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Kojamo Oyj (VVOTHT: Baa2 Neg): 2Q24 Results

REAL ESTATE

A soft set of results as over-supply in the Finnish market continues to weigh. The company already guided lower in July and is reiterating that outlook.

  • Total Revenue rose by 3.9% in H1 to EUR 225.6m
  • Net Rental income +3% to EUR 142.7m
  • Adj EBITDA EUR 71.9m for 2Q +5.7% yoy
  • Occupancy 91.7% (from 92.2%)
  • LTV 45% increasing from 43.8% but still below 50% threshold for Moody’s
  • Property revaluation cost EUR -138.8 which clearly shows the oversupply in Finland compared to other regions

Kojamo cut its dividend in the Spring and are reducing headcount to save costs.

The 2029 Green bond was tapped for 200m in January. EUR 415m is due in Mar ’25 which will increase interest costs for the company.


Investor Call 10am EEST

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