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
1–3/2026
1–3/2025
1–12/2025
Net sales from continuing operations, MEUR
114.1
116.0
469.1
EBITA Group total, MEUR
19.7
7.7
43.1
EBITA from continuing operations, MEUR
6.5
6.1
36.8
Comparable EBITA from continuing operations, MEUR
7.1
7.3
29.4
Comparable EBITA from continuing operations, %
6.3
6.3
6.3
