Kojamo plc Stock Exchange Release, 11 February 2026 at 8.00 a.m. EET
Kojamo plc's Financial Statements Release 1 January-31 December 2025
Total revenue and net rental income increased in 2025 despite property sales,
and the occupancy rate improved throughout the entire year
This is a summary of the 2025 Financial Statements Release, 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 information in the Financial
Statements Release is based on the Kojamo plc's audited Financial Statements for
the year 2025. The quarterly figures are unaudited.
Summary of October-December 2025
· Total revenue decreased by -1.8 per cent to EUR 111.7 (113.6) million.
· Net rental income increased by 2.2 per cent totalling EUR 76.0 (74.4)
million. Net rental income represented 68.1 (65.5) per cent of revenue.
· Result before taxes was EUR 17.8 (40.7) million. The result includes EUR
-18.6 (3.9) million in net result on the valuation of investment properties at
fair value. Earnings per share was EUR 0.06 (0.13).
· Funds From Operations (FFO) increased by 1.1 per cent and amounted to EUR
34.8 (34.5) million.
· Gross investments totalled EUR 14.8 (31.3) million, representing 13.2 (27.5)
per cent of total revenue.
Summary of January-December 2025
· Total revenue increased by 0.6 per cent to EUR 455.2 (452.4) million.
· Net rental income increased by 1.6 per cent, totalling EUR 307.7 (302.9)
million. Net rental income represented 67.6 (66.9) per cent of revenue.
· Result before taxes was EUR 26.8 (26.3) million. The result includes EUR
-120.4 (-134.0) million in net result on the valuation of investment properties
at fair value and EUR -2.6 (-0.8) million in profit/loss from the sale of
investment properties. Earnings per share was EUR 0.08 (0.09).
· Funds From Operations (FFO) decreased by 4.9 per cent and amounted to EUR
140.9 (148.2) million.
· The fair value of investment properties was EUR 7.6 (8.0) billion at the end
of the financial year including EUR 40.1 (0.0) million Investment properties
held for sale.
· The financial occupancy rate stood at 94.8 (91.5) per cent during the
financial year.
· Gross investments totalled EUR 42.5 (52.8) million, representing 9.3 (11.7)
per cent of total revenue.
· Equity per share was EUR 14.89 (14.68) and return on equity was 0.6 (0.6)
per cent. Return on investment was 2.1 (2.0) per cent.
· EPRA NTA per share (net tangible assets) increased by 0.6 per cent and
amounted to EUR 18.61 (18.50).
· At the end of the financial year, there were 119 (119) Lumo apartments under
construction.
· The Board of Directors' dividend proposal is EUR 0.11 per share.
Kojamo owned 38,945 (40,973) rental apartments at the end of the financial year.
In 2025, Kojamo completed 0 (354) apartments and sold 2,028 (0) apartments.
Key figures
10-12/ 10-12/ Change 2025 2024 Change %
2025 2024 %
Total revenue, M€ 111.7 113.6 -1.8 455.2 452.4 0.6
Net rental income, 76.0 74.4 2.2 307.7 302.9 1.6
M€ *
Net rental income 68.1 65.5 67.6 66.9
margin, % *
Profit/loss before 17.8 40.7 -56.3 26.8 26.3 2.0
taxes, M€ *
EBITDA, M€ * 45.0 68.3 -34.2 147.8 131.3 12.6
EBITDA margin, % * 40.3 60.1 32.5 29.0
Adjusted EBITDA, 65.3 64.5 1.3 270.6 266.2 1.7
M€ *
Adjusted EBITDA 58.5 56.7 59.4 58.8
margin, % *
Funds From 34.8 34.5 1.1 140.9 148.2 -4.9
Operations (FFO),
M€ *
FFO margin, % * 31.2 30.3 31.0 32.8
FFO excluding non 34.8 35.2 -1.1 140.9 149.0 -5.4
-recurring costs,
M€ *
Investment 7,620.7 7,960.0 -4.3
properties, M€ ¹⁾
Financial occupancy 94.8 91.5
rate, %
Interest-bearing 3,391.3 3,827.9 -11.4
liabilities, M€ *
²⁾
Return on equity 0.6 0.6
(ROE), % *
Return on 2.1 2.0
investment (ROI), %
*
Equity ratio, % * 45.4 43.2
Loan to Value 42.3 43.9
(LTV), % * ³⁾
EPRA Net Tangible 4,492.0 4,572.9 -1.8
Assets (NTA), M€
Gross investments, 14.8 31.3 -52.7 42.5 52.8 -19.6
M€ *
Number of 256 256
personnel, end of
the period
Key figures per 10-12/ 10-12/ Change 2025 2024 Change %
share, € 2025 2024 %
FFO per share * 0.14 0.14 0.0 0.57 0.60 -5.0
Earnings per share 0.06 0.13 -53.9 0.08 0.09 -11.1
EPRA NTA per share 18.61 18.50 0.6
Equity per share 14.89 14.68 1.4
Dividend per share 0.11 - -
⁴⁾
* 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 In
Financial
Statements Release
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
⁴⁾ 2025: The Board
of Directors
proposes to the
Annual General
Meeting that a
dividend of EUR
0.11 per share be
paid
Outlook for 2026
Kojamo estimates that in 2026, the Groupʼs total revenue will amount to between
EUR 484-497 million. In addition, Kojamo estimates that the Group's FFO for 2026
will amount to between EUR 147-157 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 outlook also takes into account the impact of the acquisition of 4
761 apartments which is estimated to be completed 1 April 2026. The outlook does
not take into account the impact of potential future acquisitions or disposals.
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
Total revenue and net rental income increased in 2025 due to improved occupancy
rate. FFO decreased from the previous year due to higher financial expenses. Our
balance sheet remained strong, and our liquidity position solid.
Our occupancy rate developed strongly throughout the year, increasing in each
quarter. The full-year cumulative occupancy rate was 94.8 per cent, more than
three percentage points higher than in the previous year. Typically, rental
demand slows towards the end of the year compared to the summer months. Despite
this, we succeeded in further improving the occupancy in the last quarter of the
year, which increased to 96.3 per cent from 96.1 per cent in the third quarter.
The balancing of the rental market continues. The oversupply situation in the
capital region did not ease last year, although some positive signs have begun
to emerge. Differences between cities are large, and this continues to be
reflected in pricing. While the capital region is recovering with a delay, the
rental markets in Tampere and Turku have already largely normalised. The long
-term trends favouring rental housing have not changed. Rental living is
increasing in the largest cities, and population growth continues to be strong
in the cities of the growth triangle. Residential construction has been
exceptionally low for three years, and no material increase is expected this
year.
The transaction market picked up last year, but the volume remained low. There
were a few larger portfolio transactions in residential real estate, the most
significant being Kojamo's portfolio sale to international funds. Foreign
investors have also otherwise supported the market recovery.
We have systematically focused on improving customer experience. Last year, this
work was concretely reflected in a significant increase in customers'
willingness to recommend us. At the end of the year, our NPS was 57, up three
points from the previous year. At the same time, tenant turnover has decreased.
We will continue to focus on improving the customer experience, and we will
develop sales and customer interactions by extensively utilising data,
technology and artificial intelligence.
Last year, we did not start any new development projects and instead focused on
improving the efficiency of our existing housing stock. Our only ongoing project
in Helsinki will be completed during the winter. In the capital region, the
oversupply of rental apartments continues, in addition to which construction
costs and other prices have remained high. Nevertheless, our goal is to return
to a growth phase, and we see acquiring completed properties as a more
attractive alternative to own development projects. After the review period, we
agreed to purchase a significant housing portfolio. The transaction includes
4,761 apartments located in prime areas with a strong focus on growth centres.
The portfolio is of high quality, fits perfectly with our strategy, and it will
also improve our cash flow.
Our financial position and liquidity situation have remained strong. During the
year, we utilised both the bond market and bank financing. We issued a new bond
of EUR 500 million and refinanced bank loans for a total of EUR 275 million.
With the arrangements, we extended the loan maturities and strengthened our
financial position. Some of the funds received from the sale of the housing
portfolio were used to repay debt, which reduced the amount of net debt. Moody's
affirmed the company's Baa2 credit rating and raised the outlook to stable. We
start the new year from a solid position.
Our work towards carbon neutrality progressed according to plans. The carbon
footprint per apartment decreased from the previous year by more than our annual
target, and we are already more than halfway towards achieving carbon neutral
energy consumption in our properties by 2030.
The year 2025 did not yet bring a clear turnaround in the real estate or rental
housing markets. However, we demonstrated our ability to develop our operations
and achieve strong results even without the support from the market environment.
I would like to express my warm thanks to the entire Kojamo personnel for their
successful and responsible work during the year. I would also like to thank our
customers, partners and shareholders for their long-term cooperation and trust
in Kojamo.
Reima Rytsölä
CEO
News conference and webcast
Kojamo will hold a news conference for institutional investors, analysts and
media on 11 February 2026 at 9:30 a.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/q4
-2025 (https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fkojamo.e
vents.inderes.com%2Fq4
-2025&data=05%7C02%7Ceero.sampo%40kojamo.fi%7C7797278c1af7470b2fd608de538b1cfe%7C
bc727d7a3368492686f40972d3ac4637%7C0%7C0%7C639040054134037800%7CUnknown%7CTWFpbGZ
sb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIs
IldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=vKvMXZqk2BdNg3834po3oRmVSumDiqD3vHu6uhaY%2B44
%3D&reserved=0).
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/q4-2025/dial
-in (https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fevents.ind
eres.com%2Fkojamo%2Fq4-2025%2Fdial
-in&data=05%7C02%7Ceero.sampo%40kojamo.fi%7C7797278c1af7470b2fd608de538b1cfe%7Cbc
727d7a3368492686f40972d3ac4637%7C0%7C0%7C639040054134013111%7CUnknown%7CTWFpbGZsb
3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIl
dUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=2O271rhPMuEimFWy1ZMxnqcpOdzWj4PFlB6YrOO6jE8%3D&
reserved=0). 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/