Aspo Plc Half-year Financial Report August 18, 2025, at 9.00 am EEST
Aspo Plc’s Half-year Financial Report, January 1 – June 30, 2025: Continued profit improvement in a challenging market
This is a summary of the Half-year Financial Report January 1 – June 30, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.
April–June 2025
- Net sales increased to EUR 162.8 (153.5) million
- Comparable EBITA grew to EUR 9.2 (7.4) million, 5.6% (4.8%) of net sales. The comparable EBITA of ESL Shipping was EUR 5.0 (6.1) million, Telko EUR 4.3 (1.8) million, and Leipurin EUR 1.7 (1.3) million
- EBITA was EUR 8.9 (6.9) million. EBITA of ESL Shipping was EUR 4.7 (5.9) million, Telko EUR 4.3 (1.7) million, and Leipurin EUR 1.7 (1.0) million
- Comparable ROE was 16.5% (9.9%)
- Comparable earnings per share were EUR 0.19 (0.09)
- Free cash flow was EUR 13.2 (26.4) million driven by investments
- Aspo repaid the hybrid bond of EUR 30 million and the related interest of EUR 2.6 million in June
- After the reporting period, on August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. Upon completion, the transaction is estimated to generate a sales gain of approximately EUR 16 million. The closing of the transaction is subject to regulatory approvals and it is expected to be completed in the first quarter of 2026
January–June 2025
- Net sales increased to EUR 314.0 (286.2) million
- Comparable EBITA grew to EUR 18.0 (12.4) million, 5.7% (4.3%) of net sales. The comparable EBITA of ESL Shipping was EUR 9.1 (8.8) million, Telko EUR 8.7 (4.2) million, and Leipurin EUR 3.1 (2.5) million
- EBITA was EUR 16.6 (3.9) million. EBITA of ESL Shipping was EUR 7.7 (1.0) million, Telko EUR 8.7 (4.1) million, and Leipurin EUR 3.1 (2.1) million
- Comparable ROE was 14.3% (8.0%)
- Comparable earnings per share were EUR 0.31 (0.18)
- Free cash flow was EUR 8.8 (22.9) million driven by investments
Figures from the corresponding period in 2024 are presented in brackets.
Guidance for 2025
Aspo Group’s comparable EBITA is expected to be EUR 35 - 45 million in 2025 (EUR 29.1 million in 2024).
Aspo Group’s comparable EBITA expectation includes the comparable EBITA of the whole Group, including Leipurin business. The divestment of Leipurin was announced on August 15, 2025.
Assumptions behind the guidance
Aspo’s operating environment is expected to remain challenging during the second half of the year. Continued geopolitical uncertainty and global trade tensions are expected to have a negative impact on economic growth and global trade. Increased defense and infrastructure spending in Europe may support the economic recovery towards the end of the year. Aspo’s profit improvement for the year is expected to come mainly from the profit generation of the Green Coaster vessels, from Telko’s and Leipurin’s acquisitions completed in 2024, as well as from various intensified profit improvement actions throughout Aspo’s businesses. The higher end of the estimated comparable EBITA range may be realized if all the planned profit improvement measures are successful, and there will be a clear economic recovery during the second half of the year. The lower end of the range may be realized if the economic recovery is further delayed, or significant volumes would be lost or margins impacted negatively due to some unforeseen negative events. Continued trade tensions may have an indirect negative impact on the volumes and price levels of Aspo’s businesses. Direct impacts are expected to be modest.
For ESL Shipping, demand is expected to continue weak during the second half of the year, with fairly low contractual volumes combined with low spot market pricing. Volumes are expected to be soft during the third quarter of 2025 and slowly revive towards the end of the year.
For Telko, overall stable market development is expected going forward. After successfully completing three acquisitions in 2024, the focus in 2025 is on integrating the acquired companies and securing organic growth and positive profitability development. Acquisition-related expenses are expected to be at a clearly lower level in 2025 than in 2024.
For Leipurin, the market is expected to be stable. There continues to be opportunities for growth in the food industry, where the addressable market for Leipurin is multiple compared to the bakery sector. Leipurin remains in a good position to continue improving its profitability.
| Key figures | |||||
| 4-6/2025 | 4-6/2024 | 1-6/2025 | 1-6/2024 | 1-12/2024 | |
| Net sales, MEUR | 162.8 | 153.5 | 314.0 | 286.2 | 592.6 |
| EBITA, MEUR | 8.9 | 6.9 | 16.6 | 3.9 | 21.2 |
| Comparable EBITA, MEUR | 9.2 | 7.4 | 18.0 | 12.4 | 29.1 |
| Comparable EBITA, % | 5.6 | 4.8 | 5.7 | 4.3 | 4.9 |
| Profit for the period, MEUR | 6.6 | 3.9 | 10.4 | -2.2 | 7.3 |
| Comparable profit for the period, MEUR | 6.9 | 4.4 | 11.9 | 6.3 | 15.2 |
| Earnings per share (EPS), EUR | 0.18 | 0.07 | 0.27 | -0.09 | 0.14 |
| Comparable EPS, EUR | 0.19 | 0.09 | 0.31 | 0.18 | 0.39 |
| Free cash flow, MEUR | 13.2 | 26.4 | 8.8 | 22.9 | -36.1 |
| Free cash flow per share, EUR | 0.4 | 0.8 | 0.3 | 0.7 | -1.2 |
| Comparable ROCE, % | 8.9 | 9.4 | 8.9 | 8.0 | 8.1 |
| Return on equity (ROE), % | 15.8 | 8.8 | 12.6 | -2.7 | 4.4 |
| Comparable ROE, % | 16.5 | 9.9 | 14.3 | 8.0 | 9.2 |
| Invested capital, MEUR | 407.8 | 307.5 | 403.7 | ||
| Net debt, MEUR | 224.2 | 119.6 | 188.0 | ||
| Net debt / comparable EBITDA, 12 months rolling | 3.7 | 2.0 | 3.2 | ||
| Equity per share, EUR | 4.05 | 4.63 | 5.13 | ||
| Equity ratio, % | 27.6 | 37.2 | 36.9 |
The calculation principles of key figures are included in Aspo’s Board of Directors’ report for the year 2024. The figures presented in this half-year financial report have been individually rounded or calculated based on exact figures so the figures may not add to rounded totals and may differ from previously published figures.
Rolf Jansson, CEO of Aspo Group, comments on the second quarter of 2025:
Profitability improvement is at the top of Aspo’s agenda for the year 2025, taking benefit of the completed acquisitions and capex investments made during previous years. Currently, we do not build our plans on a significant positive impact from a recovery of the economy during the second half of the year 2025. Market uncertainty has increased, shortening customer planning horizons and slowing down industrial activity. With this in mind, we place even further emphasis on executing a wide range of actions to improve profitability across all Aspo’s businesses.
Despite the challenging market, Aspo continued to grow and improve its profitability during the second quarter of 2025. Aspo’s net sales grew by 6.0% compared to the second quarter of 2024 and the comparable EBITA was EUR 9.2 million compared to EUR 7.4 million in the corresponding period in the previous year. I am proud of Aspo team for generating continued profit growth despite the current market circumstances.
ESL Shipping’s comparable EBITA was EUR 5.0 (6.1) million. ESL Shipping’s profitability was negatively impacted by the continued very weak spot market and softer than expected forest industry demand. On the positive side, steel industry activity remained at a healthy level and the project cargo market offered new freight opportunities. ESL Shipping has six new electric hybrid Green Coaster vessels in operation, and the fleet renewal has already considerably improved energy efficiency and competitiveness.
Telko’s comparable EBITA of EUR 4.3 (1.8) million more than doubled primarily due to the contribution of acquisitions completed in 2024, as well as the absence of M&A costs. Telko has improved its product and service mix leading to growth in sales margin. In July 2025, Telko achieved a Gold Medal in the Ecovadis sustainability rating.
Leipurin’s comparable EBITA was was record-high at EUR 1.7 (1.3) million. Leipurin’s profitability improvement relates specifically to Sweden, including the acquisition made in 2024, organic growth and measures to improve supply chain efficiency.
When summing up the first half of year 2025, Aspo achieved net sales growth of 9.7% and the comparable EBITA was EUR 18.0 million compared to EUR 12.4 million in the corresponding period previous year. All businesses improved their profitability with very limited support from the market, showing that company actions have been successful.
After the review period, on August 15, 2025, Aspo announced the divestment of Leipurin to Lantmännen. This transaction is estimated to generate a sales gain of approximately EUR 16 million which will strengthen the balance sheet of Aspo and support the compounder strategy of Telko. This is a major step in executing Aspo’s vision and the transaction is a result of a very successful transformation of Leipurin during the past couple of years. Instrumental in this transformation were an increased focus on food ingredients, a complete shift from “East to West”, major organic and non-organic growth investments, and company-wide profit improvement efforts. The closing of the transaction is subject to regulatory approvals and it is expected to be completed in the first quarter of 2026.
Our short-term focus lies on profitability improvement, benefitting from the Green Coaster investments made, the acquisitions completed during 2024, and the vast array of profitability improvement efforts ongoing across the Group. In the longer term, we continue to make progress in reaching the financial ambition of Aspo as well as our vision, creating two separate companies out of Aspo, namely Aspo Infra (ESL Shipping) and Aspo Compounder (Telko). The divestment of Leipurin is a major step in executing this vision along with Telko's already completed M&A activities and ESL Shipping's significant investments in best-in-class vessels.
Financial performance and targets
Aspo’s long-term financial targets are:
- Minimum increase in net sales: 5–10% a year
- Comparable EBITA of 8%
- Return on equity: more than 20%
- Net debt to comparable EBITDA, rolling 12 months ratio below 3.0
At a business level, ESL Shipping’s long-term comparable EBITA target is 14%, Telko’s 8% and Leipurin’s 5%.
In January–June 2025, Aspo’s net sales grew by 9.7% to EUR 314.0 (286.2) million. The comparable EBITA rate stood at 5.7% (4.3%). Comparable return on equity was 14.3% (8.0%) and the net debt to comparable EBITDA, rolling 12 months ratio was 3.7 (2.0).
Espoo, August 18, 2025
Aspo Plc
Board of Directors
News conference for analysts, investors and media
News conference for analysts, investors and media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on August 18, 2025, at 12.00 p.m. The event is also open to private investors, and participants are requested to register beforehand by emailing viestinta@aspo.com. The half-year financial report will be presented by CEO Rolf Jansson and CFO Erkka Repo.
The event will be held in English, and it can also be followed as a live webcast at https://aspo.events.inderes.com/q2-2025.
Questions can be asked through conference call connection and webcast form. In order to receive the phone numbers and a identifier for the conference call, participants are requested to register using this link: https://palvelu.flik.fi/teleconference/?id=50051735.
A recording of the event will be available later the same day on the company’s website aspo.com.
For more information, please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com
Distribution:
Nasdaq Helsinki
Key media
www.aspo.com
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