Lumo Homes plc's Interim Report 1 January-31 March 2026

Like-for-Like rental income grew, occupancy rate improved from the previous year

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 January-March 2026

·       Total revenue decreased by 3.1 per cent to EUR 110.8 (114.3) million.

·       Net rental income decreased by 4.7 per cent, totalling EUR 59.9 (62.8) million. Net rental income represented 54.0 (54.9) per cent of revenue.

·       Result before taxes was EUR -20.9 (-11.0) million. The result includes EUR -42.6 (-37.4) million in net result on the valuation of investment properties at fair value and EUR -1.6 (-0.8) million in profit/loss from the sale of investment properties. Earnings per share was EUR -0.07 (-0.04).

·       Funds From Operations (FFO) decreased by 8.6 per cent and amounted to EUR 21.2 (23.3) million.

·       The fair value of investment properties was EUR 7.6 (7.9) billion at the end of the review period including EUR 22.8 (280.0) million Investment properties held for sale.

·       The financial occupancy rate stood at 95.6 (92.8) per cent during the review period.

·       Gross investments totalled EUR 12.0 (4.0) million, representing 10.9 (3.5) per cent of total revenue.

·       Equity per share was EUR 14.77 (14.65) and return on equity was -1.9 (-1.0) per cent. Return on investment was 0.4 (1.1) per cent.

·       EPRA NTA per share (net tangible assets) increased by 0.8 per cent and amounted to EUR 18.46 (18.31).

·       At the end of the review period, there were no Lumo apartments under construction.

Lumo Homes owned 38,898 (40,949) rental apartments at the end of the review period. Since March of last year, Lumo Homes completed 119 (113) apartments and sold 2,170 (24) apartments.

Key figures

Outlook for 2026 unchanged

Lumo Homes estimates that in 2026, the Groupʼs total revenue will amount to between EUR 484-497 million. In addition, Lumo Homes 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. 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 and net rental income decreased in the first quarter, mainly due to the sale of a portfolio of approximately 2,000 apartments completed in July last year. On a comparable, like-for-like basis, however, both total revenue and net rental income increased, reflecting the continued strength of our core operations. FFO declined as a result of lower total revenue and the cold winter. During the review period, our liquidity remained good and our balance sheet strong.

There were no significant changes in the rental market during the early part of the year. The oversupply situation and the market rebalancing continue, particularly in the capital region. Residential construction has been exceptionally low for four years now, and no material increase is anticipated during this year. Start-ups of state-subsidised housing production were still at a moderate level last year, but are expected to decrease following changes in subsidy schemes. As for non-subsidised housing production, the current market conditions do not yet support the launch of new start-ups.

At the beginning of the year, we published our updated strategy for 2026-2028, in which we clarified the company's strategic priorities and updated the financial targets and dividend policy. At the same time, we renewed our brand strategy. The Annual General Meeting approved the change of the company's business name, and in March the name was changed to Lumo Homes plc. We have operated under the Lumo brand towards customers for a long time, and now our corporate brand and legal name have also been unified. Going forward, we will operate under one brand, supporting the execution of our strategy and clarifying our operations. Customer centricity and continuous improvement of the customer experience are at the core of our strategy, which we believe will also be reflected in a pricing premium. Our customer experience developed strongly at the beginning of the year. In March, the customers' willingness to recommend us (NPS) was 60, the highest result ever recorded in our measurement history.

After the review period, we completed the acquisition of a housing portfolio of 4,761 apartments from Varma. As we have previously stated, this acquisition marks our return to a growth path. Our objective is to grow profitably and improve FFO per share. The acquired portfolio consists of high-quality assets, largely located in growth centres. Leasing of the new apartments has taken off above expectations immediately after the completion of the transaction.

The acquisition of the housing portfolio was partly financed with EUR 600 million acquisition financing facility, with a maturity of 12 months. Our plan is to refinance the facility with debt from the capital markets, and we are actively monitoring the developments in the financial markets. Since the outbreak of the Middle East crisis, interest rates have risen. However, higher interest rates will primarily affect the company through new loan arrangements, as our hedging ratio is high. Our strong balance sheet and solid liquidity position provide a good foundation to proceed according to the strategy and to monitor the market developments with confidence.

Reima Rytsölä

CEO

News conference and webcast

Lumo Homes will hold a news conference for institutional investors, analysts and media on 6.5.2026 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/q1-2026.

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/q1-2026/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

Erik Hjelt, CFO, Lumo Homes plc, tel. +358 20 508 3225, erik.hjelt@lumo.fi

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