Financial information

Aspo’s Interim Report for January–September was published on November 3, 2025.

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Aspo-Q3-2025

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Summary of the Q3 2025 Interim Report:

July–September 2025

  • Net sales, whole Group decreased to EUR 144.3 million (146.6)
  • Net sales from continuing operations decreased to EUR 108.1 million (113.7)
  • Comparable EBITA, whole Group increased to EUR 9.6 million (8.7), or 6.6% (5.9) of net sales
    • ESL Shipping EUR 3.5 million (3.8)
    • Telko EUR 4.8 million (4.6)
    • Discontinued operation EUR 1.9 million (1.3)
    • Other operations EUR -0.7 million (-1.0)

  • EBITA, whole Group was EUR 10.3 million (9.2). ESL Shipping’s EBITA was EUR 4.6 million (3.8), Telko’s EUR 4.8 million (4.6) and the discontinued operation’s EUR 1.8 million (1.3).
  • Comparable return on equity (ROE), whole Group was 14.1% (6.6).
  • Comparable earnings per share, whole Group were EUR 0.14 (0.06).
  • Free cash flow was EUR -8.5 million (-40.3) due to Green Coaster investments.
  • On August 15, 2025, Aspo signed an agreement to sell its Leipurin business to Lantmännen at a debt-free enterprise value of EUR 63 million. The transaction is expected to generate a capital gain of approximately EUR 16 million. Completion of the transaction is subject to regulatory approvals and is expected to take place in the first quarter of 2026. As a result, Leipurin is presented as a discontinued operation and the comparison figures have been restated.
  • After the review period, in October 2025, ESL Shipping sold the vessel M/S Kallio to The Qrill Company AS. The sale price of M/S Kallio was approximately EUR 18 million and the capital gain approximately EUR 10 million.

January–September 2025

  • Net sales, whole Group increased to EUR 458.3 million (432.8)
  • Net sales from continuing operations increased to EUR 349.8 million (335.0)
  • Comparable EBITA, whole Group increased to EUR 27.5 million (21.1), or 6.0% (4.9) of net sales
    • ESL Shipping EUR 12.7 million (12.6)
    • Telko EUR 13.5 million (8.7)
    • Discontinued operation EUR 5.1 million (3.9)
    • Other operations EUR -3.8 million (-4.1)
  • EBITA, whole Group was EUR 26.9 million (13.1). ESL Shipping’s EBITA was EUR 12.3 million (4.8), Telko’s EUR 13.5 million (8.6) and the discontinued operation’s EUR 5.0 million (3.5).
  • Comparable return on equity (ROE), whole Group was 13.4% (7.8).
  • Comparable earnings per share, whole Group were EUR 0.46 (0.24).
  • Free cash flow was EUR 0.3 million (-17.4).

Key figures

          
  7-9/2025 7-9/2024 1-9/2025 1-9/2024 1-12/2024
           
Net sales, whole Group, EURm 144,3 146,6 458,3 432,8 592,6
Net sales from continuing operations, EURm 108,1 113,7 349,8 335,0 459,5
EBITA, whole Group, EURm 10,3 9,2 26,9 13,1 21,2
Comparable EBITA, whole Group, EURm 9,6 8,7 27,5 21,1 29,1
Comparable EBITA from continuing operations, EURm 6,6 5,9 6,0 4,9 4,9
EBITA from continuing operations, EURm 8,6 7,8 21,9 9,6 16,6
Comparable EBITA from continuing operations, EURm 7,6 7,3 22,4 17,2 24,1
Comparable EBITA from continuing operations, % 7,1 6,4 6,4 5,1 5,2
Profit for the period, whole Group, EURm 6,0 3,4 16,4 1,2 7,3
Comparable profit for the period from continuing operations, EURm

3,5 2,2 13,1 6,3 11,6
         
Earnings per share (EPS), whole Group, EUR 0,17 0,07 0,43 -0,02 0,14
Comparable EPS, whole Group, EUR 0,14 0,06 0,46 0,24 0,39
Comparable EPS from continuing operations, EUR 0,09 0,03 0,33 0,14 0,27
Free cash flow, EURm -8,5 -40,3 0,3 -17,4 -36,1
Free cash flow per share, EUR -0,3 -1,3 0,0 -0,6 -1,2
           
Comparable ROCE from continuing operations, % 8,4 9,9 8,2 7,6 7,7
Return on equity (ROE), whole Group, % 16,2 7,7 12,9 1,0 4,4
Comparable ROE, whole Group, % 14,1 6,6 13,4 7,8 9,2
Capital employed from continuing operations, EURm     373,8 331,4 353,9
Net debt, whole Group, EURm     233,4 167,8 188,0
Net debt / comparable EBITDA, 12-month rolling     3,9 2,8 3,2
Equity per share, EUR     4,25 4,70 5,13
Equity ratio, %
     28,9 37,2 36,9

 

The principles for calculating key figures are presented in Aspo’s Financial Statements for 2024. The figures presented in this interim report have been rounded individually or calculated based on exact figures, and thus they may not add up to the rounded totals.

 

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 estimate includes the comparable EBITA for the entire Group, including Leipurin’s business operations. The sale of Leipurin was announced on August 15, 2025.

Assumptions behind the guidance

Aspo’s operating environment is expected to remain challenging in 2025. Ongoing geopolitical uncertainty and global trade tensions are anticipated to have a negative impact on economic growth and international trade. Increased defense and infrastructure spending in Europe may support an economic recovery. Aspo’s full-year profit improvement is expected to be driven mainly by the performance of the Green Coaster vessels, the acquisitions of Telko and Leipurin completed in 2024, and various enhanced profit improvement measures in Aspo’s businesses. The upper end of the expected range for comparable EBITA may be reached if all planned profit improvement measures succeed and the economic recovery is immediate. The lower end of the range may materialize if the economic recovery is further delayed or if significant volumes are lost or margins decrease due to unforeseen adverse events. Continued trade tensions may have an indirect negative effect on the volumes and price levels of Aspo’s businesses. The direct impacts are expected to be limited.

Demand for ESL Shipping is expected to remain weak in 2025. Contract volumes are expected to remain relatively low and spot market prices low. Seasonally, volumes are expected to improve in the fourth quarter.

Telko’s markets are generally expected to develop in a stable manner. Following the successful completion of three acquisitions in 2024, the focus in 2025 will be on integrating the acquired companies. In addition, key priorities include ensuring organic growth and positive profitability development. Acquisition-related costs are expected to be clearly lower in 2025 than in 2024.

For Leipurin, the markets are expected to remain stable. There are still growth opportunities in the food industry, where Leipurin’s addressable market is many times larger than that of the bakery industry. Leipurin’s business continues to have good potential to further improve its profitability.

 

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Aspo's financial performance - key ratios by quarter
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Old key figures (until Q1/2024)
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Key figures by quarter (cumulative)
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Updated: 04.02.2026