Aspo (ASPO) Investor presentation summary

Q1 2025 performance

• Net sales rose 13.9% YoY to €151.2m; comparable EBITA increased to €8.8m from €5.1m, and comparable EPS to €0.13 from €0.09.

• Comparable EBITA margin improved to 5.8% from 3.8%; all three businesses improved profitability YoY.

• Telko net sales grew 46% and Leipurin’s 8%, while ESL Shipping’s fell 14% (5% excluding Supramax vessels).

• ESL Shipping comparable EBITA rose to €4.1m from €2.7m; Telko to €4.4m from €2.3m; Leipurin to €1.5m from €1.2m.

Business performance and execution

• ESL Shipping faced soft freight volumes and low spot pricing; capacity was adjusted after loss-making time-charter contracts expired in January 2025.

• Telko’s Q1 profit improvement reflected 2024 acquisitions, organic sales growth and no acquisition-related expenses, versus €0.9m of such costs in Q1 2024.

• Leipurin’s EBITA improvement was driven mainly by Swedish supply-chain optimization and its 2024 Swedish acquisition; profit improvement initiatives continue across operations.

• 2024 strategy actions included four green coasters entering commercial traffic, investment in four green handy vessels, Telko acquisitions and Leipurin’s exit from Russia.

• The 2024 EBITA contribution from Optimol, Greenfluid, Polyma and Swed Handling was €0.4m for the year, while their full-year EBITA was ~€6m; synergies are being implemented.

2025 outlook and financial position

• 2025 comparable EBITA guidance is €35–45m, versus €29.1m in 2024; expected improvement is driven by green coasters, 2024 acquisitions and profit initiatives.

• The operating environment is expected to remain challenging in H1 and gradually improve in H2; delayed recovery, lost volumes or margin pressure could weigh on results.

• Net debt to comparable EBITDA was 3.3x against a target below 3x; Q1 net debt growth reflected €8.8m of green coaster investment and €3.1m of higher lease liabilities.

• The €30m hybrid bond repayment in June was expected to temporarily increase net debt; committed capex was low for 2025 and 2026, supporting balance-sheet strength.