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30.9.2022 | Investor newsletters

Investor newsletter September 2022

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 It does not contain new, unpublished information.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 Interim Report for January-June 2022 was published on 18 August 2022. 

The COVID-19 pandemic did not have a significant impact on Kojamo’s result, balance sheet or cash flows during the review period. Russia’s war of aggression against Ukraine also had no significant direct 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 with investors in August-September through roadshow meetings and phone calls. In September, we participated in EPRA’s ReThink Conference in Paris, and in DnB’s Nordic Real Estate & Construction Conference in Oslo. In addition to these, we met investors in London at the end of September.

The situation in the rental housing market in Finland improved during the summer, and Kojamo’s rental operations have accelerated accordingly. The number of new tenancy agreements has been at a very good level since July. We also expect the declining consumer confidence and rising interest rates to reduce the demand for owner-occupied housing, which, in turn, will have a favourable effect on the demand for rental apartments.

Many people have asked us about the impacts of inflation and rising energy prices. Although inflation in Finland has risen to a high level of 7–8% over the past few months, our maintenance costs per square metre only increased by 1.9% in the first half of the year. Our electricity price hedges have mitigated the impact of rising electricity prices. District heating is the most common form of heating in Finland. The use of natural gas for heating is negligible, which has curbed the increase in heating costs. District heating companies will increase their prices gradually, but the price increases have thus far been less severe than for electricity. We have been able to increase rents in the usual manner this year. This has helped compensate for the rise in maintenance costs.    

The availability of financing and the cost of new financing have been a major topic of discussion. Market interest rates have risen significantly this autumn as central banks have hiked interest rates. At the same time, the uncertainty that began in the bond markets last spring has continued. Kojamo has a strong balance sheet and a moderate LTV ratio, and our financing situation has remained stable. The company’s near-term refinancing needs are minimal. We carried out a bond issue of EUR 300 million early in the year, and we have proceeded with our investments as planned. The rising interest rates have not affected our financial expenses due to the high hedging ratio of our loan portfolio. We have used hedging to convert 91% of our loans into fixed-rate loans, and the average interest rate of our loan portfolio decreased slightly at the end of Q2 due to the use of derivatives.

According to feedback from investors, the share prices of real estate companies are currently being pushed down by macroeconomic factors, especially by rising interest rates. Company-specific differences are being given less attention. Kojamo’s share price has also decreased, despite the fact that the company – unlike its Swedish peers, for example – has a strong balance sheet, a high hedging ratio for its loan portfolio and an average interest rate fixing period of approximately four years.  

Other topics

In September we published the composition of Kojamo’s Nomination Board. The right to nominate representatives is annually vested with the three shareholders of the Company having the largest share of the votes represented by all the shares in the Company on the 1st working day of each September.

In June, we announced an agreement to acquire a newly renovated building with 43 rental apartments in Etu-Töölö, Helsinki. At the same time, we announced an agreement with Varte Oy on the construction of 98 rental apartments in Pähkinärinne, Vantaa. The apartments will be completed by the ed of 2023.

Future events

Kojamo’s silent period starts on 4 October 2022, and the Interim Report for January-September 2022 will be published on 3 November 2022. You can find information about future events and roadshows in Kojamo’s investor calendar.

For more information: Niina Saarto, Group Treasurer, 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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