This is a summary of the Interim Report January 1, September 30, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.
July–September 2025
Net sales, Group total decreased to EUR 144.3 (146.6) million
Net sales from continuing operations decreased to EUR 108.1 (113.7) million
Comparable EBITA, Group total grew to EUR 9.6 (8.7) million, 6.6% (5.9%) of net sales
ESL Shipping EUR 3.5 (3.8) million
Telko EUR 4.8 (4.6) million
Discontinued operation EUR 1.9 (1.3) million
Other operations EUR -0.7 (-1.0) million
EBITA, Group total was EUR 10.3 (9.2) million. EBITA of ESL Shipping was EUR 4.6 (3.8) million, of Telko EUR 4.8 (4.6) million and of discontinued operation EUR 1.8 (1.3) million
Comparable ROE, Group total was 14.1% (6.6%)
Comparable EPS, Group total were EUR 0.14 (0.06)
Free cash flow was EUR -8.5 (-40.3) million driven by the Green Coaster investments
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.
After the review period, in October 2025, ESL Shipping sold M/S Kallio to The Qrill Company AS. The sales price of M/S Kallio was approximately EUR 18 million and the sales gain was approximately EUR 10 million.
January–September 2025
Net sales, Group total increased to EUR 458.3 (432.8) million
Net sales from continuing operations increased to EUR 349.8 (335.0) million
Comparable EBITA, Group total grew to EUR 27.5 (21.1) million, 6.0% (4.9%) of net sales
ESL Shipping EUR 12.7 (12.6) million
Telko EUR 13.5 (8.7) million
Discontinued operation EUR 5.1 (3.9) million
Other operations EUR -3.8 (-4.1) million
EBITA, Group total was EUR 26.9 (13.1) million. EBITA of ESL Shipping was EUR 12.3 (4.8) million, of Telko EUR 13.5 (8.6) million and of discontinued operation EUR 5.0 (3.5) million
Comparable ROE, Group total was 13.4% (7.8%)
Comparable EPS, Group total were EUR 0.46 (0.24)
Free cash flow was EUR 0.3 (-17.4) million
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, Group total expectation includes the comparable EBITA of the whole Group, including Leipurin, which is reported as a discontinued operation. The divestment of Leipurin was announced on August 15, 2025.
Assumptions behind the guidance
Aspo's operating environment is expected to remain challenging during 2025. 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 economic recovery. 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 would be an immediate economic recovery. 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 for 2025, with fairly low contractual volumes combined with low spot market pricing. Seasonally volumes are expected to improve for the fourth quarter.
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.
Key figures
7-9/2025
7-9/2024
1-9/2025
1-9/2024
1-12/2024
Net sales Group total, MEUR
144.3
146.6
458.3
432.8
592.6
Net sales from ...
