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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.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.
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