Kojamo Oyj

Kojamo plc released its Interim Report for January to September 2024, stating an increase in total revenue and net rental income, while the fair value of investment properties remained unchanged. By the end of September, Kojamo owned 40,973 rental apartments, having completed 779 new units over the year. The company maintains its 2024 outlook, predicting a 2-4% revenue increase and an FFO between EUR 142–152 million, excluding non-recurring costs. Although FFO decreased due to higher financial and maintenance expenses, the balance sheet remains strong with good liquidity. The rental market faces oversupply, but limited new construction and population growth in major cities are expected to eventually balance the market. Kojamo plans to start a new project in Helsinki by year-end. Administrative and repair expenses have decreased, contributing to cost savings. Kojamo refinanced its loans and expects favorable interest rate trends to aid future financing. Moody's confirmed Kojamo's Baa2 (negative) credit rating. The company continues to focus on enhancing urban living through its Lumo brand, which celebrates its 10th anniversary. A webcast news conference is scheduled for November 7, 2024.

Kojamo plc announced that its CEO, Jani Nieminen, will step down from his position by mutual agreement with the Board of Directors. Nieminen has been CEO since 2011. Erik Hjelt, the company's CFO and Deputy CEO, has been appointed as the interim CEO and will continue his role as CFO. The Board has begun the search for a new CEO. Under Nieminen's leadership, Kojamo grew into Finland's largest private residential investment company and was successfully listed on the stock exchange in 2018. The company aims to maintain its strong financial position amid market uncertainties and high interest rates. Nieminen expressed gratitude for his tenure and the company's achievements. Kojamo is a leading residential real estate company in Finland, known for its Lumo brand.

On September 13, 2024, Kojamo plc announced the composition of its Shareholders' Nomination Board. The three largest shareholders nominated Christian Fladeland as Chairman of the Nomination Board. Additionally, the Chairman of Kojamo's Board of Directors will serve as an expert member of the Nomination Board. The right to nominate representatives is given to the three shareholders with the largest voting shares as of the first workday in September, based on the shareholder register maintained by Euroclear Finland Ltd. The Shareholders' Nomination Board, established by the General Meeting, prepares and presents proposals concerning the Board of Directors' composition, chairman, and remuneration for the General Meeting. Kojamo plc is Finland’s largest private residential real estate company and a significant investor in the country, with a mission to enhance urban housing. Its shares are listed on Nasdaq Helsinki.

Kojamo plc announced that it will publish its Financial Statements Release, Financial Statements, and Report of the Board of Directors for 2024 on 13 February 2025. The Annual General Meeting is scheduled for 13 March 2025 in Helsinki. The company also provided the publication dates for its Interim Reports and the Half-Year Financial Report for 2025. Kojamo is Finland’s largest private residential real estate company and a significant investor, focusing on urban housing through its Lumo brand. Kojamo’s shares are listed on Nasdaq Helsinki. For further information, contact Niina Saarto, Director of Treasury & Investor Relations, at +358 20 508 3283 or niina.saarto@kojamo.fi.

Kojamo plc released its Half-Year Financial Report for January–June 2024, noting increases in total revenue and net rental income despite challenges from abundant market supply. Kojamo owned 40,973 rental apartments at the end of the period, completing 1,152 new units since June of the previous year. The company has revised its 2024 revenue growth outlook to 2–4% and estimates FFO to be between EUR 142–152 million, excluding non-recurring costs. The CEO highlighted that financial and maintenance expenses increased, impacting FFO. The market saw a high supply of apartments, intense competition, and a low number of new residential projects. Kojamo has focused on maintaining a strong financial position through cost-saving measures, reducing investments, and not paying dividends. Positive signs include slowing inflation and declining interest rates. A news conference will be held on 15 August 2024, which can be followed via webcast.