Lumo (LUMO) Q1 2025 earnings summary

Executive summary

• Total revenue grew 0.9% year-over-year to EUR 114.3 million, with net rental income up 3.7% to EUR 62.8 million, driven by improved occupancy and new apartments completed.

• Occupancy rate improved to 93.5% in March, with tenant turnover decreasing and new lease agreements increasing.

• FFO declined 8.6% year-over-year to EUR 23.3 million due to a EUR 3.6 million increase in financial expenses.

• Balance sheet and liquidity remain robust, supported by a successful EUR 500 million bond issuance covering refinancing needs through 2026.

• Fair value of investment properties declined slightly by 0.5% year-over-year, with a EUR -37.4 million fair value loss impacting profit before taxes.

Financial highlights

• Net rental income margin increased to 54.9% from 53.5% year-over-year.

• EBITDA was EUR 16.3 million, with adjusted EBITDA at EUR 14.3 million.

• Earnings per share was EUR -0.04 (EUR 0.13 in Q1 2024).

• Gross investments totaled EUR 4.0 million, down from EUR 8.4 million year-over-year.

• Like-for-like rental income grew 0.8% over the past 12 months.

Outlook and guidance

• 2025 guidance unchanged: total revenue expected to grow 1–4% year-on-year; FFO for 2025 estimated at EUR 135–145 million, excluding non-recurring costs.

• Guidance assumes moderate rent increases, further occupancy improvement, and repairs aligning with last year.

• Outlook excludes impact of potential acquisitions or disposals.