Our strategy
Our vision is to form two separate companies. With the change, we want to maximize shareholder value.
- About us
- Strategy
Strategic evaluation continues
During the past months, we have taken significant steps to reach our strategic vision. In August 2025, Aspo agreed to divest the Leipurin business. In November 2025, Aspo announced that it would continue the strategic evaluation concerning its remaining businesses.
The main strategic review alternatives are:
- a partial demerger of Aspo (Aspo Compounder & Aspo Infra), or
- a divestment of ESL Shipping.
For Aspo, it is essential to find the best solution for ESL Shipping and Telko in terms of value creation and the development of the businesses. Both companies have ambitious growth plans.
Our aim is to complete either the divestment of ESL Shipping or the partial demerger of Aspo by the end of 2026, taking into account market conditions. With this change, we aim to maximize shareholder value.
Telko (Aspo Compounder)
In all strategic alternatives, Aspo’s goal is to ensure good possibilities for Telko to continue acquisitions and growth. Telko has already successfully completed significant acquisitions and strengthened its market position in Western Europe and in value-creating products and services.
After the Leipurin divestment, expected to be completed in the first quarter of 2026, Telko is well-positioned to continue acquisitions.
- As a stand-alone listed company Telko is planned to have a credible growth strategy and high EBITA-margins combined with a light balance sheet.
- Expansion into specialty products and value-added services provide opportunity to enhance Telko’s profitability and to offer resilience in various market conditions.
- ESG driven by product mix and supply chain improvement.
ESL Shipping (Aspo Infra)
For ESL Shipping, Aspo continues to have two strong alternatives: partial demerger of Aspo or divesting ESL Shipping.
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.
- As a stand-alone company, ESL Shipping is planned to have a credible growth strategy and strong EBITDA.
- Significant capex investment opportunities yielding stable cash flow and returns longer-term.
- ESL Shipping's services enable the green transition of Northern industrial companies.
Goals towards 2028
ESL Shipping
- Goal is to reach EUR 300 million net sales, and 14% comparable EBITA.
Focusing to enable the green transition for Nordic industry. This can be achieved by investing in a sustainable and fossil-free fleet, as well in technologies.
Telko
- Goal is to achieve net sales of more than EUR 500 million and an operating profit (EBITA) rate of 8% by 2028.
Focus on organic growth supported by business acquisitions and scalability. The goal is to be the leading European specialist in and distributor of special products.
Leipurin
- Goal is to achieve net sales of more than EUR 200 million and an EBITA rate of 5% by 2028.
Focus on organic growth and improved profitability. Leipurin’s growth focuses on prioritized segments, including the food industry, industrial bakeries and new markets.
Dividend policy aligned with strategy
The dividend policy has been adapted according to the company’s strategy and growth targets, the ongoing change, and the special characteristics of business operations.
Dividend growth takes into account the needs for funding in strategically important growth projects and is based on the positive development of profitability. The goal is to annually distribute at most 50% of profit for the period in dividends.
Sustainability supports profitability
Responsibility and profitability go hand in hand in Aspo’s business. We have set ambitious sustainability targets and aim to be a forerunner in sustainability.
Aspo, ESL Shipping and Telko are committed to Science Based Targets initiative (SBTi).
Updated: 04.02.2026