Slides
Page 1
Interim Report 1–9/2026 5 November 2026 Reima Rytsölä, CEO Antti Syvänen, Interim CFO
Page 2
Lumo Homes plc's Interim Report January–September 2026 2 • Summary of January–September 2026 • Financial development and outlook Agenda
Page 3
Summary of January–September 2026 Lumo Homes plc's Interim Report January–September 2026 3
Page 4
Palette Secondary Lumo Homes plc's Interim Report January–September 2026 4 • Total revenue, net rental income and FFO increased from the corresponding period • Our balance sheet has remained strong and our liquidity good • The improvement in the occupancy rate continued in the third quarter. Our financial occupancy rate increased to 95.5 per cent and the occupancy rate for the third quarter was 96.4 per cent • We reached the stabilised occupancy rate estimated for the portfolio acquired in April. At the end of September its occupancy rate stood at 96.8 per cent • The supply of rental apartments has continued to decline, particularly in the capital region • We increased the yield requirements used in our valuations, which reduced the fair values of investment properties • 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 Strong growth continued and the occupancy rate increased in the third quarter
Page 5
Palette Secondary Operating environment Lumo Homes plc's Interim Report January–September 2026 5 General operating environment • Global economic growth has remained stronger than expected. The prolonged conflict in the Middle East and its potential escalation create uncertainty • The economic outlook of the euro area is cautiously positive. Investments in defence and infrastructure are supporting demand, and growth is expected to strengthen further in 2027 • The Finnish economy grew broad-based during first part of the year. Improving purchasing power, strengthening consumer confidence, export growth and investments have supported economic development. Residential construction and employment are forecasted to begin recovering only next year • Interest rate hikes have continued since the summer. Driven by strong economic growth and elevated inflationary pressures, markets expect further monetary policy tightening. The ECB has raised its key interest rate twice this year. The FED started interest rate hikes in September Operating environment key figures 2026E 2025 GDP growth, % 1.6 0.8 Unemployment, % 10.3 9.7 Inflation, % 2.0 0.3 Prices of old apartments in the whole country, change, % -1.0 -2.3 Prices of old apartments in -1.4- -2.8 -2.0- -4.6the capital region, change, % Rents of non-subsidised apartments in the whole country, change, % -0.5 0.2 Rents of non-subsidised apartments in -0.4- -0.6 -0.4- -1.0the capital region, change, % Sources: Ministry of Finance, Economic Survey 9/2026; Pellervo Economic Research PPT, Housing 2026 forecast
Page 6
Palette Secondary Operating environment Lumo Homes plc's Interim Report January–September 2026 6 Housing production • Residential start-ups are expected to decline further to 15,000 units this year • An improving economic outlook, population growth and the formation of new households are gradually creating conditions for a recovery in the housing market, particularly in growth centres • Current housing production clearly falls short of the housing production needs of large cities in the coming decades Industry key figures 2026E 2025 Residential start-ups, units 15,000 17,600 of which non-subsidised apartments 3,000 3,400 start-ups in the capital region n/a 5,910 Building permits granted, annual, units* 15,272 16,254 Construction costs, change, % 3.4 1.6 Housing production need 2025–2045, % 42 115 8 4 3 3 24 Helsinki Tampere Oulu Turku Jyväskylä Kuopio Lahti Rest of Finland ~35,000 Apartments / year Residential start-ups in Finland 2016–2026E 18,500 24,100 25,200 19,000 20,900 26,600 20,900 3,400 3,400 3,400 3,000 18,700 20,400 19,200 18,400 19,600 20,700 16,300 14,600 14,400 14,200 12,000 37,200 44,500 44,400 37,400 40,500 47,300 37,200 18,000 17,800 17,600 15,000 Non-subsidised apartments Others * 2026E: Rolling 12 months, August 2026 Sources: Confederation of Finnish Construction Industries (CFCI), economic forecast October 2026 ; VTT, Need for housing 2025–2045; Housing production information of the municipalities in the capital region; Statistics Finland, Building stock and new production, Bu ilding cost index; Pellervo Economic Research PPT, Housing 2026 forecast
Page 7
Palette Secondary Lumo Homes plc's Interim Report January–September 2026 7 Source:Vuokraovi, market data, October 2026 Operating environment Number of notifications, block of flats
Page 8
Palette Secondary Operating environment Lumo Homes plc's Interim Report January–September 2026 8 Rental market situation • The supply of rental apartments have begun to decrease • Population growth will continue in the largest cities, supported by immigration and internal migration, and will be concentrated mainly in the capital region, Tampere, Turku and medium-sized university cities • In the longer term, immigration, urbanisation and population concentration will support the strong population growth in Finland’s largest cities Population growth and development of household sizes Population growth forecast 2025–2050, % 16.8 15.1 3.4 -4.1 -1.8 -1.4 22.1 19.8 Turku Tampere Oulu Lahti Kuopio Jyväskylä Capital region* Helsinki Development of rental household-dwelling units (% of all households) 47.1 37.7 40.2 36.5 37.3 36.7 42.2 43.0 50.9 43.2 46.7 42.8 42.6 43.7 53.0 53.7 Helsinki Helsinki region** Jyväskylä Kuopio Lahti Oulu Tampere Turku 2010 2025 *Helsinki, Espoo, Kauniainen, Vantaa ** Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: MDI, Population forecast 2050 (urbanisation scenario), September 2026; Statistics Finland, Dwellings and housing conditions 2026; Statistics Finland, Preliminary population statistics -3,000 2,000 7,000 12,000 Helsinki Espoo Vantaa Tampere Turku Population change 2024 Population change 2025 Population change H1/2026 New household-dwelling units 2024 New household-dwelling units 2025 New household-dwelling units H1/2026
Page 9
Palette Secondary Lumo Homes’ apartment portfolio 9 Apartment distribution, % 65.9 10.6 4.6 5.1 4.0 3.2 2.93.7 Helsinki region Tampere region Turku region Oulu Jyväskylä Kuopio region Lahti region Others Fair value distribution, % 76.1 9.6 3.72.8 2.5 1.7 1.72.0 Region Number of apartments, units Number of commercial and other leased premises, units Fair value, M€ Fair value, € 1,000/unit Fair value, €/m² Financial occupancy rate, % ³⁾ Share of revenue, % Helsinki region 28,653 547 6,183 212 3,999 95.3 70 Tampere region 4,616 126 779 164 3,233 96.0 10 Turku region 1,997 24 304 151 2,779 95.6 4 Others 8,223 120 863 103 1,981 96.0 16 Total 43,489 817 8,129 ¹⁾ 183 3,486 95.5 100 Others 210 ²⁾ Total portfolio 43,489 817 8,339 95.5 1) The figures reflect income-generating portfolio assets, which excludes new projects under construction, plots owned by the group and ownership of certain assets through shares 2) Fair value of ongoing projects under construction, plots owned by the group and ownership of certain assets through shares and fair value of right-of-use assets 3) Financial occupancy rate does not include commercial premises and other leased premise Lumo Homes plc's Interim Report January–September 2026 Measured at fair value, 89.4 per cent of Lumo Homes' rental apartments were located in the Helsinki, Tampere and Turku regions
Page 10
Palette Secondary The acquired portfolio of 4,761 apartments has reached a stabilised occupancy rate • The financial occupancy rate of the acquired portfolio rose to 96.8 per cent at the end of September • The strong development of the occupancy rate was supported by: • Quick and controlled integration into Lumo’s sales and marketing operations • Efficient and scalable processes • Effective digital sales and strong online conversion • Skilled and flexible personnel and allocation of resources according to demand • High quality and attractive locations of the properties Portfolio 60 properties Apartments 4,761 pcs / average size 49.5 sqm Commercial premises 134 pcs, total.16,900 sqm Stabilised annual rental income 63.0 M€ Stabilised yield for the purchase price 4.9% Portfolio key informationNumber of apartments by construction year 0 200 400 600 800 1,000 1,200 1,400 Before 1960 1960-1979 1980-1999 2000-2015 2016 or after 10Lumo Homes plc's Interim Report January–September 2026 Portfolio key information
Page 11
Palette Secondary total revenue 363.1 M€ (343.6 M€, +5.7 %) net rental income 247.5 M€ (231.6 M€, +6.8 %) funds from operations (FFO) 110.9 M€ (106.1 M€, +4.6 %) profit/loss before taxes -25.0 M€ (9.1 M€, -375.9 %) profit excluding changes in value 1) 123.0 M€ (110.9 M€, +11.0 %) net promoter score (NPS) 56 (58) fair value of investment properties 8.3 Mrd€ (7.6 Mrd€, +9.2 %) 1) Changes in value = Profit/loss on fair value of investment properties Key Figures 1–9/2026 Lumo Homes plc's Interim Report January–September 2026 11
Page 12
Palette Secondary Financial targets 2026-2028 1–9/2026 Target Growth Average annual growth of total revenue, % 5.7 5–7 Customer satisfaction Net Promoter Score (NPS) 56 > 65 Profitability Average annual growth of FFO/share, % 0.0 3–5 Risk management Loan to Value (LTV), % 46.1 < 45 Lumo Homes plc's Interim Report January–September 2026 12 Lumo Homes’ objective is to be a stable dividend payer whose annual dividend payment and/or share buy-backs will be at least 20 per cent of FFO, provided that the Group’s equity ratio is 40 per cent or more and taking account of the company’s financial position
Page 13
Financial development and outlook Lumo Homes plc's Interim Report January–September 2026 13
Page 14
Palette Secondary Total revenue and net rental income increased • The increase in total revenue was positively affected by acquisition of 4,761 apartments in April and improvement in occupancy rate, and was negatively affected by apartments sold in 2025-2026 • Net rental income increased particularly due to the housing portfolio acquired in April, and decreased due to the apartments sold in 2025-2026 and higher heating expenses resulting from the cold beginning of the year Lumo Homes plc's Interim Report January–September 2026 14 Total revenue, M€ Net rental income, M€ 413.3 442.2 452.4 455.2 343.6 363.1 2022 2023 2024 2025 1–9/2025 1–9/2026 280.1 297.2 302.9 307.7 231.6 247.5 2022 2023 2024 2025 1–9/2025 1–9/2026 +6.8%+5.7%
Page 15
Palette Secondary Profit before taxes and FFO • Profit before taxes was particularly negatively impacted by an increase in yield requirements, 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 positive impact on fair values • The increase in FFO was driven by total revenue growth Lumo Homes plc's Interim Report January–September 2026 15 Profit/loss before taxes, M€ Funds From Operations (FFO), M€ and €/share * Changes in value = Profit/loss on fair value of investment properties 182.2 183.1 160.3 147.3 110.9 123.0 -682.0 -295.4 -134.0 -120.4 -101.8 -148.1 -499.8 -112.3 26.3 26.8 9.1 -25.0 2022 2023 2024 2025 1–9/2025 1–9/2026 Profit excluding changes in value Changes in value* 160.7 167.2 148.2 140.9 106.1 110.9 0.65 0.68 0.60 0.57 0.43 0.43 2022 2023 2024 2025 1–9/2025 1–9/2026 Funds From Operations (FFO) €/share +4.6%
Page 16
Palette Secondary The occupancy rate increased from previous year • The occupancy rate was 95.5 (94.4) per cent in the review period and 96.4 (96.1) per cent in the third quarter • The occupancy rate of the acquired portfolio rose to 96.8 per cent at the end of September • Tenant turnover increased slightly from the comparison period Lumo Homes plc's Interim Report January–September 2026 16 Financial occupancy rate, % Tenant turnover, % excluding internal turnover 92.0 93.0 91.5 94.8 94.4 95.5 2022 2023 2024 2025 1–9/2025 * 1–9/2026 * 31.1 29.5 29.7 27.9 20.7 21.6 2022 2023 2024 2025 1–9/2025 1–9/2026 * Cumulative occupancy rate from the beginning of the year Financial occupancy rate = (rental income / potential rental income at full occupancy) * 100. Financial occupancy rate does n ot include apartments under renovation Tenant turnover = (terminated rental agreements under the period / number of apartments) * 100
Page 17
Palette Secondary Positive development of Like-for-Like rental income Like-for-Like growth (LfL) illustrates the change in rental income for properties owned for two consecutive years in the past 12 months compared to the previous 12-month period Lumo Homes plc's Interim Report January–September 2026 17 -0.7% 1.8%2.4% 0.1% Impacts of rents and water charges Impact of occupancy rate Other impacts Like-for-Like rental income growth
Page 18
Palette Secondary Investments • The acquisition of 4,761 apartments was completed on 1 April 2026. The debt-free transaction price was approximately EUR 900 million • 343 apartments were sold during the review period • Modernisation investments increased slightly from the comparison period Lumo Homes plc's Interim Report January–September 2026 18 Gross investments and sales of investment properties, M€ Modernisation investments and repairs, M€ 501.6 190.7 52.8 42.5 27.7 882.9 -1.3 -12.0 -2.5 -258.6 -245.9 -27.2 2022 2023 2024 2025 1–9/2025 1–9/2026 ** Gross investments Sales of investment properties 22.5 26.7 4.1 28.9 19.0 21.3 30.2 29.3 24.1 24.1 18.1 18.4 52.7 56.0 28.2 53.0 37.1 39.7 2022 2023 2024 2025 1–9/2025 1–9/2026 Modernisation investments Repairs * The change percentage of gross investments, does not include sales of investment properties ** The housing portfolio acquired on 1 April 2026 was intially recognised at acquisition cost as defined in IAS 40.5 +7.0%+3,088.3% *
Page 19
Palette Secondary Fair value of investment properties was EUR 8.3 billion • Yield requirements of the investment properties were increased by 0.1 percentage points during the third quarter • The change in the fair value of investment properties was EUR -148.1 million • Net result on the valuation of investment properties was negatively impacted by the change in yield requirements by EUR -209.7 million and positively by the inclusion of the acquired portfolio in the fair value valuation model by EUR 107.3 million Lumo Homes plc's Interim Report January–September 2026 19 Fair value of investment properties, M€ * 8,150.2 8,038.8 7,960.0 7,620.7 7,637.2 8,339.2 2022 2023 2024 2025 30 Sep 2025 30 Sep 2026 +9.2% * Investment properties include completed apartments, development projects and land areas as well as investment properties held for sale Changes in fair value M€ 1–9/2026 1–9/2025 Change in yield requirement -209.7 - Change in net rental income -1.3 1.0 Change in inflation, rents and expense growth assumptions -32.5 - Other 95.4 -102.8 Profit/loss on fair value of investment properties -148.1 -101.8
Page 20
Palette Secondary Equity ratio and Loan to Value (LTV) • Equity ratio has remained strong • LTV is temporarily over our target level of 45 per cent due to the change in fair values of our investment properties Lumo Homes plc's Interim Report January–September 2026 20 Equity ratio, % Loan to Value (LTV), % 45.3 44.5 43.2 45.4 45.6 44.6 2022 2023 2024 2025 30 Sep 2025 30 Sep 2026 43.7 44.6 43.9 42.3 42.2 46.1 2022 2023 2024 2025 30 Sep 2025 30 Sep 2026
Page 21
Palette Secondary Our financial position has remained strong • Moody’s affirmed our Baa2 credit rating with a stable outlook in September • In August, we signed a EUR 100 million loan agreement with OP, refinancing a EUR 75 million loan maturing in 2027 • In September, we refinanced our EUR 50 million loan with SMBC and increased its amount to EUR 100 million. The additional EUR 50 million term loan remained undrawn at the end of the review period • After the review period, we refinanced our EUR 125 million syndicated loan. As a result of the amendment, the maturity of the loan has been extended from October 2027 to early 2030 and the loan includes two one-year extension options Lumo Homes plc's Interim Report January–September 2026 21 The Group’s liquidity, 917 M€ Financial key figures 23 69 275 500 50 Cash and cash equivalents 23 M€ Financial assets 69 M€ Unused committed credit facilities 275 M€ Unused back-stop facility 500 M€ Undrawn term loan 50 M€ 30 Sep 2026 Interest-bearing liabilities, M€ 3,851.7 Hedging ratio, % ¹⁾ 86 Average interest rate, % ²⁾ 3.4 Coverage ratio 2.3 Coverage ratio excluding repair expenses 2.5 Average loan maturity, years 2.5 Average interest rate fixing period, years 2.0 ¹⁾ Bonds maturing within 12 months are included in fixed rate loans ²⁾ Includes interest rate derivativesDistribution of the Group’s loan maturity, M€ 2 958 746 1,117 348 72 503 8 4 2 7 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036->
Page 22
Palette Secondary Key figures per share • Equity per share and EPRA NTA per share decreased due to increased yield requirements used in our valuations Lumo Homes plc's Interim Report January–September 2026 22 Equity per share, € EPRA NTA per share, € 15.55 14.67 14.68 14.89 14.74 14.30 2022 2023 2024 2025 30 Sep 2025 30 Sep 2026 19.52 18.44 18.50 18.61 18.40 17.61 2022 2023 2024 2025 30 Sep 2025 30 Sep 2026 -4.3%-3.0%
Page 23
Palette Secondary 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, the company 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 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. Lumo Homes plc's Interim Report January–September 2026 23
Page 24
Palette Secondar y 24 Our Values Happy to serve Strive for success Courage to change Seamless customer journey enabled by data, technology and AI A truly customer-centric portfolio renewal and growth The most capable and dynamic professionals in the housing market Industry leading operational excellence Strong contribution to sustainable urban living Delivering the best customer experience Strategic focus area Brand Promise Simply the right home Mission We create better urban living 2424Lumo Homes plc's Interim Report January–September 2026
Page 25
Financial Statements 2026 to be published on 18 February 2027 Contact details: CEO Reima Rytsölä, tel. +358 20 508 5077 Interim CFO Antti Syvänen, tel. +358 20 508 3061 Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.yritys.lumo.fi/en Thank you! Lumo Homes plc's Interim Report January–September 2026
Page 26
Lumo Homes plc's Interim Report January–September 2026 26 Appendix
Page 27
Palette Secondary 27
Page 28
Palette Secondary Lumo Homes plc's Interim Report January–September 2026 28 Topical with our sustainability work • We advanced efforts to reduce water consumption by expanding apartment-specific water metering. Installation work for a project covering approximately 13,000 apartments was completed during the review period, more than 10,000 apartments transitioned to consumption-based water billing, and a new project covering over 2,000 apartments was launched. • We strengthened residents’ peaceful enjoyment of their homes by introducing a lease termination procedure for serious disturbance cases. The procedure came into effect on 1 October 2026 and is intended to enable more effective intervention in serious disturbances affecting the residential environment. • EPRA awarded Lumo Gold-level recognition for both sustainability and financial reporting. EPRA Gold for sustainability reporting was achieved for the third consecutive year, reflecting the long-term and systematic development of our sustainability reporting.
Page 29
Palette Secondar y Carbon-neutral energy use Energy efficiency Water consumption Employee experienceResident satisfaction Target: Scope 2 emissions reduced to zero by 2030 n/a% ( no comparable data) 63% ( no comparable data) 30% ( no change) 4.14 ( 3.95) Additional information: Emissions decreased beyond the annual target in 2025. 0.58 tCO2e/apartment ( -9%) Target: 6% energy efficiency improvement measures (VAETS Energy Efficiency Agreement) by 2030 Additional information: Comparable data is not yet available (new period started in 2026). The previous period’s target was achieved ahead of schedule. Target: 5% reduction in water consumption by 2030 Additional information: 2025 serves as the baseline for the new target. Change compared to the 2025 baseline is not yet available. 364 l/m3 ( +3%) Target: ≥68% of residents rate safety and living comfort as 4 or 5 (scale 1–5) Additional information: Measured for the first time in 2025. No comparable data from 2024. Target: Household waste recycling rate ≥60% by 2030 Additional information: The target is based on the EU target for Finland to reach a 60% municipal waste recycling rate by 2030. Target: Average score of ≥4 in the employee survey (scale 1–5) Additional information: The 2025 result improved from the previous year. Sustainability programme targets and progress The new sustainability programme was implemented at the beginning of 2026. All figures are based on 2025 data. Recycling rate On track No comparable data No progress or adverse development 29
Page 30
Palette Secondary Carbon-neutral energy use target for 2030 • We are committed to achieving carbon-neutral energy use across our properties by 2030. Our target is to reduce the carbon footprint of energy consumption per apartment by 5% annually • Over the past five years, the carbon footprint of energy consumption per apartment has decreased by approximately 60% Lumo Homes plc's Interim Report January–September 2026 *Scope 2, market-based, tCO2e/apartment Average annual reduction of 15% (CAGR) Key drivers for 2026–2030 • Energy efficiency investments • Decarbonisation of district heating • Residents’ energy consumption • Demand response solutions • Carbon-neutral property electricity (100%) Apartment-specific carbon footprint of energy consumption * 1.54 0.99 0.82 0.64 0.58 0 2019 2022 2023 2024 2025 Target 2030 30
Page 31
Palette Secondar y Lumo Homes’ ten largest shareholders (as at 30 Sep 2026) 31 Shareholder Number of shares % of shares Nominee-registered shareholders 67,828,461 25.6 1. Heimstaden Bostad AB 49,389,283 18.7 2. Varma Mutual Pension Insurance Company 44,029,042 16.6 3. Ilmarinen Mutual Pension Insurance Company 20,537,814 7.8 4. The Finnish Industrial Union 15,788,503 6.0 5. Trade Union of Education in Finland 9,214,417 3.5 6. Trade Union PRO 4,904,150 1.9 7. Elo Mutual Pension Insurance Company 3,199,000 1.2 8. Society of Swedish Literature in Finland 2,340,000 0.9 9. The State Pension Fund of Finland 2,200,000 0.8 10. Finnish Construction Trade Union 2,000,001 0.8 Other shareholders 43,380,395 16.4 Total 264,811,066 100.0 Development of the number of shareholders 15,222 14,823 15,088 16,635 18,597 52.1% 51.0% 51.1% 45.5% 44.3% 30 Sep 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 30 Sep 2026 Number of shareholders Share of nominee-registered and direct foreign ownership, % On 1 April, Lumo Homes issued 24,666,667 new shares in the company to Varma. The new shares were registered with the Finnish Trade Register on 2 April 2026. In addition, in accordance with a resolution of the Board of Directors, Lumo Homes cancelled 7,000,000 of the company’s own shares. The cancellation of the shares was registered with the Finnish Trade Register on 17 April 2026.Lumo Homes plc's Interim Report January–September 2026
Page 32
Palette Secondar y Dividend policy 32 Lumo Homes’ objective is to be a stable dividend payer whose annual dividend payment and/or share buy- backs will be at least 20 per cent of FFO, provided that the Group’s equity ratio is 40 per cent or more and taking account of the company’s financial position Lumo Homes plc's Half-Year Financial Report January–September 2026 0.37 0.38 0.39 - - 0.11 60% 61% 60% 0% 0% 19% 2020 2021 2022 2023 2024 2025 Dividend, € / share Dividend, % of FFO • The Annual General Meeting 12 March 2026 resolved, in accordance with the proposal of the Board of Directors, that a dividend of EUR 0.11 per share be paid for the financial year 2025 • The dividend payment date was 8 April 2026 • The company bought back 7,000,000 of its own shares during the period from 22 August 2025 to 27 January 2026 • Lumo cancelled 7,000,000 own shares in accordance with the decision by the Board of Directors. The cancellation was registered with the Finnish Trade Register on 17 April 2026. Profit distribution during the reporting period: Dividend history:
Page 33
Palette Secondar y Housing stock and customer distribution 33 • Lumo Homes’ housing stock meets the demand well • All age groups are represented among the tenants Housing stock by apartment type, % Customers by household type, % Customers by age group, % 25.4 47.9 21.7 5.0 studios one bedroom two bedroom three bedroom or larger 55.7 24.5 6.4 10.23.2 1 person 2 person family with children family with a single parent company 11.7 25.0 20.9 25.1 14.1 3.2 <25 25-34 35-44 45-64 >65 unknown Lumo Homes plc's Interim Report January–September 2026
Page 34
Palette Secondar y Lumo living benefits 34 Lumo living includes • Pets welcome • Security deposit 0 € • Free decoration paints • My Lumo service • Lumo team • DNA Netti broadband Services for easy move • Key machine • Moving service • Home cleaning service • Dishwasher ordered • Dishwasher installation • Self storage renting • Shared car • Installation service • Flexible home change Other benefits • Home insurance • Electricity contract • Home cleaning services • Electric car charging service • Carbon-neutral heating • Vallila home textiles at a special price • Gigantti • Nextory Lumo Homes plc's Interim Report January–September 2026
Page 35
Palette Secondar y Immigration and its impact Lumo Homes plc's Interim Report January–September 2026 35 • Net immigration to Finland has been at historically high level in recent years. In 2025, net immigration decreased from the previous year but it was still third highest in the history of statistical recording • According to MDI’s population forecast published in September 2026, population growth is expected to be concentrated in capital region, Tampere, Turku and medium-sized university cities. Immigration will support population growth in the longer term within the growth triangle, although growth has slowed in early 2026 0 10,000 20,000 30,000 40,000 50,000 60,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net immigration (Finland) Net immigration (capital region) Source: Statistics Finland, population statistics and preliminary population statistics; MDI population forecast, September 2026
Page 36
Palette Secondary Key figures 7–9/2026 7–9/2025 Change, % 1–9/2026 1–9/2025 Change, % 2025 Total revenue, M€ 127.3 113.6 12.0 363.1 343.6 5.7 455.2 Net rental income, M€ 95.9 86.0 11.5 247.5 231.6 6.8 307.7 Net rental income margin, % 75.3 75.7 68.2 67.4 67.6 Profit/loss before taxes, M€ -87.7 32.8 -367.3 -25.0 9.1 -375.9 26.8 Gross investments, M€ 10.6 13.6 -22.3 882.9 27.7 3,088.3 42.5 Funds From Operations (FFO), M€ 46.1 44.1 4.7 110.9 106.1 4.6 140.9 FFO per share, € 0.17 0.18 -5.6 0.43 0.43 0.0 0.57 Financial occupancy rate, % 95.5 94.4 94.8 Fair value of investment properties, Bn€ 8.3 7.6 9.2 7.6 Number of apartments 43,489 39,001 38,945 Number of apartments under construction 32 119 119 EPRA NTA per share, € 17.61 18.40 -4.3 18.61 Equity ratio, % 44.6 45.6 45.4 Loan to Value (LTV), % 46.1 42.2 42.3 Lumo Homes plc's Interim Report January–September 2026 36
Page 37
Palette Secondary Consolidated income statement M€ 7–9/2026 7–9/2025 1–9/2026 1–9/2025 1–12/2025 Total revenue 127.3 113.6 363.1 343.6 455.2 Maintenance expenses -24.5 -21.9 -97.2 -93.8 -123.4 Repair expenses -7.0 -5.7 -18.4 -18.1 -24.1 Net rental income 95.9 86.0 247.5 231.6 307.7 Administrative expenses -10.4 -9.3 -32.6 -29.0 -40.8 Other operating income and expenses 0.9 1.3 4.5 2.9 3.9 Profit/loss on sales of investment properties 0.6 -0.2 -1.0 -0.9 -2.6 Profit/loss on fair value of investment properties -139.6 -16.4 -148.1 -101.8 -120.4 Depreciation, amortisation and impairment losses -0.3 -0.3 -0.8 -8.2 -8.4 Operating profit/loss -52.9 61.0 69.6 94.6 139.4 Total amount of financial income and expenses -34.9 -28.2 -94.5 -85.5 -112.7 Share of result from associated companies - - -0.1 - 0.1 Profit/loss before taxes -87.7 32.8 -25.0 9.1 26.8 Current tax expense -5.9 -36.2 -14.2 -44.3 -47.9 Change in deferred taxes 22.7 29.5 17.4 42.0 41.9 Profit/loss for the period -71.0 26.1 -21.8 6.8 20.8 Lumo Homes plc's Interim Report January–September 2026 37
Page 38
Palette Secondary Balance sheet Lumo Homes plc's Interim Report January–September 2026 38 M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Intangible assets 0.3 0.3 0.4 Investment properties 8,303.2 7,595.4 7,580.6 Property, plant and equipment 19.2 19.7 19.5 Investments in associated companies 1.5 2.4 2.5 Financial assets 0.7 0.8 0.7 Non-current receivables 7.1 6.4 6.0 Derivatives 13.1 9.0 9.2 Deferred tax assets 12.7 10.8 15.2 Total non-current assets 8,357.8 7,644.7 7,634.1 Current assets Derivatives 2.4 2.0 1.6 Current tax assets 0.6 0.5 0.5 Trade and other receivables 14.8 12.0 10.6 Financial assets 68.6 54.7 57.8 Cash and cash equivalents 23.3 184.7 181.3 Non-current assets held for sale 36.0 41.8 40.1 Total current assets 145.6 295.7 292.0 TOTAL ASSETS 8,503.3 7,940.4 7,926.1
Page 39
Palette Secondary Balance sheet Lumo Homes plc's Interim Report January–September 2026 39 M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Equity attributable to shareholders of the parent company Share capital 58.0 58.0 58.0 Share issue premium 35.8 35.8 35.8 Fair value reserve 12.8 -7.5 -4.3 Invested non-restricted equity reserve 401.5 164.4 164.4 Retained earnings 3,279.7 3,368.7 3,339.0 Equity attributable to shareholders of the parent company 3,787.8 3,619.6 3,593.0 Total equity 3,787.8 3,619.6 3,593.0 Non-current liabilities Loans and borrowings 3,016.1 3,167.1 3,166.2 Deferred tax liabilities 770.2 779.9 785.9 Derivatives 0.0 20.3 16.1 Other non-current liabilities 7.0 3.9 3.7 Total non-current liabilities 3,793.3 3,971.2 3,972.0 Current liabilities Loans and borrowings 835.6 226.0 225.1 Derivatives 0.1 0.0 0.0 Current tax liabilities 6.1 35.5 34.0 Trade and other payables 77.1 69.4 83.8 Liabilities related to non-current assets held for sale 3.4 18.7 18.2 Total current liabilities 922.2 349.6 361.1 Total liabilities 4,715.6 4,320.8 4,333.1 TOTAL EQUITY AND LIABILITIES 8,503.3 7,940.4 7,926.1
Page 40
Palette Secondary Financial key figures Lumo Homes plc's Interim Report January–September 2026 40 30 Sep 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 Equity ratio, % 44.6 45.0 46.2 45.4 45.6 Interest cover 2.3 2.3 2.3 2.3 2.2 Coverage ratio 2.3 2.4 2.4 2.4 2.4 Coverage ratio excluding repair expenses ¹⁾ 2.5 2.6 2.6 2.6 2.6 Loan to Value (LTV), % ²⁾ 46.1 45.1 42.5 42.3 42.2 Hedging ratio, % ³⁾ 86 86 96 99 99 Average interest rate, % ⁴⁾ 3.4 3.4 3.3 3.2 3.2 Average loan maturity, years 2.5 2.7 3.0 3.1 3.4 Average interest rate fixing period, years 2.0 2.3 2.6 2.7 2.9 ¹⁾ Some companies operating in the same industry as Lumo Kodit record part of the maintenance expenses in the balance sheet. To improve comparability, we present Coverage ratio excluding repair expenses which is calculated from Adjusted EBITDA excluding repair expenses. ²⁾ Excluding Non-current assets held for sale and liabilities related to non -current assets held for sale ³⁾ Bonds maturing within 12 months are included in fixed rate loans ⁴⁾ Includes interest rate derivatives
Page 41
Palette Secondary Important information Lumo Homes plc's Interim Report January–September 2026 41 This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securitites in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision. This presentation includes forward-looking statements, which include statements regarding the Lumo Homes' business strategy, operating and financial targets, financial condition, profitability, results of operations and market data, as well as other statements that are not historical facts. Words such as “believe,” “anticipate,” “plan,” “expect,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “should,” “aim,” “continue,” “could,” “guidance,” “may,” “potential,” “will,” as well as similar expressions and the negative of such expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Undue reliance should not be placed on these forward-looking statements. Except for any ongoing disclosure obligation as required by applicable law, Lumo Homes does not have any intention or obligation to publicly update or revise any forward- looking statements, whether to reflect any future events or circumstances or otherwise.