Financing Structure Q4 2025
Net interest-bearing debt was EUR 212.8 (188.0) million, and the net debt to comparable EBITDA, rolling 12 months ratio was 3.6 (3.2). The net debt includes EUR 56.0 million for financing the advance payments of vessels under construction. The increase in net interest-bearing debt was mainly caused by the repayment of the hybrid bond of EUR 30.0 million, which had previously been accounted for as a component of equity, as well as Green Coaster investments.
The Group’s equity ratio at the end of the review period was 31.9% (36.9%). The equity ratio decreased due to the redemption of the hybrid bond and the temporary impact of the losses of hedge-accounted currency derivatives recognized in equity. The cash flow hedge relates to the remaining USD 180 million investment in the four Green Handy vessels. The hedge result is recognized in the acquisition value of the vessels when the investment is paid.
Net financial expenses in January–December totaled EUR -7.5 (-8.5) million. The decrease in net financial expenses was mainly explained by a revision of the earn-out liabilities related to Telko’s acquisitions of EUR 2.9 million recognized as financial income. The average interest rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, compared with 4.8% in December 2024.
The Group’s cash and cash equivalents stood at EUR 44.0 (36.4) million at the end of the year. This amount also includes the cash and cash equivalents of discontinued operations. Committed revolving credit facilities, totaling EUR 40 million, were fully unused, as in the comparative period. The revolving credit facilities are maturing in 2027. Aspo’s EUR 80 million commercial paper program was also fully unused.
