Kojamo Oyj (V4OC.F), a Finnish real estate company, on Thursday recorded a decline in funds from operations, or FFO, for the second quarter, mainly due to higher financial, maintenance, and repair expenses. In addition, the company has reaffirmed its full-year guidance.
For the three-month period to June 30, the company recorded FFO of EUR 38.8 million, or EUR 0.16 per share, less than EUR 42.7 million, or EUR 0.17 per share in the same period last year. Excluding non-recurring costs, FFO was EUR 38.8 million, compared with EUR 42.7 million a year ago.
Net loss per share stood at EUR 0.04 as against a loss of EUR 0.34 per share in 2024. Loss before tax narrowed to EUR 12.7 million from the prior year's loss of EUR 104.3 million.
EBITDA was positive EUR 25.1 million, compared with negative EBITDA of EUR 78 million last year. Excluding items, EBITDA moved up to EUR 73.1 million from last year's EUR 71.9 million.
Revenue was EUR 115.6 million, up from EUR 112.3 million in the previous year, due to the improved occupancy rate. Rental income stood at EUR 82.8 million, higher than EUR 82.1 million last year.
The Group's financial occupancy rate was 92.8% in the first quarter, and it increased to 94.4% in the second quarter. In June, the occupancy rate already reached 94.8%.
Looking ahead, for the full year, the Group still expects FFO of EUR 135 million to EUR 141 million, excluding non-recurring costs. In addition, the company continues to expect annual revenue growth of 0% to 2%.
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