Kojamo
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Kojamo (KOJAMO) investor relations material

Kojamo Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary11 Feb, 2026

Executive summary

  • Total revenue and net rental income increased in 2025, driven by improved occupancy rates despite property sales and a challenging market environment.

  • FFO declined year-over-year due to higher financial expenses, but Q4 FFO improved and profit before taxes rose slightly; balance sheet and liquidity remained strong, with Moody's affirming a Baa2 rating.

  • Announced acquisition of 4,761 apartments for approximately €900 million, mainly in Helsinki, Tampere, and Turku, to be paid partly via a share issue at a 24% premium and a €600 million bridge facility, expected to close by April 2026.

  • Updated strategy and financial targets for 2026–2028 focus on customer experience, digitalization, sustainability, and urbanization, with a proposed company name change to Lumo Kodit Oy.

  • Customer experience improved, as reflected in a higher Net Promoter Score and reduced tenant turnover.

Financial highlights

  • Total revenue for 2025 was €455.2 million (+0.6% YoY); net rental income €307.7 million (+1.6% YoY), with a margin of 67.6%.

  • FFO was €140.9 million (-4.9% YoY); profit excluding changes in value €147.3 million (-8.2% YoY); Q4 FFO rose by €0.3 million.

  • Profit before taxes was €26.8 million (+2.0% YoY), including a €-120.4 million net result on fair value of investment properties.

  • Equity per share rose to €17.25 (+1.4% YoY); EPRA NTA per share €18.61 (+0.6% YoY).

  • Occupancy rate improved to 96.3% in Q4, up 3.3 percentage points year-over-year; tenant turnover decreased by 1.8 percentage points.

Outlook and guidance

  • 2026 revenue guidance: €484–497 million; FFO guidance: €147–157 million, including the impact of the new acquisition (closing expected April 1, 2026), excluding non-recurring costs.

  • Medium-term targets: 5–7% average annual revenue growth, 3–5% FFO per share growth, Net Promoter Score above 65, and LTV below 45%.

  • Dividend policy updated: at least 20% of FFO to be paid as dividends and/or share buybacks, subject to equity ratio and financial position.

Rationale for shift to property acquisitions?
Drivers of investment property fair value decline?
How do capital actions support shareholder returns?
Timeline for Varma portfolio occupancy target
Quantify refinancing cost impact on FFO growth
Rationale for renewed dividend policy
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Frequently asked questions

Kojamo Oyj is one of Finland's leading companies in the real estate sector specializing in rental apartments, houses and housing services. The company offers a unique service that combines real estate and relocation services based on extensive experience, competitive nature and advanced information technology. The company owns several properties and its services are being provided according to market requests, ensuring that it continuously expands its portfolio. Kojamo Oyj is based in Helsinki, Finland.

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