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8.5.2024 | Stock exchange releases

Kojamo plc Interim Report 1 January–31 March 2024

Kojamo plc Stock Exchange Release, 8 May 2024 at 2.00 p.m. EEST

Kojamo plc Interim Report 1 January–31 March 2024

Total revenue and net rental income increased, no significant value changes in the investment properties

This is a summary of the January–March Interim Report, which is in its entirety attached to this release and can be downloaded from the company’s website at

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The figures in this Interim Report have not been audited.

Summary of January–March 2024

  • Total revenue increased by 4.7 per cent to EUR 113.3 (108.2) million.
  • Net rental income increased by 1.9 per cent to EUR 60.6 (59.5) million. Net rental income was 53.5 (55.0) per cent of total revenue.
  • Result before taxes was EUR 39.3 (24.0) million. The result includes EUR 11.1 (-9.0) million in net result on the valuation of investment properties at fair value and EUR -0.9 (0.0) million in profit/loss from the sale of investment properties. Earnings per share was EUR 0.13 (0.08).
  • Funds From Operations (FFO) decreased by 11.5 per cent to EUR 25.5 (28.8) million.
  • The fair value of investment properties was EUR 8.1 (8.2) billion at the end of the review period, including EUR 0.0 (7.5) million in Investment properties held for sale.
  • The financial occupancy rate was 92.4 (92.2) per cent for the review period.
  • Gross investments amounted to EUR 8.4 (54.9) million, or 7.4 (50.8) per cent of total revenue.
  • Equity per share was EUR 14.83 (15.22), and return on equity was 3.5 (2.0) per cent. Return on investment was 3.5 (2.3) per cent.
  • EPRA NRV (Net Reinstatement Value) per share fell by 3.3 per cent to EUR 18.60 (19.23).
  • There were 113 (1,485) Lumo apartments under construction at the end of the review period.

Kojamo owned 40,860 (39,550) rental apartments at the end of the review period. Since March of last year, Kojamo has acquired 0 (985) apartments, completed 1,372 (1,397) apartments, sold 73 (0) and demolished or otherwise altered 11 (0) apartments.

Key figures

1–3/2024 1–3/2023 Change % 2023
Total revenue, M€ 113.3 108.2 4.7 442.2
Net rental income, M€ * 60.6 59.5 1.9 297.2
Net rental income margin, % * 53.5 55.0 67.2
Profit/loss before taxes, M€ * 39.3 24.0 63.7 -112.3
EBITDA, M€ * 62.1 41.0 51.5 -39.9
EBITDA margin, % * 54.8 37.9 -9.0
Adjusted EBITDA, M€ * 51.9 49.9 3.9 255.1
Adjusted EBITDA margin, % * 45.8 46.1 57.7
Funds From Operations (FFO), M€ * 25.5 28.8 -11.5 167.2
FFO margin, % * 22.5 26.6 37.8
FFO excluding non-recurring costs, M€ * 25.5 28.8 -11.5 167.2
Investment properties, M€ ¹⁾ 8,058.9 8,197.0 -1.7 8,038.8
Financial occupancy rate, % 92.4 92.2 93.0
Interest-bearing liabilities, M€ *²⁾ 3,676.0 3,637.8 1.1 3,600.4
Return on equity (ROE), % * 3.5 2.0 -2.4
Return on investment (ROI), % * 3.5 2.3 -0.4
Equity ratio, % * 44.3 44.5 44.5
Loan to Value (LTV), % * ³⁾ 44.5 42.9 44.6
EPRA Net Reinstatement Value (NRV), M€ 4,597.2 4,752.5 -3.3 4,558.8
Gross investments, M€ * 8.4 54.9 -84.7 190.7
Number of personnel, end of the period 281 309 288
Key figures per share, € 1–3/2024 1–3/2023 Change % 2023
FFO per share * 0.10 0.12 -16.7 0.68
Earnings per share 0.13 0.08 62.5 -0.36
EPRA NRV per share 18.60 19.23 -3.3 18.45
Equity per share 14.83 15.22 -2.6 14.67
* 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, the formulas used in their calculation, and reconciliation
calculations in accordance with ESMA guidelines section of the Interim Report
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

Outlook for Kojamo in 2024 specified

Kojamo estimates that in 2024, the Group’s total revenue will increase by 4–7 per cent (previously 4–8 per cent) year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2024 will amount to between EUR 152–164 million, excluding non-recurring costs (previously EUR 154–166 million).

The outlook is based on the management’s assessment of total revenue, property maintenance costs and repairs, administrative expenses, financial expenses, taxes to be paid and new development to be completed, as well as the management’s view on future developments in the operating environment.

The outlook takes into account the estimated occupancy rate and rises in rents as well as the number of apartments to be completed. The outlook does not take into account the impact of potential acquisitions or disposals on total revenue and FFO.

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 as well as profit before taxes increased in the first quarter of the year. FFO decreased compared to the comparison period particularly due to the increase in financial expenses and maintenance costs resulting from the cold winter. The fair value of the investment properties did not change significantly during the review period. Our financial position is strong, and our liquidity is good.

Our occupancy rate slightly improved from the comparison period, and tenant turnover remained at last year's level. The usual seasonal variation was visible in renting during the winter months, and the occupancy rate was lower than at the turn of the year. The balancing of demand and supply is still in progress. Although the number of new start-ups has been exceptionally low already for a couple of years, a large number of previously started properties were completed to the market. Therefore, the supply of rental apartments is still plentiful. After the completion of the ongoing projects in the market, the decrease in housing supply is expected to begin, and no new supply will be completed to a significant extent in the next two years. This is estimated to lead to a considerable decrease in the supply of rental apartments. In the end of the review period, we had only one ongoing development project, from which 113 Lumo homes will be completed by the end of June. At the beginning of the year, we have made higher rent increases than in recent years, and as the supply will turn to decline, the possibilities for rent increases are expected to improve further.

The saving programme we started last fall is progressing according to the plan. The personnel layoffs have been realized, and we have reduced our investments substantially, limiting ourselves to the completion of previously started development projects and modernization investments as well as repairs that support renting. The past winter was cold, and there was a lot of snow which, together with the larger property portfolio, increased the maintenance costs at the beginning of the year. In terms of administrative and marketing expenses, the savings have been realized as planned.

We successfully took the new ERP system into use during the first quarter of the year. The project was an extensive effort, and the implementation involved personnel throughout the organization for more than a year. The new system enables the further development of efficiency and processes as well as increasing the benefits of digitalization.

With the saving programme and the financial arrangements made, the loans maturing in 2024 and 2025 are covered. In January, we issued a EUR 200 million unsecured bond as a private placement. This was the first sizable euro-denominated bond issuance by a residential real estate company since 2022. In addition, at the end of March, we made secured EUR 250 million bank financing with our three relationship banks.

Jani Nieminen


News conference as a webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 8 May 2024 at 3.00 p.m. EEST at the company’s head office at Mannerheimintie 168A, Helsinki. The event will be held in English. After the event, the media has a possibility to ask questions also in Finnish.

The event can also be followed as a live webcast through which it is possible to ask questions. No registration for the webcast in advance is needed. The event will be accessible at

A recording of the webcast will be available later at the company’s website at

For more information, please contact:

Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20 508 3283,

Erik Hjelt, CFO, Kojamo plc, tel. +358 20 508 3225,


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


Kojamo Interim report 1 January – 31 March 2024 (wkr0006.pdf)
Kojamo Interim report 1 January – 31 March 2024 presentation (Kojamo Interim report 1 January – 31 March 2024 presentation.pdf)