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13.1.2023 | Investor newsletters

Investor newsletter January 2023

Kojamo’s investor newsletter is primarily published after an Interim Report and the subsequent roadshows, 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 It does not contain new, unpublished information.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 Interim Report for January-September 2022 was published on 3 November 2022.

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 Interim Report, 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 November-January via roadshows and conference calls. In November we participated in SEB’s Real Estate seminar in Stockholm and in a fair for retail investors in Helsinki. In addition, we met investors this week in London in Barclays European Real Estate conference.

In Finland, the volume of residential construction has decreased and this has been seen both in the number of granted building permits and in the number of new starts. Accelerated inflation, rising interest rates and reduced availability of financing are reflected on consumer behavior and the number of housing transactions decreased clearly at the end of the year. The economic uncertainty has also been reflected more and more strongly in the amount of housing investments. However, the relative increase in the price of owner-occupied housing and the decrease in demand increase the attractiveness of rental housing, and the situation in the rental market has been good in the autumn.

The changes in the operating environment and the increased uncertainty also affect us in terms of new project starts. We have said that for the time being we will not make new investment decisions, because we want to keep our balance sheet strong and we believe that good investment opportunities will open up for us in the future. At the same time, our ongoing, fixed-price development projects have progressed according to plans.

We have raised rents steadily during the pandemic and after the restrictions were lifted. So far, the increase in our maintenance costs has not been as strong as general inflation, which has been affected by e.g. our cost-saving measures and the economies of scale of a large operator. The price of energy has risen, but the rise has been limited by district heating, which is the most common form of heating in Finland, and the fact that gas is used very little for heating in Finland. For now, the rent increases have covered the increased maintenance costs in euro terms.

The availability of financing, its price and the liquidity situation have been one of the most discussed topics with investors. This year, the amount of maturing loans is moderate, and thus the higher interest rate of new financing agreements will not significantly increase our financing costs. The average interest rate of our loan portfolio has remained low and our hedging ratio is high. During the autumn, we have also made new financing arrangements with the banks in good time to refinance maturing loans. Our balance sheet is still strong, and we have a good buffer to the financing agreement covenants.

Other topics

We announced in October that Marketing and Communications Director Irene Kantor will leave Kojamo. In December, we told about changes to the Management team, and that Kojamo establishes a new position of Chief Experience Officer (CXO) and the position of Marketing and Communications Director will cease. Tiina Kuusisto was appointed as the new CXO from 1 January 2023. She has previously held the position of Chief Customer Officer (CCO) in Kojamo.

Our financing position has remained strong. In October, we announced a new EUR 100 million unsecured credit agreement. The credit agreement made with OP Corporate Bank further strengthens the company’s good liquidity position.

In December, we signed a new EUR 50 million unsecured credit agreement with Danske Bank. The credit agreement is linked to Kojamo’s sustainability targets and the loan was used to refinance a loan of the same size from Danske, maturing in spring 2023.

Future events

Kojamo’s silent period starts on Monday, 16 January 2023. The Financial Statements Release 1 January – 31 December 2022, the Financial Statements and the Report of the Board of Directors, Corporate Governance Statement and Remuneration Statement will be published on 15 February 2023.

You can find information about future events and roadshows in Kojamo’s investor calendar.

Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc,, tel. +358 20 508 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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