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 2026Aspo 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.
Key figures
10-12/2025
10-12/2024
1-12/2025
1-12/2024
Net sales Group total, MEUR
158.0
159.8
616.3
592.6
Net sales from continuing operations, MEUR
