NOTICE TO THE ANNUAL GENERAL MEETING OF KOJAMO PLC

Kojamo plc’s AGM notice proposes a EUR 0.11 per‑share dividend for 2025 (record date 16 Mar 2026, payment 8 Apr 2026); the parent company’s distributable equity was EUR 412,838,037.43 and profit for 2025 EUR 318,603,745.90. The agenda includes board elections (Mikael Aro proposed as Chair, one new member Gertjan van der Baan, one outgoing member), reappointment of KPMG as auditor, approval of the Remuneration Report, and approvals to repurchase/accept as pledge and to issue up to 24,714,439 shares (≈10% of share capital) valid until 30 June 2027. The Board also proposes amending the Articles to change the company name to Lumo Kodit Oyj (English: Lumo Homes plc); total shares outstanding are 247,144,399 with 7,000,000 treasury shares.

Analysis

Market structure: Kojamo’s AGM delivers a modest cash dividend (EUR 0.11 → ~EUR 27.19M total; payout ≈8.5% of 2025 profit) plus a material authorisation to repurchase up to 10% of shares (24.7M). That combination signals management confidence, reduces free float (current treasury 7.0M ≈2.8%), and should mechanically lift EPS/ROE if executed — positive for KOJAMO (HEL:KOJAMO) relative to Finnish commercial peers.

Risk assessment: Short-term event risk centers on the ex-dividend date (record 16 Mar, payment 8 Apr) and the Q1 interim report window (share purchases for directors within two weeks of its publication). Tail risks: adverse macro (EUR interest rate uptick >50–75bp), Finnish rent regulation changes, or a surprise asset writedown could erase buyback benefits; medium-term horizon for buyback execution runs to 30 Jun 2027.

Trade implications: Direct idea — asymmetric long exposure to KOJAMO into the buyback/brand-reset cycle (target +10–20% in 6–12 months if buyback >3% executed). Pair trade — long KOJAMO vs short HEL:SPONDA (commercial-focused) to capture residential outperformance; use 6-month call spreads on KOJAMO to cap premium while capturing re-rating.

Contrarian angles: The market may underweight that the dividend is token and the real lever is directed buybacks (not mandatory) — authorisation can sit unused. Conversely, investors may overprice buyback odds; watch director-share lock (min 2 years) as a delayed supply pressure; a directed repurchase could attract activists or signal M&A appetite.

Key Decisions for Investors

• Establish a 2–3% long position in Kojamo (HEL:KOJAMO) over the next 2–6 weeks, using a stop-loss at -12% and a 12-month target of +10–20%; increase to 4% notional only if a repurchase >3% of shares is announced/executed.
• Implement a relative-value pair: long KOJAMO (1.0 unit) vs short SPONDA (HEL:SPONDA, 1.0 unit) equal-NAV for 6–12 months to exploit residential rental resilience vs commercial office weakness; trim if KOJAMO outperforms by >15% in 3 months.
• Buy a 6‑month KOJAMO call spread (buy ATM, sell +15% strike) sized to ~0.5% portfolio risk as a leveraged, limited-loss play into the Q1 interim report and anticipated buyback window (repurchases possible up to 30 Jun 2027).
• Reduce direct exposure to Finnish commercial REITs (eg. SPONDA) by 20–40% if 10Y Finnish govt yield rises >50bps within 90 days or if headline CPI surprises >+0.5% m/m, reallocating proceeds to KOJAMO/other residential landlords.