FINANCING STRUCTURE Q1 2025

Net interest-bearing debt was EUR 198.2 (12/2024: 188.0) million, and the net debt to comparable EBITDA, rolling 12 months ratio was 3.3 (2.3). The Group’s equity ratio at the end of the review period was 36.6% (12/2024: 36.9%). The increase in net interest-bearing debt was mainly caused by the investments in Green Coaster vessels under construction of EUR 8.8 million and an increase in lease liabilities of EUR 3.1 million.

Net financial expenses in January–March totaled EUR -2.3 (-2.2) million. The average interest rate of interest-bearing liabilities, excluding lease liabilities, continued to decrease and was 4.6% in March 2025 compared to 4.8% in December 2024.

The Group’s cash and cash equivalents stood at EUR 23.9 (12/2024: 36.4) million at the end of the review period. Committed revolving credit facilities, totaling EUR 40 million, were fully unused, as in the comparative period. The revolving credit facilities are maturing in 2027. Aspo’s EUR 80 million commercial paper program was also fully unused. The commercial paper program was utilized by EUR 5 million at the end of 2024.

BONDS

In June, 2022, Aspo issued a hybrid bond of EUR 30 million. The coupon rate of the bond is 8.75% per annum. The bond has no maturity, but the company is entitled to redeem it in June 2025 at the earliest.

On May 12, 2025, Aspo Plc announced that it will exercise its right to redeem its EUR 30 million hybrid bond (”Capital Securities”). The Redemption date is June 14, 2025, and on June 16, 2025, Aspo will pay the holders of the Capital Securities a redemption price equal to principal amount of the note together with any accrued interest.

In April 2025, Aspo Plc participated in a multi-issuer bond guaranteed by Garantia with EUR 15 million loan share. The bond’s maturity is five years.