Aspo Plc’s Interim Report, January 1 – September 30, 2026: Demerger preparations progressed

Aspo Plc Interim Report November 2, 2026 at 9.00 EET

Aspo Plc’s Interim Report, January 1 – September 30, 2026: Demerger preparations progressed

This is a summary of the Interim Report January 1 – September 30, 2026 of Aspo Plc. The complete report is attached to this release and available at aspo.com.

July – September 2026

• Net sales from continuing operations was EUR 134.2 (108.1) million
• Comparable EBITA from continuing operations was EUR 8.5 (7.6) million, 6.3% (7.1%) of net sales. The comparable EBITA of ESL Shipping was EUR 2.5 (3.5) million and of Telko EUR 6.5 (4.8) million
• EBITA Group total was EUR 7.5 (10.3) million. EBITA of ESL Shipping was EUR 2.2 (4.6) million and of Telko EUR 6.3 (4.8) million and discontinued operation EUR 0.0 (1.8) million
• Comparable ROE Group total was 10.3% (14.1%)
• Comparable earnings per share from continuing operations were EUR 0.15 (0.09)
• Free cash flow was EUR -2.1 (-8.5) million mainly driven by investments in vessels and decrease in inventories

Figures from the corresponding period in 2025 are presented in brackets.

January – September 2026

• Net sales from continuing operations was EUR 379.4 (349.8) million
• Comparable EBITA from continuing operations was EUR 26.4 (22.4) million, 7.0% (6.4%) of net sales. The comparable EBITA of ESL Shipping was EUR 9.5 (12.7) million and of Telko EUR 19.4 (13.5) million
• EBITA Group total was EUR 37.3 (26.9) million. EBITA of ESL Shipping was EUR 9.2 (12.3) million, Telko EUR 19.1 (13.5) million, and discontinued operation EUR 13.1 (5.0) million
• Comparable ROE Group total was 16.8% (13.4%)
• Comparable earnings per share from continuing operations were EUR 0.65 (0.33)
• Free cash flow was EUR 33.2 (0.3) million driven by the divestment of Leipurin and investments in vessels.
• On March 2, 2026, Aspo completed the divestment of Leipurin to Lantmännen at an enterprise value of EUR 63 million.
• On August 3, 2026, Aspo Plc’s Board of Directors approved the demerger plan. The demerger is conditional upon approval by the Extraordinary General Meeting of Aspo, to be held on December 7, 2026.

Guidance for 2026

Aspo Group’s comparable EBITA from continuing operations is expected to increase compared with the previous year (EUR 29.4 million in 2025).

Aspo Group’s comparable EBITA from continuing operations excludes Leipurin, which is reported as a discontinued operation. The divestment of Leipurin was completed on March 2, 2026.

Assumptions behind the guidance
Economic growth is expected to slowly revive throughout the year in our core markets. However, geopolitical uncertainty, war in Iran, and global trade tensions may have a negative impact on economic growth, inflation, global trade and supply chains going forward. Aspo’s profit improvement for 2026 is expected to come mainly from various profit improvement actions in Telko and ESL Shipping, continued synergy capture facilitated by Telko’s new operating model, fleet renewal and improved fleet utilization in ESL Shipping and a reduction of Aspo-level costs. Expenses related to the execution of Aspo’s strategic transformation are excluded from Aspo’s comparable EBITA.

For ESL Shipping, demand is expected to grow in the fourth quarter of 2026, with spot market pricing also expected to improve.

For Telko, underlying volume demand is expected to be stable or slightly increase compared with the previous year. Price levels are expected to remain stable in the fourth quarter of 2026 compared with the current levels. Rapid changes in market prices continue to be possible due to market volatility.

Key figures

The calculation principles of key figures are included in Aspo’s Board of Directors’ Report for the year 2025. The figures presented in this Interim Report have been individually rounded or calculated based on exact figures so the figures may not add to rounded totals.

Rolf Jansson, CEO of Aspo Group comments on the third quarter of 2026

“Aspo’s financial performance continued to improve in the third quarter of 2026. Aspo’s net sales from continuing operations in the third quarter grew by 12.4% compared to the same quarter in the previous year, when disregarding the income generated from the sale of one Green Coaster to the investor pool during the third quarter of 2026. Aspo’s comparable EBITA from continuing operations was EUR 8.5 (7.6) million, equaling 6.3% (7.1%) of net sales.

In the third quarter, ESL Shipping’s financial performance was dissatisfying with a comparable EBITA of EUR 2.5 (3.5) million. Profitability development was impacted by weak demand in most customer segments except for the steel industry and project cargo, and relatively low utilization rate of vessels. However, we already have strong evidence that the investments in the next generation fleet will both improve efficiency as well as support organic growth. In addition, the ongoing development program will improve fleet capacity utilization.

Telko’s financial performance continued to develop favorably with a comparable EBITA of EUR 6.5 (4.8) million. Net sales grew with 8.9% primarily driven by favorable market price development against previous year. Profitability development was particularly driven by top-line growth, combined with strong sales margin development and successful profitability improvement actions. The market continued to develop favorably for specialty chemicals distributors, with a continued outsourcing trend of producers’ commercial activities and overall, favorable market price development.

The Board of Directors of Aspo approved a demerger plan concerning the separation of ESL Shipping into a new listed company on August 3, 2026. The separation of ESL Shipping from Aspo aims to enable each business to more effectively execute its own focused strategies and profit growth opportunities and to increase the shareholder value.

Preparations for completing the demerger of Aspo on December 31, 2026, have since then progressed as planned. The future governance structures of both companies have been announced and actions executed for enabling ESL Shipping and Telko to operate as stand-alone companies.

If the planned demerger will be executed on December 31, 2026, this is the last quarter reporting Aspo’s financials with the current Group structure. The heritage of Aspo will continue as part of both ESL Shipping and Telko. Aspo Plc is planned to be renamed as Telko Group Plc in connection with the demerger. I want to thank all the parties who have been involved on this exciting journey!”  

Aspo Group

Progress towards Aspo’s strategic vision

On May 14, 2024, Aspo announced a vision to form two separate companies (Aspo Infra and Aspo Compounder). The goal was to enable value creation and continued growth for the businesses and to investigate strategic alternatives for them. On November 3, 2025, Aspo provided more detailed information on the main alternatives for the strategic evaluation: a divestment of ESL Shipping or the partial demerger of Aspo.

On August 3, 2026, the Board of Directors of Aspo completed its review and assessment of the strategic alternatives. As a result, the Board of Directors approved a demerger plan concerning a partial demerger of Aspo. According to the demerger plan, all shares in ESL Shipping Ltd held by Aspo together with the related assets and liabilities, will be transferred to a new, independent listed company, to be named ESL Shipping Group Plc. Aspo Plc would be renamed Telko Group Plc in connection with the demerger.

The demerger is conditional upon approval by the Extraordinary General Meeting (EGM) of Aspo, which will take place in Helsinki on December 7, 2026. The invitation to the Extraordinary General Meeting was published October 21, 2026. The resolution on the approval of the Demerger Plan and on the partial demerger shall be made by a qualified majority of two-thirds of the votes cast and the shares represented at the Extraordinary General Meeting. As part of the resolution on the demerger, the Extraordinary General Meeting shall decide on the members of the Board of Directors of both ESL Shipping Group and Telko Group.

In addition to the approval of the Extraordinary General Meeting, the demerger is conditional for the decision by Aspo’s Board of Directors to complete the demerger. The demerger is also conditional for the share exchange agreement signed by ESL Shipping Ltd, Aspo Plc and Lighthouse HoldCo Ky remaining in force on the completion date of the demerger. The planned completion date of the demerger is December 31, 2026.

Based on the assessment of the Board of Directors of Aspo, the demerger could increase shareholder value by enabling each business to more effectively execute its own focused strategies and profit growth opportunities. Due to the independent and separate operations of ESL Shipping Ltd and Telko Ltd, only limited synergies currently exist between the businesses. The businesses of Aspo differ significantly across several dimensions, including strategic focus, capital expenditure requirement, business time horizon, key performance indicators, and ESG focus areas. The demerger is expected to improve the performance and profitability of ESL Shipping Group and Telko Group through a reduction of complexity and stronger and unshared focus of the management and the Board of Directors. In addition, as two standalone companies, ESL Shipping Group and Telko Group could achieve faster organic and inorganic growth thanks to more tailored financing solutions and targeted capital allocation. Telko Group would benefit from having a more moderate leverage while implementing its new growth strategy. The new corporate structure would also allow the use of Telko Group's shares for M&A purposes. Additionally, the independent companies could implement their growth strategies in parallel without being constrained anymore by the current conglomerate structure and prioritized development activities. 

Preparations for ESL Shipping Group to operate as an independent listed company and to achieve full IPO readiness have progressed according to plan. All agreements for financing the ongoing investment programs of next generation vessels and working capital have been signed. In November 2026, Aspo will publish a demerger and listing prospectus which will contain more detailed information on the demerger and the listing of ESL Shipping Group. In addition, the Capital Markets Day events on November 24, 2026, will offer deep dives to the growth strategies of both ESL Shipping Group and Telko Group.

Financial targets

The Board of Directors of Aspo has approved new medium-term financial targets and dividend policies for both ESL Shipping Group and Telko Group. The following financial targets and dividend policies are conditional upon the completion of the demerger and will become effective on the demerger completion date.

ESL Shipping Group:

• Comparable EBIT more than EUR 40 million in 2030
• Return on equity above 20%
• Equity ratio above 35%
• The goal is to annually distribute approximately 50% of profit for the period in dividends

The financing of ESL Shipping Group's investment program will affect the equity ratio and dividend-paying capacity in the coming years, for the duration of the current significant investment program.

Telko Group:

• Net sales more than EUR 500 million in 2030
• Comparable EBITA margin above 8% in 2030
• Return on equity above 20%
• Net debt to comparable EBITDA below 2.5x
• The goal is to annually distribute approximately 30% of profit for the period in dividends
  
  

Espoo, November 2, 2026
Aspo Plc
Board of Directors

News conference for analysts, investors and media

A news conference for analysts, investors and the media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on November 2, 2026, at 12.00 p.m. The event is also open to private investors. Participants are requested to register beforehand by emailing viestinta@aspo.com. The Interim Report will be presented by CEO Rolf Jansson.

The event will be held in English, and it can also be followed as a live webcast: https://aspo.events.inderes.com/q3-2026. Questions can be submitted via the webcast question form.

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

Attachment

• Aspo-Interim-Report-Q3-2026