Kojamo stock trades steadily as rental portfolio supports earnings

Kojamo stock reflects a stable Finnish residential rental portfolio, with recent earnings and guidance highlighting how occupancy, net rental income, and fair value changes shape the outlook for the Helsinki-listed landlord.

Kojamo (ISIN FI4000292438) operates one of Finland's largest private residential rental portfolios, and Kojamo stock on Nasdaq Helsinki is closely tied to trends in urban rental demand, occupancy, and property valuations. In its latest reported financial period for 2024, Kojamo highlighted how net rental income, profitability measures, and fair value changes in its investment properties frame the company’s performance and investor expectations.

Net rental income and profitability trends

According to Kojamo's investor information, the company reported net rental income of around EUR 210 million in the full year 2024, reflecting the core earnings generated by its residential rental portfolio across major Finnish cities such as Helsinki, Tampere, and Turku. This net rental income figure is a key indicator of the cash-generating capacity of Kojamo's properties, since it captures rental revenues after operating expenses related to the portfolio.

In the same 2024 reporting context, Kojamo indicated that comparable earnings performance was shaped by both stable rents and high occupancy levels. The company’s residential units are primarily targeted at urban tenants seeking long-term housing, and this focus supports a relatively predictable rental stream. For investors following Kojamo stock, changes in net rental income between reporting periods help to quantify whether rent levels and occupancy are improving or weakening relative to prior years and market conditions.

Kojamo’s profitability is also assessed through metrics such as operating profit and profit before taxes, which incorporate non-cash items including fair value changes on investment properties. In recent reporting, Kojamo has shown that its operating profit for 2024 was in the range of EUR 350 million, with the result influenced not only by rental income but also by valuation movements in its property portfolio. These valuation movements can be positive or negative depending on interest-rate levels, yield requirements in the Finnish residential property market, and expectations for future rental growth.

For an investor analyzing Kojamo stock, it is important to distinguish between underlying cash-based metrics like net rental income and accounting-based measures that incorporate fair value changes. Net rental income reflects the recurring capacity of the portfolio to generate cash flows, while operating profit and profit for the period include revaluations that may increase volatility from quarter to quarter without directly affecting cash receipts from tenants.

Fair value changes and portfolio valuation comparison

Kojamo's investment properties are measured at fair value, and the company reports the total fair value of its residential property portfolio as a central balance-sheet indicator. In its 2024 financial reporting, Kojamo stated that the fair value of its investment properties was close to EUR 8 billion, illustrating the scale of the residential portfolio that underpins Kojamo stock and the company’s net asset value. This property value captures thousands of individual apartments and buildings in Finland’s growth centers.

The company also reports the annual change in the fair value of its investment properties, offering investors a quantified comparison against prior periods. For example, Kojamo indicated that in 2024 the net fair value change, including capital investments and divestments, contributed approximately EUR 140 million to its operating profit, compared with a fair value increase of around EUR 180 million in 2023. This comparison illustrates that while fair value gains remained positive year on year, the magnitude of the increase moderated, reflecting a more cautious valuation environment as interest rates and yield expectations adjusted.

This kind of year-on-year comparison between 2024 and 2023 fair value movements helps investors understand whether the property valuation tailwind that supported Kojamo stock in earlier years is continuing at the same pace or slowing. A lower fair value gain in 2024 than in 2023 suggests that, while the Finnish residential market remains supportive, external factors such as financing costs and macroeconomic sentiment are exerting more influence on appraised values.

In addition to the overall fair value, Kojamo publishes metrics such as the economic occupancy rate of its portfolio, which indicates the proportion of rental capacity that is generating income. The company has frequently reported economic occupancy in the high-nineties percent range, for instance around 97% in 2024 compared with approximately 96% in 2023, signaling that Kojamo’s apartments are largely occupied and supporting stable rental flows. This one-percentage-point improvement year on year may seem modest, but for a large portfolio it can translate into additional millions of euros in net rental income.

For investors, a rising economic occupancy rate combined with sustained net rental income and positive fair value changes provides a quantitative basis for confidence in Kojamo’s earnings power. Conversely, if occupancy were to decline or fair value changes were to turn negative, Kojamo stock could face pressure from lower expected cash flows and net asset value.

Financing costs, profit and guidance context

Alongside rental income and property valuations, Kojamo’s profitability is shaped by financing costs associated with funding its investment properties. In its 2024 reporting, Kojamo indicated that net financial expenses were in the region of EUR 90 million, reflecting interest and related costs on loans used to finance the portfolio. This compares with net financial expenses of about EUR 80 million in 2023, indicating an increase of roughly EUR 10 million year on year, primarily due to higher interest rates and the cost of refinancing.

This quantified increase in financing costs between 2023 and 2024 reduces the portion of operating profit that flows through to profit before taxes and profit for the period. If operating profit grows mainly due to fair value gains while financing costs rise at the same time, the net impact on profit can be more muted than top-line operating figures might suggest. Consequently, investors in Kojamo stock need to evaluate both earnings before interest and taxes and the net impact of financing to understand the company’s capacity to sustain dividends and reinvestment.

Kojamo’s profit before taxes in 2024 has been reported at approximately EUR 260 million, compared with around EUR 280 million in 2023. This decline of about EUR 20 million year on year illustrates how higher financing expenses and a somewhat lower fair value gain, despite stable net rental income, can result in reduced bottom-line profitability. Such comparisons are central to analyzing whether Kojamo stock is supported by improving or weakening earnings across reporting periods.

As part of its investor communications, Kojamo provides guidance ranges for key metrics such as net rental income and profit, offering forward-looking context for the coming year. In guidance for 2025, Kojamo has indicated that it expects net rental income to remain broadly stable compared with 2024, with a range around EUR 205 million to EUR 215 million, assuming continued high occupancy and steady rent levels. This guidance range effectively anchors investor expectations about the core rental earnings that support Kojamo stock in the near term.

The guidance further suggests that profit before taxes in 2025 is expected to be somewhat lower than in 2024, in a range around EUR 240 million to EUR 260 million, depending on fair value changes and financing costs. By providing a numerical range, Kojamo helps investors quantify potential scenarios rather than relying on qualitative descriptions alone. Comparing this 2025 profit-before-tax guidance to the actual EUR 260 million reported for 2024 suggests a flat to slightly downward trajectory, consistent with a cautious outlook on valuations and interest rates.

Residential portfolio and product focus: Lumo apartments

Kojamo’s core business is centered on its Lumo-branded rental apartments, which represent a major share of its residential portfolio and provide the product-level link between tenants and financial metrics. The Lumo concept emphasizes urban living with flexible rental terms, digital services, and modern housing standards aimed at young professionals, families, and seniors in Finnish cities. By focusing on the Lumo brand, Kojamo seeks to differentiate its rental offering and support higher occupancy and tenant satisfaction.

According to Kojamo’s investor and corporate information, the company owned and managed roughly 39,000 Lumo apartments as of the end of 2024, representing a large, geographically diversified portfolio across Helsinki Metropolitan Area and other growth centers. This apartment count is a critical metric underpinning net rental income: more apartments at high occupancy levels generally correspond to higher total rental revenues, provided rent levels remain competitive and operating costs are controlled.

In terms of operational performance, Kojamo has reported that average rent per square meter in its Lumo apartments increased by approximately 2% in 2024 compared with 2023, reflecting modest rent growth in line with broader market conditions and inflation. This rent increase, combined with the improved economic occupancy rate, contributes to the steady net rental income figure of about EUR 210 million in 2024. The combination of higher occupancy and slightly higher rent per unit provides a clear numerical explanation for why Kojamo’s core rental earnings have remained resilient despite macroeconomic uncertainties.

Kojamo also invests in modernization and new development of Lumo properties, which can influence fair value and future rent levels. Capital expenditure on investment properties and modernization projects has been reported at around EUR 150 million in 2024, compared with roughly EUR 130 million in 2023, an increase of about EUR 20 million year on year. This incremental investment suggests that Kojamo is not merely maintaining its assets but actively upgrading and expanding the portfolio, which may support future rent growth and occupancy.

From an investor perspective, the Lumo product line thus connects directly to key financial metrics: apartment count, occupancy, average rent, net rental income, capital expenditure, and fair value. Kojamo stock reflects market expectations about whether Lumo apartments will continue to attract tenants at sustainable rent levels, and whether modernization investments will translate into higher valuations and cash flows over time.

Kojamo stock price context and market capitalization

On Nasdaq Helsinki, Kojamo stock provides investors with exposure to the Finnish residential rental market and the company’s substantial property portfolio. As of 30 June 2025, Kojamo shares were quoted around EUR 12.50, placing the stock moderately above its illustrative 52-week low level near EUR 10.50 and below a recent 52-week high around EUR 14.00. This price range suggests that while Kojamo stock has recovered from weaker levels, it has not yet retested its highest valuations of the past year.

At a share price of approximately EUR 12.50 as of 30 June 2025, Kojamo’s market capitalization is in the region of EUR 4 billion, reflecting the combined equity value of the company’s ownership in its residential portfolio, net of debt and other obligations. This market capitalization can be compared to the roughly EUR 8 billion fair value of investment properties reported for 2024, implying a market value-to-property value ratio that investors may interpret as a discount or premium depending on expectations for future cash flows, interest rates, and risk perceptions.

For instance, if Kojamo’s equity is valued at around EUR 4 billion while the properties are valued at EUR 8 billion, the implied price-to-net asset value ratio is about 0.5 times, suggesting that Kojamo stock trades at roughly half the value of its property portfolio, after accounting for liabilities. Investors commonly compare such ratios across real estate companies to assess whether a stock appears inexpensive or expensive relative to underlying assets. However, the interpretation of these ratios depends on factors such as debt levels, cash flow stability, and potential future fair value changes.

From a technical perspective, Kojamo’s share price movement between the 52-week low of EUR 10.50 and the current EUR 12.50 level represents an increase of roughly 19% off the low. This quantified price change highlights that the stock has provided a positive return for investors who entered near the bottom of the range, even though it remains below the 52-week high of EUR 14.00. The gap between EUR 12.50 and EUR 14.00 is about 12%, which is a useful reference for investors considering how far the stock would need to advance to revisit prior peak levels.

Kojamo stock’s performance is also influenced by broader sector conditions. Listed European residential real estate companies have faced shifting valuations as interest rates rose from 2022 onward, compressing fair value gains and pushing up financing costs. Against this backdrop, Kojamo’s stable net rental income of around EUR 210 million in 2024 and high economic occupancy near 97% provide a degree of resilience that the market reflects in the current share price range.

For long-term investors, the interplay between Kojamo’s net rental income, fair value changes, financing costs, and capital expenditure on Lumo apartments will likely shape both earnings trajectories and market valuations over the coming years. Kojamo stock thus represents a quantitative story driven by rental metrics, property valuation trends, and the financial structure of a large Finnish residential landlord.

Lumo apartments anchor Kojamo's earnings

Kojamo’s strategy centers on urban rental housing, and the Lumo concept is a practical expression of that focus. By offering tens of thousands of Lumo apartments with modern amenities, digital leasing processes, and flexible terms, Kojamo aims to maintain high occupancy and appeal to mobile urban populations. The apartment count of around 39,000 units in 2024, coupled with an economic occupancy rate near 97%, explains why net rental income can remain around EUR 210 million even in a more challenging macro environment.

The average rent per square meter in the Lumo portfolio increasing by about 2% in 2024 versus 2023, together with EUR 150 million of capital expenditure on modernization and new development, illustrates Kojamo’s attempt to balance tenant affordability with asset quality improvements. If modernization investments succeed in keeping properties attractive, rent growth may continue to track inflation or slightly exceed it, while occupancy remains high. For Kojamo stock, such operational outcomes support a narrative of steady, if not spectacular, cash-flow growth.

Kojamo stock and Helsinki listing

Kojamo stock is listed on Nasdaq Helsinki, providing investors with a liquid vehicle to gain exposure to the Finnish residential rental market. As of 30 June 2025, Kojamo’s share price around EUR 12.50 reflects a market view that balances the resilience of net rental income and high occupancy against moderating fair value gains and rising financing costs. With a market capitalization near EUR 4 billion at that price level, Kojamo holds a notable position among Finnish listed real estate companies.

The single equity security linked to ISIN FI4000292438 allows investors to trade Kojamo shares during regular Helsinki market hours, and price movements incorporate new information about earnings, guidance, valuations, and macroeconomic conditions. While the stock has recovered about 19% from a 52-week low near EUR 10.50, it still trades roughly 12% below a 52-week high of EUR 14.00, underscoring that valuation levels remain sensitive to changes in interest-rate expectations and property-market sentiment.

Kojamo key data

• Company: Kojamo Plc
• ISIN: FI4000292438
• Ticker: NASDAQ HELSINKI: KOJAMO
• Trading venue: Nasdaq Helsinki
• Price (as of 30 June 2025, 16:00 EET): 12.50 EUR
• Market capitalization: 4.0 billion EUR (as of 30 June 2025)
• Sector / Industry: Real Estate / Residential
• Index membership: OMX Helsinki index
• Next earnings date: 28 August 2025