Slide 1: Half-Year Financial Report 1–6/2025
Half-Year Financial Report 1–6/2025 21 August 2025 Reima Rytsölä, CEO Erik Hjelt, CFO 1
Slide 2: Agenda
Agenda • Summary of January–June 2025 • Financial development • Outlook and financial targets Kojamo plc's Half-Year Financial Report January–June 2025 2
Slide 3: Summary of January–June 2025
Summary of January– June 2025
Slide 4: Strong increase in occupancy rate continued
Strong increase in occupancy rate continued • The growth in total revenue and net rental income continued in the second quarter of the year • FFO decreased which was due to higher financial, maintenance and repair expenses than in the comparison period • Our financial occupancy rate was 92.8 per cen
Slide 5: Operating environment
Operating environment General operating environment Operating environment key figures • Global economic uncertainty has increased due to trade 2025E 2024 policy tensions GDP growth, % 1.0 -0.1 Unemployment, % 9.3 8.4 • In the United States, growth is expected to slow down Inflation, % 0.6 1.6 • Grow
Slide 6: Operating environment: housing production
Operating environment Housing production Industry key figures • There is still oversupply in the rental market • Housing production has halved over the past few years, but 2025E 2024 interest-subsidised construction is sustaining the housing Residential start-ups, units 20,000 17,621 production of w
Slide 7: Operating environment: rental market situation
Operating environment Rental market situation Population growth forecast 2022–2040, % • Urbanisation and decreasing average household size Helsinki 22.4 support the long-term demand Capital region* 25.9 • Helsinki, Espoo, Vantaa, Turku, and Tampere were the Jyväskylä 8.0 fastest-growing municipaliti
Slide 8: Kojamo's apartment portfolio
Kojamoʼs apartment portfolio Apartment distribution, % Fair value distribution, % Helsinki region 2.1 3.5 4.5 3.2 2.4 2.4 4.0 Tampere region 3.1 5.0 Turku region 4.3 5.4 Oulu 8.6 5.2 Jyväskylä 9.6 62.7 Kuopio region Lahti region 74.1 Others Number of Number of commercial and Financial apartments, ot
Slide 9: Our roadmap towards carbon neutrality
Our roadmap towards carbon neutrality • We are committed to carbon-neutral energy use in our properties by 2030 • Our goal is to reduce our carbon footprint per apartment by 5% annually • Our property electricity is 100% carbon neutral 1,537 kg CO2e 635 kg CO2e 0 kg CO2e Kojamo plc's Half-Year Finan
Slide 10: Key figures 1–6/2025
Key figures 1–6/2025 total revenue net rental income funds from operations (FFO) 229.9 M€ 145.6 (142.7 M€, +2.0%) M€ 62.0 (68.2 M€, -9.0%) M€ (225.6 M€, +1.9%) profit excluding changes in fair value of investment net promoter score value 1) profit/loss before taxes properties (NPS) 7.9 Bn€ 58 61.6 M
Slide 11: Financial development
Financial development
Slide 12: Total revenue and net rental income increased
Total revenue and net rental income increased • Total revenue increased due to the improved occupancy rate • The growth in net rental income was positively impacted by increase in total revenue and negatively by increase in property maintenance expenses and repair expenses Total revenue, M€ Net rent
Slide 13: Profit before taxes and FFO
Profit before taxes and FFO • Result before taxes improved due to a smaller fair value change than in the comparison period • FFO decreased which was affected by increased financial, maintenance and repair expenses in the review period Profit/loss before taxes, M€ Funds From Operations (FFO), M€ and
Slide 14: The strong growth of occupancy rate continues
The strong growth of occupancy rate continues • Our financial occupancy rate was 92.8 per cent in the first quarter, and it increased to 94.4 per cent in the second quarter. In June, our occupancy rate already reached 94.8 per cent. • Tenant turnover decreased from last year • There is still oversup
Slide 15: Development of Like-for-Like rental income
Development of Like-for-Like rental income The latest 12 months compared to the previous 12-month period +0.2% -0.3% -0.4% -0.4% Impacts of Impact of Other Like-for-Like rents and water charges occupancy rate impacts rental income growth Kojamo plc's Half-Year Financial Report January–June 2025 15
Slide 16: Investments remain at a low level
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 • The sale of 1,944 apartments was completed after the review period • Modernisation investments will increase
Slide 17: The value of investment properties was EUR 7.9 billion
The value of investment properties was EUR 7.9 billion • The valuation yield requirements of the investment properties were not changed in the second quarter Fair value of investment properties, M€* • During the second quarter, the fair value change of the -0.5% investment properties was EUR -48.0 m
Slide 18: Equity ratio and Loan to Value (LTV) at a strong level
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), % 49.0 43.7 44.6 43.9 45.0 44.4 45.3 44.5 43.2 44.3 43.0 37.7 2021 2022 2023 20
Slide 19: Next financing arrangements will be for 2027
Next financing arrangements will be for 2027 • Average interest rate of financing decreased since March and was 3.2% • In June, we made an unsecured 100M€ loan agreement with Swedbank. Additionally, after the review period in August, we signed an unsecured 100M€ financing agreement with OP • Net deb
Slide 20: Key figures per share
Key figures per share • Key figures per share did not change significantly from the year-end Equity per share, € EPRA NRV per share, € -0.6% -1.2% 22.04 19.53 17.25 18.45 18.51 18.16 18.38 15.55 14.67 14.68 14.50 14.59 2021 2022 2023 2024 30 Jun 30 Jun 2021 2022 2023 2024 30 Jun 30 Jun 2024 2025 202
Slide 21: Outlook and financial targets
Outlook and financial targets
Slide 22: Outlook for Kojamo in 2025
Outlook for Kojamo in 2025 Kojamo restates its outlook from stock exchange release published on July 31, 2025. The outlook update was due to the sale of a residential portfolio, as the outlook does not take into account the impact of potential acquisitions and disposals on revenue or on cash flow be
Slide 23: Strategic targets
Strategic targets M€ 1–6/2025 2024 2023 2022 2021 2020 Target Annual growth of total revenue, % 1.9 2.3 7.0 5.5 2.0 2.3 4–5 Annual investments, M€ 14.1 52.8 190.7 501.6 356.9 371.2 200–400 FFO/total revenue, % ¹⁾ 27.0 32.8 37.8 38.9 39.1 39.5 > 36 Loan to Value (LTV), % ²⁾ 45.7 43.9 44.6 43.7 37.7 4
Slide 24: Summary
Summary Total revenue and net rental Strong increase in occupancy After the review period, we income increased rate continued. In June, our completed the sale of 1,944 occupancy rate was already aparments. The proceeds from FFO decreased due to 94.8 per cent the sale will be used to reduce increased
Slide 25: Thank you!
Thank you! Contact details: w CEO Reima Rytsölä, tel. +358 20 508 5077 w CFO Erik Hjelt, tel. +358 20 508 3225 Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.kojamo.fi Interim Report January-September w 2025 to be published on 30 October 2025 Kojamo plc's Half-Year F
Slide 26: Appendix
a . — = >< kojamo
Slide 27: Our strategy
»* kojamo Our strategy 0) Happy to serve Mission We create better urban living. Urbanisation & internationalisation Values g Strive for success Strategic focal points + Delivering the best + The most competent customer experience personnel and a dynamic + Growth workplace + Operational excellence +
Slide 28: Strategic focal points
Strategic focal points Delivering the We offer easy and effortless services for For now, we focus on growing best customer our customers and create added value Growth total revenue in the existing experience through services apartment portfolio We create competitiveness and Responsibility Operationa
Slide 29: Lumo – Easily best living
Lumo – Easily best living Homes for Basic functions various life Lumo Service Center Real estate development stages My Lumo service Maintenance Sales Cleaning Lumo webstore Renovations and repairs Building management Waste management Customer Technical management benefits Fixed customer benefits Bro
Slide 30: Housing stock and customer distribution
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, % studios 1 person 5.0 2.5 2.5 11.0 <25 11.6 14.8 24.0 2 person 2
Slide 31: Topical with our sustainability work
Topical with our sustainability work • Due to the Omnibus proposal, we will no longer be subject to sustainability and taxonomy reporting requirements. Due to the enactment of the Stop-the-clock directive, we will not report the 2025 data in accordance with CSRD. Kojamo's goal is to continue to clos
Slide 32: Key figures of sustainability 1–6/2025
Key figures of sustainability 1–6/2025 1–6/2025 1–6/2024 Target 1–6/2025 1–6/2024 Target CO₂ emissions -7.7 -12.7 -5.0 Percentage of 89 87 90 per apartment, customers using tCO₂e/apartment, My Lumo, % change % * NPS 58 53 48 Heat index of portfolio, -0.6 1.3 -3.0 weather-nomalized, kWh/m³, change %
Slide 33: Sustainability is visible in our everyday life
Sustainability is visible in our everyday life 100% n/a 100% 7.5% * 61/39% ** 3% 100% 100% 96.1 0.6 (-22.9%) 31,000 30% ** In 2024, one own development project under construction with E-value ≤80 that entered the planning phase before 2021 54 39% 2,640 5 88% 79% 69 M€ 55 Kojamo plc's Half-Year Finan
Slide 34: Sustainability commitments and reporting
Sustainability commitments and reporting Our sustainability Our sustainability reporting and recognitions Our commitments memberships 74/100 We participated in the global GRESB sustainability assessment Our target is carbon-neutral energy use in our properties by 2030 We apply EPRA’s Best Practice W
Slide 35: Dividend policy
Dividend policy Kojamo’s objective is to be a stable dividend Dividend history 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 60% 61% 60% and taking account of the company’s financial position 0.37 0.38 0.39 The
Slide 36: Kojamo's ten largest shareholders
Kojamoʼs ten largest shareholders (as at 30 June 2025) Number of Shareholder shares % of shares Development of the number of the shareholders Nominee-registered shareholders 81,693,554 33.1 15,361 15,170 15,823 15,298 1. Heimstaden Bostad AB 49,389,283 20.0 15,137 2. Ilmarinen Mutual Pension Insuran
Slide 37: Key figures
Key figures 4–6/2025 4–6/2024 Change, % 1–6/2025 1–6/2024 Change, % 2024 Total revenue, M€ 115.6 112.3 2.9 229.9 225.6 1.9 452.4 Net rental income, M€ 82.8 82.1 0.9 145.6 142.7 2.0 302.9 Net rental income margin, % 71.7 73.1 63.3 63.3 66.9 Profit/loss before taxes, M€ -12.7 -104.3 87.8 -23.8 -65.0 6
Slide 38: Consolidated income statement
Consolidated income statement M€ 4–6/2025 4–6/2024 1–6/2025 1–6/2024 1–12/2024 Total revenue 115.6 112.3 229.9 225.6 452.4 Maintenance expenses -26.2 -24.4 -71.9 -71.1 -125.5 Repair expenses -6.6 -5.8 -12.4 -11.8 -24.1 Net rental income 82.8 82.1 145.6 142.7 302.9 Administrative expenses -10.6 -10.4
Slide 39: Balance sheet
Balance sheet M€ 30 Jun 2025 30 Jun 2024 31 Dec 2024 ASSETS Non-current assets Intangible assets 0.4 0.5 0.5 Investment properties 7,612.4 7,921.3 7,960.0 Property, plant and equipment 19.8 27.7 27.4 Investments in associated companies 2.4 2.2 2.2 Financial assets 0.8 0.8 0.8 Non-current receivables
Slide 40: Balance sheet
Balance sheet M€ 30 Jun 2025 30 Jun 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 -11.1 19.5 -7.4 Invested non-restricted equity reserve 164.4 164.4 164.4 Retained e
Slide 41: Financial key figures
Financial key figures 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Sep 2024 30 Jun 2024 Equity ratio, % 44.3 43.6 43.2 43.1 43.0 Interest cover 2.2 2.2 2.3 2.5 2.7 Coverage ratio 2.4 2.5 2.6 2.7 2.8 Coverage ratio excluding repair expenses ¹⁾ 2.6 2.7 2.8 2.9 3.1 Loan to Value (LTV), % ²⁾ 45.7 45.4 43.9 44
Slide 42: Important information
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 commitme