Aspo (ASPO) Q3 2026 earnings summary

Executive summary

• Q3 comparable EBITA from continuing operations rose to EUR 8.5m from EUR 7.6m; Telko improved while ESL Shipping declined.

• 9M comparable EBITA from continuing operations increased to EUR 26.4m from EUR 22.4m.

• Preparations advanced for a planned partial demerger of ESL Shipping, with completion targeted for Dec. 31, 2026, subject to shareholder approval and other conditions.

Financial highlights

• Q3 continuing-operations net sales were EUR 134.2m, up 24.2% YoY; 9M net sales were EUR 379.4m vs EUR 349.8m.

• 9M total EBITA was EUR 37.3m vs EUR 26.9m; comparable EBITA margin was 7.0% vs 6.4%.

• 9M comparable EPS from continuing operations was EUR 0.65 vs EUR 0.33; total EPS was EUR 0.99 vs EUR 0.43.

• 9M free cash flow was EUR 33.2m vs EUR 0.3m, including EUR 58.1m net cash inflow from the Leipurin divestment and EUR 44.2m of investments.

• 9M profit was EUR 32.1m, including an EUR 11.8m gain on the Leipurin divestment; Q3 reported EBITA from continuing operations was EUR 7.5m vs EUR 8.6m.

Outlook and guidance

• FY2026 comparable EBITA from continuing operations is expected to exceed 2025's EUR 29.4m; transformation execution costs are excluded.

• Improvement is expected from segment initiatives, Telko synergies, ESL fleet renewal and utilization, and lower central costs.

• ESL expects Q4 demand and spot pricing to improve; Telko expects underlying volumes stable or slightly higher YoY and prices stable at current levels, with volatility possible.