Result center
Summary of the Q4 2025 Financial Statements Release:
January-March 2026
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Net sales from continuing operations was EUR 114.1 (116.0) million
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Comparable EBITA from continuing operations was EUR 7.1 (7.3) million, 6.3% (6.3%) of net sales. The comparable EBITA of ESL Shipping was EUR 3.3 (4.1) million and of Telko EUR 4.7 (4.4) million
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EBITA Group total was EUR 19.7 (7.7) million. EBITA of ESL Shipping was EUR 3.3 (3.0) million, Telko EUR 4.2 (4.4) million, and discontinued operation EUR 13.1 (1.5) million
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Comparable ROE Group total was 11.1% (10.6%)
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Comparable earnings per share from continuing operations were EUR 0.10 (0.09)
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Free cash flow was EUR 50.0 (-4.4) million driven by the divestment of Leipurin
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On March 2, 2026, Aspo completed the divestment of Leipurin to Lantmännen at an enterprise value of EUR 63 million.
Figures from the corresponding period in 2025 are presented in brackets.
| Key Figures |
|
1–3/2026
|
1–3/2025
|
1–12/2025
|
|
Net sales from continuing operations, MEUR
|
|
114.1
|
116.0
|
469.1
|
|
EBITA Group total, MEUR
|
|
19.7
|
7.7
|
43.1
|
|
EBITA from continuing operations, MEUR
|
|
6.5
|
6.1
|
36.8
|
|
Comparable EBITA from continuing operations, MEUR
|
|
7.1
|
7.3
|
29.4
|
|
Comparable EBITA from continuing operations, %
|
|
6.3
|
6.3
|
6.3
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|
Profit for the period Group total, MEUR
|
|
16.1
|
3.9
|
28.0
|
|
Comparable profit for the period from continuing operations, MEUR
|
|
3.7
|
3.9
|
15.8
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|
Earnings per share (EPS) Group total, EUR
|
|
0.50
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0.09
|
0.72
|
|
Comparable EPS from continuing operations, EUR
|
|
0.10
|
0.09
|
0.34
|
|
Free cash flow, MEUR
|
|
50.0
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-4.4
|
26.5
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|
Free cash flow per share, EUR
|
|
1.6
|
-0.1
|
0.8
|
| |
|
|
|
|
|
Comparable ROCE from continuing operations, %
|
|
7.9
|
8.1
|
8.3
|
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Return on equity (ROE) Group total, %
|
|
37.0
|
8.2
|
15.9
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|
Comparable ROE Group total, %
|
|
11.1
|
10.6
|
12.1
|
|
Invested capital from continuing operations, MEUR
|
|
371.2
|
366.9
|
355.6
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|
Net debt Group total, MEUR
|
|
161.4
|
198.2
|
212.8
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|
Net debt / comparable EBITDA, 12 months rolling
|
|
2.8
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3.3
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3.6
|
|
Equity per share, EUR
|
|
5.18
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5.18
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4.58
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Equity ratio, %
|
|
37.8
|
36.6
|
31.9
|
The calculation principles of key figures are included in Aspo’s Board of Directors’ 2025 report. The figures presented in this financial statements release have been individually rounded or calculated based on exact figures, so the figures may not add up to rounded totals.
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 announced on August 15, 2025, and it is expected to be completed during the first quarter of 2026.
Assumptions behind the guidance
Economic growth is expected to slowly revive throughout the year in our core markets, however, the markets are expected to continue challenging in the early part of the year. Geopolitical uncertainty and global trade tensions are also expected to have a negative impact on economic growth and global trade 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 from Telko’s acquisitions, and a reduction of Aspo-level costs while the implementation of Aspo’s strategic transformation continues. Possible costs 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 for 2026, with spot market pricing also gradually improving from the current low levels. High level of dockings is expected to negatively impact the second quarter of the year.
For Telko, overall stable market development is expected going forward. Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition-related expenses are excluded from the comparable EBITA.
