Kojamo Oyj (OHEL:KOJAMO) Q4 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic …

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Thu, February 12, 2026 at 12:01 AM GMT+9 3 min read

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Kojamo Oyj (OHEL:KOJAMO) reported a strong Q4 2025 with increased total revenue and net rental income.

The company's occupancy rate improved significantly, reaching 96.3% in the last quarter.

Kojamo Oyj (OHEL:KOJAMO) announced a strategic acquisition of 4,761 apartments, enhancing its portfolio in key growth areas.

The company's financial position remains strong, with a stable balance sheet and a confirmed credit rating.

Kojamo Oyj (OHEL:KOJAMO) has updated its strategy and financial targets, focusing on urban living and customer experience.

Negative Points

The full-year FFO decreased due to higher financial costs, despite a positive Q4.

There is an oversupply in the rental market, particularly in the capital region, which has not yet balanced out.

The Finnish economy remains muted, with only weak signs of recovery.

The acquisition's current occupancy rate is relatively low, posing a challenge for Kojamo Oyj (OHEL:KOJAMO) to improve.

The cost of refinancing is expected to be higher, impacting the FFO growth compared to revenue growth.

Q & A Highlights

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Q: Why has the occupancy been so low compared to market occupancy as well as your own portfolio, and how do you expect it to be different? Over what time frame do you expect to reach normalized occupancy? A: Unidentified_2 (CEO): We haven’t identified any specific reasons for the low occupancy. It might be due to less dynamic pricing. We are optimistic about lifting occupancy to our level, but it might not happen this year. We aim for improvement by the end of 2027.

Q: When referring to refinancing the acquisition facility via capital market debt financing, is it fair to assume you’re using plain vanilla bonds, or could you also be looking at more exotic instruments? A: Unidentified_3 (CFO): We haven’t decided yet. There are several options in the capital market, and we will explore them before making a decision.

Q: What metrics do you focus on for acquisition opportunities, and what made this specific portfolio attractive? How do you think about your cost of capital, given your share price? A: Unidentified_2 (CEO): The quality and geographical fit of the assets were key factors. The assets are in good condition and relatively young. We consider the comprehensive package, including yield, financing, and potential rent hikes, making it a compelling acquisition.

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Q: Regarding your LTV, do you target any disposals to improve it, especially with potential valuation headwinds in 2026? A: Unidentified_2 (CEO): We aim to keep LTV below 45% and plan to focus our portfolio further. We will look for opportunities to sell non-core assets, but market circumstances will guide our decisions.

Q: Can you confirm if the transaction is accretive on FFO day one, even if you do not increase the occupancy rate? A: Unidentified_2 (CEO): We expect it to be FFO accretive, but we haven’t specified if it will be on day one. Our aim is to raise occupancy as fast as possible, but we believe the transaction is good even at current occupancy levels.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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