Slide 1: Financial Statements Release 1–12/2025
Financial Statements Release 1– 12/2025 11 February 2026 Reima Rytsölä, CEO Erik Hjelt, CFO 1
Slide 2: Agenda
Agenda • Summary of January–December 2025 • Financial development 2025 and outlook 2026 • Events after the review period • Acquisition of housing portfolio • Strategy 2026-2028 Kojamo plc's Financial Statements Release 2025 2
Slide 3: Summary of January–December 2025
Summary of January– December 2025
Slide 4: Total revenue and net rental income increased in 2025, occupancy rate improved throughout the year
Total revenue and net rental income increased in 2025, occupancy rate improved throughout the year • Total revenue and net rental income grew • FFO decreased from the previous year due to increased financial expenses • Our balance sheet is strong, and our liquidity has remained good • Our occupancy
Slide 5: Operating environment
Operating environment General operating environment Operating environment key figures • The global economy has grown faster than anticipated Finland 2026E 2025E despite the high level of uncertainties GDP growth, % 1.1 0.2 Unemployment, % 9.5 9.6 • The euro area economy is gradually recovering Infla
Slide 6: Operating environment: housing production
Operating environment Housing production Industry key figures • Residential construction has remained subdued, with no rapid 2026E 2025E recovery in sight Residential start-ups, units 20,000 17,800 • Residential start-ups have remained low. This is due, among of which non-subsidised apartments n/a 4
Slide 7: Operating environment: rental market situation
Operating environment Rental market situation Population growth forecast 2024–2050, % • There is still plenty of supply in the rental market Helsinki 20.8 • Population growth will continue in the largest cities, Capital region* 25.2 concentrated mainly in the capital region, Tampere, and Jyväskylä 0
Slide 8: Kojamoʼs apartment portfolio
Kojamoʼs apartment portfolio Apartment distribution, % Fair value distribution, % 2.9 Helsinki region 1.7 4.2 2.8 2.3 3.5 Tampere region 3.2 2.0 4.4 3.8 5.7 Turku region Oulu 8.4 4.6 Jyväskylä 9.6 Kuopio region 65.0 Lahti region 75.9 Others Number of Number of commercial and Financial apartments, ot
Slide 9: Key figures 1–12/2025
Key figures 1–12/2025 total revenue net rental income funds from operations (FFO) 455.2 M€ 307.7 (302.9 M€, +1.6%) M€ 140.9 (148.2 M€, -4.9%) M€ (452.4 M€, +0.6%) profit excluding changes in fair value of investment net promoter score value 1) profit/loss before taxes properties (NPS) 7.6 Bn€ 57 147
Slide 10: Financial development 2025 and outlook 2026
Financial development 2025 and outlook 2026
Slide 11: Total revenue and net rental income increased
Total revenue and net rental income increased • Total revenue increased due to the improved occupancy rate • Net rental income was positively impacted by increase in total revenue and decrease in maintenance expenses Total revenue, M€ Net rental income, M€ +0.6% +1.6% 442.2 452.4 455.2 302.9 307.7 4
Slide 12: Profit before taxes and FFO
Profit before taxes and FFO • Result before taxes improved slightly due to a smaller fair value change than in the comparison period • FFO improved due to growth in net rental income and decreased by higher financial expenses in particular Profit/loss before taxes, M€ Funds From Operations (FFO), M€
Slide 13: The occupancy rate improved throughout the entire year
The occupancy rate improved throughout the entire year • The full-year financial occupancy rate increased to 94.8 (91.5) per cent • Typically, renting is quieter in the latter part of the year than in the summer months. Despite this, we succeeded in further improving the occupancy in the last quarte
Slide 14: Like-for-Like rental income turned clearly positive
Like-for-Like rental income turned clearly positive The latest 12 months compared to the previous 12-month period 3.7% -0.1% 2.6% -1.0% Impacts of Impact of Other Like-for-Like rents and water charges occupancy rate impacts rental income growth Kojamo plc's Financial Statements Release 2025 14
Slide 15: Investments were at a low level
Investments were at a low level • During the year, we did not make new investment decisions • We have one ongoing development project in Helsinki where 119 apartments will be completed in early 2026 • The sale of 1,944 apartments was completed at the end of July • Modernisation investments increased
Slide 16: The value of investment properties was EUR 7.6 billion
The value of investment properties was EUR 7.6 billion Fair value of investment properties, M€* • The valuation yield requirements of the investment -4.3% properties were not changed in the last quarter of the year 8,327.5 8,150.2 8,038.8 7,960.0 7,620.7 • During the last quarter, the fair value cha
Slide 17: Equity ratio and Loan to Value (LTV) strengthened
Equity ratio and Loan to Value (LTV) strengthened • Equity ratio and Loan to Value (LTV) have remained strong • LTV decreased by 1.6 percentage points from the comparison period Equity ratio, % Loan to Value (LTV), % 49.0 43.7 44.6 43.9 42.3 45.3 44.5 43.2 45.4 37.7 2021 2022 2023 2024 2025 2021 202
Slide 18: Our financial position has remained strong
Our financial position has remained strong • During the year, we made several financing arrangements to refinance loans maturing in 2026 • In the autumn, Moody’s affirmed Kojamo’s Baa2 credit rating and upgraded the outlook to stable • Net debt 3,210.0 (3,494.2) M€ decreased from the comparison peri
Slide 19: Key figures per share
Key figures per share • Key figures per share at a slightly stronger level than previous year Equity per share, € EPRA NTA per share, € +1.4% +0.6% 22.04 19.52 18.61 17.25 18.44 18.50 15.55 14.67 14.68 14.89 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Kojamo plc's Financial Statements Release
Slide 20: Outlook for Kojamo in 2026
Outlook for Kojamo in 2026 Kojamo estimates that in 2026, the Groupʼs total revenue will amount to between EUR 484–497 million. In addition, Kojamo estimates that the Group’s FFO for 2026 will amount to between EUR 147–157 million excluding non-recurring costs. The outlook is based on the management
Slide 21: Events after the review period
Events after the review period Kojamo plc's Financial Statements Release 2025 21
Slide 22: Acquisition of housing portfolio
Acquisition of housing portfolio
Slide 23: The portfolio of 4,761 apartments to be acquired
The portfolio of 4,761 apartments to be acquired Indicative fair value breakdown, % • Kojamo is acquiring a housing portfolio of 60 properties from one of its largest shareholders Varma Mutual Pension Helsinki region 2.4% Insurance Company 4.2% • Most of the properties are located in Finland’s large
Slide 24: Financing of the transaction
Financing of the transaction • Kojamo and Varma have signed a Sale and Purchase agreement (SPA) on 10 February 2026 • The parties’ aim is to complete the transaction by 1 April 2026, subject to the fulfilment of customary conditions for a real estate transaction, including the approval by the compet
Slide 25: Transaction rationale
Transaction rationale • The sizeable portfolio to be acquired is unique and will improve cash flow • The portfolio is an excellent strategic fit, with properties mostly located on growth centres • With the transaction, Kojamo is heading for growth again • Varma, as an anchor investor, demonstrates c
Slide 26: Strategy 2026-2028
Strategy 2026-2028
Slide 27: Strategic focus areas
Strategic focus areas Our mission is to create better urban living Seamless customer journey enabled by Industry leading operational excellence data, technology and AI A truly customer-centric portfolio renewal Strong contribution to sustainable and growth urban living The most capable and dynamic D
Slide 28: Urbanisation is the main driver of our strategy
Urbanisation is the main driver of our strategy Megatrends Urbanisation & Aging population & New technologies & Individuality & Environment & Internationalisation smaller family sizes digitalisation sense of community sustainable development Finland’s growth Right homes Finnish attitudes Change star
Slide 29: Financial targets 2026-2028
Financial targets 2026-2028 CUSTOMER GROWTH PROFITABILITY RISK MANAGEMENT SATISFACTION Average annual growth of Net Promoter Score Average annual growth of Loan to Value (LTV), % total revenue, % (NPS) FFO/share, % Target: 5-7 Target: > 65 Target: 3-5 Target: < 45 Kojamo’s objective is to be a stabl
Slide 30: We will accelerate our strategy execution with a one brand strategy
We will accelerate our strategy execution with a one brand strategy This move is not a name change or a branding exercise Customers It is a strategic decision that enables us to: • Drive internal change towards deeper customer centricity and a unified company culture Media Partners One • Turn strate
Slide 31: Thank you!
Thank you! Capital Markets Day 2026 to be held in Helsinki on Contact details: 17 March 2026 CEO Reima Rytsölä, tel. +358 20 508 5077 CFO Erik Hjelt, tel. +358 20 508 3225 Interim Report January- Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 March 2026 to be published o
Slide 32: Appendix
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Slide 33: Immigration and its impact
Immigration and its impact • Net immigration to Finland has been at historically high level in recent years. In 2025, net immigration decreased from the previous year but it was still the third highest in the history of statistical recording • In 2023, a large number of immigrants arrived in Finland
Slide 34: 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 35: Housing stock and customer distribution
Housing stock and customer distribution • Kojamo’s housing stock meets the demand well • All age groups are represented among the tenants Housing stock by apartment type, % Customers by household type, % Customers by age group, % studios 1 person 4.9 2.6 2.6 10.1 <25 11.3 15.0 24.6 2 person 25-34 21
Slide 36: 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 37: Key figures of sustainability 1–12/2025
Key figures of sustainability 1–12/2025 1–12/2025 1–12/2024 Target 1–12/2025 1–12/2024 Target CO₂ emissions -8.8 -22.9 -5.0 Percentage of 91 88 90 per apartment, customers using tCO₂e/apartment, My Lumo, % change % * NPS 57 54 48 Heat index of portfolio, -1.1 1.9 -3.0 weather-normalised, kWh/m³, cha
Slide 38: 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 kgCO2e 579 kgCO2e 0 kgCO2e 2019 2019 2025 2025 2030 2030 K
Slide 39: Sustainability is visible in our everyday life
Sustainability is visible in our everyday life Sustainable cities The most competent personnel We are committed to carbon-neutral energy use at We create a first-class employee experience through good our properties by 2030 management, by investing in our employee well-being and by promoting equalit
Slide 40: Sustainability commitments and reporting
Sustainability commitments and reporting Our sustainability Our sustainability reporting and recognitions Our commitments memberships We apply EPRA’s Best Practice Recommendations in our reporting Our target is carbon-neutral energy use in our properties by 2030 We are in the FIBS, the largest corpo
Slide 41: Kojamoʼs ten largest shareholders
Kojamoʼs ten largest shareholders (as at 31 December 2025) Number of Shareholder shares % of shares Development of the number of the shareholders Nominee-registered shareholders 76,701,516 31.1 1. Heimstaden Bostad AB 49,389,283 20.0 15,823 15,298 15,222 15,137 14,823 2. Ilmarinen Mutual Pension Ins
Slide 42: Key figures
Key figures 10–12/2025 10–12/2024 Change, % 2025 2024 Change, % Total revenue, M€ 111.7 113.6 -1.8 455.2 452.4 0.6 Net rental income, M€ 76.0 74.4 2.2 307.7 302.9 1.6 Net rental income margin, % 68.1 65.5 67.6 66.9 Profit/loss before taxes, M€ 17.8 40.7 -56.3 26.8 26.3 2.0 Gross investments, M€ 14.8
Slide 43: Consolidated income statement
Consolidated income statement M€ 10–12/2025 10–12/2024 1–12/2025 1–12/2024 Total revenue 111.7 113.6 455.2 452.4 Maintenance expenses -29.6 -31.7 -123.4 -125.5 Repair expenses -6.0 -7.5 -24.1 -24.1 Net rental income 76.0 74.4 307.7 302.9 Administrative expenses -11.8 -11.1 -40.8 -39.4 Other operatin
Slide 44: Balance sheet
Balance sheet M€ 31 Dec 2025 31 Dec 2024 ASSETS Non-current assets Intangible assets 0.4 0.5 Investment properties 7,580.6 7,960.0 Property, plant and equipment 19.5 27.4 Investments in associated companies 2.5 2.2 Financial assets 0.7 0.8 Non-current receivables 6.0 6.4 Derivatives 9.2 15.3 Deferre
Slide 45: Balance sheet
Balance sheet M€ 31 Dec 2025 31 Dec 2024 EQUITY AND LIABILITIES Equity attributable to shareholders of the parent company Share capital 58.0 58.0 Share issue premium 35.8 35.8 Fair value reserve -4.3 -7.4 Invested non-restricted equity reserve 164.4 164.4 Retained earnings 3,339.0 3,378.3 Equity att
Slide 46: Financial key figures
Financial key figures 31 Dec 2025 30 Sep 2025 30 Jun 2025 31 Mar 2025 31 Dec 2024 Equity ratio, % 45.4 45.6 44.3 43.6 43.2 Interest cover 2.3 2.2 2.2 2.2 2.3 Coverage ratio 2.4 2.4 2.4 2.5 2.6 Coverage ratio excluding repair expenses ¹⁾ 2.6 2.6 2.6 2.7 2.8 Loan to Value (LTV), % ²⁾ 42.3 42.2 45.7 45
Slide 47: 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