CEO review

CEO Rolf Jansson: 

Aspo showed strong financial performance during the second quarter of 2026, with more than 4% organic net sales growth and significant profitability improvement with a comparable EBITA of EUR 10.8 (7.5) million, 8.2% (6.0%) of net sales. The strong development was driven by Telko’s all-time high profitability during the quarter, combined with the continued stable underlying business performance of ESL Shipping.

During the past two years, Aspo has systematically evaluated alternative restructuring scenarios for improving shareholder value and creating a good environment for its businesses to develop further. As a consequence, Leipurin was sold to Lantmännen, which was a key milestone. Today, Aspo’s Board of Directors has approved a demerger plan concerning the separation of ESL Shipping into a new independent listed company. The objective is to increase transparency and clarify investment profiles of both ESL Shipping and Telko, while also simplifying company structures. During the past months, new financing solutions have been negotiated for both businesses, creating strong platforms for operating stand-alone companies and executing company-specific growth strategies. The demerger is planned to be executed as of December 31, 2026, with certain major owners of Aspo already committing to support the demerger. While systematically executing the demerger scenario, a possible sale of ESL Shipping remains an alternative scenario, in case this would prove to maximize shareholder value creation.

Simultaneously Aspo has today communicated tailored future targets for ESL Shipping Group and Telko Group. While both companies focus on long-term profit growth and building strong investor returns, the strategies to reach these targets are differentiated. ESL Shipping invests in next generation, energy-efficient vessels and thereby supports the green transition of Nordic industrials. Telko invests in growth, organic opportunities and acquisitions, to develop scale and synergies in value-added services and distribution of specialty chemicals. Both companies already show strong evidence for executing these strategies, including more than EUR 300 million investments of ESL Shipping and seven acquisitions of Telko during the past years.

In the second quarter of 2026, the performance of ESL Shipping continued stable in the challenging market conditions, with comparable EBITA being EUR 3.8 (5.0) million. Overall demand remained at a fairly low level, but also positive trends are evident, including strong growth in project cargo volumes as well as strong financial performance of the recent investment in next generation vessels.

Telko’s comparable EBITA in the second quarter of 2026 was all-time high at EUR 8.2 (4.3) million. Price levels continued to increase in the volume products, which supported profit generation, as old inventory could to some extent be sold at higher market prices. The related positive EBITA impact is estimated to be EUR 2–2.5 million. The strong financial performance was also supported by strong sales growth, active sales margin management and successful execution of the new operating model.

I want to take the opportunity to thank our personnel, shareholders, customers and key principals and suppliers, for continued strong commitment to the transformation of Aspo. We will continue to focus on company-wide improvement actions to secure staying on positive development path during the second half of 2026.