REG-Kojamo plc’s Interim Report 1 January–31 March 2025
08/05/2025 06:00
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Kojamo plc Stock Exchange Release, 8 May 2025 at 8.00 a.m. EEST
Kojamo plc’s Interim Report 1 January–31 March 2025
The improvement in occupancy rate accelerated in the first quarter of the year
This is a summary of the 2025 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 January–March 2025
* Total revenue increased by 0.9 per cent to EUR 114.3 (113.3) million.
* Net rental income increased by 3.7 per cent, totalling EUR 62.8 (60.6)
million. Net rental income represented 54.9 (53.5) per cent of revenue.
* Result before taxes was EUR -11.0 (39.3) million. The result includes EUR
-37.4 (11.1) million in net result on the valuation of investment properties
at fair value and EUR -0.8 (-0.9) million in profit/loss from the sale of
investment properties. Earnings per share was EUR -0.04 (0.13).
* Funds From Operations (FFO) decreased by 8.6 per cent and amounted to EUR
23.3 (25.5) million.
* The fair value of investment properties was EUR 7.9 (8.1) billion at the end
of the review period, including EUR 280.0 (0.0) million in Investment
properties held for sale.
* The financial occupancy rate stood at 92.8 (92.4) per cent during the review
period.
* Gross investments totalled EUR 4.0 (8.4) million, representing 3.5 (7.4) per
cent of total revenue.
* Equity per share was EUR 14.65 (14.83) and return on equity was -1.0 (3.5)
per cent. Return on investment was 1.1 (3.5) per cent.
* EPRA NRV per share (net reinstatement value) fell by 0.8 per cent and
amounted to EUR 18.45 (18.60).
* At the end of the review period, there were 119 (113) Lumo apartments under
construction.
Kojamo owned 40,949 (40,860) rental apartments at the end of the review
period. Since March of last year, Kojamo completed 113 (1,372) apartments,
sold 24 (73) apartments and demolished or otherwise altered 0 (11) apartments.
Key figures
1–3/2025 1–3/2024 Change % 2024
Total revenue, M€ 114.3 113.3 0.9 452.4
Net rental income, M€ * 62.8 60.6 3.7 302.9
Net rental income margin, % * 54.9 53.5 66.9
Profit/loss before taxes, M€ * -11.0 39.3 -128.0 26.3
EBITDA, M€ * 16.3 62.1 -73.7 131.3
EBITDA margin, % * 14.3 54.8 29.0
Adjusted EBITDA, M€ * 54.5 51.9 5.0 266.2
Adjusted EBITDA margin, % * 47.7 45.8 58.8
Funds From Operations (FFO), M€ * 23.3 25.5 -8.6 148.2
FFO margin, % * 20.3 22.5 32.8
FFO excluding non-recurring costs, M€ * 23.3 25.5 -8.6 149.0
Investment properties, M€ ¹⁾ 7,922.6 8,058.9 -1.7 7,960.0
Financial occupancy rate, % 92.8 92.4 91.5
Interest-bearing liabilities, M€ * ²⁾ 3,740.5 3,676.0 1.8 3,827.9
Return on equity (ROE), % * -1.0 3.5 0.6
Return on investment (ROI), % * 1.1 3.5 2.0
Equity ratio, % * 43.6 44.3 43.2
Loan to Value (LTV), % * ³⁾ 45.4 44.5 43.9
EPRA Net Reinstatement value (NRV), M€ 4,559.9 4,597.2 -0.8 4,573.4
Gross investments, M€ * 4.0 8.4 -52.8 52.8
Number of personnel, end of the period 260 281 256
Key figures per share, € 1–3/2025 1–3/2024 Change % 2024
FFO per share * 0.09 0.10 -10.0 0.60
Earnings per share -0.04 0.13 -130.8 0.09
EPRA NRV per share 18.45 18.60 -0.8 18.51
Equity per share 14.65 14.83 -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. On 31 March 2025, Loan to Value (LTV)
including Non-current assets held for sale and related liabilities is 44.0%.
Outlook for 2025 unchanged
Kojamo estimates that in 2025, the Group’s total revenue will increase by
1–4 per cent year-on-year. In addition, Kojamo estimates that the Group’s
FFO for 2025 will amount to between EUR 135–145 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 does not take into account the impact of potential
acquisitions or disposals on total revenue and FFO.
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 grew in the first quarter of the year. The
growth in net rental income was especially impacted by improved occupancy
rate, the rental apartments completed last year and the decrease in
maintenance expenses as the heating costs were lower due to the weather being
milder than last year. FFO decreased from the comparison period which was
affected by increased financial expenses. Our balance sheet has remained
strong, and our liquidity is good.
Currently, we are focusing on improving the occupancy rate, and the rent
increases are moderate for now. Our occupancy rate has improved since last
autumn. The increase accelerated during the first quarter of the year despite
the oversupply of apartments and the typical seasonality. We succeeded in
increasing the occupancy rate by 1.2 percentage points compared to the
previous quarter, and the first quarter occupancy rate was 92.8%. Our
occupancy rate for March was already 93.5%.
The fair value of investment properties remained at year-end level. The
transaction market was still muted in the beginning of the year but there is
interest towards the Finnish residential market. As stated previously, the
company’s goal is to carry out moderate property sales. The proceeds from
the sales are intended to be used primarily for loan repayments as well as
possibly also for share buybacks and payment of dividends.
Our financing situation has remained strong. Following the successful issuance
of the EUR 500 million bond in March, our loans maturing in 2026 are also
covered. The seven-year bond extends the maturity profile of our loans. In
connection with the issuance of the new bond, we repurchased the company’s
bond maturing in 2026 with EUR 165 million.
Enhancing customer experience is one of our most important focus areas. The
Net Promoter Score, which measures customer satisfaction, continued to improve
and was 57 at the end of March. We have successfully developed the operations
of Lumo service centre and the cooperation with our property maintenance
partners, resulting in faster and more effortless service for our customers.
The geopolitical tensions grew significantly in the beginning of the year. The
uncertainty caused by the trade war and tariffs is also reflected in the
development of Finland’s economy. Kojamo has business operations only in
Finland, and we do not have any export or import so the tariffs do not have a
direct impact on our company. Although market uncertainty naturally impacts
the operating environment, the supply and demand situation in the rental
market has a greater impact on the company’s operations.
Erik Hjelt
Interim CEO
News conference and webcast
Kojamo will hold a news conference for institutional investors, analysts and
media on 8 May 2025 at 10:00 a.m. EEST 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/q1-2025.
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/q1-2025/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, Interim CEO, 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 - 31 March 2025
(https://ml-eu.globenewswire.com/Resource/Download/24e3940d-66e6-409e-945f-721a13dbccd8)
* Kojamo Interim report 1 January - 31 March 2025 presentation
(https://ml-eu.globenewswire.com/Resource/Download/06bc09ef-b014-4b40-8748-7b3055e2d71a)