Kojamo Oyj

Quarterly Report • May 8, 2024

Interim Report 1 January –31 March 2024

–31 March 2024

1

Interim Report 1 January

Kojamo plc's Interim Report 1 January–31 March 2024

Total revenue and net rental income increased, no significant value changes in the investment properties

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The figures in this Interim Report have not been audited.

All statements made in this report regarding the company or its business are based on the views of the management, and the

Summary of January–March 2024

• Total revenue increased by 4.7 per cent to EUR 113.3 (108.2) million.
• Net rental income increased by 1.9 per cent to EUR 60.6 (59.5) million. Net rental income was 53.5 (55.0) per cent of total revenue.
• Result before taxes was EUR 39.3 (24.0) million. The result includes EUR 11.1 (-9.0) million in net result on the valuation of investment properties at fair value and EUR -0.9 (0.0) million in profit/loss from the sale of investment properties. Earnings per share was EUR 0.13 (0.08).
• Funds From Operations (FFO) decreased by 11.5 per cent to EUR 25.5 (28.8) million.
• The fair value of investment properties was EUR 8.1 (8.2) billion at the end of the review period, including EUR 0.0 (7.5) million in Investment properties held for sale.

sections addressing the general macro-economic or industry situation are based on third-party information.

If there are differences between different language versions of the Interim Report, the Finnish version is the official one.

• The financial occupancy rate was 92.4 (92.2) per cent for the review period.
• Gross investments amounted to EUR 8.4 (54.9) million, or 7.4 (50.8) per cent of total revenue.
• Equity per share was EUR 14.83 (15.22), and return on equity was 3.5 (2.0) per cent. Return on investment was 3.5 (2.3) per cent.
• EPRA NRV (Net Reinstatement Value) per share fell by 3.3 per cent to EUR 18.60 (19.23).
• There were 113 (1,485) Lumo apartments under construction at the end of the review period.

Kojamo owned 40,860 (39,550) rental apartments at the end of the review period. Since March of last year, Kojamo has acquired 0 (985) apartments, completed 1,372 (1,397) apartments, sold 73 (0) and demolished or otherwise altered 11 (0) apartments.

Outlook for 2024 specified

Kojamo estimates that in 2024, the Group's total revenue will increase by 4–7 per cent (previously 4–8 per cent) year-onyear. In addition, Kojamo estimates that the Group's FFO for 2024 will amount to between EUR 152–164 million, excluding non-recurring costs (previously EUR 154–166 million).

The outlook is based on the management's assessment of total revenue, property maintenance costs and repairs, administrative expenses, financial expenses, taxes to be paid and new development to be completed, as well as the management's view on future developments in the operating environment.

The outlook takes into account the estimated occupancy rate and rises in rents as well as the number of apartments to be completed. The outlook does not take into account the impact of potential acquisitions or disposals on total revenue and FFO.

The management can influence total revenue and FFO through the company's business operations. In contrast, the management has no influence over market trends, the regulatory environment or the competitive landscape.

Saving programme

In August 2023, Kojamo launched a saving programme where the company targets total savings of approximately EUR 43 million in costs and investments during 2024, of which the share of costs is estimated to be approximately EUR 18 million. The measures of the programme aim at maintaining the company's profitability and safeguarding credit rating.

The saving programme has progressed according to the plan. For the time being, we have refrained from making new investments and we have reduced repairs other than those supporting renting of apartments. As a part of the saving programme, we started change negotiations which were concluded in October 2023. The layoffs decided in the change negotiations have

been ongoing in the beginning of the year. In addition, the Annual General Meeting decided in the spring that no dividend be paid for 2023. We may also carry out property sales during 2024.

Key figures

	1–3/2024	1–3/2023	Change %	2023
Total revenue, M€	113.3	108.2	4.7	442.2
Net rental income, M€ *	60.6	59.5	1.9	297.2
Net rental income margin, % *	53.5	55.0		67.2
Profit/loss before taxes, M€ *	39.3	24.0	63.7	-112.3
EBITDA, M€ *	62.1	41.0	51.5	-39.9
EBITDA margin, % *	54.8	37.9		-9.0
Adjusted EBITDA, M€ *	51.9	49.9	3.9	255.1
Adjusted EBITDA margin, % *	45.8	46.1		57.7
Funds From Operations (FFO), M€ *	25.5	28.8	-11.5	167.2
FFO margin, % *	22.5	26.6		37.8
FFO excluding non-recurring costs, M€ *	25.5	28.8	-11.5	167.2
Investment properties, M€ ¹⁾	8,058.9	8,197.0	-1.7	8,038.8
Financial occupancy rate, %	92.4	92.2		93.0
Interest-bearing liabilities, M€ *²⁾	3,676.0	3,637.8	1.1	3,600.4
Return on equity (ROE), % *	3.5	2.0		-2.4
Return on investment (ROI), % *	3.5	2.3		-0.4
Equity ratio, % *	44.3	44.5		44.5
Loan to Value (LTV), % * ³⁾	44.5	42.9		44.6
EPRA Net Reinstatement Value (NRV), M€	4,597.2	4,752.5	-3.3	4,558.8
Gross investments, M€ *	8.4	54.9	-84.7	190.7
Number of personnel, end of the period	281	309		288
Key figures per share, €	1–3/2024	1–3/2023	Change %	2023
FFO per share *	0.10	0.12	-16.7	0.68
Earnings per share	0.13	0.08	62.5	-0.36
EPRA NRV per share	18.60	19.23	-3.3	18.45
Equity per share	14.83	15.22	-2.6	14.67

* 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, the formulas used in their calculation, and reconciliation calculations in accordance with ESMA guidelines section of the Interim Report

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

CEO's review

Total revenue and net rental income as well as profit before taxes increased in the first quarter of the year. FFO decreased compared to the comparison period particularly due to the increase in financial expenses and maintenance expenses resulting from the cold winter. The fair value of the investment properties did not change significantly during the review period. Our financial position is strong, and our liquidity is good.

Our occupancy rate slightly improved from the comparison period, and tenant turnover remained at last year's level. The usual seasonal variation was visible in renting during the winter months, and the occupancy rate was lower than at the turn of the year. The balancing of demand and supply is still in progress. Although the number of new start-ups has been exceptionally low already for a couple of years, a large number of previously started properties were completed to the market. Therefore, the supply of rental apartments is still plentiful. After

the completion of the ongoing projects in the market, the decrease in housing supply is expected to begin, and no new supply will be completed to a significant extent in the next two years. This is estimated to lead to a considerable decrease in the supply of rental apartments. In the end of the review period, we had only one ongoing development project, from which 113 Lumo homes will be completed by the end of June. At the beginning of the year, we have made higher rent increases than in recent years, and as the supply will turn to decline, the possibilities for rent increases are expected to improve further.

The saving programme we started last fall is progressing according to the plan. The personnel layoffs have been realized, and we have reduced our investments substantially, limiting ourselves to the completion of previously started development projects and modernization investments as well as repairs that support renting. The past winter was cold, and there was a lot of snow which, together with the larger property portfolio, increased the maintenance expenses at the beginning of the year. In terms of administrative and marketing expenses, the savings have been realized as planned.

We successfully took the new ERP system into use during the first quarter of the year. The project was an extensive effort, and the implementation involved personnel throughout the organization for more than a year. The new system enables the further development of efficiency and processes as well as increasing the benefits of digitalization.

With the saving programme and the financial arrangements made, the loans maturing in 2024 and 2025 are covered. In January, we issued a EUR 200 million unsecured bond as a private placement. This was the first sizable euro-denominated bond issuance by a residential real estate company since 2022. In addition, at the end of March, we made secured EUR 250 million bank financing with our three relationship banks.

Jani Nieminen

CEO

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

Operating environment key figures

and interest rates, as well as macroeconomic factors, such as economic growth, employment, disposable income, inflation, regional population growth and household sizes.

%	2024E	2023
GDP growth	0.0	-1.0
Unemployment	7.4	7.2
Inflation	1.9	6.2

Sources: Ministry of Finance, Economic survey 4/2024

According to the economic survey published by the Ministry of Finance in April, the outlook for the global economy is improving as slower inflation and falling interest rates boost consumption and investment. The growth will mainly take place in the United States and emerging economies, and the growth of euro area is still weak this year. Geopolitical tensions cast a shadow over the outlook.

Finland's economy is not expected to grow this year. The weaker economic development last year was especially due to the decreased service exports and reduced construction. However, inflation has slowed considerably. Private consumption

Industry operating environment

has been on a mild upward trajectory, and it is expected to accelerate substantially as interest rates fall and purchasing power increases. The employment is predicted to decrease slightly this year but to return to growth next year as the economy recovers.

With easing price pressures, markets expect the ECB to start rate cuts in June. On the other hand, the growth of the US economy has surprised with its strength, and inflationary pressures have risen again. The Fed is expected to begin rate cuts in the fall.

Industry key figures

	2024E	2023
Residential start-ups, units	16,500	17,500
of which non-subsidised block-of-flats	2,000	3,600
start-ups in the capital region	n/a	8,513
Building permits granted, annual, units *	n/a	21,097
Construction costs, change %	n/a	1.1
Prices of old apartments in the whole country, change, %	0.5	-7.0
Prices of old apartments in the capital region, change, %	-1.1- 1.7	-8.8- -7.9
Rents of non-subsidised apartments in the whole country, change, %	2.0	1.4
Rents of non-subsidised apartments in the capital region, change, %	1.2-1.6	0.4-1.0

* Rolling 12 months, December 2023

0

Sources: Confederation of Finnish Construction Industries (CFCI), economic forecast March 2024; Housing production information

of the municipalities in the capital region; Statistics Finland, Building and dwelling production 2023, December;

Pellervo Economic Research PPT, Housing 2024 forecast

The number of residential start-ups plummeted last year to an estimated 17,500 apartments, which is almost 20,000 apartments less than the previous year. A turn for the better is not in sight yet. According to the Confederation of Finnish Construction Industries CFCI's economic forecast published in March, housing starts are predicted to continue to decline in 2024 and to turn to weak growth only in 2025.

There are still plenty of apartments available as the previously initiated production reaches completion in the early part of the year. However, the collapse of residential start-ups and long construction times are leading to a housing shortage, according to CFCI. While supply will remain low, demand is expected to increase next year due to strong urbanization, good income development, pent-up housing needs of households and falling interest rates.

Nordea estimates in their housing market review published in March that the completions of apartments would reach its lowest numbers in August of this year. There is regional variation in the oversupply situation. Stronger rent increases are expected after the balancing of demand and supply, but increase can already be anticipated this year.

The rapid increase in interest rates and costs, coupled with tighter availability of financing, have also affected repair construction. According to CFCI, repair construction will still shrink this year, and it will pick up only in 2025. The surge in construction costs came to a halt last year, but the costs have leveled off to a higher level than before.

Effects of urbanisation

Area	Population		Share of rental household dwelling units, %
	growth
	forecast, %
	2022–2040	2010	2022
Helsinki	22.4	47.1	50.4
Capital region ¹⁾	25.9	41.9	46.6
Helsinki region ²⁾	n/a	37.7	42.6
Jyväskylä	8.0	40.2	46.0
Kuopio	3.5	36.5	42.1
Lahti	-0.2	37.3	42.0
Oulu	9.6	36.7	43.3
Tampere	17.6	42.2	51.5
Turku	18.1	43.0	51.8
Other areas	n/a	23.8	26.8

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 2022; MDI population forecast 2040 (urbanization scenario), September 2023

According to the population forecast published by MDI in September 2023, urbanization continues strongly, and regional differences are increasing. In the future, the population will be concentrated in large city areas largely with the rest of Finland weakening. In addition to migration within the country, immigration growth in the 2020s will advance urbanization. Immigration is strong to the capital region as well other large cities.

According to the Pellervo economic research (PTT)'s housing forecast published in February, the population of the largest cities increased significantly over the past two years. Internal migration continued to the largest cities, and in Helsinki and Turku, the population growth more than doubled in 2023. Most of the population growth is due to immigration, which increases the demand especially for rental housing. PTT predicts that immigration will continue to be robust in the future as well, supported by work-related immigration.

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 residents in Finnish growth centres. At the end of the review period, Kojamo's property portfolio comprised 40,860 (39,550) rental apartments. The fair value of Kojamo's investment properties at the end of the review period was EUR 8.1 (8.2) billion. Investment properties include completed apartments as well as development projects and land areas.

Measured at fair value on 31 March 2024, 97.6 per cent of Kojamo's rental apartments were located in the seven largest Finnish growth centres, 87.0 per cent in the Helsinki, Tampere and Turku regions and 74.0 per cent in the Helsinki region.

Kojamo's share of the country'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 customers 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 services. Lumo apartments offer a range of different services, such as broadband internet connection included in the rent and a car sharing service.

Financial development January–March 2024

Total revenue

Kojamo's total revenue increased to EUR 113.3 (108.2) million. Total revenue is generated entirely by income from rental operations.

Total revenue increased especially due to the rental apartments completed in 2023 and 2024 by around EUR 4.2 million, as well as due to the development of rents and the financial occupancy rate by around EUR 0.5 million.

Result and profitability

Net rental income increased to EUR 60.6 (59.5) million, which corresponds to 53.5 (55.0) per cent of total revenue. The growth in net rental income was positively impacted by EUR 5.0 million growth in total revenue and negatively impacted by EUR 4.3 million increase in property maintenance costs. Of the increase in maintenance costs, EUR 0.8 million was due to the growth of property portfolio, EUR 2.2 million due to increase in heating and electricity costs, and EUR 1.0 million due to increase in property taxes. The increase in heating and electricity costs was influenced particularly by cold start of the year.

Result before taxes was EUR 39.3 (24.0) million. The result includes EUR 11.1 (-9.0) million in net result on the valuation of investment properties at fair value and EUR -0.9 (0.0) million in profit/loss from the sale of investment properties. The net result on the valuation of the investment properties at fair value was positively impacted by the growth in net rental income by EUR 7.8 million and other items by EUR 3.3 million. 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 valuation gain on the fair value assessment of investment properties decreased by EUR 4.7 million to EUR 28.3 (33.0) million. The decline was in particular due to increased financing and maintenance costs from the comparison period.

Financial income and expenses totalled EUR -22.4 (-16.6) million. Financial income and expenses increased by EUR 5.8 million compared to the comparison period. Interest expenses increased by EUR 6.5 million compared to the comparison period due to the higher amount of interest-bearing liabilities. Gain/loss on the valuation of investments amounted to EUR 0.0 (0.6) million and the unrealised change in the fair value of derivatives EUR 1.0 (-0.1) million.

Funds From Operations (FFO) amounted to EUR 25.5 (28.8) million. The decrease in FFO was particularly affected by increased financial expenses and maintenance costs in the review period.

Balance sheet, cash flow and financing

	31 Mar 2024	31 Mar 2023	31 Dec 2023
Balance sheet total, M€	8,275.3	8,467.2	8,158.3
Equity, M€	3,664.1	3,762.1	3,625.9
Equity per share, €	14.83	15.22	14.67
Equity ratio, %	44.3	44.5	44.5
Return on equity (ROE), %	3.5	2.0	-2.4
Return on investment (ROI), %	3.5	2.3	-0.4
Interest-bearing liabilities, M€	3,676.0	3,637.8	3,600.4
Loan to Value (LTV), %	44.5	42.9	44.6
Coverage ratio	3.3	3.7	3.6
Average interest rate of loan portfolio, % *	2.6	1.9	2.4
Average loan maturity, years	2.8	3.3	2.8
Cash and cash equivalents, M€	93.7	123.6	15.0

* Includes interest rate derivatives

Kojamo's liquidity situation was very good during the review period. At the end of the period, Kojamo's cash and cash equivalents stood at EUR 93.7 (123.6) million and liquid financial assets at EUR 30.0 (42.5) million.

EUR 19.8 (29.8) million of the EUR 250 million commercial paper programme was in use at the end of the review period. Kojamo has committed credit facilities totalling EUR 275 million and an uncommitted credit facility of EUR 5 million that were unused. In addition, EUR 425 million syndicated loan signed in October 2023 and the below mentioned EUR 250

million term loan signed in March were undrawn at the end of the review period.

The following financing arrangements were made during the review period:

In January Kojamo plc issued EUR 200 million unsecured green notes as a private placement. The new notes were issued under the company's EMTN programme as an increase to the company's notes maturing on 28 May 2029. The proceeds of the issue will be used for the refinancing of projects in accordance with the company's Green Finance Framework.

In March Kojamo plc signed a new EUR 250 million term loan facility agreement linked to its sustainability targets together with three relationship banks. The loan is secured and has a

maturity of five years. The loan will be drawn in June at the latest, and it will be used for the refinancing of company's existing indebtedness as well as for the group's general financing needs.

Real estate property and fair value

ME

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Fair value of investment properties on 1 Jan	8,038.8	8,150.2	8,150.2
Acquisition of investment properties	9.3	50.0	165.1
Modernisation investments	0.5	4.6	26.7
Disposals of investment properties	-1.2	-	-12.0
Capitalised borrowing costs	0.4	1.1	4.2
Profit/loss on fair value of investment properties	11.1	-9.0	-295.4
Fair value of investment properties at the end of the period	8,058.9	8,197.0	8,038.8

The value of investment properties includes on 31 March 2023 EUR 7.5 million in Investments properties held for sale

Kojamo owned a total of 40,860 (39,550) rental apartments at the end of the review period.

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 March 2024. The criteria for determining fair value are presented in the Notes to the Financial Statements.

At the end of the review period, the plot and real estate development reserve held by the Group totalled about 211,000 floor sq.m (185,000 floor sq.m). The fair value of the plot and real estate development reserve (including the Metropolia properties) was EUR 176.9 (152.9) million at the end of the review period.

Rental housing

Apartments	31 Mar 2024	31 Mar 2023	31 Dec 2023
Number of apartments	40,860	39,550	40,619
Average rent, €/m²/month	17.97	17.71	17.81
Average rent, €/m²/month, yearly average	17.88	17.63	17.74

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 innovation implementation in cooperation with other operators.

All Lumo rental apartments are also easily available for rent on our webstore.

Rental housing key figures

%	1–3/2024	1–3/2023	1–12/2023
Financial occupancy rate	92.4	92.2	93.0
Tenant turnover rate, excluding internal turnover	7.4	7.4	29.5
Like-for-Like rental income growth *	1.6	0.8	1.9
Rent receivables in proportion to revenue	1.6	1.4	1.6

* Change of rental income for properties owned for two consecutive years in the past 12 months compared to the previous 12-month period

The financial occupancy rate was 92.4 (92.2) per cent for the review period. At the end of the period, 134 (230) apartments were vacant due to renovations.

Kojamo's property portfolio by region as at 31 March 2024

	Helsinki	Tampere	Turku			Kuopio	Lahti
%	region	region	region	Oulu	Jyväskylä	region	region	Others
Distribution by
number of apartments	62.6	9.7	5.2	5.4	5.0	4.1	3.5	4.5
Distribution by
fair value	74.0	8.6	4.3	2.9	3.1	2.5	2.1	2.4

Information on the property portfolio as at 31 March 2024

		Number of
	Number of	commercial and				Financial
	apartments,	other leased	Fair value,	Fair value,	Fair value,	occupancy
Area	units	premises, units	M€	€ 1,000/unit	€/m²	rate, % ³⁾
Helsinki region	25,573	483	5,777.0	222	4,152	91.0
Tampere region	3,949	111	674.4	166	3,253	95.0
Turku region	2,122	25	335.0	156	2,939	95.6
Other	9,216	145	1,018.5	109	2,065	95.5
Total	40,860	764	7,805.0 1)	188	3,538	92.4
Other			253.9 2)
Total portfolio	40,860	764	8,058.9

¹⁾ The figures reflect income-generating portfolio assets, which excludes new projects under construction, plots owned by the group and ownership of certain assets through shares

²⁾ Fair value of ongoing projects, plots owned by the group and ownership of certain assets through shares and

fair value of right-of-use assets

³⁾ The financial occupancy rate does not include commercial premises and other leased premises

Investments, divestments and real estate development

Investments

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Acquisition of investment properties *	7.5	49.2	159.9
Modernisation investments	0.5	4.6	26.7
Capitalised borrowing costs	0.4	1.1	4.2
Total	8.4	54.9	190.7
Repair expenses, M€	6.0	6.3	29.3

* Not including leases for plots of land

Number of apartments

Units	31 Mar 2024	31 Mar 2023	31 Dec 2023
Apartments at the start of the period	40,619	39,231	39,231
Divestments	-	-	-73
Completed	241	319	1,450
Demolished or altered	-	-	11
Apartments at the end of the period	40,860	39,550	40,619
Under construction at the end of the period	113	1,485	354
Preliminary agreements for new construction	119	119	119

No apartments were acquired during the period under review.

Of the apartments under construction, 113 (1,352) are located in the Helsinki region and 0 (133) in other Finnish growth centres. A total of 241 (319) apartments were completed during the review period.

Modernisation investments during the review period amounted to EUR 0.5 (4.6) million and repair costs totalled EUR 6.0 (6.3) million.

Binding acquisition agreements for new development

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Actual costs incurred from new construction in progress	31.9	288.4	84.8
Cost of completing new construction in progress	5.3	101.8	10.0
Total	37.1	390.2	94.9

Plots and real estate development sites owned by the company

	31 Mar 2024		31 Mar 2023		31 Dec 2023
	M€	1,000 fl.sq.m	M€	1,000 fl.sq.m	M€	1,000 fl.sq.m
Plots	30.9	51	36.8	58	30.9	51
Plots and existing residential building	73.3	93	43.4	60	74.5	93
Conversions	72.8	67	72.8	68	72.8	67
Total ¹⁾	176.9	211	152.9	185	178.1	211

¹⁾ 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 Mar 2024		31 Mar 2023		31 Dec 2023
	M€	1,000 fl.sq.m	M€	1,000 fl.sq.m	M€	1,000 fl.sq.m
Preliminary agreements for new construction ¹⁾	24.7		23.2		24.7
Estimate of the share of plots of preliminary
agreements for new development ²⁾	4.2	5	4.2	5	4.2	5
Preliminary agreements and reservations for plots ²⁾	27.8	34	36.4	44	34.9	45

¹⁾ Including plots

²⁾ The management's estimate of the fair value and building rights of the plots

Strategic targets and their achievement

Strategic targets

	1–3/2024	2023	2022	2021	2020	Target
Annual growth of total revenue, %	4.7	7.0	5.5	2.0	2.3	4–5
Annual investments, M€	8.4	190.7	501.6	356.9	371.2	200–400
FFO/total revenue, % *	22.5	37.8	38.9	39.1	39.5	> 36
Loan to Value (LTV), %	44.5	44.6	43.7	37.7	41.4	< 50
Equity ratio, %	44.3	44.5	45.3	49.0	45.6	> 40
Net Promoter Score (NPS) **	51	50	45	20	36	40

*Actual 1−3/2024: The whole year's property taxes are recognized in Q1's result.

** 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.

Kojamo's objective is to be a stable dividend payer whose annual dividend payment will be at least 60 per cent of FFO, provided that the Group's equity ratio is 40 per cent or more and taking account of the company's financial position.

Shares and shareholders

Issued shares and share capital

Kojamo's share capital on 31 March 2024 was EUR 58,025,136 and the number of shares at the end of the review period totalled 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 the ISIN code is FI4000312251.

Trading in the company's share

Kojamo's shares are listed on the official list of Nasdaq Helsinki.

Share price and trading

	1–3/2024	1–3/2023	1–12/2023
Lowest price, €	10.06	10.18	7.41
Highest price, €	12.00	15.71	15.71
Average price, €	10.88	12.92	10.29
Closing price, €	10.98	10.85	11.90
Market value of share capital, end of period, M€	2,713.6	2,681.5	2,941.0
Share trading, million units	25.3	23.1	103.8
Share trading of total share stock, %	10.2	9.3	42.0
Share trading, M€	275.4	297.8	1,068.6

In addition to the Nasdaq Helsinki stock exchange, Kojamo shares were traded on other marketplaces. During 1 January– 31 March 2024, approximately 65 (approximately 50) million Kojamo shares were traded on alternative marketplaces, corresponding to approximately 70 (approximately 70) per cent of the total trading volume (source: Modular Finance).

Own shares

Kojamo did not hold any of its own shares during or at the end of the review period.

Dividend

In accordance with the Board of Directors' proposal, the Annual General Meeting on 14 March 2024 decided that no dividend be paid for the financial year 2023.

Shareholders

At the end of the review period, the number of registered shareholders was 14,651, including nominee-registered shareholders. The proportion of nominee-registered and direct foreign shareholders was 53.2 per cent of the company's shares at the end of the review period. The 10 largest shareholders owned in aggregate 54.5 per cent of Kojamo's shares at the end of the review period.

The list of Kojamo's shareholders is based on information provided by Euroclear Finland Ltd.

The Board of Directors' authorisations

Kojamo's Annual General Meeting on 14 March 2024 authorised the Board of Directors to decide on the repurchase and/or

Governance

Annual General Meeting

Kojamo's Annual General Meeting (AGM) of 14 March 2024 adopted the financial statements for the financial year 2023 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 2023, 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. The AGM approved the Remuneration Report for the year

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 General Meeting, however, no longer than until 30 June 2025.

The Board of Directors was also authorised to decide on the issuance of shares and the issuance of special rights entitling to shares as referred to in Chapter 10, Section 1 of the Companies Act according to the proposal of the Board of Directors. The number of shares to be issued 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 Annual General Meeting, however, no longer than until 30 June 2025.

Flagging notifications

Kojamo did not receive any notifications pursuant to the Finnish Securities Market Act regarding changes in holdings in Kojamo shares during the review period.

Managers' transactions and shareholdings

Managers' transactions at Kojamo in 2024 are published as stock exchange releases, and they are available on the Kojamo website at https://kojamo.fi/en/news-releases/.

2023 and Remuneration Policy 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-general-meeting/annualgeneral-meeting-2024/.

Board of Directors and auditors

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 is KPMG Oy Ab, with Authorised Public Accountant Petri Kettunen as the auditor 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 13 September 2023 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, CIO, Heimstaden AB; Jouko Pölönen, CEO, Ilmarinen Mutual Pension Insurance Company; and

Personnel

At the end of the review period, Kojamo had a total of 281 (309) employees. The average number of personnel during the review period was 283 (308).

The salaries and fees paid during the review period totalled EUR 4.6 (4.8) 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: 2022–2024, 2023– 2025 and 2024–2026.

On 15 February 2024, Kojamo's Board of Directors resolved on the long-term incentive plan's performance period of 2024– 2026. The possible rewards for the performance period are based on the Group's revenue (%), Funds From Operations (FFO) per share, Long-Term Investment Grade Rating and apartment-specific CO2 emission reduction target for years

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 Directors, remuneration of the Board of Directors and remuneration of the members of the Board Committees.

CEO

Jani Nieminen, M.Sc. (Tech.), MBA was CEO during the review period. The CEO's deputy was CFO Erik Hjelt, Licentiate in Laws, EMBA.

Management Team

At the end of the review period, the members of the Management Team were Jani Nieminen, CEO; Erik Hjelt, CFO; Janne Ojalehto, Executive Vice President, Housing and Ville Raitio, Executive Vice President, Investments & Portfolio Management.

2024–2026. The rewards to be paid on the basis of the performance period correspond to the value of a maximum total of 214,200 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 480,018 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 2023.

On 15 February 2024, Kojamo's Board of Directors approved to establish a new restricted share programme for the years 2024–2026. 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 retention award.

2024–2026 commitment period will last until the end of 2026 and the possible reward will be paid during the year following the expiry of the period in shares in the company. The maximum number of shares to be granted is 65,000 shares.

Responsibility

Our sustainability programme

Responsibility and sustainable development are among Kojamo's strategic focus areas. Our sustainability programme documents the priorities of our sustainability efforts by focus areas: sustainable cities, the best customer experience, the most competent personnel and a dynamic place to work, and a responsible corporate citizen. Read more about our sustainability programme from our 2023 sustainability report which is included in our Annual Report.

We have committed to the UN Sustainable Development Goals. We continue to develop transparency of our sustainability reporting, and we currently report according to GRI, and EPRA sBPR frameworks. We also participate yearly in GRESB (Global Real Estate Sustainability Benchmark) survey. From 2022, we have also reported information on risks related to climate change according to the TCFD framework.

Sustainable cities

All of our newly constructed properties are situated in growth centres, in locations that are close to good transport connections and services. The goal is for our property portfolio to be carbon-neutral in terms of energy consumption by 2030. We have signed the Net Zero Carbon Buildings Commitment of the World Green Building Council. We will increase the efficiency of our energy consumption by 7.5% by 2025. All Kojamo offices are WWF Green Office certified.

The best customer experience

We want to deliver the best customer experience in housing. We create safe and comfortable homes that provide our customers with a strong sense of community, sustainable housing and services that make life easier. The operating model Through the Customer's Eyes has become an established practice for us. Over 400 Lumo teams made up of active residents have already been established. All of Kojamo's properties use carbon-neutral property electricity. In addition, carbonneutral district heating is used at almost 150 of our properties. We offer all residents of Lumo homes the opportunity to use shared cars. Currently, we have installed charging station for electric cars in more than 1,500 car parks.

The most competent personnel and a dynamic place to work

The most important areas for our personnel responsibility are equality and equity for personnel, the health and well-being of personnel, as well as good management and leadership. We ensure our future competitiveness through competence development and offer an employee experience that attracts the best talent in the industry. We also work continuously to promote our corporate culture and the well-being of our personnel. Our corporate culture is based on Kojamo's shared values: Happy to serve, Strive for success and Courage to change.

A responsible corporate citizen

Our Code of Conduct documents the sustainable operating practices we apply in our interactions with our stakeholders, society and the environment. We also require our partners to operate sustainably, and our Supplier Code of Conduct has been an integral part of all of our partnership agreements starting from the beginning of 2021.

Measures during the review period

In February, we updated our Green Finance Framework to align future financing activities with market best practices and standards. Sustainalytics has given the framework an independent, external evaluation.

In order to strengthen our energy management, we are implementing an AI-powered sustainability and energy management system which provides up-to-date information to support decision-making and enables the quicker response to consumption deviations. During the review period, we have been preparing for the implementation of the tool. For example, we have updated the mobile data connections for remote water measurement and ensured the process related to the measurement. The system will be taken into use at the beginning of May, and it will significantly improve our energy management.

The Rescue Act has been revised, and the responsibility for the functionality and maintenance of fire alarms will be transferred from the resident to the owner of the building by the end of 2025. We have initiated an investigation into the procurement of smoke detectors for apartments that do not have smoke detectors connected to the electricity network. The procurement will cover approximately 25,000 apartments, and the new smoke detectors will be installed within the transition period.

We have started preparing for reporting in accordance with the EU sustainability reporting directive, which will apply to Kojamo from 2025. We have conducted a double materiality analysis and worked on a gap analysis comparing our current sustainability reporting with the reporting requirements of the sustainability reporting directive. Based on the results of the gap analysis, we will develop the content of our reporting to cover the sustainability topics according to the materiality analysis and improve our reporting processes.

Near-term risks and uncertainties

Kojamo estimates that the most significant near-term risks and uncertainties are caused by the uncertain situation in property and financial markets, interest rate development as well as by geopolitical tensions.

Geopolitical tensions, including Russia's war of aggression in Ukraine and the conflict in the Middle East, have caused economic uncertainty and raised oil prices in the early part of the year, which may also have a wider impact on inflation and interest rates. The uncertainty can also have impacts on the housing and property markets, including apartment prices, rents and yield requirements as well as on the operations of the construction companies. If inflation does not decrease as predicted, the decrease in interest rates may be postponed. The increased costs could affect Kojamo's result and cash flow as well as the fair value of apartments.

The development of the Finnish economy may affect the housing and financial markets in exceptional ways. These factors may have an impact on Kojamo's profit and cash flow as well as the fair value of apartments. A general downturn may lead to unemployment and reduce household purchasing power, which in turn may affect the ability of residents to pay rent and, subsequently, the company's rental income.

The weakening of the property and financial markets as well as the changes in market interest rates may lower Kojamo's credit rating and increase the price of financing as well as weaken financial key figures. These factors may affect

News conference and webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 8 May 2024 at 3.00 p.m. EEST at the company's head office at Mannerheimintie 168A, Helsinki. The event will be held in English. After the event, the media has a possibility to ask questions also in Finnish.

The event can also be followed as a live webcast through which it is possible to ask questions. No registration for the Kojamo's profit and cash flow, as well as the fair value of the apartments.

Urbanisation is expected to continue in the longer term. The supply of rental apartments may increase locally in the main areas in which Kojamo operates, and the changes in supply and demand could have an impact on Kojamo's tenant turnover or the financial occupancy rate and, thereby, rental income.

Cyber attacks and various other data security threats have increased. These data security breaches could impact Kojamo's business operations and the reliability of information systems.

Helsinki, 8 May 2024

Kojamo plc Board of Directors

Further information:

Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20 508 3283

Erik Hjelt, CFO, Kojamo plc, tel. +358 20 508 3225

webcast in advance is needed. The event will be accessible at https://kojamo.videosync.fi/q1-2024.

A recording of the webcast will be available later at the company's website at https://kojamo.fi/en/investors/releases-andpublications/financial-reports/.

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 comparability between companies. Kojamo follows EPRA recommendations in its reporting practices. This section covers EPRA performance measures and their calculation. More information on EPRA and EPRA recommendations is available on the EPRA website at www.epra.com.

EPRA performance measures

	1–3/2024	1–3/2023	2023
EPRA Earnings, M€	25.2	29.1	159.9
EPRA Earnings per share (EPS), €	0.10	0.12	0.65
EPRA Net Reinstatement Value (NRV), M€	4,597.2	4,752.5	4,558.8
EPRA NRV per share, €	18.60	19.23	18.45
EPRA Net Initial Yield (NIY), %	3.9	3.7	4.0
EPRA 'topped-up' NIY, %	3.9	3.7	4.0
EPRA Vacancy Rate, %	7.6	7.9	7.1
EPRA Cost Ratio (including direct vacancy costs), %	11.8	13.5	12.7
EPRA Cost Ratio (excluding direct vacancy costs), %	4.8	6.9	9.2

EPRA Earnings

M€	1–3/2024	1–3/2023	2023
Earnings per IFRS income statement	31.5	19.2	-89.0
(i) Change in value of investment properties,
development properties held for investment and other interests	-11.1	9.0	295.4
(ii) Profits or losses on disposal of investment properties,
development properties held for investment and other interests	0.9	-	-0.4
(iv) Tax on profits or losses on disposals	-0.2	-	-0.2
(vi) Changes in fair value of financial instruments and associated close-out costs	-1.0	0.1	0.9
(vi) Early close-out costs/gains of financial instrument and debt	-	-	-7.0
(viii) Deferred tax in respect of EPRA adjustments	5.1	0.8	-39.8
EPRA Earnings	25.2	29.1	159.9
Average number of shares, million	247.1	247.1	247.1
EPRA Earnings per share (EPS), €	0.10	0.12	0.65

EPRA Net Reinstatement Value (NRV)

M€	1–3/2024	1–3/2023	2023
IFRS Equity attributable to shareholders	3,664.1	3,762.1	3,625.9
Diluted NAV	3,664.1	3,762.1	3,625.9
Diluted NAV at Fair Value	3,664.1	3,762.1	3,625.9
Exclude:
(v) Deferred tax in relation to fair value gains	834.5	875.0	825.4
(vi) Fair value of financial instruments	-22.2	-48.5	-13.1
Include:
(xi) Real estate transfer tax	120.9	163.9	120.6
EPRA Net Reinstatement Value (NRV)	4,597.2	4,752.5	4,558.8
Number of shares, million	247.1	247.1	247.1
EPRA NRV per share, €	18.60	19.23	18.45

EPRA Net Initial Yield (NIY) and EPRA "topped-up" NIY

M€		1–3/2024	1–3/2023	2023
Investment property		8,058.9	8,197.0	8,038.8
Trading property		-	0.1	-
Developments		-127.3	-391.1	-179.8
Completed property portfolio		7,931.6	7,806.0	7,859.0
Allowance for estimated purchasers' costs		119.0	156.1	117.9
Gross up completed property portfolio valuation	B	8,050.6	7,962.1	7,976.9
Annualised cash passing rental income		464.4	441.4	464.2
Property outgoings		-149.1	-147.1	-146.7
Annualised net rents	A	315.3	294.3	317.5
Notional rent expiration of rent-free periods or other lease incentives		-	-	-
Topped-up net annualised rent	C	315.3	294.3	317.5
EPRA Net Initial Yield (NIY), %	A/B	3.9	3.7	4.0
EPRA 'topped-up' NIY, %	C/B	3.9	3.7	4.0

EPRA Vacancy Rate

1–3/2024	1–3/2023	2023
8.7	8.6	31.3
114.4	109.3	444.4
7.6	7.9	7.1
A/B

* Including rental value of apartments.

EPRA Cost Ratios

M€		1–3/2024	1–3/2023	2023
Include:
(i) Administrative expense line per IFRS income statement		9.1	9.9	45.6
(i) Maintenance expense line per IFRS income statement		46.7	42.4	115.7
(i) Repair expense line per IFRS income statement		6.0	6.3	29.3
(ii) Net service charge costs/fees		-4.3	-3.8	-15.8
(iii) Management fees less actual/estimated profit element		-0.1	0.0	-0.2
(iv) Other operating income/recharges intended
to cover overhead expenses less any related profits		-0.1	-0.1	-0.3
Exclude:
(vii) Ground rent costs		0.1	0.1	-0.1
(viii) Service charge costs recovered through rents but not separately invoiced		-50.6	-47.0	-137.5
EPRA Costs (including direct vacancy costs)	A	6.8	7.8	36.7
(ix) Direct vacancy costs		-4.0	-3.8	-10.2
EPRA Costs (excluding direct vacancy costs)	B	2.8	3.9	26.5
(x) Gross Rental Income less ground rent costs - per IFRS		108.8	104.3	425.7
(xi) Service fee and service charge costs components of Gross Rental Income		-50.6	-47.0	-137.5
Gross Rental Income	C	58.3	57.3	288.1
EPRA Cost Ratio (including direct vacancy costs), %	A/C	11.8	13.5	12.7
EPRA Cost Ratio (excluding direct vacancy costs), %	B/C	4.8	6.9	9.2

Condensed consolidated income statement

M€ Note	1–3/2024	1–3/2023	1–12/2023
Total revenue	113.3	108.2	442.2
Maintenance expenses	-46.7	-42.4	-115.7
Repair expenses	-6.0	-6.3	-29.3
Net rental income	60.6	59.5	297.2
Administrative expenses	-9.1	-9.9	-45.6
Other operating income	0.7	0.8	4.0
Other operating expenses	-0.3	-0.4	-0.3
Profit/loss on sales of investment properties	-0.9	-	0.2
Profit/loss on fair value of investment properties	3 11.1	-9.0	-295.4
Depreciation, amortisation and impairment losses	-0.3	-0.3	-1.3
Operating profit/loss	61.8	40.7	-41.1
Financial income	2.6	1.6	13.5
Financial expenses	-25.0	-18.2	-84.8
Total amount of financial income and expenses	-22.4	-16.6	-71.3
Share of result from associated companies	-	0.0	0.1
Profit/loss before taxes	39.3	24.0	-112.3
Current tax expense	-2.8	-4.0	-16.5
Change in deferred taxes	-5.1	-0.8	39.8
Profit/loss for the period	31.5	19.2	-89.0
Profit/loss for the financial period attributable to
shareholders of the parent company	31.5	19.2	-89.0
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Cash flow hedges	7.9	-4.2	-39.8
Deferred taxes	-1.6	0.8	8.0
Items that may be reclassified subsequently to profit or loss	6.4	-3.4	-31.8
Total comprehensive income for the period	37.8	15.8	-120.8
Total comprehensive income attributable to
shareholders of the parent company	37.8	15.8	-120.8
Earnings per share based on profit/loss attributable to
shareholders of the parent company
Basic, €	0.13	0.08	-0.36
Diluted, €	0.13	0.08	-0.36
Average number of shares, million	8 247.1	247.1	247.1

Condensed consolidated balance sheet

M€ Note	31 Mar 2024	31 Mar 2023	31 Dec 2023
Assets
Non-current assets
Intangible assets	0.5	0.7	0.6
Investment properties 3	8,058.9	8,189.5	8,038.8
Property, plant and equipment 4	27.8	28.2	28.0
Investments in associated companies	2.0	1.3	2.0
Financial assets 7	0.8	0.7	0.8
Non-current receivables	6.4	6.7	6.5
Derivatives 6, 7	31.7	49.5	29.8
Deferred tax assets	6.0	3.6	4.9
Total non-current assets	8,134.2	8,280.1	8,111.4
Non-current assets held for sale 10	-	7.6	-
Current assets
Trading property	-	0.1	-
Derivatives 6, 7	0.5	0.1	0.6
Current tax assets	1.7	1.8	11.1
Trade and other receivables	15.2	11.4	17.0
Financial assets 7	30.0	42.5	3.3
Cash and cash equivalents	93.7	123.6	15.0
Total current assets	141.1	179.5	46.9
Total assets	8,275.3	8,467.2	8,158.3
Shareholders' equity and liabilities
Equity attributable to shareholders of the parent company
Share capital	58.0	58.0	58.0
Share issue premium	35.8	35.8	35.8
Fair value reserve	17.5	39.6	11.2
Invested non-restricted equity reserve	164.4	164.4	164.4
Retained earnings	3,388.2	3,464.2	3,356.4
Equity attributable to shareholders of the parent company	3,664.1	3,762.1	3,625.9
Total equity	3,664.1	3,762.1	3,625.9
Liabilities
Non-current liabilities
Loans and borrowings 5, 7	2,712.5	3,277.3	3,007.2
Deferred tax liabilities	837.1	875.7	829.3
Derivatives 6, 7	10.0	1.0	17.3
Provisions	0.1	0.2	0.1
Other non-current liabilities	4.8	5.1	4.9
Total non-current liabilities	3,564.5	4,159.3	3,858.9
Liabilities related to non-current assets held for sale 10	-	7.2	-
Current liabilities
Loans and borrowings 5, 7	963.5	360.5	593.2
Derivatives 6, 7	-	0.0	-
Current tax liabilities Trade and other payables	0.3 82.9	0.0 178.0	4.9 75.4
Total current liabilities	1,046.7	538.5	673.5
Total liabilities	4,611.2	4,705.0	4,532.4
Total equity and liabilities	8,275.3	8,467.2	8,158.3

Consolidated statement of cash flows

M€	1–3/2024	1–3/2023	1–12/2023
Cash flow from operating activities
Profit for the period	31.5	19.2	-89.0
Adjustments	20.9	30.6	345.0
Change in net working capital
Change in trade and other receivables	-0.1	0.3	-0.5
Change in trade and other payables	17.1	12.9	-0.6
Interest paid	-32.5	-22.7	-79.4
Interest received	3.1	0.3	2.3
Other financial items	-0.8	0.8	-3.4
Taxes paid	2.0	-4.2	-21.2
Net cash flow from operating activities	41.2	37.1	153.3
Cash flow from investing activities
Acquisition of investment properties	-9.9	-60.4	-201.3
Acquisition of associated companies	-	-	-0.6
Acquisition of property, plant and equipment and intangible assets	-	0.0	-0.3
Proceeds from sale of investment properties	0.3	-	5.1
Proceeds from sale of associated companies	-	-	0.3
Purchases of financial assets	-28.7	-49.9	-55.0
Proceeds from sale of financial assets	2.0	112.3	157.1
Non-current loans, granted	-	0.0	0.0
Repayments of non-current loan receivables	-	0.0	0.2
Interest and dividends received on investments	0.2	0.5	0.9
Net cash flow from investing activities	-36.1	2.5	-93.6
Cash flow from financing activities
Non-current loans and borrowings, raised	156.8	-	500.0
Non-current loans and borrowings, repayments	-63.0	-33.7	-574.5
Current loans and borrowings, raised	19.9	29.8	135.8
Current loans and borrowings, repayments	-39.6	-31.0	-127.2
Repayments of lease liabilities	-0.5	-0.4	-1.8
Dividends paid	-	-	-96.4
Net cash flow from financing activities	73.6	-35.4	-164.1
Change in cash and cash equivalents	78.7	4.2	-104.4
Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period	15.0 93.7	119.4 123.6	119.4 15.0

Condensed consolidated statement of changes in equity

M€	Share capital	Share issue premium	Fair value reserve	Invested non restricted reserve equity	Retained earnings	parent company Equity attribut holders of the able to share	equity Total
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			6.4			6.4	6.4
Profit for the period					31.5	31.5	31.5
Total comprehensive income for the period			6.4		31.5	37.8	37.8
Transactions with shareholders
Share-based incentive scheme					0.3	0.3	0.3
Total transactions with shareholders					0.3	0.3	0.3
Total change in equity			6.4		31.8	38.2	38.2
Equity at 31 Mar 2024	58.0	35.8	17.5	164.4	3,388.2	3,664.1	3,664.1
M€	Share capital	Share issue premium	Fair value reserve	Invested non restricted reserve equity	Retained earnings	parent company Equity attribut holders of the able to share	equity Total
Equity at 1 Jan 2023	58.0	35.8	43.0	164.4	3,541.4	3,842.7	3,842.7
Comprehensive income
Cash flow hedging			-3.4			-3.4	-3.4
Profit for the period					19.2	19.2	19.2
Total comprehensive income for the period			-3.4		19.2	15.8	15.8
Transactions with shareholders

Share-based incentive scheme					0.0	0.0	0.0
Dividend payment					-96.4	-96.4	-96.4
Total transactions with shareholders					-96.4	-96.4	-96.4
Total change in equity			-3.4		-77.2	-80.5	-80.5
Equity at 31 Mar 2023	58.0	35.8	39.6	164.4	3,464.2	3,762.1	3,762.1

M€	Share capital	Share issue premium	Fair value reserve	Invested non restricted reserve equity	Retained earnings	parent company Equity attribut holders of the able to share	equity Total
Equity at 1 Jan 2023	58.0	35.8	43.0	164.4	3,541.4	3,842.7	3,842.7
Comprehensive income
Cash flow hedging			-31.8			-31.8	-31.8
Profit for the period					-89.0	-89.0	-89.0
Total comprehensive income for the period			-31.8		-89.0	-120.8	-120.8
Transactions with shareholders
Share-based incentive scheme					0.4	0.4	0.4
Dividend payment					-96.4	-96.4	-96.4
Total transactions with shareholders					-96.0	-96.0	-96.0
Total change in equity			-31.8		-185.0	-216.8	-216.8
Equity at 31 Dec 2023	58.0	35.8	11.2	164.4	3,356.4	3,625.9	3,625.9

Condensed notes to the consolidated financial statements

Basic information about the Group

Kojamo plc is Finland's largest market-based, private housing investment company that offers rental apartments and housing services in Finnish growth centres. Its range of apartments is extensive. On 31 March 2024, Kojamo owned 40,860 rental apartments across Finland.

The Group's parent company, Kojamo plc, is a Finnish public company domiciled in Helsinki. Its registered address is Mannerheimintie 168, 00300 Helsinki, Finland.

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 five 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.

Kojamo plc's Board of Directors approved this Interim Report for publication at its meeting on 8 May 2024.

1. Accounting policies

Basis for preparation

These interim financial statements were prepared in accordance with IAS 34 Interim Financial Reporting as well as by applying the same accounting policies as in the previous annual financial statements, excluding the exceptions described below. The figures of the interim financial statements have not been audited.

The figures for 2023 are based on Kojamo plc's audited financial statements for 2023. The figures in brackets refer to the corresponding period in 2023, and the comparison period is the corresponding period the year before, unless otherwise stated.

The preparation of the interim financial statements in accordance with IFRS requires application of judgement by Kojamo's management to make estimates and assumptions that affect the reported amounts of assets and liabilities on the balance sheet date and the reported amounts of income and expenses for the period. Management must also make judgements when applying the Group's accounting policies. Actual results may differ from the estimates and assumptions used. The most significant items of this Interim Report where judgement has been applied by management, as well as the assumptions about the future and other key uncertainty factors in estimates at the end of the reporting period that create a significant risk of change in the carrying amounts of Kojamo's assets and liabilities within the next review period, are the same as those presented in the consolidated financial statements for the 2023 financial year. Of these, the most important are the determination of the fair values of investment properties and financial instruments.

2. Specification of revenue

M€	1–3/2024	1–3/2023	1–12/2023
Revenue from contracts with customers	113.2	108.1	441.7
Other income from revenue	0.1	0.1	0.5
Total revenue	113.3	108.2	442.2

Specification of revenue from contracts with customers

M€	1–3/2024	1–3/2023	1–12/2023
Rental income	108.8	104.3	425.7
Water fees	4.1	3.6	15.0
Sauna fees	0.2	0.2	0.8
Other income from service sales	0.0	0.0	0.2
Total	113.2	108.1	441.7

Revenue consists primarily of rental income based on tenancy agreements. In the Group's business, the scope of IFRS 15 includes maintenance and service revenue, which include usebased charges collected from tenants.

3. Investment properties

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Fair value of investment properties on 1 Jan	8,038.8	8,150.2	8,150.2
Acquisition of investment properties	9.3	50.0	165.1
Modernisation investments	0.5	4.6	26.7
Disposals of investment properties	-1.2	-	-12.0
Capitalised borrowing costs	0.4	1.1	4.2
Profit/loss on fair value of investment properties	11.1	-9.0	-295.4
Fair value of investment properties at the end of the period	8,058.9	8,197.0	8,038.8

The value of investment properties includes on 31 March 2023 EUR 7.5 million in Investments properties held for sale

Profit/loss on fair value of investment properties

M€	1–3/2024	1–3/2023	1–12/2023
Changes in yield requirement	-	-	-815.5
Change in net rental income	7.8	-22.2	305.9
Changes in inflation, rents and expense growth assumptions	-	-	181.7
Other	3.3	13.2	32.5
Profit/loss on fair value of investment properties	11.1	-9.0	-295.4

Right-of-use assets included in the fair values of investment properties (plots of land)

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Fair value on 1 Jan	77.8	73.8	73.8
Increases/decreases	1.8	0.8	5.2
Profit/loss on fair value of investment properties	-0.4	-0.3	-1.3
Fair value at the end of the period	79.2	74.3	77.8

Modernisation investments are often significant and they are primarily related to repairs and renovations of plumbing, facades, roofs, windows and balconies. The expected average technical useful lives of the plumbing systems, facades, roofs and balconies of residential properties are taken into consideration in the planning of modernisation investments.

Capitalised borrowing costs totalled EUR 0.4 (1.1) million. The interest rate applied to capitalised borrowing costs was 2.6 (2.0) per cent at the end of the review period.

Fair value of investment properties by valuation method

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Yield value	7,732.5	7,588.2	7,656.3
Acquisition cost	247.3	534.4	304.7
Right-of-use assets (plots of land)	79.2	74.3	77.8
Total	8,058.9	8,197.0	8,038.8
Number of apartments	31 Mar 2024	31 Mar 2023	31 Dec 2023
Yield value	39,748	37,942	39,390
Acquisition cost ⁾¹⁾ ²⁾	1,112	1,608	1,229
Total	40,860	39,550	40,619

¹⁾ Includes 4 apartments as part of development projects

²⁾ There will be an uplift in the fair value of EUR 50−70 million from 737 apartments coming out of restriction by the end of 2024

Average valuation parameters for yield-based valued items

	Capital	Other regions	Group
	region	of Finland	total
Unobservable inputs:
Yield requirement cash flow, weighted, %	4.11	5.01	4.40
Exit capitalisation rate, weighted, % *	4.26	5.16	4.55
Cash flow discount rate, weighted, % *	6.11	7.01	6.40
Inflation assumption, %	2.0	2.0	2.0
Market rents, weighted by square meters, €/m²/month	20.55	16.14	18.55
Property maintenance expenses, repairs and modernisation investments €/m²/month	6.69	6.45	6.58
10-year average financial occupancy rate, %	97.5	96.6	97.2
Rent increase assumption, %	2.7	2.4	2.6
Expense increase assumption, %	2.5	2.5	2.5

* Yield requirement for net rental income

		31 Mar 2023
	Capital region	Other regions	Group
		of Finland	total
Unobservable inputs:
Yield requirement cash flow, weighted, %	3.56	4.93	3.97
Exit capitalisation rate, weighted, % *	3.71	5.08	4.12
Cash flow discount rate, weighted, % *	5.36	6.73	5.77
Inflation assumption, %	1.8	1.8	1.8
Market rents, weighted by square meters, €/m²/month	20.05	15.51	17.96
Property maintenance expenses, repairs and modernisation investments €/m²/month	6.79	6.54	6.68
10-year average financial occupancy rate, %	97.5	96.6	97.2
Rent increase assumption, %	2.3	2.0	2.2
Expense increase assumption, %	2.3	2.3	2.3

* Yield requirement for net rental income

	Capital	Other regions	Group total
	region	of Finland
Unobservable inputs:
Yield requirement cash flow, weighted, %	4.11	5.00	4.40
Exit capitalisation rate, weighted, % *	4.26	5.15	4.55
Cash flow discount rate, weighted, % *	6.11	7.00	6.40
Inflation assumption, %	2.0	2.0	2.0
Market rents, weighted by square meters, €/m²/month	20.55	16.13	18.54
Property maintenance expenses, repairs and modernisation investments €/m²/month	6.67	6.41	6.56
10-year average financial occupancy rate, %	97.5	96.6	97.2
Rent increase assumption, %	2.7	2.4	2.6
Expense increase assumption, %	2.5	2.5	2.5

* Yield requirement for net rental income

Sensitivity analysis for measuring the fair value of investment properties

Properties measured at yield value	31 Mar 2024
Change % (relative)	-10%	-5%	0%	5%	10%
Change, M€
Yield requirement	868.7	411.3		-371.8	-709.5
Market rents	-954.9	-477.4		477.4	954.9
Maintenance costs	312.4	156.2		-156.2	-312.4
Change % (absolute)	-2%	-1%	0%	1%	2%
Change, M€
Financial occupancy rate	-196.4	-98.2		98.2	196.4

Properties measured at yield value		31 Mar 2023
Change % (relative)	-10%	-5%	0%	5%	10%
Change, M€
Yield requirement	845.0	400.1		-361.7	-690.4
Market rents	-972.4	-486.2		486.2	972.4
Maintenance costs	332.7	166.4		-166.4	-332.7
Change % (absolute)	-2%	-1%	0%	1%	2%
Change, M€
Financial occupancy rate	-200.0	-100.0		100.0	200.0

Properties measured at yield value	31 Dec 2023
Change % (relative)	-10%	-5%	0%	5%	10%
Change, M€
Yield requirement	860.3	407.3		-368.2	-702.7
Market rents	-944.8	-472.4		472.4	944.8
Maintenance costs	310.0	155.0		-155.0	-310.0
Change % (absolute)	-2%	-1%	0%	1%	2%
Change, M€
Financial occupancy rate	-194.4	-97.2		97.2	194.4

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 assessment 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 statement 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.

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 participants at the measurement date. However, determining the fair values of investment properties requires significant management estimates and assumptions especially when the level of transaction activity is significantly decreased. Estimates and assumptions are especially related 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 requirements and other input data used are based on market observations and the best information 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 transfer of a liability between market parties in a normal transaction on the valuation date.

The number of transactions observed from the market is limited and the comparability of the transactions is weak. In addition, the transaction prices partly indicate that the sales have been motivated. The price indications of buyers appearing in the market are 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 participants, 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 increase assumption, which the company's management has estimated based on the current market views.

Kojamo uses valuation techniques that are appropriate under those circumstances, and for which sufficient data is available to measure fair value.

Investment property

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 investment 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. Properties classified as trading properties as well as properties classified as held for sale are included 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 investment 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 income statement.

Restrictions on investment properties

Some of the investment properties are subject to legislative divestment and usage restrictions. 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 include, 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 fixedterm 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 period 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 directly attributable costs accrued on the funds borrowed for a construction project or costs attributable 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 income statement. The valuation techniques used by Kojamo are described below.

Fair value of investment properties by valuation method

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 inputs.

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 measurement. The fair value measurement for all of the investment property of Kojamo has been categorised as a Level 3 fair value, as observable market information for the determination of fair values has not been available.

Fair value of investment properties by valuation method

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), 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 measurement to yield value measurement in the quarter they are completed in. The development margin, 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 acquisition 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 restrictions.

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 legislation concerning state-subsidised rental housing. The disposal of such properties is only possible 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 properties that belong to the following restriction groups: free of restrictions, subject to extension restrictions, 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 requirement 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 renovation +22.5%.

Provision for modernisation investments:

Age of the property or the number of years since the completion of the most re cent 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 calculations.

Acquisition cost (balance sheet value)

The balance sheet value is used for the measurement of residential and commercial properties 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 setting 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 related to investment properties is their original acquisition cost.

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 Combinations. Reference is made to IFRS 3 to determine whether a transaction is a business combination. 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 acquisition of the property should include acquired operations and people carrying out these operations, 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 accepted 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 deducted by 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 accounted for as asset acquisitions. In this event, goodwill or deferred taxes etc. are not recognised.

4. Property, plant and equipment

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Carrying value, beginning of period	28.0	28.4	28.4
Increases	0.0	0.1	0.7
Depreciation for the period	-0.2	-0.3	-1.0
Carrying value, end of period	27.8	28.2	28.0

Property, plant and equipment consist of assets held and used by the company, mainly buildings and land areas, as well as

machinery and equipment. The right-of-use asset item includes car leasing agreements in accordance with IFRS 16 Leases.

Right-of-use assets included in property, plant and equipment

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Carrying value, beginning of period	0.8	0.8	0.8
Increases/decreases	0.0	0.1	0.5
Depreciation for the period	-0.1	-0.1	-0.5
Carrying value, end of period	0.7	0.8	0.8

5. Interest-bearing liabilities

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Non-current liabilities
Bonds	1,301.7	2,140.2	1,558.7
Loans from financial institutions	1,314.4	1,045.1	1,353.3
Interest subsidy loans	18.8	19.0	18.8
Lease liability	77.6	72.9	76.4
Non-current liabilities total	2,712.5	3,277.3	3,007.2
Current liabilities
Bonds	850.0	199.8	434.5
Loans from financial institutions	85.1	122.5	110.6
Interest subsidy loans	0.2	0.2	0.2
Commercial papers	19.8	29.8	39.7
Other loans	6.0	6.1	6.0
Lease liability	2.3	2.1	2.2
Current liabilities total	963.5	360.5	593.2
Total interest-bearing liabilities	3,676.0	3,637.8	3,600.4

As at 31 March 2023, EUR 7.2 million has been transferred from interest-bearing liabilities to Liabilities related to non-currents assets held for sale

6. Derivative instruments

Fair values of derivative instruments

	31 Mar 2024		31 Mar 2023	31 Dec 2023
M€	Positive	Negative	Net	Net	Net
Interest rate derivatives
Interest rate swaps, cash flow hedging	31.3	-9.4	21.9	48.4	13.8
Interest rate swaps, not in hedge accounting	0.9	-0.6	0.3	0.1	-0.7
Total	32.2	-10.0	22.2	48.5	13.1

Nominal values of derivative instruments

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Interest rate derivatives
Interest rate swaps, cash flow hedging	1,108.6	729.0	1,141.0
Interest rate swaps, not in hedge accounting	44.3	40.4	40.0
Total	1,152.9	769.4	1,180.9

During the review period, EUR 7.9 (-4.2) million was recognised in the fair value reserve from interest rate derivatives classified as cash flow hedges. The interest rate derivatives mature between 2024 and 2035. At the end of the review period, the average maturity of interest rate swaps was 3.5 (3.8) years.

7. Financial assets and liabilities by valuation category

			31 Mar 2024
	Carrying				Fair value
M€	value total	Level 1	Level 2	Level 3	total
Financial assets
Measured at fair value
Interest rate derivatives	32.2		32.2		32.2
Financial assets recognised at fair value
through profit or loss	30.8	3.3	26.7	0.8	30.8
Measured at amortised cost
Cash and cash equivalents	93.7		93.7		93.7
Trade receivables	7.4				7.4
Financial liabilities
Measured at fair value
Interest rate derivatives	10.0		10.0		10.0
Measured at amortised cost
Other interest-bearing liabilities	1,524.3		1,527.1		1,527.1
Bonds	2,151.7	2,044.4			2,044.4
Trade payables	4.9				4.9

	31 Dec 2023
	Carrying				Fair value
M€	value total	Level 1	Level 2	Level 3	total
Financial assets
Measured at fair value
Interest rate derivatives	30.4		30.4		30.4
Financial assets recognised at fair value
through profit or loss	4.1	3.3		0.8	4.1
Measured at amortised cost
Cash and cash equivalents	15.0		15.0		15.0
Trade receivables	7.5				7.5
Financial liabilities
Measured at fair value
Interest rate derivatives	17.3		17.3		17.3
Measured at amortised cost
Other interest-bearing liabilities	1,607.3		1,604.7		1,604.7
Bonds	1,993.2	1,831.5			1,831.5
Trade payables	1.8				1.8

There were no transfers between the hierarchy levels during the review period. The fair value of floating rate loans is the same as their nominal value, as the margins of the loans correspond to the margins of new loans. The fair values of bonds are based on market price quotations. The fair value of other fixed-rate liabilities is based on discounted cash flows, in which market interest rates are used as input data.

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.

Financial assets and liabilities measured at fair value are classified into three fair value hierarchy 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 derived from directly or indirectly quoted market data. Fair values are measured using valuation 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 input data used for the determination of fair value is not based on observable market data.

Level 3 reconciliation

Financial assets recognised at fair value through profit or loss

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Beginning of period	0.8	0.7	0.7
Change	-	-	0.1
End of period	0.8	0.7	0.8

Investments measured at fair value through profit or loss on hierarchy level 3 are investments 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. For these items, the acquisition cost is evaluated to be an appropriate estimate of fair value.

8. Earnings per share

	1–3/2024	1–3/2023	1–12/2023
Profit for the period attributable to shareholders of the parent company, M€	31.5	19.2	-89.0
Weighted average number of shares during the period (million)	247.1	247.1	247.1
Earnings per share
Basic, €	0.13	0.08	-0.36
Diluted, €	0.13	0.08	-0.36

The company has no diluting instruments.

9. Guarantees and commitments

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Loans covered by pledges on property and shares as collateral	796.5	775.2	839.3
Pledges given	1,997.8	927.8	1,691.6
Shares	394.0	102.1	293.2
Pledged collateral, total ¹⁾	2,391.9	1,029.9	1,984.9
Other collaterals given
Mortgages and shares	8.1	8.2	8.1
Guarantees ²⁾	688.9	727.0	723.5
Pledged deposits	0.0	0.0	0.0
Other collateral, total	697.0	735.2	731.6

¹⁾ Pledged mortgages and shares relate in some cases to the same properties. The collaterals given for EUR 425 million loan signed in October 2023 and EUR 250 million signed in March 2024 were given at the signing, but both loans were undrawn at the end of the review period.

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.

10. Non-current assets held for sale

Kojamo had no non-current assets held for sale on 31 March 2024 and 31 December 2023.

On 31 March 2023 the net asset value of non-current assets held for sale totalled 0.4 million. The asset items in question

consisted of investment in associated company and three different properties.

The investment properties have been measured at fair value in the financial statements (fair value hierarchy level 3).

Non-current assets held for sale

M€	31 Mar 2024	31 Mar 2023	31 Dec 2023
Investment properties	-	7.5	-
Associated companies	-	0.1	-
Total assets	-	7.6	-
Loans and borrowings	-	7.2	-
Total liabilities	-	7.2	-
Net asset value	-	0.4	-

11. Events after the review period

There were no significant events after the review period.

Key figures, the formulas used in their calculation, and reconciliation calculations in accordance with ESMA guidelines

Total revenue, M€ 113.3 108.2 442.2 Net rental income, M€ 1 60.6 59.5 297.2 Net rental income margin, % 2 53.5 55.0 67.2 Profit/loss before taxes, M€ 3 39.3 24.0 -112.3 EBITDA, M€ 4 62.1 41.0 -39.9 EBITDA margin, % 5 54.8 37.9 -9.0 Adjusted EBITDA, M€ 6 51.9 49.9 255.1 Adjusted EBITDA margin, % 7 45.8 46.1 57.7 Funds From Operations (FFO), M€ 8 25.5 28.8 167.2 FFO margin, % 9 22.5 26.6 37.8 Funds From Operations (FFO) per share, € 10 0.10 0.12 0.68 FFO excluding non-recurring costs, M€ 11 25.5 28.8 167.2 Adjusted Funds From Operations (AFFO), M€ 12 25.0 24.1 140.5 Investment properties, M€ ¹⁾ 8,058.9 8,197.0 8,038.8 Financial occupancy rate, % 23 92.4 92.2 93.0 Interest-bearing liabilities, M€ ²⁾ 13 3,676.0 3,637.8 3,600.4 Return on equity, % (ROE) 14 3.5 2.0 -2.4 Return on investment, % (ROI) 15 3.5 2.3 -0.4 Equity ratio, % 16 44.3 44.5 44.5 Loan to Value (LTV), % ³⁾ 17 44.5 42.9 44.6 Unencumbered asset ratio, % 18 69.3 87.1 74.7 Coverage ratio 19 3.3 3.7 3.6 Solvency ratio 20 0.43 0.42 0.44 Secured solvency ratio 21 0.10 0.09 0.10 Earnings per share, € 0.13 0.08 -0.36 Equity per share, € 14.83 15.22 14.67 Gross investments, M€ 22 8.4 54.9 190.7	Formula	1–3/2024	1–3/2023	2023
Number of personnel, end of the period 281 309 288

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

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 substitutes for IFRS performance measures.

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	= Net rental income x 100
	margin, %	Total revenue
		This figure reflects the ratio between net rental income and total revenue.
3)	Profit/loss before taxes	Net rental income - Administrative expenses + Other operating income - Other operating = expenses +/- Profit/loss on sales of 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	= EBITDA x 100
	margin, %	Total revenue
		EBITDA margin discloses EBITDA in relation to total revenue.
6)	Adjusted EBITDA	Profit/loss for the period + Depreciation, amortisation and impairment losses -/+ Profit/loss = on sales of investment properties -/+ Profit/loss on sales of trading properties -/+ Profit/loss on sales of other non-current assets -/+ Profit/loss on fair value of investment properties profit 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.
7)	Adjusted EBITDA	= Adjusted EBITDA x 100
	margin, %	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 and current taxes from disposals.

		= FFO
9)	FFO margin, %	Total revenue	x 100
		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	= Profit/loss for the period (annualised)	x 100
	equity, % (ROE)	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	= (Profit/loss before taxes + Interests and other financial expenses) (annualised)	x 100
	investment, % (ROI)	(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.
16)	Equity ratio, %	= Total equity Balance sheet total - Advances received	x 100
		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 structure.
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	= Unencumbered assets	x 100
	ratio, %	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.
		= Interest-bearing debt* - Cash and cash equivalents
20)	Solvency ratio	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)	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

23)	Financial	= Rental income
	occupancy rate, %	Potential rental income at full occupancy	x 100

Reconciliation of key indicators

M€	1–3/2024	1–3/2023	2023
Profit/loss for the period	31.5	19.2	-89.0
Depreciation, amortisation and impairment losses	0.3	0.3	1.3
Profit/loss on sales of investment properties	0.9	-	-0.2
Profit/loss on sales of other non-current assets	-	-	-0.2
Profit/loss on fair value of investment properties	-11.1	9.0	295.4
Financial income	-2.6	-1.6	-13.5
Financial expenses	25.0	18.2	84.8
Share of result from associated companies	-	0.0	-0.1
Current tax expense	2.8	4.0	16.5
Change in deferred taxes	5.1	0.8	-39.8
Adjusted EBITDA	51.9	49.9	255.1
Financial income and expenses	-22.4	-16.6	-71.3
Profit/loss on fair value measurement of financial assets	-1.0	-0.5	-0.2
Adjusted net interest charges	-23.5	-17.2	-71.5
Current tax expense	-2.8	-4.0	-16.5
Current taxes from disposals	-0.2	-	0.1
FFO	25.5	28.8	167.2
FFO excluding non-recurring costs	25.5	28.8	167.2
Equity	3,664.1	3,762.1	3,625.9
Assets total	8,275.3	8,467.2	8,158.3
Advances received	-6.0	-6.8	-6.2
Equity ratio, %	44.3	44.5	44.5
Unencumbered investment properties	5,464.9	7,055.7	5,918.2
Non-current assets, other than investment properties	130.0	140.2	125.7
Current assets	141.1	179.5	46.9
Unencumbered assets total	5,736.0	7,375.3	6,090.8
Total assets	8,275.3	8,467.2	8,158.3
Unencumbered asset ratio, %	69.3	87.1	74.7
Adjusted EBITDA, rolling 12 months	257.0	242.7	255.1
Adjusted net interest charges, rolling 12 months	-77.8	-65.5	-71.5
Coverage ratio	3.3	3.7	3.6
Interest-bearing liabilities	3,676.0	3,637.8	3,600.4
Interest-bearing liabilities related to non-current assets held for sale	-	7.2	-
Cash and cash equivalents	93.7	123.6	15.0
Total indebtedness- Cash and cash equivalents	3,582.3	3,521.4	3,585.5
Total assets	8,275.3	8,467.2	8,158.3
Solvency ratio	0.43	0.42	0.44
Secured loans	796.5	775.2	839.3
Total assets	8,275.3	8,467.2	8,158.3
Secured solvency ratio	0.10	0.09	0.10