Kojamo plc Stock Exchange Release, 11 February 2026 at 8.00 a.m. EET

HELSINKI, Feb. 11, 2026 /PRNewswire/ --

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

                                                                                                                                                                              10-12/2025                       10-12/2024              Change %            2025         2024     Change %



        Total revenue, MEUR                                                                                                                                                       111.7                             113.6                   -1.8             455.2        452.4          0.6



        Net rental income, MEUR *                                                                                                                                                  76.0                              74.4                    2.2             307.7        302.9          1.6



        Net rental income margin, % *                                                                                                                                              68.1                              65.5                                    67.6         66.9



        Profit/loss before taxes, MEUR *                                                                                                                                           17.8                              40.7                  -56.3              26.8         26.3          2.0



        EBITDA, MEUR *                                                                                                                                                             45.0                              68.3                  -34.2             147.8        131.3         12.6



        EBITDA margin, % *                                                                                                                                                         40.3                              60.1                                    32.5         29.0



        Adjusted EBITDA, MEUR *                                                                                                                                                    65.3                              64.5                    1.3             270.6        266.2          1.7



        Adjusted EBITDA margin, % *                                                                                                                                                58.5                              56.7                                    59.4         58.8



        Funds From Operations (FFO), MEUR *                                                                                                                                        34.8                              34.5                    1.1             140.9        148.2         -4.9



        FFO margin, % *                                                                                                                                                            31.2                              30.3                                    31.0         32.8



        FFO excluding non-recurring costs, MEUR *                                                                                                                                  34.8                              35.2                   -1.1             140.9        149.0         -5.4



        Investment properties, MEUR (1)⁾                                                                                                                                                                                                              7,620.7      7,960.0         -4.3


Financial occupancy rate, %                                                                                                                                                                                                                             94.8         91.5



        Interest-bearing liabilities, MEUR *  (2)⁾                                                                                                                                                                                                    3,391.3      3,827.9        -11.4



        Return on equity (ROE), % *                                                                                                                                                                                                                       0.6          0.6



        Return on investment (ROI), % *                                                                                                                                                                                                                   2.1          2.0



        Equity ratio, % *                                                                                                                                                                                                                                45.4         43.2



        Loan to Value (LTV), % * (3)⁾                                                                                                                                                                                                                    42.3         43.9



        EPRA Net Tangible Assets (NTA), MEUR                                                                                                                                                                                                          4,492.0      4,572.9         -1.8



        Gross investments, MEUR *                                                                                                                                                  14.8                              31.3                  -52.7              42.5         52.8        -19.6



        Number of personnel, end of the period                                                                                                                                                                                                            256          256





        
          Key figures per share, EUR                                                                                                                                10-12/2025                       10-12/2024              Change %            2025         2024     Change %



        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 ⁴⁾                                                                                                                                                                                                                            0.11





        * 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.

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. 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/

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/kojamo-oyj/r/kojamo-plc-s-financial-statements-release-1-january-31-december-2025,c4305706

The following files are available for download:


 
 https://mb.cision.com/Public/18367/4305706/bfe572e5fae603c7.pdf 
 Financial Statements Release 2025



 
 https://mb.cision.com/Public/18367/4305706/8a51f34428fcf72f.pdf   Kojamo Financial Statements Release 2025
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