Lumo Kodit Oyj: First Quarter Result Declined, Like-for-Like Rental Income Grew
Lumo Kodit Oyj's revenue for January-March 2026 decreased by 3.1% to EUR 110.8 million. Like-for-like net rental income grew, and the occupancy rate improved from the previous year.
Helsinki – Lumo Kodit Oyj reported a pre-tax loss of EUR -20.9 million for the first quarter of 2026, compared to a loss of EUR -11.0 million in the same period last year. The company's total revenue fell by 3.1% to EUR 110.8 million.
In its interim report released on May 6, Lumo Kodit stated that net rental income decreased by 4.7% to EUR 59.9 million. The company attributes the decline in net rental income to the sale of a portfolio of approximately 2,000 apartments completed in July of the previous year. A total of 2,170 of the company's own rental apartments were sold since March of the prior year.
On a comparable, like-for-like basis, however, both the company's net rental income and revenue grew, after accounting for the significant property sales in the previous year. The financial occupancy rate notably improved to 95.6% from 92.8% during the corresponding period in 2025.
The fair value of the company's investment properties decreased slightly from EUR 7.9 billion to EUR 7.6 billion. Fair value adjustments on investment properties also resulted in significant write-downs of EUR -42.6 million. Earnings per share stood at EUR -0.07.
Lumo Kodit reaffirmed its 2026 financial outlook unchanged. The company expects its revenue to be between EUR 484–497 million and its Funds From Operations (FFO) to be between EUR 147–157 million. This outlook incorporates the acquisition of 4,761 apartments.