Interim report
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Interim Report 1 January–30 September 2026
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Interim Report 1 January–30 September 2026 1 Lumo Homes plc’s Interim Report 1 January–30 September 2026 Strong growth continued and the occupancy rate improved in the third quarter 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. All statements made in this report regarding the company or its business are based on the views of the management, and the sections addressing the general macro-economic or indus- try situation are based on third-party information. If there are differences between different language versions of the Interim Report, the Finnish version is the official one. Summary of July–September 2026 • Total revenue increased by 12.0 per cent to EUR 127.3 (113.6) million. • Net rental income increased by 11.5 per cent, totalling EUR 95.9 (86.0) million. Net rental income represented 75.3 (75.7) per cent of revenue. • The result before taxes was EUR -87.7 (32.8) million. The result includes EUR -139.6 (-16.4) million in net result on the valuation of investment properties at fair value and EUR 0.6 (-0.2) million in profit/loss from the sale of investment properties. Earnings per share were EUR -0.27 (0.11). • Funds From Operations (FFO) increased by 4.7 per cent and amounted to EUR 46.1 (44.1) million. • Gross investments totalled EUR 10.6 (13.6) million, representing 8.3 (12.0) per cent of total revenue. Summary of January–September 2026 • Total revenue increased by 5.7 per cent to EUR 363.1 (343.6) million. • Net rental income increased by 6.8 per cent, totalling EUR 247.5 (231.6) million. Net rental income represented 68.2 (67.4) per cent of revenue. • The result before taxes was EUR -25.0 (9.1) million. The result includes EUR -148.1 (-101.8) million in net result on the valuation of investment properties at fair value and EUR -1.0 (-0.9) million in profit/loss from the sale of investment properties. Earnings per share were EUR -0.08 (0.03). • Funds From Operations (FFO) increased by 4.6 per cent and amounted to EUR 110.9 (106.1) million. • The fair value of investment properties was EUR 8.3 (7.6) billion at the end of the review period including EUR 35.9 (41.8) million in Investment properties held for sale. • The financial occupancy rate stood at 95.5 (94.4) per cent during the review period. • Gross investments totalled EUR 882.9 (27.7) million, representing 243.2 (8.1) per cent of total revenue. • Equity per share was EUR 14.30 (14.74) and return on equity was -0.8 (0.3) per cent. Return on investment was 1.3 (1.9) per cent. • EPRA NTA per share (net tangible assets) fell by 4.3 per cent and amounted to EUR 17.61 (18.40). • At the end of the review period, there were 32 (119) Lumo apartments under construc- tion. Lumo Homes owned 43,489 (39,001) rental apartments at the end of the review period. Since September of last year, Lumo Homes completed 119 (0) apartments, acquired 4,761 (0) apartments and sold 399 (1,972) apartments. Renovations and other changes in use had a net positive impact of 7 (0) apartments.
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Interim Report 1 January–30 September 2026 2 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, Lumo Homes 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 mainte- nance 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 the 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 oper- ations. In contrast, the management has no influence over market trends, the regulatory envi- ronment or the competitive landscape.
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Interim Report 1 January–30 September 2026 3 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 EBITDA, M€ * -52.6 61.3 -185.8 70.4 102.8 -31.5 147.8 EBITDA margin, % * -41.3 54.0 19.4 29.9 32.5 Adjusted EBITDA, M€ * 86.4 77.7 11.2 217.4 205.3 5.9 270.6 Adjusted EBITDA margin, % * 67.9 68.4 59.9 59.8 59.4 Funds From Operations (FFO), M€ * 46.1 44.1 4.7 110.9 106.1 4.6 140.9 FFO margin, % * 36.2 38.8 30.6 30.9 31.0 FFO excluding non-recurring costs, M€ * 46.1 44.1 4.7 110.9 106.1 4.6 140.9 Investment properties, M€ ¹⁾ 8,339.2 7,637.2 9.2 7,620.7 Financial occupancy rate, % 95.5 94.4 94.8 Interest-bearing liabilities, M€ * ²⁾ 3,851.7 3,393.1 13.5 3,391.3 Return on equity (ROE), % * -0.8 0.3 0.6 Return on investment (ROI), % * 1.3 1.9 2.1 Equity ratio, % * 44.6 45.6 45.4 Loan to Value (LTV), % * ³⁾ 46.1 42.2 42.3 EPRA Net Tangible Assets (NTA), M€ 4,663.7 4,517.4 3.2 4,492.0 Gross investments, M€ * 10.6 13.6 -22.3 882.9 27.7 3,088.3 42.5 Number of personnel, end of the period 267 262 256 Key figures per share, € 7-9/2026 7-9/2025 Change % 1–9/2026 1–9/2025 Change % 2025 FFO per share * 0.17 0.18 -5.6 0.43 0.43 0.0 0.57 Earnings per share -0.27 0.11 -345.5 -0.08 0.03 -366.7 0.08 EPRA NTA per share 17.61 18.40 -4.3 18.61 Equity per share 14.30 14.74 -3.0 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 hereinafter 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
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Interim Report 1 January–30 September 2026 4 CEO’s review Strong growth continued in the third quarter. Total revenue, net rental income and FFO in- creased from the corresponding period. Growth was driven by the residential portfolio ac- quired in April and the improvement in the occupancy rate. Our balance sheet has remained strong, and our liquidity good. The improvement in the occupancy rate continued in the third quarter, and our financial occu- pancy rate increased to 95.5 per cent at the end of the review period. Leasing activity re- mained strong following the summer season, and the occupancy rate for the third quarter in- creased to 96.4 per cent. The occupancy rate of the portfolio acquired in April has developed exceptionally well. We reached the stabilised occupancy rate estimated for the portfolio al- ready during the third quarter, and at the end of September its occupancy rate stood at 96.8 per cent. The portfolio’s performance has been supported in particular by its successful inte- gration into Lumo’s operating models and leasing platform, as well as by the high quality and attractive locations of the properties. The supply of rental apartments has continued to decline, particularly in the capital region. At the same time, new residential construction has remained at a very low level, population growth is expected to continue in the largest cities and the outlook for the Finnish economy has improved. These factors support the gradual rebalancing of the rental market. The continued rise in market interest rates during the autumn has also been reflected in yield requirements in the real estate market. As a result, we increased the yield requirements used in our valuations, 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 clear posi- tive impact on fair values. Despite these changes, our balance sheet remained strong. Moody’s affirmed our Baa2 credit rating with a stable outlook in September. During the au- tumn, we have continued to refinance maturing bank loans while extending the maturity of our loan portfolio. After the review period, we refinanced well the EUR 125 million syndicated loan well in advance of its maturity in autumn 2027. Thanks to the high hedging ratio of our loan portfolio, changes in interest rates primarily affect new financing. The availability of financing has remained good in both the bank and capital markets. Although uncertainty persists in the operating environment, we have made good progress to- wards our key objectives. The successful onboarding of the portfolio acquired in April, the strong development of the occupancy rate and our proactive financing arrangements provide us with a good starting point for the final quarter of the year. We have also further advanced the use of AI to improve the seamless customer journey and operational efficiency. We will continue to implement our strategy, focusing on improving the customer experience and maintaining a strong financial position. Reima Rytsölä CEO
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Interim Report 1 January–30 September 2026 5 Operating environment General operating environment As Lumo Homes operates in the residential real estate sector, the company is affected partic- ularly by the situation in the residential property market and development in Finnish growth centres. The company is also affected by financial market situation and interest rates, as well as macroeconomic factors, such as economic growth, employment, disposable income, infla- tion, regional population growth and household sizes. Operating environment key figures % 2026E 2025 GDP growth 1.6 0.8 Unemployment 10.3 9.7 Inflation 2.0 0.3 Source: Ministry of Finance, Economic survey 9/2026 According to the economic survey published by the Ministry of Finance in September, global economic growth has remained stronger than expected. The prolonged conflict in the Middle East and its potential escalation create uncertainty, but growth is supported in particular by trade developments in Asia. US economic growth is expected to remain relatively strong, sup- ported by private consumption and the technology industry. Inflation has accelerated in recent months due to rising energy prices and tariffs imposed on imports. Employment trends have remained positive, but weak consumer confidence and a more tense political climate are dampening the economic outlook. Economic growth in the euro area has developed more favourably than anticipated, and the outlook is cautiously positive. Investments in defence and infrastructure are supporting de- mand, and growth in the euro area is expected to strengthen further in 2027. The Finnish economy has grown faster than expected during the first part of the year, with growth broad-based across sectors. Improving purchasing power, strengthening consumer confidence, export growth and higher investment activity have supported economic develop- ment. Confidence among both companies and households has improved, and economic growth is expected to remain strong in the coming years. Defence procurement and invest- ments related to data centres and the green transition are increasing construction activity and machinery and equipment investments, while residential construction is forecast to begin re- covering only next year. Employment is expected to improve gradually starting next year. However, US trade policy and developments related to the conflict in the Middle East are cre- ating uncertainty for the economic outlook. Significant movements have been observed in interest rate markets since the summer, and interest rates have continued to rise. Driven by strong economic growth and elevated infla- tionary pressures, markets expect further monetary policy tightening. The ECB has raised its key interest rate twice this year and is expected to continue rate hikes towards the end of the year as energy prices remain elevated. The Fed also started raising rates in September to bring inflation back to its target level. Industry operating environment 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 Prices of old apartments in the whole country, change, % -1.0 -2.3 Prices of old apartments in the capital region, change, % -1.4- -2.8 -2.0- -4.6 Rents of non-subsidised apartments in the whole country, change, % -0.5 0.2 Rents of non-subsidised apartments in the capital region, change, % -0.4- -0.6 -0.4- -1.0 * Rolling 12 months, August 2026 Sources: Confederation of Finnish Construction Industries (CFCI), economic forecast October 2026; Housing production information of the municipalities in the capital region; Statistics Finland, Building stock and new production, Building cost index; Pellervo Economic Research PPT, Housing 2026 forecast According to the economic forecast published by the Confederation of Finnish Construction Industries (CFCI) in October, housing production remains at a historically low level. Residen- tial start-ups remain subdued, housing prices have continued to decline and changes to hous- ing benefits have temporarily weakened housing demand. CFCI estimates that the volume of housing production continues to contract compared to last year. However, the number of homes for sale and the supply of rental apartments have begun to decrease, particularly in the capital region. An improving economic outlook, population growth, and the formation of new households are gradually creating conditions for a recovery
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Interim Report 1 January–30 September 2026 6 in the housing market, particularly in growth centres. The strength of the recovery will, how- ever, continue to depend on developments in employment, consumer confidence and the in- terest rate environment. Effects of urbanisation Population growth Share of rental household- forecast, % dwelling units, % Area 2025–2050 2010 2025 Helsinki 19.8 47.1 50.9 Capital region ¹⁾ 22.1 41.9 47.1 Helsinki region ²⁾ n/a 37.7 43.2 Jyväskylä -1.4 40.2 46.7 Kuopio -1.8 36.5 42.8 Lahti -4.1 37.3 42.6 Oulu 3.4 36.7 43.7 Tampere 15.1 42.2 53.0 Turku 16.8 43.0 53.7 Other areas n/a 23.8 27.2 ¹⁾ Helsinki, Espoo, Kauniainen, Vantaa ²⁾ Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: Statistics Finland, Dwellings and Housing Conditions 2025; MDI population forecast 2050 (urbanisation scenario), September 2026 According to MDI’s population forecast published in September 2026, population growth will continue in the largest cities, supported by population concentration, urbanisation and immi- gration. Population growth is expected to be concentrated mainly in capital region, Tampere, Turku and medium-sized university cities. Regional differences are estimated to remain signif- icant over the next 25 years, with uneven immigration patterns and differences in age struc- tures leading to substantial variation in population development even among medium-sized cities. The number of households is projected to increase in the largest cities as the popula- tion grows, while a significant decline is anticipated outside growth centres. According to Statistics Finland, net immigration in 2025 was the third highest in recorded his- tory, although lower than in the previous year. Immigration slowed during 2025–2026 from the record levels seen in preceding years but remained clearly above the average level of the 2010s. Furthermore, internal migration among foreign-language speakers continues to sup- port population growth in the largest cities. Business operations Lumo Homes is Finland’s largest residential real estate company measured by the fair value of investment properties. Lumo offers rental apartments and housing services in the largest growth centres in Finland, with excellent transport connections and diverse services nearby. At the end of the review period, Lumo Homes’ property portfolio comprised 43,489 (39,001) rental apartments. The fair value of investment properties amounted to EUR 8.3 (7.6) billion at the end of the review period, including EUR 35.9 (41.8) million in Investment properties held for sale. Investment properties include completed apartments as well as development projects and land areas. Measured at fair value on 30 September 2026, 98.0 per cent of Lumo Homes’ rental apart- ments were located in the seven largest Finnish growth centres, 89.4 per cent in the Helsinki, Tampere and Turku regions and 76.1 per cent in the Helsinki region. The company’s share of the country’s entire rental housing market is about four per cent. Lumo aims to create the best customer service experience for its customers, which is why the company has made significant investments in services. The Lumo webstore allows customers to rent a suitable apartment by paying the first month’s rent, after which they can move into their new home as soon as the next day. Lumo Homes’ resident cooperation model gives the residents an opportunity to influence the development of housing and Lumo services. Lumo apartments offer a range of different services, such as broadband internet connection in- cluded in the rent and a car sharing service. Financial development July–September 2026 Total revenue Lumo Homes’ total revenue increased to EUR 127.3 (113.6) million. The portfolio of 4,761 apartments acquired in April increased total revenue by EUR 15.4 million and improvement in the occupancy rate by EUR 0.2 million. The apartments sold during 2025–2026 decreased to- tal revenue by EUR -2.6 million. Total revenue is generated entirely by income from rental operations. Result and profitability Net rental income increased to EUR 95.9 (86.0) million, which corresponds to 75.3 (75.7) per cent of total revenue. Net rental income increased particularly due to the housing portfolio ac- quired in April and decreased due to apartments sold in 2025-2026.
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Interim Report 1 January–30 September 2026 7 Result before taxes was EUR -87.7 (32.8) million. The result includes EUR -139.6 (-16.4) mil- lion net result on the valuation of investment properties at fair value. The net result was nega- tively impacted in particular by a 0.10 percentage point increase in yield requirements, with an impact of EUR -209.7 million. On the other hand, the inclusion of the acquired portfolio in the fair value valuation model had a positive impact of EUR 107.3 million. Result before taxes and excluding net result on the valuation of the investment properties at the fair value increased by EUR 2.6 million. Financial income and expenses totalled EUR -34.9 (-28.2) million. Funds From Operations (FFO) amounted to EUR 46.1 (44.1) million. The increase in FFO was affected by increased total revenue in the review period. Financial development January–September 2026 Total revenue Lumo Homes’ total revenue increased to EUR 363.1 (343.6) million. The portfolio of 4,761 apartments acquired in April increased total revenue by EUR 29.4 million and improvement in the occupancy rate increased by EUR 3.0 million. The apartments sold during 2025–2026 de- creased total revenue by EUR -14.6 million. Total revenue is generated entirely by income from rental operations. Result and profitability Net rental income increased to EUR 247.5 (231.6) million, which corresponds to 68.2 (67.4) per cent of total revenue. Net rental income increased particularly due to the housing portfolio acquired in April, but was negatively affected by apartments sold in 2025-2026 and higher heating expenses resulting from the cold beginning of the year. Result before taxes was EUR -25.0 (9.1) million. The result includes EUR -148.1 (-101.8) mil- lion net result on the valuation of investment properties at fair value. The net result was nega- tively impacted in particular by a 0.10 percentage point increase in yield requirements, with an impact of EUR -209.7 million. On the other hand, the inclusion of the acquired portfolio in the fair value valuation model had a positive impact of EUR 107.3 million. EUR -1.0 (-0.9) million profit/loss from the sale of investment properties was included in the net result. The yield re- quirements and other input data are based on market observations and the best available market information. This information includes the opinion of an external independent valuer. Result before taxes and excluding the net valuation result on the fair value assessment of in- vestment properties increased by EUR 12.2 million and was EUR 123.0 (110.9) million. The improvement was in particular due to increase in total revenue. Financial income and expenses totalled EUR -94.5 (-85.5) million. Financial income and ex- penses increased by EUR 9.0 million from the comparison period. Interest expenses in- creased by EUR 3.2 million from the comparison period. Funds From Operations (FFO) amounted to EUR 110.9 (106.1) million. The increase in FFO was driven by total revenue growth. Balance sheet, cash flow and financing 30 Sep 2026 30 Sep 2025 31 Dec 2025 Balance sheet total, M€ 8,503.3 7,940.4 7,926.1 Equity, M€ 3,787.8 3,619.6 3,593.0 Equity per share, € 14.30 14.74 14.89 Equity ratio, % 44.6 45.6 45.4 Return on equity (ROE), % -0.8 0.3 0.6 Return on investment (ROI), % 1.3 1.9 2.1 Interest-bearing liabilities, M€ ¹⁾ ⁴⁾ 3,851.7 3,393.1 3,391.3 Loan to Value (LTV), % ³⁾ 46.1 42.2 42.3 Coverage ratio 2.3 2.4 2.4 Average interest rate of loan portfolio, % ²⁾ 3.4 3.2 3.2 Average loan maturity, years 2.5 3.4 3.1 Cash and cash equivalents, M€ 23.3 184.7 181.3 ¹⁾ Net debt on 30 September 2026 totalled 3,828.4 M€, on 30 September 2025 3,208.4 M€ and on 31 December 2025 3,210.0 M€ ²⁾ Includes interest rate derivatives ³⁾ Excluding Non-current assets held for sale and liabilities related to non-current assets held for sale ⁴⁾ Excluding Liabilities related to non-current assets held for sale Lumo Homes’ liquidity was good during the review period. At the end of the period, cash and cash equivalents stood at EUR 23.3 (184.7) million and liquid financial assets at EUR 68.6 (54.7) million. Lumo has a EUR 250 million commercial paper programme, committed credit facilities of EUR 275 million, a EUR 500 million committed back-stop facility and an uncommitted credit facility of EUR 5 million, all of which were unused at the end of the review period.
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Interim Report 1 January–30 September 2026 8 The following financing arrangements were made during the review period: In February, Lumo Homes signed a EUR 600 million senior unsecured acquisition financing facility with Goldman Sachs Bank Europe SE, Nordea Bank Abp and Skandinaviska Enskilda Banken AB (publ). The financing was drawn on 1 April 2026 and was used to partly finance the acquisition of a housing portfolio from Varma. The facility has a maturity of 12 months. At the end of the review period, EUR 300 million was outstanding under the facility. In May, Lumo Homes issued a EUR 300 million unsecured bond under its EMTN programme. The bond has a maturity of four years and matures on 20 May 2030. The bond carries a fixed annual coupon of 4.0 per cent. The proceeds from the issuance were used to refinance half of the above-mentioned acquisition financing. In June, Lumo Homes signed a EUR 500 million back-stop facility agreement with Nordea Bank Abp, OP Corporate Bank plc and Swedbank AB (publ). The back-stop facility is unse- cured when undrawn and it matures in early 2029. The facility can be used to refinance the EUR 500 million bond maturing in spring 2027. In June, Lumo Homes and Swedbank AB (publ) signed an amendment agreement extending the maturity of the EUR 100 million committed credit facility until March 2028. In August, Lumo Homes signed a new EUR 100 million unsecured term loan facility agree- ment linked to sustainability targets with OP Corporate Bank. The loan was used to refinance a EUR 75 million loan with OP maturing in 2027 and for general corporate purposes. The loan maturity is three years with two one-year extension options. In September, Lumo Homes signed an amendment agreement with SMBC Bank EU AG un- der which the amount of the unsecured term loan was increased by EUR 50 million, and its maturity was extended until September 2030, including a one-year extension option. Follow- ing the amendment, the total amount of the financing arrangement is EUR 200 million, con- sisting of a EUR 100 million revolving credit facility and a EUR 100 million term loan. The ad- ditional EUR 50 million term loan remained undrawn at the end of the review period. Real estate property and fair value M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Fair value of investment properties on 1 Jan 7,620.7 7,960.0 7,960.0 Acquisition of investment properties * 861.6 8.6 13.4 Modernisation investments 21.3 19.0 28.9 Disposals of investment properties -27.2 -245.9 -258.6 Capitalised borrowing costs 0.1 0.1 0.2 Profit/loss on fair value of investment properties -148.1 -101.8 -120.4 Changes in right-of-use assets (IFRS 16) 10.8 -2.8 -2.7 Total 8,339.2 7,637.2 7,620.7 Transfer to Investment properties held for sale -35.9 -41.8 -40.1 Fair value of investment properties at the end of the period 8,303.2 7,595.4 7,580.6 * The housing portfolio acquired on 1 April 2026 was initially recognised at acquisition cost as defined in IAS 40.5 Lumo Homes owned a total of 43,489 (39,001) rental apartments at the end of the review pe- riod. During the review period 119 (0) apartments were completed, 4,761 (0) apartments were acquired and 343 (1,972) sold and 7 (0) apartments were demolished or otherwise altered. The fair value of Lumo Homes’ investment properties is determined quarterly on the basis of the company’s own evaluation. An external expert gives a statement on the valuation of Lumo Homes’ investment properties. The latest valuation statement was issued on the situation as at 30 September 2026. The criteria for determining fair value are presented in the Notes to the Financial Statements. At the end of the review period, the plot and real estate development reserve held by the Group totalled about 166,000 (175,000) floor sq.m. The fair value of the plot and real estate development reserve (including the Metropolia properties) was EUR 121.7 (130.6) million at the end of the review period.
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Interim Report 1 January–30 September 2026 9 Rental housing Apartments 30 Sep 2026 30 Sep 2025 31 Dec 2025 Number of apartments 43,489 39,001 38,945 Average rent, €/m²/month 18.09 17.83 17.78 Average rent, €/m²/month, yearly average 18.00 17.84 17.83 Lumo responds to the trends of urbanisation, digitalisation and communality in accordance with its strategy, providing its customers with apartments with good locations and services that make daily life easier, increase the attractiveness of housing and improve the sense of community. Lumo’s properties form a networked service platform that enables agile innova- tion implementation in cooperation with other operators. All Lumo rental apartments are also easily available for rent on our webstore. Rental housing key figures % 1–9/2026 1–9/2025 1–12/2025 Financial occupancy rate 95.5 94.4 94.8 Tenant turnover rate, excluding internal turnover 21.6 20.7 27.9 Like-for-Like rental income growth * 1.8 1.1 2.6 Rent receivables in proportion to revenue 1.4 1.4 1.6 * Change of rental income for properties owned for two consecutive years in the past 12 months compared to the previous 12-month period The financial occupancy rate was 95.5 (94.4) per cent for the review period. The financial oc- cupancy rate was 96.4 (96.1) in the third quarter. The financial occupancy rate of the portfolio acquired in April was 96.8 per cent at the end of September. At the end of the period, 64 (24) apartments were vacant due to renovations. Property portfolio by region as at 30 September 2026 Helsinki Tampere Turku Kuopio Lahti % region region region Oulu Jyväskylä region region Others Distribution by number of apartments 65.9 10.6 4.6 5.1 4.0 3.2 2.9 3.7 Distribution by fair value 76.1 9.6 3.7 2.8 2.5 1.7 1.7 2.0
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Interim Report 1 January–30 September 2026 10 Information on the property portfolio as at 30 September 2026 Number of Number of commercial Financial apartments, and other leased Fair value, Fair value, Fair value, occupancy Area units premises, units M€ € 1,000/unit €/m² rate, % ³⁾ Helsinki region 28,653 547 6,182.7 212 3,999 95.3 Tampere region 4,616 126 778.7 164 3,233 96.0 Turku region 1,997 24 304.4 151 2,779 95.6 Other 8,223 120 863.1 103 1,981 96.0 Total 43,489 817 8,128.8 1) 183 3,486 95.5 Other 210.3 2) Total portfolio 43,489 817 8,339.2 ¹⁾ The figures reflect income-generating portfolio assets, which excludes new projects under constructions, plots owned by the group and ownership of certain assets through shares ²⁾ Fair value of ongoing projects under constructions, plots owned by the group and ownership of certain assets through shares and fair value of right-of-use assets ³⁾ The financial occupancy rate does not include commercial premises and other leased premises Investments, divestments and real estate devel- opment Investments M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Acquisition of investment properties * 861.6 8.6 13.4 Modernisation investments 21.3 19.0 28.9 Capitalised borrowing costs 0.1 0.1 0.2 Total 882.9 27.7 42.5 Repair expenses, M€ 18.4 18.1 24.1 * The housing portfolio acquired on 1 April 2026 was initially recognised at acquisition cost as defined in IAS 40.5 Number of apartments Units 30 Sep 2026 30 Sep 2025 31 Dec 2025 Apartments at the beginning of the period 38,945 40,973 40,973 Divestments -343 -1,972 -2,028 Acquisitions 4,761 - - Completed 119 - - Demolished or altered 7 - - Apartments at the end of the period 43,489 39,001 38,945 Started during the review period 32 - - Under construction at the end of the period 32 119 119 Lumo Homes announced on 10 February 2026 that its wholly owned subsidiary Lumo Hous- ing Ltd (previously Lumo Kodit Ltd) will acquire a portfolio of 4,761 apartments from Varma Mutual Pension Insurance Company. The parties completed the transaction on 1 April 2026. The debt-free transaction price was approximately EUR 900 million, part of which was paid in cash and part in new shares issued by Lumo Homes. A total of 343 (1,972) apartments were sold during the review period.
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Interim Report 1 January–30 September 2026 11 There were 32 (119) apartments under construction at the end of the preview period. A total of 119 (0) apartments were completed during the review period. Modernisation investments amounted to EUR 21.3 (19.0) million and repair costs to EUR 18.4 (18.1) million during the review period. Binding acquisition agreements for new development M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Actual costs incurred from new construction in progress 1.0 19.9 22.2 Cost of completing new construction in progress 5.9 4.1 1.8 Total 6.9 24.0 24.0 Owned plots and real estate development sites 30 Sep 2026 30 Sep 2025 31 Dec 2025 M€ 1,000 fl.sq.m M€ 1,000 fl.sq.m M€ 1,000 fl.sq.m Plots 25.9 44 29.8 50 29.8 50 Plots and existing residential building 45.4 55 50.4 59 48.2 57 Conversions 50.4 66 50.4 66 50.4 66 Total * 121.7 166 130.6 175 128.4 173 * The management’s estimate of the fair value and building rights of the plots Binding preliminary agreements and provisions for plots and real estate development 30 Sep 2026 30 Sep 2025 31 Dec 2025 M€ 1,000 fl.sq.m M€ 1,000 fl.sq.m M€ 1,000 fl.sq.m Preliminary agreements and reservations for plots * 26.6 32 26.6 32 26.6 32 * The management’s estimate of the fair value and building rights of the plots
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Interim Report 1 January–30 September 2026 12 Strategic targets and their achievement Strategic targets 2026–2028 1–9/2026 Target Growth Annual growth of total revenue, % 5.7 5–7 Customer satisfaction Net Promotor 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’ 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. Shares and shareholders Issued shares and share capital Lumo Homes’ share capital on 30 September 2026 was EUR 58,025,136 and the number of shares at the end of the review period totalled 264,811,066. The company has a single series of shares, and each share entitles its holder to one vote in the general meeting of shareholders of the company. There are no voting restrictions related to the shares. The shares have no nominal value. The company shares belong to the book- entry system. The trading code of the shares is LUMO (previously KOJAMO) and the ISIN code is FI4000312251. Trading in the company’s share Lumo Homes’ shares are listed on the official list of Nasdaq Helsinki. Share price and trading 1–9/2026 1–9/2025 1–12/2025 Lowest price, € 6.96 8.22 8.22 Highest price, € 10.53 11.52 11.52 Average price, € 8.27 9.93 10.06 Closing price, € 7.10 10.85 10.23 Market value of share capital, end of period, M€ 1,880.2 2,681.5 2,528.3 Share trading, million units 80.8 57.6 79.4 Share trading of total share stock, % 30.5 23.3 32.1 Share trading, M€ 668.5 571.9 798.5 In addition to the Nasdaq Helsinki stock exchange, Lumo Homes shares were traded on other marketplaces. During 1 January–30 September 2026, approximately 150 (approximately 110) million Lumo Homes shares were traded on alternative marketplaces, corresponding to ap- proximately 65 (approximately 70) per cent of the total trading volume (source: Modular Fi- nance). Own shares On 31 July 2025, the Board of Directors of Lumo Homes (previously Kojamo) decided to initi- ate a share buyback programme. The share repurchases commenced after the company’s closed period, on 22 August 2025. During the period from 22 August 2025 to 27 January 2026, Lumo Homes bought back 7,000,000 of its own shares. The purchases made under the buyback program reduced Lumo Homes’ equity by approximately EUR 72.7 million. Lumo Homes 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.
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Interim Report 1 January–30 September 2026 13 Dividend The Annual General Meeting resolved, in accordance with the proposal of the Board of Direc- tors, that a dividend of EUR 0.11 per share, totalling EUR 26,415,883.89, be paid for the fi- nancial year 2025, and EUR 386,422,153.54 be retained in unrestricted equity. The dividend payment date was 8 April 2026. Shareholders At the end of the review period, the number of registered shareholders was 18,597, including nominee-registered shareholders. The proportion of nominee-registered and direct foreign shareholders was 44.3 per cent of the company’s shares at the end of the review period. The 10 largest shareholders owned in aggregate 58.0 per cent of Lumo Homes shares at the end of the review period. The list of Lumo Homes shareholders is based on information provided by Euroclear Finland Ltd. The Board of Directors’ authorisations Lumo Homes Annual General Meeting on 12 March 2026 authorised the Board of Directors to decide on the repurchase and/or acceptance as pledge of an aggregate maximum of 24,714,439 of the company’s own shares according to the proposal of the Board of Directors. The proposed amount of shares corresponds to approximately 10 per cent of all the shares of the company. The authorisation will remain in force until the closing of the next Annual Gen- eral Meeting, however, no longer than until 30 June 2027. The Board of Directors was also authorised to decide on the issuance of shares and the issu- ance of special rights entitling to shares as referred to in Chapter 10, Section 1 of the Compa- nies Act according to the proposal of the Board of Directors. The number of shares to be is- sued on the basis of the authorisation shall not exceed an aggregate maximum of 24,714,439 shares, which corresponds to approximately 10 per cent of all the shares of the company. The authorisation applies to both the issuance of new shares and the conveyance of own shares held by the company. The authorisation will remain in force until the closing of the next An- nual General Meeting, however, no longer than until 30 June 2027. On 1 April 2026, the Board of Directors of Lumo Homes plc issued 24,666,667 new shares in the company to Varma Mutual Pension Insurance Company as part of the consideration for the acquisition of the housing portfolio. Flagging notifications The flagging notification received by Lumo Homes pursuant to Chapter 9, Section 5 of the Se- curities Market Act have been published as stock exchange releases, and they are available on the company’s website at https://yritys.lumo.fi/en/media/. Managers’ transactions Managers’ transactions in 2026 have been published as stock exchange releases and they are available on the company’s website at https://yritys.lumo.fi/en/media/. Governance Annual General Meeting Lumo Homes plc Annual General Meeting (AGM) of 12 March 2026 adopted the financial statements for the financial year 2025 and discharged the members of the Board of Directors and the CEO from liability. The AGM also decided that a dividend of EUR 0.11 per share be paid for the financial year 2025, the number of members of the Board of Directors, the Board of Directors’ remuneration and composition and the election and remuneration of the auditor, the amendment to the rules of procedure of the Shareholders’ Nomination Board, the election and remuneration of the auditor, the amendment of the Articles of Association. The AGM ap- proved the Remuneration Report for the year 2025 for the members of the Board of Directors, the CEO and the Deputy CEO. The AGM authorised the Board of Directors to resolve on one or more share issues or the issuance of special rights entitling to shares, as referred to in Chapter 10, Section 1 of the Companies Act. The minutes of the AGM are available at https://yritys.lumo.fi/en/investors/corporate-governance/annual-general-meetings/. Amendment of the Articles of Association The Annual General Meeting resolved, in accordance with the proposal of the Board of Direc- tors, to change the company’s business name to Lumo Kodit Oyj and to amend the Section 1 of the Articles of Association to read as follows: The Company’s business name is Lumo Kodit Oyj and its registered office is Helsinki. The Company’s business name in English is Lumo Homes plc. New business name In accordance with the resolution of the Annual General Meeting, the company’s business name changed from Kojamo Oyj (parallel business name in Swedish: Kojamo Abp, and in English: Kojamo plc) to Lumo Kodit Oyj (parallel business name in English: Lumo Homes plc).
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Interim Report 1 January–30 September 2026 14 The name change and the related amendment to Section 1 of the company’s Articles of Asso- ciation was registered in the Finnish Trade Register on 13 March 2026. The company’s name in the book-entry system and in Nasdaq Helsinki’s trading system changed as of 16 March 2026. The trading code KOJAMO changed as a result of the name change, starting from 16 March 2026, the company’s trading code will be LUMO. The com- pany’s share ISIN code (FI4000312251) and the company’s business ID (0116336-2) remain unchanged. Board of Directors and auditors The members of Lumo Homes’ Board of Directors are Mikael Aro (Chairman), Mikko Mursula (Vice-Chairman), Gertjan van der Baan, Kari Kauniskangas, Anne Koutonen, Veronica Lind- holm and Annica Ånäs. The company’s auditor and the sustainability reporting assurance is KPMG Oy Ab, with Authorised Public Accountant Petri Kettunen as the auditor and key sus- tainability partner with principal responsibility. Board committees Lumo Homes’ Board of Directors has established two permanent committees, an Audit Com- mittee and a Remuneration Committee. Anne Koutonen (Chairman), Mikko Mursula, Gertjan van der Baan and Annica Ånäs serve in the Audit Committee. Kari Kauniskangas (Chairman), Mikael Aro and Veronica Lindholm serve in the Remuneration Committee. Nomination Board A stock exchange release was issued on 15 May 2026 announcing the composition of Lumo Homes plc’s Nomination Board. Lumo Homes’ three largest shareholders nominated the fol- lowing members to the Shareholders’ Nomination Board: Christian Fladeland, Co-CEO, Heimstaden AB; Annika Ekman, EVP, Investments, Ilmarinen Mutual Pension Insurance Company; and Risto Murto, CEO, Varma Mutual Pension Insurance Company. In addition, the Chairman of Lumo Homes’ Board of Directors serves as an expert member of the Nomi- nation Board. The Shareholders’ Nomination Board is a body established by the Annual General Meeting consisting of shareholders, with the task of annually preparing and presenting proposals for the General Meeting concerning the number, composition and Chairman of the Board of Di- rectors, remuneration of the Board of Directors and remuneration of the members of the Board Committees. The Annual General Meeting resolved, in accordance with the proposal of the Shareholders’ Nomination Board, to amend the rules of procedure of the Shareholders’ Nomination Board so that the right to nominate the members representing the shareholders shall be vested an- nually in the three shareholders of the company representing the largest number of votes of all shares in the company on the first business day of each May (previously first business day of each September). CEO Reima Rytsölä (M.Soc.Sc.) is the CEO of Lumo Homes. The CEO’s deputy was Erik Hjelt (LL.Lic., EMBA) until 30 June 2026. Management Team At the end of the review period, the members of the Management Team were Reima Rytsölä CEO; Ville Raitio, Executive Vice President, Investments & Portfolio Management; Janne Ojalehto, Executive Vice President, Housing; Technology Officer Tuomas Kaulio, and Execu- tive Vice President Katri Viippola responsible for Human Resources, Communications and Sustainability. Erik Hjelt was CFO until June 30, 2026. He retired on 1 July 2026. On 25 June 2026, the Company announced Tommi Valento (M.Sc. (Econ.), LL.M.) has been appointed as Chief Fi- nancial Officer (CFO) and a member of the Management Team of Lumo Homes plc. He will start in his position latest on 13 January 2027. Antti Syvänen, Director, Finance and Business Controlling (M.Sc. (Tech.)), has been appointed as the company’s interim CFO until Tommi Valento assumes his position. Description of corporate governance The description of Lumo Homes’ administration and the Corporate Governance Statement are publicly available on Lumo Homes’ website at https://yritys.lumo.fi/en/investors/releases-and- publications/financial-reports/. Personnel At the end of review period, Lumo had a total of 267 (262) employees. The average number of personnel during the review period was 269 (268). The salaries and fees paid during the review period totalled EUR 14.6 (12.9) million. Annual performance bonus and incentive system Lumo’s employees are included in an annual performance bonus system which is based on the achievement of the company’s general targets as well as personal targets.
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Interim Report 1 January–30 September 2026 15 Lumo also has a long-term share-based incentive plan for the Group’s key personnel. The re- ward is based on reaching the targets set for Lumo’s key business criteria in relation to the Group’s strategic goals. Three performance periods were ongoing at the end of the review pe- riod: 2024–2026, 2025–2027 and 2026–2028. On 11 February 2026, Lumo’s Board of Directors resolved on the long-term incentive plan’s performance period of 2026–2028. The possible rewards for the performance period are based on the Group’s revenue, Funds From Operations (FFO) per share, and apartment-spe- cific CO2 emission reduction target for years 2026–2028. The rewards to be paid on the basis of the performance period correspond to the value of a maximum total of 269,100 shares in- cluding the proportion to be paid in cash. If the three ongoing earning periods were accrued in full, the maximum bonus would be a sum corresponding to 714,500 Lumo shares, of which part of would be paid in Lumo shares and part of in cash. More information on the long-term incentive plan is provided in Lumo’s Remu- neration Report for 2025. On 11 February 2026, Lumo’s Board of Directors approved to establish a new restricted share programme for the years 2026–2028. The programme will be used in specific situations de- cided by the Board of Directors separately. The programme consists of individual, annually commencing maximum three-year long restricted share plans within which the participants have the opportunity to receive a fixed number of shares as a long-term incentive and reten- tion award. 2026–2028 commitment period will last until the end of 2028 and the possible reward will be paid during the year following the expiry of the period in shares in the company. The maxi- mum number of shares to be granted is 75,000 shares. Sustainability Our sustainability programme Sustainability is an integral part of our strategy, risk management and day-to-day business operations. The sustainability programme launched at the beginning of 2026 guides our oper- ations towards long-term, measurable and business-driven development. Our sustainability efforts support operational efficiency, customer experience, employee experience and the long-term creation of shareholder value. The new sustainability programme comprises four main themes: sustainable buildings and homes, comfortable and safe living, a modern and evolving workplace, and responsible and transparent business practices. The programme focuses on the most material topics from a business and stakeholder per- spective, and its progress is monitored through six key metrics. Progress against the targets is reported annually in the sustainability report and in interim reports. Further information is available in the company’s 2025 sustainability report. Progress on sustainability programme targets The implementation of the sustainability programme launched at the beginning of 2026 con- tinued during the review period. The programme was further integrated into the Group’s man- agement practices and business operations, while measures related to its themes were ad- vanced across the organisation. We focused particularly on reducing water and energy con- sumption, improving customer experience and strengthening Lumo’s internal culture. Within the Sustainable buildings and homes theme, we made progress in reducing water con- sumption by expanding apartment-specific water metering. Installation work related to the on- going project covering approximately 13,000 apartments was completed during the review pe- riod, and more than 10,000 apartments have transitioned to consumption-based water billing. In addition, we launched a new apartment-specific water metering project in the residential portfolio acquired at the beginning of April, covering more than 2,000 apartments. The objectives of these projects are to transition to consumption-based water billing and to improve transparency in water usage. Consumption-based billing encourages residents to re- duce water and hot water consumption, supporting improved energy efficiency and contrib- uting to the achievement of our emission reduction targets. The impact of the ongoing project is already visible in lower water consumption across the portfolio. Regarding energy efficiency, district heating demand response agreements concluded during 2025 were implemented in more than 30 properties in Jyväskylä and Kuopio. In addition, new demand response agreements were entered into in Hyvinkää and Oulu, and the number of properties covered by the service is being expanded in Vantaa. These solutions support im- proved energy efficiency and reduced emissions. To safeguard residents’ peaceful enjoyment of their homes, during the review period we de- cided to introduce a lease termination procedure for serious disturbance cases, replacing the procedure previously applied. The new procedure came into effect on 1 October 2026. The aim of the change is to address situations that threaten residential peace and quiet more ef- fectively and to support a safe and pleasant living environment for all residents. We renewed our property management operating model. Under the organisational change im- plemented at the beginning of September, the former Property Manager role was divided into Service Manager and Resident Specialist roles. The objective of the new paired-working model is to improve service quality, increase on-site presence and enable the proactive identi- fication and resolution of issues affecting residents’ everyday lives. We have continued to develop Lumo’s working culture by putting jointly defined ways of work- ing into practice. During the review period, our focus was particularly on how our shared ways of working are reflected in the everyday actions of each Lumo employee. The theme was also
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Interim Report 1 January–30 September 2026 16 strongly highlighted during Lumo Day, the company’s joint event for all employees. The pur- pose of our ways of working is to strengthen collaboration, open interaction, knowledge shar- ing and a culture of continuous renewal, while supporting a positive employee and customer experience. We also launched Lumo’s workplace transformation project, aiming to create a modern work- ing environment that supports productivity, collaboration, performance and wellbeing. The project is being designed through an inclusive approach that takes employees’ needs into ac- count. During the review period, a current-state analysis and needs assessment were initi- ated. As part of workplace development, we piloted the Focus Tiger online coaching pro- gramme, designed to support employees’ cognitive wellbeing and work management skills. During the review period, we further strengthened managers’ leadership capabilities and con- tinued the systematic development of employee experience and employer branding. As part of our employer branding work, we defined Lumo’s employee value proposition and the core themes of the employer brand, linking them to the impact of every Lumo employee’s work on customer experience. Under the Responsible business theme, we enhanced the transparency of our public affairs activities. We registered in Finland’s Transparency Register in September 2026 and initiated the company’s public affairs activities. Our public affairs work focuses on housing and urban policy issues, as well as solutions that support sustainable urban development. Other sustainability events during the review period Lumo’s climate work received recognition when the company was selected for the Europe’s Climate Leaders list for the second consecutive year in May. Financial Times and Statista an- nually compile the ranking of European companies that have achieved the greatest reductions in greenhouse gas emissions between 2019 and 2024. The recognition reflects the com- pany’s long-term efforts to improve the energy efficiency of its property portfolio and reduce its carbon footprint. Lumo’s sustainability and financial reporting received recognition when European Public Real Estate Association (EPRA), the representative body for publicly listed European real estate companies, awarded Lumo Gold-level recognition for both sustainability reporting and finan- cial reporting in September. EPRA Gold for sustainability reporting was achieved for the third consecutive year. The awards assess companies’ reporting against EPRA’s reporting recom- mendations and best practices. Near-term risks and uncertainties Lumo Homes estimates that the most significant near-term risks and uncertainties arise from geopolitical tensions and changes in the international security situation, which may have an impact on the global economy and financial markets. Uncertainty related to the security situa- tion in the Middle East has remained elevated, and its effects have been reflected in energy prices and market interest rates. The continuation or escalation of geopolitical tensions may increase market uncertainty, accelerate inflation and affect central banks' interest rate deci- sions and other measures. Although housing markets are local, these factors can also impact Finland's economic development and the housing and property markets, including apartment prices, rents and yield requirements as well as on the operations of the construction compa- nies. Rising cost levels and persistently high loan interest rates may affect Lumo Homes’ re- sult and cash flow as well as the fair value of apartments. The situation in the real estate market and the development of the housing demand and sup- ply situation may pose risks in the near future. Although urbanisation is expected to continue in the longer term, there is uncertainty with the recovery of the property market. The oversup- ply of rental apartments may continue in the main areas in which Lumo Homes operates, and the changes in supply and demand could have an impact on Lumo Homes’ rents, tenant turn- over or the financial occupancy rate and, thereby, rental income. The development of the Finnish economy may affect the housing and financial markets as well as the demand of rental apartments. These factors may have an impact on Lumo Homes’ profit and cash flow as well as the fair value of apartments. A general downturn may lead to unemployment and reduce household purchasing power, which in turn may affect the ability of residents to pay rent and, subsequently, the company’s rental income. The weakening of the property and financial markets, rising market interest rates or changes in the availability of financing may increase the cost of financing as well as weaken financial key figures. These factors may affect Lumo Homes' profit and cash flow as well as the fair value of the apartments. Cyber attacks and various other data security threats have generally increased. These data security breaches could impact Lumo Homes’ business operations and the reliability of infor- mation systems. Helsinki, 5 November 2026 Lumo Homes plc Board of Directors Further information: Niina Saarto, Director, Treasury & Investor Relations, Lumo Homes plc, tel. +358 20 508 3283 Antti Syvänen, Interim CFO, Lumo Homes plc, tel. +358 20 508 3061
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Interim Report 1 January–30 September 2026 17 Events after the review period On 23 October 2026, Lumo Homes announced having signed an amendment agreement re- lating to its secured syndicated loan of EUR 125 million. As a result of the amendment, the maturity of the loan has been extended from October 2027 to early 2030 and the loan in- cludes two one-year extension options. News conference and webcast Lumo Homes will hold a news conference for institutional investors, analysts and media on 05 November 2026 at 10:00 a.m. EET 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/q3-2026. It is also possible to join the news conference via phone. Accessing the teleconference re- quires registration by clicking the following link: https://events.inderes.com/lumo/q3-2026/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/.
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Interim Report 1 January–30 September 2026 18 Key figures Formula 7-9/2026 7-9/2025 1–9/2026 1–9/2025 2025 Total revenue, M€ 127.3 113.6 363.1 343.6 455.2 Net rental income, M€ 1 95.9 86.0 247.5 231.6 307.7 Net rental income margin, % 2 75.3 75.7 68.2 67.4 67.6 Profit/loss before taxes, M€ 3 -87.7 32.8 -25.0 9.1 26.8 EBITDA, M€ 4 -52.6 61.3 70.4 102.8 147.8 EBITDA margin, % 5 -41.3 54.0 19.4 29.9 32.5 Adjusted EBITDA, M€ 6 86.4 77.7 217.4 205.3 270.6 Adjusted EBITDA margin, % 7 67.9 68.4 59.9 59.8 59.4 Adjusted EBITDA excluding repair expenses, M€ 23 93.4 83.4 235.8 223.4 294.7 Funds From Operations (FFO), M€ 8 46.1 44.1 110.9 106.1 140.9 FFO margin, % 9 36.2 38.8 30.6 30.9 31.0 Funds From Operations (FFO) per share, € 10 0.17 0.18 0.43 0.43 0.57 FFO excluding non-recurring costs, M€ 11 46.1 44.1 110.9 106.1 140.9 Adjusted Funds From Operations (AFFO), M€ 12 37.6 35.5 89.7 87.1 112.1 Investment properties, M€ ¹⁾ 8,339.2 7,637.2 7,620.7 Financial occupancy rate, % 24 95.5 94.4 94.8 Interest-bearing liabilities, M€ ²⁾ 13 3,851.7 3,393.1 3,391.3 Return on equity, % (ROE) 14 -0.8 0.3 0.6 Return on investment, % (ROI) 15 1.3 1.9 2.1 Equity ratio, % 16 44.6 45.6 45.4 Loan to Value (LTV), % ³⁾ 17 46.1 42.2 42.3 Unencumbered asset ratio, % 18 79.7 76.3 76.7 Coverage ratio 19 2.3 2.4 2.4 Coverage ratio excluding repair expenses 25 2.5 2.6 2.6 Solvency ratio 20 0.45 0.41 0.41 Secured solvency ratio 21 0.12 0.13 0.13 Earnings per share, € -0.27 0.11 -0.08 0.03 0.08 Equity per share, € 14.30 14.74 14.89 Gross investments, M€ 22 10.6 13.6 882.9 27.7 42.5 Number of personnel, end of the period 267 262 256 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
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Interim Report 1 January–30 September 2026 19 Alternative Performance Measures Lumo presents Alternative Performance Measures to illustrate the financial development of its business operations and improve comparability between reporting periods. The Alternative Performance Measures, i.e. performance measures that are not based on financial reporting standards, provide significant additional information for the management, investors, analysts and other parties. The Alternative Performance Measures should not be considered substi- tutes for IFRS performance measures. Some companies operating in the same industry as Lumo Homes record part of the mainte- nance expenses in the balance sheet. To improve comparability, we present: Adjusted EBITDA excluding repair expenses and Coverage ratio excluding repair expenses. Formulas used in the calculation of the key figures Alternative Performance Measures specified in accordance with ESMA Guidelines 1) Net rental income = Total revenue - Maintenance expenses - Repair expenses Net rental income measures the profitability of the Group’s rental business after the deduction of maintenance and repair costs. 2) Net rental income margin, % = Net rental income x 100 Total revenue This figure reflects the ratio between net rental income and total revenue. Net rental income - Administrative expenses + Other operating income - Other operating expenses +/- Profit/loss on sales of 3) Profit/loss before taxes = investment properties +/- Profit/loss on sales of trading properties +/- Profit/loss on fair value of investment properties - Depreciation, amortisation and impairment losses +/- Financial income and expenses +/- Share of result from associated companies Profit/loss before taxes measures profitability after operative costs and financial expenses. 4) EBITDA = Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Financial income and expenses -/+ Share of result from associated companies + Current tax expense + Change in deferred taxes EBITDA measures operative profitability before financial expenses, taxes and depreciation. 5) EBITDA margin, % = EBITDA x 100 Total revenue EBITDA margin discloses EBITDA in relation to net sales.
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Interim Report 1 January–30 September 2026 20 Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Profit/loss on sales of investment properties 6) Adjusted EBITDA = -/+ Profit/loss on sales of trading properties -/+ Profit/loss on sales of other non-current assets -/+ Profit/loss on fair value of investment properties for the period -/+ Financial income and expenses -/+ Share of result from associated companies + Current tax expense + Change in deferred taxes Adjusted EBITDA measures the profitability of the Groups' underlying rental operations excluding gains/losses on sale of properties and unrealised value changes of investment properties. 7) Adjusted EBITDA margin, % = Adjusted EBITDA x 100 Total revenue Adjusted EBITDA margin discloses adjusted EBITDA in relation to total revenue. 8) Funds From Operations (FFO) = Adjusted EBITDA - Adjusted net interest charges - Current tax expense +/- Current taxes from disposals FFO measures cash flow before change in net working capital. The calculation of this APM takes into account financial expenses and current taxes but excludes items not directly connected to rental operations, such as unrealised value changes. 9) FFO margin, % = FFO x 100 Total revenue FFO margin discloses FFO in relation to total revenue. 10) FFO per share = FFO Weighted average number of shares outstanding during the financial period FFO per share illustrates FFO for an individual share. 11) FFO excluding non-recurring costs = FFO + non-recurring costs FFO measures cash flow before change in net working capital. The calculation of this APM takes into account financial expenses and current taxes but excludes items not directly connected to rental operations, such as unrealised value changes and non-recurring costs. 12) Adjusted FFO (AFFO) = FFO - Modernisation investments AFFO measures cash flow before change in net working capital, adjusted for modernisation investments. The calculation of this APM takes into account modernisation investments, financial expenses and current taxes but excludes items not directly connected to rental operations, such as unrealised value changes. 13) Interest-bearing liabilities = Non-current loans and borrowings + Current loans and borrowings Interest-bearing liabilities measures the Group’s total debt.
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Interim Report 1 January–30 September 2026 21 14) Return on equity, % (ROE) = Profit for the period (annualised) x 100 Total equity, average during the period ROE measures the financial result in relation to equity. This APM illustrates the group’s ability to generate a return for the shareholders. 15) Return on investment, % (ROI) = (Profit before taxes + Interests and other financial expenses) (annualised) x 100 (Total assets - Non-interest-bearing liabilities), average during the period ROI measures the financial result in relation to invested capital. This APM illustrates the group’s ability to generate a return on the invested funds. 16) Equity ratio, % = Total equity x 100 Balance sheet total - Advances received Equity to assets is an APM for balance sheet structure that discloses the ratio of equity to total capital. This APM illustrates the Group’s financing struc- ture. 17) Loan to Value (LTV), % = Interest-bearing liabilities - Cash and cash equivalents x 100 Investment properties Loan to value discloses the ratio of net debt to investment properties. This APM illustrates the Group’s indebtedness. 18) Unencumbered asset ratio, % = Unencumbered assets x 100 Assets total This APM illustrates the amount of unencumbered assets relative to total assets. 19) Coverage ratio = Adjusted EBITDA, rolling 12 months Adjusted net financial expenses, rolling 12 months The ratio between EBITDA and net financial expenses. This APM illustrates the Group’s ability to service its debts. 20) Solvency ratio = Interest-bearing debt* - Cash and cash equivalents Assets total The solvency ratio illustrates the ratio of net debt to total assets. *For this APM, interest-bearing debt includes interest-bearing liabilities, interest-bearing debt related to non-current assets held for sale and transaction prices due after more than 90 days. 21) Secured solvency ratio = Secured interest-bearing liabilities Assets total This APM illustrates the ratio of secured loans to total assets
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Interim Report 1 January–30 September 2026 22 22) Gross investments = Acquisition and development of investment properties + Modernisation investments + Capitalised borrowing costs This APM illustrates total investments including acquisitions, development investments, modernisation investments and capitalised interest. Other performance measures 23) Adjusted EBITDA excluding repair ex- penses = Adjusted EBITDA + Repair expenses 24) Financial occupancy rate, % = Rental income x 100 Potential rental income at full occupancy 25) Coverage ratio excluding repair ex- penses = Adjusted EBITDA excluding repair expenses, rolling 12 months Adjusted net financial expenses, rolling 12 months
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Interim Report 1 January–30 September 2026 23 Reconciliation of key figures M€ 7-9/2026 7-9/2025 1–9/2026 1–9/2025 2025 Profit/loss for the period -71.0 26.1 -21.8 6.8 20.8 Depreciation, amortisation and impairment losses 0.3 0.3 0.8 8.2 8.4 Profit/loss on sales of investment properties -0.6 0.2 1.0 0.9 2.6 Profit/loss on sales of other non-current assets 0.0 -0.2 -2.0 -0.2 -0.2 Profit/loss on fair value of investment properties 139.6 16.4 148.1 101.8 120.4 Financial income -0.7 -2.8 -3.4 -8.8 -10.8 Financial expenses 35.6 30.9 97.9 94.4 123.4 Share of result from associated companies - - 0.1 - -0.1 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 Adjusted EBITDA 86.4 77.7 217.4 205.3 270.6 Financial income and expenses -34.9 -28.2 -94.5 -85.5 -112.7 Profit/loss on fair value measurement of financial assets -0.1 0.0 0.0 0.0 0.0 Adjusted net interest charges -35.0 -28.2 -94.5 -85.6 -112.6 Current tax expense -5.9 -36.2 -14.2 -44.3 -47.9 Current taxes from disposals 0.6 30.7 2.3 30.6 30.9 FFO 46.1 44.1 110.9 106.1 140.9 FFO excluding non-recurring costs 46.1 44.1 110.9 106.1 140.9 Equity 3,787.8 3,619.6 3,593.0 Assets total 8,503.3 7,940.4 7,926.1 Advances received -9.0 -7.5 -7.5 Equity ratio, % 44.6 45.6 45.4
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Interim Report 1 January–30 September 2026 24 M€ 1–9/2026 1–9/2025 2025 Unencumbered investment properties 6,506.8 5,649.5 5,674.9 Non-current assets, other than investment properties 125.0 110.0 112.2 Current assets 145.6 295.7 292.0 Unencumbered assets total 6,777.4 6,055.1 6,079.1 Total assets 8,503.3 7,940.4 7,926.1 Unencumbered asset ratio, % 79.7 76.3 76.7 Adjusted EBITDA, rolling 12 months 282.7 269.8 270.6 Adjusted net interest charges, rolling 12 months -121.6 -113.0 -112.6 Coverage ratio 2.3 2.4 2.4 Adjusted EBITDA excluding repair expenses, rolling 12 months 307.1 295.4 294.7 Adjusted net interest charges, rolling 12 months -121.6 -113.0 -112.6 Coverage ratio excluding repair expenses 2.5 2.6 2.6 Interest-bearing liabilities 3,851.7 3,393.1 3,391.3 Interest-bearing liabilities related to non-current assets held for sale 3.4 18.7 18.1 Deferred purchase price due after 90 days 16.7 16.7 16.7 Cash and cash equivalents 23.3 184.7 181.3 Total indebtedness - Cash and cash equivalents 3,848.5 3,243.8 3,244.8 Total assets 8,503.3 7,940.4 7,926.1 Solvency ratio 0.45 0.41 0.41 Secured loans 1,024.6 1,054.4 1,049.6 Total assets 8,503.3 7,940.4 7,926.1 Secured solvency ratio 0.12 0.13 0.13
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Interim Report 1 January–30 September 2026 25 EPRA performance measures EPRA (European Public Real Estate Association) is an advocacy organisation for publicly listed European property investment companies. Lumo Homes is a member of EPRA. As part of its activities, the organisation promotes financial reporting in the industry and the adoption of best practices to ensure the quality of information provided to investors and improve com- parability be-tween companies. Lumo follows EPRA recommendations in its reporting prac- tices. This section covers EPRA performance measures and their calculation. More infor- mation on EPRA and EPRA recommendations is available on the EPRA website at www.epra.com. EPRA performance measures 7-9/2026 7-9/2025 1–9/2026 1–9/2025 2025 EPRA Earnings, M€ * 46.0 39.8 109.7 99.4 134.3 EPRA Earnings per share (EPS), € * 0.17 0.16 0.43 0.40 0.55 EPRA Net Tangible Assets (NTA), M€ 4,663.7 4,517.4 4,492.0 EPRA NTA per share, € 17.61 18.40 18.61 EPRA Net Initial Yield (NIY), % 4.2 3.9 3.9 EPRA 'topped-up' NIY, % 4.2 3.9 3.9 EPRA Vacancy Rate, % 4.5 5.7 5.2 EPRA Cost Ratio (including direct vacancy costs), % 7.4 7.6 9.4 9.2 9.9 EPRA Cost Ratio (excluding direct vacancy costs), % 6.1 6.3 7.2 6.3 7.3 EPRA Earnings M€ 7-9/2026 7-9/2025 1–9/2026 1–9/2025 2025 Earnings per IFRS income statement -71.0 26.1 -21.8 6.8 20.8 (i) Change in value of investment properties, development properties held for investment and other interests 139.6 16.4 148.1 101.8 120.4 (ii) Profits or losses on disposal of investment properties, development properties held for investment and other interests -0.6 0.0 -1.1 0.7 2.4 (iv) Tax on profits or losses on disposals 0.5 27.2 1.3 27.1 27.4 (vi) Early close-out costs/gains of financial instrument and debt - -0.9 - -2.0 -2.0 (ix) Adjustments related to non-operating and exceptional items 0.3 0.3 0.8 8.2 8.4 (x) Deferred tax in respect of EPRA adjustments -22.8 -29.4 -17.6 -43.3 -43.1 EPRA Earnings 46.0 39.8 109.7 99.4 134.3 Average number of shares, million 264.8 246.8 256.7 247.0 246.1 EPRA Earnings per share (EPS), € 0.17 0.16 0.43 0.40 0.55
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Interim Report 1 January–30 September 2026 26 EPRA Net Tangible Assets M€ 1–9/2026 1–9/2025 2025 IFRS Equity attributable to shareholders 3,787.8 3,619.6 3,593.0 Diluted NAV 3,787.8 3,619.6 3,593.0 Diluted NAV at Fair Value 3,787.8 3,619.6 3,593.0 Exclude: (v) Deferred tax in relation to fair value gains 766.5 774.3 779.7 (vi) Fair value of financial instruments -15.4 9.3 5.4 (viii.b) Intangibles as per the IFRS balance sheet -0.3 -0.3 -0.4 Include: (xi) Real estate transfer tax 125.1 114.6 114.3 EPRA Net Tangible Assets (NTA) 4,663.7 4,517.4 4,492.0 Number of shares, million 264.8 245.6 241.3 EPRA NTA per share, € 17.61 18.40 18.61 EPRA Net Initial Yield (NIY) and EPRA "topped-up" NIY M€ 1–9/2026 1–9/2025 2025 Investment property 8,339.2 7,637.2 7,620.7 Developments -64.4 -89.5 -88.0 Completed property portfolio 8,274.8 7,547.7 7,532.7 Allowance for estimated purchasers’ costs 124.1 113.2 113.0 Gross up completed property portfolio valuation B 8,398.9 7,660.9 7,645.7 Annualised cash passing rental income 513.9 449.8 444.7 Property outgoings -162.3 -149.2 -146.0 Annualised net rents A 351.6 300.6 298.7 Notional rent expiration of rent-free periods or other lease incentives - - - Topped-up net annualised rent C 351.6 300.6 298.7 EPRA Net Initial Yield (NIY), % A/B 4.2 3.9 3.9 EPRA 'topped-up' NIY, % C/B 4.2 3.9 3.9
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Interim Report 1 January–30 September 2026 27 EPRA Vacancy Rate M€ 1–9/2026 1–9/2025 2025 Estimated rental value of vacant space * A 16.0 19.2 23.3 Estimated rental value of the whole portfolio * B 353.6 340.2 448.6 EPRA Vacancy Rate, % A/B 4.5 5.7 5.2 * Including rental value of apartments EPRA Cost Ratios M€ 7-9/2026 7-9/2025 1–9/2026 1–9/2025 2025 Include: (i) Administrative expense line per IFRS income statement 10.4 9.3 32.6 29.0 40.8 (i) Maintenance expense line per IFRS income statement 24.5 21.9 97.2 93.8 123.4 (i) Repair expense line per IFRS income statement 7.0 5.7 18.4 18.1 24.1 (ii) Net service charge costs/fees -5.1 -4.5 -14.8 -13.6 -18.1 (iii) Management fees less actual/estimated profit element 0.0 0.0 0.0 -0.1 -0.1 (iv) Other operating income/recharges intended to cover overhead expenses less any related profits -0.1 -0.1 -0.2 -0.2 -0.3 Exclude: (vii) Ground rent costs 0.0 0.0 0.0 0.0 0.0 (viii) Service charge costs recovered through rents but not separately invoiced -29.8 -26.0 -110.8 -106.6 -140.4 EPRA Costs (including direct vacancy costs) A 6.8 6.3 22.3 20.4 29.4 (ix) Direct vacancy costs -1.1 -1.1 -5.3 -6.3 -7.7 EPRA Costs (excluding direct vacancy costs) B 5.7 5.2 17.1 14.1 21.7 (x) Gross Rental Income less ground rent costs - per IFRS 122.1 108.9 347.9 329.5 436.4 (xi) Service fee and service charge costs components of Gross Rental Income -29.8 -26.0 -110.8 -106.6 -140.4 Gross Rental Income C 92.2 83.0 237.1 222.9 296.0 EPRA Cost Ratio (including direct vacancy costs), % A/C 7.4 7.6 9.4 9.2 9.9 EPRA Cost Ratio (excluding direct vacancy costs), % B/C 6.1 6.3 7.2 6.3 7.3
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Interim Report 1 January–30 September 2026 28 Condensed consolidated income statement M€ Note 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 1.0 1.3 4.6 3.1 4.1 Other operating expenses 0.0 0.0 -0.1 -0.2 -0.2 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 3 -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 Financial income 0.7 2.8 3.4 8.8 10.8 Financial expenses -35.6 -30.9 -97.9 -94.4 -123.4 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 Profit/loss for the financial period attributable to shareholders of the parent company -71.0 26.1 -21.8 6.8 20.8 Other comprehensive income Items that may be reclassified subsequently to profit or loss Cash flow hedges 12.6 4.5 21.3 -0.1 3.9 Deferred taxes -2.5 -0.9 -4.3 0.0 -0.8 Items that may be reclassified subsequently to profit or loss 10.1 3.6 17.1 -0.1 3.1 Total comprehensive income for the period -60.9 29.8 -4.7 6.7 23.9 Total comprehensive income attributable to shareholders of the parent company -60.9 29.8 -4.7 6.7 23.9 Earnings per share based on profit attributable to shareholders of the parent company Basic, € -0.27 0.11 -0.08 0.03 0.08 Diluted, € -0.27 0.11 -0.08 0.03 0.08 Average number of shares, million 8 264.8 246.8 256.7 247.0 246.1
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Interim Report 1 January–30 September 2026 29 Condensed consolidated balance sheet M€ Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Non-current assets Intangible assets 0.3 0.3 0.4 Investment properties 3 8,303.2 7,595.4 7,580.6 Property, plant and equipment 4 19.2 19.7 19.5 Investments in associated companies 1.5 2.4 2.5 Financial assets 7 0.7 0.8 0.7 Non-current receivables 7.1 6.4 6.0 Derivatives 6, 7 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 6, 7 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 7 68.6 54.7 57.8 Cash and cash equivalents 23.3 184.7 181.3 Non-current assets held for sale 10 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 M€ Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Shareholders' 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 Liabilities Non-current liabilities Loans and borrowings 5, 7 3,016.1 3,167.1 3,166.2 Deferred tax liabilities 770.2 779.9 785.9 Derivatives 6, 7 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 5, 7 835.6 226.0 225.1 Derivatives 6, 7 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
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Interim Report 1 January–30 September 2026 30 Consolidated statement of cash flows M€ 1–9/2026 1–9/2025 1–12/2025 Cash flow from operating activities Profit for the period -21.8 6.8 20.8 Adjustments 239.7 199.1 250.6 Change in net working capital Change in trade and other receivables -3.2 -1.0 -0.1 Change in trade and other payables 3.1 -6.6 -0.7 Interest paid -91.4 -91.0 -108.0 Interest received 2.2 5.6 6.1 Other financial items -6.4 -1.2 -1.9 Taxes paid -42.2 -11.4 -16.4 Net cash flow from operating activities 80.0 100.3 150.4 Cash flow from investing activities Acquisition of investment properties -648.6 -29.0 -44.0 Acquisition of associated companies -0.2 -0.2 -0.2 Acquisition of property, plant and equipment and intangible assets 0.0 -0.1 -0.2 Proceeds from sale of investment properties 11.4 244.7 257.2 Proceeds from sale of property, plant and equipment and intangible assets - 0.2 0.2 Proceeds from sale of associated companies 3.3 - 0.0 Purchases of financial assets -181.1 -240.9 -351.5 Proceeds from sale of financial assets 171.1 212.0 320.0 Non-current loans, granted - 0.0 0.0 Repayments of non-current loan receivables 0.0 0.1 0.1 Interest and dividends received on investments 1.1 3.8 4.8 Net cash flow from investing activities -643.1 190.7 186.5 M€ 1–9/2026 1–9/2025 1–12/2025 Cash flow from financing activities Repurchase of own shares -11.9 -17.0 -60.9 Non-current loans and borrowings, raised 445.7 540.2 540.2 Non-current loans and borrowings, repayments -301.0 -961.8 -966.7 Current loans and borrowings, raised 600.0 26.0 26.0 Current loans and borrowings, repayments -300.0 -26.0 -26.0 Repayments of lease liabilities -1.4 -1.4 -1.9 Dividends paid -26.4 - - Net cash flow from financing activities 405.0 -440.0 -489.2 Change in cash and cash equivalents -158.0 -149.0 -152.3 Cash and cash equivalents at the beginning of the period 181.3 333.6 333.6 Cash and cash equivalents at the end of the period 23.3 184.7 181.3
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Interim Report 1 January–30 September 2026 31 Condensed consolidated statement of changes in equity Reserve for Equity attribut- invested able to share- Share issue Fair value unrestricted Retained holders of the Total M€ Share Capital premium reserve equity earnings parent company Equity Equity at 1 Jan 2026 58.0 35.8 -4.3 164.4 3,339.0 3,593.0 3,593.0 Comprehensive income Cash flow hedging 17.1 17.1 17.1 Profit for the period -21.8 -21.8 -21.8 Total comprehensive income for the period 17.1 -21.8 -4.7 -4.7 Transactions with shareholders Share issue 237.1 237.1 237.1 Share repurchase -11.9 -11.9 -11.9 Share-based incentive scheme 0.8 0.8 0.8 Dividend payment -26.4 -26.4 -26.4 Total transactions with shareholders 237.1 -37.6 199.5 199.5 Total change in equity 17.1 237.1 -59.4 194.8 194.8 Equity at 30 Sep 2026 58.0 35.8 12.8 401.5 3,279.7 3,787.8 3,787.8 Reserve for Equity attribut- invested able to share- Share issue Fair value unrestricted Retained holders of the Total M€ Share Capital premium reserve equity earnings parent company Equity Equity at 1 Jan 2025 58.0 35.8 -7.4 164.4 3,378.3 3,629.2 3,629.2 Comprehensive income Cash flow hedging -0.1 -0.1 -0.1 Profit for the period 6.8 6.8 6.8 Total comprehensive income for the period -0.1 6.8 6.7 6.7 Transactions with shareholders Share repurchase -17.0 -17.0 -17.0 Share-based incentive scheme 0.6 0.6 0.6 Total transactions with shareholders -16.4 -16.4 -16.4 Total change in equity -0.1 -9.6 -9.7 -9.7 Equity at 30 Sep 2025 58.0 35.8 -7.5 164.4 3,368.7 3,619.6 3,619.6
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Interim Report 1 January–30 September 2026 32 Reserve for Equity attribut- invested able to share- Share issue Fair value unrestricted Retained holders of the Total M€ Share Capital premium reserve equity earnings parent company Equity Equity at 1 Jan 2025 58.0 35.8 -7.4 164.4 3,378.3 3,629.2 3,629.2 Comprehensive income Cash flow hedging 3.1 3.1 3.1 Profit for the period 20.8 20.8 20.8 Total comprehensive income for the period 3.1 20.8 23.9 23.9 Transactions with shareholders Share repurchase -60.9 -60.9 -60.9 Share-based incentive scheme 0.7 0.7 0.7 Total transactions with shareholders -60.1 -60.1 -60.1 Total change in equity 3.1 -39.3 -36.2 -36.2 Equity at 31 Dec 2025 58.0 35.8 -4.3 164.4 3,339.0 3,593.0 3,593.0
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Interim Report 1 January–30 September 2026 33 Condensed notes to the consolidated financial statements Basic information about the Group Lumo Homes plc is Finland’s largest housing investment company that offers rental apart- ments and housing services in Finnish growth centres, with excellent transport connections and diverse services nearby. On 30 September 2026, Lumo owned 43,489 rental apartments across Finland. The Group’s parent company, Lumo Homes plc, is a Finnish public company domiciled in Hel- sinki. Its registered address is Mannerheimintie 168, 00300 Helsinki, Finland. Trading in Lumo Homes shares commenced on the pre-list of Nasdaq Helsinki on 15 June 2018 and on the official list of Nasdaq Helsinki on 19 June 2018. The company’s four bonds are listed on the official list of the Irish Stock Exchange. The company has chosen Finland as its home state for the disclosure of periodic information pursuant to Chapter 7, Section 3 of the Finnish Securities Market Act. Lumo Homes plc’s Board of Directors approved this Interim Report for publication at its meet- ing on 05 November 2026. 1. Accounting policies Basis for preparation This Interim Report was prepared in accordance with IAS 34 Interim Financial Reporting as well as by applying the same accounting policies as in the previous annual financial state- ments, excluding the exceptions described below. The figures of the Interim Report have not been audited. The figures for 2025 are based on Lumo Homes plc’s audited Financial statements for 2025. The figures in brackets refer to the corresponding period in 2025, and the comparison period is the corresponding period the year before, unless otherwise stated. The preparation of the Interim Report in accordance with IFRS requires application of judge- ment by the management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the balance sheet date and the reported amounts of in- come and expenses for the period. The management must also make judgements when ap- plying the Group’s accounting policies. Actual results may differ from the estimates and as- sumptions used. The most significant items of this Interim Report where judgement has been applied by management, as well as the assumptions about the future and other key uncer- tainty factors in estimates at the end of the reporting period that create a significant risk of change in the carrying amounts of Lumo Homes’ assets and liabilities within the next review period, are the same as those presented in the consolidated financial statements for the 2025 financial year. Of these, the most important are the determination of the fair values of invest- ment properties and financial instruments. 2. Specification of revenue M€ 1–9/2026 1–9/2025 1–12/2025 Revenue from lease agreements 362.7 343.1 454.6 Other income from revenue 0.4 0.4 0.6 Total revenue 363.1 343.6 455.2 Specification of revenue from lease agreements M€ 1–9/2026 1–9/2025 1–12/2025 Rental income 347.9 329.5 436.5 Water fees 14.2 13.0 17.4 Sauna fees 0.5 0.5 0.7 EV charging fees 0.1 - - Other income from service sales 0.0 0.1 0.1 Total 362.7 343.1 454.6 Revenue consists primarily of rental income based on tenancy agreements. In the Group’s business, the scope of IFRS 15 includes maintenance and service revenue, which include use based charges collected from tenants.
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Interim Report 1 January–30 September 2026 34 3. Investment properties M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Fair value of investment properties on 1 Jan 7,620.7 7,960.0 7,960.0 Acquisition of investment properties * 861.6 8.6 13.4 Modernisation investments 21.3 19.0 28.9 Disposals of investment properties -27.2 -245.9 -258.6 Capitalised borrowing costs 0.1 0.1 0.2 Profit/loss on fair value of investment properties -148.1 -101.8 -120.4 Changes in right-of-use assets (IFRS 16) 10.8 -2.8 -2.7 Total 8,339.2 7,637.2 7,620.7 Transfer to Investment properties held for sale -35.9 -41.8 -40.1 Fair value of investment properties at the end of the period 8,303.2 7,595.4 7,580.6 * The housing portfolio acquired on 1 April 2026 was initially recognised at acquisition cost as defined in IAS 40.5 Profit/loss on fair value of investment properties M€ 1–9/2026 1–9/2025 1–12/2025 Changes in yield requirement -209.7 - - Change in net rental income -1.3 1.0 -5.7 Changes in inflation, rents and expense growth assump- tions -32.5 - - Other 95.4 -102.8 -114.8 Profit/loss on fair value of investment properties -148.1 -101.8 -120.4 Right-of-use assets included in the fair values of investment properties (plots of land) M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Fair value on 1 Jan 77.0 81.2 81.2 Increases/decreases 10.8 -2.8 -2.7 Profit/loss on fair value of investment properties -1.1 -1.1 -1.4 Fair value at the end of the period 86.8 77.3 77.0 Modernisation investments are often significant and they are primarily related to repairs and renovations of plumbing, facades, roofs, windows and balconies. The expected average tech- nical useful lives of the plumbing systems, facades, roofs and balconies of residential proper- ties are taken into consideration in the planning of modernisation investments. Capitalised borrowing costs totalled EUR 0.1 (0.1) million. The interest rate applied to capital- ised borrowing costs was 3.6 (3.4) per cent at the end of the review period. During the review period, 4,761 (0) apartments were acquired and 343 (1,972) apartments were sold. Fair value of investment properties by valuation method M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Yield value * 8,109.5 7,387.8 7,373.5 Acquisition cost 142.9 172.1 170.2 Right-of-use assets (plots of land) 86.8 77.3 77.0 Total 8,339.2 7,637.2 7,620.7 Investment properties held for sale included 35.9 M€ as at 30 September 2026, 41.8 M€ as at 30 September 2025 and 40.1 M€ as at 31 December 2025 Number of apartments 30 Sep 2026 30 Sep 2025 31 Dec 2025 Yield value 43,279 38,626 38,570 Acquisition cost ¹⁾ 210 375 375 Total 43,489 39,001 38,945 ¹⁾ Includes 4 apartments as part of development projects
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Interim Report 1 January–30 September 2026 35 Average valuation parameters 30 Sep 2026 30 Sep 2025 31 Dec 2025 Capital Other regions Group Capital Other regions Group Capital Other regions Group region of Finland total region of Finland total region of Finland total Unobservable inputs: Yield requirement cash flow, weighted, % * 4.36 5.15 4.60 4.22 5.08 4.48 4.22 5.07 4.48 Exit capitalisation rate, weighted, % * 4.51 5.30 4.75 4.37 5.23 4.63 4.37 5.22 4.63 Cash flow discount rate, weighted, % * 6.36 7.15 6.60 6.22 7.08 6.48 6.22 7.07 6.48 Inflation assumption, % 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Market rents, weighted by square metres, €/m²/month 20.66 16.27 18.82 20.52 16.12 18.62 20.52 16.12 18.62 Property maintenance expenses, repairs and modernisation investments €/m²/month 7.01 6.71 6.88 6.69 6.40 6.57 6.75 6.53 6.66 10-year average financial occupancy rate, % 97.5 96.7 97.3 97.5 96.6 97.2 97.5 96.6 97.2 Rent increase assumption, % 2.7 2.4 2.6 2.7 2.4 2.6 2.7 2.4 2.6 Expense increase assumption, % 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 * Yield requirement for net rental income Climate-related matters have not had a significant impact on the fair value measurement of investment properties so far. The sensitivity analysis presents the impact of changes in key parameters on the fair value of investment properties valued using the income value method when only one parameter is changed at a time. However, it is important to note that changes in the real estate market of- ten affect multiple variables simultaneously. Sensitivity analysis for measuring the fair value of investment properties Properties measured at yield value 30 Sep 2026 30 Sep 2025 31 Dec 2025 Change % (relative) -10% -5% 0% 5% 10% -10% -5% 0% 5% 10% -10% -5% 0% 5% 10% Change, M€ Yield requirement 911.3 431.4 -389.9 -744.0 830.7 393.3 -355.5 -678.4 830.1 393.0 -355.2 -677.9 Market rents -993.1 -496.6 496.6 993.1 -906.1 -453.1 453.1 906.1 -905.6 -452.8 452.8 905.6 Maintenance costs 331.2 165.6 -165.6 -331.2 297.3 148.6 -148.6 -297.3 301.4 150.7 -150.7 -301.4 Change % (absolute) -2% -1% 0% 1% 2% -2% -1% 0% 1% 2% -2% -1% 0% 1% 2% Change, M€ Financial occupancy rate -204.4 -102.2 102.2 204.4 -186.4 -93.2 93.2 186.4 -186.5 -93.2 93.2 186.5
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Interim Report 1 January–30 September 2026 36 Fair value measurement of investment Lumo Homes’ fair value of investment properties is based on IFRS 13 Fair Value Measure- ment –standard and IAS 40 Investment Property –standard. The valuation is carried out on quarterly basis and are reviewed by external independent valuation expert. The results of the assessment are reported to the Management Group, Audit Committee and Board of Directors. The measurement process, market conditions and other factors affecting the assessment of the fair value of properties are reviewed quarterly with the CEO and CFO in accordance with Lumo’s reporting schedule. Each quarter, an external independent expert issues a statement on the valuation methods applied in the valuation of rental apartments and business premises owned by Lumo as well as on the quality and reliability of the valuation. According to IFRS 13 Fair value Measurement –standard is the price that would be received to sell an asset or paid to transfer liability in an orderly transaction between market partici- pants at the measurement date. However, determining the fair values of investment proper- ties requires significant management estimates and assumptions especially when the level of transaction activity is significantly decreased. Estimates and assumptions are especially re- lated to the yield requirements, occupancy rate and market rent levels. Lumo strives to use as much relevant observable input data as possible and as little non-observable input data as possible. The yield requirements are analysed quarterly in connection with the valuation. The yield re- quirements and other input data used are based on market observations and the best infor- mation available under current conditions. The information includes the opinion of an external independent expert as well as Lumo's own information. Fair value is the price that would be received from the sale of an asset or paid for the transfer of a liability between market parties in a normal transaction on the valuation date. During the first three quarters of the year, activity in the property market improved compared to the previous year. However, geopolitical uncertainty and rising interest rates continued to dampen market activity and put upward pressure on yield requirements. When deciding on the yield requirements used in the valuation in an environment where transaction data is limited, the company's management has taken into account the views of an external expert, the deals completed in the market, discussions with various market partici- pants, interest rates and interest rate views, as well as the company's own information about the market and its real estate portfolio. The yield requirements have also been evaluated in relation to other valuation parameters and the 10-year calculation period. Most relevant other valuation parameters are inflation assumption, rent increase assumption and expense in- crease assumption, which the company's management has estimated based on the current market views. Lumo uses valuation techniques that are appropriate under those circumstances, and for which sufficient data is available to measure fair value. Investment properties Investment property refers to an asset (land, building or part of a building) that Lumo retains to earn rental income or capital appreciation, or both. An investment property can be owned directly or through an entity. Properties used for administrative purposes are owner-occupied property and included in the balance sheet line item “Property, plant and equipment”. An in- vestment property generates cash flows largely independently of the other assets held by an entity. This distinguishes investment property from owner-occupied property. Lumo Homes’ investment property portfolio consists of the completed properties, properties under construction and renovation, leased plots (right-of-use assets) and the plot reserve. Properties classified as trading properties as well as properties classified as held for sale are included in the Group’s property portfolio but excluded from the balance sheet item “Invest- ment properties”. A property is reclassified from “Investment properties” under “Trading prop- erties” in the event of a change in the use of the property, and under “Investment property held for sale”, when the sale of an investment property is deemed highly probable. An investment property is derecognised from the balance sheet on disposal or when the in- vestment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. Capital gains and losses on disposals are presented netted as a separate line item in the comprehensive income statement. Restrictions on investment properties Some of the investment properties are subject to legislative divestment and usage re- strictions. The so-called non-profit restrictions apply to the owning company, and the so-called property-specific restrictions apply to the investment owned. The non-profit restrictions in- clude, among other things, permanent restrictions on the company’s operations, distribution of profit, lending and provision of collateral, and the divestment of investments. The property- specific restrictions include fixed-term restrictions on the use of apartments, the selection of residents, the determination of rent and the divestment of apartments. Measurement of investment property Investment property is measured initially at acquisition cost, including related transaction costs, such as transfer taxes and professional fees, as well as capitalised expenditure arising from eligible modernisation. The acquisition cost also includes related borrowing costs, such as interest costs and arrangement fees, directly attributable to the acquisition or construction of an investment property. The capitalisation of borrowing costs is based on the fact that an investment property is a qualifying asset, i.e. an asset that necessarily takes a substantial pe- riod of time to get ready for its intended use or sale. The capitalisation commences when the construction of a new building or extension begins and continues until such time as the asset is substantially ready for its intended use or sale. Capitalisable borrowing costs are either di- rectly attributable costs accrued on the funds borrowed for a construction project or costs at- tributable to a construction project.
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Interim Report 1 January–30 September 2026 37 After initial recognition, investment property is measured at fair value and the changes in fair value are recognised through profit or loss in the period in which they are observed. Fair value gains and losses are presented netted as a separate line item in the comprehensive in- come statement. Fair value refers to the price that would be received from selling an asset, or paid for transferring a liability, in an ordinary transaction between market participants on the measurement date. The valuation techniques used by Lumo are described below. Fair value of investment properties by valuation method Inputs used in determining fair values (used in the valuation techniques) are classified on three levels in the fair value hierarchy. The fair value hierarchy is based on the source of in- puts Level 1 inputs: Quoted prices (unadjusted) in active markets for identical investment property. Level 2 inputs: Inputs other than quoted prices included within Level 1 that are observable for the investment property, either directly or indirectly. Level 3 inputs: Unobservable inputs for investment property An investment property measured at fair value is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measure- ment. The fair value measurement for all of the investment property of Lumo determination of fair values has not been available. Fair value of investment properties by valuation method The fair values of investment properties measured by Lumo are based on transaction value or balance sheet value (acquisition cost). Income value (yield value) The measurement of value is based on 10-year discounted cash flow (DCF), in which the ter- minal value of the property is calculated based on direct capitalisation and net yield in year 11. The discount rate is the 10-year cash flow yield requirement plus inflation. On completion, newly developed properties are moved from balance sheet value measure- ment to yield value measurement in the quarter they are completed in. The development mar- gin, if any, is recognised as income in connection with this transition. Completed properties acquired by the Group are measured in their first quarter using the ac- quisition cost and subsequently using the yield value method. The yield value method is used to measure the value of properties that are not subject to re- strictions. The yield value method is also used to measure the value of properties that can be sold as entire properties but not apartment by apartment due to restrictions stipulated by the legisla- tion concerning state-subsidised rental housing. The disposal of such properties is only possi- ble when the entire property is sold, and it must be sold to a party that will continue to use the property for the provision of rental housing until the restrictions expire. The rents for such properties can be set freely. The yield value method is used to measure the value of proper- ties that belong to the following restriction groups: free of restrictions, subject to extension re- strictions, 20-year interest subsidy, 10-year interest subsidy. The yield requirements are analysed on a quarterly basis in connection with valuation. The determination of the yield requirement is based on the size of the municipality. In larger cities, several area-specific yield requirements are determined while, in smaller cities, the yield re- quirement is set at the municipal level. The yield requirement for terraced houses is increased by 20 basis points. Properties with a particularly large proportion of premises that are not in residential use (in excess of 40 per cent of the total floor area) are analysed separately. The change in yield requirement based on the age of the property is as follows: more than 15 years from completion or renovation +12.5 per cent, more than 30 years from completion or renovation +22.5 per cent and more than 40 years from completion or renovation +25.0 per cent. Provision for modernisation investments Age of the property or the number of years since the completion of the most recent renovation Provision (€/m²/month) 0–10 years 0.25 11–30 years 1.00 31–40 years 2.15 >40 years 2.30 Provisions for modernisation investments are used in 10-year discounted cash flow calcula- tions. Acquisition cost (balance sheet value) The balance sheet value is used for the measurement of residential and commercial proper- ties whose disposal price is restricted under the legislation governing state-subsidised rental properties, meaning that their disposal price cannot be determined freely. In addition, the set- ting of rents for such properties is, as a rule, based on the cost principle, which means that the rent levels cannot be determined freely. The balance sheet value method is used to measure the value of properties that belong to the following restriction groups: Arava (state-subsidised rental properties), and 40-year interest subsidy.
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Interim Report 1 January–30 September 2026 38 The fair value of property development projects, the plot reserve and shares and holdings re- lated to investment properties is their original acquisition cost. Business combinations and asset acquisition Acquisitions of investment properties by Lumo are accounted for as an acquisition of asset or a group of assets, or a business combination within the scope of IFRS 3 Business Combina- tions. Reference is made to IFRS 3 to determine whether a transaction is a business combi- nation. This requires the management’s judgment IFRS 3 is applied to the acquisition of investment property when the acquisition is considered to constitute an entity that is treated as a business. Usually, a single property and its rental agreement does not constitute a business entity. To constitute a business entity, the acquisi- tion of the property should include acquired operations and people carrying out these opera- tions, such as marketing of properties, management of tenancies and property repairs and renovation. The consideration transferred in the business combination and the detailed assets and ac- cepted liabilities of the acquired entity are measured at fair value on the acquisition date. Goodwill is recognised at the amount of consideration transferred, interest of non-controlling shareholders in the acquiree and previously held interest in the acquiree deducted by Lumo Homes’ share of the fair value of the acquired net assets. Goodwill is not amortised, but it is tested for impairment at least annually. Acquisitions that do not meet the definition of business in accordance with IFRS 3 are ac- counted for as asset acquisitions. In this event, goodwill or deferred taxes etc. are not recog- nised. 4. Property, plant and equipment M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Carrying value, beginning of period 19.5 27.4 27.4 Increases/decreases 0.4 0.3 0.4 Impairment losses - -7.3 -7.2 Depreciation for the period -0.7 -0.7 -1.0 Carrying value, end of period 19.2 19.7 19.5 Property, plant and equipment consist of assets held and used by the company, mainly build- ings and land areas, as well as machinery and equipment. The right-of-use asset item in- cludes car leasing agreements in accordance with IFRS 16 Leases. The impairment losses at 30 September 2025 and 31 December 2025 resulted from the write- down of Lumo’s own premises. Right-of-use assets included in property, plant and equipment M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Carrying value, beginning of period 0.6 0.7 0.7 Increases/decreases 0.4 0.3 0.3 Depreciation for the period -0.3 -0.3 -0.4 Carrying value, end of period 0.7 0.7 0.6 5. Interest-bearing liabilities M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current liabilities Bonds 1,315.3 1,507.2 1,509.9 Loans from financial institutions 1,616.4 1,584.1 1,580.9 Lease liability 84.4 75.7 75.4 Non-current liabilities total 3,016.1 3,167.1 3,166.2 Current liabilities Bonds 500.0 135.0 135.0 Loans from financial institutions 332.5 88.7 87.8 Lease liability 3.1 2.3 2.3 Current liabilities total 835.6 226.0 225.1 Total interest-bearing liabilities 3,851.7 3,393.1 3,391.3 On 30 September 2026, 3.4 M€, on 30 September 2025 18.7 M€ and on 31 December 2025 18.1 M€ has been transferred from interest-bearing liabilities to Liabilities related to non-current assets held for sale In March, Lumo Homes plc repaid the EUR 135.0 million bond. The following financing arrangements were made during the review period: In February, Lumo Homes signed a EUR 600 million senior unsecured acquisition financing facility with Goldman Sachs Bank Europe SE, Nordea Bank Abp and Skandinaviska Enskilda Banken AB (publ). The financing was drawn on 1 April 2026 and was used to partly finance the acquisition of a housing portfolio from Varma. The facility has a maturity of 12 months. At the end of the review period, EUR 300 million was outstanding under the facility.
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Interim Report 1 January–30 September 2026 39 In May, Lumo Homes issued a EUR 300 million unsecured bond under its EMTN programme. The bond has a maturity of four years. The proceeds from the issuance were used to re- finance half of the above-mentioned acquisition financing. In June, Lumo Homes signed a In June, Lumo Homes signed a EUR 500 million back-stop facility agreement with Nordea Bank Abp, OP Corporate Bank plc and Swedbank AB (publ). The back-stop facility is unsecured when undrawn and it matures in early 2029. The facility can be used to refinance the EUR 500 million bond maturing in spring 2027. At the end of the review period the facility was undrawn. In June, Lumo Homes and Swedbank AB (publ) signed an amendment agreement extending the maturity of the EUR 100 million committed credit facility until March 2028. In August, Lumo Homes signed a new EUR 100 million unsecured term loan facility agree- ment linked to sustainability targets with OP Corporate Bank. The loan was used to refinance a EUR 75 million loan with OP maturing in 2027 and for general corporate purposes. In September, Lumo Homes signed an amendment agreement with SMBC Bank EU AG un- der which the amount of the unsecured term loan was increased by EUR 50 million and its maturity was extended until September 2030, including a one-year extension option. Follow- ing the amendment, the total amount of the financing arrangement is EUR 200 million, con- sisting of a EUR 100 million revolving credit facility and a EUR 100 million term loan. The ad- ditional EUR 50 million term loan remained undrawn at the end of the review period. 6. Derivative instruments Fair values of derivative instruments 30 Sep 2026 30 Sep 2025 31 Dec 2025 M€ Positive Negative Net Net Net Interest rate derivatives Interest rate swaps, cash flow hedging 15.5 -0.1 15.4 -9.3 -5.4 Total 15.5 -0.1 15.4 -9.3 -5.4 Nominal values of derivative instruments M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest rate derivatives Interest rate swaps, cash flow hedging 1,382.6 1,600.7 1,598.3 Total 1,382.6 1,600.7 1,598.3 During the review period, EUR 21.3 (-0.1) million was recognised in the fair value reserve from interest rate derivatives classified as cash flow hedges. The interest rate derivatives ma- ture between 2026 and 2035. At the end of the review period, the average maturity of interest rate swaps was 1.4 (2.1) years.
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Interim Report 1 January–30 September 2026 40 7. Financial assets and liabilities by valuation category 30 Sep 2026 31 Dec 2025 Carrying Fair value Carrying Fair value M€ value total Level 1 Level 2 Level 3 total value total Level 1 Level 2 Level 3 total Financial assets Measured at fair value Interest rate derivatives 15.5 15.5 15.5 10.8 10.8 10.8 Financial assets recognised at fair value through profit or loss 69.3 10.0 58.6 0.7 69.3 58.5 10.1 47.7 0.7 58.5 Measured at amortised cost Cash and cash equivalents 23.3 23.3 23.3 181.3 181.3 181.3 Trade receivables 7.0 7.0 7.5 7.5 Financial liabilities Measured at fair value Interest rate derivatives 0.1 0.1 0.1 16.2 16.2 16.2 Measured at amortised cost Other interest-bearing liabilities 2,036.4 2,038.0 2,038.0 1,746.4 1,748.3 1,748.3 Bonds 1,815.3 1,760.7 1,760.7 1,644.9 1,633.2 1,633.2 Trade payables 4.9 4.9 12.5 12.5 There were no transfers between the hierarchy levels during the review period. The fair value of floating rate loans is the same as their nominal value, as the margins of the loans corre- spond to the margins of new loans. The fair values of bonds are based on market price quota- tions. The fair value of other fixed-rate liabilities is based on discounted cash flows, in which market interest rates are used as input data. If there is no active market for the financial instrument, judgment is required to determine fair value and impairment. External mark to market valuations may be used for some interest rate derivatives. Recognition of impairment is considered if the impairment is significant or long- lasting. If the amount of impairment loss decreases during a subsequent financial year and the decrease can be considered to be related to an event occurring after the recognition of impairment, the impairment loss will be reversed. Financial assets and liabilities measured at fair value are classified into three fair value hierar- chy levels in accordance with the reliability of the valuation technique. Level 1 The fair value is based on quoted prices for identical instruments in active markets. Level 2 A quoted market price exists in active markets for the instrument, but the price may be de- rived from directly or indirectly quoted market data. Fair values are measured using valuation techniques. Their inputs are based on quoted market prices, including e.g. market interest rates, credit margins and yield curves. Level 3 There is no active market for the instrument, the fair value cannot be reliably derived and in- put data used for the determination of fair value is not based on observable market data.
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Interim Report 1 January–30 September 2026 41 Level 3 reconciliation Financial assets recognised at fair value through profit or loss M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Beginning of period 0.7 0.8 0.8 Change - 0.0 -0.1 End of period 0.7 0.8 0.7 Investments measured at fair value through profit or loss on hierarchy level 3 are investments in unlisted securities and they are mainly measured at acquisition cost, as their fair value can- not be reliably measured in the absence of an active market. For these items, the acquisition cost is evaluated to be an appropriate estimate of fair value. 8. Earnings per share 1–9/2026 1–9/2025 1–12/2025 Profit for the period attributable to shareholders of the parent company, M€ -21.8 6.8 20.8 Weighted average number of shares during the period (million) 256.7 247.0 246.1 Earnings per share Basic, € -0.08 0.03 0.08 Diluted, € -0.08 0.03 0.08 The company has no diluting instruments. 9. Guarantees and commitments M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Loans covered by pledges on property and shares as collateral 1,024.6 1,054.4 1,049.6 Pledges given 1,451.0 1,530.7 1,496.1 Shares 326.6 325.1 326.6 Pledged collateral, total ¹⁾ 1,777.6 1,855.8 1,822.7 Other collaterals given Mortgages and shares 8.2 7.6 7.6 Guarantees ²⁾ 580.4 592.8 591.4 Pledged deposits 0.0 0.0 0.0 Other collateral, total 588.7 600.4 599.1 ¹⁾ Pledged mortgages and shares relate in some cases to the same properties ²⁾ Guarantees given mainly relate to parent company guarantees given on behalf of Group companies’ loans and some of these loans have also mortgages or shares as collaterals 10. Non-current assets held for sale M€ 30 Sep 2026 30 Sep 2025 31 Dec 2025 Investment properties 35.9 41.8 40.1 Current assets 0.0 0.0 0.0 Total assets 36.0 41.8 40.1 Loans and borrowings 3.4 18.7 18.1 Trade and other payables 0.0 0.0 0.0 Total liabilities 3.4 18.7 18.2 Net asset value 32.5 23.1 21.9 At the end of the review period, the net carrying amount of Non-current assets held for sale was EUR 32.5 (23.1) million and EUR (21.9) million at 31 December 2025 The assets con- sisted of rental apartments, property development projects and a commercial properties. The investment properties have been measured at fair value (fair value hierarchy level 3).
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Interim Report 1 January–30 September 2026 42 11. Events after the review period On 23 October 2026, Lumo Homes announced having signed an amendment agreement re- lating to its secured syndicated loan of EUR 125 million. As a result of the amendment, the maturity of the loan has been extended from October 2027 to early 2030 and the loan in- cludes two one-year extension options.