Lumo Kodit Oyj Reports Lower Q1 Profit, Cites Property Sales, Improved Occupancy
Lumo Kodit Oyj's revenue for January-March 2026 declined 3.1% to EUR 110.8 million. However, like-for-like rental income increased, and the company's occupancy rate improved compared to the previous year.
Helsinki – Lumo Kodit Oyj reported its first-quarter financial results for 2026, showing a decrease in total revenue by 3.1% to EUR 110.8 million compared to the same period last year. Net rental income also fell by 4.7%, totaling EUR 59.9 million.
The company's financial occupancy rate improved to 95.6% during the review period, up from 92.8% in the prior year. This increase occurred despite the sale of a significant number of properties; Lumo Kodit sold 2,170 apartments in the first quarter of 2026, compared to just 24 in the same period of 2025.
The fair value of investment properties stood at EUR 7.6 billion. Results before taxes were negative at EUR -20.9 million, impacted by fair value adjustments and sales losses on investment properties. Funds From Operations (FFO) decreased by 8.6% to EUR 21.2 million.
Lumo Kodit maintained its full-year outlook for 2026. The company continues to estimate its total revenue to be between EUR 484–497 million and its FFO, excluding non-recurring items, to be between EUR 147–157 million. The forecast accounts for completed property sales but does not include potential future acquisitions or disposals.