Nasdaq HelsinkiReal Estate - DiversifiedIFRS · EUR

Lumo Kodit Oyj

Lumo Kodit Oyj is a Finland-based residential real estate company that operates as the primary housing investment vehicle of the Kojamo Group. The company owns, develops, and leases urban rental apartments primarily located in Finland's major growth centres. Its property portfolio is supported by a proprietary digital rental platform and residential value-added services under the Lumo brand.

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Revenue455m EUR
+0.6 %y/y
Operating profit (EBIT)139m EUR
+7.1 %y/y
EBIT margin30.6%
+1.9 ppy/y
Net income20.8m EUR
−1.9 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-50005001,0001,500m EUR2021: 392 m EUR2021: EBIT 1,334 m EUR20212022: 413 m EUR2022: EBIT -443 m EUR20222023: 442 m EUR2023: EBIT -41 m EUR20232024: 452 m EUR2024: EBIT 130 m EUR20242025: 455 m EUR2025: EBIT 139 m EUR2025TTM 2026: 461 m EURTTM 2026: EBIT 228 m EURTTM461228
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Residential Rental Housing95 %

Direct leasing of privately financed rental apartments in growth centres, generating steady rental income.

Housing-Related Services5 %

Value-added services including shared mobility, parking space leasing, utility charges, and tenancy services.

Customers

Lumo Kodit serves individual consumers seeking flexible urban rental housing in Finland's key growth centres. Demand is underpinned by demographic shifts including urbanisation, smaller household sizes, and workforce mobility. The company directly reaches tenants through its digital webstore and the MyLumo self-service application.

Urban Private Renters

Individuals and households renting modern apartments in prime growth hub locations with integrated digital services.

Parking and Ancillary Service Users

Residents paying for parking facilities, EV charging points, and optional residential services.

Strategy

Lumo Kodit focuses on maximizing financial occupancy and delivering customer satisfaction across Finnish growth centres. The company prioritizes digital service automation through its webstore and the MyLumo platform to enhance operating efficiency. Long-term strategy emphasizes balance sheet discipline, carbon-neutral district heating, and selective portfolio modernization.

Customer Experience and Digital LeadershipMedium term

Higher tenant satisfaction and seamless digital service drive tenancy duration and reduce turnover costs.

Sustainability and Carbon Footprint ReductionLong term

Regulatory compliance and investor ESG standards require declining operational emissions and energy efficiency.

Occupancy Rate and Cash Flow OptimizationShort term

Maximizing occupancy directly counters market headwinds from new housing supply and yields solid operating cash flow.

Geography

Lumo Kodit operates exclusively in Finland, concentrating its portfolio in the largest urban growth centres. The Helsinki Metropolitan area represents the dominant majority of total property fair value and unit distribution. Additional significant holdings are located in Tampere, Turku, Oulu, Jyväskylä, Kuopio, and Lahti.

Risks

The business is exposed to broader macroeconomic conditions, interest rate fluctuations, and property valuation yields that impact loan-to-value ratios. High localized rental housing supply and housing allowance reforms threaten rental pricing power and occupancy. Tightened debt availability or higher refinancing costs also pose risks to capital structure sustainability.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Property Fair Value Devaluations1Financing and Refinancing Availability2Rental Market Overcapacity and Occupancy Pressure3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Property Fair Value DevaluationsImpact: CriticalLikelihood: Medium

    Rising market yields and weak transaction liquidity lead to non-cash reductions in investment property fair values.

    Exposure: EUR ~8 billion investment property balance sheet base

  2. Financing and Refinancing AvailabilityImpact: HighLikelihood: Medium

    Disruptions in capital markets or tighter bank lending rules increase debt costs and restrict debt renewal.

    Exposure: Group debt structure and loan-to-value covenant ratios

  3. Rental Market Overcapacity and Occupancy PressureImpact: MediumLikelihood: High

    Elevated apartment supply in growth centers increases tenant turnover and demands tenant acquisition concessions.

    Exposure: Portfolio rental income and like-for-like rental growth

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Accounting

Judgemental items
IAS 40 Investment Property Fair Valuation

Properties are appraised based on yield models and market transactions, causing non-cash earnings fluctuations.

Impact: Directly impacts equity ratio, reported net profit, and balance sheet loan-to-value

IFRS 3 vs Asset Acquisition Judgment

Management assesses whether acquired portfolios include integrated processes that constitute a business.

Impact: Determines whether goodwill, deferred taxes, and transaction fees are capitalized or expensed

IFRS 16 Leases for Plot Rents

Rented municipal and private land plots are capitalized onto the balance sheet as right-of-use assets.

Impact: Increases reported liabilities and assets, affecting operational gearing metrics

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Last updated: 24/10/2026