Result center
Summary of the Q2 2026 Release:
April–June 2026
- Net sales from continuing operations was EUR 131.2 (125.7) million
- Comparable EBITA from continuing operations was EUR 10.8 (7.5) million, 8.2% (6.0%) of net sales. The comparable EBITA of ESL Shipping was EUR 3.8 (5.0) million and of Telko EUR 8.2 (4.3) million
- EBITA Group total was EUR 10.1 (8.9) million. EBITA of ESL Shipping was EUR 3.6 (4.7) million and of Telko EUR 8.6 (4.3) million
- Comparable ROE Group total was 27.4% (16.5%)
- Comparable earnings per share from continuing operations were EUR 0.39 (0.15)
- Free cash flow was EUR -14.6 (13.2) million mainly driven by investments in vessels and increase in working capital
Figures from the corresponding period in 2025 are presented in brackets.
January–June 2026
- Net sales from continuing operations was EUR 245.2 (241.7) million
- Comparable EBITA from continuing operations was EUR 17.9 (14.8) million, 7.3% (6.1%) of net sales. The comparable EBITA of ESL Shipping was EUR 7.1 (9.1) million and of Telko EUR 12.9 (8.7) million
- EBITA Group total was EUR 29.8 (16.6) million. EBITA of ESL Shipping was EUR 6.9 (7.7) million, Telko EUR 12.8 (8.7) million, and discontinued operation EUR 13.1 (3.2) million
- Comparable ROE Group total was 19.9% (14.3%)
- Comparable earnings per share from continuing operations were EUR 0.50 (0.24)
- Free cash flow was EUR 35.4 (8.8) million driven by the divestment of Leipurin
- On March 2, 2026, Aspo completed the divestment of Leipurin to Lantmännen at an enterprise value of EUR 63 million.
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
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.
Key figures
| |
4–6/2026 |
4–6/2025 |
1–6/2026 |
1–6/2025 |
1–12/2025 |
| Net sales from continuing operations, MEUR |
131.2 |
125.7 |
245.2 |
241.7 |
469.1 |
| EBITA Group total, MEUR |
10.1 |
8.9 |
29.8 |
16.6 |
43.1 |
| EBITA from continuing operations, MEUR |
10.1 |
7.2 |
16.7 |
13.3 |
36.8 |
| Comparable EBITA from continuing operations, MEUR |
10.8 |
7.5 |
17.9 |
14.8 |
29.4 |
| Comparable EBITA from continuing operations, % |
8.2 |
6.0 |
7.3 |
6.1 |
6.3 |
| Profit for the period Group total, MEUR |
12.1 |
6.6 |
28.1 |
10.4 |
28.0 |
| Comparable profit for the period from continuing operations, MEUR |
12.8 |
5.7 |
16.5 |
9.6 |
15.8 |
| Earnings per share (EPS) Group total, EUR |
0.37 |
0.18 |
0.87 |
0.27 |
0.72 |
| Comparable EPS from continuing operations, EUR |
0.39 |
0.15 |
0.50 |
0.24 |
0.34 |
| Free cash flow, MEUR |
-14.6 |
13.2 |
35.4 |
8.8 |
26.5 |
| Free cash flow per share, EUR |
-0.5 |
0.4 |
1.1 |
0.3 |
0.8 |
| |
|
|
|
|
|
| Comparable ROCE from continuing operations, % |
11.3 |
8.3 |
9.6 |
8.3 |
8.3 |
| Return on equity (ROE) Group total, % |
25.9 |
15.8 |
31.9 |
12.6 |
15.9 |
| Comparable ROE Group total, % |
27.4 |
16.5 |
19.9 |
14.3 |
12.1 |
| Invested capital from continuing operations, MEUR |
|
|
389.7 |
354.5 |
355.6 |
| Net debt Group total, MEUR |
|
|
184.9 |
224.2 |
212.8 |
| Net debt / comparable EBITDA, 12 months rolling |
|
|
3.1 |
3.7 |
3.6 |
| Equity per share, EUR |
|
|
5.34 |
4.05 |
4.58 |
| Equity ratio, % |
|
|
39.2 |
27.6 |
31.9 |
The calculation principles of key figures are included in Aspo’s Board of Directors’ Report for the year 2025. The figures presented in this Half-year Financial Report have been individually rounded or calculated based on exact figures so the figures may not add to rounded totals.
