HELSINKI – November 05, 2026 -- Lumo Homes plc swung to a third-quarter pre-tax loss of EUR 87.7 million, against a profit of EUR 32.8 million a year earlier. Higher yield requirements drove a EUR 139.6 million negative fair-value result on investment properties, even as revenue rose 12.0 percent to EUR 127.3 million.
Lumo's third-quarter net rental income rises 11.5 percent to EUR 95.9 million
Net rental income represented 75.3 percent of revenue, compared with 75.7 percent a year earlier. Funds From Operations (FFO) increased 4.7 percent to EUR 46.1 million from EUR 44.1 million. Earnings per share were EUR -0.27, against EUR 0.11 a year earlier. Gross investments fell to EUR 10.6 million from EUR 13.6 million.
Nine-month loss reflects a EUR 148.1 million valuation charge
January-September revenue grew 5.7 percent to EUR 363.1 million, and net rental income rose 6.8 percent to EUR 247.5 million, or 68.2 percent of revenue (67.4 percent). The pre-tax result was EUR -25.0 million, against a EUR 9.1 million profit. The fair-value result on investment properties was EUR -148.1 million, compared with EUR -101.8 million. FFO increased 4.6 percent to EUR 110.9 million.
EPRA NTA per share fell 4.3 percent to EUR 17.61 from EUR 18.40. Equity per share was EUR 14.30 (14.74), and return on equity was -0.8 percent (0.3 percent). The fair value of investment properties reached EUR 8.3 billion, up from EUR 7.6 billion, including EUR 35.9 million held for sale.
April portfolio reaches 96.8 percent occupancy ahead of schedule
The financial occupancy rate stood at 95.5 percent, up from 94.4 percent. Third-quarter occupancy rose to 96.4 percent. The portfolio acquired in April hit its estimated stabilised occupancy rate during the third quarter and stood at 96.8 percent at the end of September.
Lumo owned 43,489 rental apartments, up from 39,001. Over the 12 months it acquired 4,761 apartments, completed 119 and sold 399, against 1,972 sold a year earlier. Gross investments for the nine months totalled EUR 882.9 million, against EUR 27.7 million, or 243.2 percent of revenue. Apartments under construction fell to 32 from 119.
CEO Reima Rytsölä said the supply of rental apartments continues to decline, particularly in the capital region, while new residential construction remains very low. He added that expected population growth in the largest cities and an improved outlook for the Finnish economy support a gradual rebalancing of the rental market.
Moody's affirms Baa2 rating as Lumo refinances EUR 125 million loan early
Moody's affirmed Lumo's Baa2 credit rating with a stable outlook in September. After the review period, Lumo refinanced its EUR 125 million syndicated loan well ahead of its autumn 2027 maturity. The company said its high hedging ratio means interest rate changes primarily affect new financing.
Rising market interest rates in the autumn pushed Lumo to raise the yield requirements in its valuations, which cut the fair values of its investment properties. Including the acquired portfolio in the fair value model had a clear positive effect that partly offset the cut.
Lumo left its 2026 outlook unchanged. It expects total revenue of EUR 488-493 million and FFO of EUR 147-152 million excluding non-recurring costs. The outlook does not include potential future acquisitions or disposals.