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Kojamo (KOJAMO) investor relations material
Kojamo Q2 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 year-over-year, driven by improved occupancy rates and stable rental demand, despite challenging market conditions and muted rent development in some locations.
FFO declined by 9% due to higher financial, maintenance, and repair expenses.
Occupancy rate rose to 94.8% in June, with tenant turnover decreasing and a record Net Promoter Score of 58.
Sale of 1,944 apartments completed post-period, with proceeds allocated to debt reduction and share buybacks, strengthening the balance sheet.
Financing position remains strong, with significant refinancing completed and net debt reduced.
Financial highlights
Total revenue for H1 2025 was €229.9M (+1.9% year-over-year), with net rental income at €145.6M (+2.0%).
FFO was €62.0M (-9.0% year-over-year), mainly due to higher financial and maintenance costs.
Profit before taxes improved to -€23.8M from -€65.0M, mainly due to smaller fair value changes.
Fair value of investment properties stood at €7.9B (-0.5% year-over-year), with a €48M decrease in Q2 and a €7.3M impairment on office premises.
Loan-to-value ratio stable at 44.4–45.7%, equity ratio at 44.3%.
Outlook and guidance
Revenue growth for 2025 expected between 0–2%, with FFO guidance at €135–141M, excluding non-recurring costs and transaction-related taxes.
Guidance reflects the impact of recent property disposals but excludes future acquisitions/disposals.
Assumes continued improvement in occupancy, moderate rent increases, and maintenance/repair costs in line with last year.
No market support is anticipated in the outlook.
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