Aspo (ASPO) Investor presentation summary

Transformation and split rationale

• Strategic review weighed a partial demerger against selling ESL Shipping; the board approved a demerger plan on 3 Aug 2026, with a sale retained if it would create more shareholder value.

• The transformation included exits from eastern businesses, sales of non-core assets, over €350m invested in next-generation ESL Shipping vessels, and seven Telko and three Leipurin acquisitions before Leipurin’s sale to Lantmännen.

• Separate structures are intended to simplify governance and reporting, sharpen management focus and investment profiles, enable tailored capital allocation and financing, and give investors a choice between the two businesses.

Proposed structure and timing

• Under the proposed demerger, shareholders would receive one Telko Group share and one ESL Shipping Group share for each existing share.

• Planned milestones: prospectus and capital markets day in November 2026, extraordinary general meeting on 7 Dec, implementation on 31 Dec, and ESL Shipping Group trading expected from 4 Jan 2027 or soon after.

ESL Shipping outlook

• ESL Shipping operates in the structurally growing Gulf of Bothnia market, with specialized capabilities, contract-based revenue, sustainability expertise, and growth opportunities from green investment and optimization.

• LTM revenue was €178.4m, EBITA €14.4m and EBITA margin 8.1%; 2025 revenue was €185m, EBIT €16m and EBIT margin 8.8%.

• 2030 comparable EBIT target is over €40m, supported by over €20m EBIT improvement from new vessels and volume plus a profitability program.

• Financial targets: ROE above 20% and equity ratio above 35%; target annual dividend is ~50% of net profit, with investment spending affecting near-term equity ratio and dividend capacity.