Kojamo plc Stock Exchange Release, 30 October 2025 at 2.00 p.m. EET
Kojamo plc's Interim Report 1 January-30 September 2025
Occupancy rate improved, total revenue and net rental income increased
This is a summary of the January-September Interim Report, which is in its
entirety attached to this release and can be downloaded from the company's
website at www.kojamo.fi/investors.
Unless otherwise stated, the comparison figures in brackets refer to the
corresponding period of the previous year. The figures in this Interim Report
have not been audited.
Summary of July-September 2025
· Total revenue increased by 0.4 per cent to EUR 113.6 (113.2) million.
· Net rental income increased by 0.3 per cent totalling EUR 86.0 (85.7)
million. Net rental income represented 75.7 (75.8) per cent of revenue.
· Result before taxes was EUR 32.8 (50.6) million. The result includes EUR
-16.4 (0.9) million in net result on the valuation of investment properties at
fair value. Earnings per share was EUR 0.11 (0.16).
· Funds From Operations (FFO) decreased by 3.3 per cent and amounted to EUR
44.1 (45.6) million.
· Gross investments totalled EUR 13.6 (2.2) million, representing 12.0 (2.0)
per cent of total revenue.
Summary of January-September 2025
· Total revenue increased by 1.4 per cent to EUR 343.6 (338.8) million.
· Net rental income increased by 1.4 per cent, totalling EUR 231.6 (228.4)
million. Net rental income represented 67.4 (67.4) per cent of revenue.
· Result before taxes was EUR 9.1 (-14.3) million. The result includes EUR
-101.8 (-137.9) million in net result on the valuation of investment properties
at fair value and EUR -0.9 (-0.8) million in profit/loss from the sale of
investment properties. Earnings per share was EUR 0.03 (-0.05).
· Funds From Operations (FFO) decreased by 6.7 per cent and amounted to EUR
106.1 (113.8) million.
· The fair value of investment properties was EUR 7.6 (7.9) billion at the end
of the review period including EUR 41.8 (1.3) million Investment properties held
for sale.
· The financial occupancy rate stood at 94.4 (91.5) per cent during the review
period.
· Gross investments totalled EUR 27.7 (21.6) million, representing 8.1 (6.4)
per cent of total revenue.
· Equity per share was EUR 14.74 (14.56) and return on equity was 0.3 (-0.4)
per cent. Return on investment was 1.9 (1.3) per cent.
· EPRA NRV per share (net reinstatement value) increased by 0.3 per cent and
amounted to EUR 18.40 (18.34).
· At the end of the review period, there were 119 (0) Lumo apartments under
construction.
Kojamo owned 39,001 (40,973) rental apartments at the end of the review period.
Since September of last year, Kojamo completed 0 (779) apartments, sold 1,972
(0) apartments and demolished or otherwise altered 0 (2) apartments.
Key figures
7-9/20 7-9/20 Change 1-9/2025 1-9/2024 Change 2024
25 24 % %
Total revenue, M€ 113.6 113.2 0.4 343.6 338.8 1.4 452.4
Net rental income, 86.0 85.7 0.3 231.6 228.4 1.4 302.9
M€ *
Net rental income 75.7 75.8 67.4 67.4 66.9
margin, % *
Profit/loss before 32.8 50.6 -35.2 9.1 -14.3 163.2 26.3
taxes, M€ *
EBITDA, M€ * 61.3 78.9 -22.3 102.8 63.0 63.2 131.3
EBITDA margin, % * 54.0 69.7 29.9 18.6 29.0
Adjusted EBITDA, 77.7 77.9 -0.3 205.3 201.7 1.8 266.2
M€ *
Adjusted EBITDA 68.4 68.9 59.8 59.6 58.8
margin, % *
Funds From 44.1 45.6 -3.3 106.1 113.8 -6.7 148.2
Operations (FFO),
M€ *
FFO margin, % * 38.8 40.3 30.9 33.6 32.8
FFO excluding non 44.1 45.6 -3.3 106.1 113.8 -6.7 149.0
-recurring costs,
M€ *
Investment 7,637.2 7,925.9 -3.6 7,960.0
properties, M€ ¹⁾
Financial occupancy 94.4 91.5 91.5
rate, %
Interest-bearing 3,393.1 3,860.7 -12.1 3,827.9
liabilities, M€ *
²⁾
Return on equity 0.3 -0.4 0.6
(ROE), % *
Return on 1.9 1.3 2.0
investment (ROI), %
*
Equity ratio, % * 45.6 43.1 43.2
Loan to Value 42.2 44.7 43.9
(LTV), % * ³⁾
EPRA Net 4,518.5 4,531.5 -0.3 4,573.4
Reinstatement value
(NRV), M€
Gross investments, 13.6 2.2 509.7 27.7 21.6 28.4 52.8
M€ *
Number of 262 260 256
personnel, end of
the period
Key figures per 7-9/20 7-9/20 Change 1-9/2025 1-9/2024 Change 2024
share, € 25 24 % %
FFO per share * 0.18 0.18 0.0 0.43 0.46 -6.5 0.60
Earnings per share 0.11 0.16 -31.3 0.03 -0.05 160.0 0.09
EPRA NRV per share 18.40 18.34 0.3 18.51
Equity per share 14.74 14.56 1.2 14.68
* In accordance
with the guidelines
issued by the
European Securities
and Markets
Authority (ESMA),
Kojamo provides an
account
of the Alternative
Performance
Measures used by
the Group in the
Key figures section
of the Interim
Report
¹⁾ Including Non
-current assets
held for sale
²⁾ Excluding
Liabilities related
to non-current
assets held for
sale
³⁾ Excluding Non
-current assets
held for sale and
liabilities related
to non-current
assets held for
sale
Outlook for Kojamo in 2025
Kojamo estimates that in 2025, the Group's total revenue will increase by 0-2
per cent year-on-year. In addition, Kojamo estimates that the Group's FFO for
2025 will amount to between EUR 135-141 million, excluding non-recurring costs.
The outlook is based on the management's assessment of total revenue, property
maintenance expenses and repairs, administrative expenses, financial expenses
and taxes to be paid as well as the management's view on future developments in
the operating environment.
The outlook takes into account the estimated occupancy rate and development of
rents. The total revenue and FFO outlook also takes into account the impacts of
the disposal of 44 residential properties, but it does not take into account the
impact of potential future acquisitions or disposals. The outlook does not take
into account the taxes resulting from the transaction.
The management can influence total revenue and FFO through the company's
business operations. In contrast, the management has no influence over market
trends, the regulatory environment or the competitive landscape.
CEO's review
Our operations developed as anticipated during the third quarter. Total revenue
and net rental income grew from last year. FFO decreased due to higher financial
and repair expenses compared to the previous year. Our balance sheet is strong,
and there were no significant changes in the fair values of investment
properties.
The strong development in the occupancy rate continued in the third quarter. Our
financial occupancy rate was 94.4 per cent cumulatively since the beginning of
the year. Following the busy summer months, renting continued at a good level
into early autumn, and the occupancy rate for the third quarter rose to 96.1 per
cent, up from 94.4 per cent in the second quarter. Tenant turnover decreased
compared to last year, which in part supports the development of the occupancy
rate. Customer satisfaction has also remained at the record level reached during
the summer.
The balancing of the rental market continues. In the capital region, there is
still oversupply, but the cities are at different stages in terms of balancing.
New development is no longer adding to supply as the volume of residential
construction remains at the low level similar to last year. In Tampere and
Turku, the rental market is already close to normal, with no signs of similar
oversupply.
At the end of July, we completed the sale of 44 residential properties,
comprising a total of 1,944 apartments. We used EUR 200 million of the proceeds
to repay loans, and in late August, we launched a share buyback programme, which
has progressed as planned. We will use up to EUR 75 million for the buybacks,
which will be concluded by early March latest. Following the portfolio
transaction, we still have a few individual properties classified in Assets held
for sale, and their sales processes will be advanced during the autumn.
Our financing position has remained good. In September, Moody's affirmed
Kojamo's Baa2 credit rating and upgraded the outlook to stable. During the third
quarter, we refinanced a EUR 100 million loan maturing in 2026 from OP and a EUR
75 million revolving credit facility from Danske Bank. Proceeds from the
residential portfolio sale completed in July were used to repay loans, and our
net debt decreased. Our liquidity position is strong. As previously stated, our
next financing arrangements related to loans maturing in 2027 will likely take
place during the first half of next year.
This autumn, we initiated a strategy review that focuses on updating our
existing strategy. Our aim is to complete the strategy work so that we can
provide further information in connection with the publication of the financial
statements.
Reima Rytsölä
CEO
News conference as a webcast
Kojamo will hold a news conference for institutional investors, analysts and
media on 30 October 2025 at 3:00 p.m. EET at its headquarters at Mannerheimintie
168A, Helsinki, Finland. The event will be held in English. After the event, the
media has a possibility to ask questions also in Finnish.
The event can be followed as a live webcast. No registration for the webcast in
advance is needed. The event will be accessible at
https://kojamo.events.inderes.com/q3-2025.
It is also possible to join the news conference via phone. Accessing the
teleconference requires registration by clicking the following link:
https://events.inderes.com/kojamo/q3-2025/dial-in. After the registration you
will be provided phone numbers and a conference ID to access the conference.
A recording of the webcast will be available later at the company's website at
https://kojamo.fi/en/investors/releases-and-publications/financial-reports/.
For more information, please contact:
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20
508 3283, niina.saarto@kojamo.fi
Erik Hjelt, CFO, Kojamo plc, tel. +358 20 508 3225, erik.hjelt@kojamo.fi
Distribution:
Nasdaq Helsinki, Irish Stock Exchange, key media
Kojamo is Finland's largest private residential real estate company and one of
the biggest investors in Finland. Our mission is to create better urban housing.
Lumo offers environmentally friendly housing and services for the city dweller
who appreciates quality and effortlessness. We actively develop the value of our
investment properties by developing new properties and our existing property
portfolio. We want to be the property market frontrunner and the number one
choice for our customers. Kojamo's shares are listed on the official list of
Nasdaq Helsinki. For more information, please visit https://kojamo.fi/en/