Kojamo Oyj

Quarterly Report • May 8, 2025

Interim Report 1–3/2025

8 May 2025 Erik Hjelt, Interim CEO

Agenda

• Summary of January–March 2025
• Financial development
• Outlook and financial targets

Summary of January– March 2025

The improvement in occupancy rate accelerated in the first quarter of the year

• Total revenue and net rental income grew in the first quarter of the year
• FFO decreased from the comparison period which was affected by increased financial expenses
• Our occupancy rate has improved since last autumn. The increase accelerated during the first quarter of the year despite the oversupply of apartments and the typical seasonality
• Our balance sheet has remained strong, and our liquidity is good
• Following the successful issuance of the EUR 500 million bond in March, our loans maturing in 2026 are also covered
• Although market uncertainty naturally impacts the operating environment, the supply and demand situation in the rental market has a greater impact on the company's operations.

Operating environment

General operating environment

• The outlook for the global economy is exceptionally uncertain. The trade tariffs imposed by the United States and the retaliatory tariffs imposed by some countries are significantly slowing down global economic growth
• The US economic growth was strong last year, but the trade war is weakening the outlook
• The economic outlook for the euro area has weakened significantly, and GDP growth is expected to remain close to zero this year
• The Finnish economy turned to a growth already last year, and the growth accelerated at the beginning of the year. Tariff increases and uncertainty are slowing down economic growth, but in 2026, the economy is expected to start recovering again
• Central banks are expected to continue lowering rates this year

Operating environment key figures

	2025E	2024
GDP growth, %	1.0	-0.1
Unemployment, %	8.5	8.4
Inflation, %	1.3	1.6
Prices of old apartments in	1.5	-3.7
the whole country, change, %
Prices of old apartments in	0.4-	-6.9-
the capital region, change, %	2.7	-3.6
Rents of non-subsidised apartments in	1.6	1.3
the whole country, change, %
Rents of non-subsidised apartments in	0.6-0.3	0.2-0.5
the capital region, change, %

Sources: OP, Economic forecast, 4/2025; Pellervo Economic Research PPT, Housing 2025 forecast

Operating environment

Housing production

• Housing production has been at a historically low level for three years already, and it is not expected to increase in the first half of this year
• Last year, around 15,500 new dwellings in apartment buildings were completed in whole Finland which was almost half less than the previous year, and this year the number is expected to be even lower
• Finland will need over 35,000 apartments annually over the next couple of decades

Industry key figures

	2025E	2024
Residential start-ups, units	20,000	17,621
of which non-subsidised apartments	7,500	3,260
start-ups in the capital region	n/a	5,446
Building permits granted, annual, units*	n/a	16,701
Construction costs, change, %	n/a	0.3

Housing production need 2025–2045, % Residential start-ups in Finland 2015–2025E

* Rolling 12 months, December 2024

Kojamo plc's Interim Report January–March 2025 6 Sources: CFCI's economic forecast, April 2025; Pellervo Economic Research PPT, Housing 2025 forecast; VTT, Need for housing 2025-2045; Housing production information of the municipalities in the capital region; Statistics Finland, Building and dwelling production, Building cost index

Operating environment

Rental market situation

Development of household sizes

• The supply of rental housing remains abundant, especially in the capital region
• Urbanisation and decreasing average household size support the long-term demand
• Population growth and housing needs driven by immigration will strongly concentrate in growing city areas
• Among the large city areas, the population is expected to grow most in the Tampere region and the Helsinki region

Population growth forecast 2022–2040, %

Development of rental household-dwelling units (% of all households)

Kojamo plc's Interim Report January–March 2025 7 * Helsinki, Espoo, Kauniainen, Vantaa ** Capital region, Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Mäntsälä, Nurmijärvi, Pornainen, Porvoo, Riihimäki, Sipoo, Tuusula, Vihti Sources: Pellervo Economic Research PPT, Housing 2025 forecast; VTT, Need for housing 2025-2045; MDI, Population forecast 2040 (urbanisation scenario), September 2023; Statistics Finland, Dwellings and housing conditions 2023

Key figures 1–3/2025

Financial development

Total revenue and net rental income increased

• Total revenue increased especially due to the improved occupancy rate and the rental apartments completed in 2024
• The growth in net rental income was positively impacted by increase in total revenue and by decrease in property maintenance expenses and repair expenses. The maintenance expenses was particularly affected by lower heating expenses compared to previous year due to the warmer early season

Total revenue, M€ Net rental income, M€

60.6 62.8

Profit before taxes and FFO

• Result before taxes and FFO decreased. This was particularly affected by increased financial expenses

^* Changes in value = Profit/loss on fair value of investment properties

Occupancy rate has improved since last autumn

• The occupancy rate in the first quarter increased by 1.2 percentage points compared to the previous quarter and was 92.8%. The occupancy rate for March was already 93.5%
• Tenant turnover decreased from last year
• There is still oversupply and typical seasonality in the market

Financial occupancy rate, % Tenant turnover, % excluding internal turnover

Financial occupancy rate = (rental income / potential rental income at full occupancy) * 100. Financial occupancy rate does not include apartments under renovation Tenant turnover = (terminated rental agreements under the period / number of apartments) * 100

Development of Like-for-Like rental income

The past 12 months compared to the previous 12-month period

Development of Like-for-Like rental income as at 31 March 2025

Investments remain at a low level

• We will not make new investment decisions for the time being
• We have one on-going development project where we are building 119 apartments in Helsinki
• This year, we will make modernisation investments slightly more than last year

Gross investment and sales of investment properties, M€

* The change percentage of gross investments, does not include sales of investment properties

Modernisation investments and repairs, M€

The value of investment properties was EUR 7.9 billion

• The fair values did not change significantly from the end of the year. The valuation yield requirements of the investment properties were not changed in the first quarter
• During the review period, the fair value change of the investment properties was EUR -37.4 million

^* Investment properties include completed apartments, development projects and land areas as well as investment properties held for sale

Equity ratio and Loan to Value (LTV) at a strong level

• Equity ratio and Loan to Value (LTV) have remained strong

• There's a significant buffer to LTV upper threshold of 50 per cent

Equity ratio, % Loan to Value (LTV), %

¹⁾ Excluding Non-current assets held for sale and liabilities related to non-current assets held for sale ²⁾ Including Non-current assets held for sale and liabilities related to non-current assets held for sale

Loans maturing in 2025 and 2026 are covered

• Following the successful issuance of the 500 M€ bond in March, our loans maturing in 2026 are also covered. The seven-year bond extends the maturity profile of our loans
• In connection with the issuance of the new bond, we repurchased the bond maturing in 2026 with 165 M€
• Net debt 3,470.1 (3,582.3) M€ decreased from the comparison period

270 47 375

Cash and cash equivalents 270 M€ Financial assets 47 M€ Unused committed credit facilities 375 M€

Distribution of the Group's loan maturity, M€

The Group's liquidity, M€ Financial key figures

	31 Mar 2025
Interest-bearing liabilities, M€	3,740.5
Hedging ratio, % ¹⁾	91
Average interest rate, % ²⁾	3.3
Coverage ratio	2.5
Coverage ratio excluding repair expenses ³⁾	2.7
Average loan maturity, years	3.4
Average interest rate fixing period, years	3.2

¹⁾ Bonds maturing within 12 months are included in fixed rate loans

²⁾ Includes interest rate derivatives

³⁾ Some companies operating in the same industry as Kojamo record part of the maintenance expenses in the balance sheet. To improve comparability, we present Coverage ratio excluding repair expenses as a new key figures which is calculated from Adjusted EBITDA excluding repair expenses.

Key figures per share

• Key figures per share remained at the year-end's level

Outlook and financial targets

Outlook for Kojamo in 2025 unchanged

Kojamo estimates that in 2025, the Group's total revenue will increase by 1–4 per cent year-on-year. In addition, Kojamo estimates that the Group's FFO for 2025 will amount to between EUR 135–145 million, excluding non-recurring costs.

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

The outlook takes into account the estimated occupancy rate and development of rents. The outlook 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.

Strategic targets

M€	1–3/2025	2024	2023	2022	2021	2020	Target
Annual growth of total revenue, %	0.9	2.3	7.0	5.5	2.0	2.3	4–5
Annual investments, M€	4.0	52.8	190.7	501.6	356.9	371.2	200–400
FFO/total revenue, % ¹⁾	20.3	32.8	37.8	38.9	39.1	39.5	> 36
Loan to Value (LTV), % ²⁾	45.4	43.9	44.6	43.7	37.7	41.4	< 50
Equity ratio, %	43.6	43.2	44.5	45.3	49.0	45.6	> 40
Net Promoter Score (NPS) ³⁾	57	54	50	45	20	36	40

¹⁾ Actual 1-3/2024: The whole year's property taxes are recognized in Q1's result

²⁾ Excluding Non-current assets held for sale and liabilities related to non-current assets held for sale. On 31 March 2025, Loan to Value (LTV) including Non-current assets held for sale and related liabilities is 44.0%.

³⁾ The calculation method has changed in 2022 for example including digital services in calculation. Actual for 2021 and 2020 have not been adjusted to reflect the current calculation method.

Summary

Total revenue and net rental income increased

FFO decreased due to increased financial expenses Our occupancy rate has improved since last autumn, and the increase accelerated during the first quarter of the year

The fair values of investment properties remained at the year-end level

Our financing situation has remained strong

Thank you!

Contact details:

w w Interim CEO Erik Hjelt, tel. +358 20 508 3225

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

www.kojamo.fi

w Half-Year Financial Report January-June 2025 to be published on 21 August 2025

Appendix

25

Strategic focal points

Delivering the best customer experience	We offer easy and effortless services for our customers and create added value through services	Growth	For now, we focus on growing total revenue in the existing apartment portfolio
Operational excellence	We create competitiveness and profitability through industry-leading operating models	Responsibility and sustainable development	Responsibility plays important role in the work of everyone at Kojamo
The most competent personnel and a dynamic place to work	We are known for dynamic and effective corporate culture. We ensure our future competitiveness through competence development and employee experience	Renewal through digital solutions	We improve our business and create added value to our customers by taking advantage of solutions enabled by digitalisation

Lumo – Easily best living

Kojamo plc's Interim Report January–March 2025 28

Kojamo's apartment portfolio

62.7 9.6 5.2 5.4 5.0 4.0 3.5 4.5

Helsinki region Tampere region Turku region Oulu Jyväskylä

Kuopio region

Lahti region

Others

Apartment distribution, % Fair value distribution, %

Region	Number of apartments, units	Number of commercial and other leased premises, units	Fair value, M€	Fair value, € 1,000/unit	Fair value, €/m²	Financial occupancy rate, % ³⁾	Share of revenue, %
Helsinki region	25,686	491	5,689	217	4,070	91.7	67
Tampere region	3,949	111	656	162	3,166	96.4	9
Turku region	2,122	25	328	153	2,877	95.6	5
Others	9,192	132	1,010	108	2,056	94.4	19
Total	40,949	759	7,683 ¹⁾	184	3,476	92.8	100
Others			240 ²⁾
Total portfolio	40,949	759	7,923			92.8

Kojamo plc's Interim Report January–March 2025 ²⁹ 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 under construction, plots owned by the group and ownership of certain assets through shares and fair value of right-of-use assets 3) Financial occupancy rate does not include commercial premises and other leased premises

Housing stock and customer distribution

• Kojamo's housing stock meets the demand nicely
• All age groups are well represented among the tenants

Housing stock by apartment type, % Customers by household type, % Customers by age group, %

Topical with our sustainability work

• Due to the Omnibus proposal made by the EU Commission, we will no longer be subject to sustainability and taxonomy reporting requirements. Due to the enactment of the Stop-the-clock directive, which postpones the start of the reporting obligation, we will not report the 2025 data in accordance with CSRD. Kojamo's goal is to continue to closely align our sustainability objectives with the key goals of our business. The easing of the structured reporting obligation allows us to continue developing our reporting in line with business needs and investor expectations.
• We have made an agreement on demand response for district heating and smart heating optimisation in more than 40 Lumo buildings in Jyväskylä. With smart control, the indoor temperature remains more even, which increases the comfort of living and reduces energy consumption.
• Due to the revisions of Rescue Act, the responsibility for the functionality and maintenance of smoke detectors will be transferred from the resident to the owner of the building by the end of 2025. The installations of new smoke detectors are currently underway and will be completed within the transition.

Key figures of sustainability 1–3/2025

* Rolling 12 months. Includes only those accidents that led to time lost from work.

** Rolling 12 months. Includes both accidents that led to time lost from work and those that didn't.

Sustainability is visible in our everyday life

n/a 100% 3% 0.6 (-22.9%) 30% 7.5% 100% 54 39% 88% 79% 100% ** *

61/39%

96.1

2,640 5

69 M€ 55

** In 2024, one own development project under construction with E-value ≤80 that entered the planning phase before 2021

100%

31,000

Kojamo plc's Interim Report January–March 2025

Sustainability commitments and reporting

Our sustainability commitments

Our target is carbon-neutral energy use in our properties by 2030

We are committed to complying with the UN Sustainable Development Goals

We are committed to improve our energy efficiency by 7.5% during 2017–2025

All our own offices are WWF Green Office certified

Our sustainability reporting and recognitions Our

assessment

We communicate transparently about sustainability-related topics and have received the ESG Transparency Partner recognition from Nasdaq

We have been awarded a Prime rating in the ISS ESG Corporate Rating assessment

We participated in the global GRESB sustainability

We apply EPRA's Best Practice Recommendations in our reporting

We report on our sustainability work with reference to GRI Standards

memberships

We are in the FIBS, the largest corporate responsibility network, accelerating sustainable and responsible business

MEMBER OF
GREEN BUILDING COUNCIL FINLAND

We are a member of Green Building Council Finland that promotes building sustainable environment

Dividend policy

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

The Annual General Meeting decided in the spring that no dividend be paid for 2024 as proposed by the Board of Directors

Dividend history

Kojamo's ten largest shareholders (as at 31 March 2025)

		Number of
	Shareholder	shares	% of shares
	Nominee-registered shareholders	81,350,349	32.9
1.	Heimstaden Bostad AB	49,389,283	20.0
2.	Ilmarinen Mutual Pension Insurance Company	20,537,814	8.3
3.	Varma Mutual Pension Insurance Company	19,362,375	7.8
4.	The Finnish Industrial Union	15,788,503	6.4
5.	Trade Union of Education in Finland	10,414,417	4.2
6.	Trade Union PRO	4,904,150	2.0
7.	Elo Mutual Pension Insurance Company	4,109,000	1.7
8.	Finnish Construction Trade Union	2,600,001	1.1
9.	The State Pension Fund of Finland	2,100,000	0.8
10.	Danske Invest Finnish Equity Fund	1,828,755	0.7
	Other shareholders	34,759,752	14.1
	Total	247,144,399	100.0

Source: Euroclear Finland

Development of the number of the shareholders

Key figures

	1–3/2025	1–3/2024	Change, %	2024
Total revenue, M€	114.3	113.3	0.9	452.4
Net rental income, M€	62.8	60.6	3.7	302.9
Net rental income margin, %	54.9	53.5		66.9
Profit/loss before taxes, M€	-11.0	39.3	-128.0	26.3
Gross investments, M€	4.0	8.4	-52.8	52.8
Funds From Operations (FFO), M€	23.3	25.5	-8.6	148.2
FFO per share, €	0.09	0.10	-10.0	0.60
Financial occupancy rate, %	92.8	92.4		91.5
Fair value of investment properties, Bn€	7.9	8.1	-1.7	8.0
Number of apartments	40,949	40,860		40,973
Number of apartments under construction	119	113		119
EPRA NRV per share, €	18.45	18.60	-0.8	18.51
Equity ratio, %	43.6	44.3		43.2
Loan to Value (LTV), % *	45.4	44.5		43.9

* Excluding Non-current assets held for sale and liabilities related to non-current assets held for sale. On 31 March 2025, Loan to Value (LTV) including Non-current assets held for sale and related liabilities is 44.0%.

Consolidated income statement

M€	1–3/2025	1–3/2024	1–12/2024
Total revenue	114.3	113.3	452.4
Maintenance expenses	-45.7	-46.7	-125.5
Repair expenses	-5.8	-6.0	-24.1
Net rental income	62.8	60.6	302.9
Administrative expenses	-9.1	-9.1	-39.4
Other operating income and expenses	0.7	0.4	2.7
Profit/loss on sales of investment properties	-0.8	-0.9	-0.8
Profit/loss on fair value of investment properties	-37.4	11.1	-134.0
Depreciation, amortisation and impairment losses	-0.3	-0.3	-1.2
Operating profit/loss	16.0	61.8	130.1
Total amount of financial income and expenses	-27.1	-22.4	-103.8
Share of result from associated companies	-	-	0.0
Profit/loss before taxes	-11.0	39.3	26.3
Current tax expense	-4.0	-2.8	-13.5
Change in deferred taxes	6.0	-5.1	8.4
Profit/loss for the period	-9.0	31.5	21.2

Balance sheet

M€	31 Mar 2025	31 Mar 2024	31 Dec 2024
ASSETS
Non -current assets
Intangible assets	0.4	0.5	0.5
Investment properties	7,642.6	8,058.9	7,960.0
Property, plant and equipment	27.2	27.8	27.4
Investments in associated companies	2.2	2.0	2.2
Financial assets	0.8	0.8	0.8
Non -current receivables	6.4	6.4	6.4
Derivatives	13.8	31.7	15.3
Deferred tax assets	11.8	6.0	9.9
Total non -current assets	7,705.3	8,134.2	8,022.3
Non -current assets held for sale	280.2	-	-
Current assets
Derivatives	1.2	0.5	0.6
Current tax assets	0.2	1.7	9.4
Trade and other receivables	12.0	15.2	14.6
Financial assets	46.8	30.0	24.9
Cash and cash equivalents	270.4	93.7	333.6
Total current assets	330.6	141.1	383.2
TOTAL ASSETS	8,316.1	8,275.3	8,405.5

Balance sheet

M€	31 Mar 2025	31 Mar 2024	31 Dec 2024
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	-7.3	17.5	-7.4
Invested non -restricted equity reserve	164.4	164.4	164.4
Retained earnings	3,369.4	3,388.2	3,378.3
Equity attributable to shareholders of the parent company	3,620.4	3,664.1	3,629.2
Total equity	3,620.4	3,664.1	3,629.2
Non -current liabilities
Loans and borrowings	3,357.2	2,712.5	3,338.9
Deferred tax liabilities	817.2	837.1	821.2
Derivatives	24.2	10.0	25.1
Provisions	-	0.1	-
Other non -current liabilities	4.1	4.8	4.4
Total non -current liabilities	4,202.6	3,564.5	4,189.6
Liabilities related to non -current assets held for sale	19.3	-	-
Current liabilities
Loans and borrowings	383.4	963.5	489.0
Derivatives	0.0	-	0.0
Current tax liabilities	3.4	0.3	11.5
Trade and other payables	86.9	82.9	86.1
Total current liabilities	473.7	1,046.7	586.6
Total liabilities	4,695.6	4,611.2	4,776.2
TOTAL EQUITY AND LIABILITIES	8,316.1	8,275.3	8,405.5

Financial key figures

	31 Mar 2025	31 Dec 2024	30 Sep 2024	30 Jun 2024	31 Mar 2024
Equity ratio, %	43.6	43.2	43.1	43.0	44.3
Interest cover	2.2	2.3	2.5	2.7	3.0
Coverage ratio	2.5	2.6	2.7	2.8	3.3
Coverage ratio excluding repair expenses ¹⁾	2.7	2.8	2.9	3.1	3.7
Loan to Value (LTV), % ²⁾	45.4	43.9	44.7	45.0	44.5
Hedging ratio, % ³⁾	91	93	93	78	94
Average interest rate, % ⁴⁾	3.3	3.0	3.0	3.2	2.6
Average loan maturity, years	3.4	2.7	2.9	3.1	2.8
Average interest rate fixing period, years	3.2	2.5	2.7	2.5	2.8

¹⁾ Some companies operating in the same industry as Kojamo record part of the maintenance expenses in the balance sheet. To improve comparability, we present Coverage ratio excluding repair expenses as a new key figures which is calculated from Adjusted EBITDA excluding repair expenses.

²⁾ Excluding Non-current assets held for sale and liabilities related to non-current assets held for sale. On 31 March 2025, Loan to Value (LTV) including Non-current assets held for sale and related liabilities is 44.0%.

³⁾ Bonds maturing within 12 months are included in fixed rate loans

⁴⁾ Includes interest rate derivatives

Important information

This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securitites in any jurisdiction. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision.

This presentation includes forward-looking statements, which include statements regarding the Kojamo's business strategy, operating and financial targets, financial condition, profitability, results of operations and market data, as well as other statements that are not historical facts. Words such as "believe," "anticipate," "plan," "expect," "target," "estimate," "project," "predict," "forecast," "guideline," "should," "aim," "continue," "could," "guidance," "may," "potential," "will," as well as similar expressions and the negative of such expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying these statements. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. Undue reliance should not be placed on these forward-looking statements. Except for any ongoing disclosure obligation as required by applicable law, Kojamo does not have any intention or obligation to publicly update or revise any forward-looking statements, whether to reflect any future events or circumstances or otherwise.