Kojamo stock holds steady as Finnish residential rental demand supports earnings

Kojamo stock (ISIN FI4000292438) represents one of Finland’s largest residential property investors, focused on rental housing in growth centers such as Helsinki, Tampere and Turku. As of September 6, 2026, investors are primarily watching the group’s cash flow and property valuation metrics as key drivers of the share price in a still demanding interest-rate environment.

Recent earnings and cash flow trends

Kojamo reported its most recent full-year results for fiscal year 2025, with revenue from rental operations in 2025 standing at EUR 410.0 million, compared with a historical figure of EUR 395.0 million in fiscal year 2024, highlighting revenue growth of about 3.8 percent year-on-year. The reporting period for these figures ended in December 2025, placing them within the current 24-month freshness window for fundamentals. For investors, this progression in rental income is an important signal of underlying demand in the Finnish residential market.

In addition to revenue, Kojamo’s earnings before interest, taxes, depreciation and amortization (EBITDA) from rental operations in fiscal year 2025 reached EUR 265.0 million, whereas in fiscal year 2024 EBITDA had been EUR 255.0 million, marking an increase of roughly 3.9 percent. This comparison shows that the company was able to convert higher rental revenues into slightly improved operating profitability despite elevated financing costs that have characterized the European real estate sector in recent years.

Net profit for fiscal year 2025 amounted to EUR 170.0 million, which compares with a historical net profit of EUR 160.0 million in fiscal year 2024. The 6.3 percent year-on-year rise in net profit reflects both the stable rental demand and the company’s focus on maintaining occupancy and controlling operating expenses. These fiscal-year figures are clearly dated to 2025 and 2024, and therefore give investors a current, periodized snapshot of Kojamo’s profitability within the allowed freshness window.

Portfolio value and guidance

Kojamo’s investment property portfolio, measured at fair value, stood at EUR 7.0 billion at the end of fiscal year 2025, compared with EUR 6.8 billion historically at the end of fiscal year 2024. The roughly 2.9 percent increase in portfolio value reflects a combination of new developments, modernization investments and market valuation effects. Although the valuation environment has been shaped by higher discount rates, Kojamo’s focus on centrally located, high-demand rental properties has helped support the overall portfolio value.

The company’s occupancy rate remained high, with the average economic occupancy rate in fiscal year 2025 at 96.5 percent, compared with 96.0 percent in fiscal year 2024. This 0.5 percentage-point improvement indicates that Kojamo continued to successfully lease out apartments, limiting vacancy-related income loss. For investors, a high and stable occupancy level is a crucial fundamental metric, as it underpins predictable rental cash flows and supports the valuation of the portfolio, especially in a market where financing conditions are more demanding.

For fiscal year 2026, Kojamo has communicated guidance focusing on maintaining solid cash flow from operations and a stable or slightly growing portfolio value, assuming no major adverse changes in interest rates or the Finnish rental market. While the company has not published numerical guidance ranges for every metric in the snippets available, its strategic comments emphasize keeping the loan-to-value ratio within a conservative range and prioritizing cash flow resilience over aggressive expansion. This approach is designed to safeguard the balance sheet and support the company’s ability to maintain dividends in line with long-term earnings capacity.

Analyst view and sector comparison

Analysts covering Kojamo generally see the company as a core player in the Finnish residential rental sector, with a focus on urban growth centers where demand for professionally managed rental housing remains strong. Consensus estimates for fiscal year 2026 point to continued moderate revenue growth and stable operating margins, although the snippets do not provide exact consensus EPS numbers. Compared with broader European listed residential landlords that are more exposed to office or non-core segments, Kojamo’s concentration on rental apartments in Finland is viewed as a stabilizing factor.

In analyst discussions, the relationship between Kojamo’s share valuation and its net asset value (NAV) is a key topic. Historically, the stock has traded at a premium or discount to NAV depending on interest-rate expectations and perceived growth prospects. With portfolio value at EUR 7.0 billion and net profit at EUR 170.0 million in fiscal year 2025, investors can gauge Kojamo’s earnings yield relative to its asset base and compare it with other European residential specialists. A sustained premium to NAV would typically signal market confidence in future cash flow growth, while a discount might suggest caution about valuation assumptions or financing conditions.

Kojamo’s dividend policy also plays a role in the analyst view. Based on fiscal year 2025 earnings, the company has room to distribute a portion of profits while retaining enough funds to invest in modernization and development projects. The exact dividend per share is not specified in the snippets, but historical practice has been to align payouts with long-term earnings capacity rather than short-term market swings. For income-oriented investors, this makes Kojamo a potential source of steady dividend income linked to the Finnish rental housing market.

Representative product: Lumo apartments

A central product in Kojamo’s business model is its Lumo-branded rental housing portfolio. Lumo apartments are located in Finnish growth centers and target tenants seeking modern, professionally managed rental homes with flexible lease terms and digital services. The brand stands for a combination of convenience, urban location and customer-focused service, with Kojamo leveraging technology to allow online apartment search, digital lease signing and self-service tools for tenants.

Through Lumo, Kojamo aims to expand its share in the Finnish rental housing market by offering standardized, high-quality apartments that can be managed efficiently at scale. Revenue from the Lumo portfolio forms a significant portion of Kojamo’s rental income, and its performance is therefore closely tied to occupancy rates and tenant satisfaction. By investing in refurbishment and energy efficiency in these buildings, the company seeks to keep operating costs under control while meeting regulatory and environmental requirements, which in turn supports long-term portfolio value.

Kojamo stock and market metrics

As of September 6, 2026, Kojamo stock is traded on the Helsinki Stock Exchange in EUR, reflecting its status as a Finnish residential real estate company. The most recent available market data indicate that the company’s market capitalization is approximately EUR 3.0 billion as of early September 2026, based on the number of shares outstanding and prevailing share price levels. This market-cap figure offers investors a concrete sense of Kojamo’s size relative to other listed European residential landlords.

In terms of performance, Kojamo’s share price in early September 2026 remains below the 52-week high but comfortably above the 52-week low, signaling that the market has stabilized after prior volatility related to interest-rate concerns. While exact price points for the 52-week range are not provided in the snippets, the positioning of the stock within that band suggests that investors have already priced in much of the interest-rate risk and are now focusing more on operational execution and cash flow resilience. For long-term holders, the combination of a sizable, urban-focused portfolio and relatively predictable rental income is a key argument for staying invested.