Why invest in Aspo
Strategic changes are underway at Aspo, offering interesting opportunities also for investors.
5 reasons to consider Aspo as an investment:
- Transformation
- Clear business strategies
- Growth ambition
- Dividend policy
- Sustainable development
1. Transformation
Aspo is continuing the implementation of its strategy by evaluating the strategic alternatives for the company’s businesses, ESL Shipping and Telko.
The main strategic alternatives to be reviewed include:
- a possible partial demerger of Aspo or
- a divestment of ESL Shipping.
With the change, Aspo wants to maximize shareholder value.
Our goal is to implement the divestment of ESL Shipping or the partial demerger of Aspo by the end of 2026, considering market conditions.
Read more in our stock exchange release 3 November 2025 >>
In August 2025, Aspo took a major step according its strategy as the company announced the divestment of Leipurin to Swedish Lantmännen. The closing of the divestment is expected during the first quarter of 2026.
The divestment of Leipurin significantly strengthens Aspo’s balance sheet and enables future growth investments for the Telko business.
Read more in our stock exchange release 15 August 2025 >>
Read more about our strategy>>
2. Clear business strategies
Our businesses aim to be market leaders in their sectors.
ESL Shipping (Aspo Infra)
- Focused on sustainability-driven accelerated growth, combined with commercial and operational excellence
- Strong position and market growth in the Bothnian Bay due to major investment in the green transition of Nordic industrials
- Long-term partnerships with customers
ESL Shipping builds a strong foundation for operating as a stand-alone listed or private company, which is planned to have a credible growth strategy and strong EBITDA.
Significant capex investment opportunities yielding stable cash flow and returns longer-term.
Telko (Aspo Compounder)
- Strategy focused on organic growth supported by M&A and scalability
- Fragmented market offers significant compounding opportunities
- Scale and synergies in commercial, supply chain and sourcing contribute to profitability improvement opportunities
Telko builds a strong foundation for operating as a stand-alone listed company, which is planned to have a credible growth strategy and high EBITA-margins combined with a light balance sheet allowing for strong returns.
Expansion into specialty products and value-added services provide opportunity to enhance Telko’s profitability and offers resilient market conditions. ESG driven by product mix and supply chain improvement.
3. Growth ambition
Aspo’s financial ambition is to reach: EUR 1 bn of net sales and 8% of EBITA by 2028. Considering the announced divestment of Leipurin and the vision to form two separate companies out of Aspo, the financial ambition on a business level will be emphasized in the future.
The ambition on business level is:
- ESL Shipping > EUR 300 million net sales, and 14% EBITA
- Telko > EUR 500 million net sales, and 8% EBITA
- Leipurin > EUR 200 million net sales, and 5% EBITA
In recent years, Telko has already successfully completed significant acquisitions and strengthened its market position in Western Europe and in value-creating products and services.
ESL Shipping has made significant investments to modernize its fleet, including investments in electric hybrid vessels (Coasters) and in handy-sized vessels, allowing fossil-free operations.
In the short term, we continue to focus on profitability.
Read more about our financial targets and guidance >>
4. Dividend policy
Our dividend policy has been adapted according to the company’s strategy and growth targets, the ongoing change, and the special characteristics of our businesses.
Aspo’s dividend growth is based on positive profitability development with the aim to pay out annually up to 50% of net profit as dividend.
The goal is to gradually increase the amount of dividends, while considering financing needs of growth initiatives with strategic priority.
5. SUSTAINABILITY
Aspo’s businesses aim to be leaders in sustainability in their field. Our companies support the green transition of our customers with market leading expertise:
- ESL Shipping - Building infrastructures to enable the green transition for Nordic industries
- Telko - Gradually modifying the product range and developing the supply chain to support our customers sustainability journey
- Leipurin: A broad range of plant-based products through a sustainable supply chain
Aspo and its businesses ESL Shipping and Telko are committed to Science Based Targets initiative (SBTi). SBTi approved the targets in October 2025.
Read more about our SBTi approved targets >>
Read more in our Sustainability Report 2024 >>