Financial targets and guidance

Financial targets

The Board of Directors of Aspo has approved new medium-term financial targets and dividend policies for both ESL Shipping Group and Telko Group. The following financial targets and dividend policies are conditional upon the completion of the demerger and will become effective on the demerger completion date.

ESL Shipping Group:

Comparable EBIT more than EUR 40 million in 2030
Return on equity above 20%
Equity ratio above 35%
The goal is to annually distribute approximately 50% of profit for the period in dividends

The financing of ESL Shipping Group's investment program will affect the equity ratio and dividend-paying capacity in the coming years, for the duration of the current significant investment program.

Telko Group:

Net sales more than EUR 500 million in 2030
Comparable EBITA margin above 8% in 2030
Return on equity above 20%
Net debt to comparable EBITDA below 2.5x
The goal is to annually distribute approximately 30% of profit for the period in dividends

Guidance for 2026:

Aspo Group’s comparable EBITA from continuing operations is expected to increase compared with the previous year (EUR 29.4 million in 2025).

Aspo Group’s comparable EBITA from continuing operations excludes Leipurin, which is reported as a discontinued operation. The divestment of Leipurin was completed on March 2, 2026.

Assumptions behind the guidance (published 3.8.2026)
Economic growth is expected to slowly revive throughout the year in our core markets. Geopolitical uncertainty, war in Iran, and global trade tensions are also expected to have a negative impact on economic growth, inflation, global trade and supply chains going forward. Aspo’s profit improvement for 2026 is expected to come mainly from various profit improvement actions in ESL Shipping and Telko, fleet renewal and improved fleet utilization in ESL Shipping, continued synergy capture facilitated by Telko’s new operating model and a reduction of Aspo-level costs. Possible expenses related to the execution of Aspo’s strategic transformation are excluded from Aspo’s comparable EBITA.

For ESL Shipping, demand is expected to slightly improve in 2026, with spot market pricing also expected to gradually improve. Dockings are expected to have slight negative financial impact during the third quarter of the year.

For Telko, underlying volume demand is expected to be stable or slightly increase compared with the previous year. Price levels are expected to remain stable or decline in the second half of 2026 compared with the current levels. Once the oil price and chemicals supply chain disruptions have normalized, prices and customers’ inventory levels are expected to decrease from the current highs in the volume products. Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition-related expenses are excluded from the comparable EBITA.

Previous guidance

Guidance for 2025

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

Aspo Group’s comparable EBITA, Group total expectation includes the comparable EBITA of the whole Group, including Leipurin, which is reported as a discontinued operation. The divestment of Leipurin was announced on August 15, 2025.

Assumptions behind the guidance (published 3.11.2025)

Aspo’s operating environment is expected to remain challenging during 2025. 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 economic recovery. 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 would be an immediate economic recovery. 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 for 2025, with fairly low contractual volumes combined with low spot market pricing. Seasonally volumes are expected to improve for the fourth quarter.

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.

Financial targets and guidance