Aspo Plc’s Interim Report, January 1 – September 30, 2025: Steps taken towards Aspo’s strategic vision

Aspo Plc Interim Report November 3, 2025, at 9.00 am EET

Aspo Plc’s Interim Report, January 1 – September 30, 2025: Steps taken towards Aspo’s strategic vision

This is a summary of the Interim Report January 1 – September 30, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.

July–September2025

• Net sales, Group total decreased to EUR 144.3 (146.6) million
• Net sales from continuing operations decreased to EUR 108.1 (113.7) million
• Comparable EBITA, Group total grew to EUR 9.6 (8.7) million, 6.6% (5.9%) of net sales
  • ESL Shipping EUR 3.5 (3.8) million
  • Telko EUR 4.8 (4.6) million
  • Discontinued operation EUR 1.9 (1.3) million
  • Other operations EUR -0.7 (-1.0) million
• EBITA, Group total was EUR 10.3 (9.2) million. EBITA of ESL Shipping was EUR 4.6 (3.8) million, of Telko EUR 4.8 (4.6) million and of discontinued operation EUR 1.8 (1.3) million
• Comparable ROE, Group total was 14.1% (6.6%)
• Comparable EPS, Group total were EUR 0.14 (0.06)
• Free cash flow was EUR -8.5 (-40.3) million driven by the Green Coaster investments
• On August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. The sale is expected to generate a gain of approximately EUR 16 million. The transaction is subject to regulatory approvals, and it is expected to be completed in the first quarter of 2026. Consequently, Leipurin is presented as a discontinued operation, and the comparative figures have been restated.
• After the review period, in October 2025, ESL Shipping sold M/S Kallio to The Qrill Company AS. The sales price of M/S Kallio was approximately EUR 18 million and the sales gain was approximately EUR 10 million.
  
  

January–September2025

• Net sales, Group total increased to EUR 458.3 (432.8) million
• Net sales from continuing operations increased to EUR 349.8 (335.0) million
• Comparable EBITA, Group total grew to EUR 27.5 (21.1) million, 6.0% (4.9%) of net sales
  • ESL Shipping EUR 12.7 (12.6) million
  • Telko EUR 13.5 (8.7) million
  • Discontinued operation EUR 5.1 (3.9) million
  • Other operations EUR -3.8 (-4.1) million
• EBITA, Group total was EUR 26.9 (13.1) million. EBITA of ESL Shipping was EUR 12.3 (4.8) million, of Telko EUR 13.5 (8.6) million and of discontinued operation EUR 5.0 (3.5) million
• Comparable ROE, Group total was 13.4% (7.8%)
• Comparable EPS, Group total were EUR 0.46 (0.24)
• Free cash flow was EUR 0.3 (-17.4) million
  
  

Figures from the corresponding period in 2024 are presented in brackets.

Guidance for 2025

Aspo Group’s comparable EBITA is expected to be EUR 35–45 million in 2025 (EUR 29.1 million in 2024).

Aspo Group’s comparable EBITA, Group total expectation includes the comparable EBITA of the whole Group, including Leipurin, which is reported as a discontinued operation. The divestment of Leipurin was announced on August 15, 2025.

Assumptions behind the guidance

Aspo’s operating environment is expected to remain challenging during 2025. Continued geopolitical uncertainty and global trade tensions are expected to have a negative impact on economic growth and global trade. Increased defense and infrastructure spending in Europe may support economic recovery. Aspo’s profit improvement for the year is expected to come mainly from the profit generation of the Green Coaster vessels, from Telko’s and Leipurin’s acquisitions completed in 2024, as well as from various intensified profit improvement actions throughout Aspo’s businesses. The higher end of the estimated comparable EBITA range may be realized if all the planned profit improvement measures are successful, and there would be an immediate economic recovery. The lower end of the range may be realized if the economic recovery is further delayed, or significant volumes would be lost or margins impacted negatively due to some unforeseen negative events. Continued trade tensions may have an indirect negative impact on the volumes and price levels of Aspo’s businesses. Direct impacts are expected to be modest.

For ESL Shipping, demand is expected to continue weak for 2025, with fairly low contractual volumes combined with low spot market pricing. Seasonally volumes are expected to improve for the fourth quarter.

For Telko, overall stable market development is expected going forward. After successfully completing three acquisitions in 2024, the focus in 2025 is on integrating the acquired companies and securing organic growth and positive profitability development. Acquisition-related expenses are expected to be at a clearly lower level in 2025 than in 2024.

For Leipurin, the market is expected to be stable. There continues to be opportunities for growth in the food industry, where the addressable market for Leipurin is multiple compared to the bakery sector. Leipurin remains in a good position to continue improving its profitability.

The calculation principles of key figures are included in Aspo’s Board of Directors’ report for the year 2024. The figures presented in this interim report have been individually rounded or calculated based on exact figures so the figures may not add to rounded totals.

Rolf Jansson, CEO of Aspo Group, comments on the third quarter of 2025:

In the third quarter of 2025, Aspo’s net sales Group total was on last year’s level due to the challenging market conditions affecting both ESL Shipping and Telko. Aspo’s comparable EBITA Group total improved and was EUR 9.6 million in the third quarter of 2025 compared to EUR 8.7 million in the corresponding period in the previous year. The comparable EBITA Group total rate increased to 6.6% (5.9%). As stated before, Aspo’s agenda for year 2025 focuses on profitability improvement, and it is clear that the ongoing profitability improvement programs in all our businesses are delivering results. In addition, we take advantage of the acquisitions completed by Telko and Leipurin, as well as the investments of ESL Shipping which are gradually over time reflected on the company’s profitability.

The international Science Based Targets initiative (SBTi) approved Aspo 's emission reduction targets in October 2025. ESL Shipping is the first dry bulk cargo shipping operator to receive approval for its SBTi targets.

ESL Shipping’s comparable EBITA slightly declined to EUR 3.5 (3.8) million. ESL Shipping’s profitability was negatively impacted, especially in the Coaster vessel segment, by the continued weak spot market and softer than expected forest industry demand. Profitability remained solid for the new generation Handy and Coaster vessels, which are expected to support future profitability generation of ESL Shipping. The off-hire days were high due to planned dockings and an engine fire accident onboard M/S Tali in August, impacting profitability negatively. On the coaster segment, the vessel capacity was reduced by redelivering two loss-making time-chartered Coaster vessels to their owners.

Telko’s comparable EBITA of EUR 4.8 (4.6) million developed favourably in the third quarter due to absence of acquisition-related expenses and higher sales margin, driven by a higher share of value-added products. Profitability improved, despite modest demand in most European markets, and uncertainty in the global economy.

Leipurin’s strong financial performance continued and the comparable EBITA of discontinued operations was EUR 1.9 (1.3) million. Profitability improvement was boosted by EUR 0.4 million as no depreciation or amortization were recognized in August and September 2025, due to the classification of Leipurin as a discontinued operation as a consequence of the announced divestment plan. In a like-for-like comparison, Leipurin’s profitability improved approximately by EUR 0.2 million, due to strong organic growth particularly in Sweden. Overall market development was stable.

During the first three quarters of year 2025, Aspo achieved net sales growth of 5.9% and the comparable EBITA Group total was EUR 27.5 million compared to EUR 21.1 million in the corresponding period previous year. The EBITA Group total rate increased to 6.0% (4.9%). All businesses improved their profitability with very limited support from the market, showing that company’s profitability improvement actions have been successful.

We remain committed to our-longer term financial ambition and vision of creating two separate companies out of Aspo, i.e. Aspo Infra and Aspo Compounder. This is an integral part of Aspo’s aim to create value to its shareholders.

During the third quarter of 2025, on August 15, 2025, Aspo announced the divestment of Leipurin to Lantmännen at an enterprise value of EUR 63 million. Preparations for receiving regulatory approvals for this transaction have proceeded as planned and the closing is expected to be completed in the first quarter of 2026. Alongside the already completed acquisitions of Telko and the new generation vessel investments of ESL Shipping, the divestment on Leipurin represents a major step towards reaching Aspo’s strategic vision. The divestment of Leipurin is estimated to generate a sales gain of approximately EUR 16 million which will strengthen the balance sheet of Aspo. The proceeds from the transaction will primarily be used to finance further acquisitions of Telko, supporting the company’s compounding strategy.

Aspo’s net debt to comparable EBITDA ratio has increased to 3.9 (2.8) because of repayment of the hybrid bond as well as Green Coster investments. The leverage should decline over the next quarters due to expected strong operating cash flow, low investment activity, and the announced sale of Leipurin.

I want to express strong gratitude to the entire personnel of Aspo for successful strategy execution and profitability improvement so far in year 2025!

ASPO GROUP

Financial performance and targets

Aspo’s long-term financial targets at Group total level are:

• Minimum increase in net sales: 5–10% a year
• Comparable EBITA of 8%
• Return on equity: more than 20%
• Net debt to comparable EBITDA, rolling 12 months ratio below 3.0

At a business level, ESL Shipping’s long-term comparable EBITA target is 14%, Telko’s 8% and Leipurin’s 5%. Leipurin is reported as a discontinued operation.

In January–September 2025, Aspo’s net sales Group total grew by 5.9% to EUR 458.3 (432.8) million. The comparable EBITA Group total rate stood at 6.0% (4.9%). Comparable return on equity Group total was 13.4% (7.8%) and the net debt to comparable EBITDA Group total, rolling 12 months ratio was 3.9 (2.8).

Espoo, November 3, 2025

Aspo Plc
Board of Directors

News conference for analysts, investors and media

News conference for analysts, investors and media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on November 3, 2025, at 12.00 p.m. The event is also open to private investors, and participants are requested to register beforehand by emailing viestinta@aspo.com. The interim report will be presented by CEO Rolf Jansson and CFO Erkka Repo.

The event will be held in English, and it can also be followed as a live webcast at https://aspo.events.inderes.com/q3-2025.

Questions can be asked through conference call connection and webcast form. In order to receive the phone numbers and a identifier for the conference call, participants are requested to register using this link: https://events.inderes.com/aspo/q3-2025/dial-in.

A recording of the event will be available later the same day on the company’s website aspo.com. 

For more information, please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com


Distribution:
Nasdaq Helsinki
Key media
www.aspo.com

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