FINANCIAL TARGETS AND GUIDANCE

Aspo's financial goals, derived from its strategy, are based on calculations made from the company's profit-making capabilities, and they are closely interconnected. 

Aspo creates value by owning and developing businesses in the long term. The improved operating profit margin target is supported by Aspo's business development measures and changes in the business portfolio. In addition to organic growth, the aimed growth is driven by investments in acquisitions and a strategic shift towards a compounder profile. Mergers and acquisitions are a key part of value creation, and the aim is to create growth and income flow through these.

ASPO's LONG-TERM FINANCIAL TARGETS ARE:

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

On a business level, ESL Shipping’s long-term comparable EBITA target is 14%, Telko’s 8% and Leipurin’s 5%. 

GUIDANCE FOR 2025:

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

Aspo Group’s comparable EBITA expectation includes the comparable EBITA of the whole Group, including Leipurin business. The divestment of Leipurin was announced on August 15, 2025.

Assumptions behind the guidance 

Aspo’s operating environment is expected to remain challenging during the second half of the year. 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 the economic recovery towards the end of the year. 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 will be a clear economic recovery during the second half of the year. 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 during the second half of the year, with fairly low contractual volumes combined with low spot market pricing. Volumes are expected to be soft during the third quarter of 2025 and slowly revive towards the end of the year.

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.