Kojamo Oyj stock (FI4000292438): Finnish rental housing group updates guidance and reports stable occupancy

Finnish residential real estate company Kojamo Oyj has presented its interim report for the first quarter of 2026, confirming stable occupancy levels and updating its full-year outlook for 2026 as the Nordic rental housing market continues to adjust to higher interest rates, according to the company’s Q1/2026 release published on 05/02/2026 on its website Kojamo investor information as of 05/02/2026.

As of: 18.05.2026

By the editorial team – specialized in equity coverage.

Kojamo Oyj: core business model

Kojamo Oyj is a Finnish residential real estate company focused on rental apartments in urban areas, operating mainly under the Lumo brand. The group owns, develops and manages apartment buildings and seeks to provide long-term rental housing solutions in Finland’s largest cities, according to its company presentation published on 02/14/2025 on its website Kojamo presentation as of 02/14/2025.

The business model is centered on owning residential properties outright and generating recurring rental income, complemented by value creation through property development, refurbishments and active portfolio management. Kojamo targets centrally located assets close to public transport, services and jobs, which the company sees as supporting occupancy and rental levels over time, based on its strategy update published on 09/28/2023 on its site Kojamo strategy release as of 09/28/2023.

In addition to traditional rental agreements, Kojamo offers digital services such as online apartment search, electronic rental contracts and self-service tools for tenants. These are designed to improve customer experience and operational efficiency in property management and maintenance, according to its sustainability and strategy report for 2023, published on 03/05/2024 on its website Kojamo sustainability report as of 03/05/2024.

Main revenue and product drivers for Kojamo Oyj

Kojamo’s primary revenue source is rental income from its residential property portfolio, which totals tens of thousands of apartments across Finland, with a focus on the Helsinki metropolitan area and other regional growth centers. Rental revenue is influenced by average rent levels, occupancy rates and the size and quality of the portfolio, according to its full-year 2025 financial statements bulletin published on 02/13/2026 on the company’s site Kojamo FY 2025 bulletin as of 02/13/2026.

The company states that it follows a value-creation strategy that includes selective property development projects, acquisitions and divestments. Investment decisions are assessed in relation to expected rental demand and capital costs, and Kojamo has in recent years reduced the pace of new construction in response to market uncertainty and higher financing costs, according to its capital markets day material released on 11/21/2024 on its website Kojamo CMD material as of 11/21/2024.

Another important driver is the Lumo brand, which combines centrally located apartments with a service concept that includes flexible leasing models and digital services. Kojamo explains that strong brand recognition supports demand, particularly among young professionals and households seeking rental flexibility in urban environments, according to its brand overview published on 06/12/2024 on its site Kojamo Lumo overview as of 06/12/2024.

Latest quarterly results and 2026 outlook

In its interim report for Q1/2026, covering the period from 01/01/2026 to 03/31/2026 and published on 05/02/2026, Kojamo reported that rental income was broadly stable year-on-year, while net rental income was affected by higher financing costs and property maintenance expenses, according to the release on its site Kojamo Q1/2026 release as of 05/02/2026.

The same Q1/2026 report indicated that the economic occupancy rate of the portfolio remained high, supported by continued demand for rental housing in growth centers. Kojamo noted that like-for-like rental growth was moderate and that competition for tenants remains intense in some areas, according to its interim presentation of 05/02/2026 published on the investor relations pages Kojamo Q1/2026 presentation as of 05/02/2026.

Regarding 2026 guidance, Kojamo stated in the Q1/2026 release that it expects its net rental income for the full year 2026 to be at roughly the same level as in 2025, while profit before taxes may be affected by valuation changes in the investment property portfolio and the interest-rate environment. The company emphasized that its outlook assumes no major changes in the overall operating environment in Finland during the year, according to the same interim report on 05/02/2026 Kojamo interim report as of 05/02/2026.

Kojamo also highlighted in the Q1/2026 report that it continues to focus on a strong balance sheet and liquidity, pointing to its available credit facilities and cash position. The company said it aims to keep its loan-to-value ratio within a targeted range over the cycle and is seeking to mitigate refinancing risk through diversified funding sources, including bank loans and bond markets, according to the funding section of the interim report published on 05/02/2026 Kojamo debt information as of 05/02/2026.

Dividend policy and recent shareholder returns

Kojamo has a stated dividend policy of distributing 60–90% of funds from operations (FFO) to shareholders, subject to the company’s capital needs and operating environment, according to its investor information page updated on 02/13/2025 Kojamo dividend policy as of 02/13/2025.

For the financial year 2025, the board proposed a dividend to the annual general meeting held on 03/26/2026, based on the profit and FFO for that year. The company stated that the proposed dividend level took into account the higher interest-rate environment and its goal of maintaining a sound capital structure, according to the AGM notice published on 02/23/2026 on its website Kojamo AGM notice as of 02/23/2026.

In previous years, Kojamo has paid dividends once a year following the AGM. The company notes that dividends are not guaranteed and that future distributions will depend on earnings, cash flow and investment opportunities, according to its share information section updated on 03/27/2025 on its site Kojamo share information as of 03/27/2025.

Financing, interest rates and balance-sheet structure

As a leveraged real estate owner, Kojamo’s earnings and cash flows are sensitive to interest rates and access to credit. The company reports that a substantial portion of its debt is tied to reference rates such as Euribor and is managed with a mix of fixed and floating interest-rate exposure, according to its 2025 financial statements bulletin published on 02/13/2026 Kojamo FY 2025 report as of 02/13/2026.

Kojamo has issued euro-denominated bonds under its euro medium-term note (EMTN) program and maintains committed credit facilities with Nordic banks. The company notes that its financing agreements include typical covenants linked to metrics such as loan-to-value and interest-coverage ratios, and that it was in compliance with these covenants at the end of 2025, according to its debt investor presentation dated 11/21/2024 on the investor site Kojamo debt presentation as of 11/21/2024.

To manage risk from rising interest rates, Kojamo uses interest-rate derivatives and aims to maintain a balanced maturity profile in its loan portfolio. The company explains that its objective is to avoid large refinancing peaks in any single year, thereby reducing the impact of potential volatility in credit markets, according to the risk management section of its annual report for 2023, published on 03/05/2024 on its website Kojamo annual report 2023 as of 03/05/2024.

Why Kojamo Oyj matters for US investors

For US-based investors with exposure to European real estate or interest in Nordic equities, Kojamo represents a pure-play on Finnish urban rental housing. Although the stock is listed on Nasdaq Helsinki and trades in euros, it can be accessed indirectly through certain international brokerage platforms that offer trading on that market, according to a market overview from Nasdaq Nordic dated 01/15/2025 Nasdaq Nordic Kojamo data as of 01/15/2025.

The company’s performance is tied to factors such as Finnish economic growth, employment trends and urbanization, which may differ from dynamics in US housing markets. For internationally diversified portfolios, Kojamo can thus provide geographic and currency diversification within the residential real estate segment, according to an overview of Nordic listed property companies published by a European real estate association on 10/10/2024 EPRA sector overview as of 10/10/2024.

However, US investors considering exposure to Kojamo need to monitor the euro–US dollar exchange rate, as currency movements can amplify or offset local share-price performance when translated into dollars. Furthermore, differences in regulation, tenant protection frameworks and property taxation between Finland and the US can lead to different risk profiles compared with US multifamily REITs, according to an international comparison of housing markets published by a European policy institute on 09/18/2024 Housing policy study as of 09/18/2024.

Conclusion

Kojamo Oyj’s latest Q1/2026 update indicates that the company is navigating a challenging interest-rate backdrop with stable rental income and high occupancy in its Finnish urban housing portfolio. Management continues to prioritize balance-sheet strength, moderate development activity and a dividend policy linked to funds from operations. For US investors following European listed property names, Kojamo offers focused exposure to the Finnish rental market, but its outlook remains sensitive to financing conditions, property valuations and local housing-market regulation.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.

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