Aspo Plc’s Financial Statements Release, January 1 – December 31, 2025: A year with significant profit improvement in a challenging market

Aspo Plc Financial Statements Release February 16, 2026, at 9.00 EET

Aspo Plc’s Financial Statements Release, January 1 – December 31, 2025: A year with significant profit improvement in a challenging market

This is a summary of the Financial Statements Release January 1 – December 31, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.

October–December 2025

• Net sales, Group total was EUR 158.0 (159.8) million
• Net sales from continuing operations decreased to EUR 119.3 (124.5) million
• Comparable EBITA, Group total grew to EUR 8.9 (8.0) million, 5.7% (5.0%) of net sales
  • ESL Shipping EUR 3.8 (4.3) million
  • Telko EUR 4.4 (3.9) million
  • Discontinued operation EUR 2.0 (1.1) million
  • Other operations EUR -1.2 (-1.2) million
• EBITA, Group total was EUR 16.2 (8.1) million. EBITA of ESL Shipping was EUR 13.3 (4.4) million, of Telko EUR 4.0 (3.9) million and of discontinued operation EUR 1.3 (1.1) million
• Comparable ROE, Group total was 10.8% (13.0%)
• Comparable EPS, Group total was EUR 0.06 (0.15)
• Free cash flow was EUR 26.2 (-18.7) million
• Aspo announced in November 2025 that it would continue the strategic evaluation of the company, with the main alternatives including a divestment of ESL Shipping or a possible partial demerger of the company.
• M/S Kallio was sold to The Qrill Company AS in October 2025. The sales price was approximately EUR 18 million and the sales gain was EUR 9.6 million. The sales gain has been excluded from the comparable EBITA.
• The International Science Based Targets initiative (SBTi) approved Aspo’s near-term emissions reduction targets in October 2025.

January–December 2025

• Net sales, Group total increased to EUR 616.3 (592.6) million
• Net sales from continuing operations increased to EUR 469.1 (459.5) million
• Comparable EBITA, Group total grew to EUR 36.5 (29.1) million, 5.9% (4.9%) of net sales
  • ESL Shipping EUR 16.5 (16.9) million
  • Telko EUR 17.9 (12.6) million
  • Discontinued operation EUR 7.1 (5.1) million
  • Other operations EUR -5.0 (-5.4) million
• EBITA, Group total was EUR 43.1 (21.2) million. EBITA of ESL Shipping was EUR 25.5 (9.2) million, of Telko EUR 17.5 (12.5) million, and of discontinued operation EUR 6.3 (4.7) million
• Comparable ROE, Group total was 12.1% (9.2%)
• Comparable EPS, Group total was EUR 0.51 (0.39)
• Free cash flow was EUR 26.5 (-36.1) million
• On August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. The sale is expected to generate a gain of approximately EUR 16 million. The transaction is subject to regulatory approvals, and it is expected to be completed in the first quarter of 2026. Consequently, Leipurin is presented as a discontinued operation, and the comparative figures have been restated.

• The Board proposes a dividend of EUR 0.25 (0.19) per share for financial year 2025.

Figures from the corresponding period in 2024 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 announced on August 15, 2025, and it is expected to be completed during the first quarter of 2026.

Assumptions behind the guidance

Economic growth is expected to slowly revive throughout the year in our core markets, however, the markets are expected to continue challenging in the early part of the year. Geopolitical uncertainty and global trade tensions are also expected to have a negative impact on economic growth and global trade 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 costs 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 from the current low levels. High level of dockings is expected to negatively impact the second quarter of the year.

For Telko, overall stable market development is expected going forward. Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition-related expenses are excluded from the comparable EBITA.

The calculation principles of key figures are included in Aspo’s Board of Directors’ 2024 report. The figures presented in this financial statements release have been individually rounded or calculated based on exact figures, so the figures may not add up to rounded totals.

Rolf Jansson, CEO of Aspo Group, comments on the fourth quarter of 2025:

When reviewing the full year 2025, Aspo grew its comparable EBITA, Group total to EUR 36.5 (29.1) million. This profitability improvement of more than 25% was achieved in a challenging market during 2025. This shows that the actions taken, both strategic and operational improvements, are yielding results. In 2025, the earnings per share (EPS) Group total increased to EUR 0.72 (0.14) both because of the profitability improvement and due to a successful divestment of M/S Kallio to the Norwegian The Qrill Company AS in October 2025. The entire personnel of Aspo deserves recognition for this great achievement -thank you for a successful 2025!

In the fourth quarter, Aspo’s net sales Group total remained at last year’s level due to the challenging market conditions. Aspo’s comparable EBITA Group total grew and was EUR 8.9 million, compared with EUR 8.0 million in the corresponding period in the previous year.

ESL Shipping’s comparable EBITA declined to EUR 3.8 (4.3) million. ESL Shipping’s profitability was negatively impacted, especially in the Coaster vessel segment, by the continued weak spot market and softer than expected forest industry demand. These drivers are unchanged from the previous quarter, but further actions have been taken to improve profitability, including fleet renewal and actions for improving capacity utilization.

Telko improved its comparable EBITA to EUR 4.4 (3.9) million due to higher sales margin, driven by a higher share of specialty products. Volumes were in decline, driven by modest demand particularly in Europe. Developing the supply chain and transforming poorly performing businesses contributed to the improved financial performance.

On August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. We expect the divestment of Leipurin to be completed during the first quarter of 2026, as obtaining the regulatory approvals has progressed according to plan.

Leipurin’s positive profitability development trend continued, and the comparable EBITA of discontinued operations was EUR 2.0 (1.1) million. Profitability improvement was boosted by EUR 0.6 million, as no depreciation was recognized, but in a like-for-like comparison, Leipurin’s profitability also improved by approximately EUR 0.3 million.

The International Science Based Targets initiative (SBTi) approved Aspo’s near-term emissions reduction targets in October 2025. This entails a reduction of the businesses’ own emissions through fleet investments and switching to renewable fuels. Furthermore, we aim to reduce emissions outside our own operations in cooperation with suppliers and partners. 

In November 2025, we communicated that our main strategic alternatives are either to divest ESL Shipping or implement a partial demerger of Aspo. Our aim is to find the best solution for ESL Shipping and Telko in terms of value creation and businesses development. In 2026 we will focus on executing this transformation of Aspo. As communicated recently, I will also take on the role of Managing Director of Telko, and with the team, we will evaluate the integration of Telko’s and Aspo’s operations. We will continue to strengthen Telko and ESL Shipping as stand-alone companies offering attractive investment cases, with clear growth strategies and continued efforts for profitability improvement.

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%, Telko’s 8% and Leipurin’s 5%. Leipurin is reported as a discontinued operation.

In January–December 2025, Aspo’s net sales Group total grew by 4.0% to EUR 616.3 (592.6) million. The comparable EBITA Group total rate stood at 5.9% (4.9%). Comparable return on equity Group total was 12.1% (9.2%) and the net debt to comparable EBITDA Group total, rolling 12 months ratio was 3.6 (3.2).

The Board of Directors’ dividend proposal

According to Aspo’s dividend policy, Aspo’s dividend growth is based on positive profitability development with the aim to pay-out annually up to 50% of net profit as dividend. The ambition is to gradually increase the amount of dividends, while considering the financing needs of growth initiatives with strategic priority.

The Board of Directors proposes to the Annual General Meeting of Aspo Plc to be held on April 17, 2026, that EUR 0.25 per share be distributed in dividends for the 2025 financial year, and that no dividend be paid for shares held by Aspo Plc. The proposed dividend represents 49% of Aspo’s comparable earnings per share for 2025. It is proposed that the dividend be paid in one instalment.

It is proposed that the dividend of EUR 0.25 per share be paid to shareholders registered on the record date of April 21, 2026, in the company’s register of shareholders maintained by Euroclear Finland Oy. The Board proposes that the payment date for the dividend will be April 28, 2026.

On December 31, 2025, the distributable funds of the parent company were EUR 50,425,376.24, with the profit for the financial year totaling EUR 16,086,605.41. There are a total of 31,292,617 shares entitled to dividends on the publication date of this financial statement release. As a result, the proposed dividend would total EUR 7.8 million.

No material changes have taken place in respect of Aspo’s financial position since the balance sheet date. In the opinion of the Board of Directors, the proposed distribution of profits does not risk the solvency of the company.

Espoo, February 16, 2026

Aspo Plc
Board of Directors

News conference for analysts, investors and the media

A news conference for analysts, investors and the media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on February 16, 2026, at 12.00 p.m. The event is also open to private investors, and participants are requested to register beforehand by emailing viestinta@aspo.com. The financial statements release 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/q4-2025.

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-Financial-Statements-Release-Q4-2025