Financing Structure Q1 2026
Net interest-bearing debt was EUR 161.4 (12/2025: 212.8) million, and the net debt to comparable EBITDA, rolling 12 months ratio was 2.8 (3.3). The net debt includes EUR 54.2 million for financing the advance payments of vessels under construction.
The Group’s equity ratio at the end of the review period was 37.8% (12/2025: 31.9%). The decrease in net interest-bearing debt was mainly caused by the divestment of Leipurin. The net cash inflow from the divestment of Leipurin was EUR 58.5 million, and the reduction in lease liabilities was EUR 4.9 million. The enterprise value (EV) of the transaction was EUR 63 million. Also, the equity ratio increased due to the divestment of Leipurin and due to the temporary positive impact of the 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–March totaled EUR -1.9 (-2.2) million. The average interest rate of interest-bearing liabilities, excluding lease liabilities, continued to decrease and was 4.0% in March 2026 compared to 4.6% in March 2025.
The Group’s cash and cash equivalents stood EUR 50.3 million at the end of the review period (12/2025: EUR 44.0 million including the cash and cash equivalents of the discontinued operation classified as held for sale). 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.
