Kojamo plc Press release 5 March 2025 at 8.00 a.m.
Kojamo plc’s Annual Report and Sustainability Report for 2024 published
We have published our Annual Report for 2024, including Kojamo's Sustainability Report. The Annual Report provides information about Kojamo’s business operations, operating environment and the targets and progress of the strategy and sustainability work.
Kojamo’s Annual Report is available at kojamo.fi/annualreport2024. In addition to the Annual Report, the annual reporting consists of the Board of Directors’ Report and Financial Statements, Corporate Governance Statement and Remuneration Report, published on 13 February 2025.
Determined efforts in a challenging operating environment
Total revenue and net rental income grew in 2024, and the fair value of our investment properties stayed at the previous year's level. Funds From Operations (FFO) decreased due to rising financial and maintenance expenses. Our balance sheet remained solid. Our customer satisfaction improved.
The oversupply of rental apartments continued, especially in the capital region. However, the rental market is expected to balance out as the number of new residential start-ups is historically low while population growth has accelerated in big cities. Since the summer, we have taken several measures to respond to the intense competitive situation. In the autumn, we achieved a clear turn for the better in renting, despite the usual seasonal variation. In the coming year, our focus continues to be on improving the occupancy rate.
The saving programme was implemented according to the plan. The programme was started in the autumn of 2023 when we wanted to react to the changed operating environment and to take proactive measures in order to safeguard the company’s strong financial situation and investment grade credit rating. We achieved savings in accordance with the targets, and we significantly reduced investments. Due to the measures taken, our financial situation has remained good, and our credit rating has remained unchanged.
Our financial position and liquidity situation remained strong throughout the year. We successfully made financing arrangements totalling EUR 600 million by utilising diverse sources of funding. Our financial position is secured, and the loans maturing this year have been covered. The next financing arrangements will be for maturities in 2026.
Sustainability work progressed as planned
We are committed to achieving carbon-neutral energy use in our properties by 2030 as part of our sustainability programme. In 2024, our carbon footprint per apartment decreased by 22.9% compared to the previous year, which is a significant reduction compared to our annual target of 5%.
In 2024, we implemented an AI-powered energy management system which provides up-to-date information to support decision-making and enables a quicker response to consumption deviations. The system significantly improves our energy management.
Requested by residents, new tenancy agreements have been smoke-free starting from June 1, 2024. Lumo homes are being converted to smoke-free one apartment at a time, even in the buildings that are not already completely smoke-free. All Lumo buildings built or renovated after 2017 have already been smoke-free.
Comprehensive sustainability reporting
Kojamo aims at transparent and comprehensive sustainability reporting. The company applies the GRI Standards and EPRA Sustainability Best Practices Recommendations (sBPR) frameworks in its reporting.
In 2024, we prepared for reporting in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and conducted a double materiality analysis. Based on the results of the analysis, we developed the content of our reporting to cover the sustainability themes identified in the materiality analysis and enhanced our reporting processes.
The 2024 report includes climate risk and opportunity reporting in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations. Kojamo also reported on the EU taxonomy eligibility and alignment of its activities on a voluntary basis.
The external assurance for Kojamo’s 2024 Sustainability Report was carried out by KPMG Oy Ab. The scope of the assurance included certain sustainability performance indicators concerning energy consumption, emissions, waste and water consumption as well as personnel and employment data. The independent assurance report is provided as part of the Annual Report.
Kojamo plc’s Annual Report 2024:
kojamo.fi/annualreport2024
Further information:
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20 508 3283, niina.saarto@kojamo.fi
Elina Ekelund, Sustainability Manager, Kojamo plc, tel. +358 20 508 5018, elina.ekelund@kojamo.fi
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 living. 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