Back to archive
11.5.2023 | Stock exchange releases

Kojamo plc’s Interim Report 1 January – 31 March 2023

Kojamo plc Stock Exchange Release, 11 May 2023 at 2.00 p.m. EEST

Kojamo plc’s Interim Report 1 January – 31 March 2023

Growth in total revenue and net rental income continued, the number of rental apartments 39,550

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 2023

  • Total revenue increased by 8.8 per cent to EUR 108.2 (99.5) million
  • Net rental income increased by 4.3 per cent to EUR 59.5 (57.0) million. Net rental income was 55.0 (57.3) per cent of total revenue
  • Profit before taxes was EUR 24.0 (62.9) million. The profit includes EUR -9.0 (27.9) million in net gain on the valuation of investment properties at fair value. Earnings per share was EUR 0.08 (0.20)
  • Funds From Operations (FFO) decreased by -0.6 per cent to EUR 28.8 (28.9) million
  • The fair value of investment properties was EUR 8.2 (8.4) billion at the end of the review period, including EUR 7.5 (1.1) million in Investment properties held for sale
  • The financial occupancy rate was 92.2 (91.9) per cent for the review period
  • Gross investments amounted to EUR 54.9 (48.9) million, or 50.8 (49.1) per cent of total revenue
  • Equity per share was EUR 15.22 (17.18), and return on equity was 2.0 (4.7) per cent. Return on investment was 2.3 (4.0) per cent
  • EPRA NRV (Net Reinstatement Value) per share fell by -12.2 per cent to EUR 19.23 (21.90)
  • There were 1,485 (2,566) Lumo apartments under construction at the end of the review period

Kojamo owned 39,550 (37,168) rental apartments at the end of the review period. Since March of last year, Kojamo has acquired 985 (0) apartments, completed 1,397 (1,507) apartments and demolished or otherwise altered 0 (-186) apartments.

Key figures

1–3/2023 1–3/2022 Change % 2022
Total revenue, M€ 108.2 99.5 8.8 413.3
Net rental income, M€ * 59.5 57.0 4.3 280.1
Net rental income margin, % * 55.0 57.3 67.8
Profit/loss before taxes, M€ * 24.0 62.9 -61.8 -499.8
EBITDA, M€ * 41.0 75.6 -45.8 -441.3
EBITDA margin, % * 37.9 75.9 -106.8
Adjusted EBITDA, M€ * 49.9 47.7 4.8 240.4
Adjusted EBITDA margin, % * 46.1 47.9 58.2
Funds From Operations (FFO), M€ * 28.8 28.9 -0.6 160.7
FFO margin, % * 26.6 29.1 38.9
FFO excluding non-recurring costs, M€ * 28.8 28.9 -0.6 160.7
Investment properties, M€ ¹⁾ 8,197.0 8,406.6 -2.5 8,150.2
Financial occupancy rate, % 92.2 91.9 92.0
Interest-bearing liabilities, M€ *²⁾ 3,637.8 3,622.3 0.4 3,678.2
Return on equity (ROE), % * 2.0 4.7 -9.9
Return on investment (ROI), % * 2.3 4.0 -5.7
Equity ratio, % * 44.5 46.9 45.3
Loan to Value (LTV), % * ³⁾ 42.9 37.4 43.7
EPRA Net Reinstatement Value (NRV), M€ 4,752.5 5,412.3 -12.2 4,825.9
Gross investments, M€ * 54.9 48.9 12.4 501.6
Number of personnel, end of the period 309 315 304
Key figures per share, € 1–3/2023 1–3/2022 Change % 2022
FFO per share * 0.12 0.12 0.0 0.65
Earnings per share 0.08 0.20 -60.0 -1.62
EPRA NRV per share 19.23 21.90 -12.2 19.53
Equity per share 15.22 17.18 -11.4 15.55
* 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 2023 unchanged

Kojamo estimates that in 2023, the Group’s total revenue will increase by 7–10 per cent year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2023 will amount to be-tween EUR 153–165 million, excluding non-recurring costs.

The outlook is based on the management’s assessment of total revenue, property maintenance costs and repairs, ad-ministrative 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, nor the impact on FFO of potential premature funding of the Eurobond due in 2024.

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

The year started as expected, the growth in total revenue and net rental income continued. FFO remained on level with the previous year. FFO was affected by the increase in maintenance costs, especially in terms of heating costs, as well as financing costs. Our operations are on a solid foundation, and our balance sheet is strong.

Our occupancy rate improved compared to the previous year, and tenant turnover decreased. The occupancy rate at the beginning of the year was affected by the usual seasonal variation.

In accordance with the decision made last fall, we will not make new investments in this market situation. Our ongoing projects have progressed according to plans. In the early part of the year, a total of 319 apartments were completed in Helsinki, Espoo and Vantaa, and at the end of the review period, 1,485 apartments were under construction.

The number of new apartment starts on the market has declined significantly in recent months. After the ongoing projects are completed during this year, the housing supply on the market will decrease substantially. Interest rates have continued to rise, and the number of completed housing transactions has fallen to a record low level. We see that these changes in the operating environment together with general economic uncertainty will support the demand for rental apartments in the future and will intensify the rise in rents.

Uncertainty in the financial and transaction markets has continued in the first months of the year, and there were large movements in the interest rate market. After the end of the review period, we have agreed on two financing arrangements with banks totalling EUR 500 million. New loans are used to refinance existing loans. The financing arrangements further strengthen the company's good liquidity position.

Our work on the customer experience side continues. In operational activities, we have succeeded in improving the service of our residents, which is reflected in the positive development of NPS. We launched two innovations in our online store that enhance the user experience. We were the first in our industry to introduce an AI-based Housing Agent, which searches for the most suitable Lumo homes for the user with the help of a recommendation algorithm running in the background. Another innovation is travel time search. With the help of the search function, a customer looking for an apartment in the Helsinki region transport (HSL) area can find a Lumo home, where it is easy to travel to important destinations in the desired time frame using public transport.

Jani Nieminen


News conference as a webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 11 May 2023 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 2023 (wkr0006.pdf)
Kojamo Interim Report 1 January – 31 March 2023 presentation (Kojamo Interim Report 1 January – 31 March 2023 presentation.pdf)