Kojamo Plc: Kojamo plc’s Financial Statements Release 1 January–31 December 2025

Core Insights - Kojamo plc reported an increase in total revenue and net rental income for 2025, despite property sales, with an improved occupancy rate throughout the year [1][13] Financial Performance - Total revenue for Q4 2025 decreased by 1.8% to EUR 111.7 million compared to EUR 113.6 million in Q4 2024, while total revenue for the full year increased by 0.6% to EUR 455.2 million from EUR 452.4 million [6][7] - Net rental income for Q4 2025 increased by 2.2% to EUR 76.0 million, and for the full year, it rose by 1.6% to EUR 307.7 million [6][7] - The net rental income margin improved to 68.1% in Q4 2025 from 65.5% in Q4 2024, and for the full year, it was 67.6% compared to 66.9% in 2024 [6][7] - Profit before taxes for Q4 2025 was EUR 17.8 million, down 56.3% from EUR 40.7 million in Q4 2024, while for the full year, it was EUR 26.8 million, slightly up from EUR 26.3 million in 2024 [6][7] - Earnings per share decreased to EUR 0.06 in Q4 2025 from EUR 0.13 in Q4 2024, and for the full year, it was EUR 0.08 compared to EUR 0.09 in 2024 [6][7] Investment and Property Management - Kojamo owned 38,945 rental apartments at the end of 2025, down from 40,973 in 2024, having completed 0 apartments and sold 2,028 during the year [5][6] - Gross investments in Q4 2025 totaled EUR 14.8 million, a decrease of 52.7% from EUR 31.3 million in Q4 2024, while total gross investments for the year were EUR 42.5 million, down 19.6% from EUR 52.8 million in 2024 [6][8] - The fair value of investment properties at the end of 2025 was EUR 7.6 billion, down 4.3% from EUR 8.0 billion in 2024 [8] Occupancy and Market Trends - The financial occupancy rate improved to 94.8% in 2025 from 91.5% in 2024, with a notable increase in the last quarter to 96.3% [7][14] - The rental market is balancing, with signs of recovery in the capital region, while rental markets in Tampere and Turku have largely normalized [15][16] Future Outlook - For 2026, Kojamo estimates total revenue to be between EUR 484 million and EUR 497 million, with FFO expected to be between EUR 147 million and EUR 157 million, excluding non-recurring costs [9][11] - The outlook considers the acquisition of 4,761 apartments expected to be completed by April 2026, which aligns with the company's growth strategy [11][18] Customer Experience and Sustainability - The company has focused on improving customer experience, reflected in a Net Promoter Score (NPS) increase to 57, and a decrease in tenant turnover [17] - Progress towards carbon neutrality is on track, with a significant reduction in the carbon footprint per apartment [20]