FINANCING STRUCTURE Q2 2025

Net interest-bearing debt was EUR 224.2 (12/2024: 188.0) million, and the net debt to comparable EBITDA, rolling 12 months ratio was 3.7 (2.0). The increase in net interest-bearing debt was mainly caused by the repayment of the hybrid bond of EUR 30.0 million, which had previously been accounted for as a component of equity. The Group’s equity ratio at the end of the review period was 27.6% (12/2024: 36.9%). The equity ratio decreased due to redemption of the hybrid bond, and the temporary impact of the unrealized losses of the hedge accounted currency derivatives recognized in equity. The cash flow hedge relates to the remaining USD 180 million investment in the four Green Handy vessels.

Net financial expenses in January–June totaled EUR -2.7 (-4.3) million. The decrease in net financial expenses was mainly explained by a revision of the earn-out liabilities relating to Telko’s acquisitions of EUR 3.2 million recognized as financial income in the second quarter of 2025. The average interest rate of interest-bearing liabilities, excluding lease liabilities, continued to decrease and was 4.1% in June 2025 compared to 5.4% in June 2024.  

The Group’s cash and cash equivalents stood at EUR 41.3 (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.

BONDS

In June, 2022, Aspo issued a hybrid bond of EUR 30 million. The coupon rate of the bond was 8.75% per annum. The bond had no maturity, but the company was 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. The Redemption date was June 14, 2025, and the payment date was June 16, 2025. The redemption price equaled to the principal amount of the bond together with accrued interest of EUR 2.6 million.

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.