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Visual21 Nov 2025
Data center suppliers
Aspo (ASPO) investor relations material
Aspo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
EBITA improved to EUR 27.5 million for Q1–Q3 2025, with sales growth of 5.9% year-over-year and a 6% EBITA margin, despite challenging markets.
Q3 2025 EBITA reached EUR 9.6 million (6.6% margin), with EPS at 14 cents for the quarter and 43–46 cents for the first three quarters.
All business segments improved profitability, with ESL Shipping's new vessels and Telko's specialty product focus driving gains; Leipurin transformation continued with divestment agreement.
Strategic actions included the announced sale of Leipurin to Lantmännen for EUR 63 million (expected gain EUR 16–60 million), and plans to split or divest ESL Shipping.
SBTi approved emission reduction targets for Aspo and ESL Shipping, marking a sector milestone.
Financial highlights
Q3 2025 net sales were EUR 144.3 million (down 1.5% year-over-year); 9M 2025 net sales were EUR 458.3 million (up 5.9%).
Comparable EBITA for Q3 2025 was EUR 9.6 million (6.6% margin), and for Q1–Q3 2025 EUR 27.5 million (6.0% margin).
Free cash flow for Q3 2025 was EUR -8.5 million, mainly due to vessel investments and working capital needs.
Net debt increased to EUR 233–233.4 million, with a net debt/comparable EBITDA ratio of 3.9.
Cash position was EUR 28.6 million, with EUR 40 million unused revolving credit and EUR 92.5 million committed for Green Handy investments.
Outlook and guidance
2025 comparable EBITA is expected at EUR 35–45 million, including Leipurin as a discontinued operation.
Market challenges and geopolitical uncertainty persist, but profit improvement is expected from new vessels, acquisitions, and efficiency actions.
Q4 is expected to benefit from seasonality in ESL, stable Telko and Leipurin, and ongoing profitability actions.
ESL Shipping demand is expected to remain weak, while Telko and Leipurin anticipate stable or improving profitability.
How will leverage target be met with Handy investments?
ESL Shipping profitability: How will new vessels overcome weak market?
Telko's organic growth strategy amid market uncertainty?
Why pursue demerger/sale now?
How to close Telko's margin gap to peers?
Capital allocation post Leipurin sale?
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Q4 202517 Feb, 2026
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Frequently asked questions
Aspo Oyj is a Finnish conglomerate operating across several industries through its key business segments: ESL Shipping, Leipurin, and Telko. ESL Shipping specializes in the transportation of raw materials, primarily serving industrial and energy sectors. The Leipurin segment focuses on supplying raw materials, machinery, and services to the bakery and broader food industries. Meanwhile, Telko distributes industrial raw materials, including plastics, chemicals, and lubricants, and provides technical support services to various industries. Aspo's diversified operations enable it to serve clients in multiple regions, including Scandinavia, the Baltic countries, and other parts of Europe. The company is headquartered in Espoo, Finland, and its shares are listed on the Nasdaq Helsinki.
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