeting approved the change of the company’s name. Kojamo plc changed its name to Lumo Homes plc.
Roadshows and investor meetings
We have met investors in January-March via investor events and conference calls. In January, we participated in Barclays’ European Real Estate Equity & Credit conference in London.
In March, we participated in Bank of America’s EMEA Real Estate CEO conference in London and in Kempen’s European Real Estate seminar in New York. Additionally, we met private investors in Pörssi-ilta event in Helsinki.
The acquisition of the housing portfolio from Varma has been one of the key topics of discussion. The transaction covering 4,761 apartments was completed on 1 April. This represented a unique opportunity to acquire a sizable housing portfolio and further strengthen the company’s growth. Most of the properties are located in the Helsinki region, Tampere and Turku, and the portfolio therefore fits very well with our strategy. The assets are of high quality, with a large proportion built in the 2000s. The portfolio’s occupancy rate is low at the outset, but we have strong confidence in our ability to increase occupancy to the level of our existing portfolio. We have an efficient leasing platform and, already last year, succeeded in improving occupancy through our own actions, despite limited support from the market.
The balancing of the rental market has come up in several discussions. There has been no major change in the market situation, and oversupply continues, particularly in the capital region. However, the pace of rebalancing varies significantly between cities. Population growth and immigration have remained at a solid level, while residential start-ups have been low for three consecutive years. Last year, the volume of subsidised residential start-ups was still moderate but is expected to decline due to changes in state support. Non-subsidised housing construction is also not expected to pick up, and as a result, residential start-ups this year are estimated to decline compared to last year. We don’t plan to start new development projects in this market situation.
In February, we updated our strategy, financial targets and dividend policy. Our objective is to grow profitably. All investments are required to be accretive to FFO per share. Customer focus and improving the customer experience are at the core of our strategy, which we believe will also be reflected in a pricing premium.
The sharp rise in oil prices and interest rates following the crisis in the Middle East has prompted some discussion. In Finland, district heating is the most common form of heating and is produced using a wide range of energy sources. The role of oil and natural gas in district heating production has decreased significantly in recent years, which helps to limit the impact of rising energy prices on the company’s maintenance costs.
As regards financing, higher interest rates affect the company primarily through new financing arrangements, as our hedging ratio is high. We have previously communicated that our intention is to refinance the bridge loan related to the housing portfolio acquisition as well as the bond maturing in 2027 likely before the summer. However, our strong liquidity position provides us with the flexibility to monitor market developments carefully, and there is no immediate timing pressure to execute these refinancing arrangements.
Other topics
In January, we completed our share buyback program. The company bought back 7,000,000 of its own shares between 22 August 2025 and 27 January 2026. The shares purchased during the buyback program will be cancelled.
We held Lumo’s (previously Kojamo) Capital Markets Day at Finlandia Hall on 17 March 2026. After the event, we held a property tour, in which we visited three of our properties located in Helsinki. The recording of the event and presentation materials are available on our website.
In March, we announced that the company’s Chief Financial Officer and Deputy CEO Erik Hjelt will retire effective 1 July 2026. The company has initiated the recruitment process for a new Chief Financial Officer, and further information will be provided in due course.
We published our updated sustainability program for years 2026-2030. The update aims to make sustainability efforts more impactful, focus on the most relevant themes, and align the programme’s objectives more closely with the company’s strategy. During 2026, the sustainability programme will be implemented across all Lumo operations.
13,000 Lumo homes to adopt more sustainable water use through apartment-specific water metering. In March, we announced an ongoing extensive project, in which apartment-specific remotely readable water meters will be installed in approximately one third of our housing stock. The introduction of apartment-specific water metering is one of the most significant sustainability initiatives undertaken by Lumo Homes in recent years.
Future events
Lumo’s silent period starts on 6 April 2026, and the Interim Report for January-March 2025 will be published on 6 May 2026.
You can find information about future events and roadshows in Lumo’s investor calendar.
Niina Saarto, Director, Treasury & Investor Relations, Lumo Homes plc, niina.saarto@lumo.fi, tel. +358 20 508 3283.
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