Aspo Plc’s Interim Report, January 1 – March 31, 2026: Stable performance in a challenging operating environment

Aspo Plc Interim Report April 27, 2026 at 9.00 EEST

Aspo Plc’s Interim Report, January 1 – March 31, 2026: Stable performance in a challenging operating environment

This is a summary of the Interim Report January 1 – March 31, 2026 of Aspo Plc. The complete report is attached to this release and available at aspo.com.

January–March 2026

• Net sales from continuing operations was EUR 114.1 (116.0) million
• Comparable EBITA from continuing operations was EUR 7.1 (7.3) million, 6.3% (6.3%) of net sales. The comparable EBITA of ESL Shipping was EUR 3.3 (4.1) million and of Telko EUR 4.7 (4.4) million
• EBITA Group total was EUR 19.7 (7.7) million. EBITA of ESL Shipping was EUR 3.3 (3.0) million, Telko EUR 4.2 (4.4) million, and discontinued operation EUR 13.1 (1.5) million
• Comparable ROE Group total was 11.1% (10.6%)
• Comparable earnings per share from continuing operations were EUR 0.10 (0.09)
• Free cash flow was EUR 50.0 (-4.4) 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.

Figures from the corresponding period in 2025 are presented in brackets.

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 from Telko’s acquisitions, and a reduction of Aspo-level costs while the implementation of Aspo’s strategic transformation continues. 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 for 2026, with spot market pricing also gradually improving. High level of dockings is expected to negatively impact the second quarter of the year.

Short term, Telko is expected to benefit from the increasing prices and higher volumes, while the underlying volume growth is expected to continue modest. On a longer-term, prices and customers’ inventory levels are expected to normalize from the current highs. Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition-related expenses are excluded from the comparable EBITA.

Key figures

The calculation principles of key figures are included in Aspo’s Board of Directors’ Report for the year 2025. The figures presented in this interim report have been individually rounded or calculated based on exact figures so the figures may not add to rounded totals.

Rolf Jansson, CEO of Aspo Group, comments on the first quarter of 2026:

For January-March 2026, I am happy with the continued strong development of Telko, whereas ESL Shipping’s performance suffered from the challenging market and operating environment. Aspo’s priority for 2026 is to improve profitability from last year via executing Telko-wide synergies, benefitting from the investments made in new vessels of ESL Shipping and executing various measures for improving efficiency. In parallel, Aspo will continue to implement the communicated vision of splitting ESL Shipping and Telko into two separate companies, either via a partial demerger of Aspo or a divestment of ESL Shipping.

On March 2, the divestment of Leipurin to Lantmännen was completed with a purchase price of EUR 62 million (enterprise value of EUR 63 million). This was a major milestone for Aspo and it strengthened significantly the company’s balance sheet and in particular the ability of Telko to execute further acquisitions.

In Aspo’s first quarter of 2026, comparable EBITA from continuing operations declined slightly compared to the first quarter of the previous year, reaching EUR 7.1 (7.3) million. ESL Shipping’s profitability weakened, whereas positive financial performance for Telko and reduced Aspo Group level costs contributed positively to Aspo’s profitability.

The comparable EBITA of ESL Shipping declined in the first quarter to EUR 3.3 (4.1) million, due to overall weak demand in the early part of the quarter and increased fuel costs due to the war in Iran.

Telko experienced significant volume growth during the first quarter of 2026, despite modest demand in most market areas. Average market prices were below those of the previous year. The first quarter comparable EBITA of 2026 increased to EUR 4.7 (4.4) million because of successful margin management and some positive impact from prices increasing towards end of the quarter.

The immediate impact of the war in Iran is somewhat negative for ESL Shipping, as higher fuel costs are passed on to the clients with a small delay. However, there is a positive impact for Telko, as old inventory can partly be sold against positively developing market prices. However, a prolonged crisis could have a negative indirect impact on both of Aspo’s businesses, because of a possible slow-down in economic growth.

We see strong signs that the developed business strategies are successful. The next generation vessels of ESL Shipping are more profitable compared to the old fleet, and the focus on long-term customer partnerships creates stability. Telko’s successful acquisitions and focus on specialty products and value-added services have improved sales margins and created resilience. In both cases, we have been able to build foundations for developing the businesses into strong stand-alone companies.

Aspo Group

Financial performance and targets

Aspo’s long-term financial targets at Group total level are: minimum increase in net sales: 5–10% a year; comparable EBITA of 8%; return on equity: more than 20%; net debt to comparable EBITDA, rolling 12 months ratio below 3.0. At a business level, ESL Shipping’s long-term comparable EBITA target is 14% and Telko’s 8%.

In January–March 2026, Aspo’s net sales from continuing operations total decreased by 1.7% to EUR 114.1 (116.0) million. The comparable EBITA from continuing operations rate stood at 6.3% (6.3%). Comparable return on equity Group total was 11.1% (10.6%) and the net debt to comparable EBITDA Group total, rolling 12 months ratio was 2.8 (3.3).

Progress towards Aspo’s strategic vision

Aspo’s vision is to form two separate companies in the future. The goal is to implement the divestment of ESL Shipping or the partial demerger of Aspo by the end of 2026.

Aspo is in the process of developing ESL Shipping and Telko into stand-alone companies. Preparations for a possible partial demerger are progressing, while in parallel, the dialogue with potential buyer candidates for ESL Shipping continues. Discussions with financial institutions are ongoing, to secure financing for the stand-alone companies. As communicated earlier, the company is executing a profitability improvement program in ESL Shipping focusing on commercial excellence, fleet optimization and capacity utilization.

Telko is renewing its strategy with the ambition to invest in both organic growth and in acquisitions to reach leading positions in prioritized market segments. In addition to strategy development, a profit improvement program will be launched focusing on growth, commercial excellence and operational leverage. To fully capture synergies in volume chemicals and value-adding services and to integrate the full range of specialty products under the same umbrella, Telko is organized into two business units as of May 1, 2026: Essential Solutions (appr. 1/3 of net sales) and Advanced Materials (appr. 2/3 of net sales).

Espoo, April 27, 2026
Aspo Plc
Board of Directors

News conference for analysts, investors and media

A news conference for analysts, investors and the media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on April 27, 2026, at 12.00 p.m. The event is also open to private investors. Participants are requested to register beforehand by emailing viestinta@aspo.com. The interim report will be presented by CEO Rolf Jansson and CFO Erkka Repo.

The event will be held in English, and it can also be followed as a live webcast at https://aspo.events.inderes.com/q1-2026.

Questions can be asked through a webcast form.

A recording of the event will be available later the same day on the company’s website aspo.com.

For more information. please contact:

Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com

Distribution:
Nasdaq Helsinki
Key media
www.aspo.com

Attachment

• Aspo Plc Interim Report Q12026