CEO review

CEO Rolf Jansson: 

When reviewing the full year 2025, Aspo grew its comparable EBITA, Group total to EUR 36.5 (29.1) million. This profitability improvement of more than 25% was achieved in a challenging market during 2025. This shows that the actions taken, both strategic and operational improvements, are yielding results. In 2025, the earnings per share (EPS) Group total increased to EUR 0.72 (0.14) both because of the profitability improvement and due to a successful divestment of M/S Kallio to the Norwegian The Qrill Company AS in October 2025. The entire personnel of Aspo deserves recognition for this great achievement - thank you for a successful 2025!

In the fourth quarter, Aspo’s net sales Group total remained at last year’s level due to the challenging market conditions. Aspo’s comparable EBITA Group total grew and was EUR 8.9 million, compared with EUR 8.0 million in the corresponding period in the previous year.

ESL Shipping’s comparable EBITA declined to EUR 3.8 (4.3) million. ESL Shipping’s profitability was negatively impacted, especially in the Coaster vessel segment, by the continued weak spot market and softer than expected forest industry demand. These drivers are unchanged from the previous quarter, but further actions have been taken to improve profitability, including fleet renewal and actions for improving capacity utilization.

Telko improved its comparable EBITA to EUR 4.4 (3.9) million due to higher sales margin, driven by a higher share of specialty products. Volumes were in decline, driven by modest demand particularly in Europe. Developing the supply chain and transforming poorly performing businesses contributed to the improved financial performance.

On August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. We expect the divestment of Leipurin to be completed during the first quarter of 2026, as obtaining the regulatory approvals has progressed according to plan.

Leipurin’s positive profitability development trend continued, and the comparable EBITA of discontinued operations was EUR 2.0 (1.1) million. Profitability improvement was boosted by EUR 0.6 million, as no depreciation was recognized, but in alike-for-like comparison, Leipurin’s profitability also improved by approximately EUR 0.3 million.

The International Science Based Targets initiative (SBTi) approved Aspo’s near-term emissions reduction targets in October 2025. This entails a reduction of the businesses’ own emissions through fleet investments and switching to renewable fuels. Furthermore, we aim to reduce emissions outside our own operations in cooperation with suppliers and partners.

In November 2025, we communicated that our main strategic alternatives are either to divest ESL Shipping or implement a partial demerger of Aspo. Our aim is to find the best solution for ESL Shipping and Telko in terms of value creationand businesses development. In 2026 we will focus on executing this transformation of Aspo. As communicated recently, I will also take on the role of Managing Director of Telko, and with the team, we will evaluate the integration of Telko’s and Aspo’s operations. We will continue to strengthen Telko and ESL Shipping as stand-alone companies offering attractive investment cases, with clear growth strategies and continued efforts for profitability improvement.