PR Newswire
HELSINKI, Feb. 11, 2026
Kojamo plc Stock Exchange Release, 11 February 2026 at 8.00 a.m. EET
HELSINKI, Feb. 11, 2026 /PRNewswire/ —
Total revenue and net rental income increased in 2025 despite property sales, and the occupancy rate improved throughout the entire year
This is a summary of the 2025 Financial Statements Release, which is in its entirety attached to this release and can be downloaded from the company’s website at www.kojamo.fi/investors.
Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The information in the Financial Statements Release is based on the Kojamo plc’s audited Financial Statements for the year 2025. The quarterly figures are unaudited.
Summary of October-December 2025
- Total revenue decreased by -1.8 per cent to EUR 111.7 (113.6) million.
- Net rental income increased by 2.2 per cent totalling EUR 76.0 (74.4) million. Net rental income represented 68.1 (65.5) per cent of revenue.
- Result before taxes was EUR 17.8 (40.7) million. The result includes EUR -18.6 (3.9) million in net result on the valuation of investment properties at fair value. Earnings per share was EUR 0.06 (0.13).
- Funds From Operations (FFO) increased by 1.1 per cent and amounted to EUR 34.8 (34.5) million.
- Gross investments totalled EUR 14.8 (31.3) million, representing 13.2 (27.5) per cent of total revenue.
Summary of January-December 2025
- Total revenue increased by 0.6 per cent to EUR 455.2 (452.4) million.
- Net rental income increased by 1.6 per cent, totalling EUR 307.7 (302.9) million. Net rental income represented 67.6 (66.9) per cent of revenue.
- Result before taxes was EUR 26.8 (26.3) million. The result includes EUR -120.4 (-134.0) million in net result on the valuation of investment properties at fair value and EUR -2.6 (-0.8) million in profit/loss from the sale of investment properties. Earnings per share was EUR 0.08 (0.09).
- Funds From Operations (FFO) decreased by 4.9 per cent and amounted to EUR 140.9 (148.2) million.
- The fair value of investment properties was EUR 7.6 (8.0) billion at the end of the financial year including EUR 40.1 (0.0) million Investment properties held for sale.
- The financial occupancy rate stood at 94.8 (91.5) per cent during the financial year.
- Gross investments totalled EUR 42.5 (52.8) million, representing 9.3 (11.7) per cent of total revenue.
- Equity per share was EUR 14.89 (14.68) and return on equity was 0.6 (0.6) per cent. Return on investment was 2.1 (2.0) per cent.
- EPRA NTA per share (net tangible assets) increased by 0.6 per cent and amounted to EUR 18.61 (18.50).
- At the end of the financial year, there were 119 (119) Lumo apartments under construction.
- The Board of Directors’ dividend proposal is EUR 0.11 per share.
Kojamo owned 38,945 (40,973) rental apartments at the end of the financial year. In 2025, Kojamo completed 0 (354) apartments and sold 2,028 (0) apartments.
Key figures
10-12/2025 10-12/2024 Change % 2025 2024 Change %
Total revenue, MEUR 111.7 113.6 -1.8 455.2 452.4 0.6
Net rental income, MEUR * 76.0 74.4 2.2 307.7 302.9 1.6
Net rental income margin, % * 68.1 65.5 67.6 66.9
Profit/loss before taxes, MEUR * 17.8 40.7 -56.3 26.8 26.3 2.0
EBITDA, MEUR * 45.0 68.3 -34.2 147.8 131.3 12.6
EBITDA margin, % * 40.3 60.1 32.5 29.0
Adjusted EBITDA, MEUR * 65.3 64.5 1.3 270.6 266.2 1.7
Adjusted EBITDA margin, % * 58.5 56.7 59.4 58.8
Funds From Operations (FFO), MEUR * 34.8 34.5 1.1 140.9 148.2 -4.9
FFO margin, % * 31.2 30.3 31.0 32.8
FFO excluding non-recurring costs, MEUR * 34.8 35.2 -1.1 140.9 149.0 -5.4
Investment properties, MEUR (1)⁾ 7,620.7 7,960.0 -4.3
Financial occupancy rate, % 94.8 91.5
Interest-bearing liabilities, MEUR * (2)⁾ 3,391.3 3,827.9 -11.4
Return on equity (ROE), % * 0.6 0.6
Return on investment (ROI), % * 2.1 2.0
Equity ratio, % * 45.4 43.2
Loan to Value (LTV), % * (3)⁾ 42.3 43.9
EPRA Net Tangible Assets (NTA), MEUR 4,492.0 4,572.9 -1.8
Gross investments, MEUR * 14.8 31.3 -52.7 42.5 52.8 -19.6
Number of personnel, end of the period 256 256
Key figures per share, EUR 10-12/2025 10-12/2024 Change % 2025 2024 Change %
FFO per share * 0.14 0.14 0.0 0.57 0.60 -5.0
Earnings per share 0.06 0.13 -53.9 0.08 0.09 -11.1
EPRA NTA per share 18.61 18.50 0.6
Equity per share 14.89 14.68 1.4
Dividend per share ⁴⁾ 0.11
* 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 In Financial Statements Release
(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
⁴⁾ 2025: The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.11 per share be paid
Outlook for 2026
Kojamo estimates that in 2026, the Groupʼs total revenue will amount to between EUR 484-497 million. In addition, Kojamo estimates that the Group’s FFO for 2026 will amount to between EUR 147-157 million excluding non-recurring costs.
The outlook is based on the management’s assessment of total revenue, property maintenance expenses and repairs, administrative expenses, financial expenses and taxes to be paid as well as the management’s view on future developments in the operating environment.
The outlook takes into account the estimated occupancy rate and development of rents. The outlook also takes into account the impact of the acquisition of 4 761 apartments which is estimated to be completed 1 April 2026. The outlook does not take into account the impact of potential future acquisitions or disposals.
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
Total revenue and net rental income increased in 2025 due to improved occupancy rate. FFO decreased from the previous year due to higher financial expenses. Our balance sheet remained strong, and our liquidity position solid.
Our occupancy rate developed strongly throughout the year, increasing in each quarter. The full-year cumulative occupancy rate was 94.8 per cent, more than three percentage points higher than in the previous year. Typically, rental demand slows towards the end of the year compared to the summer months. Despite this, we succeeded in further improving the occupancy in the last quarter of the year, which increased to 96.3 per cent from 96.1 per cent in the third quarter.
The balancing of the rental market continues. The oversupply situation in the capital region did not ease last year, although some positive signs have begun to emerge. Differences between cities are large, and this continues to be reflected in pricing. While the capital region is recovering with a delay, the rental markets in Tampere and Turku have already largely normalised. The long-term trends favouring rental housing have not changed. Rental living is increasing in the largest cities, and population growth continues to be strong in the cities of the growth triangle. Residential construction has been exceptionally low for three years, and no material increase is expected this year.
The transaction market picked up last year, but the volume remained low. There were a few larger portfolio transactions in residential real estate, the most significant being Kojamo’s portfolio sale to international funds. Foreign investors have also otherwise supported the market recovery.
We have systematically focused on improving customer experience. Last year, this work was concretely reflected in a significant increase in customers’ willingness to recommend us. At the end of the year, our NPS was 57, up three points from the previous year. At the same time, tenant turnover has decreased. We will continue to focus on improving the customer experience, and we will develop sales and customer interactions by extensively utilising data, technology and artificial intelligence.
Last year, we did not start any new development projects and instead focused on improving the efficiency of our existing housing stock. Our only ongoing project in Helsinki will be completed during the winter. In the capital region, the oversupply of rental apartments continues, in addition to which construction costs and other prices have remained high. Nevertheless, our goal is to return to a growth phase, and we see acquiring completed properties as a more attractive alternative to own development projects. After the review period, we agreed to purchase a significant housing portfolio. The transaction includes 4,761 apartments located in prime areas with a strong focus on growth centres. The portfolio is of high quality, fits perfectly with our strategy, and it will also improve our cash flow.
Our financial position and liquidity situation have remained strong. During the year, we utilised both the bond market and bank financing. We issued a new bond of EUR 500 million and refinanced bank loans for a total of EUR 275 million. With the arrangements, we extended the loan maturities and strengthened our financial position. Some of the funds received from the sale of the housing portfolio were used to repay debt, which reduced the amount of net debt. Moody’s affirmed the company’s Baa2 credit rating and raised the outlook to stable. We start the new year from a solid position.
Our work towards carbon neutrality progressed according to plans. The carbon footprint per apartment decreased from the previous year by more than our annual target, and we are already more than halfway towards achieving carbon neutral energy consumption in our properties by 2030.
The year 2025 did not yet bring a clear turnaround in the real estate or rental housing markets. However, we demonstrated our ability to develop our operations and achieve strong results even without the support from the market environment. I would like to express my warm thanks to the entire Kojamo personnel for their successful and responsible work during the year. I would also like to thank our customers, partners and shareholders for their long-term cooperation and trust in Kojamo.
Reima Rytsölä
CEO
News conference and webcast
Kojamo will hold a news conference for institutional investors, analysts and media on 11 February 2026 at 9:30 a.m. EET at its headquarters at Mannerheimintie 168A, Helsinki, Finland. The event will be held in English. After the event, the media has a possibility to ask questions also in Finnish.
The event can be followed as a live webcast. No registration for the webcast in advance is needed. The event will be accessible at https://kojamo.events.inderes.com/q4-2025.
It is also possible to join the news conference via phone. Accessing the teleconference requires registration by clicking the following link: https://events.inderes.com/kojamo/q4-2025/dial-in. After the registration you will be provided phone numbers and a conference ID to access the conference.
A recording of the webcast will be available later at the company’s website at https://kojamo.fi/en/investors/releases-and-publications/financial-reports/.
For more information, please contact:
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20 508 3283, [email protected]
Erik Hjelt, CFO, Kojamo plc, tel. +358 20 508 3225, [email protected]
Distribution:
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
https://kojamo.fi/en/
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/kojamo-oyj/r/kojamo-plc-s-financial-statements-release-1-january-31-december-2025,c4305706
The following files are available for download:
https://mb.cision.com/Public/18367/4305706/bfe572e5fae603c7.pdf
Financial Statements Release 2025
https://mb.cision.com/Public/18367/4305706/8a51f34428fcf72f.pdf Kojamo Financial Statements Release 2025
presentation
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Tengo varias preguntas sobre esto a ver si me podiais aclarar:
-¿Puedo hacer un ingreso regular de 800 euros y me cobran 0euos de comisiones y mto.?
-¿Puedo sacar el dinero cuando quiera?,¿todo ó tengo entendido que hay que mantener un mínimo de 100 euros los 30 meses?
-No necesito pero me obligan a sacar una tarjeta de débito que me cuesta 11 euros el primer año y 22 euros la renovación, también otra de credito que me cuesta 0 euros el primer año y 35 euros la renovación.
¿Hay que mantenerlas 13 meses?
¿Puedo cancelar alguna de ellas desde el principio?
¿Puedo cancelar alguna de ellas antes de la renovación?
¿Hay alguna tarjeta de credito más barata?
Aparte de la cuenta nómina he visto que también que para que te den la tv también se puede sacar una cuenta tarifa plana básica o personal, ¿sabeis algo de estas cuentas?¿que requisitos tienen?
Muchas gracias a todos por responder
Yo fui a informarme y te cuento. Únicamente admiten los ingresos regulares en el caso de que seas autónomo. Te abren una cuenta Tarifa Plana Cero que está exenta de comisiones y presenta alguna ventaja más. Sobre dejar un mínimo de saldo en la cuenta no es necesario, pero sí te obligan a mantener varias tarjetas durante los 30 meses con un coste aproximado de 100 euros anuales.
hola buenas!
me llamo javi y estoy dudando de que banco, me puede dar mas beficios, sin sorpresas por domiciliar la nomina, ya que llevo años en la caixa y no me da nada ningun beneficio. es mas me rechazan los prestamos que solicito, ni siquiera una targeta de credito, por alegan de que siempre esta a cero la cuenta, yo cuando cobro la nomina dejo el dinero para los pagos, y saco el resto, pues no me fio, de que un dia me quede sin dinero, ya que esta todo muy mal, corre riesgo mi dinero o mis ahorros en el banco?? muchas gracias y un cordial saludo.
javi
NO TE EXTRAÑE QUE NO TE DEN LOS PTMOS, PORQUE LO QUE VEN ES QUE NO TIENES CAPACIDAD DE AHORRO PORQUE SIEMPRE DEJAS LA CTA. EN MINIMOS, ASI NINGUN BANCO TE LO VA A CONCEDER. TAMBIEN ES VERDAD QUE LA CAIXA, COMO TANTAS OTRAS CAJAS, TIENE EL PUÑO CERRADO PARA LOS RIESGOS, PARA REMONTAR. NO TE PREOCUPES, QUE POR UNA NOMINA NO CREO QUE NINGUN BANCO SE COJA LAS MANOS. LOS QUE SE TIENEN QUE PREOCUPAR SON LOS QUE TIENEN DÉPÓSITOS Y FONDOS EN BANCOS DE DUDOSA ACTIVIDAD. LA GENTE SE PIENSA QUE PORQUE LES DEN UN 7% YA ES UN GRAN BANCO Y SE EQUIVOCAN. LO QUE LES PASA ES QUE EL BANCO DE ESPAÑA LES PRESTA EL DINERO MAS CARO Y POR ESO OPTAN POR CONSEGUIRLO EN EL MERCADO MONETARIO, Y SI EL BANCO DE ESPAÑA NO SE FIA DE ELLOS, VA Y SE FIA LA GENTE. QUE LOS BANCOS NOES LA ADMON PUBLICA, ABRAN OS OJOS.
Hola , cuando vallais al banco queos dejen lo que hay que pagar de irpf y de iva sobre el valor de la tele ya que en la mayoria de bancos esto no lo dicen y luego llagan las sorpresas .A mi ya me ha pasado con la promoción del portatil y nunca me hablaros de esto . Cuidado
Yo he estado calculando y la tele entre unas cosas y otras te sale sobre unos 250euros que tampoco regalan tanto .Hay oficinas en las que han dado la occión de poner un dinero a plazo fijo a 12meses de 9300euros o 6800euros a 18 meses.
No es ningún chollo. Te obligan a contratar dos tarjetas de crédito que tienes que pagar porque las tienes que mantener 13 meses por lo menos y además llevan unos costes desproporcionados si las utilizas. En total, no usando las tarjetas y anulándolas una vez cumplidos los 13 meses puedes ahorrar unos 38 euros con respecto al precio de ese televisor en una gran superficie. Y además luego vendrá que te cobran para hacienda la retención correspondiente, por lo que probablemente incluso en las mejores condiciones te cueste más que si ahorras un poco y lña compras directamente.
Creó que teneis toda la razón, que aqui no te regalan nada, ya que a mí me paso con unas sartenes que regalaban el banco bilbao, que al final entre el irpf y el descuento de Hacienda, al final me salieron caras, así es que no os tomen el pelo, que al final siempre esta la letra pequeña que es la que nos joroba, por no decir otra cosa.
Yo saque el portatil y ahora me he sacado la TV LCD 32. Estas promos no hay que declararlas. No es obligado domiciliar nomina. Si, meter en la cuenta 800€ todos los meses en un margen de 10 dias. Cero matacero, pero cero,cero, cero de gastos de mantenimiento, ni por recibos, ni por el correo a casa, ni por transfer. Las tarjets gratis el 1er año. Resto fuera. Dadas de baja Menos la de debito. Banesto no pierde nada, ganar, gana clientes que es el proposito de esta promo. Precio de portatil y tv 32 en mercao unos 900€ los 2. En banest 197€. Los hay mejores, nos ha jodio! portatiles a 1200€, TV LCD 32 a 1000€. Señores, son lentejas. Relacion calida-precio-promo es cojonud…….Un saludit a los viandantes.
hola , no se si llegara mi comentario pero os voi a esplicar. esto es el cuento de la abuela. mira yo tengo el portatil. y he cogio tab la tele, pero sabeis ke?, me ha pasado de todo. os esplico. primero me cobran 74 euros y 25 euros de unas tarjetas que yo no las he visto aparecer por mi casa , me cabreo con el banco. llamo y pido esplicaciones. me dicen que van en la promocion, nunca jamas nadie me informo de las tarjetas, no me devuelven el dinero. me cabreo y me dicen que llame aun numero de tefono para darlas de baja, se pasan los dias, intentamos darlas de baja. largas y larga, que si este numero de tefono que si el otro bla bla bla. conseguimos hablar y nos dicen que tenemos que cambiar el contrato a tarifa plana o no se ke historias, llamando al banco se pasan los dias, largas y largas. me cabreo y estoi por suspender todo, me dicen que si lo quiero cambiar y dar de baja las tarjetas que nunca he tenido. tengo que pagar comisiones cada seis meses de doce y pico euros, y que si no quiero que me cobren comisiones tengo que ir todos los meses al banco a hacerlo yo, ufffffffffff.aun hay mas. me dan de baja y me hacen la tarifa plana, se equivocan un monton de veces. me hacen pasar muchos cabreos.y al final cuando llego a casa me han cobrado 25, 50 euros. y llamo por telefono y se lo digo , me dicen claro por dar de baja la otra cuenta , la madre que los pario. ladrones. o sea os digo que la tele no sale regalada, se la cobran y muy bien cobrada , nadie da nada por nada. en cuento termine de pagar lo que debo quito todas las cuentas del banesto.espero que alguien me lea y que me conteste gracias .
Banesto ha jodido a mi marido y a un amigo tambien. Para mi, despues de Banco de Andalucía son los peores. Y quieran creerlo o no ni la television ni el portátil te lo regalan.. como no cumplas cualquiera de las reglas te sancionan con 300 y pico de euros.. porque nos hemos mudado de casa y los recibos domiciados se cortaron «temporalmente» la sancion fue de mas de 300 euros.. y el cabreo q te llevas cuando ves lo q te han descontado y luego para ir a reclamarlos.. y como te tratan !! en fin.. espero que Banesto sea lo primero en undirse en el fin del mundo!!
CHOLLO!!!!!!!!!JAJAJAJAJA…….NO ES NINGUN CHOLLO!!!!!!! te cobran 100 € de gastos de manipulacion, mas 150 € en tarjetas durante 2 años, mas 6 € mensuales de mantenimiento de cuenta durante 30 meses, total que pagas 630 Euros por un ordenador o una TV que su valor seguro que no llega a 500 €. Y encima si vas a cancelar la cuenta cuando cumples los 30 meses requeridos te hacen esperar dos horas para decirte que no tienen linea de telefono para dar de baja la cuenta, cosa que no para nunca cuando vas a contratarlo. Y del trato que dispensan….., es el mismo que si vas con un fajo de billetes de 500 € por los CO-JONES
Banesto «premia», menuda falacia…
No hay ningún banco que premie a nadie.
BANESTO NECESITA NUESTRAS NÓMINAS, Y EN CUANTO VAS UN POCO JUSTO, COMO BUENOS JUDÍOS Y ÁVAROS QUE SON, TE ACOSAN Y MACHACAN, Y TE SACAN HASTA LAS ENTRAÑAS EN COMISIONES.
DESPUÉS EL ESTADO APOYA A LOS BANCOS, CON LA EXCUSA DE QUE SI CAEN LOS BANCOS CAEMOS TODOS. LOS BANCOS NECESITAN UN BOICOT DE VEZ EN CUANDO, PARA QUE NO NOS RESTREGUEN POR LA CARA SUS BENEFICIOS.
POR CIERTO, LO QUE MÁS FASTIDIA A UN BANCO ES UNA RECLAMACIÓN EN LA OFICINA DEL CONSUMIDOR Y OTRA AL BANCO DE ESPAÑA.
ES POR DAR PISTAS…