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5.4.2023 | Investor newsletters

Investor newsletter April 2023

Kojamo’s investor newsletter is primarily published after an Interim Report and the subsequent roadshow, before the beginning of the silent period. The purpose of the newsletter is to discuss topical issues and themes related to Kojamo as an investment that are relevant for investors. It does not contain new, unpublished information. The newsletter is available on Kojamo’s investor pages and can be subscribed to the e-mail.


The Financial Statements Release was published on 15 February 2023. The Financial Statements and the Board of Directors’ Report, Corporate Governance Statement and Remuneration Report for 2022 were published on the same day.

The COVID-19 pandemic did not have a significant impact on Kojamo’s result, cash flow and profitability during the review period. Russia’s war of aggression in Ukraine also had no significant impacts on Kojamo’s business operations in the review period.

The Annual Report and sustainability report were published on 2 March 2023.

The publications, webcast recording from the results news conference as well as transcript of the event are available at Kojamo’s Investors website.

Roadshows and investor meetings

We have met investors in February-March via roadshows and conference calls. In February, we participated in Citi’s Global Property conference in Miami, and in March, we participated in Bank of America’s EMEA Real Estate conference.

In the investor meetings, we have discussed particularly about the outlook of Finnish housing market. The total construction volume has strongly decreased already since last year, and the number of new starts has declined significantly. The number of housing transactions has also fallen as the consumer caution has increased because of rising living expenses and interest rates. In the rental market, this uncertainty was, however, reflected in a positive manner.

We have been asked a lot about the change in fair value of the investment properties at the end of last year. The decrease in the fair value of our investment properties was due to increase in yield requirements. Throughout the fall, we had discussions with several investors about yield requirements and the potential upward pressure in an increased interest rate environment. During the last quarter, there were no significant transactions in the market. Thus, the increase in yield requirements at the end of the year was not based on completed transactions but was the opinion of an external expert. Despite the change in fair value, our LTV remained in accordance with our target.

One of the central themes in discussions has been the high inflation and the potential to transfer higher costs to the tenants. We have raised rents in a normal manner last year and in the beginning of 2023. The supply in the market will decline, as the new housing starts will significantly decrease, and the apartments started last year will be completed this year. This will positively impact the development of rent, and we expect that the opportunities for rental increases will improve during the second half of the year, and especially next year.

Our balance sheet has remained strong, and we want to keep a strong balance sheet and financial figures in the future as well. Due to limited market visibility, we decided not to make new investment decisions for the time being. We will complete our ongoing fixed-price development projects, and these projects have continued as usual.

Our liquidity situation has remained good, and the number of maturing loans this year is modest. We have had active discussions with our financiers, and we have aimed to refinance maturing loans well in advance. Although the cost of financing has clearly risen since last year, the increase in our interest costs has still been moderate due to high hedging ratio.

Other topics

In January, we announced the appointment of Janne Ojalehto as Executive Vice President, Housing and a member of Management team at Kojamo. He will be responsible for sales, including both in-person sales of apartment rentals and direct online rentals, and for redeeming the living experience in the customer interface. He will be responsible for renting, property management, technical property management and for the customer service centre and customer advice organization. Ojalehto will start in his position latest 17 July 2023.

Our development projects are progressing as planned. In February, we announced that the new rental apartments at historic Eerikinkatu 7 will be completed in the summer. The apartments became available for rent at the end of January, and after just a few days, there were only a couple of apartments left.

The Annual General Meeting was held on March 16. We announced the resolutions of Kojamo plc’s Annual General Meeting and the organizing meeting of the Board of Directors.

In March, we announced the Lumo homes’ theme year of sorting and recycling. Lumo aims to increase the waste recycling rate of its properties to 55 per cent through close cooperation with its residents. The sorting of waste is supported through active communication with residents and with the help of versatile waste sorting bins delivered to the piloting apartments.

Future events

Kojamo’s silent period starts on Thursday, 11 April 2023, and the Interim Report for January-March 2023 will be published on 11 May 2023. You can find information about future events and roadshows in Kojamo’s investor calendar.

Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. 020 508 3283,

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

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