Financing Structure Q3 2025
Net interest-bearing debt was EUR 233.4 (12/2024: 188.0) million, and the net debt to comparable EBITDA, rolling 12 months ratio was 3.9 (2.8). 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 28.9% (12/2024: 36.9%). The equity ratio decreased due to redemption of the hybrid bond, and the temporary impact of the unrealized losses 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.
Net financial expenses in January–September totaled EUR -4.8 (-7.7) million. The decrease in net financial expenses was mainly explained by a revision of the earn-out liabilities relating to Telko’s acquisitions of EUR 3.2 million recognized as financial income in the second quarter of 2025. The average interest rate of interest-bearing liabilities, excluding lease liabilities, continued to decrease and was 4.1% in September 2025 compared to 5.4% in September 2024.
The Group’s cash and cash equivalents stood at EUR 28.6 (12/2024: 36.4) million at the end of the review period. This amount includes also 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.
Bonds
In May 2025, Aspo announced that it will exercise its right to redeem its EUR 30 million 8.75 percent hybrid bond issued on June 14, 2022. On June 16, 2025, Aspo paid the holders of the hybrid bond a redemption price equal to the principal amount of the note together with accrued interest of EUR 2.6 million.
In April 2025, Aspo participated in a multi-issuer bond guaranteed by Garantia with EUR 15 million loan share. The bond’s maturity is five years.
