Kojamo Plc (KOJAF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

This is Koyamo and this is our Q1 result webcast. I am Niina Saito from Investor Relations. I have with me here today Erik Hjelt, our interim CEO. He will give us a presentation covering the Q1 result and also an update on the operating environment. Please be active. You can send questions via chat. And those joining over the phone lines can also ask live questions when we have the Q&A. after the presentation. Now I think we can give the floor to Erik. Welcome. Thank you Nina and good morning everybody. So I'm really excited to discuss our latest result and operationally we had a very strong quarter. the improvement of our occupancy rate accelerated in the first quarter of this year. So total revenue and net rental income grew in the first quarter of this year. So total revenue growth was 0.9% and the net rental income growth was 3.7%. Our FFO decreased because of the effect of increased financial expenses, so net rental income grew 2.2 million euros, but on the FFO side, financial expenses grew 3.6 million euros. So, our occupancy rate has improved since last autumn, and the increase accelerated during the first quarter. And at the end of, or during the March actually, the occupancy was already 93.5. Our balance sheet remains strong and liquidity situation is very good. And following the successful issuance of 500 million euros in March, so now we can say that already 2026 material laws are covered. So, geovoltaical tension grew significantly in the beginning of this year. And that has, of course, an impact for the general economic environment. But since Kojama is operating only in Finland, and we don't have any export or import, so the direct impact of this geopolitical tension is not visible in our operations. So for us, it's more important what is happening in th...