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 It does not contain new, unpublished information.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.
Q3/2024
The Interim Report for January-September 2024 was published on 7 November 2024.
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 November-January via investor events and conference calls. In November, we participated in Kepler Cheuvreux, Unicredit ja Belfius’ Pan-European Real Estate Conference in London as well as in Helsinki, in Carnegie’s Small and Mid Cap 1-1 Day and in a fair for retail investors. In the beginning of January, we met investors in Copenhagen in SEB’s Nordic Seminar.
The main theme of the discussions has been the rental market situation in Finland and the balancing of supply and demand. There is still oversupply in the Helsinki region, but long-term expectations for the correction of the oversupply situation have not changed. We are now focusing on improving our occupancy rate, and since the summer, we have taken several measures to respond to the competitive situation. We have been more flexible in our pricing. Our processes have been enhanced, and in addition, we have allocated additional repairs to the apartments to support renting.
The transaction market has remained very muted. No significant new transactions were made at the end of the year, so the total transaction volume for the entire last year was very modest. We have been asked about our disposal plans. We have stated that we are currently monitoring the market recovery, and it is possible that we will carry out a moderate number of sales. We are considering selling individual assets that are not in line with our strategy.
The saving programme has been implemented according to the plan. In the last quarter, measures continued as in the beginning of the year. We will continue in cost control mode in the coming year, and the amount of investments will remain low for the time being. Currently, we have only one previously agreed development project underway, but we will not make any new investment decisions for the time being. No new modernisation investments were started last year, and this year we will likely launch some modernisation projects. We continued repairs even during the saving programme, although the repairs decreased from previous years.
Other topics
As agreed mutually with Board of Directors of Kojamo plc, Jani Nieminen stepped down from his position as the CEO in October. The Board of Directors appointed the company’s CFO and Deputy CEO, Erik Hjelt, as Kojamo’s interim CEO. In November, we announced the appointment of Reima Rytsölä as President and CEO of Kojamo. He will start in his position latest on 1 June 2025. Erik Hjelt will continue as interim CEO until Reima Rytsölä assumes his role.
Sustainability is one of the key areas in Kojamo’s strategy, which we are developing systematically and with long-term commitment. This can be seen in Kojamo's GRESB Sustainability Assessment. In October, we announced the results of Kojamo's GRESB Sustainability Assessment. We performed particularly well in sections related to measuring and management of social responsibility. High scores were also achieved in areas related to sustainability management, risk management and stakeholder engagement. With this good result, Kojamo earned once again Green Star designation.
In November, we announced the results of Lumo homes annual survey for residents. The survey explored the views of residents on the sustainability of housing. 79 per cent of the respondents feel that Lumo is a sustainable or even extremely sustainable landlord. The share of those who consider us a sustainable operator increased by more than 7 per cent from last year. The importance of housing safety was perceived as the most important sustainability theme in the survey.
In December, we published the proposals of the Shareholders’ Nomination Board of Kojamo plc to the Annual General Meeting which is planned to be held on 13 March 2025. The proposals will also be included in the Notice to the Annual General Meeting 2025.
In December, Kojamo signed a new EUR 150 million unsecured credit facility agreement with SMBC Bank EU AG. The financing arrangement consists of a EUR 100 million revolving credit facility and a EUR 50 million term loan. The financing will be used for the group’s general financing needs, and its margin is linked to Kojamo’s key sustainability targets.
In January, we announced our Lumo-sponsored athletes for 2025. Launched in 2012, Kojamo’s Lumo sponsorship programme promotes the well-being of Finns through exercise.
Future events
Kojamo’s silent period starts on Tuesday, 14 January 2025. The Financial Statements Release 1 January – 31 December 2024, the Financial Statements and the Report of the Board of Directors, Corporate Governance Statement and Remuneration Statement will be published on 13 February 2025.
You can find information about future events and roadshows in Kojamo’s investor calendar.
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, niina.saarto@kojamo.fi, 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 https://kojamo.fi/en/