Near-term risks and uncertainties

According to the Kojamo plc’s Financial Statements Release 1 January–31 December 2025

Kojamo estimates that the most significant near-term risks and uncertainties arise from the uncertain situation in property markets and the development of housing demand and supply. Although urbanisation is expected to continue in the longer term, there is uncertainty regarding the recovery of the property market. The oversupply of rental apartments in Kojamo’s main operating areas may persist, and fluctuations in supply and demand may affect the company’s financial occupancy rate, rental levels or tenant turnover, and thereby rental income.

Geopolitical tensions have increased in recent months, and the tightening of relations between major powers, changes in the United States’ foreign policy stance and new trade and tariff-related threats are adding uncertainty to the global economy. The war in Ukraine and ongoing unrest in the Middle East continue to pose risks to energy markets, supply chains and the global security environment. Intensifying geopolitical frictions in various regions may slow global economic growth, increase uncertainty around inflation developments and influence central bank interest-rate decisions.

Although housing markets are local, global risk factors may be reflected in Finland’s economic and inflation development as well as in the housing and property markets, including housing prices, rental levels, yield requirements and the operating environment of construction companies. Elevated cost levels and persistently high interest rates may affect the company’s result, cash flow and the fair value of apartments. A weakening economic environment may increase unemployment and reduce household purchasing power, which may affect tenants’ ability to pay rent and the company’s rental income.

The weakening of the property and financial markets or the increase in interest rates may affect the company’s financing costs, credit rating and financial ratios. These factors may impact the company’s result, cash flow and the fair value of apartments.

The number of cyberattacks and other information security threats has generally increased. Potential data breaches may affect the company’s business operations and the reliability of its information systems.

Kojamo’s most significant risks are described in more detail in the report on non-financial information.

A more detailed description of Kojamo’s strategic risks and uncertainties is provided in the Financial Statements 2025.

Read more about Kojamo’s risk management here.

Page updated 11 February 2026