Tilinpäätös 2025

Board of Directors’ Report 
and Financial Statements
25 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
1 
Table 
of contents 
BOARD OF DIRECTORSʼ REPORT ................................................................ ........................ 3
Kojamo plc in brief................................................................ .................................................... 3
Strategy ................................................................ ................................................................ .... 3
Summary of performance in 2025 ................................................................ ............................ 3
Outlook for 2026 ................................................................ ...................................................... 4
Key figures ................................................................ ............................................................... 5
Operating environment ................................................................ ............................................. 6
Business operations ................................................................ ................................................. 7
Total revenue ................................................................ ........................................................... 7
Result and profitability ................................................................ .............................................. 7
Balance sheet, cash flow and financing ................................................................................... 8
Real estate property and fair value .......................................................................................... 9
Rental housing ................................................................ ......................................................... 9
Investments, divestments and real estate development......................................................... 10
Strategic targets and their achievement ................................................................ ................. 11
Share and shareholders ................................................................ ......................................... 12
Governance ................................................................ ........................................................... 14
Personnel ................................................................ ............................................................... 15
Sustainability information ................................................................................................ ....... 15
Most significant strategic risks and their management ........................................................... 17
Near-term risks and uncertainties .......................................................................................... 21
Internal auditing ................................................................ ..................................................... 21
Group structure and changes therein ................................................................ ..................... 21
Events after the financial year ................................................................ ................................ 22
Proposal by the Board of Directors for the distribution of profits ............................................ 22
Key figures ................................................................ ............................................................. 23
EPRA PERFORMANCE MEASURES ................................................................................... 30
FINANCIAL STATEMENTS ................................ ................................................................ ... 35
Consolidated comprehensive income statement ................................................................ .... 35
Consolidated balance sheet ................................................................ ................................... 36
Consolidated statement of cash flows .................................................................................... 37
Consolidated statement of changes in equity ......................................................................... 38
Notes to the consolidated financial statements ................................................................ ....... 39
1. Basis for presentation of the financial statements .......................................................... 40
2. Result ................................................................ ............................................................. 42
2.1 Total revenue ................................................................ ........................................... 42
2.2 Profit/loss on sales of investment properties and Other operating income and ex-
penses ................................................................................................ ........................... 42
2.3 Administrative expenses .......................................................................................... 43
2.4 Employee benefits expenses ................................................................................... 43
2.5 Depreciation, amortisation and impairment .............................................................. 44
2.6 Research and development expenditure................................................................ .. 44
2.7 Earnings per share ................................................................ ................................... 44
3. Real estate property ................................................................ ....................................... 45
3.1 Investment properties ................................................................ ............................... 45
3.2 Non-current assets held for sale .............................................................................. 49
3.3 Trading properties ................................................................ .................................... 49
3.4 Commitments and contingent liabilities related to investment properties ................. 50
4. Financing and equity ................................................................................................ ...... 51
4.1 Equity ................................................................ ....................................................... 51
4.2 Financial income and expenses ................................................................ ............... 53
4.3 Financial assets and liabilities by valuation category ............................................... 54
4.4 Interest-bearing liabilities ......................................................................................... 56
4.5 Derivative instruments ................................................................ .............................. 57
4.6 Financial risk management ...................................................................................... 57
4.7 Guarantees and commitments ................................................................ ................. 61
5. Income taxes ................................................................ .................................................. 61
5.1 Current tax expense ................................................................ ................................. 61
5.2 Deferred tax assets and liabilities................................................................ ............. 63
6. Other balance sheet items................................................................ .............................. 64
6.1. Lease agreements ................................................................................................ .. 64

Kojamo 
Board of Directors’ Report and Financial Statements 


2 Intangible assets ................................................................................................ ..... 66
3 Property, plant and equipment ................................................................ ................ 67
4 Non-current receivables .......................................................................................... 68
5 Current trade and other receivables ................................................................ ........ 68
6 Provisions and other non-current liabilities .............................................................. 68
7 Current trade payables and other payables............................................................. 69
Other notes ................................................................ .................................................... 70
1 Adjustments to cash flow from operating activities .................................................. 70
2 Related party transactions ................................................................ ....................... 70
3 The Group’s subsidiaries, associated companies and joint arrangements .............. 72
4 Events after the financial year ................................................................................. 78
PARENT COMPANY’S FINANCIAL STATEMENTS .............................................................. 80
Parent company’s income statement, FAS ................................................................ ............ 80
Parent company’s balance sheet, FAS .................................................................................. 81
Parent company’s cash flow statement, FAS ................................................................ ......... 82
Parent company accounting policies ................................................................ ...................... 83
Notes to the parent company financial statements................................................................ . 84
Total revenue ................................................................ ................................................. 84
Other operating income ................................................................................................ . 84
Personnel expenses ...................................................................................................... 84
Depreciation according to plan ...................................................................................... 85
Other operating expenses ................................................................ ............................. 85
Total amount of financial income and expenses ............................................................ 85
Appropriations................................................................ ................................................ 85
Income tax ................................................................ ..................................................... 85
Intangible assets ................................................................ ............................................ 86
Tangible assets ................................................................ ............................................ 86
Investments ................................................................ ................................................. 87
Non-current receivables ................................................................ ............................... 87
Current receivables ................................................................ ...................................... 87
Financial securities ...................................................................................................... 88
Equity ................................................................................................ ........................... 88
Non-current liabilities ................................................................ .................................... 89
Current liabilities ................................................................ ........................................... 89
Derivative instruments ................................................................ .................................. 89
Guarantees and commitments ..................................................................................... 89
Other liabilities ................................................................ .............................................. 90
Other notes ................................................................ ................................................... 90
Related party transactions ................................................................ ............................ 90
Statements from the Board of Directors and CEO .............................................................. 91
SIGNATURES TO THE BOARD OF DIRECTORS’ REPORT AND FINANCIAL STATE-
MENTS ................................................................ ................................................................ ... 92

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
3 
BOARD OF DIRECTORSʼ REPORT 
Kojamo plc in brief 
Kojamo plc offers rental apartments and housing services in Finnish growth centres. The 
company’s vision is to be the property market frontrunner and the number one choice for its 
customers. In accordance with our mission, we create better urban housing, using a long-term 
approach, focusing on the best customer experience as well as competent and energetic per-
sonnel as well as sustainable development. 
Kojamo’s vision is to be the property market frontrunner and the number one choice for cus-
tomers who value better urban housing. With our Lumo brand, we are transforming Finnish 
rental housing and making it more attractive. We are promoting the competitiveness and well-
being of urbanising Finland by facilitating work-related mobility. 
We are investing heavily in digital services, the customer experience and our corporate cul-
ture. Our objective is to be a strongly performing housing investment company known for its 
excellent customer experience. 
Delivering the best customer experience is a key strategic priority for us. That is why we are 
constantly developing new housing solutions and services. Our consumer brand Lumo offers 
great rental living and housing services in growth centres across Finland. 
Strategy 
Kojamo’s mission is to create better urban housing. The company’s vision is to be the prop-
erty market frontrunner and the number one choice for its customers. 
Kojamo’s long-term strategic focus areas are delivering the best customer experience, 
growth, operational excellence, responsibility and sustainable development, the most compe-
tent personnel and a dynamic place to work as well as renewal through digital solutions. Due 
to the current market situation, Kojamo has refrained from making new investment decisions 
for the time being, focusing on increasing total revenue in the existing housing stock. 
Kojamo makes it easier for people to migrate in pursuit of employment in urbanising Finland. 
Kojamo operates in the seven main urban regions of Finland, focusing on demand for rental 
apartments especially in the Helsinki region. Kojamo’s share of the entire rental housing mar-
ket in Finland is about four per cent. 
Kojamo also focuses on providing an excellent customer experience. It is generated by a ver-
satile range of housing solutions, easy and effortless service, and user-friendly online ser-
vices. The Lumo brand and its new housing services lead the way in rental living. 
Operating in an efficient and responsible manner and attending to corporate social responsi-
bility are integral to the way Kojamo does business. Kojamo engages in meaningful work to 
provide high-quality housing. The company continuously develops its operations to ensure its 
competitiveness. Kojamo has the skills and enthusiasm to discover even better construction 
solutions, housing services, ecological innovations and ways to provide good customer expe-
riences. The company’s dynamic company culture creates a solid foundation for its work. 
The value of the customer experience is emphasised in Kojamo’s corporate culture. The cus-
tomer experience consists of Kojamo’s code of conduct, professional skill, customer service 
attitude and the desire to solve the customer’s problems in one go. The foundation of the cor-
porate culture is created by Kojamo’s energetic, forward-looking values: happy to serve, strive 
for success and courage to change. 
More information on Kojamo’s strategic targets and their achievement is provided under 
Pro-
gress of strategy implementation and targets
. 
Summary of performance in 2025 
●
 
Total 
revenue increased by 0.6 per cent to EUR 455.2 (452.4) million. 
●
 
Net rental income increased by 1.6 per cent, totalling EUR 307.7 (302.9) million. Net 
rental income represented 67.6 (66.9) per cent of revenue. 
●
 
Result before taxes was EUR 26.8 (26.3) million. The result includes EUR -120.4 
(-134.0) million in net result on the valuation of investment properties at fair value and 
EUR -2.6 (-0.8) million in profit/loss from the sale of investment properties. Earnings per 
share was EUR 0.08 (0.09). 
●
 
Funds From Operations (FFO) decreased by 4.9 per cent and amounted to EUR 140.9 
(148.2) million. 
●
 
The fair value of investment properties was EUR 7.6 (8.0) billion at the end of the finan-
cial year including EUR 40.1 (0.0) million Investment properties held for sale. 
●
 
The financial occupancy rate stood at 94.8 (91.5) per cent during the financial year. 
●
 
Gross investments totalled EUR 42.5 (52.8) million, representing 9.3 (11.7) per cent of 
total revenue. 
●
 
Equity per share was EUR 14.89 (14.68) and return on equity was 0.6 (0.6) per cent. Re-
turn on investment was 2.1 (2.0) per cent. 
●
 
EPRA NTA per share (net tangible assets) increased by 0.6 per cent and amounted to 
EUR 18.61 (18.50). 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
4 
●
 
At the end of the financial year, there were 119 
(119) Lumo apartments under construc-
tion. 
●
 
The Board of Directors’ dividend proposal is EUR 0.11 per share. 
Kojamo owned 38,945 (40,973) rental apartments at the end of the financial year. In 2025, 
Kojamo completed 0 (354) apartments and sold 2,028 (0) apartments. 
Outlook for 2026 
Kojamo estimates that in 2026, the Groupʼs total revenue will amount to between EUR 484–
497 million. In addition, Kojamo estimates that the Group’s FFO for 2026 will amount to be-
tween EUR 147–157 million excluding non-recurring costs. 
The outlook is based on the management’s assessment of total revenue, property mainte-
nance expenses and repairs, administrative expenses, financial expenses and taxes to be 
paid as well as the management’s view on future developments in the operating environment. 
The outlook takes into account the estimated occupancy rate and development of rents. The 
outlook also takes into account the impact of the acquisition of 4 761 apartments which is esti-
mated to be completed 1 April 2026. The outlook does not take into account the impact of po-
tential future acquisitions or disposals. 
The management can influence total revenue and FFO through the company’s business oper-
ations. In contrast, the management has no influence over market trends, the regulatory envi-
ronment or the competitive landscape. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
5 
Key figures 
2025 
2024 
Change % 
Total revenue, M€ 
455.2 
452.4 
0.6 
Net rental income, M€ * 
307.7 
302.9 
1.6 
Net rental income margin, % * 
67.6 
66.9 
Profit/loss before taxes, M€ * 
26.8 
26.3 
2.0 
EBITDA, M€ * 
147.8 
131.3 
12.6 
EBITDA margin, % * 
32.5 
29.0 
Adjusted EBITDA, M€ * 
270.6 
266.2 
1.7 
Adjusted EBITDA margin, % * 
59.4 
58.8 
Funds From Operations (FFO), M€ * 
140.9 
148.2 
-4.9 
FFO margin, % * 
31.0 
32.8 
FFO excluding non-recurring costs, M€ * 
140.9 
149.0 
-5.4 
Investment properties, M€ ¹
⁾
7,620.7 
7,960.0 
-4.3 
Financial occupancy rate, % 
94.8 
91.5 
Interest-bearing liabilities, M€ * ²
⁾
3,391.3 
3,827.9 
-11.4 
Return on equity (ROE), % * 
0.6 
0.6 
Return on investment (ROI), % * 
2.1 
2.0 
Equity ratio, % * 
45.4 
43.2 
Loan to Value (LTV), % * ³
⁾
 
42.3 
43.9 
EPRA Net Tangible Assets (NTA), M€ 
4,492.0 
4,572.9 
-1.8 
Gross investments, M€ * 
42.5 
52.8 
-19.6 
Number of personnel, end of the period 
256 
256 
Key figures per share, € 
2025 
2024 
Change % 
FFO per share * 
0.57 
0.60 
-5.0 
Earnings per share 
0.08 
0.09 
-11.1 
EPRA NTA per share 
18.61 
18.50 
0.6 
Equity per share 
14.89 
14.68 
1.4 
Dividend per share ⁴
⁾
0.11 
- 
- 
* In accordance with the guidelines issued by 
the European Securities and Markets Authority 
(ESMA), Kojamo provides an account of the 
Alternative Performance Measures used by the 
Group 
in the Key figures section hereinafter 
¹
⁾
 
Including Non-current assets held for sale ²
⁾
 
Excluding Liabilities related to Non-current assets held 
for sale ³
⁾
 
Excluding Non-current assets held for sale and 
liabilities related to Non-current assets held 
for 
sale ⁴
⁾
 
2025: The Board of Directors proposes to the 
Annual General Meeting that a dividend EUR 
0.11 per share be paid 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
6 
Operating environment 
General operating environment 
As Kojamo operates in the residential real estate sector, the company is affected particularly 
by the situation in the residential property market and development in Finnish growth centres. 
The company is also affected by financial market situation and interest rates, as well as mac-
roeconomic factors, such as economic growth, employment, disposable income, inflation, re-
gional population growth and household sizes. 
Operating environment key figures 
Finland 
2026E 
2025E 
GDP growth, % 
1.1 
0.2 
Unemployment, % 
9.5 
9.6 
Inflation, % 
1.2 
0.4 
Source: Ministry of Finance, Economic survey 12/2025 
According to the economic survey published by the Ministry of Finance in December, the 
global economy has grown faster than anticipated despite the high level of uncertainties. The 
euro area economy is gradually recovering supported by the service sector, although differ-
ences between countries remain significant, and the outlook for industry continues to be chal-
lenging. In the United States, 
economic growth is slowing down, but so far the impact of tariffs 
has been more limited than expected, as private consumption has remained strong. 
Monetary policy easing in the United States is expected to continue but at a slowing pace. In 
the euro area, the short-term interest rate outlook is expected to remain stable in the near 
term as inflation has decelerated. The end of the ECB’s rate cutting cycle has traditionally 
also helped stabilise movements in long-term interest rates. 
The recovery of the Finnish economy has been delayed, as domestic demand has remained 
weak. Prolonged uncertainty, a weak labour market and concerns related to geopolitics and 
fiscal consolidation have kept households cautious despite income growth. Exports have ben-
efited from stronger-than-expected global economic developments. Investment activity has 
passed its lowest point and is expected to slowly recover, supported by the energy transition, 
defence projects, and the gradual recovery of the housing market. Unemployment has in-
creased as the labour force has grown. Employment is predicted to return to growth in 2026 
as the economy strengthens. 
Industry operating environment 
Industry key figures 
2026E 
2025E 
Residential start-ups, units 
20,000 
17,800 
 
of which non-subsidised apartments 
n/a 
4,500 
Building permits granted, annual, units * 
n/a 
17,166 
Construction costs, change % ** 
n/a 
1.6 
* Rolling 12 months, November 2025, ** 2025E: 
building cost index, December 2025 
Sources: Confederation of Finnish Construction Industries 
(CFCI), economic forecast September 2025; 
Statistics Finland, Building and dwelling production; 
Statistics Finland, Building cost index 
According to the Confederation of Finnish Construction Industries CFCI's economic forecast 
published in September 2025, the number of residential start-ups is expected to increase 
slightly this year. Residential start-ups have remained low. This is due, among other things, to 
the abundant supply of rental apartments as well as high construction costs and land prices. 
The number of completed apartments has fallen to a historically low level. By the end of 2026, 
2,900 apartment units are expected to be completed in Helsinki, 2,100 in Espoo, and 450 in 
Vantaa. Population growth in the region during just the first half of last year alone was nearly 
twice as high. 
According to Nordea’s economic forecast published in January 2026, there is still plenty of 
supply in the rental market. Residential construction has remained subdued, with no rapid re-
covery in sight. As subsidised housing production declines, market situation is not favourable 
for private construction either. Residential construction is expected to continue to contract in 
2026. 
A turnaround would require further increase in occupancy rates as well as a recovery in 
consumer confidence. 
 

 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
7 
Effects of urbanisation 
 
Population growth 
Share of rental household- 
forecast, % 
dwelling units, % 
Area 
2025–2050 
2010 
2024 
Helsinki 
20.8 
47.1 
50.4 
Capital region ¹
⁾
25.2 
41.9 
47.3 
Helsinki region ²
⁾
n/a 
37.7 
43.2 
Jyväskylä 
0.9 
40.2 
46.7 
Kuopio 
-2.9 
36.5 
42.7 
Lahti 
-5.6 
37.3 
42.4 
Oulu 
3.4 
36.7 
43.6 
Tampere 
18.1 
42.2 
52.7 
Turku 
15.4 
43.0 
53.0 
Other areas 
n/a 
23.8 
26.9 
¹
⁾
 
Helsinki, Espoo, Kauniainen, Vantaa 
²
⁾
 
Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, 
Mäntsälä, Nurmijärvi, Pornainen, 
Porvoo, Riihimäki, Sipoo, Tuusula, Vihti 
Sources: Statistics Finland, Dwellings and Housing 
Conditions 2024; MDI population forecast 
2050 
(urbanisation scenario), September 2025 
According to the population forecast published by MDI in September 2025, population growth 
will continue in the largest cities, supported by increased immigration and internal migration. 
The population growth will be concentrated mainly in the capital region, Tampere and Turku. 
Regional differences are expected to remain significant over the next 25 years, with uneven 
immigration distribution and differences in age structure contributing to major disparities in 
population development. 
Net immigration to Finland has been at historically high level in recent years. According to 
Statistics Finland, net immigration in 2025 decreased from the previous year but it was still 
the third highest in the history of statistical recording. In 2023, a large number of immigrants 
arrived in Finland from Europe, particularly from Ukraine, but in 2025, the share of Ukrainians 
in immigration decreased clearly the most. 
According to the housing market review published by Rakli in December 2025, the cities of 
the growth triangle continue to form the clear focal point of Finland’s population development. 
In these areas, population growth is supported simultaneously by net migration between mu-
nicipalities and by immigration, although the increase in immigration has slowed down since 
late 2024. In the longer term, however, immigration and urbanisation will sustain the strong 
population growth in Finland’s largest cities. At the same time, the decreasing size of house-
holds is supporting demand for housing. 
Business operations 
Kojamo is the largest private residential real estate company in Finland measured by the fair 
value of investment properties. Kojamo offers rental apartments and housing services for resi-
dents in Finnish growth centres. At the end of the financial year, Kojamo’s property portfolio 
comprised 38,945 (40,973) rental apartments. The fair value of Kojamo’s investment proper-
ties amounted to EUR 7.6 (8.0) billion at the end of the financial year, including EUR 40.1 
(0.0) million in Investment properties held for sale. Investment properties include completed 
apartments as well as development projects and land areas. 
Measured at fair value on 31 December 2025, 97.7 per cent of Kojamo’s rental apartments 
were located in the seven largest Finnish growth centres, 88.1 per cent in the Helsinki, Tam-
pere and Turku regions and 75.9 per cent in the Helsinki region. Kojamo’s share of the coun-
try’s entire rental housing market is about four per cent. 
Kojamo aims to create the best customer service experience for its customers, which is why 
the company has made significant investments in services. The Lumo webstore allows cus-
tomers to rent a suitable apartment by paying the first month’s rent, after which they can 
move into their new home as soon as the next day. Kojamo’s resident cooperation model 
gives the residents an opportunity to influence the development of housing and Lumo ser-
vices. Lumo apartments offer a range of different services, such as broadband internet con-
nection included in the rent and a car sharing service. 
Total 
revenue 
Kojamo’s total revenue increased to EUR 455.2 (452.4) million. Total 
revenue is generated 
entirely by income from rental operations. 
Total 
revenue increased due to the improved occupancy rate. Revenue decreased due to the 
completion in July of the sale of 44 rental housing properties to Apollo-managed funds and 
Avant Capital Partners for a debt-free sale price of EUR 242 million. The transaction included 
a total of 1,944 apartments located in eight municipalities across Finland. The sale decreased 
revenue by approximately EUR 9.2 million. 
Result and profitability 
Net rental income increased to EUR 307.7 (302.9) million, which corresponds to 67.6 (66.9) 
per cent of total revenue. The growth in net rental income was positively impacted by EUR 2.8 
million increase in total revenue and by EUR 2.0 million decrease in property maintenance ex-
penses. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
8 
Result before taxes was EUR 26.8 (26.3) million. The result includes EUR -120.4 (-134.0) mil-
lion net result on the valuation of investment properties at fair value which was mainly due to 
the value change of non-yielding assets, particularly the so-called Metropolia properties, mod-
ernisation investments, the aging of properties and the sale of rental housing properties. EUR 
-2.6 (-0.8) million profit/loss from the sale of investment properties was included in the net re-
sult. 
Of the fair value change, EUR -35.8 million relates to the value change of non-yielding 
assets, particularly the so-called Metropolia properties, and this is not estimated to have an 
impact on the apartment values. The yield requirements and other input data are based on 
market observations and the best available market information. This information includes the 
opinion of an external independent valuer. Result before taxes and excluding the net result on 
the valuation of investment properties decreased by EUR 13.1 million and was EUR 147.3 
(160.3) 
million. The decline was in particular due to increased financial expenses from the 
comparison period. 
Financial income and expenses totalled EUR -112.7 (-103.8) million. Financial income and 
expenses increased by EUR 8.9 million from the comparison period. Interest expenses in-
creased by EUR 4.7 million compared to the comparison period due to the increase in interest 
rates. Gain/loss on the valuation of investments amounted to EUR 0.0 (-0.1) million and the 
unrealised change in the fair value of derivatives EUR 0.0 (0.7) million. 
Funds From Operations (FFO) amounted to EUR 140.9 (148.2) million. The decrease in FFO 
was particularly driven by increased financial expenses and the sale of rental housing proper-
ties in July during the review period. 
Balance sheet, cash flow and financing 
31 Dec 2025 
31 Dec 2024 
Balance sheet total, M€ 
7,926.1 
8,405.5 
Equity, M€ 
3,593.0 
3,629.2 
Equity per share, € 
14.89 
14.68 
Equity ratio, % 
45.4 
43.2 
Return on equity (ROE), % 
0.6 
0.6 
Return on investment (ROI), % 
2.1 
2.0 
Interest-bearing liabilities, M€ ¹
⁾
3,391.3 
3,827.9 
Loan to Value (LTV), % 
42.3 
43.9 
Coverage ratio 
2.4 
2.6 
Average interest rate of loan portfolio, % ²
⁾
 
3.2 
3.0 
Average loan maturity, years 
3.1 
2.7 
Cash and cash equivalents, M€ 
181.3 
333.6 
¹
⁾
 
Net debt on 31 December 2025 totalled 3,210.0 
M€ and on 31 December 2024 3,494.2 
M€ 
²
⁾
 
Includes interest rate derivatives 
Kojamo’s liquidity was good during the financial year. At the end of the financial year, 
Kojamo’s cash and cash equivalents stood at EUR 181.3 (333.6) million and liquid financial 
assets at EUR 57.8 (24.9) million. 
EUR 0.0 (0.0) million of the EUR 250 million commercial paper programme was in use at the 
end of the financial year. Kojamo has committed credit facilities of EUR 275 million and an un-
committed credit facility of EUR 5 million which were unused at the end of the financial year. 
The following financing arrangements were made during the financial year: 
In March, Kojamo plc issued a EUR 500 million unsecured green bond. The maturity of the 
notes is 7 years, maturing on 12 March 2032. The notes carry a fixed annual coupon of 3.875 
per cent. This is the company’s third green bond, and it was issued under Kojamo plc’s EUR 
2,500,000,000 EMTN programme dated 25 February 2025. 
In connection with the new bond issue, Kojamo plc announced a tender offer for the compa-
ny's bond maturing in 2026. As a result of the tender offer, the company repurchased notes 
totalling EUR 165 million. 
In June, Lumo Kodit Oy and Swedbank AB (publ) signed a EUR 100 million unsecured term 
loan facility agreement linked to sustainability targets. The loan matures in 2029, and it was 
used to refinance a EUR 100 million loan with Swedbank maturing in 2026. The margin of the 
loan agreement is linked to Kojamo’s key sustainability targets. 
In August, Kojamo plc signed a EUR 100 million unsecured term loan facility agreement 
linked to sustainability targets with OP Corporate Bank. The loan maturity is three years with 
two one-year extension options, and it was used to refinance an equal loan with OP maturing 
in 2026. 
In September, Kojamo plc and Danske Bank signed a EUR 75 million committed revolving 
credit facility agreement. The facility is unsecured and has maturity of three years with two 
one-year extension options. The facility will be used for general corporate purposes, and it re-
placed the EUR 75 million revolving credit facility from Danske Bank, maturing in 2026. 
Kojamo’s financing agreements include financial covenants. They are described in more de-
tail in note 4.6. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
9 
Real estate property and fair value 
M€ 
31 Dec 2025 
31 Dec 2024 
Fair value of investment properties on 1 Jan 
7,960.0 
8,038.8 
Acquisition of investment properties 
13.4 
48.1 
Modernisation investments 
28.9 
4.1 
Disposals of investment properties 
-258.6 
-2.5 
Capitalised borrowing costs 
0.2 
0.6 
Transfer from financial assets 
- 
0.0 
Profit/loss on fair value of investment properties 
-120.4 
-134.0 
Changes in right-of-use assets (IFRS 16) 
-2.7 
4.8 
Total 
7,620.7 
7,960.0 
Transfer to Investment properties held for sale 
-40.1 
0.0 
Fair value of investment properties at the end 
of the period 
7,580.6 
7,960.0 
Kojamo owned a total of 38,945 (40,973) rental apartments at the end of the financial year. 
During the financial year, 2,028 apartments were sold, the largest of which was the comple-
tion of the sale of 1,944 apartments in July. 
The fair value of Kojamo’s investment properties is determined quarterly on the basis of the 
company’s own evaluation. An external expert gives a statement on the valuation of Kojamo’s 
investment properties. The latest valuation statement was issued on the situation as at 31 
Dec 2025. The criteria for determining fair value are presented in the Notes to the Financial 
Statements. 
At the end of the financial year, the plot and real estate development reserve held by the 
Group totalled about 173,000 (176,000) floor sq.m. The fair value of the plot and real estate 
development reserve (including the Metropolia properties) was EUR 128.4 (153.0) million at 
the end of the financial year. 
Rental housing 
Apartments 
31 Dec 2025 
31 Dec 2024 
Number of apartments 
38,945 
40,973 
Average rent, €/m²/month 
17.78 
17.95 
Average rent, €/m²/month, yearly average 
17.83 
17.98 
Kojamo responds to the trends of urbanisation, digitalisation and communality in accordance 
with its strategy, providing its customers with apartments with good locations and services 
that make daily life easier, increase the attractiveness of housing and improve the sense of 
community. Kojamo’s properties form a networked service platform that enables agile innova-
tion implementation in cooperation with other operators. 
All Lumo rental apartments are also easily available for rent on our webstore. 
Rental housing key figures 
% 
1–12/2025 
1–12/2024 
Financial occupancy rate 
94.8 
91.5 
Tenant turnover rate, excluding internal turnover 
27.9 
29.7 
Like-for-Like rental income growth * 
2.6 
-1.4 
Rent receivables in proportion to revenue 
1.6 
1.5 
* Change of rental income for properties owned 
for two consecutive years in the past 12 months 
compared to the previous 12-month period. 
The full-year financial occupancy rate was 94.8 (91.5) per cent. At year-end, 87 (0) apart-
ments were vacant due to renovations. 
Kojamo’s property portfolio by region as at 31 December 2025 
Helsinki 
Tampere 
Turku 
Kuopio 
Lahti 
% 
region 
region 
region 
Oulu 
Jyväskylä 
region 
region 
Others 
Distribution by number of apartments 
65.0 
9.6 
4.6 
5.7 
4.4 
3.5 
2.9 
4.2 
Distribution by fair value 
75.9 
8.4 
3.8 
3.2 
2.8 
2.0 
1.7 
2.3 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
10 
Information on the property portfolio as at 31 December 2025 
Number of 
Number of commercial 
Financial 
apartments, 
and other leased 
Fair value, 
Fair value, 
Fair value, 
occupancy 
Area 
units 
premises, units 
M€ 
€ 1.000/unit 
€/m² 
rate, % ³
⁾
Helsinki region 
25,333 
463 
5,620.4 
218 
4,098 
94.3 
Tampere region 
3,730 
103 
623.6 
163 
3,192 
97.4 
Turku region 
1,807 
24 
282.0 
154 
2,959 
96.8 
Other 
8,075 
121 
882.9 
108 
2,063 
95.4 
Total 
38,945 
711 
7,408.9 
1) 
187 
3,545 
94.8 
Other 
211.8 
2) 
Total portfolio 
38,945 
711 
7,620.7 
¹
⁾
 
The figures reflect income-generating portfolio assets, 
which excludes new projects under constructions, 
plots owned by the company and ownership 
of certain assets through shares 
²
⁾
 
Fair value of ongoing projects under 
constructions, plots owned by the company and ownership 
of certain assets through shares and IFRS 16 right-of-use 
assets 
³
⁾
 
The financial occupancy rate does not include 
commercial premises and other leased premises 
Investments, divestments and real estate devel-
opment 
Investments 
M€ 
31 Dec 2025 
31 Dec 2024 
Acquisition of investment properties * 
13.4 
48.1 
Modernisation investments 
28.9 
4.1 
Capitalised borrowing costs 
0.2 
0.6 
Total 
42.5 
52.8 
Repair expenses, M€ 
24.1 
24.1 
* Not including leases for plots of land 
Number of apartments 
Units 
31 Dec 2025 
31 Dec 2024 
Apartments at the start of the financial year 
40,973 
40,619 
Divestments 
-2,028 
- 
Completed 
- 
354 
Apartments at the end of the financial year 
38,945 
40,973 
Started during the financial year 
- 
119 
Under construction at the end of the financial 
year 
119 
119 
2,028 (0) apartments were sold during the financial year. 
Of the apartments under construction, 119 (119) 
are located in Helsinki. A total of 0 (354) 
apartments were completed during the financial year. 
Modernisation investments during the financial year amounted EUR 28.9 (4.1) million and re-
pair costs totalled EUR 24.1 (24.1) million. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
11 
Binding acquisition agreements for new development 
M€ 
31 Dec 2025 
31 Dec 2024 
Actual costs incurred from new construction in progress 
22.2 
12.3 
Cost of completing new construction in progress 
1.8 
11.7 
Total 
24.0 
24.0 
Plots and real estate development sites owned by the company 
31 Dec 2025 
31 Dec 2024 
M€ 
1,000 fl.sq.m 
M€ 
1,000 fl.sq.m 
Plots 
29.8 
50 
29.8 
50 
Plots and existing residential building 
48.2 
57 
50.4 
59 
Conversions 
50.4 
66 
72.8 
67 
Total * 
128.4 
173 
153.0 
176 
* The management’s estimate of the fair value and building 
rights of the plots 
Binding preliminary agreements and provisions for plots and real estate development 
31 Dec 2025 
31 Dec 2024 
M€ 
1,000 fl.sq.m 
M€ 
1,000 fl.sq.m 
Preliminary agreements and 
reservations for plots ¹
⁾
26.6 
32 
26.6 
32 
¹
⁾
 
The management’s estimate of the fair value and building 
rights of the plots 
 
Strategic targets and their achievement 
Strategic targets 
2025 
2024 
2023 
2022 
2021 
2020 
Target 
Annual growth of total revenue, % 
0.6 
2.3 
7.0 
5.5 
2.0 
2.3 
4–5 
Annual investments, M€ 
42.5 
52.8 
190.7 
501.6 
356.9 
371.2 
200–400 
FFO/total revenue, % 
31.0 
32.8 
37.8 
38.9 
39.1 
39.5 
> 36 
Loan to Value (LTV), % 
42.3 
43.9 
44.6 
43.7 
37.7 
41.4 
< 50 
Equity ratio, % 
45.4 
43.2 
44.5 
45.3 
49.0 
45.6 
> 40 
Net Promoter Score (NPS) * 
57 
54 
50 
45 
20 
36 
40 
* The calculation method has changed for example 
including digital services in calculation. Actual for 
years 2021 and 2020 have not been adjusted to reflect 
the current calculation method. 
After the review period, Kojamo has published its financial targets for strategy period 2026 – 
2028. In the above table, the actuals are shown in accordance with the targets of the com-
pleted strategy period. 
Additionally, Kojamo has published updated dividend policy: Kojamo’s objective is to be a sta-
ble dividend payer whose annual dividend payment and/or share buy-backs will be at least 20 
per cent of FFO, provided that the Group’s equity ratio is 40 per cent or more and taking ac-
count of the company’s financial position. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
12 
Share and shareholders 
Issued shares and share capital 
Kojamo’s share capital on 31 December 2025 was EUR 58,025,136 and the number of 
shares at the end of the financial year was 247,144,399. 
Kojamo has a single series of shares, and each share entitles its holder to one vote in the 
general meeting of shareholders of the company. There are no voting restrictions related to 
the shares. The shares have no nominal value. The company shares belong to the book-entry 
system. 
The trading code of the shares is KOJAMO and ISIN code FI4000312251. 
Information on the share and share capital 
2025 
2024 
2023 
Share capital at the end of the financial year, € 
58,025,136 
58,025,136 
58,025,136 
Number of outstanding shares 
at the end of the financial year 
241,329,399 
247,144,399 
247,144,399 
Weighted average number of outstanding 
shares 
246,119,845 
247,144,399 
247,144,399 
Weighted average number of outstanding 
shares, diluted 
246,119,845 
247,144,399 
247,144,399 
Trading in the company’s share 
Kojamo’s shares are listed on the official list of Nasdaq Helsinki. 
In addition to the Nasdaq Helsinki stock exchange, Kojamo shares were traded on other mar-
ketplaces. From 1 January to 31 December 2025, approximately 155 million (approximately 
170 million) Kojamo shares were traded on alternative marketplaces, corresponding to ap-
proximately 65 per cent (approximately 70 per cent) of the total trading volume (Source: Mod-
ular Finance). 
Share price and trading 
2025 
2024 
2023 
Lowest price, € 
8.22 
8.70 
7.41 
Highest price, € 
11.52 
12.00 
15.71 
Average price, € 
10.06 
10.11 
10.29 
Closing price, € 
10.23 
9.39 
11.90 
Market value of share capital, 31 Dec, M€ 
2,528.3 
2,320.7 
2,941.0 
Share trading, million units 
79.4 
81.9 
103.8 
Share trading of total share stock, % 
32.1 
33.2 
42.0 
Share trading, M€ 
798.5 
828.3 
1,068.6 
Own shares 
On 31 July 2025, the Board of Directors of Kojamo plc decided to initiate a share buyback 
programme. The share repurchases commenced after the Company’s closed period, on 22 
August 2025. 
At the end of financial year, 5,815,000 shares were acquired. 
Dividend 
In accordance with the Board of Directors’ proposal, the Annual General Meeting on 13 March 
2025 decided that no dividend be paid for the financial year 2024. 
Shareholders 
At the end of the review period, the number of registered shareholders was 14,823, including 
nominee-registered shareholders. The proportion of nominee-registered and direct foreign 
shareholders was 51.0 per cent of the company’s shares at the end of the financial year. The 
10 largest shareholders owned in aggregate 52.1 per cent of Kojamo’s shares at the end of 
the financial year. 
The list of Kojamo’s shareholders is based on information provided by Euroclear Finland Ltd. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
13 
The Board of Directors’ authorisations 
Kojamo’s Annual General Meeting on 13 March 2025 authorised the Board of Directors to de-
cide on the repurchase and/or acceptance as pledge of an aggregate maximum of 
24,714,439 of the company’s own shares according to the proposal of the Board of Directors. 
The proposed amount of shares corresponds to approximately 10 per cent of all the shares of 
the company. The authorisation will remain in force until the closing of the next Annual Gen-
eral Meeting, however, no longer than until 30 June 2026. 
On 31 July 2025, the Board of Directors of Kojamo plc decided to initiate a share buyback 
programme. Under the buyback programme, a maximum of 7,000,000 shares may be repur-
chased. The share repurchases commenced after the Company’s closed period, on 22 Au-
gust 2025. The repurchased shares will be cancelled. At the end of financial year, 5,815,000 
shares were acquired. 
The Board of Directors was also authorised to decide on the issuance of shares and the issu-
ance of special rights entitling to shares as referred to in Chapter 10, Section 1 of the Compa-
nies Act according to the proposal of the Board of Directors. The number of shares to be is-
sued on the basis of the authorisation shall not exceed an aggregate maximum of 24,714,439 
shares, which corresponds to approximately 10 per cent of all the shares of the company. The 
authorisation applies to both the issuance of new shares and the conveyance of own shares 
held by the company. The authorisation will remain in force until the closing of the next An-
nual General Meeting, however, no longer than until 30 June 2026. 
The Board has not used authorisation.
Flagging notifications 
The flagging notification received by Kojamo pursuant to Chapter 9, Section 5 of the Securi-
ties Market Act have been published as stock exchange releases, and they are available on 
the Kojamo website at https://kojamo.fi/en/news-releases/. 
Managers’ transactions and shareholdings 
Managers’ transactions at Kojamo in 2025 have been published as stock exchange releases 
and they are available on the Kojamo website at https://kojamo.fi/en/news-releases/. 
The members of the Board of Directors or corporations over which they exercise control 
owned a total of 76,434 (63,876) shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. The members of the Management Team 
or corporations over which they exercise control owned a total of 70,508 (57,532) shares and 
share-based rights in the company or in companies belonging to the same Group as the com-
pany. These shares represent 0.06 (0.05) per cent of the company’s entire share capital. 
Shareholdings 
There are a total of 14,823 shareholders in Kojamo plc, the ten largest shareholders being 
(share register at 31 Dec 2025):
10 largest shareholders as at 31 December 2025 
No. of 
Shareholder 
shares 
Holding, % 
Heimstaden Bostad AB 
49,389,283 
19.98 
Ilmarinen Mutual Pension Insurance Company 
20,537,814 
8.31 
Varma Mutual Pension Insurance Company 
19,362,375 
7.83 
The Finnish Industrial Union 
15,788,503 
6.39 
Trade Union of Education in Finland 
9,214,417 
3.73 
Trade Union PRO 
4,904,150 
1.98 
Elo Mutual Pension Insurance Company 
3,510,000 
1.42 
The State Pension Fund 
2,200,000 
0.89 
Finnish Construction Trade Union 
2,000,001 
0.81 
Evli Finnishs Small Cap Fund 
1,812,000 
0.73 
Other 
112,610,856 
45.56 
Shares outstanding 
241,329,399 
97.65 
Treasure shares 
5,815,000 
2.35 
Total 
247,144,399 
100.00 
Breakdown of share ownership 
No. of 
No. of 
% of 
Shares 
owners 
% 
shares 
shares 
1–100 
7,872 
53.11 
316,184 
0.13 
101–500 
4,643 
31.32 
1,177,828 
0.48 
501–1,000 
1,092 
7.37 
838,660 
0.34 
1,001–5,000 
883 
5.96 
1,962,762 
0.79 
5,001–10,000 
126 
0.85 
929,876 
0.38 
10,001–50,000 
108 
0.73 
2,320,477 
0.94 
50,001–100,000 
24 
0.16 
1,777,182 
0.72 
100,001–500,000 
39 
0.26 
8,519,244 
3.45 
500,001– 
36 
0.24 
229,302,186 
92.78 
Total 
14,823 
100.00 
247,144,399 
100.00 

 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
14 
Ownership structure 
No. of 
% of 
Shareholders 
shares 
shares 
Public sector 
46,667,512 
18.88 
Financial and insurance corporations 
69,353,271 
28.06 
Households 
5,842,014 
2.36 
Non-financial corporations 
11,919,413 
4.82 
Non-profit institutions 
43,689,128 
17.68 
Other countries 
69,673,061 
28.19 
Total 
247,144,399 
100.00 
Nominee-registered 
76,701,516 
31.04 
Governance 
Annual General Meeting 
Kojamo’s Annual General Meeting (AGM) of 13 March 2025 adopted the financial statements 
for the financial year 2024 and discharged the members of the Board of Directors and the 
CEO from liability. The AGM also decided that no dividend be paid for the financial year 2024, 
the number of members of the Board of Directors, the Board of Director’s remuneration and 
composition and the election and remuneration of the auditor and the sustainability reporting 
assurance provider. The AGM approved the Remuneration Report for the year 2024 for the 
members of the Board of Directors, the CEO and the Deputy CEO. The AGM authorised the 
Board of Directors to resolve on one or more share issues or the issuance of special rights 
entitling to shares, as referred to in Chapter 10, Section 1 of the Companies Act. The minutes 
of the AGM are available at https://kojamo.fi/en/investors/corporate-governance/annual-gen-
eral-meeting/annualgeneral-meeting-2025/. 
Board of Directors, 
auditors and sustainability reporting 
assurance provider 
The members of Kojamo’s Board of Directors are Mikael Aro (Chairman), Mikko Mursula 
(Vice-Chairman), Kari Kauniskangas, Anne Koutonen, Veronica Lindholm, Andreas Segal and 
Annica Ånäs. The company’s auditor and the sustainability reporting assurance is KPMG Oy 
Ab, with Authorised Public Accountant Petri Kettunen as the auditor and key sustainability 
partner with principal responsibility. 
Board committees 
Kojamo’s Board of Directors has established two permanent committees, an Audit Committee 
and a Remuneration Committee. Anne Koutonen (Chairman), Mikko Mursula, Andreas Segal 
and Annica Ånäs serve in the Audit Committee. Kari Kauniskangas (Chairman), Mikael Aro 
and Veronica Lindholm serve in the Remuneration Committee. 
Nomination Board 
A stock exchange release was issued on 9 September 2025 announcing the composition of 
Kojamo plc’s Nomination Board. Kojamo’s three largest shareholders nominated the following 
members to the Shareholders’ Nomination Board: Christian Fladeland, Co-CEO, Heimstaden 
AB; Annika Ekmn, EVP, 
Investments, Ilmarinen Mutual Pension Insurance Company; and 
Risto Murto, CEO, Varma Mutual Pension Insurance Company. 
In addition, the Chairman of 
Kojamo’s Board of Directors serves as an expert member of the Nomination Board. 
The Shareholders’ Nomination Board is a body established by the Annual General Meeting 
consisting of shareholders, with the task of annually preparing and presenting proposals for 
the General Meeting concerning the number, composition and Chairman of the Board of Di-
rectors, remuneration of the Board of Directors and remuneration of the members of the 
Board Committees. 
The proposal of the Nomination Board to the Annual General Meeting were published as a 
stock exchange release on 28 January 2026.
CEO 
Erik Hjelt (LL.Lic., EMBA) was Interim CEO and CFO until 2 June 2025. Reima Rytsölä 
(M.Soc.Sc.) has been CEO since 2 June 2025. 
Management Team 
At the end of the review period, the members of the Management Team were Reima Rytsölä 
CEO, Erik Hjelt, CFO, Ville Raitio, Executive Vice President, Investments & Portfolio Manage-
ment, 
Janne Ojalehto, Executive Vice President, Housing, (from 1 July 2025) Technology 
Of-
ficer Tuomas Kaulio, and (from 1 October 2025) Executive Vice President Katri Viippola re-
sponsible Human Resources, Communications and Sustainability. 
Description of corporate governance 
The description of Kojamo’s administration and the Corporate Governance Statement are 
publicly available on Kojamo’s website at https://kojamo.fi/en/investors/releases-and-publica-
tions/financial-reports/. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
15 
Personnel 
At the end of 2025, Kojamo had a total of 256 (256) employees, of who 238 (245) were on 
permanent contracts and 18 (11) were on temporary contracts. The average number of per-
sonnel during the year was 266 (276). The average length of service was 9.9 (9.5) years. Per-
sonnel turnover in 2025 was 12.2 (17.6) per cent. The company hired 32 summer employees 
in 2025. 
The salaries and fees paid during the financial year totalled EUR 18.2 (17.4) million. 
Annual performance bonus and incentive system 
Kojamo’s employees are included in an annual performance bonus system which is based on 
the achievement of the company’s general targets as well as personal targets. 
Kojamo also has a long-term share-based incentive plan for the Group’s key personnel. The 
reward is based on reaching the targets set for Kojamo’s key business criteria in relation to 
the Group’s strategic goals. Three performance periods were ongoing at the end of the review 
period: 2023–2025, 2024–2026 and 2025–2027. 
On 13 February 2025, Kojamo’s Board of Directors resolved on the long-term incentive plan’s 
performance period of 2025–2027. The possible rewards for the performance period are 
based on the Group’s revenue (%), Funds From Operations (FFO) per share, Disposals and 
apartment-specific CO
2
 
emission reduction target for years 2025–2027. The rewards to be 
paid on the basis of the performance period correspond to the value of a maximum total of 
231,200 shares including the proportion to be paid in cash. 
If the three ongoing earning periods were accrued in full, the maximum bonus would be a sum 
corresponding to 614,842 Kojamo shares, of which part of would be paid in Kojamo shares 
and part of in cash. More information on the long-term incentive plan is provided in Kojamo’s 
Remuneration Report for 2025. 
On 13 February 2025, Kojamo’s Board of Directors approved to establish a new restricted 
share programme for the years 2025–2027. The programme will be used in specific situations 
decided by the Board of Directors separately. The programme consists of individual, annually 
commencing maximum three-year long restricted share plans within which the participants 
have the opportunity to receive a fixed number of shares as a long-term incentive and reten-
tion award. 
2025–2027 commitment period will last until the end of 2027 and the possible reward will be 
paid during the year following the expiry of the period in shares in the company. The maxi-
mum number of shares to be granted is 65,000 shares. 
Sustainability information 
The sustainability information presented herein describes Kojamo’s sustainability work and its 
key focus areas during the reporting period. Kojamo has not been subject to the EU sustaina-
bility reporting requirements (CSRD) 
during the reporting period, and the sustainability infor-
mation included in the Board of Directors’ Report has not been prepared as a sustainability 
report in accordance with the Corporate Sustainability Reporting Directive. Furthermore, the 
sustainability information presented in the Board of Directors’ Report does not constitute a 
voluntary sustainability statement pursuant to the Finnish Accounting Act. 
The sustainability information presented in the Board of Directors’ Report has not been veri-
fied by an external party. 
We will publish a separate Sustainability Report in March 2026, in which sustainability work 
will be presented in a more comprehensive and detailed manner. Certain key sustainability 
metrics presented in the separate Sustainability Report will be verified by an independent 
third party. 
Sustainability programme 
Responsibility and sustainable development are one of the focus areas in Kojamo’s strategy. 
Our sustainability programme is based on materiality assessment and extends across our 
businesses. With the help of the programme, we steer and develop our sustainability efforts 
systematically as a key component of our business operations. Our sustainability programme 
defines the focus areas, long-term and short-term targets, and performance indicators for our 
sustainability efforts. 
The focus areas of our sustainability programme are 
●
 
sustainable cities, 
●
 
the best customer experience, 
●
 
most competent personnel and a dynamic place to work as well as 
●
 
a responsible corporate citizen. 
The foundation of our sustainability programme is built on ensuring long-term profitability and 
growth, sustainable and responsible operations and transparent sustainability communica-
tions and reporting. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
16 
Sustainability management 
Our sustainability work is guided by our strategy, values, operating principles and sustainabil-
ity programme. 
The Board of Directors makes the strategic policies and decisions concerning sustainability. 
The CEO is responsible for the implementation of the Board of Director’s decisions and moni-
tors with the assistance of the Management Team 
that sustainability is implemented as part of 
the Group’s business operations. 
At the Management Team 
level, sustainability matters are the responsibility of the Executive 
Vice President, People, Brand and Sustainability. The Group Management Team 
acts as the 
sustainability steering group. 
The Sustainability Manager is responsible for Kojamo’s sustainability related matters and their 
development, sustainability reporting and supporting the Group’s business units as an expert 
on sustainability issues. The Sustainability Manager reports to the Executive Vice President, 
People, Brand and Sustainability. 
The members of the Management Team 
manage the actions related to their respective areas 
of responsibility with regard to the implementation of the sustainability programme. Sustaina-
bility targets are integral elements of the operating plans and objectives of our businesses. 
Sustainable cities 
Key targets, performance indicators and results 
We create comfortable and safe urban environments in line with the principles of sustainable 
development. We have committed to improving the energy efficiency and reducing green-
house gas emissions of our operations. Our target is to achieve carbon-neutral energy con-
sumption for our property portfolio by 2030. 
Our primary means of reducing emissions include modernisation, repair projects and energy 
management. In addition, we make separate investments in geothermal systems and other 
renewable energy production. With the framework of VAETS energy efficiency agreement, we 
will increase the efficiency of our energy consumption by 7.5% by the end of 2025. We 
achieved this target ahead of schedule already in 2024. 
●
 
Performance indicator 1: Carbon footprint per apartment, Scope 2, market-based, result 
2025: 0.6 tCO
₂
e/apartment (0.6) 
●
 
Performance indicator 2: Change in carbon footprint per apartment compared to the pre-
vious year, Scope 2, market-based, result 2025: -9% (-23) 
The best customer experience 
Key targets, performance indicators and results 
We work with a long-term view to promote better and more sustainable urban living. Lumo 
homes deliver the best customer experience in housing for our customers: safe, convenient 
and sustainable housing paired with the best housing services. Our main objectives are satis-
fied residents and increasing our Net Promoter Score. 
●
 
Performance indicator 1: Net Promoter Score (NPS), result 2025: 57 (54) 
The most competent personnel and a dynamic place to 
work 
Key targets, performance indicators and results 
Our shared values – happy to serve, strive for success and courage to change – guide our 
operations and are reflected in our day-to-day work. We ensure future competitiveness 
through the development of competence and the commitment of the best employees through 
employee experience. Our goal is to create a first-class employee experience through good 
management, investing in the well-being of our personnel and promoting equality and non-
discrimination. We want that every Kojamo employee enjoys their work and can take pride in 
the results of their work. 
●
 
Performance indicator 1: Employee Net Promoter Score (eNPS), result 2025: 46 (17) 
●
 
Performance indicator 2: Employee survey average score (1-5), result 2025: 4.14 (3.95) 
A responsible corporate citizen 
Key targets 
We recognise our duty to be a responsible corporate citizen towards our customers, partners 
and other stakeholders. Our Code of Conduct is based on Kojamo’s values. It is the founda-
tion of our operations and applies to everyone at Kojamo. 
As a significant taxpayer, we adhere to responsible tax practices ad pay all our taxes to Fin-
land. Our business operations have significant, long-term impacts on society through our pur-
chases and investments. 

 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
17 
In the construction sector, we have recognised combating the grey economy as a key focus 
area. The operating models we use exceed the legislative requirements in many respects and 
support the responsibility of the entire industry. 
We communicate openly about our sustainability efforts and expect the same from our part-
ners. Kojamo’s whistleblowing channel enables all stakeholders to confidentially report any 
concerns. 
Most significant strategic risks and their man-
agement 
Kojamo’s risk management policy is based on the company’s risk management policy and 
treasury policy, corporate governance and Code of Conduct as well as the risk assessment, 
which was carried out in December 2025 connection with the strategy and annual planning 
process. The risk assessment identifies the most significant risks and defines means to man-
age them. The risk assessment is updated regularly. The company’s risk management is de-
scribed in more detail in the 
Corporate Governance Statement 
The risk assessment takes into consideration strategic and financial risks as well as risks re-
lated to business operations, operating environment and safety. Kojamo’s most significant 
risks and their primary risk management methods are described below.
RISK 
CAUSES OF THE RISK AND CONSEQUENCES 
MANAGING THE RISK 
Strategic risks 
Decrease in apartment values 
●
 
Due to the weak economic situation or inflation and rising 
interest rates, the volumes of housing sales and portfolio 
transactions decrease, housing prices decrease, and yield 
requirements increase 
●
 
Active long-term portfolio management based on urbanisa-
tion and population growth 
●
 
Active asset management in improving cash flows and costs 
management in order to defend values 
Renting apartments becomes more difficult due to the 
oversupply of rental apartments 
●
 
Investments in new rental apartments 
●
 
Measures by society and cities do not result in the right 
type of apartments 
●
 
The rents of the properties are priced above the market 
rent level 
●
 
Temporary 
disturbances in urbanisation 
●
 
Decrease in household sizes does not continue 
●
 
Long-term outlook for rental property investments is positive 
●
 
In the short term, determined letting efforts and dynamic 
pricing for apartments 
Climate change: Transition risk 
Risks related to the transition to a low-carbon society: 
●
 
Increasing regulation; the company is unable to meet the 
requirements arising from tightened legislation 
●
 
Increasing cost of energy and raw materials 
●
 
Shifting market preferences 
●
 
Cost of indirect emissions 
●
 
Technological 
risks 
●
 
Market risks 
●
 
Active following of the EU and national legislation (espe-
cially the Energy Efficiency of Buildings Directive) to include 
new requirements in the planning process in early stage 
●
 
Implementing the sustainability programme and aiming to 
meet the net zero target by 2030 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
18 
Inability to grow in a profitable way 
●
 
Transaction market is illiquid 
●
 
Yield levels are not attractive 
●
 
Lack of suitable properties for sale 
●
 
Cost of construction, land and financing high compared to 
target yield 
●
 
Different acquisition sources and active screening of invest-
ment opportunities 
●
 
Usage of alternative financing sources and transaction mod-
els (convertible debt, joint venture structures) 
Failure to take advantage of the opportunities pre-
sented by digitalisation 
●
 
Unable to identify the opportunities of digitalisation to en-
sure competitiveness 
●
 
Unable to realise the benefits enabled by new technology 
and digitalisation 
●
 
Failing to commercialise services 
●
 
Unable to get partners involved in developing services 
●
 
Organisational capabilities/operating methods do not meet 
the requirements of digitalisation 
●
 
Current technological solutions do not support digital de-
velopment 
●
 
User training for digital solutions is not consistent 
●
 
Continuous identification and planning of the possibilities to 
develop processes and services 
●
 
Regular monitoring the digital landscape and adapting new 
methods 
●
 
Collaboration between different functions to ensure a holis-
tic approach to digitalisation 
●
 
Implementing automation and AI technologies to streamline 
processes and to improve efficiency 
●
 
Digitalisation pilots and experiments 
Reform of housing and rent legislation 
●
 
General changes in housing or specifically in rent legisla-
tion 
●
 
The changes in the housing allowance system may have 
an impact on students’ position 
●
 
The new Rental Housing Act is not valid legislation, but 
this may lead to minor process changes 
●
 
Active following and contributing to the legislation process 
●
 
Identifying and preparing for potential process changes 
Demand for rental housing declines 
●
 
Continuation of urbanisation and immigration development 
●
 
Segregation within operational locations 
●
 
Popularity of home ownership increases from the current 
level 
●
 
Focus on cities where the share of rental housing is highest 
and growing 
Planned divestments are not realised 
●
 
Mismatch between what company wants to sell and what 
is the demand in the market 
●
 
The volume of planned exits versus market liquidity which 
leads to the inability to sell and to reduce debt as well as 
may affect credit rating 
●
 
Systematic approach and monitoring of sales processes 
●
 
Several ongoing sales processes with different risk profiles 
●
 
Realistic sales targets 
●
 
Acceptance to sell at market terms with potential write-
downs 
Financial risks 
Increase in market interest rates 
●
 
Significant changes in market interest rates, interest mar-
gins and spreads 
●
 
Changes can be caused by the market or the acceleration 
of inflation 
●
 
Loan portfolio is managed by dividing loans between fixed 
and floating rate loans, by different interest rate renewal pe-
riods and by using interest rate derivatives 
●
 
In accordance with the Group’s Treasury policy, 
the target 
hedging ratio is 50–100 per cent 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
19 
Decreased availability of capital 
●
 
Due to banking regulation and/or the domestic or interna-
tional economic situation, the availability of financing weak-
ens 
●
 
Market disruptions 
●
 
Diversifying the financing sources and financial instruments 
in the loan portfolio 
●
 
Diversifying the maturities of loans 
●
 
Maintaining a strong balance sheet structure 
Loss of investment grade credit rating 
●
 
Deterioration of the market situation 
●
 
Deterioration of key performance indicators, in particular 
coverage ratio, LTV and liquidity 
●
 
Proactive measures to maintain key performance indicators 
●
 
Measures refraining from investments and dividend pay-
ment 
●
 
Sale of properties 
●
 
Early financing and capital raising 
Other risks
Data security and cyber security 
●
 
Cyber security attacks may cause service outages and dis-
rupt business operations, compromise communication con-
fidentiality and may block access to critical data, leading to 
financial losses 
●
 
The causes of the risks are typical for companies, such as 
DoS/DDoS attacks, MitM attacks and ransomware 
●
 
Human errors 
●
 
Regular information security risk management 
●
 
Vendor and technology risk assessment and mitigation 
●
 
Continuous monitoring and IT service updates 
●
 
Cyber security training for personnel 
●
 
Security requirements for IT vendors 
●
 
Regular audits, best practices, and cyber insurance 
Privacy 
●
 
Personal data (customers, personnel, stakeholders) is col-
lected, stored or otherwise processed against the princi-
ples of data protection legislation (such as GDPR) and in-
ternal instructions 
●
 
The rights guaranteed by legislation for data subjects are 
not followed 
●
 
Accountability cannot be demonstrated 
●
 
Identifying and understanding data, assessing risks, imple-
menting controls, monitoring and reviewing, training, edu-
cating and fostering privacy-first culture 
Uncertain geopolitical landscape 
●
 
Geopolitical tensions such as war or trade and tariff poli-
cies create economic uncertainty in the global economy 
●
 
Weakening economic and inflation outlook may affect 
housing market and consumer confidence 
●
 
Uncertain financial markets 
●
 
Extreme geopolitical situations affect migration 
●
 
Maintaining a strong balance sheet structure 
●
 
Managing sufficient cost structure 
●
 
Ensuring attractiveness of Lumo apartments 
National economy is not growing 
●
 
The global/euro area economic situation weakens 
●
 
International financial markets are uncertain 
●
 
Customers’ ability to pay is declining 
●
 
Efficient credit control and debt collection processes 
●
 
Assessment of customers’ risk 
Physical and digital product quality does not meet the 
customer needs (demand) 
●
 
The quality of the physical product does not match the 
quality of the competitors' products in some micro-markets 
●
 
Online services require continuous development, including 
the underlying technology 
●
 
Understanding customer needs and market offering 
●
 
Developing product quality according to strategy 

 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
20 
Financial irregularities, external or internal 
●
 
Unidentified hazardous work combinations 
●
 
Missing or inadequate controls 
●
 
Too 
extensive access rights to systems 
●
 
Insufficient and inadequate supervision of work or in the 
review of invoices 
●
 
Incomplete or unclear order, commission or documentation 
●
 
Invoice fraud 
●
 
Procurement guideline 
●
 
Yearly access reviews on systems and user controls 
●
 
Invoice management system 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
21 
Near-term risks and uncertainties 
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 regar-
ding 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 com-
pany’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 bet-
ween 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 on-
going 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 compa-
nies. 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 af-
fect the company’s financing costs, credit rating and financial ratios. These factors may im-
pact 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 Most significant strategic 
risks and their management section of the Management report. 
Internal auditing 
The internal audit is responsible for the independent evaluation and assurance function re-
quired of a listed company, which systematically examines and verifies the efficiency of risk 
management, control, management and governance. The Audit Committee of Kojamo’s 
Board of Directors has confirmed the operating instructions for the internal audit function. 
Kojamo’s internal auditing has been outsourced to the audit firm PricewaterhouseCoopers 
Oy. Kojamo has designated the CFO and Group Controller to be in charge of coordinating the 
practical activities. Internal auditing operates under the authority of the CEO and the Audit 
Committee and reports its observations and recommendations to the Audit Committee, the 
CEO, the Management Team 
and the auditor. The auditing function covers all companies and 
functions in the Kojamo Group. 
The auditing operations are based on risk analyses and conversations with the Group man-
agement related to risk management and control. Regular meetings with the auditor are set 
up in order to guarantee sufficient audit coverage and to avoid overlapping operations. 
Internal auditing annually draws up an auditing plan that is approved by the CEO and the Au-
dit Committee. The auditing plan is modified based on risks, if necessary. 
In 2025, the main focus areas of internal auditing operations were related to unit audits, infor-
mation security, data integrity in investment property fair value calculation, and pricing pro-
cess. 
Group structure and changes therein 
At the end of the financial year, the legal Group comprised 363 (377) subsidiaries and 40 (43) 
associates companies. 
Subsidiaries wholly owned by Kojamo plc are Lumo Kodit Oy, Lumo Vuokratalot Oy, 
Lumo-
housing 2 Oy, Lumohousing 12 Oy, 
Lumo Asumisen Palvelut Oy, VVO Hoivakiinteistöt Oy, 
Kojamo Holding Oy, Kotinyt Oy and Kojamo Palvelut Oy. 
In addition, Kojamo plc has a 50 per 
cent holding in SV-Asunnot Oy. 
Group structure 31 Dec 2025 
 
Associated 
M€ 
Subsidiaries 
companies 
Kojamo plc 
9 
1)
2 
Parent companies of sub-groups 
Lumo Kodit Oy 
340 
32 
Lumo Vuokratalot Oy 
10 
3 
2)
Lumo Asumisen Palvelut Oy 
3 
4 
Kojamo Palvelut Oy 
1 
Total 
363 
40 
¹
⁾
 
Includes the parent companies of the sub-groups 
and other subsidiaries listed 
²
⁾
 
1 of the associated company is subsidiary at 
Kojamo Group level 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
22 
Events after the financial year 
On 28 January Kojamo announced that it had received the proposals of the Shareholders’ 
Nomination Board for the Annual General Meeting. The proposals included the suggested 
number of members of the Board of Directors, the proposed Chair and members of the Board, 
the proposed remuneration for the Chair, Vice Chair and members of the Board, as well as 
the Nomination Board’s proposal to amend its rules of procedure. 
On 28 January 2026 Kojamo announced that it had completed its share buyback program. 
During the period from 22 August 2025 to 27 January 2026, Kojamo bought back 7,000,000 
of its own shares, which corresponds to approximately 2.8 per cent of all shares in the com-
pany. The purchases made under the buyback program reduced Kojamo’s equity by approxi-
mately EUR 72.7 million. As a result of the buyback program, Kojamo plc directly owns a total 
of 7,000,000 shares. The shares purchased during the buyback program will be cancelled. 
On 10 February 2026, Kojamo announced that it had agreed to acquire a housing portfolio 
and had issued special rights entitling to shares. Kojamo plc, its wholly owned subsidiary 
Lumo Kodit Oy and Varma Mutual Pension Insurance Company have entered into an agree-
ment under which Lumo Kodit will acquire a housing portfolio. The portfolio consists of 60 res-
idential properties that have combined 4,761 apartments. The properties are located mainly in 
the capital region. Kojamo has issued 24,666,667 special rights to Varma pursuant to Chapter 
10, Section 1 of the Finnish Companies Act based on the authorisation granted to the Board 
of Directors by the Annual General Meeting held on 13 March 2025. 
On 11 February 2026, Kojamo announced updated strategy and new financial targets for 
strategy period 2026—2028. The company also announced its new dividend policy. 
Proposal by the Board of Directors for the 
distribution of profits 
The parent company Kojamo plc’s distributable unrestricted equity on 31 Dec 2025 was EUR 
412,838,037.43, of which the profit for the financial year amounted to EUR 318,603,745.90. 
No significant changes have taken place in the company’s financial position since the end of 
the financial year. 
The company’s Board of Directors proposes to the Spring Annual General Meeting that the 
distributable funds be used as follows: a divided of EUR 0.11 per share be paid, totalling EUR 
26,415,883.89, and EUR 386,422,153.54 be retained in unrestricted equity.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
23 
Key figures 
Formula 
2025 
2024 
2023 
2022 
2021 
Total revenue, M€ 
455.2 
452.4 
442.2 
413.3 
391.7 
Net rental income, M€ 
1 
307.7 
302.9 
297.2 
280.1 
262.3 
Net rental income margin, % 
2 
67.6 
66.9 
67.2 
67.8 
67.0 
Profit/loss before taxes, M€ 
3 
26.8 
26.3 
-112.3 
-499.8 
1,278.9 
EBITDA, M€ 
4 
147.8 
131.3 
-39.9 
-441.3 
1,334.8 
EBITDA margin, % 
5 
32.5 
29.0 
-9.0 
-106.8 
340.8 
Adjusted EBITDA, M€ 
6 
270.6 
266.2 
255.1 
240.4 
228.5 
Adjusted EBITDA margin, % 
7 
59.4 
58.8 
57.7 
58.2 
58.3 
Adjusted EBITDA excluding repair expenses, M€ 
26 
294.7 
290.2 
284.4 
270.7 
260.9 
Funds From Operations (FFO), M€ 
8 
140.9 
148.2 
167.2 
160.7 
153.1 
FFO margin, % 
9 
31.0 
32.8 
37.8 
38.9 
39.1 
Funds From Operations (FFO) per share, € 
10 
0.57 
0.60 
0.68 
0.65 
0.62 
FFO excluding non-recurring costs, M€ 
11 
140.9 
149.0 
167.2 
160.7 
153.1 
Adjusted Funds From Operations (AFFO), M€ 
12 
112.1 
144.1 
140.5 
138.2 
141.1 
Investment properties, M€ ¹
⁾
7,620.7 
7,960.0 
8,038.8 
8,150.2 
8,327.5 
Financial occupancy rate, % 
27 
94.8 
91.5 
93.0 
92.0 
93.9 
Interest-bearing liabilities, M€ ²
⁾
13 
3,391.3 
3,827.9 
3,600.4 
3,678.2 
3,334.5 
Return on equity, % (ROE) 
14 
0.6 
0.6 
-2.4 
-9.9 
27.0 
Return on investment, % (ROI) 
15 
2.1 
2.0 
-0.4 
-5.7 
19.2 
Equity ratio, % 
16 
45.4 
43.2 
44.5 
45.3 
49.0 
Loan to Value (LTV), % ³
⁾
17 
42.3 
43.9 
44.6 
43.7 
37.7 
Unencumbered asset ratio, % 
18 
76.7 
71.5 
74.7 
87.1 
86.3 
Coverage ratio 
19 
2.4 
2.6 
3.6 
3.8 
3.9 
Coverage ratio excluding repair expenses 
28 
2.6 
2.8 
4.0 
4.3 
4.5 
Solvency ratio 
20 
0.41 
0.42 
0.44 
0.42 
0.36 
Secured solvency ratio 
21 
0.13 
0.17 
0.10 
0.09 
0.09 
Earnings per share, € 
0.08 
0.09 
-0.36 
-1.62 
4.14 
Equity per share, € 
14.89 
14.68 
14.67 
15.55 
17.25 
Dividend/share, € ⁴
⁾
 
0.11 
- 
- 
0.39 
0.38 
Dividend/earnings, % 
22 
137.5 
- 
- 
- 
9.2 
Price/Earnings ratio (P/E) 
23 
127.9 
104.3 
- 
- 
5.1 
Effective dividend yield, % 
24 
1.1 
- 
- 
2.8 
1.8 
Gross investments, M€ 
25 
42.5 
52.8 
190.7 
501.6 
356.9 
Average number of personnel 
266 
276 
315 
316 
321 
¹
⁾
 
Including Non-current assets held for sale ²
⁾
 
Excluding Liabilities related to Non-current assets held 
for sale ³
⁾
 
Excluding Non-current assets held for sale and 
liabilities related to Non-current assets held 
for sale 
⁴
⁾
 
2025: The Board of Directors proposes to the 
Annual General Meeting that a dividend EUR 0.11 per share be paid 

 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
24 
Alternative Performance Measures 
Kojamo presents Alternative Performance Measures to illustrate the financial development of 
its business operations and improve comparability between reporting periods. The Alternative 
Performance Measures, i.e. performance measures that are not based on financial reporting 
standards, provide significant additional information for the management, investors, analysts 
and other parties. The Alternative Performance Measures should not be considered substi-
tutes for IFRS performance measures. 
Some companies operating in the same industry as Kojamo record part of the maintenance 
expenses in the balance sheet. To improve comparability, 
we present Adjusted EBITDA ex-
cluding repair expenses and Coverage ratio excluding repair expenses 
Formulas used in the calculation of the key figures 
Alternative Performance Measures specified in accordance with ESMA Guidelines 
1) 
Net rental income 
= 
Total 
revenue - Maintenance expenses - Repair expenses 
Net rental income measures the profitability of the 
Group’s rental business after the deduction of maintenance 
and repair costs. 
2) 
Net rental income margin, % 
= 
Net rental income 
x 100 
Total 
revenue 
This figure reflects the ratio between net rental 
income and total revenue. 
Net rental income - Administrative expenses + Other operating income - Other operating expenses +/- Profit/loss on sales of 
3) 
Profit/loss before taxes 
= 
investment properties +/- Profit/loss on sales of trading properties +/- Profit/loss on fair value of investment properties - Depreciation, 
amortisation and impairment losses +/- Financial income and expenses +/- Share of result from associated companies 
Profit/loss before taxes measures profitability after operative 
costs and financial expenses. 
4) 
EBITDA 
= 
Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Financial income and expenses -/+ Share of result 
from associated companies + Current tax expense + Change in deferred taxes 
EBITDA measures operative profitability before financial 
expenses, taxes and depreciation. 
5) 
EBITDA margin, % 
= 
EBITDA 
x 100 
Total 
revenue 
EBITDA margin discloses EBITDA in relation to 
net sales. 
Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Profit/loss on sales of investment properties 
6) 
Adjusted EBITDA 
= 
-/+ Profit/loss on sales of trading properties -/+ Profit/loss on sales of other non-current assets -/+ Profit/loss on fair value of 
investment properties for the period -/+ Financial income and expenses -/+ Share of result from associated companies 
+ Current tax expense + Change in deferred taxes 
Adjusted EBITDA measures the profitability of the 
Group’s underlying rental operations excluding gains/losses 
on sale of properties and unrealised 
value changes of investment properties. 

 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
25 
7) 
Adjusted EBITDA margin, % 
= 
Adjusted EBITDA 
x 100 
Total 
revenue 
Adjusted EBITDA margin discloses adjusted EBITDA in 
relation to total revenue. 
8) 
Funds From Operations (FFO) 
= 
Adjusted EBITDA - Adjusted net interest charges - Current tax expense +/- Current taxes from disposals 
FFO measures cash flow before change in net working 
capital. The calculation of this APM takes into account financial 
expenses and current taxes but 
excludes items not directly connected to rental operations, 
such as unrealised value changes. 
9) 
FFO margin, % 
= 
FFO 
x 100 
Total 
revenue 
FFO margin discloses FFO in relation to total revenue. 
10) 
FFO per share 
= 
FFO 
Weighted average number of shares outstanding during the financial period 
FFO per share illustrates FFO for an individual 
share. 
11) 
FFO excluding non-recurring costs 
= 
FFO + non-recurring costs 
FFO measures cash flow before change in net working 
capital. The calculation of this APM takes into account financial 
expenses and current taxes but 
excludes items not directly connected to rental operations, 
such as unrealised value changes and non-recurring 
costs. 
12) 
Adjusted FFO (AFFO) 
= 
FFO - Modernisation investments 
AFFO measures cash flow before change in net working 
capital, adjusted for modernisation investments. The calculation 
of this APM takes into account 
modernisation investments, financial expenses and 
current taxes but excludes items not directly connected 
to rental operations, such as unrealised 
value changes. 
13) 
Interest-bearing liabilities 
= 
Non-current loans and borrowings + Current loans and borrowings 
Interest-bearing liabilities measures the Group’s total debt. 
14) 
Return on equity, % (ROE) 
= 
Profit for the period (annualised) 
x 100 
Total 
equity, average during the period 
ROE measures the financial result in relation to 
equity. This APM illustrates Kojamo’s ability to generate a return for the shareholders. 
15) 
Return on investment, % (ROI) 
= 
(Profit before taxes + Interests and other financial expenses) (annualised) 
x 100 
(Total 
assets - Non-interest-bearing liabilities), average during the period 
ROI measures the financial result in relation to invested 
capital. This APM illustrates Kojamo’s ability to generate 
a return on the invested funds. 

 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
26 
16) 
Equity ratio, % 
= 
Total 
equity 
x 100 
Balance sheet total - Advances received 
Equity to assets is an APM for balance sheet structure 
that discloses the ratio of equity to total capital. 
This APM illustrates the Group’s financing struc-
ture. 
17) 
Loan to Value (LTV), 
% 
= 
Interest-bearing liabilities - Cash and cash equivalents 
x 100 
Investment properties 
Loan to value discloses the ratio of net debt 
to investment properties. This APM illustrates the Group’s indebtedness. 
18) 
Unencumbered asset ratio, % 
= 
Unencumbered assets 
x 100 
Assets total 
This APM illustrates the amount of unencumbered 
assets relative to total assets. 
19) 
Coverage ratio 
= 
Adjusted EBITDA, rolling 12 months 
Adjusted net financial expenses, rolling 12 months 
The ratio between EBITDA and net financial 
expenses. This APM illustrates the Group’s ability to service 
its debts. 
20) 
Solvency ratio 
= 
Interest-bearing debt* - Cash and cash equivalents 
Assets total 
The solvency ratio illustrates the ratio of net debt 
to total assets. 
*For this APM, interest-bearing debt includes 
interest-bearing liabilities, interest-bearing debt related 
to non-current assets held for sale and transaction 
prices due after more than 90 days. 
21) 
Secured solvency ratio 
= 
Secured interest-bearing liabilities 
Assets total 
This APM illustrates the ratio of secured loans to 
total assets 
22) 
Dividend/earnings, % 
= 
Dividend per share 
x 100 
Earnings per share 
Dividend/earnings measures the ratio of dividends 
to earnings. This APM illustrates how large a 
proportion of its earnings the Group distributes 
to its 
shareholders. 
23) 
Price/Earnings ratio (P/E) 
= 
Closing price of the share 
Earnings per share 
The P/E ratio illustrates the ratio between the 
share price and earnings per share. This APM 
illustrates the share’s payback period based on the closing 
price and current earnings. 

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
27 
24) 
Effective dividend yield, % 
= 
Dividend per share 
x 100 
Closing price of the share 
Effective dividend yield illustrates the ratio between earnings 
per share and the share price. 
25) 
Gross investments 
= 
Acquisition and development of investment properties + Modernisation investments + Capitalised borrowing costs 
This APM illustrates total investments including acquisitions, 
development investments, modernisation investments 
and capitalised interest. 
Other performance measures 
26) 
Adjusted EBITDA excluding repair ex-
penses 
= 
Adjusted EBITDA - Repair expenses 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
28 
Reconciliation of key figures 
M€ 
2025 
2024 
2023 
2022 
2021 
Profit/loss for the period 
20.8 
21.2 
-89.0 
-399.8 
1,023.4 
Depreciation, amortisation and impairment 
8.4 
1.2 
1.3 
1.2 
1.2 
Profit/loss on sales of investment properties 
2.6 
0.8 
-0.2 
-0.2 
-0.3 
Profit/loss on sales of trading properties 
- 
- 
- 
0.0 
- 
Profit/loss on sales of other non-current assets 
-0.2 
0.0 
-0.2 
0.0 
-0.3 
Profit/loss on fair value of investment properties 
120.4 
134.0 
295.4 
682.0 
-1,105.7 
Financial income 
-10.8 
-15.7 
-13.5 
-9.6 
-4.8 
Financial expenses 
123.4 
119.4 
84.8 
67.0 
59.7 
Share of result from associated companies 
-0.1 
0.0 
-0.1 
-0.1 
-0.1 
Current tax expense 
47.9 
13.5 
16.5 
17.3 
18.8 
Change in deferred taxes 
-41.9 
-8.4 
-39.8 
-117.2 
236.7 
Adjusted EBITDA 
270.6 
266.2 
255.1 
240.4 
228.5 
Financial income and expenses 
-112.7 
-103.8 
-71.3 
-57.4 
-54.9 
Profit/loss on fair value measurement of financial assets 
0.0 
-0.6 
-0.2 
-5.3 
-3.2 
Adjusted net interest charges 
-112.6 
-104.4 
-71.5 
-62.7 
-58.1 
Current taxes from disposals 
30.9 
0.0 
0.1 
0.2 
1.5 
Current tax expense 
-47.9 
-13.5 
-16.5 
-17.3 
-18.8 
FFO 
140.9 
148.2 
167.2 
160.7 
153.1 
Non-recurring costs 
- 
0.8 
- 
- 
- 
FFO excluding non-recurring costs 
140.9 
149.0 
167.2 
160.7 
153.1 
Equity 
3,593.0 
3,629.2 
3,625.9 
3,842.7 
4,263.3 
Assets total 
7,926.1 
8,405.5 
8,158.3 
8,482.3 
8,716.8 
Advances received 
-7.5 
-7.5 
-6.2 
-6.2 
-6.6 
Equity ratio, % 
45.4 
43.2 
44.5 
45.3 
49.0 
Unencumbered investment properties 
5,674.9 
5,504.5 
5,918.2 
7,008.2 
7,084.2 
Non-current assets, other than investment properties 
112.2 
119.4 
125.7 
142.3 
94.2 
Current assets 
292.0 
383.2 
46.9 
238.9 
341.6 
Unencumbered assets total 
6,079.1 
6,007.0 
6,090.8 
7,389.3 
7,519.9 
Total assets 
7,926.1 
8,405.5 
8,158.3 
8,482.3 
8,716.8 
Unencumbered asset ratio, % 
76.7 
71.5 
74.7 
87.1 
86.3 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
29 
M€ 
2025 
2024 
2023 
2022 
2021 
Adjusted EBITDA, rolling 12 months 
270.6 
266.2 
255.1 
240.4 
228.5 
Adjusted net interest charges, rolling 12 months 
-112.6 
-104.4 
-71.5 
-62.7 
-58.1 
Coverage ratio 
2.4 
2.6 
3.6 
3.8 
3.9 
Adjusted EBITDA excluding repair expenses, rolling 
12 months 
294.7 
290.2 
284.4 
270.7 
260.9 
Adjusted net interest charges, rolling 12 months 
-112.6 
-104.4 
-71.5 
-62.7 
-58.1 
Coverage ratio excluding repair expenses 
2.6 
2.8 
4.0 
4.3 
4.5 
Interest-bearing liabilities 
3,391.3 
3,827.9 
3,600.4 
3,678.2 
3,334.5 
Interest-bearing liabilities related to non-current assets 
held for sale 
18.1 
- 
- 
- 
- 
Deferred purchase price due after 90 days 
16.7 
16.7 
- 
- 
- 
Cash and cash equivalents 
181.3 
333.6 
15.0 
119.4 
197.0 
Total indebtedness- 
Cash and cash equivalents 
3,244.8 
3,511.0 
3,585.5 
3,558.8 
3,137.5 
Total assets 
7,926.1 
8,405.5 
8,158.3 
8,482.3 
8,716.8 
Solvency ratio 
0.41 
0.42 
0.44 
0.42 
0.36 
Secured loans 
1,049.6 
1,399.8 
839.3 
780.7 
809.5 
Total assets 
7,926.1 
8,405.5 
8,158.3 
8,482.3 
8,716.8 
Secured solvency ratio 
0.13 
0.17 
0.10 
0.09 
0.09 

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
30 
EPRA PERFORMANCE 
MEASURES 
EPRA (European Public Real Estate Association) is an advocacy organisation for publicly 
listed European property investment companies. Kojamo is a member of EPRA. As part of its 
activities, the organisation promotes financial reporting in the industry and the adoption of 
best practices to ensure the quality of information provided to investors and improve compa-
rability between companies. Kojamo follows EPRA recommendations in its reporting prac-
tices. This section covers EPRA performance measures and their calculation. More infor-
mation on EPRA and EPRA recommendations is available on the EPRA website at 
www.epra.com. 
EPRA performance measures 
2025 
2024 
EPRA Earnings, M€ * 
134.3 
146.9 
EPRA Earnings per share (EPS), € * 
0.55 
0.59 
EPRA Net Reinstatement Value (NRV), M€ 
4,494.6 
4,573.4 
EPRA NRV per share, € 
18.62 
18.51 
EPRA Net Tangible Assets (NTA), M€ 
4,492.0 
4,572.9 
EPRA NTA per share, € 
18.61 
18.50 
EPRA Net Disposal Value (NDV), M€ 
3,600.9 
3,654.9 
EPRA NDV per share, € 
14.92 
14.79 
EPRA Loan to Value (LTV), % 
42.3 
43.9 
EPRA Net Initial Yield (NIY), % 
3.9 
3.8 
EPRA 'topped-up' NIY, % 
3.9 
3.8 
EPRA Vacancy Rate, % 
5.2 
8.5 
EPRA Cost Ratio (including direct vacancy costs), 
% 
9.9 
10.2 
EPRA Cost Ratio (excluding direct vacancy costs), 
% 
7.3 
5.8 
* Actuals for year 2024 have been adjusted to reflect 
the current calculation method 
EPRA Earnings 
M€ 
2025 
2024 
Earnings per IFRS income statement 
20.8 
21.2 
(i) Change in value of investment properties, development 
properties 
held for investment and other interests 
120.4 
134.0 
(ii) Profits or losses on disposal of investment 
properties, 
development properties held for investment and other 
interest 
2.4 
0.8 
(iv) Tax on profits or losses 
on disposals 
27.4 
0.0 
(vi) Changes in fair value of financial instruments 
- 
-0.7 
(vi) Early close-out costs/gains of 
financial instruments and debt 
-2.0 
-1.8 
(ix) Adjustments related to non-operating and exceptional 
items 
8.4 
1.8 
(x) Deferred tax in respect of EPRA adjustments 
-43.1 
-8.4 
EPRA Earnings 
134.3 
146.9 
Average number of shares, million 
246.1 
247.1 
EPRA Earnings per share (EPS), € 
0.55 
0.59

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
31 
EPRA Net Asset Values 
2025 
2024 
M€ 
NRV 
NTA 
NDV 
NRV 
NTA 
NDV 
IFRS Equity attributable to shareholders 
3,593.0 
3,593.0 
3,593.0 
3,629.2 
3,629.2 
3,629.2 
Diluted NAV 
3,593.0 
3,593.0 
3,593.0 
3,629.2 
3,629.2 
3,629.2 
Diluted NAV at Fair Value 
3,593.0 
3,593.0 
3,593.0 
3,629.2 
3,629.2 
3,629.2 
Exclude: 
(v) Deferred tax in relation to fair value gains 
781.9 
779.7 
815.5 
815.5 
(vi) Fair value of financial instruments 
5.4 
5.4 
9.3 
9.3 
(viii.b) Intangibles as per the IFRS balance sheet 
-0.4 
-0.5 
Include: 
(ix) Fair value of fixed interest rate debt * 
7.8 
25.6 
(xi) Real estate transfer tax 
114.3 
114.3 
119.4 
119.4 
Net Asset Value 
4,494.6 
4,492.0 
3,600.9 
4,573.4 
4,572.9 
3,654.9 
Number of shares, million 
241.3 
241.3 
241.3 
247.1 
247.1 
247.1 
NAV per share 
18.62 
18.61 
14.92 
18.51 
18.50 
14.79 
* Balance sheet at amortised cost and the fair value of 
interest-bearing loans and borrowings

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
32 
EPRA LTV (Loan to Value) 
2025 
2024 
 
Share of 
Share of 
Non- 
 
Share of 
Share of 
Non- 
 
Group as 
Joint 
Material 
controlling 
 
Group as 
Joint 
Material 
controlling 
 
M€ 
reported 
Ventures 
Associates 
Interest 
Combined 
reported 
Ventures 
Associates 
Interest 
Combined 
Include: 
Borrowings from Financial institutions 
1,684.5 
- 
- 
- 
1,684.5 
2,017.5 
- 
- 
- 
2,017.5 
Bond Loans 
1,644.9 
- 
- 
- 
1,644.9 
1,724.7 
- 
- 
- 
1,724.7 
Net Payables 
71.0 
- 
- 
- 
71.0 
69.5 
- 
- 
- 
69.5 
Owner-occupied property (debt) 
2.3 
- 
- 
- 
2.3 
3.7 
- 
- 
- 
3.7 
Exclude: 
Cash and cash equivalents 
-181.3 
- 
- 
- 
-181.3 
-333.6 
- 
- 
- 
-333.6 
Net Debt (A) 
3,221.4 
- 
- 
- 
3,221.4 
3,481.8 
- 
- 
- 
3,481.8 
Include: 
Owner-occupied property 
18.9 
- 
- 
- 
18.9 
26.6 
- 
- 
- 
26.6 
Investment properties at fair value 
7,415.6 
- 
- 
- 
7,415.6 
7,768.6 
- 
- 
- 
7,768.6 
Properties under development 
88.0 
- 
- 
- 
88.0 
110.1 
- 
- 
- 
110.1 
Intangibles 
0.4 
- 
- 
- 
0.4 
0.5 
- 
- 
- 
0.5 
Financial assets 
58.5 
- 
- 
- 
58.5 
25.7 
- 
- 
- 
25.7 
Total Property Value 
7,621.6 
- 
- 
- 
7,621.6 
7,931.5 
- 
- 
- 
7,931.5 
EPRA Loan to Value (LTV), % 
42.3 
- 
- 
- 
42.3 
43.9 
- 
- 
- 
43.9

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
33 
EPRA Net Initial Yield (NIY) and EPRA "topped-up" NIY 
M€ 
2025 
2024 
Investment property 
7,620.7 
7,960.0 
Developments 
-88.0 
-110.1 
Completed property portfolio 
7,532.7 
7,849.8 
Allowance for estimated purchasers’ costs 
113.0 
117.7 
Gross up completed property portfolio valuation 
B 
7,645.7 
7,967.6 
Annualised cash passing rental income 
444.7 
453.9 
Property outgoings 
-146.0 
-151.4 
Annualised net rents 
A 
298.7 
302.5 
Notional rent expiration of rent free periods 
or other lease incentives 
- 
- 
Topped-up net annualised rent 
C 
298.7 
302.5 
EPRA Net Initial Yield (NIY), % 
A/B 
3.9 
3.8 
EPRA 'topped-up' NIY, % 
C/B 
3.9 
3.8 
EPRA Vacancy Rate 
M€ 
2025 
2024 
Estimated rental value of vacant space * 
A 
23.3 
39.4 
Estimated rental value of the whole portfolio * 
B 
448.6 
462.5 
EPRA Vacancy Rate, % 
A/B 
5.2 
8.5 
* Including rental value of apartments 
EPRA Cost Ratios (Operating expenses relative to gross rental income) 
M€ 
2025 
2024 
Include: 
(i) Administrative expense line per IFRS income statement 
40.8 
39.4 
(i) Maintenance expense line per IFRS income 
statement 
123.4 
125.5 
(i) Repair expense line per IFRS income statement 
24.1 
24.1 
(ii) Net service charge costs/fees 
-18.1 
-17.4 
(iii) Management fees less actual/estimated profit 
element 
-0.1 
-0.2 
(iv) Other operating income/recharges intended 
to 
cover overhead expenses less any related profits 
-0.3 
-0.3 
Exclude: 
(vii) Ground rent costs 
0.0 
0.0 
(viii) Service charge costs recovered through rents 
but 
not separately invoiced 
-140.4 
-141.2 
EPRA Costs (including direct vacancy costs) 
A 
29.4 
29.8 
(ix) Direct vacancy costs 
-7.7 
-12.8 
EPRA Costs (excluding direct vacancy costs) 
B 
21.7 
17.0 
(x) Gross Rental Income less ground rent costs - per 
IFRS 
436.4 
434.3 
(xi) Service fee and service charge costs components 
of Gross Rental Income 
-140.4 
-141.2 
Gross Rental Income 
C 
296.0 
293.1 
EPRA Cost Ratio (including direct vacancy costs), 
% 
A/C 
9.9 
10.2 
EPRA Cost Ratio (excluding direct vacancy costs), 
% 
B/C 
7.3 
5.8

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
34 
EPRA Property-related CapEx 
2025 
2024 
Group 
Joint Ventures 
 
Group 
Joint Ventures 
 
(exl. Joint 
(proportionate 
Total 
(exl. Joint 
(proportionate 
Total 
M€ 
Ventures) 
share) 
Group 
Ventures) 
share) 
Group 
Acquisitions 
0.0 
- 
0.0 
0.4 
- 
0.4 
Development 
13.4 
- 
13.4 
47.6 
- 
47.6 
Investment properties 
No incremental lettable space 
28.9 
- 
28.9 
4.1 
- 
4.1 
Capitalised interest 
0.2 
- 
0.2 
0.6 
- 
0.6 
Total CapEx 
42.5 
- 
42.5 
52.8 
- 
52.8 
Conversion from accrual to cash basis 
1.5 
- 
1.5 
-9.3 
- 
-9.3 
Total CapEx on cash basis 
44.0 
- 
44.0 
43.5 
- 
43.5 
EPRA Like-for-Like 
Like-for-Like properties consist of investment properties held for two consecutive years. 
2025 
2024 
Change 
2024 
2023 
Change 
M€ 
M€ 
M€ 
% 
M€ 
M€ 
M€ 
% 
Rental income 
409.3 
399.0 
10.3 
2.6 
407.5 
413.0 
-5.6 
-1.4 
Net rental income 
277.4 
267.6 
9.9 
3.7 
270.1 
277.1 
-7.1 
-2.6 
Like-for-Like investment properties 
6,885.0 
6,901.4 
6,862.9 
6,976.2

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
35 
FINANCIAL STATEMENTS 
This translation is a non-official version of the Financial Statements. 
Consolidated comprehensive income statement
M€ 
Note 
1–12/2025 
1–12/2024 
Total revenue 
2.1 
455.2
452.4
Maintenance expenses 
-123.4
-125.5
Repair expenses 
-24.1
-24.1
Net rental income 
307.7
302.9
Administrative expenses 
2.3 
-40.8
-39.4
Other operating income 
2.2 
4.1
3.9
Other operating expenses 
2.2 
-0.2
-1.3
Profit/loss on sales of investment properties 
2.2 
-2.6
-0.8
Profit/loss on fair value of investment properties 
3.1 
-120.4
-134.0
Depreciation, amortisation and impairment 
2.5 
-8.4
-1.2
Operating profit/loss 
139.4
130.1
Financial income 
10.8
15.7
Financial expenses 
-123.4
-119.4
Total amount of financial income and expenses 
4.2 
-112.7
-103.8
Share of result from associated companies 
0.1
0.0
Profit/loss before taxes 
26.8
26.3
Current tax expense 
5.1 
-47.9
-13.5
Change in deferred taxes 
5.2 
41.9
8.4
Profit/loss for the period 
20.8
21.2
Profit/loss for the financial period attributable 
to 
shareholders of the parent company 
20.8
21.2
M€ 
Note 
1–12/2025 
1–12/2024 
Other comprehensive income 
Items that may be reclassified subsequently to profit 
or loss 
Cash flow hedges 
4.2 
3.9
-23.2
Deferred taxes 
5.2 
-0.8
4.6
Items that may be reclassified subsequently 
to profit or loss 
3.1
-18.6
Total comprehensive income for the period 
23.9
2.6
Total comprehensive income attributable to 
shareholders of the parent company 
23.9
2.6
Earnings per share based on profit/loss attributable 
to 
shareholders of the parent company 
2.7 
Basic, € 
0.08
0.09
Diluted, € 
0.08
0.09
Average number of shares, million 
2.7 
246.1
247.1

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
36 
Consolidated balance sheet
M€ 
Note 
31 Dec 2025 
31 Dec 2024 
Assets 
Non-current assets 
Intangible assets 
6.2 
0.4
0.5
Investment properties 
3.1, 6.1 
7,580.6
7,960.0
Property, plant and equipment 
6.1, 6.3 
19.5
27.4
Investments in associated companies 
7.3 
2.5
2.2
Financial assets 
4.3 
0.7
0.8
Non-current receivables 
6.4 
6.0
6.4
Derivatives 
4.5 
9.2
15.3
Deferred tax assets 
5.2 
15.2
9.9
Total non-current assets 
7,634.1
8,022.3
Current assets 
Derivatives 
4.5 
1.6
0.6
Current tax assets 
0.5
9.4
Trade and other receivables 
6.5 
10.6
14.6
Financial assets 
4.3 
57.8
24.9
Cash and cash equivalents 
181.3
333.6
Non-current assets held for sale 
3.2 
40.1
-
Current assets total 
292.0
383.2
Total assets 
7,926.1
8,405.5
M€ 
Note 
31 Dec 2025 
31 Dec 2024 
Shareholders' equity and liabilities 
Equity attributable to shareholders of the parent 
company 
Share capital 
58.0
58.0
Share issue premium 
35.8
35.8
Fair value reserve 
-4.3
-7.4
Invested non-restricted equity reserve 
164.4
164.4
Retained earnings 
3,339.0
3,378.3
Equity attributable to shareholders of the parent 
company 
3,593.0
3,629.2
Total equity 
4.1 
3,593.0
3,629.2
Liabilities 
Non-current liabilities 
Loans and borrowings 
4.4, 6.1 
3,166.2
3,338.9
Deferred tax liabilities 
5.2 
785.9
821.2
Derivatives 
4.5 
16.1
25.1
Other non-current liabilities 
6.6 
3.7
4.4
Total non-current liabilities 
3,972.0
4,189.6
Current liabilities 
Loans and borrowings 
4.4, 6.1 
225.1
489.0
Derivatives 
4.5 
0.0
0.0
Current tax liabilities 
34.0
11.5
Trade and other payables 
6.7 
83.8
86.1
Liabilities related to non-current assets 
held for sale 
3.2 
18.2
-
Current liabilities total 
361.1
586.6
Total liabilities 
4,333.1
4,776.2
Total equity and liabilities 
7,926.1
8,405.5

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
37 
Consolidated statement of cash flows
M€ 
Note 
1–12/2025 
1–12/2024 
Cash flow from operating activities 
Profit/loss for the period 
20.8
21.2
Adjustments 
7.1 
250.6
246.3
Change in net working capital 
Change in trade and other receivables 
-0.1
1.1
Change in trade and other payables 
-0.7
2.7
Interest paid 
-108.0
-109.5
Interest received 
6.1
5.0
Other financial items 
-1.9
-3.3
Taxes paid 
-16.4
-5.3
Net cash flow from operating activities 
150.4
158.2
Cash flow from investing activities 
Acquisition of investment properties 
3.1 
-44.0
-43.5
Acquisition of associated companies 
-0.2
-0.2
Acquisition of property, plant and equipment and intangible assets 
-0.2
-0.1
Proceeds from sale of investment properties 
3.1 
257.2
1.6
Proceeds from sale of property, plant and equipment 
and intangible assets 
0.2
-
Proceeds from sale of associated companies 
0.0
0.0
Purchases of financial assets 
-351.5
-189.7
Proceeds from sale of financial assets 
320.0
169.3
Non-current loans, granted 
0.0
-0.1
Repayments of non-current loan receivables 
0.1
0.2
Interest and dividends received on investments 
4.8
8.7
Net cash flow from investing activities 
186.5
-53.8
M€ 
Note 
1–12/2025 
1–12/2024 
Cash flow from financing activities 
4.4 
Repurchase of own shares 
4.1 
-60.9
-
Non-current loans and borrowings, raised 
540.2
831.8
Non-current loans and borrowings, repayments 
-966.7
-570.2
Current loans and borrowings, raised 
26.0
19.8
Current loans and borrowings, repayments 
-26.0
-65.4
Repayments of lease liabilities 
-1.9
-1.8
Net cash flow from financing activities 
-489.2
214.2
Change in cash and cash equivalents 
-152.3
318.7
Cash and cash equivalents at the beginning 
of the period 
333.6
15.0
Cash and cash equivalents at the end of 
the period 
4.3 
181.3
333.6

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
38 
Consolidated statement of changes in equity 
Reserve for 
Equity attribut- 
invested 
able to share- 
Share issue 
Fair value 
unrestricted 
Retained 
holders of the 
Total 
M€ 
Note 
Share Capital 
premium 
reserve 
equity 
earnings 
parent company 
Equity 
Equity at 1 Jan 2025 
58.0
35.8
-7.4
164.4
3,378.3
3,629.2
3,629.2
Comprehensive income 
Cash flow hedging 
3.1
3.1
3.1
Profit for the period 
20.8
20.8
20.8
Total comprehensive income for the period 
3.1
20.8
23.9
23.9
Transactions with shareholders 
Share repurchase 
-60.9
-60.9
-60.9
Share-based incentive scheme 
0.7
0.7
0.7
Total transactions with shareholders 
-60.1
-60.1
-60.1
Total change in equity 
3.1
-39.3
-36.2
-36.2
Equity at 31 Dec 2025 
4.1 
58.0
35.8
-4.3
164.4
3,339.0
3,593.0
3,593.0
Reserve for 
Equity attribut- 
invested 
able to share- 
Share issue 
Fair value 
unrestricted 
Retained 
holders of the 
Total 
M€ 
Note 
Share Capital 
premium 
reserve 
equity 
earnings 
parent company 
Equity 
Equity at 1 Jan 2024 
 
58.0
35.8
11.2
164.4
3,356.4
3,625.9
3,625.9
Comprehensive income 
Cash flow hedging 
-18.6
-18.6
-18.6
Profit for the period 
21.2
21.2
21.2
Total comprehensive income for the period 
-18.6
21.2
2.6
2.6
Transactions with shareholders 
Share-based incentive scheme 
0.7
0.7
0.7
Total transactions with shareholders 
0.7
0.7
0.7
Total change in equity 
-18.6
21.9
3.3
3.3
Equity at 1 Jan 31 Dec 2024 
4.1 
58.0
35.8
-7.4
164.4
3,378.3
3,629.2
3,629.2

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
39 
Notes to the consolidated financial statements 
The notes to the consolidated financial statements have been grouped according to their na-
ture. The notes contain the relevant financial information, the accounting policies and the key 
estimates and judgment-based decisions. 
 
The following table presents the notes to Kojamo’s financial statements and the related ac-
counting policies. The table also indicates the IFRS standards on which the accounting poli-
cies are primarily based. 
Accounting policy 
Note 
Number 
IFRS 
Income, other operating income and expenses, 
Revenue from contracts with customers, other operating 
income and expenses, 
2.1, 6.4, 6.5 
IFRS 15, IFRS 9, IFRS 16 
other receivables 
other receivables 
Employee benefits and share-based payments 
Employee benefits expenses 
2.3, 7.2 
IAS 19, IFRS 2 
Earnings per share 
Earnings per share 
2.6 
IAS 33 
Investment property 
Investment property 
2.2, 3.1, 3.3, 3.4 
IAS 40, IFRS 13 
Non-current assets held for sale 
Non-current assets held for sale 
3.2 
IAS 40, IFRS 5 
Equity and dividends 
Equity 
4.1 
IAS 32 
Interest income and expenses 
Financial income and expenses 
4.2 
IFRS 7, IFRS 9, IAS 32 
Financial assets and liabilities 
Financial assets and liabilities by valuation category 
4.3, 4.4, 4.6 
IFRS 9, IFRS 7, IFRS 13, IAS 32 
Derivative instruments and hedge accounting 
Derivatives 
4.5 
IFRS 9, IFRS 7, IFRS 13, IAS 32 
Current tax expense and 
Taxes 
5 
IAS 12 
deferred taxes 
Leases 
Leases 
2.4, 6.1 
IFRS 16 
Intangible assets 
Intangible assets 
2.4, 6.2 
IAS 36, IAS 38 
Tangible assets 
Property, plant and equipment 
2.4, 6.3 
IAS 16, IAS 36 
Provisions 
Provisions and other non-current liabilities 
6.6 
IAS 37 
Responsibilities and commitments 
Commitments and contingent liabilities related to 
3.4, 4.7 
IAS 37 
investment properties 
Subsidiary consolidation principles, joint arrangements 
and 
The Group’s subsidiaries, joint arrangements and associated 
companies 
7.3 
IFRS 10, IFRS 11, IFRS 12, IAS 28 
associated companies 
 
Related party information 
Related party transactions 
7.2 
IAS 24
Accounting policies 
The accounting policies are described under each note in sections 1–7.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
40 
1. Basis for presentation of the financial statements 
Basic information about the Group
 
 
 
 
 
 
 
Name of reporting entity or other 
means of identification 
Kojamo plc
Domicile of entity 
Finland
Legal form of entity 
plc
Country of incorporation 
Finland
Address of entity's registered office 
Mannerheimintie 168, 00300 Helsinki
Principal place of business 
Finland
Description of nature of entity's operations 
and principal 
Kojamo plc is Finland’s largest market-based, private 
housing investment company that offers rental 
apartments and housing services in Finnish growth 
centres
Name of parent entity 
Kojamo plc
A copy of the consolidated financial statements is available at www.kojamo.fi/en or the parent 
company’s head office. 
Trading in Kojamo’s shares commenced on the pre-list of Nasdaq Helsinki on 15 June 2018 
and on the official list of Nasdaq Helsinki on 19 June 2018. The Group’s four bonds are listed 
on the official list of the Irish Stock Exchange. The Group has chosen Finland as its home 
state for the disclosure of periodic information pursuant to Chapter 7, Section 3 of the Finnish 
Securities Market Act. 
At its meeting on 11 February 2026, Kojamo plc’s Board of Directors approved these financial 
statements for publication. According to the Finnish Limited Liability Companies Act, the 
shareholders may approve or reject the financial statements in a General Meeting held after 
the publication of the financial statements. Moreover, the General Meeting may make a deci-
sion on altering the financial statements.
Basis of preparation 
These consolidated financial statements are prepared in accordance with International Finan-
cial Reporting Standards (IFRSs). All IFRSs and IASs as well as SIC and IFRIC interpreta-
tions in force on 31 December 2022 and endorsed by the EU have been applied in preparing 
the financial statements. The International Financial Reporting Standards refer to the stand-
ards and associated interpretations in the Finnish Accounting Act and in regulations issued 
under it that are endorsed by the EU in accordance with the procedure laid down in Regula-
tion (EC) No. 1606/2002. Kojamo has not early adopted any standards or interpretations. The 
notes to the consolidated financial statements are also in accordance with the requirements of 
the Finnish accounting and corporate legislation supplementing the IFRS rules.
The figures in the consolidated financial statements are in euro, presented mainly as million 
euro. All the figures presented are rounded. Consequently, the sum of individual figures may 
deviate from the aggregate amount presented. The key figures have been calculated using 
exact values. 
The consolidated financial statements are presented for the calendar year, which is also the 
reporting period for the parent company and the Group. All statements made in these finan-
cial statements regarding the Group or its business are based on the views of the manage-
ment, and the sections addressing the general macroeconomic or industry situation are based 
on third-party information. If there are differences between different language versions of the 
financial statements, the Finnish version is the official one. 
Investment properties, derivative instruments and financial assets measured at fair value 
through profit or loss are measured at fair value after initial recognition. In other respects, the 
consolidated financial statements are prepared on the basis of original acquisition cost, un-
less otherwise stated in the accounting policies.
Changes in IFRS standards and accounting policies 
New standards and interpretations applied during the financial year 2025 
The new standards and interpretations applied in the financial years 2025 did not have a sig-
nificant impact on the consolidated financial result, financial position, or the presentation of 
the financial statements of the Group.
 
New and revised standards to be applied in subsequent financial years 
IASB has issued new and amended standards and interpretations, the application of which is 
mandatory in financial years beginning on or after 1 January 2026. Kojamo has not applied 
these standards and interpretations in preparing these consolidated financial statements. 
Kojamo will adopt them as of the effective date or, if the date is other than the first day of the 
financial year, from the beginning of the subsequent financial year. 
The adoption of the amended standards and interpretations in question is not expected to 
have any material effects on Kojamo’s financial statements.
Translation of foreign currency items 
Transactions in foreign currency are recorded in EUR at the exchange rate on the transaction 
date. On the last date of the reporting period, monetary receivables and liabilities denomi-
nated in foreign currencies are translated into EUR at the exchange rate of the last date of the 
reporting period. Gains and losses arising from transactions denominated in foreign currency 
and from translating monetary items are recognised in profit or loss, and they are included in 
financial income and expenses. Consolidated financial statements are presented in EUR, 
which is the functional and presentation currency of Kojamo’s parent company. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
41 
Kojamo has very few transactions denominated in foreign currencies. Kojamo has no units 
abroad.
Accounting policies that require management’s judgment and key 
sources of estimation uncertainty 
Management’s judgment related to the application of the accounting policies 
The preparation of financial statements in accordance with the IFRS requires Kojamo’s man-
agement to make judgment-based decisions on the application of the accounting policies, as 
well as estimates and assumptions that affect the amounts of reported assets, liabilities, in-
come and expenses and the presented notes. 
Management’s judgment-based decisions affect the choice of accounting policies and their 
application. This particularly applies to cases for which the current IFRSs include alternative 
recognition, measurement or presentation methods. 
Kojamo’s management must make judgment-based decisions when applying the following ac-
counting policies: 
●
 
Classification of properties: see note 3.1, Fair value of investment properties by valuation 
method 
●
 
Deferred taxes: recognition principle (investment properties), exemption concerning initial 
recognition and the recognition of deferred tax assets: see note 5.2. 
Key sources of estimation uncertainty 
The estimates and related assumptions are based on Kojamo’s historical experience and 
other factors, such as expectations concerning future events. These are considered to repre-
sent the management’s best understanding at the time of evaluation and believed to be rea-
sonable considering the circumstances. The actual results may differ from the estimates and 
assumptions used in the financial statements. Estimates and related assumptions are regu-
larly evaluated. Changes in accounting estimates are recorded for the period for which the es-
timate is being checked, if the change in the estimate concerns only that period. If the change 
in the estimate concerns both the period in question and later periods, the change in the esti-
mate is recorded both for the period in question and the future periods. 
The most significant section of the financial statements in which the management has exer-
cised the aforementioned judgment, as well as the assumptions about the future and other 
key uncertainty factors in estimates at the end of the reporting period which create a signifi-
cant risk of change in the carrying amounts of Kojamo’s assets and liabilities within the next 
financial year, are related to the measurement of the fair value of investment properties (see 
note 3.1, Accounting policies ).

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
42 
 
2. Result 
Accounting policies 
Net rental income 
Net rental income is calculated by deducting property maintenance and repair costs from total 
revenue. These expenses comprise maintenance and annual repair costs arising from the 
regular and continuous maintenance of the properties and are recognised immediately in the 
comprehensive income statement. 
Operating profit 
IAS 1 Presentation of Financial Statements does not define the concept of operating profit. At 
Kojamo, operating profit is defined as the net amount after adding other operating income to 
net rental income, then deducting administrative expenses and other operating expenses, 
amortisation, depreciation and impairment, and then adding/deducting gains/losses from the 
disposal of investment properties, from assessment at fair value, and from the disposal of 
trading properties. All the other comprehensive income statement items except those men-
tioned above are presented below operating profit. 
 
2.1 Total revenue 
Specification of revenue 
M€ 
1–12/2025 
1–12/2024 
Revenue from lease agreements 
454.6 
451.9 
Other income from revenue 
0.6 
0.5 
Total revenue 
455.2 
452.4 
 
Specification of revenue from lease agreements 
M€ 
1–12/2025 
1–12/2024 
Rental income 
436.5 
434.3 
Water fees 
17.4 
16.6 
Sauna fees 
0.7 
0.8 
Other income from service sales 
0.1 
0.2 
Total 
454.6 
451.9
Revenue consists primarily of rental income based on tenancy agreements. In the Group’s 
business, the scope of IFRS 15 Revenue from Contracts with Customers -standard includes 
maintenance and service revenue, which include use-based charges collected from tenants. 
Accounting policies 
Kojamo’s revenue consists of rental income and charges for utilities. The revenue has been 
adjusted with indirect taxes and sales adjustment items. 
Kojamo’s revenue consists mainly of rental income from investment properties. Most of the 
tenancy agreements are non-fixed-term leases and they have a one-month notice period. Re-
lating to the rental agreements, Kojamo collects utility charges, mainly water and sauna fees.
 
2.2 Profit/loss on sales of investment properties and Other oper-
ating income and expenses 
Profit/loss on sales of investment properties 
M€ 
1–12/2025 
1–12/2024 
Profit on sales of investment properties 
0.2 
0.0 
Losses on sales of investment properties 
-2.8 
-0.9 
Total 
-2.6 
-0.8 
Kojamo sold 2,028 (0) rental apartments.
 
Other operating income 
M€ 
1–12/2025 
1–12/2024 
Income from construction contracting 
- 
0.0 
Income from the sales of fixed assets 
0.2 
0.0 
Income from debt collection 
3.5 
3.6 
Other 
0.3 
0.4 
Total 
4.1 
3.9

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
43 
 
Other operating expenses 
M€ 
1–12/2025 
1–12/2024 
Cost on construction contracting 
-0.2 
-1.3 
Total 
-0.2 
-1.3
 
Auditor’s fees 
M€ 
1–12/2025 
1–12/2024 
KPMG Oy Ab 
 
Audit 
0.3 
0.3 
Tax consultancy 
0.1 
0.0 
Advisory services 
0.1 
0.0 
Total 
0.5 
0.4
Accounting policies 
Other operating income includes income not related to the actual business. It includes items 
such as sales profit from intangible assets and property, plant and equipment, as well as in-
come from debt collection activities. Other operating expenses consist of expenses not re-
lated to the actual business. These items include costs related among other things to con-
struction contracting. 
The property owned by Kojamo is considered as sold once the substantial risks and rewards 
associated with ownership have been transferred from Kojamo to the buyer. This usually 
takes place when control over shares is transferred. Income from property sales is presented 
in the comprehensive income statement under Profit/loss on sales of investment properties. 
 
2.3 Administrative expenses 
M€ 
1–12/2025 
1–12/2024 
Personnel costs 
-21.8 
-20.8 
Administrative rents and maintenance charges 
-1.7 
-1.9 
Other administrative expenses 
-17.3 
-16.7 
Total 
-40.8 
-39.4
 
2.4 Employee benefits expenses 
M€ 
1–12/2025 
1–12/2024 
Salaries and wages 
-17.9 
-17.2 
Share-based incentive plan 
-0.3 
-0.2 
Funded pension plans 
-0.2 
-0.2 
Defined contribution pension plans 
-3.0 
-2.8 
Other social security costs 
-0.4 
-0.4 
Total 
-21.8 
-20.8
 
31 Dec 2025 
31 Dec 2024 
Number of personnel, average for the financial 
year 
266 
276
Information on the remuneration of key management personnel is provided in note 7.2 Re-
lated party transactions. 
Accounting policies 
Kojamo’s employee benefits include the following: short-term employee benefits, post-em-
ployment benefits (pension plans), termination benefits (benefits provided in exchange for the 
termination of employment), other long-term employee benefits and share-based payments. 
Short-term employee benefits 
Wages, salaries, fringe benefits, annual leave and bonuses are included in short-term em-
ployee benefits and are recognised in the period in which the work is performed. Kojamo’s 
employees are included in an annual performance bonus system which is based on the 
achievement of the company’s general targets as well as personal targets. 
Post-employment benefits (pension plans) 
Post-employment benefits are payable to employees after the completion of employment. At 
Kojamo, these benefits are related to pensions. Pension coverage at Kojamo is arranged 
through external pension insurance companies. 
Pension schemes are classified as defined contribution and defined benefit plans. A defined 
contribution plan is a pension plan under which Kojamo pays fixed contributions into a sepa-
rate entity. Kojamo has no legal or constructive obligations to pay further contributions if the 
payee does not hold sufficient assets to pay out all pension benefits. Pension plans that are 
not defined contribution plans are defined benefit plans. Payments made into defined contri-
bution schemes are recognised through profit and loss in the periods that they concern.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
44 
 
Termination benefits (benefits provided in exchange for the termination of employ-
ment) 
Termination 
benefits are not based on work performance but the termination of employment. 
These benefits consist of severance payments. Termination benefits 
result either from 
Kojamo’s decision to terminate the employment or the employee’s decision to accept the ben-
efits offered by Kojamo in exchange for the termination of employment. 
Other long-term employee benefits 
Kojamo has a remuneration scheme that covers the entire personnel, entitling them to bene-
fits after a specific number of years of service. The discounted present value of the obligation 
resulting from the arrangement is recognised as a liability in the balance sheet on the last day 
of the reporting period. 
Share-based payments 
Kojamo has a long-term share-based incentive plan for the Group’s key employees. The re-
ward is based on reaching the targets set for Kojamo’s key business criteria in relation to the 
Group’s strategic goals. The reward is recognised in Kojamo’s result for each earnings period, 
and an increase corresponding to the expensed amount is recognised in equity. More infor-
mation on the arrangements is provided in note 7.2 Related party transactions.
 
2.5 Depreciation, amortisation and impairment 
Amortisation and depreciation by asset group 
M€ 
1–12/2025 
1–12/2024 
Intangible assets 
-0.2 
-0.2 
Property, plant and equipment 
-0.5 
-0.6 
Right-of-use assets 
-0.4 
-0.4 
Impairments 
-7.2 
- 
Total 
-8.4 
-1.2
The impairment losses of EUR -7.2 million is due to the write-down of Kojamo’s own office 
premises in the financial year 2025.
2.6 Research and development expenditure 
Research and development expenditure recognised as expenses totalled EUR 0.5 (1.3) mil-
lion in 2025. Development activities focus on the development of product concepts, improve-
ment of digital services and renewal of information systems. 
Kojamo’s capitalised development expenses amount to EUR 0.4 (0.4) million. 
Accounting policies 
Kojamo capitalises development expenses as intangible assets when it can be shown that a 
development project will generate a probable future economic benefit and the costs attributa-
ble to the development stage can be reliably measured. Other development costs are recog-
nised as expenses when they are incurred.
 
2.7 Earnings per share 
 
1–12/2025 
1–12/2024 
Profit/loss for the period attributable to shareholders 
of the parent company, M€ 
20.8 
21.2 
Weighted average number of shares during the period 
(million) 
246.1 
247.1 
Earnings per share 
Basic, € 
0.08 
0.09 
Diluted, € 
0.08 
0.09 
The company has no diluting instruments. 
Accounting policies 
Basic earnings per share is calculated by dividing the profit for the financial year attributable 
to equity holders of the parent company by the weighted average number of shares outstand-
ing during the financial year.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
45 
 
3. Real estate property 
Kojamo classifies its property portfolio into investment properties, trading properties and in-
vestment properties held for sale. Kojamo’s property portfolio consists practically entirely of 
investment properties. 
3.1 Investment properties 
M€ 
31 Dec 2025 
31 Dec 2024 
Fair value of investment properties on 1 Jan 
7,960.0 
8,038.8 
Acquisition of investment properties 
13.4 
48.1 
Modernisation investments 
28.9 
4.1 
Disposals of investment properties 
-258.6 
-2.5 
Capitalised borrowing costs 
0.2 
0.6 
Transfer from financial assets 
- 
0.0 
Profit/loss on fair value of investment properties 
-120.4 
-134.0 
Changes in right-of-use assets (IFRS 16) 
-2.7 
4.8 
Total 
7,620.7 
7,960.0 
Transfer to Investment properties held for sale 
-40.1 
0.0 
Fair value of investment properties at the end 
of the period 
7,580.6 
7,960.0 
 
Profit/loss on fair value of investment properties 
M€ 
1–12/2025 
1–12/2024 
Changes in yield requirement 
0.0 
-165.9 
Change in net rental income 
-5.7 
-6.4 
Changes in inflation, rents and expense growth assumptions 
- 
0.0 
Other 
-114.8 
38.3 
Profit/loss on fair value of investment properties 
-120.4 
-134.0 
During the financial year, 2,028 apartments were sold, the largest of which was the sale of 
1,944 apartments completed in July. During the year, 
activity in the property market improved 
compared to the previous year, and consequently the number of observed transactions has 
increased. However, the overall volume of real estate transactions remains low, and transac-
tion activity continues to be strongly concentrated in the Helsinki Metropolitan Area and other 
growth centres. Price indications remain in many cases opportunistic and therefore do not 
represent genuine price formation.
 
When deciding on the yield requirements used in the valuation in an environment where 
transaction data is limited, the company's management has taken into account the views of 
an external expert, the deals completed in the market, discussions with various market partici-
pants, interest rates and interest rate views, as well as the company's own information about 
the market and its real estate portfolio. The yield requirements have also been evaluated in 
relation to other valuation parameters and the 10-year calculation period. Most relevant other 
valuation parameters are inflation assumption, rent increase assumption and expense in-
crease assumption, which the company's management has estimated based on the current 
market views.
Modernisation investments are often significant and they are primarily related to repairs and 
renovations of plumbing, facades, roofs, windows and balconies. The expected average tech-
nical useful lives of the plumbing systems, facades, roofs and balconies of residential proper-
ties are taken into consideration in the planning of modernisation investments. Capitalised 
borrowing costs totalled EUR 0.2 (0.6) million. The interest rate applied to capitalised borrow-
ing costs was 3.4 (3.4) per cent. 
 
Right-of-use assets included in the fair values of investment properties (plots of land) 
M€ 
31 Dec 2025 
31 Dec 2024 
Fair value on 1 Jan 
81.2 
77.8 
Increases/decreases 
-2.7 
4.8 
Profit/loss on fair value of investment properties 
-1.4 
-1.4 
Fair value of investment properties at the end 
of the period 
77.0 
81.2
 
Fair value of investment properties by valuation method 
M€ 
31 Dec 2025 
31 Dec 2024 
Yield value 
7,373.5 
7,685.9 
Acquisition cost 
170.2 
192.9 
Right-of-use assets (plots of land) 
77.0 
81.2 
Total 
7,620.7 
7,960.0 
Includes Investment properties held for sale on 
31 December 2025 40.1 M€ 
Number of apartments 
31 Dec 2025 
31 Dec 2024 
Yield value 
38,570 
40,598 
Acquisition cost * 
375 
375 
Total 
38,945 
40,973 
* Includes 4 apartments as part of development 
projects

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
46 
 
Kojamo has used the following average parameters when applying the yield-based valuation method: 
Average valuation parametres 
31 Dec 2025 
31 Dec 2024 
Capital 
Other regions 
Group 
Capital 
Other regions 
Group 
region 
of Finland 
total 
region 
of Finland 
total 
Unobservable inputs: 
Yield requirement cash flow, weighted, % * 
4.22 
5.07 
4.48 
4.23 
5.11 
4.51 
Exit capitalisation rate, weighted, % * 
4.37 
5.22 
4.63 
4.38 
5.26 
4.66 
Cash flow discount rate, weighted, % * 
6.22 
7.07 
6.48 
6.23 
7.11 
6.51 
Inflation assumption, % 
2.0 
2.0 
2.0 
2.0 
2.0 
2.0 
Market rents, weighted by square metres, €/m²/month 
20.52 
16.12 
18.62 
20.47 
16.08 
18.48 
Property maintenance expenses, repairs and 
modernisation investments €/m²/month 
6.75 
6.53 
6.66 
6.69 
6.41 
6.56 
10-year average financial occupancy rate, % 
97.5 
96.6 
97.2 
97.5 
96.6 
97.2 
Rent increase assumption, % 
2.7 
2.4 
2.6 
2.7 
2.4 
2.6 
Expense increase assumption, % 
2.5 
2.5 
2.5 
2.5 
2.5 
2.5 
* Yield requirement for net rental income 
 
Climate-related matters have not had a significant impact on the fair value measurement of 
investment properties so far. 
The sensitivity analysis presents the impact of changes in key parameters on the fair value 
of investment properties valued using the income value method when only one parameter is 
changed at a time. However, it is important to note that changes in the real estate market 
often affect multiple variables simultaneously. 
Sensitivity analysis for measuring the fair value of investment properties 
Properties measured at yield value 
31 Dec 2025 
31 Dec 2024 
Change % (relative) 
-10% 
-5% 
0% 
5% 
10% 
-10% 
-5% 
0% 
5% 
10% 
Change, M€ 
Yield requirement 
830.1 
393.0 
-355.2 
-677.9 
866.7 
410.4 
-370.9 
-707.8 
Market rents 
-905.6 
-452.8 
452.8 
905.6 
-952.1 
-476.1 
476.1 
952.1 
Maintenance costs 
301.4 
150.7 
-150.7 
-301.4 
312.9 
156.4 
-156.4 
-312.9 
Change % (absolute) 
-2% 
-1% 
0% 
1% 
2% 
-2% 
-1% 
0% 
1% 
2% 
Change, M€ 
Financial occupancy rate 
-186.5 
-93.2 
93.2 
186.5 
-195.8 
-97.9 
97.9 
195.8

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
47 
Kojamo has acquisition agreements related to new development and renovations, presented 
in note 3.4. 
Accounting policies 
Fair value measurement of investment property 
Kojamo’s fair value of investment properties is based on IFRS 13 Fair Value Measurement -
standard and IAS 40 Investment Property -standard. The valuation is carried out on quarterly 
basis and are reviewed by external independent valuation expert. The results of the assess-
ment are reported to the Management Group, Audit Committee and Board of Directors. The 
measurement process, market conditions and other factors affecting the assessment of the 
fair value of properties are reviewed quarterly with the CEO and CFO in accordance with 
Kojamo’s reporting schedule. Each quarter, an external independent expert issues a state-
ment on the valuation methods applied in the valuation of rental apartments and business 
premises owned by Kojamo as well as on the quality and reliability of the valuation. A state-
ment on the situation as at 31 December 2025 is available on Kojamo’s website. 
According to IFRS 13 Fair value Measurement -standard is the price that would be received 
to sell an asset or paid to transfer liability in an orderly transaction between market partici-
pants at the measurement date. However, determining the fair values of investment proper-
ties requires significant management estimates and assumptions especially when the level of 
transaction activity is significantly decreased. Estimates and assumptions are especially re-
lated to the yield requirements, occupancy rate and market rent levels. Kojamo strives to use 
as much relevant observable input data as possible and as little non-observable input data as 
possible. 
The yield requirements are analysed quarterly in connection with the valuation. The yield re-
quirements and other input data used are based on market observations and the best infor-
mation available under current conditions. The information includes the opinion of an external 
independent expert as well as Kojamo's own information. 
Fair value is the price that would be received from the sale of an asset or paid for the trans-fer 
of a liability between market parties in a normal transaction on the valuation date. Kojamo 
uses valuation techniques that are appropriate under those circumstances, and for which suf-
ficient data is available to measure fair value.
Investment properties 
Investment property refers to an asset (land, building or part of a building) that Kojamo retains 
to earn rental income or capital appreciation, or both. An investment property can be owned 
directly or through an entity. Properties used for administrative purposes are owner-occupied 
property and included in the balance sheet line item “Property, plant and equipment”. An in-
vestment property generates cash flows largely independently of the other assets held by an 
entity. This distinguishes investment property from owner-occupied property. 
Kojamo’s investment property portfolio consists of the completed properties, properties under 
construction and renovation, leased plots (right-of-use assets) and the plot reserve. Proper-
ties classified as trading properties as well as properties classified as held for sale are in-
cluded in the Group’s property portfolio but excluded from the balance sheet item “Investment 
properties”. A property is reclassified from “Investment properties” under “Trading properties” 
in the event of a change in the use of the property, and under “Investment property held for 
sale”, when the sale of an investment property is deemed highly probable. 
An investment property is derecognised from the balance sheet on disposal or when the in-
vestment property is permanently withdrawn from use and no future economic benefits are 
expected from its disposal. Capital gains and losses on disposals are presented netted as a 
separate line item in the comprehensive income statement. 
Restrictions on investment properties 
Some of the investment properties are subject to legislative divestment and usage re-
strictions. The so-called non-profit restrictions apply to the owning company, and the so-called 
property-specific restrictions apply to the investment owned. The non-profit restrictions in-
clude, among other things, permanent restrictions on the company’s operations, distribution of 
profit, lending and provision of collateral, and the divestment of investments. The property-
specific restrictions include fixed-term restrictions on the use of apartments, the selection of 
residents, the determination of rent and the divestment of apartments. 
Measurement of investment property 
Investment property is measured initially at acquisition cost, including related transaction 
costs, such as transfer taxes and professional fees, as well as capitalised expenditure arising 
from eligible modernisation. The acquisition cost also includes related borrowing costs, such 
as interest costs and arrangement fees, directly attributable to the acquisition or construction 
of an investment property. The capitalisation of borrowing costs is based on the fact that an 
investment property is a qualifying asset, i.e. an asset that necessarily takes a substantial pe-
riod of time to get ready for its intended use or sale. The capitalisation commences when the 
construction of a new building or extension begins and continues until such time as the asset 
is substantially ready for its intended use or sale. Capitalisable borrowing costs are either di-
rectly attributable costs accrued on the funds borrowed for a construction project or costs at-
tributable to a construction project. 
After initial recognition, investment property is measured at fair value and the changes in fair 
value are recognised through profit or loss in the period in which they are observed. Fair 
value gains and losses are presented netted as a separate line item in the comprehensive in-
come statement. Fair value refers to the price that would be received from selling an asset, or 
paid for transferring a liability, in an ordinary transaction between market participants on the 
measurement date. The valuation techniques used by Kojamo are described below. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
48 
 
Fair value hierarchy 
Inputs used in determining fair values (used in the valuation techniques) are classified on 
three levels in the fair value hierarchy. The fair value hierarchy is based on the source of in-
puts. 
Level 1 inputs: Quoted prices (unadjusted) in active markets for identical investment property. 
Level 2 inputs: Inputs other than quoted prices included within Level 1 that are observable for 
the investment property, either directly or indirectly. 
Level 3 inputs: Unobservable inputs for investment property. 
An investment property measured at fair value is categorised in its entirety in the same level 
of the fair value hierarchy as the lowest level input that is significant to the entire measure-
ment. The fair value measurement for all of the investment property of Kojamo has been cate-
gorised as a Level 3 fair value, as observable market information for the determination of fair 
values has not been available. 
Valuation techniques 
The fair values of investment properties measured by Kojamo are based on transaction value 
or balance sheet value (acquisition cost). 
Income value (yield value) 
The measurement of value is based on 10-year discounted cash flow (DCF) calculations, in 
which the terminal value of the property is calculated based on direct capitalisation and net 
yield in year 11. The discount rate is the 10-year cash flow yield requirement plus inflation. 
On completion, newly developed properties are moved from balance sheet value measure-
ment to yield value measurement in the quarter they are completed in. The development mar-
gin, if any, is recognised as income in connection with this transition. 
Completed properties acquired by the Group are measured in their first quarter using the ac-
quisition cost and subsequently using the yield value method. 
The yield value method is used to measure the value of properties that are not subject to re-
strictions. 
The yield value method is also used to measure the value of properties that can be sold as 
entire properties but not apartment by apartment due to restrictions stipulated by the legisla-
tion concerning state-subsidised rental housing. The disposal of such properties is only possi-
ble when the entire property is sold, and it must be sold to a party that will continue to use the 
property for the provision of rental housing until the restrictions expire. The rents for such 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
properties can be set freely. The yield value method is used to measure the value of proper-
ties that belong to the following restriction groups: free of restrictions, subject to extension re-
strictions, 20-year interest subsidy, 10-year interest subsidy. 
The yield requirements are analysed on a quarterly basis in connection with valuation. The 
determination of the yield requirement is based on the size of the municipality. In larger cities, 
several area-specific yield requirements are determined while, in smaller cities, the yield re-
quirement is set at the municipal level. The yield requirement for terraced houses is increased 
by 20 basis points. Properties with a particularly large proportion of premises that are not in 
residential use (in excess of 40% of the total floor area) are analysed separately. 
The change in yield requirement based on the age of the property is as follows: more than 15 
years from completion or renovation +12.5%, more than 30 years from completion or renova-
tion +22.5%. 
Provision for modernisation investments 
Age of the property or the number of years 
since 
the completion of the most recent renovation 
Provision (€/m²/month) 
0–10 years 
0.25 
11–30 years 
1.00 
31–40 years 
1.50 
>40 years 
2.00 
Provisions for modernisation investments are used in 10-year discounted cash flow calcula-
tions. 
Acquisition cost (balance sheet value) 
The balance sheet value is used for the measurement of residential and commercial proper-
ties whose disposal price is restricted under the legislation governing state-subsidised rental 
properties, meaning that their disposal price cannot be determined freely. In addition, the set-
ting of rents for such properties is, as a rule, based on the cost principle, which means that 
the rent levels cannot be determined freely. 
The balance sheet value method is used to measure the value of properties that belong to the 
following restriction groups: ARAVA 
(state-subsidised rental properties), and 40-year interest 
subsidy. 
The fair value of property development projects, the plot reserve and shares and holdings re-
lated to investment properties is their original acquisition cost.
 

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
49 
Business combinations and asset acquisition
Acquisitions of investment properties by Kojamo are accounted for as an acquisition of asset 
or a group of assets, or a business combination within the scope of IFRS 3 Business Combi-
nations. Reference is made to IFRS 3 to determine whether a transaction is a business com-
bination. This requires the management’s judgment. 
IFRS 3 is applied to the acquisition of investment property when the acquisition is considered 
to constitute an entity that is treated as a business. Usually, a single property and its rental 
agreement does not constitute a business entity. To 
constitute a business entity, the acquisi-
tion of the property should include acquired operations and people carrying out these opera-
tions, such as marketing of properties, management of tenancies and property repairs and 
renovation. 
The consideration transferred in the business combination and the detailed assets and ac-
cepted liabilities of the acquired entity are measured at fair value on the acquisition date. 
Goodwill is recognised at the amount of consideration transferred, interest of non-controlling 
shareholders in the acquiree and previously held interest in the acquiree minus Kojamo’s 
share of the fair value of the acquired net assets. Goodwill is not amortised, but it is tested for 
impairment at least annually. 
Acquisitions that do not meet the definition of business in accordance with IFRS 3 are ac-
counted for as asset acquisitions. In this event, goodwill or deferred taxes, etc., are not recog-
nised.
 
3.2 Non-current assets held for sale 
M€ 
31 Dec 2025 
31 Dec 2024 
Investment properties 
40.1 
- 
Current assets 
0.0 
- 
Total assets 
40.1 
- 
Loans and borrowings 
18.1 
- 
Trade and other payables 
0.0 
- 
Total liabilities 
18.2 
- 
Net asset value 
21.9 
- 
On 31 December 2025, the net value of Non-current assets held for sale totalled EUR 21.9 
million. The asset items in question consisted of rental apartments, real estate development 
projects and commercial property. Kojamo had no Non-current assets held for sale on 31 De-
cember 2024. 
Accounting policies 
If the sale of an operative rental investment property is deemed highly probable, such a prop-
erty is transferred from the balance sheet item “Investment property” to “Investment property 
held for sale”. On that date, the carrying amount of the property is considered to be recovered 
principally through a sale transaction rather than through continuing use in rental. For a prop-
erty to be classified as held for sale, the sale must be deemed highly probable and the invest-
ment property must be immediately saleable in its current condition under general and ordi-
nary terms of sale, the management must be committed to an active plan to sell the property, 
Kojamo must have initiated a project to find a buyer and complete the plan, the property must 
be actively marketed at a price that is reasonable in relation to its fair value and the sale must 
be expected to be completed within 12 months of the classification. 
Investment properties classified as held for sale are measured at fair value (fair value hierar-
chy level 3).
3.3 Trading properties 
Kojamo had no trading property shares in 2025 or 2024. 
Accounting policies 
Trading properties include properties meant for sale that do not meet Kojamo’s objectives due 
to their location, type or size. A property is reclassified from the balance sheet item “Invest-
ment properties” under “Trading properties” in the event of a change in the use of the prop-
erty. This is evidenced by the commencement of development with a view to sale. If an in-
vestment property is being developed with a view to a sale, it will be accounted for as a trad-
ing property. 
Trading properties are measured at the lower of the acquisition cost or the net realisation 
value. The net realisation value is the estimated selling price in the ordinary course of busi-
ness deducted by the estimated costs necessary to make the sale. If the net realisation value 
is lower than the carrying amount, an impairment loss is recognised. 
When a trading property becomes an investment property measured at fair value, the differ-
ence between the fair value on the transfer date and its previous carrying amount is recog-
nised in the income statement under “Profit/loss on sales of trading properties”.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
50 
 
3.4 Commitments and contingent liabilities related to investment 
properties 
Acquisition agreements related to investments 
Unrecognised acquisition agreements related to work in progress 
M€ 
31 Dec 2025 
31 Dec 2024 
New development under construction 
1.8 
11.7 
Renovation 
9.2 
0.0 
Total 
11.0 
11.7 
Other liabilities 
Value added tax refund liabilities 
M€ 
31 Dec 2025 
31 Dec 2024 
Value added tax refund liabilities 
5.3 
6.3 
Land purchase liabilities 
M€ 
31 Dec 2025 
31 Dec 2024 
Transaction prices based on target building rights and draft 
plans 
11.1 
12.3 
Liabilities for municipal infrastructure 
3.7 
3.7 
Information on collateral related to financing is presented in note 4.7. 
Construction liability 
The land use agreement related to the zoned areas Suurpelto I and II in Espoo is subject to 
schedules for construction sanctioned with delay penalties. 
The zoned areas are divided into three execution areas in the agreement. Kojamo holds 
building rights in these areas as follows: area 2 – 10,350 (10,350) floor sq.m. and area 3 – 
3,200 (7,600) floor sq.m. The agreement stipulates that all of the residential building rights 
have to be used up by November 2013 in area 2 and by November 2016 in area 3. This 
schedule has not been fully met. The delay penalty is graded based on the period of delay 
and can at most, if the delay has continued for at least five years, be equal to half of the land 
use payments in accordance with the agreement. According to the agreement, the City of Es-
poo may, should circumstances change, lower the penalty or waive it altogether. 
One of the plot located in Vantaa include an obligation related to the form of ownership and 
financing sanctioned with contractual penalties. 
Some plots located in the City of Helsinki are subject to an obligation to use them for rental 
housing. There is a contractual penalty for breaching this obligation.
Disputes 
Kojamo has some individual disputes pending, but the company considers them to be of neg-
ligible value.
Other commitments 
Lumo Kodit Oy, a subsidiary of Kojamo, finalised the purchase of properties located in Hel-
sinki at Onnentie 18, Sofianlehdonkatu 5, Tukholmankatu 10, Agricolankatu 1, Albertinkatu 
40–42, Abrahaminkatu 1–3, Kalevankatu 41, Eerikinkatu 32–38 and Bulevardi 31 from the 
City of Helsinki on 16 October 2017. Under the terms of the agreement, the fixed purchase 
price is based on a valuation derived from the existing building rights for further commercial 
development. The additional purchase prices are determined based on the actual intended 
uses and any additional floor area once the building permit for each site has been approved, 
and these amounts have been recorded as current liabilities of the companies. 
Accounting policies 
A contingent liability is a potential obligation resulting of past events and may be incurred de-
pending on the outcome of an uncertain future event that is beyond the Group’s control (such 
as the result of pending legal proceedings). In addition, an existing obligation that will proba-
bly not require meeting the liability to pay or the amount of which cannot be reliably deter-
mined is considered as a contingent liability. Contingent liabilities are presented in the notes.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
51 
4. Financing and equity 
4.1 Equity 
The following table shows changes in the number of shares and changes in equity items:
 
Reserve for 
Equity attribut- 
Number of 
invested 
able to share- 
shares 
Share issue 
Fair value 
unrestricted 
Retained 
holders of the 
Equity 
M€ 
(million) 
Share capital 
premium 
reserve 
equity 
earnings 
parent company 
in total 
1 Jan 2025 
247.1 
58.0 
35.8 
-7.4 
164.4 
3,378.3 
3,629.2 
3,629.2 
Transactions with shareholders 
Share repurchase 
-5.8 
-60.9 
-60.9 
-60.9 
Share-based incentive scheme 
0.7 
0.7 
0.7 
Profit for the financial period 
20.8 
20.8 
20.8 
Other comprehensive income 
3.1 
3.1 
3.1 
31 Dec 2025 
241.3 
58.0 
35.8 
-4.3 
164.4 
3,339.0 
3,593.0 
3,593.0 
 
Reserve for 
Equity attribut- 
Number of 
invested 
able to share- 
shares 
Share issue 
Fair value 
unrestricted 
Retained 
holders of the 
Equity 
M€ 
(million) 
Share capital 
premium 
reserve 
equity 
earnings 
parent company 
in total 
1 Jan 2024 
247.1 
58.0 
35.8 
11.2 
164.4 
3,356.4 
3,625.9 
3,625.9 
Transactions with shareholders 
Share-based incentive scheme 
0.7 
0.7 
0.7 
Profit for the financial period 
21.2 
21.2 
21.2 
Other comprehensive income 
-18.6 
-18.6 
-18.6 
31 Dec 2024 
247.1 
58.0 
35.8 
-7.4 
164.4 
3,378.3 
3,629.2 
3,629.2
Kojamo plc has one share class. The share has no nominal value. All issued shares have 
been paid for in full. The number of shares issued as at 31 December 2025 was 247,144,399, 
of which the number of outstanding shares was 241,329,399. The outstanding shares entitle 
their holders to one vote at the General Meeting of Shareholders. There are no voting re-
strictions related to the shares. The outstanding shares carry an equal right to dividends and 
other distribution of Kojamo plc’s assets. 
Kojamo was listed on the Nasdaq Helsinki Stock Exchange in June 2018. In connection with 
the listing, Kojamo issued 17,665,039 new shares.
 
Treasury shares 
Number of shares 
1–12/2025 
Treasury shares at the beginning of the period 
- 
Share repurchase during the period 
5,815,000 
Treasury shares at the end of the period 
5,815,000

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
52 
On 31 July 2025, the Board of Directors of Kojamo plc decided to initiate a share buyback 
programme.The share repurchases commenced after the Company’s closed period, on 22 
August 2025. 
As at 31 December 2025 Kojamo held 5,815,000 treasury shares.
Equity and reserves 
Equity consists of share capital, the share premium reserve, the fair value reserve, the re-
serve of invested unrestricted equity, and retained earnings net of treasury shares. 
Share premium reserve 
Kojamo plc has no such instruments in force that would accrue a share premium under the 
Limited Liability Companies Act currently in effect. The share premium was generated under 
the previous Limited Liability Companies Act. 
Fair value reserve 
The fair value reserve contains the changes in fair values of the derivatives used to hedge 
cash flow. 
Invested unrestricted equity reserve 
The reserve for invested unrestricted equity contains equity investments and that part of the 
share subscription price that has not specifically been allocated to share capital.
Dividends 
No dividend was paid for 2024. Kojamo has published updated dividend policy. Kojamo’s ob-
jective is to be a stable divided payer, whose annual dividend payment and/or share buy-
backs will be at least 20 per cent of FFO, provided that the Group’s equity ratio is 40 per cent 
or more taking account of the company’s financial position. After the balance sheet date, 31 
December 2025, the Board of Directors has proposed that a dividend EUR 
0.11
 
per share for 
2025 be paid.
Restrictions related to Kojamo’s equity 
Kojamo’s retained earnings for 2025, EUR 3,339.0 (3,378.3) million, include a total of EUR 
115.0 (159.5) million of equity subject to profit distribution restrictions relating to non-profit op-
erations. Equity subject to profit distribution restrictions includes the measurement of invest-
ment property at fair value. 
Current authorisations 
Kojamo’s Annual General Meeting on 13 March 2025 authorised the Board of Directors to de-
cide on the repurchase and/or acceptance as pledge of an aggregate maximum of 
24,714,439 of the company’s own shares according to the proposal of the Board of Directors. 
The proposed amount of shares corresponds to approximately 10 per cent of all the shares of 
the company. The authorisation will remain in force until the closing of the next Annual Gen-
eral Meeting, however, no longer than until 30 June 2026. 
On 31 July 2025, the Board of Directors of Kojamo plc decided to initiate a share buyback 
programme. Under the buyback programme, a maximum of 7,000,000 shares may be repur-
chased. The share repurchases commenced after the Company’s closed period, on 22 Au-
gust 2025. The repurchased shares will be cancelled. At the end of financial year, 5,815,000 
shares were acquired. 
The Board of Directors was also authorised to decide on the issuance of shares and the issu-
ance of special rights entitling to shares as referred to in Chapter 10, Section 1 of the Compa-
nies Act according to the proposal of the Board of Directors. The number of shares to be is-
sued on the basis of the authorisation shall not exceed an aggregate maximum of 24,714,439 
shares, which corresponds to approximately 10 per cent of all the shares of the company. The 
authorisation applies to both the issuance of new shares and the conveyance of own shares 
held by the company. The authorisation will remain in force until the closing of the next An-
nual General Meeting, however, no longer than until 30 June 2025. 
The Board has not used authorisation. 
Accounting policies 
An equity instrument is any contract that demonstrates a residual interest in Kojamo’s assets 
after deducting all of its liabilities. The share capital consists of the parent company’s ordinary 
shares classified as equity. Transaction costs 
directly attributable to the issue of new shares 
are presented in equity as a deduction, net of tax, from the proceeds. 
Where any Group company purchases parent company’s shares (treasury shares), the con-
sideration paid, including any directly attributable transaction costs (net of taxes), is deducted 
from equity attributable to the owners of the parent company, until the shares are cancelled or 
reissued. Where such shares are subsequently sold or reissued, any consideration received, 
net of any directly attributable transaction costs and net of taxes, is directly recognised in eq-
uity attributable to the owners of the parent company.
Dividend distribution to the parent company’s shareholders is recognised as a liability in the 
consolidated balance sheet in the period in which the dividends are approved by the com-
pany’s General Meeting of Shareholders.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
53 
Some of the Group companies are subject to revenue recognition restrictions under the non-
profit provisions of housing legislation, according to which an entity cannot pay its owner more 
than the profit regulated by housing legislation. The companies in question can pay their 
owner a four per cent return on own funds invested in them that have been confirmed by the 
Centre for State-Subsidised Housing Construction (Varke).
4.2 Financial income and expenses 
 
Items recognised through profit or loss 
M€ 
1–12/2025 
1–12/2024 
Dividend income 
0.1 
0.0 
Interest income 
8.5 
13.5 
Valuation changes on financial assets recognised 
at fair value through profit or loss 
0.0 
-0.1 
Other financial income 
2.1 
2.3 
Financial income, total 
10.8 
15.7 
Interest expenses 
Interest expenses on financial liabilities measured at 
amortised cost 
-118.1 
-134.4 
Interest expenses on interest rate derivatives 
0.7 
21.7 
Interest expenses on lease agreements 
-3.1 
-3.1 
Valuation changes on financial assets recognised 
at fair value through profit or loss 
-0.1 
0.7 
Other financial expenses 
-2.9 
-4.4 
Financial expenses, total 
-123.4 
-119.4 
Financial income and expenses, total 
-112.7 
-103.8 
Other comprehensive income 
M€ 
1–12/2025 
1–12/2024 
Cash flow hedges 
3.9 
-23.2 
Total 
3.9 
-23.2
Interest expenses increased by EUR 4.7 million compared to the comparison period due to 
the increase in interest rates. The changes to cash flow hedging come from interest rate de-
rivatives. 
Accounting policies 
Interest income
Interest income is recognised over time using the effective interest method
Dividend income
Dividend income is recognised when the right to receive payment has arisen. 
Borrowing costs
Borrowing costs are usually recognised as financial costs in the financial year during which 
they are incurred. However, borrowing costs attributable to qualifying assets, that is, mainly 
borrowing costs attributable to Kojamo’s investment properties, such as interest costs and ar-
rangement fees, directly resulting from the acquisition or construction of the above assets, are 
capitalised as part of the cost of the asset. The capitalisation principles of borrowing costs are 
described in more detail under the accounting policies concerning investment properties in 
section 3.1 Investment properties. 
Transaction costs directly attributable to the acquisition of loans that can be allocated to a 
particular loan are included in the loan’s original amortised cost and allocated as financial ex-
penses using the effective interest method.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
54 
4.3 Financial assets and liabilities by valuation category
 
31 Dec 2025 
31 Dec 2024 
Carrying 
Fair value 
Carrying 
Fair value 
M€ 
value total 
Level 1 
Level 2 
Level 3 
total 
value total 
Level 1 
Level 2 
Level 3 
total 
Financial assets 
Measured at fair value 
Interest rate derivatives 
10.8 
10.8 
10.8 
15.9 
15.9 
15.9 
Financial assets recognised at fair value 
through profit or loss 
58.5 
10.1 
47.7 
0.7 
58.5 
25.7 
0.0 
24.8 
0.8 
25.7 
Measured at amortised cost 
Cash and cash equivalents 
181.3 
181.3 
181.3 
333.6 
333.6 
333.6 
Trade receivables 
7.5 
7.5 
7.2 
7.2 
Financial liabilities 
Measured at fair value 
Interest rate derivatives 
16.2 
16.2 
16.2 
25.1 
25.1 
25.1 
Measured at amortised cost 
Other interest-bearing liabilities 
1,746.4 
1,748.3 
1,748.3 
2,103.2 
2,105.0 
2,105.0 
Bonds 
1,644.9 
1,633.2 
1,633.2 
1,724.7 
1,690.8 
1,690.8 
Trade payables 
12.5 
12.5 
11.3 
11.3
There were no transfers between the hierarchy levels in 2025. The fair value of floating rate 
loans is the same as their nominal value, as the margins of the loans correspond to the mar-
gins of new loans. The fair values of bonds are based on market price quotations. The fair 
values of other fixed-rate liabilities are based on discounted cash flows, in which market inter-
est rates are used as input data. 
 
Level 3 reconciliation 
Financial assets recognised at fair value through profit or loss 
M€ 
31 Dec 2025 
31 Dec 2024 
Beginning of period 
0.8 
0.8 
Change 
-0.1 
0.0 
End of period 
0.7 
0.8 
Investments measured at fair value through profit and loss on hierarchy level 3 are invest-
ments in unlisted securities and they are mainly measured at acquisition cost, as their fair 
value cannot be reliably measured in the absence of an active market. With regards to these 
items, it is evaluated that the acquisition cost is an appropriate estimate of fair value.
Accounting policies 
Financial assets and liabilities measured at fair value are classified into three fair value hierar-
chy levels in accordance with the reliability of the valuation technique. 
Level 1 
The fair value is based on quoted prices for identical instruments in active markets. 
Level 2 
A quoted market price exists in active markets for the instrument, but the price may be de-
rived from directly or indirectly quoted market data. Fair values are measured using valuation

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
55 
techniques. Their inputs are based on quoted market prices, including e.g. market interest 
rates, credit margins and yield curves. 
Level 3 
There is no active market for the instrument, the fair value cannot be reliably derived and in-
put data used for the determination of fair value is not based on observable market data.
Recognition and measurement 
The classification of financial assets is based on the nature of cash flows and the business 
models specified for the assets in question. Kojamo applies the following principles to the 
classification of financial assets and liabilities and their recognition, derecognition and meas-
urement. Financial assets and liabilities are presented as non-current items if the remaining 
maturity exceeds 12 months and as current items if the remaining maturity is less than 12 
months. 
Financial instruments are classified on initial recognition into the following measurement 
groups: measured at amortised cost, measured at fair value through profit or loss and finan-
cial assets measured at fair value in other comprehensive income. 
Financial assets and liabilities measured at amortised cost 
Financial assets measured at amortised cost are non-derivative financial assets with fixed or 
determinable payments. They are solely related to payments of principal and interest, and 
they are not held for trading. 
Financial assets obtained by handing over cash, goods or services directly to a debtor are 
measured at amortised cost. Kojamo’s financial assets measured at amortised cost consist of 
trade receivables and other receivables, loan receivables and other receivables, which in-
clude cash and cash equivalents. Fixed-term deposits with a maturity of three months at most 
are included in cash and cash equivalents. 
Financial liabilities measured at amortised cost include issued bonds, other interest-bearing 
liabilities and trade payables. They are recognised initially at fair value. Transaction costs di-
rectly attributable to the acquisition of loans, such as arrangement fees that can be allocated 
to a particular loan, are deducted from the original amortised cost of the loan. Other financial 
liabilities are subsequently measured at amortised cost using the effective interest method. 
The difference between the proceeds and the redemption value is recognised as a financial 
expense through profit or loss over the loan period.
Financial assets and liabilities recognised at fair value through profit or loss 
Financial assets measured at fair value through profit or loss include fund investments, invest-
ments in unlisted shares and commercial papers as well as other investment instruments that 
are not deposits. 
Financial assets and liabilities recognised at fair value through profit or loss include interest 
rate derivatives that are not subject to hedge accounting in accordance with IFRS 9. 
Realised and unrealised gains and losses from changes in fair value are recognised in the 
comprehensive income statement in the period in which they arise.
Impairment of financial assets 
The assessment of credit losses is based on expected credit losses. The method takes into 
account a possible increase in credit risk. The impairment model is applied to financial assets 
recognised at amortised cost, the most significant item being rental and trade receivables. 
Impairment loss is immediately recognised in the income statement. If the value is later re-
stored, the reversal of the impairment is recognised in equity for equity instruments and 
through profit or loss for other investments. The impairment model is based on credit losses 
estimated on the basis of experience. 
If there is no active market for the financial instrument, judgment is required to determine fair 
value and impairment. External mark to market valuations may be used for some interest rate 
derivatives. Recognition of impairment is considered if the impairment is significant or long-
lasting. If the amount of impairment loss decreases during a subsequent financial year and 
the decrease can be considered to be related to an event occurring after the recognition of 
impairment, the impairment loss will be reversed.
 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
56 
 
4.4 Interest-bearing liabilities 
M€ 
31 Dec 2025 
31 Dec 2024 
Non-current liabilities 
Bonds 
1,509.9 
1,309.2 
Loans from financial institutions 
1,580.9 
1,931.5 
Interest subsidy loans 
- 
18.6 
Lease liability 
75.4 
79.6 
Non-current liabilities total 
3,166.2 
3,338.9 
Current liabilities 
Bonds 
135.0 
415.5 
Loans from financial institutions 
87.8 
70.9 
Interest subsidy loans 
- 
0.2 
Lease liability 
2.3 
2.3 
Current liabilities total 
225.1 
489.0 
Total interest-bearing liabilities 
3,391.3 
3,827.9 
Three green bonds have been issued within Kojamo’s Green Finance Framework, the pro-
ceeds of which have been used to build energy-efficient buildings and improve energy-effi-
ciency of buildings. 
In May 2021, Kojamo issued the first green bond of EUR 350 million, with a maturity of 8 
years and a maturity date of 28 May 2029. The bond carries a fixed annual coupon of 
0.875%. In January 2024, Kojamo increased the bond maturing in 2029 by EUR 200 million 
as a private placement. The remaining nominal amount of the EUR 300 million green bond 
issued in March 2022 is EUR 134,992 million after the tender offer in March 2025. The bond 
carries a fixed annual coupon of 2.0% and the maturity date is 31 March 2026. In March 
2025, 
Kojamo issued a third green bond. The nominal amount of the bond is EUR 500 million 
and it has a maturity date of 12 March 2032. 
The bond carries a fixed annual coupon of 
3.875%. Additionally, an unsecured bond of EUR 500 million was issued in 2020. The bond 
matures on 27 May 2027, and it carries a fixed annual coupon rate of 1.875%. 
All bonds are unsecured and made under the EUR 2.5 billion Kojamo plc’s EMTN programme 
established in 2020. The bonds are listed on the official list of the Irish Stock Exchange. 
Other significant financing arrangements made during the financial year are described in sec-
tion Balance sheet, cash flow and financing.
 
Interest-bearing liabilities related to financing 
Other than 
Other than 
cash 
cash 
M€ 
1 Jan 2025 
Cash flow 
changes 
31 Dec 2025 
1 Jan 2024 
Cash flow 
changes 
31 Dec 2024 
Non-current interest-bearing liabilities 
3,259.3 
540.2 
-708.7 
3,090.8 
2,930.8 
831.8 
-503.3 
3,259.3 
Non-current lease liabilities 
79.6 
-4.2 
75.4 
76.4 
3.2 
79.6 
Current interest-bearing liabilities 
486.6 
-966.7 
702.9 
222.8 
591.0 
-615.8 
511.4 
486.6 
Current lease liabilities 
2.3 
-1.9 
1.8 
2.3 
2.2 
-1.8 
2.0 
2.3 
Total interest-bearing liabilities 
3,827.9 
-428.4 
-8.2 
3,391.3 
3,600.4 
214.2 
13.2 
3,827.9
The changes arising from cash flows consist of the withdrawal of EUR 540.2 (831.8) million 
and repayment of EUR -966.7 (-570.2) million of non-current loans, the withdrawal EUR 26.0 
(19.8) million and repayment EUR -26.0 (-65.4) million of short-term commercial papers and 
other loans and the repayment of lease liabilities. Changes not involving cash flows mainly 
consist of transfers to current liabilities.

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
57 
 
4.5 Derivative instruments 
Fair values of derivative instruments 
31 Dec 2025 
31 Dec 2024 
M€ 
Positive 
Negative 
Net 
Net 
Interest rate derivatives 
Interest rate swaps, 
cash flow hedging 
10.8 
-16.2 
-5.4 
-9.3 
Total 
10.8 
-16.2 
-5.4 
-9.3 
Nominal values of derivative instruments 
M€ 
31 Dec 2025 
31 Dec 2024 
Interest rate derivatives 
Interest rate swaps, cash flow hedging 
1,598.3 
1,703.1 
Total 
1,598.3 
1,703.1 
Items under hedge accounting 
M€ 
31 Dec 2025 
31 Dec 2024 
Cash flow hedging 
Nominal value 
Hedged loans 
1,413.7 
1,713.2 
Interest rate derivatives 
1,598.3 
1,703.1 
Fair value of derivatives 
Positive 
10.8 
15.9 
Negative 
-16.2 
-25.1 
Net 
-5.4 
-9.3 
Effective portion 
Recognised in other comprehensive income 
3.9 
-23.2 
Ineffective portion 
Recognised in the income statement 
- 
- 
During the financial year, EUR 3.9 (-23.2) million was recognised in the fair value reserve 
from interest rate derivatives classified as cash flow hedges. 
The interest rate derivatives mature between 2026 and 2035. At the balance sheet date, the 
average maturity of interest rate swaps was 1.9 (2.8) years. 
 
Accounting policies 
Kojamo uses derivative instruments only for hedging purposes. Kojamo uses interest rate de-
rivatives to hedge its exposure to changes in future interest payment cash flows concerning 
long-term loans. The majority of interest rate derivatives is subject to cash flow hedge ac-
counting in accordance. Derivative instruments that do not meet the requirements concerning 
the application of hedge accounting, or instruments to which Kojamo has decided not to apply 
hedge accounting, are included in financial assets or liabilities measured at fair value through 
profit or loss. These instruments are classified as held for trading. Fluctuations in Kojamo’s 
result caused by changing electricity prices has been managed since 2022 by using electricity 
purchase agreements. 
The unrealised gains and losses from the measurement of derivatives are presented on the 
balance sheet under current and non-current assets or under liabilities in the item Derivative 
instruments. The hedged items are presented on the balance sheet under Loans as non-cur-
rent or current liabilities. 
Changes in the fair values of derivatives included in hedge accounting are recognised in com-
ponents of other comprehensive income insofar as the hedging is effective. Changes in value 
are reported in the fair value reserve in equity. Interest payments arising from interest rate de-
rivatives are recognised in interest expenses to profit or loss. The ineffective portion of a 
hedge is immediately recognised in financial items in the comprehensive income statement. 
The gains and losses accumulated in equity are recognised in the income statement at the 
same time with the hedged item. 
Changes in value from derivatives not included in hedge accounting are recognised in finan-
cial items through profit and loss.
 
4.6 Financial risk management 
The financial risks associated with Kojamo’s business are managed in accordance with the 
treasury policy confirmed by Kojamo plc’s Board of Directors. The objective is to protect 
Kojamo against unfavourable changes in the financial market. The management of financial 
risk is centralised in the Kojamo’s Treasury unit.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
58 
Interest rate risk 
The most significant financial risk is related to interest rate fluctuations affecting the loan port-
folio. This risk is managed through fixed interest rates and interest rate derivatives. The great-
est interest rate risk is associated with loans from financial institutions, bonds and commercial 
papers. These risks are hedged by using interest rate derivatives according to Kojamo’s 
treasury policy. The targeted hedging ratio is 50–100 per cent. At the end of the financial 
year, 
the proportion of fixed-rate loans and loans hedged with interest rate derivatives (the 
hedging ratio) was 99 (93) per cent. The interest rate risk associated with interest subsidy 
loans is reduced by the state’s interest subsidy. Interest subsidy loans are not hedged with 
interest rate derivatives. 
The effects of changes in market interest rates on the comprehensive income statement and 
equity are evaluated in the table below. The interest rate position affecting the comprehensive 
income statement includes floating rate loans and interest rate derivatives not included in 
hedge accounting. The effect on equity results from changes in the fair values of interest rate 
derivatives included in hedge accounting.
 
Interest rate sensitivity 
31 Dec 2025 
31 Dec 2024 
Income statement 
Comprehensive income 
Income statement 
Comprehensive income 
M€ 
1% 
-0.1% 
1% 
-0.1% 
1% 
-0.1% 
1% 
-0.1% 
Floating rate loans 
-15.2 
1.5 
- 
- 
-20.5 
2.1 
- 
- 
Interest rate derivatives 
12.9 
-1.3 
27.2 
-2.8 
14.7 
-1.5 
41.3 
-4.2 
Total effect 
-2.3 
0.3 
27.2 
-2.8 
-5.9 
0.6 
41.3 
-4.2 
The deferred tax effect is not included in the 
calculation.
 
Liquidity and refinancing risk 
Kojamo secures its liquidity through sufficient cash funds, the commercial paper programme 
and supporting credit facility agreements. Cash flow from the rental business is stable, and 
the sufficiency of liquidity is monitored with regular cash flow forecasts. 
Kojamo’s liquidity remained good during the financial year. At the end of the financial year, 
the Group’s cash and cash equivalents stood at EUR 181.3 million and financial assets at 
EUR 57.8 million. 
In order to ensure its liquidity, Kojamo plc has a commercial paper programme of EUR 250 
million, committed credit facility agreements amounting to EUR 275 million and a EUR 5 mil-
lion non-committed credit facility agreement. The commercial paper programme was unused 
at the end of the financial year. All credit facilities were unused at the balance sheet date. 
The table below presents the expiration of the Group’s committed unused credit facilities. The 
credit facilities are ready for withdrawal according to the Group’s financing needs.
 
Expiration of the Group's committed credit facilities 
31 Dec 2025 
31 Dec 2024 
Within 1 
1–2 
2–5 
Within 1 
1–2 
2–5 
M€ 
year 
years 
years 
Total 
year 
years 
years 
Total 
Undrawn committed credit facilities 
- 
100.0 
175.0 
275.0 
- 
175.0 
200.0 
375.0

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
59 
In the past few years, the functioning of the financial market has been affected by stricter 
bank regulation. Due to Kojamo’s strong financial position and stable cash flow, the availabil-
ity of financing has remained good. Kojamo has a credit rating of Baa2 with a stable outlook 
from Moody’s. 
The availability of financing is ensured by maintaining Kojamo’s good reputation among finan-
ciers and by keeping the equity ratio and loan to value at an appropriate level. The Group’s 
aim is to ensure access to different financing sources. The refinancing risk is reduced by di-
versifying the loan portfolio with respect to financing sources, financial instruments and matur-
ities. The maturity distribution of the financing portfolio is actively monitored and Kojamo pre-
pares for the maturing of large loans well in advance. 
The following table shows the cash flows of the contractual repayments and interest pay-
ments of the Group’s financial liabilities. The cash flows of interest rate derivatives have re-
mained positive in current interest rate levels.
 
Maturity profile of financial liabilities 
31 Dec 2025 
31 Dec 2024 
Within 1 
2–5 
6–10 
11–15 
Within 1 
2–5 
6–10 
11–15 
M€ 
year 
years 
years 
years 
Later 
year 
years 
years 
years 
Later 
Bonds 
171.3 
1,151.3 
538.8 
- 
- 
442.5 
1,394.0 
- 
- 
- 
Loans from financial institutions 
144.8 
1,597.4 
95.3 
0.6 
0.7 
112.0 
2,069.4 
99.0 
19.1 
0.9 
Interest subsidy loans 
0.9 
3.3 
4.5 
5.2 
12.7 
0.9 
3.9 
4.3 
4.9 
14.2 
Interest rate derivatives 
4.8 
7.2 
-1.4 
- 
- 
13.2 
17.4 
5.6 
0.4 
- 
Lease liabilities 
4.7 
18.0 
21.9 
20.5 
88.4 
4.9 
18.7 
23.0 
21.7 
94.1 
Trade payables 
12.5 
- 
- 
- 
- 
11.3 
- 
- 
- 
- 
Total 
338.9 
2,777.2 
659.0 
26.3 
101.9 
584.8 
3,503.4 
131.9 
46.0 
109.1
Price risk 
Unexpected changes in electricity pricing may expose company to price risk. Kojamo has 
hedged it’s electricity price risk by using electricity purchase agreements. 
Kojamo’s surplus cash may be invested in accordance with the principles approved in the 
treasury policy. Financial assets measured at fair value through profit or loss are subject to a 
price risk that is mitigated through the diversification of investment assets. The investments 
do not involve a currency risk. 
Kojamo’s level 1 and 2 financial assets measured at fair value through profit or loss are low-
risk investments in short-term interest rate funds or other highly liquid investments that can be 
redeemed on short notice and are therefore suitable for cash management. The effect of a 
one percentage point increase (decrease) on the comprehensive income statement would be 
EUR 0.3 (-0.3) million. Financial assets classified at level 3 consist mostly of strategic invest-
ments in unlisted shares. The impact of one percentage point increase (decrease) of these 
prices on the financial statement would be EUR 0.0 (-0.0) million. The figures do not take the 
tax effect into account.
Credit risk and counterparty risk 
Kojamo does not have any significant credit risk concentrations. The majority of sales receiva-
bles consists of rent receivables, which are efficiently diversified. In addition, the use of secu-
rity deposits mitigates the credit risk associated with rent receivables. Credit risk is analysed 
based on the age distribution of trade receivables and by the degree of success of debt col-
lection measures, and the risk is expected to remain at the current level.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
60 
 
Age distribution of sales and rent receivables 
31 Dec 2025 
31 Dec 2024 
M€ 
% 
M€ 
% 
Less than a month 
4.4 
58.8 
4.6 
64.1 
1–3 months 
1.9 
25.0 
1.9 
26.9 
3–6 months 
0.8 
10.2 
0.4 
6.1 
6–12 months 
0.3 
3.7 
0.1 
1.0 
More than a year 
0.2 
2.3 
0.1 
1.9 
Total 
7.5 
100.0 
7.2 
100.0 
Investments and derivative instruments involve a counterparty risk in financing activities. This 
risk is managed with a diverse portfolio of financially stable counterparties.
Currency risk 
Kojamo’s cash flows are euro-denominated, and the business does not involve any currency 
risk.
Management of capital structure 
Kojamo’s aim is to achieve a capital structure that best ensures Kojamo’s strategic long-term 
operations, promotes the company’s growth targets and is optimal with respect to the prevail-
ing market situation. In addition to the financial result, Kojamo’s capital structure is affected by 
factors such as capital expenditure, asset sales and acquisitions, dividend payments, equity-
based facilities and measurement at fair value. 
Kojamo’s strategic targets include an equity ratio of more than 40 per cent and Loan to Value 
(LTV, 
a measure of net debt relative to the value of investment properties) of less than 50 per 
cent. 
Kojamo’s equity ratio on 31 December 2025 was 45.4 (43.2) per cent, and Loan to 
Value (LTV) 
was 42.3 (43.9) per cent. Kojamo’s interest-bearing liabilities totalled EUR 
3,391.3 (3,827.9) million at the end of the financial year. 
Kojamo’s financing agreements include financial covenants related to the gearing ratio, the 
proportion of secured loans of the balance sheet, the amount of unencumbered assets and 
the capacity of the business to cover its interest liabilities. The covenants are tested quarterly. 
Kojamo fulfilled the terms of the covenants during the financial year and estimates that it will 
also fulfil them in the next 12 months. 
According to the terms and conditions of Kojamo’s unsecured bonds, the Group’s solvency 
ratio shall be less or equal to 0.65, secured solvency ratio less or equal to 0.45 and coverage 
ratio more than or equal to 1.8. At the end of the financial year, the solvency ratio was 0.41 
(0.42), the secured solvency ratio was 0.13 (0.17) and the coverage ratio was 2.4 (2.6). In ad-
dition to the bonds, these covenants are included in loans from financial institutions, totalling 
EUR 2,841.1 (3,218.9) million at the end of the financial year. 
According to the terms and conditions of certain financial agreements, the Group’s Loan to 
Value (LTV) 
shall not exceed 60 per cent and the interest cover ratio (ICR) shall be at least 
1.8. At the end of the financial year, the interest cover ratio was 2.3 (2.3). These covenants 
are included in certain loans from financial institutions, 
totalling EUR 237.9 (222.2) million at 
the end of the financial year.
Accounting policies 
Financial assets include rent receivables and trade receivables as well as interest receiva-
bles that are not held for sale and that have been obtained by handing over cash, goods or 
services directly to a debtor. They are measured initially at fair value and subsequently at 
amortised cost. The balance sheet value is adjusted according to the amount of expected 
credit losses. 
Impairment of financial assets
For financial assets, the loss allowance is recognised at an amount equal to the lifetime ex-
pected credit losses. The expected credit loss is recognised through profit or loss

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
61 
 
4.7 Guarantees and commitments 
M€ 
31 Dec 2025 
31 Dec 2024 
Loans covered by pledges on property and 
shares as collateral 
1,049.6 
1,399.8 
Pledges given 
1,496.1 
1,932.9 
Shares 
326.6 
395.0 
Pledged collateral, total ¹
⁾
1,822.7 
2,327.9 
Other collaterals given 
Mortgages and shares 
7.6 
7.6 
Guarantees ²
⁾
591.4 
642.3 
Pledged deposits 
0.0 
0.0 
Other collateral, total 
599.1 
650.0 
¹
⁾
 
Pledged mortgages and shares relate in some 
cases to the same properties 
²
⁾
 
Guarantees given mainly relate to parent company 
guarantees given on behalf of Group 
companies’ loans and some of these loans have 
also mortgages or shares as collaterals 
Kojamo and its subsidiaries have made commitments restricting the assignment and pledging 
of shares owned by them. 
The contingent liabilities related to investment properties are presented in note 3.4.
 
5. Income taxes
5.1 Current tax expense 
The tax expense in the income statement is broken down as follows 
M€ 
1–12/2025 
1–12/2024 
Current tax expense 
-47.9 
-13.6 
Taxes for previous financial years 
0.0 
0.1 
Change in deferred taxes 
41.9 
8.4 
Total 
-6.0 
-5.1 
Tax effects relating to components of other comprehensive income 
M€ 
1–12/2025 
1–12/2024 
Cash flow hedges 
Before taxes 
3.9 
-23.2 
Tax effect 
-0.8 
4.6 
After taxes 
3.1 
-18.6 
Current tax expense increased primarily due to the income from sales of residential properties 
sold in July. 
The information related to cash flow hedges is described in note 4.2 Financial income and ex-
penses.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
62 
 
Reconciliation between the tax expense shown in the income statement and tax 
calculated using the parent company’s tax rate 
M€ 
1–12/2025 
1–12/2024 
Profit before taxes 
26.8 
26.3 
Taxes calculated using the current tax rate (20%) 
-5.4 
-5.3 
Tax-exempt income/non-deductible costs 
-1.8 
-5.1 
Utilisation of confirmed tax losses 
0.5 
1.0 
Change of deferred tax assets on unused confirmed 
tax losses 
-0.2 
-0.9 
Taxes from previous periods 
0.0 
0.1 
Share of result of associated companies 
0.0 
0.0 
investment properties 
0.2 
- 
Other 
0.6 
5.1 
Adjustments total 
-0.7 
0.1 
Total taxes recognised in profit or loss 
-6.0 
-5.1 
Accounting policies 
The tax expense in the comprehensive income statement comprises current tax and the 
change in deferred tax liabilities and receivables. Income tax is recognised in profit and loss, 
except when income tax is related to items recognised directly in equity or components of 
other comprehensive income. In this event, the tax is also included in these items. 
Current taxes are calculated from taxable profit determined in Finnish tax legislation with ref-
erence to a valid tax rate, or a tax rate that is in practice approved by the balance sheet date. 
Taxes 
are adjusted by possible taxes related to previous years. 
As a rule, deferred tax assets and liabilities are recognised for all temporary differences be-
tween the carrying amounts and tax bases of assets and liabilities using the liability method. 
Acquisitions of individual assets constitute an exception to this rule. At Kojamo, these assets 
include such investment property acquisitions that do not meet the criteria of business entities 
and are, therefore, classified as asset acquisitions. 
The most significant temporary difference in the Group is the difference between the fair val-
ues and tax bases of investment properties owned by Kojamo. After the initial recognition, the 
investment property is measured at fair value through profit and loss at the end of the report-
ing period. Other temporary differences arise, for example, from the measurement of financial 
instruments at fair value. 
A deferred tax asset is recognised only to the extent that it is probable that future taxable 
profit will be available to Kojamo against which temporary differences can be utilised. The eli-
gibility of the deferred tax asset for recognition is reassessed on the last day of each reporting 
period. Deferred tax liabilities are usually recognised in the balance sheet in full. 
Deferred taxes are determined applying those tax rates (and tax laws) that will probably be 
valid at the time of paying the tax. Tax rates in force on the last day of the reporting period are 
used as the tax rate, or tax rates for the year following the financial year if they are in practice 
approved by the last day of the reporting period.

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
63 
 
5.2 Deferred tax assets and liabilities 
Changes to deferred tax assets and liabilities 
Recognised 
Recognised 
Recognised 
in other 
Recognised 
in other 
through 
compre- 
through 
compre- 
profit 
hensive 
Other 
profit 
hensive 
Other 
M€ 
1 Jan 2025 
or loss 
income 
changes 
31 Dec 2025 
1 Jan 2024 
or loss 
income 
changes 
31 Dec 2024 
Deferred tax assets 
Confirmed losses 
0.6 
-0.2 
- 
0.4 
1.5 
-0.9 
- 
0.6 
Cash flow hedges 
5.0 
-1.8 
- 
3.2 
3.2 
1.8 
- 
5.0 
Other items/transfers 
4.3 
7.3 
- 
11.6 
0.2 
4.1 
- 
4.3 
Lease agreements 
16.4 
-0.9 
- 
15.5 
15.7 
0.7 
- 
16.4 
Total 
26.3 
6.2 
-1.8 
- 
30.7 
20.6 
3.9 
1.8 
- 
26.3 
Set-off of deferred tax of lease agreements 
-16.4 
0.9 
- 
-15.5 
-15.7 
-0.7 
- 
-16.4 
Deferred tax assets 
9.9 
7.1 
-1.8 
- 
15.2 
4.9 
3.2 
1.8 
- 
9.9 
Deferred tax liabilities 
Investment properties measured at fair value 
and residential building provisions 
817.4 
-34.9 
0.4 
782.9 
822.8 
-5.4 
0.0 
817.4 
Cash flow hedges 
3.2 
-1.0 
- 
2.2 
6.0 
-2.9 
- 
3.2 
Other items/transfers 
0.7 
0.1 
- 
0.8 
0.5 
0.2 
- 
0.7 
Lease agreements 
16.4 
-0.9 
- 
15.5 
15.7 
0.7 
- 
16.4 
Total 
837.6 
-35.6 
-1.0 
0.4 
801.4 
845.0 
-4.6 
-2.9 
0.0 
837.6 
Set-off of deferred tax of lease agreements 
-16.4 
0.9 
- 
-15.5 
-15.7 
-0.7 
- 
-16.4 
Deferred tax liabilities 
821.2 
-34.8 
-1.0 
0.4 
785.9 
829.3 
-5.2 
-2.9 
0.0 
821.2
Expiration years for unrecognised confirmed losses 
Year of expiration 
M€ 
2026−2027 
2028−2029 
2030−2031 
2032−2033 
2034−2035 
Total 
Confirmed losses 
0.2 
0.0 
0.0 
1.0 
1.1 
2.2 
Unrecognised deferred tax 
0.0 
0.0 
0.0 
0.2 
0.2 
0.4

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
64 
Accounting policies 
Recognition of deferred tax assets 
Determining whether to recognise a deferred tax asset on the balance sheet requires the 
management’s judgment. A deferred tax asset is recognised to the extent that it is probable 
that future taxable profit will be available to Kojamo against which deductible temporary differ-
ences or tax losses carried forward can be utilised. A deferred tax asset recognised in a previ-
ous reporting period is recognised as an expense in the income statement, if Kojamo is not 
expected to accrue enough taxable income to utilise the temporary differences or unused 
losses that constitute the basis for the deferred tax asset. 
Recognition principle of deferred taxes (investment properties) 
As a rule, the deferred tax for investment properties measured at fair value is determined as-
suming that the temporary difference will reverse through selling. Kojamo can usually dispose 
of an investment property either by selling it in the form of property or by selling the shares in 
the company, such as a housing company. 
Exception to the initial recognition of deferred taxes 
As a rule, deferred tax assets and liabilities are recognised for all temporary differences be-
tween the carrying amounts and tax bases of assets and liabilities. An exception to this princi-
pal rule is constituted by acquisitions of single investment properties, which are not consid-
ered to meet the definition of business according to IFRS 3 Business Combinations -standard. 
In this case, they are classified as asset acquisitions, for which no deferred tax is recorded in 
the balance sheet at initial recognition. As such, the classification of property acquisitions as 
business acquisitions and asset acquisitions (described in more detail in note 3.1) also affects 
the recognition of deferred taxes.
6. Other balance sheet items 
6.1. Lease agreements 
Leases 
The right-of-use assets recognised in investment properties consist of land lease contracts 
measured at fair value. The fair value of land lease contracts is the present value of the lease 
payments for the remaining lease term discounted by the incremental borrowing rate. 
Kojamo’s lease liability is measured by discounting the lease liabilities of the leases within the 
scope of the standard at their present value, using the management’s estimate of Kojamo’s 
incremental borrowing rate as the discount factor. The incremental borrowing rate will be de-
termined on the commencement date of the lease. The weighted average incremental bor-
rowing rate of the lease liability was 3.9 (3.9) per cent on 31 December 2025. 
The right-of-use assets recognised in property, plant and equipment are car leasing agree-
ments. Depreciation on the right-of-use asset is recognised as straight-line depreciation over 
the lease term. The balance sheet items do not include the service components of leases or 
non-deductible value added taxes. The weighted average incremental borrowing rate of the 
lease liability was 1.3 (1.3) per cent on 31 December 2025. 
The cash flows of the contractual repayments and interest payments of the Group’s financial 
liabilities are presented for lease liabilities in note 4.6 Financial risk management. 
Expenses associated with right-of-use assets included in investment properties (leases for 
plots of land) are recognised in the comprehensive income statement under Profit/loss on fair 
value of investment properties and the interest expenses allocated to the lease liability are 
recognised in financial expenses. The expenses associated with car leasing agreements are 
recognised in depreciation and financial expenses. The payments of the lease liability are 
stated in the financing cash flow. 
 

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
65 
 
Right-of-use assets 
M€ 
31 Dec 2025 
31 Dec 2024 
Fair value od Leases for plots of land 
1 Jan * 
81.2 
77.8 
Increases/decreases 
-2.7 
4.8 
Profit/loss on fair value of investment properties 
-1.4 
-1.4 
Fair value of Leases for plots of land 31 Dec 
77.0 
81.2 
* Land lease contracts are measured at 
fair value and are recognised in investment properties 
M€ 
31 Dec 2025 
31 Dec 2024 
Car leasing agreements 1 Jan * 
1.4 
1.6 
Increases/decreases 
-0.1 
-0.2 
Acquisition cost 31 Dec 
1.4 
1.4 
Accumulated depreciation 1 Jan 
-0.7 
-0.8 
Depreciation, amortisation and impairment 
-0.4 
-0.4 
Increases/decreases 
0.4 
0.5 
Accumulated depreciation 
-0.7 
-0.7 
Car leasing agreements 1 Jan 
0.7 
0.8 
Car leasing agreements 31 Dec 
0.6 
0.7 
* Car leasing agreements are recognised in 
property, plant and equipment 
M€ 
31 Dec 2025 
31 Dec 2024 
Right-of-use assets total on 1 Jan 
81.9 
78.6 
Right-of-use assets total on 31 Dec 
77.6 
81.9 
 
Lease liabilities 
M€ 
31 Dec 2025 
31 Dec 2024 
Lease liabilities on 1 Jan 
81.9 
78.6 
New leases 
0.4 
0.4 
Repayments of lease liabilities 
-1.9 
-1.8 
Other non-cash movements 
-2.8 
4.7 
Lease liabilities on 31 Dec 
77.7 
81.9 
Lease liabilities 
M€ 
31 Dec 2025 
31 Dec 2024 
Non-curret liabilities 
Investment property, leases for plot of land 
75.1 
79.2 
Depreciation, amortisation and impairment, car leasing 
agreements 
0.3 
0.4 
Non-curret liabilities total 
75.4 
79.6 
Current liabilities 
Investment property, leases for plot of land 
1.9 
2.0 
Depreciation, amortisation and impairment, car leasing 
agreements 
0.3 
0.4 
Current liabilities total 
2.3 
2.3 
Lease liabilities total 
77.7 
81.9

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
66 
 
6.2 Intangible assets 
2025 
2024 
Other 
Other 
intangible 
intangible 
M€ 
assets 
Total 
assets 
Total 
Acquisition cost 1 Jan 
1.4 
1.4 
1.2 
1.2 
Increases 
0.2 
0.2 
0.1 
0.1 
Acquisition cost 31 Dec 
1.6 
1.6 
1.4 
1.4 
Accumulated depreciation 1 Jan 
-0.9 
-0.9 
-0.7 
-0.7 
Depreciation for the financial year 
-0.2 
-0.2 
-0.2 
-0.2 
Accumulated depreciation 31 Dec 
-1.1 
-1.1 
-0.9 
-0.9 
Carrying value 1 Jan 
0.5 
0.5 
0.6 
0.6 
Carrying value 31 Dec 
0.4 
0.4 
0.5 
0.5 
Accounting policies 
Intangible assets are recognised in the balance sheet only in the event that the acquisition 
cost of the asset can be reliably determined and the expected future financial benefit related 
to the asset will probably benefit Kojamo. Any other costs are immediately recognised as ex-
penses. Intangible assets are valued at acquisition cost less amortisation and any impairment 
loss. Kojamo’s intangible assets consist of licences and IT systems. 
Intangible assets are amortised on a straight-line basis over their estimated useful lives. In-
tangible assets with a time limit are amortised over the life of the contract. The amortisation 
periods for intangible assets are fiver to twenty years.
Research costs are recognised as an expense as incurred. Development costs are recog-
nised as intangible assets in the balance sheet, provided that they can be reliably determined, 
the product or process is technically and commercially feasible, it will probably generate finan-
cial benefit in the future and Kojamo has the resources required for completing the research 
work and for using or selling the intangible asset.
The residual value, useful life and amortisation method of the asset are checked at least at 
the end of each financial year. When necessary, 
they are adjusted to reflect changes in the 
expectations on financial benefit. 
Kojamo’s consolidated balance sheet did not include goodwill in the periods being presented. 
The accounting for cloud computing arrangements depends on whether the cloud-based soft-
ware classifies as a software intangible asset or a service contract. Those arrangements 
where Kojamo does not have control over the underlying software are accounted for as ser-
vice contracts providing the Group with the right to access the cloud provider’s application 
software over the contract period. The ongoing fees to obtain access to the application soft-
ware, together with related configuration or customisation costs incurred, are recognised un-
der Other operating expenses when the services are received.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
67 
 
6.3 Property, 
plant and equipment 
Connection 
Machinery and 
Right-of-use 
Other tangible 
Land areas 
charges 
Buildings 
equipment 
assets 
assets 
Total 
Acquisition cost 1 Jan 2025 
5.4 
0.1 
26.6 
3.2 
1.4 
1.4 
38.2 
Increases 
- 
- 
0.0 
0.0 
-0.1 
0.1 
0.0 
Impairment losses 
-1.7 
- 
-5.6 
- 
- 
- 
-7.2 
Transfer between assets 
0.1 
0.0 
-0.1 
0.0 
Hankintameno 31 Dec 2025 
3.8 
0.1 
21.1 
3.2 
1.4 
1.4 
31.0 
Accumulated depreciation 1 Jan 2025 
- 
- 
-7.1 
-3.0 
-0.7 
-0.1 
-10.9 
Depreciation for the financial year 
- 
- 
-0.4 
-0.1 
-0.4 
0.0 
-1.0 
Decreases 
- 
- 
- 
0.0 
0.4 
- 
0.4 
Accumulated depreciation 31 Dec 2025 
- 
- 
-7.5 
-3.1 
-0.7 
-0.1 
-11.4 
Carrying value 1 Jan 2025 
5.4 
0.1 
19.6 
0.2 
0.7 
1.3 
27.4 
Carrying value 31 Dec 2025 
3.8 
0.1 
13.6 
0.1 
0.6 
1.3 
19.5 
Connection 
Machinery and 
Right-of-use 
Other tangible 
M€ 
Land areas 
charges 
Buildings 
equipment 
assets 
assets 
Total 
Acquisition cost 1 Jan 2024 
5.4 
0.1 
26.6 
3.2 
1.6 
1.4 
38.4 
Increases 
- 
- 
0.0 
0.0 
-0.2 
- 
-0.2 
Acquisition cost 31 Dec 2024 
5.4 
0.1 
26.6 
3.2 
1.4 
1.4 
38.2 
Accumulated depreciation 1 Jan 2024 
- 
- 
-6.6 
-2.9 
-0.8 
-0.1 
-10.4 
Depreciation for the financial year 
- 
- 
-0.4 
-0.1 
-0.4 
0.0 
-1.0 
Decreases 
- 
- 
0.0 
0.0 
0.5 
- 
0.5 
Accumulated depreciation 31 Dec 2024 
- 
- 
-7.1 
-3.0 
-0.7 
-0.1 
-10.9 
Carrying value 1 Jan 2024 
5.4 
0.1 
20.0 
0.3 
0.8 
1.3 
28.0 
Carrying value 31 Dec 2024 
5.4 
0.1 
19.6 
0.2 
0.7 
1.3 
27.4 
Accounting policies 
Property, plant and equipment consist of assets held and used by the company, 
mainly build-
ings and land areas, as well as machinery and equipment. The right-of-use assets include car 
leasing agreements, which are described in more detail in note 6.1. 
Property, plant and equipment are measured at their original acquisition cost, less accumu-
lated depreciation and possible impairment losses, adding capitalised costs related to mod-
ernisations. 
The acquisition cost includes costs that are directly attributable to the acquisition of the prop-
erty, plant and equipment item. If the item consists of several components with different useful

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
68 
 
lives, they are treated as separate items of property, plant and equipment. In this case, costs 
related to the replacement of a component are capitalised, and any remaining carrying 
amount is derecognised from the balance sheet in connection with the replacement. Govern-
ment grants received for the acquisition of property, plant and equipment are recorded as a 
reduction of the acquisition cost of said property, plant and equipment asset. The grants are 
recognised in income as lower depreciation charges over the useful life of the asset. 
Costs that arise later as a result of additions, replacements of parts or maintenance, such as 
modernisation costs, are included in the carrying amount of the property, plant and equipment 
asset only in the event that the future financial benefit related to the asset will probably benefit 
Kojamo and the acquisition cost can be reliably determined. Maintenance and repair ex-
penses are recognised immediately through profit and loss. 
Depreciation on property, plant and equipment is recognised as straight-line depreciation dur-
ing the useful life. No depreciation is charged on land, as land is considered to have an indefi-
nite useful life. 
The depreciation periods based on economic useful life are as follows: 
Buildings 
67 years 
Machinery and equipment in buildings 
10–50 years 
Capitalised renovations and repairs 
10–50 years 
IT hardware 
4–5 years 
Base stations 
7 years 
Office equipment 
10 years 
Multifunction devices 
6–8 years
Gains and losses from sales and disposals of property, plant and equipment are recognised 
in the income statement and presented as other operating income and expenses. 
Impairment of property, plant and equipment 
At least once a year, Kojamo carries out an assessment of the possible signs of impairment of 
property, plant and equipment. In practice, this is usually an asset group-specific assessment. 
If any signs of impairment are detected, the recoverable amount of the asset is determined. 
The recoverable amount is the higher of an asset’s fair value less costs to sell and its value in 
use. The value in use is based on the expected future net cash flows resulting from the asset, 
discounted to the present. The recoverable amount is compared with the asset’s carrying 
amount. An impairment loss is recognised if the recoverable amount is lower than the carrying 
amount. Impairment losses are recognised in the statement of income. In connection with the 
recognition of the impairment loss, the useful life of the amortisable/depreciable asset is reas-
sessed. 
The impairment loss will be reversed later if the circumstances change and the recoverable 
amount has increased after the recognition of the impairment loss. However, reversal of im-
pairment loss shall not exceed the asset’s carrying amount less impairment loss.
 
6.4 Non-current receivables 
M€ 
31 Dec 2025 
31 Dec 2024 
Loan receivables from associated companies 
4.7 
4.7 
Loan receivables from others 
0.9 
1.3 
Non-current accrued income 
0.4 
0.3 
Total 
6.0 
6.4
 
6.5 Current trade and other receivables 
M€ 
31 Dec 2025 
31 Dec 2024 
Trade receivables 
7.5 
7.2 
Receivables from associated companies 
0.0 
0.0 
Loan receivables 
0.1 
0.4 
Other receivables 
0.6 
0.4 
Prepaid expenses and accrued income 
2.4 
6.6 
Total 
10.6 
14.6 
Specification of prepaid expenses and accrued 
income 
31 Dec 2025 
31 Dec 2024 
Rental services 
0.7 
1.1 
Prepayments 
0.1 
0.2 
Interest 
0.9 
4.7 
Other prepaid expenses and accrued income 
0.6 
0.6 
Total 
2.4 
6.6 
The fair value of trade receivables and other receivables matches their carrying amount.
6.6 Provisions and other non-current liabilities
Provisions 
Provisions included 
EUR 0.0 (0.0) million in ten-year guarantee reserves for Lumo Kodit Oy’s 
(VVO Rakennuttaja Oy’s) founder construction, estimated on the basis of experience.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
69 
Provisions were released during the financial period 2024.
 
Non-current liabilities 
M€ 
31 Dec 2025 
31 Dec 2024 
Security deposits received 
3.2 
3.8 
Other liabilities, investments 
0.6 
0.6 
Total 
3.7 
4.4 
Other non-current liabilities comprise mainly received security deposits.
Accounting policies 
Provisions are recognised in the balance sheet when all the following criteria are met: 
●
 
Kojamo has a present legal or constructive obligation as a result of past events 
●
 
it is probable that an outflow of resources will be required to settle the obligation 
●
 
the amount of the obligation can be reliably estimated. 
Provisions may result from restructuring plans, onerous contracts or obligations related to the 
environment, legal action or taxes. 
The amount recognised as provision is the management’s best estimate of costs required for 
settling an existing obligation on the last day of the reporting period. Where it can be expected 
some of a provision to be reimbursed, the reimbursement is recognised as a separate asset 
but only when the reimbursement is virtually certain.
 
6.7 Current trade payables and other payables 
M€ 
31 Dec 2025 
31 Dec 2024 
Advances received 
7.5 
7.5 
Trade payables 
12.5 
11.3 
Other debts 
1.3 
2.3 
Accrued expenses and deferred income 
62.5 
65.0 
Total 
83.8 
86.1 
Specification of accrued expenses and deferred 
income 
31 Dec 2025 
31 Dec 2024 
Rental services 
2.3 
3.4 
Investments 
18.2 
19.8 
Personnel expenses 
6.0 
5.7 
Interest 
35.1 
36.0 
Other items 
0.9 
0.2 
Total 
62.5 
65.0

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
70 
7. Other notes
7.1 Adjustments to cash flow from operating activities 
M€ 
1–12/2025 
1–12/2024 
Depreciation 
8.4 
1.2 
Financial income and expenses 
112.7 
103.8 
Income taxes 
6.0 
5.1 
Share of result of associated companies 
-0.1 
0.0 
Profit/loss on fair value of investment properties 
120.4 
134.0 
Profit/loss on the disposal of investment properties 
2.6 
0.8 
Other adjustments 
0.6 
1.3 
Total 
250.6 
246.3
7.2 Related party transactions 
Related parties 
Kojamo plc’s related parties include its subsidiaries, associated companies and joint arrange-
ments as well as key management personnel, comprising the members of the Board of Direc-
tors, the CEO and other members of the Management Team and the close members of their 
families and the corporations over which they exercise control. Parties holding 20 per cent or 
more of the shares of Kojamo are generally considered as related parties. Shareholders 
whose shareholding remains below 20 per cent are considered as related parties if they are 
otherwise considered to have considerable influence. 
Kojamo’s subsidiaries, joint arrangements and associated companies are presented in Note 
7.3 
 
Employee benefits of key management personnel 
M€ 
1–12/2025 
1–12/2024 
Wages and salaries to management 
CEO 
-0.6 
-0.6 
Other members of the Management Team 
-0.8 
-0.7 
Members of the Board and its committees 
-0.3 
-0.3 
Total wages and salaries for the management 
-1.7 
-1.6 
Share-based payments 
CEO 
0.0 
- 
Other members of the Management Team 
0.0 
- 
Members of the Board and its committees 
-0.1 
-0.1 
Share-based payments total 
-0.2 
-0.1 
Funded pension plans 
-0.2 
-0.2 
Defined contribution pension plans 
-0.3 
-0.3 
Total 
-2.3 
-2.2 
Salaries and wages to the CEO, the Board of Directors and the Board`s committees 
1,000 € 
1–12/2025 
1–12/2024 
Jani Nieminen, CEO to 7 October 2024 
- 
-468.0 
Erik Hjelt, Interim CEO 7 October 2024 onwards 
-327.0 
-106.4 
Reima Rytsölä CEO 1 June 2025 onwards 
-315.2 
Board of Directors and its committees 
Mikael Aro, Chairman of the Board 
-85.3 
-86.2 
Mikko Mursula, Vice chairman of the board 
-53.9 
-57.1 
Anne Koutonen 
-53.9 
-57.1 
Kari Kauniskangas 
-54.6 
-54.6 
Catharina von Stackelberg-Hammarén 
- 
-11.8 
Andreas Segal 
-51.1 
-55.7 
Annica Ånäs 
-51.8 
-55.7 
Veronica Lindholm 
-47.6 
-36.9 
Board of Directors and its committees total 
-397.9 
-414.9 
Total * 
-1,040.1 
-989.2 
* The salaries and wages include share-based payments

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
71 
For the 2025–2026 term of office, the Board of Directors has been paid fees totalling EUR 
399.9 thousand. EUR 397.9 thousand is allocated to the financial year 2025. Annual fee is 
paid as company shares and cash so that approximately 40 per cent of the annual fee will be 
paid as Kojamo plc’s shares and the rest will be paid in cash. 
Kojamo employees do not receive additional compensation for serving as Board members or 
the CEO of Group companies. 
The management’s pension commitments and severance payments 
The CEO and the members of the Management Team belong to a contribution-based pension 
system in which an insurance premium corresponding to two months’ taxable income is paid 
annually into a group pension insurance plan. In accordance with the terms of the insurance, 
the insurance savings can be withdrawn starting from the age of 63 or as a supplementary 
pension complementing earnings-related pension. The costs of the statutory pension plan for 
the CEO and the members of the Management Team were EUR 0.3 (0.3) million, and pay-
ments to the voluntary pension plan amounted to EUR 0.2 (0.2) million. 
If the company terminates the CEO’s contract, the period of notice is six months, during which 
time the CEO does not have an obligation to work. The compensation for the notice period is 
12 months’ salary. If the CEO terminates the contract, the period of notice is six months. No 
separate severance pay is stipulated by the CEO’s contract. 
If the Company terminates the contract of another member of the Management Team, the pe-
riod of notice is six months, during which time they are under no obligation to work. If a mem-
ber of the Management Team terminates 
the contract, the period of notice is three months. 
The severance payment corresponds to six months’ salary.
Share-based incentive plan
Kojamo has a long-term share-based incentive plan for executives in effect. The remuneration 
is based on the realisation of Kojamo’s key performance indicators in relation to the Group’s 
strategic targets. 
The potential incentives under the plan are based on: 
●
 
for the performance period 2023–2025: total revenue, FFO per share, apartment-specific 
CO
2
 
emission reduction target for years 2023–2025, and Loan to Value ratio. 
●
 
for the performance period 2024–2026: total revenue, FFO per share, Long-Term Invest-
ment Grade Rating, and apartment-specific CO
2
 
emission reduction target for years 
2024–2026. 
●
 
for the performance period 2025–2027: Group’s revenue (%), Funds From Operations 
(FFO) per share, Disposals and apartment-specific CO2 emission reduction target for 
years 2025–2027. 
If the three ongoing earning periods were accrued in full, the maximum remuneration would 
be a sum corresponding to 614,842 Kojamo shares, of which half would be paid in Kojamo 
shares and half in cash. The fair value of the share-based rewards is measured based on 
Kojamo plc’s share price at the time of initiating the plan and taking into account the dividend 
estimates for the coming years. 
On 13 February 2025, Kojamo’s Board of Directors approved to establish a new restricted 
share programme for the years 2025–2027. The programme will be used in specific situations 
decided by the Board of Directors separately. The programme consists of individual, annually 
commencing maximum threeyear long restricted share plans within which the participants 
have the opportunity to receive a fixed number of shares as a long-term incentive and reten-
tion award. 2025–2027 commitment period will last until the end of 2027 and the possible re-
ward will be paid during the year following the expiry of the period partially in shares in the 
company and partially in cash. The maximum gross number of shares to be granted is 65,000 
shares. During the financial year, no restricted share programme has been implemented. 
In the financial year 2025, the effect of the share-based incentive plan for key personnel on 
Kojamo’s result was EUR 0.0 (0.0) million.
Other related party information 
The members of the Board of Directors or corporations over which they exercise control 
owned a total of 76,434 (63,876) shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. 
The members of the Management Team 
or corporations over which they exercise control 
owned a total of 70,508 (57,532) shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. 
These shares represent 0.06 (0.05) per cent of the company’s entire share capital. 
Kojamo had no related party transactions deviating from the company’s normal business op-
erations in 2024 and 2025. In 2024, 
personnel expenses included a non recurring cost of 0.8 
million euros due to the change on CEO.
 

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
72 
7.3 The Group’s subsidiaries, associated companies and joint ar-
r
angements 
Group structure 31 December 2025 
 
Associated 
Units 
Subsidiaries 
companies 
Kojamo plc 
9 
1)
2 
Parent companies of sub-groups 
Lumo Kodit Oy 
340 
32 
Lumo Vuokratalot Oy 
10 
3 
2)
Lumo Asumisen Palvelut Oy 
3 
4 
Kojamo Palvelut Oy 
1 
Total 
363 
40 
¹
⁾
 
Includes the parent companies of the sub-groups 
and other subsidiaries listed 
²
⁾
 
One of the associated company is subsidiary 
at Kojamo Group level
 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding, % 
holding, % 
Kojamo plc 
Kojamo Holding Oy 
Helsinki 
100.00 
100.00 
Kojamo Palvelut Oy 
Helsinki 
100.00 
100.00 
Lumo Kodit Oy 
Helsinki 
100.00 
100.00 
Lumo Vuokratalot Oy 
Helsinki 
100.00 
100.00 
Lumohousing 2 Oy 
Helsinki 
100.00 
100.00 
VVO Hoivakiinteistöt Oy 
Helsinki 
100.00 
100.00 
Lumohousing 12 Oy 
Helsinki 
100.00 
100.00 
Lumo Asumisen Palvelut Oy 
Helsinki 
100.00 
100.00 
Kotinyt Oy 
Helsinki 
100.00 
100.00 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding, % 
holding, % 
Lumo Kodit Oy 
As Oy Helsingin Leikosaarenpuisto 
Helsinki 
98.64 
98.64 
As Oy Helsingin Mustalahdentie 1 
Helsinki 
100.00 
100.00 
As Oy Helsingin Vuopuisto 
Helsinki 
98.71 
98.71 
As Oy Kuopion Havuketo 
Kuopio 
100.00 
100.00 
As Oy Vantaan Junkkarinkaari 7 
Vantaa 
100.00 
100.00 
As. Oy Helsingin Haapaniemenkatu 11 
Helsinki 
100.00 
100.00 
As. Oy Kuopion Kaarenkulma 
Kuopio 
100.00 
100.00 
As. Oy Malski 3, Lahti 
Lahti 
100.00 
100.00 
Asunto Oy Espoon Ajurinkuja 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Forstmestarinpiha 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Henttaan Puistokatu 16 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Henttaankaari A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Jousenpuistonkatu 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kilonportti 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kirkkojärventie 10 C 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kirkkojärventie 10 D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kivenlahdenkatu 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Klariksentie 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Koivu-Mankkaan tie 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Korkoontie 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Koronakatu 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Kulovalkeantie 21 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Likusterikatu A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Linnustajankuja 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Luoteisrinne 7 A-D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Marinkallio 4 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Marinkallio 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Marinkallio 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nihtitorpankuja 1A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nihtitorpankuja 1D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nihtitorpankuja 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykatu 15 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykatu 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykummuntie 12 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Niittykummuntie 12 E 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Nöykkiönlaaksontie 7 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Piispanristi 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Rastasniityntie 1 A 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Rastasniityntie 1 B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Reelinkikatu 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Runoratsunkatu 11 
Espoo 
100.00 
100.00

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
73 
 
Asunto Oy Espoon Saunalahdenkatu 2 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Servinkuja 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Soukanrinne 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Suurpelto 44 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Suurpelto 5 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Tietäjäntie 3 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ulappakatu 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Uuno Kailaan katu 4 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Uuno Kailaan katu 5 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Uuno Kailaan katu 6 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Valakuja 8 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäenkuja 14 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 A-B 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 C-D 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 E 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Ylismäentie 12 F 
Espoo 
100.00 
100.00 
Asunto Oy Helsingin Annankatu 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Bahamankatu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Bulevardi 31 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Capellan puistotie 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Eerik VII 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Fregatti Dygdenin kuja 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Haapsalunkuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hela-aukio 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Helatehtaankatu 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Henrik Borgströmin tie 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hesperiankatu 18 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hilapellontie 2c 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hilapellontie 2d 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Hopeatie 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Höyrykatu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Iso Roobertinkatu 30 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Juhana Herttuan tie 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Junailijankuja 9a 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Jätkänkallio 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kadetintie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kahvipavunkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kahvipavunkuja 4 
Helsinki 
100.00 
100.00 
 
Asunto Oy Helsingin Kantelettarentie 15 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Karavaanikuja 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Karhulantie 13 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Karibiankuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Katariinankartano 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Katariinankoski 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Katontekijänkuja 1 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kauppakartanonkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kaustisenpolku 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinulaudantie 2a 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinulaudantie 2b 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinulaudantie 2c 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Keinutie 9d 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kellosilta 8b 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kivensilmänkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Klaavuntie 11 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Koirasaarentie 23 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kontulantie 19 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Koskikartano 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kotkankatu 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kuuluttajankatu 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lapinmäentie 10 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lapinmäentie 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lauttasaarentie 27 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Leikkikuja 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Leonkatu 21 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Liikkalankuja 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lumo One 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Luotsikatu 1a 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Lönnrotinkatu 30 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Maasälväntie 5 ja 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Madetojankuja 1b 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Marjatanportti 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Melkonkatu 12 B 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Messeniuksenkatu 1B 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Minervankatu 4 
Espoo 
100.00 
100.00 
Asunto Oy Helsingin Oulunkylän tori 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Palmsenpolku 2 
Helsinki 
100.00 
100.00

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
74 
 
Asunto Oy Helsingin Papinpöydänkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Pertunpellontie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Pertunpellontie 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Plazankuja 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Posetiivari 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Punakiventie 13 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Punakiventie 15 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Pärnunkatu 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Ratarinne 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Retkeilijänkatu 1 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Ristipellontie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Ristiretkeläistenkatu 19 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Risupadontie 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Saariniemenkatu 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Sentnerikuja 2 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Strömbergintie 4 E 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Sörnäistenkatu 12 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tankomäenkatu 7 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tankomäenkatu 9 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tenderinlenkki 6 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tenderinlenkki 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tilketori 2 
Helsinki 
96.81 
96.81 
Asunto Oy Helsingin Tulisuontie 1 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Tuulensuunkuja 3 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Valanportti 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vanha Helsingintie 20 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vanhaistentie 1 d 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vinsentinaukio 4 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Von Daehnin katu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Vuorenpeikontie 5 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Välimerenkatu 8 
Helsinki 
100.00 
100.00 
Asunto Oy Hilapellontie 4 
Helsinki 
100.00 
100.00 
Asunto Oy Hyvinkään Astreankatu 27 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hyvinkään Merino 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hyvinkään Mohair 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hyvinkään Värimestarinkaari 3 
Hyvinkää 
100.00 
100.00 
Asunto Oy Hämeenlinnan Aurinkokatu 10 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Hallituskatu 14 
Hämeenlinna 
100.00 
100.00 
 
Asunto Oy Hämeenlinnan Kajakulma 
Hämeenlinna 
73.97 
73.97 
Asunto Oy Hämeenlinnan Keilakatu 4 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Kummilantie 6 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Linnaniemenkatu 1 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Linnankatu 3b 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeenlinnan Pikkujärventie 9 
Hämeenlinna 
100.00 
100.00 
Asunto Oy Hämeentie 48 
Helsinki 
100.00 
100.00 
Asunto Oy Jyväskylän Heinämutka 5 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Honkaharjuntie 14b 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Jontikka 4 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kelokatu 4 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kerkkäkatu 1 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kerkkäkatu 3 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kerkkäkatu 4 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Keskisentie 1 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kilpisenkatu 14 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Kyllikinkatu 5 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Mannisenmäentie 6-8 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Mannisenrinne 2 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Runkotie 3b 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Runkotie 5 C 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Tellervonkatu 8 
Jyväskylä 
99.05 
99.05 
Asunto Oy Jyväskylän Tervalankatu 6 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Tiilitehtaantie 44 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Tiilitehtaantie 46 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Väinönkatu 15 
Jyväskylä 
100.00 
100.00 
Asunto Oy Jyväskylän Yliopistonkatu 40b 
Jyväskylä 
100.00 
100.00 
Asunto Oy Järvenpään Antoninkuja 3 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Metallimiehenkuja 2 
Järvenpää 
100.00 
100.00 
Asunto oy Järvenpään Pajalantie 23 F 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Reki-Valko 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Rekivatro 
Järvenpää 
100.00 
100.00 
Asunto Oy Järvenpään Sibeliuksenkatu 27 
Järvenpää 
100.00 
100.00 
Asunto Oy Kalasääksentie 6 
Espoo 
100.00 
100.00 
Asunto Oy Kauniaisten Asematie 10 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Bredantie 8 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Kavallinterassit 
Kauniainen 
100.00 
100.00 
Asunto Oy Kauniaisten Thurmaninpuistotie 2 
Kauniainen 
100.00 
100.00

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
75 
 
Asunto Oy Kaustisenpolku 5 
Helsinki 
100.00 
100.00 
Asunto Oy Keravan Eerontie 3 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Palopolku 3 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Santaniitynkatu 17 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Tapulikatu 30 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Tapulitori 1 
Kerava 
100.00 
100.00 
Asunto Oy Keravan Tapulitori 2 
Kerava 
100.00 
100.00 
Asunto Oy Kirkkonummen Vernerinkuja 5 
Kirkkonummi 
100.00 
100.00 
Asunto Oy Kivivuorenkuja 1 
Vantaa 
100.00 
100.00 
Asunto Oy Kivivuorenkuja 3 
Vantaa 
100.00 
100.00 
Asunto Oy Konalantie 14 
Helsinki 
100.00 
100.00 
Asunto Oy Kuopion Kelkkailijantie 4 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Sompatie 7 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Sompatie 9 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Tulliportinkatu 30 
Kuopio 
100.00 
100.00 
Asunto Oy Kuopion Vuorikatu 22 
Kuopio 
100.00 
100.00 
Asunto Oy Lahden Kauppakatu 38 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Radanpää 6 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Saimaankatu 60 a 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Sorvarinkatu 5 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Vanhanladonkatu 2 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Vihdinkatu 4 
Lahti 
100.00 
100.00 
Asunto Oy Lahden Vihdinkatu 6 
Lahti 
100.00 
100.00 
Asunto Oy Lappeenrannan Gallerianpolku 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lappeenrannan Koulukatu 13 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lappeenrannan Sammonkatu 3-5 B 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lappeenrannan Upseeritie 12 
Lappeenranta 
100.00 
100.00 
Asunto Oy Lintukallionrinne 1 
Vantaa 
100.00 
100.00 
Asunto Oy Mäntsälän Hemmintie 2 
Mäntsälä 
100.00 
100.00 
Asunto Oy Mäntsälän Karhulantie 2 
Mäntsälä 
100.00 
100.00 
Asunto Oy Naantalin Palomäenkatu 5 
Naantali 
100.00 
100.00 
Asunto Oy Nurmijärven Mahlamäentie 16 
Nurmijärvi 
100.00 
100.00 
Asunto Oy Nurmijärven Ratsutilantie 2 
Nurmijärvi 
100.00 
100.00 
Asunto Oy Oulun Kitimenpolku 21 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Koskelantie 19 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Kurkelankuja 1 B 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Peltolankaari 1 
Oulu 
100.00 
100.00 
Asunto Oy Oulun Revonkuja 1 
Oulu 
100.00 
100.00 
 
Asunto Oy Oulun Tervahanhi 1 
Oulu 
99.10 
99.10 
Asunto Oy Oulun Tietolinja 11 
Oulu 
100.00 
100.00 
Asunto Oy Pirtinketosato 
Kuopio 
63.55 
63.55 
Asunto Oy Pohtolan Kynnys 
Espoo 
100.00 
100.00 
Asunto Oy Pohtolan Kytö 
Espoo 
100.00 
100.00 
Asunto Oy Rientolanhovi 
Tampere 
100.00 
100.00 
Asunto Oy Rovaniemen Korkalonkatu 28 
Rovaniemi 
100.00 
100.00 
Asunto Oy Rovaniemen Tukkivartio 
Rovaniemi 
100.00 
100.00 
Asunto Oy Salamankulma 
Turku 
62.99 
62.99 
Asunto Oy Tampereen Keskisenkatu 4 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Keskisenkatu 8 A 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Koipitaipaleenkatu 9 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Lentokonetehtaankatu 5 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Meesakatu 2 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Myrskynkatu 4 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Nuolialantie 44 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Näsilinnankatu 40 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Pohtolan Pohja 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Satakunnankatu 21 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Tieteenkatu 3 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Tuomiokirkonkatu 32 
Tampere 
100.00 
100.00 
Asunto Oy Tampereen Tutkijankatu 7 
Tampere 
100.00 
100.00 
Asunto Oy Toppilan Tuulentie 2 
Oulu 
100.00 
100.00 
Asunto Oy Tuiran Komuntalo 
Oulu 
100.00 
100.00 
Asunto Oy Turun Ahterikatu 12 
Turku 
100.00 
100.00 
Asunto Oy Turun Aurinkorinne 
Turku 
81.50 
81.50 
Asunto Oy Turun Hippoksentie 31 G 
Turku 
100.00 
100.00 
Asunto Oy Turun Hippoksentie 33 A 
Turku 
100.00 
100.00 
Asunto Oy Turun Kotkankatu 2 
Turku 
100.00 
100.00 
Asunto Oy Turun Laivurinkatu 4 
Turku 
100.00 
100.00 
Asunto Oy Turun Lemminkäisenkatu 17 
Turku 
100.00 
100.00 
Asunto Oy Turun Reelinkikatu 7 
Turku 
100.00 
100.00 
Asunto Oy Turun Riitasuonkatu 28 
Turku 
100.00 
100.00 
Asunto Oy Turun Työnjohtajankatu 1 
Turku 
100.00 
100.00 
Asunto Oy Turun Vänrikinkatu 2 
Turku 
100.00 
100.00 
Asunto Oy Tuusulan Bostoninkaari 2 
Tuusula 
100.00 
100.00 
Asunto Oy Tuusulan Kievarinkaari 4 
Tuusula 
100.00 
100.00 
Asunto Oy Vantaan Antaksentie 3 
Vantaa 
100.00 
100.00

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
76 
 
Asunto Oy Vantaan Arinatie 10 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Elmontie 11 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Esikkotie 9 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Haltiantie 12 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Haltiantie 14 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Hiiritornit 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kaivokselantie 5 b 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kaivokselantie 5 f 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Keikarinkuja 3 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kielotie 34 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kilterinaukio 4 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Kilterinkaari 2 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Krassitie 8 
Vantaa 
99.26 
99.26 
Asunto Oy Vantaan Laajaniityntie 2a 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lauri Korpisen katu 10 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lauri Korpisen katu 8 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lautamiehentie 11 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lautamiehentie 9 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Lehtikallio 4 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leinelänkaari 13 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leinelänkaari 14 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leineläntie 10 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Leineläntie 3 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Liesikuja 8 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Martinlaaksonpolku 4 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Neilikkapolku 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pyhtäänkorvenkuja 4 ja 6 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pyhtäänkorventie 15f 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pyhtäänkorventie 25 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pähkinämetsä 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pähkinäpolku 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Pähkinärinteentie 41 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Ruukkupolku 14 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Tammistonvuori 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Tarhurintie 6 
Vantaa 
100.00 
100.00 
Asunto Oy Vantaan Teeritie 
2 
Vantaa 
100.00 
100.00 
Asunto Oy Vuorikummuntie 9 
Helsinki 
100.00 
100.00 
Asunto Oy Vähäntuvantie 6 
Helsinki 
100.00 
100.00 
 
Katajapysäköinti Oy 
Tampere 
50.93 
50.93 
Kiint. Oy Taivaskero 2 
Vantaa 
100.00 
100.00 
Kiinteistö Oy Espoon Gräsantörmä 1 C ja D 
Espoo 
100.00 
100.00 
Kiinteistö Oy Helsingin Abrahaminkatu 1 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Agricolankatu 1 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Albertinkatu 40 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 39a 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 39b 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 39c 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 41 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 41 c 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Kalevankatu 43 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Onnentie 18 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Sofianlehdonkatu 5 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Somerontie 14 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Helsingin Tukholmankatu 10 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Kotitontuntie 1 
Espoo 
100.00 
100.00 
Kiinteistö Oy Lintulahdenpenger 
Helsinki 
100.00 
100.00 
Kiinteistö Oy Malminhaka 
Tampere 
90.00 
90.00 
Kiinteistö Oy Saarensahra 
Tampere 
100.00 
100.00 
Kiinteistö Oy Siilinjärven Kirkkorinne 
Siilinjärvi 
100.00 
100.00 
Kiinteistö Oy Tampereen Kyllikinkatu 15 
Tampere 
100.00 
100.00 
Kiinteistö Oy Tuureporin Liiketalo 
Turku 
100.00 
100.00 
Kiinteistö Oy Vantaan Karhunkierros 1 C 
Vantaa 
86.58 
86.58 
Kiinteistö Oy Vantaan Pyhtäänpolku 
Vantaa 
100.00 
100.00 
Kiinteistö Oy Ylä-Malmintori 
Helsinki 
100.00 
100.00 
Lumo Espoon Ylismäentie Oy 
Helsinki 
100.00 
100.00 
Lumo Hankeyhtiö 2 Oy 
Helsinki 
100.00 
100.00 
Lumo Hankeyhtiö 3 Oy 
Espoo 
100.00 
100.00 
Lumo Holding 50 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 14 Oy 
Helsinki 
100.00 
100.00 
Lumohousing 19 Oy 
Helsinki 
100.00 
100.00 
Asunto Oy Helsingin Kantelettarentie 15 osakkuusyhtiö: 
Kiinteistö Oy Sävelkorttelin Parkkihalli 
Helsinki 
31.19 
65.35 
Asunto Oy Helsingin Vanhaistentie 1 d osakkuusyhtiö: 
Kiinteistö Oy Sävelkorttelin Parkkihalli 
Helsinki 
34.16 
65.35

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
77 
 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding, % 
holding, % 
Lumo Vuokratalot Oy 
Asunto Oy Espoon Asemakuja 1 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Piilipuuntie 25 
Espoo 
100.00 
100.00 
Asunto Oy Espoon Piilipuuntie 31 
Espoo 
100.00 
100.00 
Asunto Oy Helsingin Vaakamestarinpolku 2 
Helsinki 
100.00 
100.00 
Asunto Oy Kuopion Niemenkatu 5 
Kuopio 
100.00 
100.00 
Asunto Oy Oulun Jalohaukantie 1 
Oulu 
100.00 
100.00 
Asunto Oy OulunTuiranmaja 
Oulu 
100.00 
100.00 
Kiinteistö Oy Nummenperttu 
Hämeenlinna 
100.00 
100.00 
Kiinteistö Oy Vehnäpelto 
Vantaa 
100.00 
100.00 
Kiinteistö Oy Vehnäpellon tytär: 
Kiinteistö Oy Viljapelto 
Vantaa 
55.56 
76.67 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding, % 
holding, % 
Lumo Asumisen Palvelut Oy 
Kiinteistö Oy Espoon Nihtitorpankujan Parkki 
Espoo 
67.71 
67.71 
Koy Espoon Ylismäentie 12 Pysäköinti 
Espoo 
100.00 
100.00 
Piispanristin Pysäköinti Oy 
Espoo 
100.00 
100.00 
Parent company 
Group 
Subsidiaries and joint arrangements 
holding, % 
holding, % 
Kojamo Palvelut Oy 
Kiinteistö Oy Mannerheimintie 168a 
Helsinki 
100.00 
100.00
 
Parent company 
Group 
Associated companies and joint arrangements 
holding, % 
holding; % 
Kojamo plc 
Asunto Oy Nilsiän Ski 
Nilsiä 
28.33 
28.33 
SV-Asunnot Oy 
Helsinki 
50.00 
50.00 
Lumo Asumisen Palvelut Oy 
Asemamiehenkadun Pysäköinti Oy 
Helsinki 
48.94 
48.94 
Haltian Pysäköinti Oy 
Vantaa 
39.25 
39.25 
Kiinteistö Oy Espoon Pegasos Pysäköinti 
Espoo 
27.23 
27.23 
Louhen Pysäköinti Oy 
Helsinki 
32.00 
32.00 
 
Lumo Kodit Oy 
Asunto Oy Espoon Otsonkulma 
Espoo 
21.73 
21.73 
Hatanpäänhovin Pysäköinti Oy 
Tampere 
29.38 
29.38 
Kiinteistö Oy Bäckisåker 
Espoo 
50.00 
50.00 
Kiinteistö Oy Jyväskylän Torikulma 
Jyväskylä 
42.63 
42.63 
Kiinteistö Oy Mannerheimintie 40 
Helsinki 
29.42 
29.42 
Kiinteistö Oy Myllytullin Autotalo 
Oulu 
24.39 
24.39 
Kiinteistö Oy Oulun Tullivahdin Parkki 
Oulu 
33.60 
33.60 
Kiinteistö Oy Pohjois-Suurpelto 
Espoo 
50.00 
50.00 
Kiinteistö Oy Tampereen Tieteen Parkki 
Tampere 
41.71 
41.71 
Lehtolantien Pysäköinti Oy 
Riihimäki 
22.60 
22.60 
Leinelän Kehitys Oy 
Vantaa 
20.00 
20.00 
Lintulammenkadun Pysäköintilaitos oy 
Kerava 
39.19 
39.19 
Mummunkujan pysäköinti Oy 
Tampere 
26.51 
26.51 
Paavolan Parkki Oy 
Lahti 
24.93 
32.98 
Pihlajapysäköinti Oy 
Tampere 
30.56 
30.56 
Ristikedonkadun Lämpö Oy 
Salo 
34.40 
34.40 
Ruukinpuiston Pysäköinti Oy 
Kerava 
23.49 
23.49 
Ruukuntekijäntien paikoitus Oy 
Vantaa 
26.24 
26.24 
Suurpellon Kehitys Oy 
Espoo 
50.00 
50.00 
Virvatulentien Pysäköinti Oy 
Helsinki 
25.15 
25.15 
Miilun alueen huolto Oy 
Salo 
28.57 
28.57 
Asunto Oy Vantaan Lehtikallio 4: 
Kiinteistö Oy Lehtikallion pysäköinti 
Vantaa 
39.84 
39.84 
Asunto Oy Järvenpään Sibeliuksenkatu 27: 
Kiinteistö Oy Järvenpään Tupalantalli 
Järvenpää 
33.51 
33.51 
Asunto Oy Vantaan Leinelänkaari 13: 
Leinelänkaaren Pysäköinti Oy 
Vantaa 
21.63 
21.63 
Asunto Oy Oulun Revonkuja 1: 
Kiinteistö Oy Revonparkki 
Oulu 
20.37 
20.37 
Asunto Oy Tampereen Keskisenkatu 4: 
Kiinteistö Oy Tampereen Seponparkki 
Tampere 
29.91 
45.98 
Asunto Oy Vantaan Arinatie 10: 
Kiinteistö Oy Arinaparkki Vantaa 
Vantaa 
25.59 
25.59 
Asunto Oy Lahden Radanpää 6: 
Asemantaustan Pysäköinti Oy 
Lahti 
39.76 
39.76 
Asunto Oy Espoon Ajurinkuja 1: 
Kiinteistö Oy Valliparkki 
Espoo 
31.31 
31.31

 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
78 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asunto Oy Vantaan Lautamiehentie 9: 
Sandbackan Autopaikat Oy 
Vantaa 
24.62 
44.23 
Asunto Oy Espoon Forstmestarinpiha 2: 
Kiinteistö Oy Espoon Lehto 
Espoo 
25.00 
25.00 
Asunto Oy Vantaan Kaivokselantie 5 b: 
Kiinteistö Oy Vantaan Pumppupuiston Parkki 
Vantaa 
11.45 
24.20 
Asunto Oy Vantaan Kaivokselantie 5 f: 
Kiinteistö Oy Vantaan Pumppupuiston Parkki 
Vantaa 
12.75 
24.20 
Lumo Vuokratalot Oy 
Asunto Oy Viljapelto 
Vantaa 
21.11 
76.67 
Kiinteistö Oy Keinulaudantie 4 
Helsinki 
41.62 
41.62 
Pajalan Parkki Oy 
Järvenpää 
31.44 
44.06
Accounting policies 
Consolidation policies 
The consolidated financial statements include the parent company Kojamo plc, the subsidiar-
ies, investments in associated companies and interests in joint arrangements (joint opera-
tions).
Subsidiaries 
Subsidiaries are companies that are under the parent company’s control. Kojamo is consid-
ered to control an entity when Kojamo is exposed to, or has rights to, variable returns from its 
involvement in the entity and has the ability to affect those returns through its control over the 
entity. The control is usually based on the parent company’s direct or indirect holding of more 
than 50 per cent of the voting rights in the subsidiary. Should facts or circumstances change 
in the future, Kojamo will reassess whether it continues to have control over the entity. 
Mutual shareholdings are eliminated using the acquisition cost method. Subsidiaries acquired 
during the financial year are consolidated in the financial statements from the day of acquisi-
tion, when the Group gained control of the company. Divested subsidiaries are consolidated 
until the date of divestment, when control ceases. Intra-Group transactions, receivables, liabil-
ities, essential internal margins and internal profit distribution have been eliminated in the con-
solidated financial statements. 
The result for the financial year and total comprehensive income are allocated to the owners 
of the parent company, as Kojamo had no non-controlling interests in 2025 and 2024.
Associated companies 
Associated companies are entities over which Kojamo has considerable influence. Considera-
ble influence is basically defined as Kojamo holding 20–50 per cent of the votes in the com-
pany, or Kojamo as otherwise exercising considerable influence but not having control in the 
company. Holdings in associated companies are consolidated in the financial statements us-
ing the equity method from the date of acquiring considerable influence until the date when 
the considerable influence ends. The Group’s share of the results of associated companies is 
shown in a separate line on the income statement.
Joint arrangements 
A joint arrangement is an arrangement in which two or more parties have joint control. Joint 
control is the contractually agreed sharing of control of an arrangement, which exists only 
when decisions about the relevant activities require the unanimous consent of the parties 
sharing control. 
A joint arrangement is either a joint operation or joint venture. In a joint operation, Kojamo has 
rights to the assets and obligations for the liabilities relating to the arrangement, whereas a 
joint venture is an arrangement in which Kojamo has rights to the net assets of the arrange-
ment. All of Kojamo’s joint arrangements are joint operations. They include those housing 
companies and mutual real estate companies in which Kojamo has a holding of less than 100 
per cent. In these companies, the shares held by Kojamo carry entitlement to have control 
over specified premises. 
Kojamo includes in its consolidated financial statements on a line-by-line basis and in propor-
tion to its ownership its share of the assets and liabilities on the balance sheet related to joint 
operations as well as its share of any joint assets and liabilities. In addition, Kojamo recog-
nises its income and expenses related to joint operations, including its share of the income 
and expenses from joint operations. Kojamo applies this proportional consolidation method to 
all the joint operations described hereinabove, regardless of Kojamo’s holding. If the propor-
tionally consolidated companies have such items on the consolidated comprehensive income 
statement or balance sheet that solely belong to Kojamo or other owners, these items are 
dealt with accordingly also in Kojamo’s consolidated financial statements
7.4 Events after the financial year 
On 28 January 2026, Kojamo announced that it had received the proposals of the Sharehold-
ers’ Nomination Board for the Annual General Meeting. The proposals included the suggested 
number of members of the Board of Directors, the proposed Chair and members of the Board, 
the proposed remuneration for the Chair, Vice Chair and members of the Board, as well as 
the Nomination Board’s proposal to amend its rules of procedure. 
On 28 January 2026 Kojamo announced that it had completed its share buyback program. 
During the period from 22 August 2025 to 27 January 2026, Kojamo bought back 7,000,000 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
79 
of its own shares, which corresponds to approximately 2.8 per cent of all shares in the com-
pany. The purchases made under the buyback program reduced Kojamo’s equity by approxi-
mately EUR 72.7 million. As a result of the buyback program, Kojamo plc directly owns a total 
of 7,000,000 shares. The shares purchased during the buyback program will be cancelled. 
On 10 February 2026, Kojamo announced that it had agreed to acquire a housing portfolio 
and issued special rights entitling to shares. Kojamo plc, its wholly owned subsidiary Lumo 
Kodit Oy and Varma Mutual Pension Insurance Company have entered into an agreement 
under which Lumo Kodit will acquire a housing portfolio. The portfolio consists of 60 residen-
tial properties that have combined 4,761 apartments. The properties are located mainly in the 
capital region. Kojamo has issued 24,666,667 special rights to Varma pursuant to Chapter 10, 
Section 1 of the Finnish Companies Act based on the authorisation granted to the Board of Di-
rectors by the Annual General Meeting held on 13 March 2025. 
On 11 February 2026, Kojamo announced updated strategy and new financial targets for 
strategy period 2026—2028. The company also announced its new dividend policy.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
80 
PARENT COMPANY’S FINANCIAL STATEMENTS 
Parent company’s income statement, 
FAS 
€ 
Note 
1–12/2025 
1–12/2024 
Rental income 
519,190.06 
516,944.88 
Sales revenue from administration 
13,435,284.94 
12,231,061.00 
Total revenue 
1 
13,954,475.00 
12,748,005.88 
Other operating income 
2 
1,273,344.06 
12,439.89 
Personnel expenses 
3 
-4,313,656.20 
-3,986,427.30 
Depreciation, amortisation and impairment losses 
4 
-273,648.66 
-336,191.79 
Other operating expenses 
5 
-10,655,584.13 
-10,629,960.74 
Operating profit/loss 
-15,069.93 
-2,192,134.06 
Investment income 
181,002,513.40 
2,400.00 
Financial income 
113,412,721.66 
106,048,466.14 
Value adjustments in investments 
held as fixed assets 
-5,334,155.02 
- 
Financial expenses 
-109,664,213.28 
-104,601,545.11 
Total amount of financial income and expenses 
6 
179,416,866.76 
1,449,321.03 
Profit/loss before appropriations and taxes 
179,401,796.83 
-742,813.03 
Appropriations 
7 
174,751,720.00 
- 
Income taxes 
8 
-35,549,770.93 
96,908.84 
Profit/loss for the period 
318,603,745.90 
-645,904.19

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
81 
Parent company’s balance sheet, 
FAS 
€ 
Note 
31 Dec 2025 
31 Dec 2024 
ASSETS 
Non-current assets 
Intangible assets 
9 
Other long-term expenses 
426,809.82 
439,439.31 
Intangible assets, total 
426,809.82 
439,439.31 
Tangible assets 
10 
Land and water areas 
4,478,687.14 
4,519,052.14 
Machinery and equipment 
32,550.77 
117,588.73 
Other tangible assets 
187,206.12 
187,206.12 
Tangible assets, total 
4,698,444.03 
4,823,846.99 
Investments 
11 
Shares in subsidiaries 
76,939,788.00 
82,273,943.02 
Shares in associates 
176,951.96 
176,951.96 
Other securities and shares 
594,029.89 
594,029.89 
Investments, total 
77,710,769.85 
83,044,924.87 
Non-current assets, total 
82,836,023.70 
88,308,211.17 
Current assets 
Non-current receivables 
12 
3,105,061,510.02 
76,714,225.39 
Current receivables 
13 
203,465,744.36 
3,085,687,746.05 
Financial securities 
14 
57,938,835.91 
24,894,632.47 
Cash and cash equivalents 
167,013,453.19 
320,788,755.59 
Current assets, total 
3,533,479,543.48 
3,508,085,359.50 
ASSETS 
3,616,315,567.18 
3,596,393,570.67 
€ 
Note 
31 Dec 2025 
31 Dec 2024 
SHAREHOLDERS EQUITY AND LIABILITIES 
Equity 
Share capital 
58,025,136.00 
58,025,136.00 
Share premium reserve 
35,786,180.04 
35,786,180.04 
Contingency fund 
16,920.33 
16,920.33 
Reserve for Invested unrestricted equity 
167,856,001.50 
167,856,001.50 
Retained earnings 
-73,194,900.15 
-11,594,433.64 
Profit/loss for the period 
318,603,745.90 
-645,904.19 
Total equity 
15 
507,093,083.62 
249,443,900.04 
Liabilities 
Non-current liabilities 
16 
2,813,410,428.99 
2,863,801,518.89 
Current liabilities 
17 
295,812,054.57 
483,148,151.74 
Total liabilities 
3,109,222,483.56 
3,346,949,670.63 
SHAREHOLDERS EQUITY AND LIABILITIES 
3,616,315,567.18 
3,596,393,570.67

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
82 
Parent company’s cash flow statement, 
FAS 
€ 
1–12/2025 
1–12/2024 
Cash flow from operating activities 
Profit/loss before appropriations and taxes 
179,401,796.83 
-742,813.03 
Adjustments: 
Planned depreciation and impairment 
273,648.66 
336,191.79 
Asset purchase 
-4,513.40 
22,190.00 
Financial income and expenses 
-179,416,866.76 
-1,449,321.03 
Other adjustments 
-1,350,280.96 
- 
Cash flow from operating activities before 
change in working capital 
-1,096,215.63 
-1,833,752.27 
Change in working capital: 
Change in trade and other receivables 
-1,140,135.10 
-6,750,728.85 
Change in trade and other payables 
967,217.88 
-399,692.77 
Cash flow from operating activities before 
financial items, provisions and taxes 
-1,269,132.85 
-8,984,173.89 
Interest paid and payments on other operational 
financial costs 
-103,915,352.62 
-130,221,919.86 
Financial income from operating activities Direct 
taxes paid 
9,235,116.91 
4,840,651.78 
Direct taxes paid 
1,183,955.21 
1,780,302.03 
Cash flow from operating activities 
-94,765,413.35 
-132,585,139.94 
Cash flow from investing activities 
Acquistion of property, plant and equipment and 
intangible assets 
-158,723.71 
-104,394.50 
Capital gains from the disposal of tangible and 
intangible assets 
1,298,393.66 
- 
Non-current loans, granted 
-5,000,000.00 
-50,000,000.00 
Repayments of non-current loan receivables 
25,000,000.00 
- 
Financial securities acquired 
-351,467,156.73 
-189,745,393.25 
Capital gains from financial securities 
318,561,312.18 
164,933,208.65 
Interest and dividends received on investments 
287,134,878.20 
100,124,916.37 
Cash flow from investing activities 
275,368,703.60 
25,208,337.27 
€ 
1–12/2025 
1–12/2024 
Cash flow from financing activities 
Repurchase of own shares 
-60,862,310.02 
- 
Non-current loans and borrowings, raised 
650,000,000.00 
875,000,000.00 
Non-current loans and borrowings, repayments 
-981,323,000.00 
-435,285,000.00 
Current loans and borrowings, raised 
25,959,399.06 
19,783,007.91 
Current loans and borrowings, repayments 
-25,958,812.63 
-59,419,584.33 
Change in the Group's internal bank 
57,806,130.94 
30,558,330.01 
Group contributions paid 
- 
-8,140,000.00 
Cash flow from financing activities 
-334,378,592.65 
422,496,753.59 
Change in cash and cash equivalents 
-153,775,302.40 
315,119,950.92 
Cash and cash equivalents at the beginning 
of the period 
320,788,755.59 
5,668,804.67 
Cash and cash equivalents at the end of 
the period 
167,013,453.19 
320,788,755.59

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
83 
Parent company accounting policies 
Kojamo plc’s financial statement have been prepared in accordance with the provisions of the 
Finnish Accounting Act and the Finnish Limited Liability Companies Act. 
Income related to rental operations and compensation 
for administration costs 
Income related to rental operations and compensation for administration costs are recognised 
on an accrual basis during the agreement period. 
Valuation of fixed assets 
Tangible 
and intangible assets are recognised in the balance sheet at the original acquisition 
cost less depreciation according to plan and possible impairment. Depreciations according to 
plan are calculated as straight-line depreciation on the basis of the estimated useful life of the 
assets. 
The depreciation periods according to plan, based on the useful life, are as follows: 
IT hardware and software 
4–5 years 
Base stations 
7 years 
Multifunction devices 
6–8 years 
Costs that arise later are included in the carrying amount of a tangible asset only if it is likely 
that the future economic benefit related to the asset will benefit the Group. Other repair and 
maintenance costs are recognised as incurred through profit and loss. 
Capital gains from the sale of fixed assets are recorded under other operating income and 
losses under other operating expenses. 
Development expenditure
Capitalised development costs, depreciation periods and methods (Finnish Accounting Act 
2:4.1, paragraph 3). 
Development expenses are capitalised as intangible assets when it can be shown that a de-
velopment project will generate a probable future economic benefit and costs attributable to 
the development stage can be reliable measured. 
Capitalised development costs are presented as a separate item and depreciated over their 
useful life, at most 10 years. 
Other development costs are recognised in the income statement when they are incurred. 
Previously recognised development costs are not capitalised in subsequent periods. 
Valuation of financial assets 
Financial securities have been recognised at the lower of cost or market price on the balance 
sheet date. 
Statutory provisions 
Future costs and apparent losses with a reasonably estimable monetary value which will no 
longer generate future income and which Kojamo is obligated or committed to perform are 
recognised as expenses in the income statement and as statutory provisions in the balance 
sheet. 
Accrual of pension costs 
The pension cover of Group companies is handled by external pension insurance companies 
in all respects. Pension costs are recognised as costs in the income statement on an accrual 
basis. 
Accounting principles for the cash flow statement 
The cash flow statement has been compiled on the basis of the information in the income 
statement and balance sheet and their supplementary information. 
Cash and cash equivalents include bank accounts, liquid deposit notes and certificates of de-
posit. 
Items denominated in foreign currencies 
All of the receivables and liabilities are euro-denominated. 
Derivative instruments 
Changes in the fair value of derivative instruments are presented in the notes to the financial 
statement. 

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
84 
Derivative instruments that hedge against the interest rate risks of long-term loans have not 
been entered into the balance sheet. They are reported in the notes to the financial state-
ment. 
The interest income and expenses based on derivative instruments are allocated over the 
agreement period and are used to adjust the interest rates of the hedged assets. 
Notes to the parent company financial state-
ments 
1. Total revenue 
€ 
1–12/2025 
1–12/2024 
Intragroup revenue 
Plot rental income 
377,396.38 
376,609.44 
Rental income, total 
377,396.38 
376,609.44 
Central administration services 
9,432,621.39 
7,562,778.18 
IT rental income 
4,002,663.55 
4,668,282.82 
Other sales revenue, total 
13,435,284.94 
12,231,061.00 
Intragroup revenue, total 
13,812,681.32 
12,607,670.44 
Other operating revenue 
Plot rental income 
141,793.68 
140,335.44 
Other operating revenue, total 
141,793.68 
140,335.44 
Revenue, total 
13,954,475.00 
12,748,005.88 
2. Other operating income 
€ 
1–12/2025 
1–12/2024 
Capital gains on fixed assets 
1,258,028.66 
- 
Income from debt collection 
- 
2,939.89 
Other operating income 
15,315.40 
9,500.00 
Total 
1,273,344.06 
12,439.89 
3. Personnel expenses 
€ 
1–12/2025 
1–12/2024 
Wages, salaries and fees 
-3,623,078.21 
-3,339,578.12 
Pension costs 
-622,934.37 
-589,132.13 
Other employer contributions 
-67,643.62 
-57,717.05 
Total 
-4,313,656.20 
-3,986,427.30 
The management’s performance bonuses have been calculated based on the closing price on 
30 December 2025. 
Wages and salaries to the CEO, the Board of Directors and the Board's committees 
€ 
1–12/2025 
1–12/2024 
CEO Jani Nieminen, until 7 November 2024 
- 
-467,961.66 
Interim CEO Erik Hjelt, 7 November 2024 
-327,023.92 
-106,367.85 
Reima Rytsölä, CEO 1 June 2025 onwards 
-315,211.61 
- 
Fees paid to the Board of Directors and Board 
committees 
Mikael Aro 
-85,300.00 
-86,225.00 
Kari Kauniskangas 
-54,550.00 
-54,600.00 
Anne Koutonen 
-53,850.00 
-57,050.00 
Veronica Lindholm 
-47,550.00 
-36,850.00 
Mikko Mursula 
-53,850.00 
-57,050.00 
Andreas Segal 
-51,050.00 
-55,650.00 
Catharina von Stackelberg-Hammarén 
- 
-11,800.00 
Annica Ånas 
-51,750.00 
-55,650.00 
Total 
-1,040,135.53 
-989,204.51 
2025 
2024 
Average number of personnel 
16 
16 
For the 2025–2026 term of office, the Board of Directors and the Board committees have 
been paid fees totalling EUR 399,900.00, of which EUR 397,900.00 is allocated to the finan-
cial year 2025. The annual fee paid for the term of office beginning from the Annual General 
Meeting of 13 March 2025 was paid 60 per cent in cash and 40 per cent as shares.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
85 
Kojamo plc’s CEO and Management Team 
receive total pay. The pension liability is offset by 
a pension insurance plan, in which an insurance premium corresponding to two months’ taxa-
ble income is paid annually into a group pension insurance plan. The period of notice for ter-
minating the CEO’s employment is 6 months. In 2025, the cost of the Finnish statutory pen-
sion plan for the CEO was EUR 120,988.11 (95,903.04), and payments to the voluntary pen-
sion plan amounted to EUR 94,525.81 (69,871.03). 
In 2025, the cost of the Finnish statutory pension plan for the whole Management Team was 
278,389.37 (240,826.50), and payments to the voluntary pension plan amount to EUR 
201,708.39 (170,044.24). 
4. Depreciation according to plan 
€ 
1–12/2025 
1–12/2024 
Other long-term expenses 
Development expenses 
-188,610.70 
-228,471.36 
Other long-term expenses, total 
-188,610.70 
-228,471.36 
Machinery and equipment 
-85,037.96 
-107,720.43 
Total 
-273,648.66 
-336,191.79 
5. Other operating expenses 
€ 
1–12/2025 
1–12/2024 
Property tax 
-166,659.76 
-166,103.85 
Rents and maintenance charges 
-221,697.59 
-279,376.13 
Central administration 
-10,150,584.36 
-10,077,365.48 
Other operating expenses 
-116,642.42 
-107,115.28 
Total 
-10,655,584.13 
-10,629,960.74 
Audit fees 
KPMG Oy Ab 
€ 
1–12/2025 
1–12/2024 
Audit 
-205,106.00 
-198,699.00 
Tax services 
-55,440.00 
-14,245.00 
Advisory services 
-71,945.00 
-30,063.00 
Total 
-332,491.00 
-243,007.00 
6. Total 
amount of financial income and expenses 
€ 
1–12/2025 
1–12/2024 
Dividend income 
From Group companies 
181,000,000.00 
- 
From others 
2,513.40 
2,400.00 
Total 
181,002,513.40 
2,400.00 
Interest income 
From Group companies 
105,759,330.05 
93,911,577.46 
From others 
6,672,359.11 
10,973,626.94 
Other financial income 
981,032.50 
1,163,261.74 
Total 
113,412,721.66 
106,048,466.14 
Dividend, interest and financial income total 
294,415,235.06 
106,050,866.14 
Value adjustments in investments 
Impairment of investments held as fixed assets 
-5,334,155.02 
- 
Total 
-5,334,155.02 
- 
Interest and other financial expenses 
To others 
-109,664,213.28 
-104,601,545.11 
Total 
-109,664,213.28 
-104,601,545.11 
Total financial income and expenses 
179,416,866.76 
1,449,321.03 
7. Appropriations 
€ 
1–12/2025 
1–12/2024 
Group contributions, received 
174,751,720.00 
- 
Total 
174,751,720.00 
- 
8. Income tax 
€ 
1–12/2025 
1–12/2024 
Income tax on operational income 
-35,549,770.93 
- 
Tax for earlier years 
- 
96,908.84 
Total 
-35,549,770.93 
96,908.84

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
86 
9. Intangible assets 
2025 
2024 
Development 
Development 
€ 
expenses 
Total 
expenses 
Total 
Acquisition cost 1 Jan 
1,186,396.30 
1,186,396.30 
1,056,208.98 
1,056,208.98 
Increases 
175,981.21 
175,981.21 
130,187.32 
130,187.32 
Acquisition cost 31 Dec 
1,362,377.51 
1,362,377.51 
1,186,396.30 
1,186,396.30 
Accumulated depreciation 1 Jan 
-746,956.99 
-746,956.99 
-518,485.63 
-518,485.63 
Depreciation for the financial year 
-188,610.70 
-188,610.70 
-228,471.36 
-228,471.36 
Accumulated depreciation 31 Dec 
-935,567.69 
-935,567.69 
-746,956.99 
-746,956.99 
Carrying value 31 Dec 
426,809.82 
426,809.82 
439,439.31 
439,439.31 
10. Tangible assets 
2025 
2024 
 
Other 
 
Other 
 
Machinery and 
tangible 
 
Machinery and 
tangible 
 
€ 
Land areas 
equipment 
assets 
Total 
Land areas 
equipment 
assets 
Total 
Acquisition cost 1 Jan 
4,519,052.14 
1,453,035.14 
187,206.12 
6,159,293.40 
4,520,734.02 
1,453,035.14 
187,206.12 
6,160,975.28 
Decreases 
-40,365.00 
- 
- 
-40,365.00 
- 
- 
- 
- 
Reductions 
- 
- 
- 
- 
-1,681.88 
- 
- 
-1,681.88 
Acquisition cost 31 Dec 
4,478,687.14 
1,453,035.14 
187,206.12 
6,118,928.40 
4,519,052.14 
1,453,035.14 
187,206.12 
6,159,293.40 
Accumulated depreciation 1 Jan 
- 
-1,335,446.41 
- 
-1,335,446.41 
- 
-1,227,725.98 
- 
-1,227,725.98 
Depreciation for the financial year 
- 
-85,037.96 
- 
-85,037.96 
- 
-107,720.43 
- 
-107,720.43 
Accumulated depreciation 31 Dec 
- 
-1,420,484.37 
- 
-1,420,484.37 
- 
-1,335,446.41 
- 
-1,335,446.41 
Carrying value 31 Dec 
4,478,687.14 
32,550.77 
187,206.12 
4,698,444.03 
4,519,052.14 
117,588.73 
187,206.12 
4,823,846.99

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
87 
11. Investments 
2025 
2024 
Other 
Other 
Shares in 
Shares in 
securities 
Shares in 
Shares in 
securities 
€ 
subsidiaries 
associates 
and shares 
Total 
subsidiaries 
associates 
and shares 
Total 
Acquisition cost 1 Jan 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
Depreciation 
-5,334,155.02 
- 
- 
-5,334,155.02 
- 
- 
- 
- 
Acquisition cost 31 Dec 
76,939,788.00 
176,951.96 
594,029.89 
77,710,769.85 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
Carrying value 31 Dec 
76,939,788.00 
176,951.96 
594,029.89 
77,710,769.85 
82,273,943.02 
176,951.96 
594,029.89 
83,044,924.87 
12. Non-current receivables 
€ 
31 Dec 2025 
31 Dec 2024 
Loan receivables from Group companies 
3,074,703,938.60 
42,999,999.99 
Prepaid expenses and accrued income 
30,357,571.42 
33,714,225.40 
Total 
3,105,061,510.02 
76,714,225.39 
Amortized loan costs recognised in non-current receivables 
29,969,010.26 
33,372,218.84 
13. Current receivables 
€ 
31 Dec 2025 
31 Dec 2024 
Trade receivables 
9.20 
3,198.48 
From Group companies 
Trade receivables 
1,826,994.62 
1,390,771.10 
Loan receivables 
15,000.00 
3,051,718,938.61 
Other receivables 
187,874,561.75 
8,102,882.20 
From Group companies, total 
189,716,556.37 
3,061,212,591.91 
Loan receivables 
- 
586.43 
Other receivables 
95,985.11 
105,104.22 
Prepaid expences and accrued income 
13,653,193.68 
24,366,265.01 
Total 
203,465,744.36 
3,085,687,746.05 
Amortized loan costs recognised in current receivables 
13,237,180.35 
12,188,675.78

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
88 
14. Financial securities 
€ 
31 Dec 2025 
31 Dec 2024 
Financial securities 
Other securities and funds 
57,938,835.91 
24,894,632.47 
Total 
57,938,835.91 
24,894,632.47 
Financial securities include fund units and money market funds. 
15. Equity 
€ 
31 Dec 2025 
31 Dec 2024 
Share capital as at 1 Jan 
58,025,136.00 
58,025,136.00 
Share capital as at 31 Dec 
58,025,136.00 
58,025,136.00 
Share premium as at 1 Jan 
35,786,180.04 
35,786,180.04 
Share premium as at 31 Dec 
35,786,180.04 
35,786,180.04 
Other reserves as at 1 Jan 
Contingency fund as at 1 Jan 
16,920.33 
16,920.33 
Contingency fund as at 31 Dec 
16,920.33 
16,920.33 
Reserve for invested unrestricted equity as at 1 
Jan 
167,856,001.50 
167,856,001.50 
Reserve for invested unrestricted equity as at 31 
Dec 
167,856,001.50 
167,856,001.50 
Other reserves as at 31 Dec 
167,872,921.83 
167,872,921.83 
Retained earnings as at 1 Jan 
-12,240,337.83 
-11,594,433.64 
Share-based incentive scheme 
-92,252.30 
- 
Share repurchase 
-60,862,310.02 
- 
Retained earnings as at 31 Dec 
-73,194,900.15 
-11,594,433.64 
Profit for the period 
318,603,745.90 
-645,904.19 
Total 
507,093,083.62 
249,443,900.04 
Calculation on distributable equity 
Reserve for invested unrestricted equity 
167,856,001.50 
167,856,001.50 
Retained earnings 
-73,194,900.15 
-11,594,433.64 
Profit for the period 
318,603,745.90 
-645,904.19 
Capitalised development costs 
-426,809.82 
-439,439.31 
Total 
412,838,037.43 
155,176,224.36 
pcs 
31 Dec 2025 
31 Dec 2024 
The number of shares in Kojamo plc 
247,144,399 
247,144,399 
At the end of the period, Kojamo held 5,815,000 treasury shares.

 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
89 
16. Non-current liabilities 
€ 
31 Dec 2025 
31 Dec 2024 
Loans from financial institutions 
1,262,438,998.42 
1,513,238,998.42 
Bonds 
1,550,000,000.00 
1,350,000,000.00 
Accrued expenses, wages and salaries 
971,430.57 
562,520.47 
Total 
2,813,410,428.99 
2,863,801,518.89 
17. Current liabilities 
€ 
31 Dec 2025 
31 Dec 2024 
Loans from financial institutions, instalments in 
the next financial 
year 
800,000.00 
800,000.00 
Bonds, instalments in the next financial year 
134,992,000.00 
415,515,000.00 
Trade payables 
702,457.35 
473,453.73 
Liabilities to Group companies 
Trade payables 
28,284.01 
28,483.18 
Other debts 
97,177,310.36 
34,350,417.69 
Other debts 
398,692.87 
330,751.14 
Accrued expenses and deferred income 
Accrued financial liabilities 
32,167,990.34 
29,775,783.66 
Personnel expenses 
1,298,926.80 
1,764,245.55 
Tax liabilities 
27,404,492.10 
- 
Other items 
841,900.74 
110,016.79 
Total 
295,812,054.57 
483,148,151.74 
18. Derivative instruments 
Interest rate derivatives 
€ 
31 Dec 2025 
31 Dec 2024 
Fair values of derivative instruments 
Interest rate derivatives 
Interest rate swap, cash flow hedging 
-13,788,907.11 
-19,897,423.43 
Total 
-13,788,907.11 
-19,897,423.43 
Nominal values of derivative instruments 
Interest rate derivatives 
Interest rate swap, cash flow hedging 
1,269,680,000.00 
1,270,280,000.00 
Total 
1,269,680,000.00 
1,270,280,000.00 
Hedge accounting is applied to interest rate swaps as their terms and conditions are similar to 
the terms and conditions of the hedged loan agreements Interest rate swaps have not been 
recognised through profit and loss. If the duration of the derivative is longer than that of the 
loan, it is highly likely that the loan will be extended. 
19. Guarantees and commitments 
€ 
31 Dec 2025 
31 Dec 2024 
Loans that mature in more than five years 
Market-based loans 
500,000,000.00 
- 
Loans for which montage on and shares in property 
have been given as a guarantee 
Loans from financial institutions 
438,998.40 
638,998.40 
Mortgages given 
3,925,000.00 
4,015,000.00 
Guarantees given 
Counter-guarantee 
196,850,691.93 
231,413,627.32

 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
90 
20. Other liabilities 
€ 
31 Dec 2025 
31 Dec 2024 
Car leasing liabilities 
Payable during the next financial year 
50,151.76 
124,379.76 
Payable later 
33,514.86 
95,736.16 
21. Other notes 
31 December 2025 deferred tax assets from impairment of investments held as fixed assets 
was EUR 1,066,831.00. 
22. Related party transactions 
The members of the Board of Directors or corporations over which they exercise control 
owned a total of 76,434 (63,876) shares and share-based rights in the company or in compa-
nies belonging to the same Group as the company. The members of the management Team 
or corporations over which the exercise control owned a total of 70,508 (57,532) shares and 
share-based rights in the company or in companies belonging to the same Group as the com-
pany. These shares represent 0.06 (0.05) per cent of the company’s entire share capital. 
The terms in related party transactions correspond to those observed in transactions between 
independent parties. Kojamo had no related party transactions deviating from the company’s 
normal business operations in 2025 and 2024. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
91 
Statements from the Board of Directors and CEO 
We confirm that 
●
 
the consolidated financial statements prepared in accordance with the International Fi-
nancial Reporting Standards (IFRS) as adopted by the EU and the financial statements 
of the parent company prepared in accordance with the regulations governing the prepa-
ration of financial statements in Finland give a true and fair view of the assets, liabilities, 
financial position, and profit or loss of the company and the entities included in the con-
solidated financial statements, 
●
 
the report provides a true and fair view of the development of business activities and re-
sults for the company and the entities included in the consolidated financial statements, 
as well as a description of the most significant risks and uncertainties and of other as-
pects regarding the company’s condition. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
92 
SIGNATURES TO THE BOARD OF DIRECTORS’ 
REPORT AND FINANCIAL 
STATEMENTS 
Helsinki, February 11 2026 
Mikael Aro 
Mikko Mursula 
Kari Kauniskangas 
Anne Koutonen 
Chairman of the Board of Directors 
Vice-Chairman of the Board of Directors 
Veronica Lindholm 
Andreas Segal 
Annica Ånäs 
Reima Rytsölä 
 
CEO 
A report on the audit has been issued today 
Helsinki, February 11 2026 
KPMG Oy Ab 
Audit Firm 
Petri Kettunen, APA 

 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
93 
This document is an English translation of 
the Finnish auditor’s report. Only the 
Finnish version of the report is legally binding. 
Auditor’s Report 
To 
the Annual General Meeting of Kojamo plc 
Report on the Audit of the Financial Statements 
Opinion 
We have audited the financial 
statements of Kojamo plc (business 
identity code 
0116336-2
) for 
the year ended 
31 December, 
2025. The 
financial statements comprise 
the consolidated bal-
ance sheet, statement of comprehensive income, statement of changes in equity, statement of 
cash flows 
and notes, 
including material 
accounting policy 
information, as 
well as 
the parent 
company’s balance sheet, income statement, statement of cash flows and notes. 
In our opinion 
—
the consolidated financial statements give a true and fair view of the group’s financial 
position, financial performance and cash flows in accordance with IFRS Accounting 
Standards as adopted by the EU 
—
the financial statements give a true and fair view of the parent company’s financial per-
formance and financial position in accordance with the laws and regulations governing 
the preparation of financial statements in Finland and comply with statutory require-
ments. 
Our opinion is consistent with the additional report submitted to the Audit Committee. 
Basis for Opinion 
We conducted our audit in accordance with good auditing practice in Finland. Our responsibili-
ties under good auditing 
practice are further described 
in the 
Auditor’s Responsibilities for the 
Audit of the Financial Statements
 
section of our report. 
We are independent of 
the parent company 
and of the 
group companies in 
accordance with the 
ethical requirements that are 
applicable in Finland and 
are relevant to our 
audit, and we have 
fulfilled our other ethical responsibilities in accordance with these requirements. 
In our best knowledge and understanding, the non-audit services that we have provided to the 
parent company and group companies are in compliance 
with laws and regulations applicable 
in Finland 
regarding these 
services, and 
we have 
not provided 
any prohibited 
non-audit ser-
vices 
referred to 
in 
Article 5(1) 
of 
regulation 
(EU) 537/2014. 
The 
non-audit services 
that we 
have provided have been disclosed in note 2.2 to the consolidated financial statements. 
We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a 
basis for our opinion. 
Materiality 
The scope of our audit was 
influenced by our application of 
materiality. The materiality is deter-
mined based 
on our 
professional judgement 
and is 
used to 
determine the 
nature, timing 
and 
extent 
of 
our 
audit 
procedures 
and to 
evaluate 
the 
effect 
of 
identified misstatements 
on the 
financial statements as a whole. The level of materiality we set is based on 
our assessment of 
the 
magnitude 
of 
misstatements 
that, 
individually 
or 
in 
aggregate, 
could 
reasonably 
be 
ex-
pected to 
have influence 
on the 
economic decisions 
of the 
users of 
the financial 
statements. 
We have also 
taken into account 
misstatements and/or possible 
misstatements that in 
our opin-
ion are material for qualitative reasons for the users of the financial statements. 
Key Audit Matters 
Key audit 
matters are 
those matters 
that, in 
our professional 
judgment, were 
of most 
signifi-
cance in 
our audit 
of the 
financial statements 
of the 
current period. 
These matters 
were ad-
dressed in 
the context of 
our audit of 
the financial statements 
as a 
whole, and 
in forming our 
opinion thereon, 
and we 
do not 
provide a 
separate opinion 
on these 
matters. The 
significant 
risks of material misstatement referred to in the EU Regulation No 537/2014 point (c) of Article 
10(2) are included in the description of key audit matters below. 
We have 
also addressed 
the risk 
of management 
override of 
internal controls. 
This includes 
consideration of 
whether there 
was evidence 
of management 
bias that 
represented a 
risk of 
material misstatement due to fraud. 
THE KEY AUDIT MATTER 
HOW THE MATTER 
WAS ADDRESSED 
IN THE AUDIT 
Valuation of investment properties 
(refer to Note 3.1 to the consolidated fi-
nancial statements) 
—
Investment properties measured at 
fair value (EUR 7,581 million) repre-
sent 96% of the consolidated total as-
sets as at 31 December 2025. Valua-
tion of investment properties is con-
sidered a key audit matter due to 
— 
We assessed the assumptions used re-
quiring management judgement, as well 
as the grounds for substantial changes 
in fair values. We also tested controls in 
place in the company over the fair value 
accounting. 

 
 
 
 
 
 
 
 
 
 
Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
94 
management estimates used in fore-
casts underlying the valuations, and 
significance of the carrying amounts 
involved. 
—
The loss on fair value measurement 
of investment properties was EUR 
120 million. 
—
The fair values of investment proper-
ties are determined a property-spe-
cific basis using the yield value or 
cost. Determining the underlying key 
assumptions requires management to 
make judgements in respect of return 
requirements, vacancy rate and fu-
ture developments of rent level, 
among others determined to be a key 
audit matter. 
— 
We involved KPMG valuation special-
ists, to test the technical appropriate-
ness of the calculations, and to compare 
the assumptions used to market and in-
dustry data. 
— 
We have performed substantive audit 
procedures on the accounting of sold of 
investment properties. 
— 
We met with the external property valuer 
(Authorised Property Valuer, 
AKA) used 
by the Group, to evaluate the appropri-
ateness of the valuation method applied 
by Kojamo. 
— 
We assessed the appropriateness of the 
disclosures provided on the investment 
properties. 
Total revenue: recognition 
of rental income (refer to Note 2.1 to the consoli-
dated financial statements) 
—
The Group's total revenue consists al-
most solely of rental income from in-
vestment properties. 
—
The industry is marked by a large 
rental agreement portfolio with a sub-
stantial number of invoicing and pay-
ment transactions monthly.
— 
We have tested controls and per-
formed substantive audit procedures 
over rental income to assess the com-
pleteness and accuracy of total reve-
nue
. 
Accounting for interest-bearing liabilities and derivative 
instruments (refer 
to notes 4.4, 4.5 and 4.6 to the consolidated financial statements) 
—
At the year-end 2025, Kojamo's inter-
est-bearing liabilities totaled EUR 
3.391 million, representing 43% of the 
consolidated balance sheet total. 
—
The Group utilises interest rate deriva-
tive contracts, measured at fair value. 
The total nominal value of these deriv-
atives was EUR 1.598 million as at 31 
December 2025. Kojamo uses deriva-
tive contracts mainly to hedge its inter-
est rate risk exposure. The Group ap-
plies hedge accounting to qualifying 
interest rate derivative instruments. 
— 
Our audit procedures included evalua-
tion of the appropriateness of the 
recognition and measurement princi-
ples for financial instruments, and test-
ing of the controls relevant to the accu-
racy and measurement of financial in-
struments. 
— 
We tested the accuracy of the meas-
urements and the accruals for financial 
items, on a sample basis. 
— 
We assessed the appropriateness of 
the hedge accounting as applied by 
Kojamo. 
— 
We considered the appropriateness of 
the disclosures provided on the inter-
est-bearing liabilities, derivative instru-
ments and financial risk management. 
Responsibilities 
of 
the 
Board 
of 
Directors 
and 
the 
Managing 
Director 
for 
the 
Financial Statements 
The Board of 
Directors and the 
Managing Director are 
responsible for the 
preparation of con-
solidated financial statements 
that give a 
true and fair 
view in accordance 
with IFRS Accounting 
Standards as adopted 
by the EU, 
and of financial 
statements that give 
a true and 
fair view in 
accordance with the laws 
and regulations governing the preparation 
of financial statements in 
Finland and comply with statutory requirements. The Board 
of Directors and the Managing Di-
rector are also 
responsible for such 
internal control as 
they determine is 
necessary to enable 
the preparation of 
financial statements that 
are free from 
material misstatement, whether 
due 
to fraud or error. 
In 
preparing the 
financial statements, 
the 
Board of 
Directors and 
the Managing 
Director are 
responsible for assessing the parent 
company’s and the group’s 
ability to continue as 
a going 
concern, disclosing, as applicable, matters 
relating to going concern and 
using the going con-
cern basis of accounting. The financial statements are prepared using the going concern basis 
of accounting unless there 
is an intention 
to liquidate the parent 
company or the group 
or cease 
operations, or there is no realistic alternative but to do so. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
95 
Auditor’s Responsibilities for the Audit of the Financial 
Statements 
Our objectives are 
to obtain reasonable 
assurance about whether 
the financial statements as 
a whole 
are free 
from material 
misstatement, whether 
due to 
fraud or 
error, 
and to 
issue an 
auditor’s report that includes 
our opinion. Reasonable assurance is 
a high level of 
assurance, 
but is 
not a 
guarantee that 
an audit 
conducted in 
accordance with 
good auditing 
practice will 
always detect 
a material 
misstatement when 
it exists. 
Misstatements can 
arise from 
fraud or 
error and are considered material if, individually 
or in the aggregate, they could reasonably be 
expected to influence the economic decisions of 
users taken on the basis of the 
financial state-
ments. 
As part 
of an 
audit in accordance 
with good 
auditing practice, we 
exercise professional 
judg-
ment and maintain professional skepticism throughout the audit. We also: 
—
Identify and assess the risks of material misstatement of the financial statements, 
whether due to fraud or error, design and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for 
our opinion. The risk of not detecting a material misstatement resulting from fraud is 
higher than for one resulting from error, as fraud may involve collusion, forgery, 
inten-
tional omissions, misrepresentations, or the override of internal control. 
—
Obtain an understanding of internal control relevant to the audit in order to design audit 
procedures that are appropriate in the circumstances, but not for the purpose of ex-
pressing an opinion on the effectiveness of the parent company’s or the group’s internal 
control. 
—
Evaluate the appropriateness of accounting policies used and the reasonableness of 
accounting estimates and related disclosures made by management. 
—
Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s 
use of the going concern basis of accounting and based on the audit evidence obtained, 
whether a material uncertainty exists related to events or conditions that may cast sig-
nificant doubt on the parent company’s or the group’s ability to continue as a going con-
cern. If we conclude that a material uncertainty exists, we are required to draw attention 
in our auditor’s report to the related disclosures in the financial statements or, if such 
disclosures are inadequate, to modify our opinion. Our conclusions are based on the 
audit evidence obtained up to the date of our auditor’s report. However, future events or 
conditions may cause the parent company or the group to cease to continue as a going 
concern. 
—
Evaluate the overall presentation, structure and content of the financial statements, in-
cluding the disclosures, and whether the financial statements represent the underlying 
transactions and events so that the financial statements give a true and fair view. 
—
Plan and perform the group audit to obtain sufficient appropriate audit evidence regard-
ing the financial information of the entities or business units within the group as a basis 
for forming an opinion on the group financial statements. We are responsible for the di-
rection, supervision and review of the audit work performed for purposes of the group 
audit. We remain solely responsible for our audit opinion. 
We 
communicate 
with 
those 
charged 
with 
governance 
regarding, 
among 
other 
matters, 
the 
planned scope 
and timing 
of the 
audit and 
significant audit 
findings, including 
any significant 
deficiencies in internal control that we identify during our audit. 
We also provide 
those charged with governance 
with a statement that we 
have complied with 
relevant ethical requirements regarding independence and 
communicate with them all relation-
ships 
and other 
matters 
that may 
reasonably be 
thought 
to bear 
on 
our independence, 
and 
where applicable, related safeguards. 
From the matters 
communicated with those 
charged with governance, 
we determine those 
mat-
ters that were of most significance in the audit of 
the financial statements of the current period 
and are 
therefore the 
key audit 
matters. We describe 
these matters 
in our 
auditor’s report 
unless 
law or 
regulation precludes 
public disclosure 
about the 
matter or 
when, in 
extremely rare 
cir-
cumstances, we 
determine that 
a matter 
should not 
be communicated 
in our 
report because 
the adverse consequences 
of doing so 
would reasonably be 
expected to 
outweigh the public 
interest benefits of such communication. 
Other Reporting Requirements 
Information on our audit engagement 
We were 
first appointed as 
auditors by the Annual 
General Meeting on 
7.4.2005, and our ap-
pointment represents a total 
period of uninterrupted engagement 
of 20 years. Kojamo 
plc has 
been a Public Interest Entity since 21 October 2016. 
Other Information 
The Board 
of Directors 
and the 
Managing Director 
are responsible 
for the 
other information. 
The other 
information comprises 
the report 
of the 
Board of 
Directors and 
the information 
in-
cluded in the 
Annual Report, 
but does 
not include 
the financial statements 
or our 
auditor’s report 
thereon. We have obtained the report of 
the Board of Directors prior to 
the date of this auditor’s 
report, and 
the Annual 
Report is 
expected to 
be made 
available to 
us after 
that date. 
Our opinion 
on the financial statements does not cover the other information. 
In connection 
with our 
audit of the 
financial statements, 
our responsibility is 
to read the 
other 
information identified above and, in doing so, consider whether the other information is materi-
ally inconsistent with the financial statements or our knowledge obtained in the audit, 
or other-
wise appears 
to be 
materially misstated. 
With respect 
to the 
report of 
the Board 
of Directors, 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
96 
our responsibility 
also includes 
considering whether 
the report 
of the 
Board of 
Directors has 
been prepared in compliance with the applicable provisions. 
In 
our 
opinion, 
the 
information 
in 
the 
report 
of 
the 
Board 
of 
Directors 
is 
consistent 
with 
the 
information in the 
financial statements and 
the report of 
the Board of 
Directors has been 
pre-
pared in compliance with the applicable provisions. 
If, based on the work we have performed on the other information that we obtained prior to the 
date 
of 
this 
auditor’s report, 
we 
conclude 
that there 
is a 
material 
misstatement of 
this 
other 
information, we are required to report that fact. We have nothing to report in this regard. 
Helsinki 11 February 2026 
KPMG OY AB 
Audit Firm 
PETRI KETTUNEN 
Authorised Public Accountant, KHT

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
97 
Independent Auditor's Report on the ESEF Consolidated Financial Statements of 
Kojamo plc 
(Translation of the Finnish original)
To 
the Board of Directors of Kojamo plc 
We 
have 
performed 
a 
reasonable 
assurance 
engagement 
on 
the 
financial 
statements 
7437007YPUOQZ8OV1R42-2025-12-31-1-fi.zip 
of Kojamo 
plc 
(Business ID 
0116336-2) 
that 
have been prepared in accordance with 
the Commission's regulatory technical 
standard for the 
financial year ended 31.12.2025. 
Responsibilities of the Board of Directors and the Managing 
Director 
The Board 
of Directors 
and the 
Managing Director 
are responsible 
for the 
preparation of 
the 
company's report of the Board of Directors and financial statements 
(the ESEF financial state-
ments) in 
such a 
way that 
they comply 
with the 
requirements of 
the Commission's 
regulatory 
technical standard. This responsibility includes: 
—
preparing the ESEF financial statements in XHTML format in accordance with Article 3 
of the Commission's regulatory technical standard 
—
tagging the primary financial statements, notes and company's identification data in the 
consolidated financial statements that are included in the ESEF financial statements 
with iXBRL tags in accordance with Article 4 of the Commission's regulatory technical 
standard and 
—
ensuring the consistency between the ESEF financial statements and the audited finan-
cial statements. 
The Board of Directors 
and the Managing Director 
are also responsible for 
such internal control 
as they determine 
is necessary to enable 
the preparation of ESEF 
financial statements in ac-
cordance with the requirements of the Commission's regulatory technical standard. 
Auditor’s independence and quality management 
We are independent 
of the company 
in accordance with 
the ethical requirements 
that are ap-
plicable in 
Finland and 
are relevant 
to the 
engagement we 
have performed, 
and we 
have fulfilled 
our other ethical responsibilities in accordance with these requirements. 
The auditor 
applies International 
Standard on 
Quality Management 
(ISQM) 1, 
which requires 
the firm to 
design, implement and 
operate a system 
of quality management 
including policies 
or procedures regarding compliance with ethical requirements, professional standards and ap-
plicable legal and regulatory requirements. 
Auditor’s responsibilities 
Our responsibility is to, in accordance with 
Chapter 7, Section 8 of the Securities Markets Act, 
provide assurance on the financial statements that have been 
prepared in accordance with the 
Commission's regulatory 
technical standard. 
We express 
an opinion 
on whether 
the consoli-
dated 
financial 
statements 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
have 
been 
tagged, in 
all material 
respects, in 
accordance with 
the requirements 
of Article 
4 of 
the Com-
mission's regulatory technical standard. 
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. 
We conducted a reasonable assurance engagement 
in accordance with International Standard 
on Assurance Engagements (ISAE) 3000. 
The engagement includes procedures to obtain evidence on: 
—
whether the primary financial statements in the consolidated financial statements that 
are included in the ESEF financial statements have been tagged, in all material re-
spects, with iXBRL tags in accordance with the requirements of Article 4 of the Commis-
sion's regulatory technical standard and 
—
whether the notes and company's identification data in the consolidated financial state-
ments that are included in the ESEF financial statements have been tagged, in all mate-
rial respects, with iXBRL tags in accordance with the requirements of Article 4 of the 
Commission's regulatory technical standard and 
—
whether there is consistency between the ESEF financial statements and the audited 
financial statements. 
The nature, 
timing and 
extent of 
the selected 
procedures depend 
on the 
auditor’s judgment. 
This includes 
an assessment of 
the risk 
of a material 
deviation due to 
fraud or error 
from the 
requirements of the Commission's regulatory technical standard. 
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
Opinion 
Our opinion pursuant to 
Chapter 7, Section 8 
of the Securities Markets 
Act is that the 
primary 
financial statements, notes 
and company's identification 
data in the 
consolidated financial state-
ments 
that 
are 
included 
in 
the 
ESEF 
financial 
statements 
of 
Kojamo 
plc 
7437007YPUOQZ8OV1R42-2025-12-31-1-fi.zip for the 
financial year ended 31.12.2025 
have 
been tagged, in all material 
respects, in accordance with 
the requirements of the Commission's 
regulatory technical standard. 

Kojamo 
Board of Directors’ Report and Financial Statements 
2025 
98 
Our opinion on the audit of the 
consolidated financial statements of Kojamo plc for 
the financial 
year ended 31.12.2025 has 
been expressed in our 
auditor's report dated 11.2.2026. 
With this 
report we do 
not express an 
opinion on the 
audit of the 
consolidated financial statements 
nor 
express another assurance conclusion. 
Helsinki 11 February 2026 
KPMG OY AB 
Audit Firm 
Petri Kettunen 
Authorised Public Accountant, KHT