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Aspo (ASPO) investor relations material
Aspo Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
EBITA increased by 25% to EUR 36.5 million in 2025, with net sales up 4% and EBITA margin at 5.99%, despite challenging markets.
Reported EBITA reached EUR 43.1 million, including a EUR 9.6 million gain from the M/S Kallio vessel sale.
EPS rose to EUR 0.72, with comparable EPS at EUR 0.51.
Strategic transformation advanced: Leipurin divestment to Lantmännen expected in Q1 2026 and possible demerger or sale of ESL Shipping by end of 2026.
Board proposes a dividend of EUR 0.25 per share, about 49% of comparable EPS.
Financial highlights
Comparable EBITA: EUR 36.5 million (5.9% margin), up from EUR 29.1 million (4.9%).
Free cash flow EUR 26.5 million, a turnaround from EUR -36.1 million in 2024.
Net sales grew by 4% to EUR 616.3 million, supported by acquisitions.
Net debt decreased to EUR 212.8 million, with Net Debt/EBITDA at 3.6.
Dividend yield close to 4% based on year-end share price and proposed dividend.
Outlook and guidance
Comparable EBITA from continuing operations (excluding Leipurin) is expected to increase in 2026 from EUR 29.4 million in 2025.
Profit improvement expected from ESL Shipping and Telko, fleet renewal, synergy capture, and cost reductions.
Economic growth in core markets expected to revive slowly, with early 2026 remaining challenging due to geopolitical and trade uncertainties.
ESL Shipping demand and spot pricing are expected to improve in 2026, with significant dockings impacting Q2.
Telko anticipates stable markets and further acquisitions, leveraging proceeds from Leipurin sale.
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