Lumo Homes Plc · OMXHEX:LUMO

Lumo Homes — Kojamo — Q4 2024 Earnings Presentation

42 slides from Lumo Homes's earnings presentation, Feb 13, 2025

  1. Slide 1: Financial Statements Release 2024

    13 February 2025 Financial Statements Release 2024 Erik Hjelt, Interim CEO Kojamo plc

  2. Slide 2: Agenda

    Agenda • Summary of January– December 2024 • Financial development • Outlook and financial targets Kojamo plc's Financial Statements Release 2024 2

  3. Slide 3: Summary of January–December 2024

    Summary of January– December 2024 Kojamo plc's Financial Statements Release 2024 3

  4. Slide 4: Total revenue and net rental income grew, fair value of investment properties at previous year's level

    Total revenue and net rental income grew, the fair value of investment properties at previous year’s level • Total revenue and net rental income grew in 2024 • Cumulative occupancy rate decreased from the previous year. In the autumn, we achieved a clear turn for the better in renting when occupancy

  5. Slide 5: Operating environment

    Operating environment General operating environment Operating environment key figures • The outlook for the global economy is cautiously 2025E 2024E optimistic. In the United States, growth continues, but GDP growth, % 1.6 -0.3 future trade policy poses a risk to the global economy Unemployment, % 8

  6. Slide 6: Operating environment: Housing production

    Operating environment Housing production Industry key figures • Construction is recovering slowly. The number of 2025E 2024E residential start-ups this year is expected to rise to a Residential start-ups, units 20,000 17,000 maximum of 20,000 apartments in whole of Finland of which non-subsidised ap

  7. Slide 7: Operating environment: Rental market situation

    Operating environment Rental market situation Population growth forecast 2022–2040, % • The oversupply of rental apartments has continued, Helsinki 22.4 especially in the capital region Capital region* 25.9 • Urbanisation and decreasing average household size Jyväskylä 8.0 support the long-term dema

  8. Slide 8: Key figures 1–12/2024

    Key figures 1–12/2024 total revenue net rental income funds from operations (FFO) 452.4 M€ 302.9 M€ 148.2 M€ (442.2 M€, +2.3%) (297.2 M€, +1.9%) (167.2 M€, -11.4%) fair value of investment profit excluding changes in gross investments value 1) profit/loss before taxes properties 8.0 Bn€ 52.8 M€ 160.

  9. Slide 9: Financial development

    Financial development Kojamo plc's Financial Statements Release 2024 9

  10. Slide 10: Total revenue and net rental income increased

    Total revenue and net rental income increased • Total revenue was positively impacted by the growth of housing stock, and it was weakened by the development of rents and the financial occupancy rate • Net rental income was positively impacted by higher total revenue and lower repair expenses, and it

  11. Slide 11: Profit before taxes and FFO

    Profit before taxes and FFO • FFO decreased, which was particularly affected by higher financial and maintenance expenses. Financial income of the comparison period includes a profit of EUR 8.7 million from the repurchase of bonds • Administrative expenses and repair expenses decreased by EUR 11.5 m

  12. Slide 12: Financial occupancy rate

    Financial occupancy rate • Cumulative occupancy rate was 91.5 (93.0) per cent. Despite seasonal variation, occupancy rate in the fourth quarter improved by 0.3 percentage points compared to the third quarter, and it was 91.6% • Tenant turnover was at previous year’s level • Renting was impacted by t

  13. Slide 13: Development of Like-for-Like rental income

    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 December 2024 +1.0% -1.9% -1.4% -0.4% Impacts of Impact of Other Like-for-Like rents and water charges occupancy rate impacts rental income growt

  14. Slide 14: As a part of the saving programme, investments decreased significantly

    As a part of the saving programme, investments decreased significantly • During the year, we did not make new investment decisions, and we focused repairs to support renting of apartments • In the autumn, we started one development project based on a previously signed preliminary agreement, and we a

  15. Slide 15: The value of investment properties was EUR 8.0 billion

    The value of investment properties was EUR 8.0 billion Changes in fair value • The fair values did not change significantly from M€ 1–12/2024 1–12/2023 the end of the previous year. The valuation yield Change in yield requirement -165.9 -815.5 requirements of the investment properties were Change in

  16. Slide 16: 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), % 43.7 44.6 43.9 49.0 41.4 45.6 45.3 44.5 37.7 43.2 2020 2021 2022 2023 2024 20

  17. Slide 17: Loans maturing in 2025 are covered

    Loans maturing in 2025 are covered • In December, we signed a new unsecured 150 M€ long-term credit facility agreement that consists of a 100 M€ revolving credit facility and a 50 M€ term loan. The loan remained undrawn at the end of the review period • Our liquidity situation is good, and the next

  18. Slide 18: Key figures per share

    Key figures per share • Key figures per share remained at previous year’s level Equity per share, € EPRA NRV per share, € +0.1% +0.3% 22.04 19.53 18.45 18.51 17.25 17.21 15.55 14.67 14.68 13.39 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Kojamo plc's Financial Statements Release 2024 18

  19. Slide 19: Outlook and financial targets

    Outlook and financial targets Kojamo plc's Financial Statements Release 2024 19

  20. Slide 20: Outlook for Kojamo in 2025

    Outlook for Kojamo in 2025 Kojamo estimates that in 2025, the Groupʼs 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 managemen

  21. Slide 21: Strategic targets

    Strategic targets M€ 2024 2023 2022 2021 2020 Target Annual growth of total revenue, % 2.3 7.0 5.5 2.0 2.3 4–5 Annual investments, M€ 52.8 190.7 501.6 356.9 371.2 200–400 FFO/total revenue, % 32.8 37.8 38.9 39.1 39.5 > 36 Loan to Value (LTV), % 43.9 44.6 43.7 37.7 41.4 < 50 Equity ratio, % 43.2 44.5

  22. Slide 22: Summary

    Summary Total revenue and net Although financial Saving programme was rental income increased occupancy rate decreased implemented according to from the previous year, a the plan FFO decreased due to clear turn for the better in increased financial and Our financial position is renting was achieved

  23. Slide 23: Thank you!

    Interim Report January-March 2025 to be published on Thank you! 8 May 2025 Contact details: Interim CEO Erik Hjelt, tel. +358 20 508 3225 Director, Treasury & Investor Relations Niina Saarto, tel. +358 20 508 3283 www.kojamo.fi Kojamo plc's Financial Statements Release 2024 23

  24. Slide 24: Appendix

    Appendix Kojamo plc's Financial Statements Release 2024 24

  25. Slide 25: Our strategy

    BH Our strategy Mission ~————— _ Strategic focal points -—————_ Vision We create better + Delivering the best + The most competent We are the property market frontrunner urban living. customer experience personnel and a dynamic and the number one choice 5 (enna workplace for our customers. + Renewal

  26. Slide 26: Strategic focal points

    Strategic focal points Delivering the We offer easy and effortless services For now, we focus on growing best customer for our customers and create added Growth total revenue in the existing experience value through services apartment portfolio Responsibility We create competitiveness and Operationa

  27. Slide 27: Lumo – Easily best living

    Lumo – Easily best living Basic functions Lumo Service Center Real estate development My Lumo service Maintenance Homes for Sales Cleaning various life Lumo webstore Renovations and repairs stages Building management Waste management Technical management Fixed customer benefits Customer benefits Bro

  28. Slide 28: 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 Financial State

  29. Slide 29: Kojamo's apartment portfolio

    Kojamoʼs apartment portfolio Apartment distribution, % Fair value distribution, % Helsinki region 3.5 4.5 2.1 3.2 2.5 2.5 4.1 Tampere region 3.1 5.0 Turku region 4.3 5.4 Oulu 8.5 5.2 Jyväskylä 9.6 62.7 Kuopio region Lahti region 73.8 Others Number of Number of commercial and Financial apartments, ot

  30. 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 Customers by household Customers by age group, % type, % type, % studios 1 person 5.0 3.0 3.0 12.0 <25 11.9 14.5 24.0 2 person 2

  31. Slide 31: Topical with our sustainability work

    Topical with our sustainability work • We updated our Green Finance Framework to align future financing activities with market best practices and standards • We have implemented an AI-powered sustainability and energy management system which provides up-to-date information to support decision-making

  32. Slide 32: Key figures of sustainability 1–12/2024

    Key figures of sustainability 1–12/2024 1–12/2024 1–12/2023 Target 1–12/2024 1–12/2023 Target CO₂ emissions -22.9 -16.9 -5.0 Percentage of 88 86 90 per apartment, customers using tCO₂e/apartment, My Lumo, % change % NPS 54 50 48 Heat index of portfolio, 1.9 n/a -3.0 weather-nomalized, kWh/m³, change

  33. Slide 33: Sustainability is visible in our every day life

    Sustainability is visible in our every day life 100% n/a 100% 7.5% * 61/39% 3% 100% 100% 96.1 0.6 (-22.9%) 31,000 28% * 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 Financial Statemen

  34. 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

  35. Slide 35: Dividend policy

    Dividend policy Kojamo’s objective is to be a stable Dividend history dividend payer whose annual dividend payment will be at least 60 per cent of FFO, provided that the Group’s equity 60% 61% 60% ratio is 40 per cent or more and taking account of the company’s financial 0.37 0.38 0.39 position To s

  36. Slide 36: Kojamo's ten largest shareholders (as at 31 December 2024)

    Kojamoʼs ten largest shareholders (as at 31 December 2024) Number of Shareholder shares % of shares Development of the number of the Nominee-registered shareholders 80,865,344 32.7 shareholders 1. Heimstaden Bostad AB 49,389,283 20.0 2. Ilmarinen Mutual Pension Insurance Company 20,537,814 8.3 15,36

  37. Slide 37: Key figures

    Key figures 10–12/2024 10–12/2023 Change, % 2024 2023 Change, % Total revenue, M€ 113.6 113.5 0.1 452.4 442.2 2.3 Net rental income, M€ 74.4 75.5 -1.5 302.9 297.2 1.9 Net rental income margin, % 65.5 66.5 66.9 67.2 Profit/loss before taxes, M€ 40.7 -119.5 134.0 26.3 -112.3 123.4 Gross investments, M

  38. Slide 38: Consolidated income statement

    Consolidated income statement M€ 10–12/2024 10–12/2023 1–12/2024 1–12/2023 Total revenue 113.6 113.5 452.4 442.2 Maintenance expenses -31.7 -30.0 -125.5 -115.7 Repair expenses -7.5 -8.0 -24.1 -29.3 Net rental income 74.4 75.5 302.9 297.2 Administrative expenses -11.1 -13.2 -39.4 -45.6 Other operatin

  39. Slide 39: Balance sheet

    Balance sheet M€ 31 Dec 2024 31 Dec 2023 Non-current assets Intangible assets 0.5 0.6 Investment properties 7,960.0 8,038.8 Property, plant and equipment 27.4 28.0 Investments in associated companies 2.2 2.0 Financial assets 0.8 0.8 Non-current receivables 6.4 6.5 Derivatives 15.3 29.8 Deferred tax

  40. Slide 40: Balance sheet

    Balance sheet M€ 31 Dec 2024 31 Dec 2023 Equity attributable to shareholders of the parent company Share capital 58.0 58.0 Share issue premium 35.8 35.8 Fair value reserve -7.4 11.2 Invested non-restricted equity reserve 164.4 164.4 Retained earnings 3,378.3 3,356.4 Equity attributable to shareholde

  41. Slide 41: Financial key figures

    Financial key figures 31 Dec 2024 30 Sep 2024 30 Jun 2024 31 Mar 2024 31 Dec 2023 Equity ratio, % 43.2 43.1 43.0 44.3 44.5 Interest cover 2.3 2.5 2.7 3.0 3.2 Coverage ratio 2.6 2.7 2.8 3.3 3.6 Loan to Value (LTV), % 43.9 44.7 45.0 44.5 44.6 Hedging ratio, % ¹⁾ 93 93 78 94 93 Average interest rate, %

  42. 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

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