Lumo Kodit Oyj: Q1 Revenue Decreased, Like-for-Like Rental Income Grew
Lumo Kodit Oyj reported a decrease in revenue of 3.1% to EUR 110.8 million for the January-March period. The company stated that rental income from comparable properties, however, increased.
Real estate company Lumo Kodit Oyj's revenue for the first quarter of 2026 fell by 3.1% to EUR 110.8 million, down from EUR 114.3 million in the same period last year. The company's result before taxes was a loss of EUR -20.9 million, compared to a loss of EUR -11.0 million in the prior year.
The number of owned rental apartments decreased to 38,898 by the end of the period. This reduction follows the sale of a portfolio of approximately 2,000 apartments in July of the previous year. Despite the overall dip in revenue, Lumo Kodit indicated that rental income on a like-for-like basis, excluding the divested properties, saw an increase.
The fair value of the company's investment properties stood at EUR 7.6 billion at the end of the review period. The financial occupancy rate improved significantly to 95.6%, up from 92.8% in the corresponding period of the previous year. Gross investments saw a substantial rise, reaching EUR 12.0 million, up from EUR 4.0 million a year earlier.
Lumo Kodit affirmed its previously issued outlook for the full year 2026. The company anticipates total revenue to be between EUR 484–497 million and Funds From Operations (FFO), excluding non-recurring items, to range from EUR 147–157 million.