REG-Kojamo plc’s Interim Report 1 January–30 September 2025
Thu 12:00
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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
7–9/2025 7–9/2024 Change % 1–9/2025 1–9/2024 Change % 2024
Total revenue, M€ 113.6 113.2 0.4 343.6 338.8 1.4 452.4
Net rental income, M€ * 86.0 85.7 0.3 231.6 228.4 1.4 302.9
Net rental income margin, % * 75.7 75.8 67.4 67.4 66.9
Profit/loss before taxes, M€ * 32.8 50.6 -35.2 9.1 -14.3 163.2 26.3
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, M€ * 77.7 77.9 -0.3 205.3 201.7 1.8 266.2
Adjusted EBITDA margin, % * 68.4 68.9 59.8 59.6 58.8
Funds From Operations (FFO), M€ * 44.1 45.6 -3.3 106.1 113.8 -6.7 148.2
FFO margin, % * 38.8 40.3 30.9 33.6 32.8
FFO excluding non-recurring costs, M€ * 44.1 45.6 -3.3 106.1 113.8 -6.7 149.0
Investment properties, M€ ¹⁾ 7,637.2 7,925.9 -3.6 7,960.0
Financial occupancy rate, % 94.4 91.5 91.5
Interest-bearing liabilities, M€ * ²⁾ 3,393.1 3,860.7 -12.1 3,827.9
Return on equity (ROE), % * 0.3 -0.4 0.6
Return on investment (ROI), % * 1.9 1.3 2.0
Equity ratio, % * 45.6 43.1 43.2
Loan to Value (LTV), % * ³⁾ 42.2 44.7 43.9
EPRA Net Reinstatement value (NRV), M€ 4,518.5 4,531.5 -0.3 4,573.4
Gross investments, M€ * 13.6 2.2 509.7 27.7 21.6 28.4 52.8
Number of personnel, end of the period 262 260 256
Key figures per share, € 7–9/2025 7–9/2024 Change % 1–9/2025 1–9/2024 Change % 2024
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/
Attachments
* Kojamo Interim Report 1 January - 30 September 2025
(https://ml-eu.globenewswire.com/Resource/Download/92ba38b9-4a14-49e8-aa4b-0c35e4ad34a0)
* Kojamo Interim Report 1 January - 30 September 2025 - presentation
(https://ml-eu.globenewswire.com/Resource/Download/5d368e84-7232-44ce-9761-f670d0559d3a)