Aspo Plc’s Half-year Financial Report, January 1 – June 30, 2025: Continued profit improvement in a challenging market

Aspo Plc Half-year Financial Report August 18, 2025, at 9.00 am EEST

Aspo Plc’s Half-year Financial Report, January 1 – June 30, 2025: Continued profit improvement in a challenging market

This is a summary of the Half-year Financial Report January 1 – June 30, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.

April–June 2025

• Net sales increased to EUR 162.8 (153.5) million
• Comparable EBITA grew to EUR 9.2 (7.4) million, 5.6% (4.8%) of net sales. The comparable EBITA of ESL Shipping was EUR 5.0 (6.1) million, Telko EUR 4.3 (1.8) million, and Leipurin EUR 1.7 (1.3) million
• EBITA was EUR 8.9 (6.9) million. EBITA of ESL Shipping was EUR 4.7 (5.9) million, Telko EUR 4.3 (1.7) million, and Leipurin EUR 1.7 (1.0) million
• Comparable ROE was 16.5% (9.9%)
• Comparable earnings per share were EUR 0.19 (0.09)
• Free cash flow was EUR 13.2 (26.4) million driven by investments
• Aspo repaid the hybrid bond of EUR 30 million and the related interest of EUR 2.6 million in June
• After the reporting period, on August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. Upon completion, the transaction is estimated to generate a sales gain of approximately EUR 16 million. The closing of the transaction is subject to regulatory approvals and it is expected to be completed in the first quarter of 2026

January–June 2025

• Net sales increased to EUR 314.0 (286.2) million
• Comparable EBITA grew to EUR 18.0 (12.4) million, 5.7% (4.3%) of net sales. The comparable EBITA of ESL Shipping was EUR 9.1 (8.8) million, Telko EUR 8.7 (4.2) million, and Leipurin EUR 3.1 (2.5) million
• EBITA was EUR 16.6 (3.9) million. EBITA of ESL Shipping was EUR 7.7 (1.0) million, Telko EUR 8.7 (4.1) million, and Leipurin EUR 3.1 (2.1) million
• Comparable ROE was 14.3% (8.0%)
• Comparable earnings per share were EUR 0.31 (0.18)
• Free cash flow was EUR 8.8 (22.9) million driven by investments

Figures from the corresponding period in 2024 are presented in brackets.

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 expectation includes the comparable EBITA of the whole Group, including Leipurin business. The divestment of Leipurin was announced on August 15, 2025.

Assumptions behind the guidance

Aspo’s operating environment is expected to remain challenging during the second half of the year. Continued geopolitical uncertainty and global trade tensions are expected to have a negative impact on economic growth and global trade. Increased defense and infrastructure spending in Europe may support the economic recovery towards the end of the year. Aspo’s profit improvement for the year is expected to come mainly from the profit generation of the Green Coaster vessels, from Telko’s and Leipurin’s acquisitions completed in 2024, as well as from various intensified profit improvement actions throughout Aspo’s businesses. The higher end of the estimated comparable EBITA range may be realized if all the planned profit improvement measures are successful, and there will be a clear economic recovery during the second half of the year. The lower end of the range may be realized if the economic recovery is further delayed, or significant volumes would be lost or margins impacted negatively due to some unforeseen negative events. Continued trade tensions may have an indirect negative impact on the volumes and price levels of Aspo’s businesses. Direct impacts are expected to be modest.

For ESL Shipping, demand is expected to continue weak during the second half of the year, with fairly low contractual volumes combined with low spot market pricing. Volumes are expected to be soft during the third quarter of 2025 and slowly revive towards the end of the year.

For Telko, overall stable market development is expected going forward. After successfully completing three acquisitions in 2024, the focus in 2025 is on integrating the acquired companies and securing organic growth and positive profitability development. Acquisition-related expenses are expected to be at a clearly lower level in 2025 than in 2024.

For Leipurin, the market is expected to be stable. There continues to be opportunities for growth in the food industry, where the addressable market for Leipurin is multiple compared to the bakery sector. Leipurin remains in a good position to continue improving its profitability.