Overview
Financial overview
Equity research
Aspo has EBITA improvement potential also this year as Telko and lower group costs contribute, but a lot depends on ESL.
Aspo’s EUR 8.9m Q4 comparable EBITA landed clearly below our EUR 12.1m estimate due to ESL especially, where demand still wasn’t great while there were also customer plant outages and challenging weather.
Aspo reports Q4 results on Feb 16. ESL should see more significant earnings gains from now on as outlook has at least stabilized, while Telko’s EBITA could gain by another EUR 2m.
Aspo’s Q3 results were in the end neutral; both ESL and Telko can improve more next year, when they are also to be split.
Aspo’s EUR 9.6m comparable EBITA was roughly in line with estimates, although ESL’s result stayed weak while Telko delivered another relatively strong quarter. ESL’s still weak comparable EBITA was offset by the strength of Telko and Leipurin, and Aspo retains its guidance according to which FY’25 comparable EBITA will be in the range of EUR 35-45m; in our view the higher end of the range might be hard to reach unless ESL improves very significantly in Q4’25.
Aspo reports Q3 results on Nov 3. In our view the midpoint of FY’25 comparable EBITA guidance remains relevant, however much still depends on ESL’s H2 performance.
ESL’s Q2 earnings were softer than we estimated, while its H2 outlook also appears slightly more cautious now, yet Telko showed continued positive profitability development after integrating last year’s string of acquisitions.
Aspo’s EUR 9.2m comparable EBITA fell some EUR 1m short of the estimates; in our view this was due to ESL as Telko and Leipurin delivered EBITA in line or slightly higher than estimates. Aspo retains its FY’25 guidance, however comments regarding ESL’s H2 outlook seem a bit cautious.
Aspo reports Q2 results on Aug 18. Telko and Leipurin are on a steady track to improve more after last year, while ESL has such low H2 comparison figures that at least some further EBITA recovery should be seen already this year.
Aspo’s Q1 comparable EBITA improved by almost EUR 4m y/y mostly due to own actions. Earnings may not improve at quite such a rapid pace over the summer months but nevertheless continue to trend up towards next year.
Annual financials
Quarterly financials
Assets
Equity and liabilities
Cashflow
Environment
Social
Governance
Videos
Annual and sustainability reports
- Annual report 2024
- Annual report 2023
- Annual report 2022
- Annual report 2021
- Annual report 2020
- Annual report 2019
- Annual report 2018
- Annual report 2017
- Annual report 2016
Company news
Aspo Plc Stock exchange release 16 February 2026 at 9.15 EET
Share rewards from Aspo’s short-term remuneration plan
The Board of Directors of Aspo has resolved that 50% of the remuneration earned by the CEO, members of the Group Executive Committee and other key employees of the company under the short-term remuneration plan 2026 will be paid in shares of Aspo Plc. The target group in the plan covers about 20 key people.
The part payable in shares is estimated to be a maximum total of 160,000 shares (gross) calculated at the share price level prior to the resolution of the Board of Directors and provided that the targets set for the criteria are fully met. The share rewards payable based on the plan, subject to achievement of the performance measures, will be delivered to the participants in spring 2027.
Aspo Plc
Board of Directors
Distribution:
Nasdaq Helsinki
Key media
www.aspo.com
For more information, please contact: Heikki Westerlund, Chairman of the Board of Directors, tel. +358 50 559 6580
Aspo creates value by owning and developing business operations sustainably and in the long term. Aspo’s businesses – ESL Shipping, Telko and Leipurin – enable future-proof, sustainable choices for customers in various industries. Established in 1929, today we are together about 800 experts on land and at sea. While the Nordic region is our core market, we serve our customers with world-class solutions in 18 countries around Europe and parts of Asia.
Aspo is listed on Nasdaq Helsinki and is headquartered in Finland.
Aspo – Sustainable value creation
Aspo Plc Financial Statements Release February 16, 2026, at 9.00 EET
Aspo Plc’s Financial Statements Release, January 1 – December 31, 2025: A year with significant profit improvement in a challenging market
This is a summary of the Financial Statements Release January 1 – December 31, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.
October–December 2025
- Net sales, Group total was EUR 158.0 (159.8) million
- Net sales from continuing operations decreased to EUR 119.3 (124.5) million
- Comparable EBITA, Group total grew to EUR 8.9 (8.0) million, 5.7% (5.0%) of net sales
- ESL Shipping EUR 3.8 (4.3) million
- Telko EUR 4.4 (3.9) million
- Discontinued operation EUR 2.0 (1.1) million
- Other operations EUR -1.2 (-1.2) million
- EBITA, Group total was EUR 16.2 (8.1) million. EBITA of ESL Shipping was EUR 13.3 (4.4) million, of Telko EUR 4.0 (3.9) million and of discontinued operation EUR 1.3 (1.1) million
- Comparable ROE, Group total was 10.8% (13.0%)
- Comparable EPS, Group total was EUR 0.06 (0.15)
- Free cash flow was EUR 26.2 (-18.7) million
- Aspo announced in November 2025 that it would continue the strategic evaluation of the company, with the main alternatives including a divestment of ESL Shipping or a possible partial demerger of the company.
- M/S Kallio was sold to The Qrill Company AS in October 2025. The sales price was approximately EUR 18 million and the sales gain was EUR 9.6 million. The sales gain has been excluded from the comparable EBITA.
- The International Science Based Targets initiative (SBTi) approved Aspo’s near-term emissions reduction targets in October 2025.
January–December 2025
- Net sales, Group total increased to EUR 616.3 (592.6) million
- Net sales from continuing operations increased to EUR 469.1 (459.5) million
- Comparable EBITA, Group total grew to EUR 36.5 (29.1) million, 5.9% (4.9%) of net sales
- ESL Shipping EUR 16.5 (16.9) million
- Telko EUR 17.9 (12.6) million
- Discontinued operation EUR 7.1 (5.1) million
- Other operations EUR -5.0 (-5.4) million
- EBITA, Group total was EUR 43.1 (21.2) million. EBITA of ESL Shipping was EUR 25.5 (9.2) million, of Telko EUR 17.5 (12.5) million, and of discontinued operation EUR 6.3 (4.7) million
- Comparable ROE, Group total was 12.1% (9.2%)
- Comparable EPS, Group total was EUR 0.51 (0.39)
- Free cash flow was EUR 26.5 (-36.1) million
- On August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. The sale is expected to generate a gain of approximately EUR 16 million. The transaction is subject to regulatory approvals, and it is expected to be completed in the first quarter of 2026. Consequently, Leipurin is presented as a discontinued operation, and the comparative figures have been restated.
- The Board proposes a dividend of EUR 0.25 (0.19) per share for financial year 2025.
Figures from the corresponding period in 2024 are presented in brackets.
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 announced on August 15, 2025, and it is expected to be completed during the first quarter of 2026.
Assumptions behind the guidance
Economic growth is expected to slowly revive throughout the year in our core markets, however, the markets are expected to continue challenging in the early part of the year. Geopolitical uncertainty and global trade tensions are also expected to have a negative impact on economic growth and global trade going forward. Aspo’s profit improvement for 2026 is expected to come mainly from various profit improvement actions in ESL Shipping and Telko, fleet renewal and improved fleet utilization in ESL Shipping, continued synergy capture from Telko’s acquisitions, and a reduction of Aspo-level costs while the implementation of Aspo’s strategic transformation continues. Possible costs related to the execution of Aspo’s strategic transformation are excluded from Aspo’s comparable EBITA.
For ESL Shipping, demand is expected to slightly improve for 2026, with spot market pricing also gradually improving from the current low levels. High level of dockings is expected to negatively impact the second quarter of the year.
For Telko, overall stable market development is expected going forward. Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition-related expenses are excluded from the comparable EBITA.
| Key figures | ||||
| 10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 | |
| Net sales Group total, MEUR | 158.0 | 159.8 | 616.3 | 592.6 |
| Net sales from continuing operations, MEUR | 119.3 | 124.5 | 469.1 | 459.5 |
| EBITA Group total, MEUR | 16.2 | 8.1 | 43.1 | 21.2 |
| Comparable EBITA Group total, MEUR | 8.9 | 8.0 | 36.5 | 29.1 |
| Comparable EBITA Group total, % | 5.7 | 5.0 | 5.9 | 4.9 |
| EBITA from continuing operations, MEUR | 14.9 | 7.0 | 36.8 | 16.6 |
| Comparable EBITA from continuing operations, MEUR | 7.0 | 6.9 | 29.4 | 24.1 |
| Comparable EBITA from continuing operations, % | 5.8 | 5.5 | 6.3 | 5.2 |
| Profit for the period Group total, MEUR | 11.6 | 6.0 | 28.0 | 7.3 |
| Comparable profit for the period from continuing operations, MEUR | 2.7 | 5.3 | 15.8 | 11.6 |
| Earnings per share (EPS) Group total, EUR | 0.29 | 0.15 | 0.72 | 0.14 |
| Comparable EPS, Group total, EUR | 0.06 | 0.15 | 0.51 | 0.39 |
| Comparable EPS from continuing operations, EUR | 0.01 | 0.13 | 0.34 | 0.27 |
| Free cash flow, MEUR | 26.2 | -18.7 | 26.5 | -36.1 |
| Free cash flow per share, EUR | 0.8 | -0.6 | 0.8 | -1.2 |
| Comparable ROCE from continuing operations, % | 7.6 | 8.1 | 8.3 | 7.7 |
| Return on equity (ROE) Group total, % | 29.4 | 13.2 | 15.9 | 4.4 |
| Comparable ROE Group total, % | 10.8 | 13.0 | 12.1 | 9.2 |
| Invested capital from continuing operations, MEUR | 355.6 | 353.9 | ||
| Net debt Group total, MEUR | 212.8 | 188.0 | ||
| Net debt / comparable EBITDA, 12 months rolling | 3.6 | 3.2 | ||
| Equity per share, EUR | 4.58 | 5.13 | ||
| Equity ratio, % | 31.9 | 36.9 |
The calculation principles of key figures are included in Aspo’s Board of Directors’ 2024 report. The figures presented in this financial statements release have been individually rounded or calculated based on exact figures, so the figures may not add up to rounded totals.
Rolf Jansson, CEO of Aspo Group, comments on the fourth quarter of 2025:
When reviewing the full year 2025, Aspo grew its comparable EBITA, Group total to EUR 36.5 (29.1) million. This profitability improvement of more than 25% was achieved in a challenging market during 2025. This shows that the actions taken, both strategic and operational improvements, are yielding results. In 2025, the earnings per share (EPS) Group total increased to EUR 0.72 (0.14) both because of the profitability improvement and due to a successful divestment of M/S Kallio to the Norwegian The Qrill Company AS in October 2025. The entire personnel of Aspo deserves recognition for this great achievement -thank you for a successful 2025!
In the fourth quarter, Aspo’s net sales Group total remained at last year’s level due to the challenging market conditions. Aspo’s comparable EBITA Group total grew and was EUR 8.9 million, compared with EUR 8.0 million in the corresponding period in the previous year.
ESL Shipping’s comparable EBITA declined to EUR 3.8 (4.3) million. ESL Shipping’s profitability was negatively impacted, especially in the Coaster vessel segment, by the continued weak spot market and softer than expected forest industry demand. These drivers are unchanged from the previous quarter, but further actions have been taken to improve profitability, including fleet renewal and actions for improving capacity utilization.
Telko improved its comparable EBITA to EUR 4.4 (3.9) million due to higher sales margin, driven by a higher share of specialty products. Volumes were in decline, driven by modest demand particularly in Europe. Developing the supply chain and transforming poorly performing businesses contributed to the improved financial performance.
On August 15, 2025, Aspo signed an agreement to divest its Leipurin business to Lantmännen at an enterprise value of EUR 63 million. We expect the divestment of Leipurin to be completed during the first quarter of 2026, as obtaining the regulatory approvals has progressed according to plan.
Leipurin’s positive profitability development trend continued, and the comparable EBITA of discontinued operations was EUR 2.0 (1.1) million. Profitability improvement was boosted by EUR 0.6 million, as no depreciation was recognized, but in a like-for-like comparison, Leipurin’s profitability also improved by approximately EUR 0.3 million.
The International Science Based Targets initiative (SBTi) approved Aspo’s near-term emissions reduction targets in October 2025. This entails a reduction of the businesses’ own emissions through fleet investments and switching to renewable fuels. Furthermore, we aim to reduce emissions outside our own operations in cooperation with suppliers and partners.
In November 2025, we communicated that our main strategic alternatives are either to divest ESL Shipping or implement a partial demerger of Aspo. Our aim is to find the best solution for ESL Shipping and Telko in terms of value creation and businesses development. In 2026 we will focus on executing this transformation of Aspo. As communicated recently, I will also take on the role of Managing Director of Telko, and with the team, we will evaluate the integration of Telko’s and Aspo’s operations. We will continue to strengthen Telko and ESL Shipping as stand-alone companies offering attractive investment cases, with clear growth strategies and continued efforts for profitability improvement.
ASPO GROUP
Financial performance and targets
Aspo’s long-term financial targets at Group total level 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%. Leipurin is reported as a discontinued operation.
In January–December 2025, Aspo’s net sales Group total grew by 4.0% to EUR 616.3 (592.6) million. The comparable EBITA Group total rate stood at 5.9% (4.9%). Comparable return on equity Group total was 12.1% (9.2%) and the net debt to comparable EBITDA Group total, rolling 12 months ratio was 3.6 (3.2).
The Board of Directors’ dividend proposal
According to Aspo's dividend policy, Aspo’s dividend growth is based on positive profitability development with the aim to pay-out annually up to 50% of net profit as dividend. The ambition is to gradually increase the amount of dividends, while considering the financing needs of growth initiatives with strategic priority.
The Board of Directors proposes to the Annual General Meeting of Aspo Plc to be held on April 17, 2026, that EUR 0.25 per share be distributed in dividends for the 2025 financial year, and that no dividend be paid for shares held by Aspo Plc. The proposed dividend represents 49% of Aspo’s comparable earnings per share for 2025. It is proposed that the dividend be paid in one instalment.
It is proposed that the dividend of EUR 0.25 per share be paid to shareholders registered on the record date of April 21, 2026, in the company’s register of shareholders maintained by Euroclear Finland Oy. The Board proposes that the payment date for the dividend will be April 28, 2026.
On December 31, 2025, the distributable funds of the parent company were EUR 50,425,376.24, with the profit for the financial year totaling EUR 16,086,605.41. There are a total of 31,292,617 shares entitled to dividends on the publication date of this financial statement release. As a result, the proposed dividend would total EUR 7.8 million.
No material changes have taken place in respect of Aspo’s financial position since the balance sheet date. In the opinion of the Board of Directors, the proposed distribution of profits does not risk the solvency of the company.
Espoo, February 16, 2026
Aspo Plc
Board of Directors
News conference for analysts, investors and the media
A news conference for analysts, investors and the media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on February 16, 2026, 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 financial statements release 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/q4-2025.
Questions can be asked through a webcast 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 Plc Stock exchange release 29 January, 2026 at 12.30 EET
Aspo has completed repurchasing its own shares
Aspo Plc has completed repurchasing its own shares, of which the company disclosed a stock exchange release on 3 November, 2025. During the period of 4 November, 2025 to 29 January, 2026, Aspo repurchased a total of 130,000 own shares, corresponding to approximately 0.41 per cent of the total shares in the company. The shares were purchased at an average price of approximately EUR 6.78.
The repurchased shares are to be used for pay-outs under the share-based incentive plans of Aspo Plc.
The repurchasing of own shares reduced Aspo’s equity by approximately EUR 881,000. As a result of the repurchases, Aspo holds a total of 127,162 own shares.
The shares were repurchased otherwise than in proportion to the shareholdings of its shareholders in public trading on Nasdaq Helsinki at the market price prevailing at the time of repurchase, using the unrestricted equity of the company.
Aspo Plc
Distribution:
Nasdaq Helsinki
Key media
www.aspo.com
For more information, please contact: Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com
Aspo creates value by owning and developing business operations sustainably and in the long term. Aspo’s businesses – ESL Shipping, Telko and Leipurin – enable future-proof, sustainable choices for customers in various industries. Established in 1929, today we are together about 800 experts on land and at sea. While the Nordic region is our core market, we serve our customers with world-class solutions in 19 countries around Europe and parts of Asia.
Aspo is listed on Nasdaq Helsinki and is headquartered in Finland.
Aspo – Sustainable value creation
| Aspo Plc | ANNOUNCEMENT | 28.1.2026 |
| Aspo Plc: Share repurchase 28.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 28.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 2 716 | Shares |
| Average price/ share | 7,8347 | EUR |
| Total cost | 21 279,05 | EUR |
| Aspo Plc now holds a total of 132 268 shares | ||
| including the shares repurchased on 28.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
| Aspo Plc | ANNOUNCEMENT | 27.1.2026 |
| Aspo Plc: Share repurchase 27.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 27.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 500 | Shares |
| Average price/ share | 7,6800 | EUR |
| Total cost | 11 520,00 | EUR |
| Aspo Plc now holds a total of 129 552 shares | ||
| including the shares repurchased on 27.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
| Aspo Plc | ANNOUNCEMENT | 26.1.2026 |
| Aspo Plc: Share repurchase 26.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 26.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 500 | Shares |
| Average price/ share | 7,6800 | EUR |
| Total cost | 11 520,00 | EUR |
| Aspo Plc now holds a total of 128 052 shares | ||
| including the shares repurchased on 26.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
| Aspo Plc | ANNOUNCEMENT | 23.1.2026 |
| Aspo Plc: Share repurchase 23.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 23.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 000 | Shares |
| Average price/ share | 7,5900 | EUR |
| Total cost | 7 590,00 | EUR |
| Aspo Plc now holds a total of 126 552 shares | ||
| including the shares repurchased on 23.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
Aspo Plc Stock exchange release 23 January, 2026 at 9.30 EET
Change in Aspo’s Group Executive Team
Aspo announced in November 2025 that it will continue to evaluate the strategic alternatives for the company, with the main alternatives including a possible partial demerger of Aspo or a divestment of ESL Shipping. Aspo’s Executive Team changes as it has been agreed with Mikko Pasanen that he will leave his position as the Managing Director of Telko.
The CEO of Aspo Rolf Jansson has been appointed as Managing Director of Telko as of 23 January, 2026.
“With the lead of Mikko Pasanen, Telko has grown in western markets both organically as well as via acquisitions. I want to thank Mikko for his significant contribution and wish him all the best with his future endeavors. Looking ahead, we will continue to focus on serving our key partners, further developing Telko’s investment story and financial performance and evaluating the integration of Telko’s and Aspo’s operations. Telko has excellent prerequisites to develop into an independent and growth-driven listed company,” says Rolf Jansson, CEO of Aspo.
The change has no impact on Aspo’s financial reporting.
Aspo Plc
Distribution:
Nasdaq Helsinki
Key media
www.aspo.com
For more information, please contact: Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com
Aspo creates value by owning and developing business operations sustainably and in the long term. Aspo’s businesses – ESL Shipping, Telko and Leipurin – enable future-proof, sustainable choices for customers in various industries. Established in 1929, today we are together about 800 experts on land and at sea. While the Nordic region is our core market, we serve our customers with world-class solutions in 19 countries around Europe and parts of Asia.
Aspo is listed on Nasdaq Helsinki and is headquartered in Finland.
Aspo – Sustainable value creation
| Aspo Plc | ANNOUNCEMENT | 22.1.2026 | |
| Aspo Plc: Share repurchase 22.1.2026 | |||
| In the Helsinki Stock Exchange | |||
| Trade date | 22.1.2026 | ||
| Bourse trade | Buy | ||
| Share | ASPO | ||
| Amount | 1 500 | Shares | |
| Average price/ share | 7,5696 | EUR | |
| Total cost | 11 354,40 | EUR | |
| Aspo Plc now holds a total of 125 552 shares | |||
| including the shares repurchased on 22.1.2026 | |||
| The share buybacks are executed in compliance with Regulation | |||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | |||
| and the Commission Delegated Regulation (EU) 2016/1052. | |||
| On behalf of Aspo Plc | |||
| Nordea Bank Oyj | |||
| Sami Huttunen | Ilari Isomäki | ||
| For more information, please contact: | |||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | |||
| www.aspo.com | |||
Attachment
| Aspo Plc | ANNOUNCEMENT | 21.1.2026 |
| Aspo Plc: Share repurchase 21.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 21.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 500 | Shares |
| Average price/ share | 7,3667 | EUR |
| Total cost | 11 050,05 | EUR |
| Aspo Plc now holds a total of 124 052 shares | ||
| including the shares repurchased on 21.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
| Aspo Plc | ANNOUNCEMENT | 20.1.2026 |
| Aspo Plc: Share repurchase 20.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 20.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 000 | Shares |
| Average price/ share | 7,1800 | EUR |
| Total cost | 7 180,00 | EUR |
| Aspo Plc now holds a total of 122 552 shares | ||
| including the shares repurchased on 20.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
Aspo Plc Stock Exchange Release January 20, 2026 at 16.30 EET
Aspo’s Shareholders’ Nomination Board’s proposals to the Annual General Meeting 2026
The Shareholders' Nomination Board of Aspo Plc presents the following proposals to the Annual General Meeting to be held on April 17, 2026. The proposals will be included in the notice to the Annual General Meeting to be published at a later date.
Proposal on the composition of the Board of Directors
The Shareholders’ Nomination Board of Aspo Plc proposes that the Board of Directors will have seven members.
The Nomination Board proposes that Patricia Allam, Annika Ekman, Tapio Kolunsarka, Mikael Laine, Kaarina Ståhlberg, Tatu Vehmas and Heikki Westerlund, all current members of the company's Board of Directors, be re-elected as members of the Board.
The proposed Board members have all given their consent to being elected. The Board elects a Chairman and a Vice Chairman from among its members. The proposed persons have informed the company that if they are elected, they will elect Heikki Westerlund as Chairman of the Board, and Mikael Laine as the Vice Chairman of the Board.
Proposed members of the Board of Directors are independent from the Company and its significant shareholders, excluding Patricia Allam and Tatu Vehmas, who are considered to be dependent on the significant shareholders of the Company.
Proposal on the remuneration of the Board of Directors
The Nomination Board proposes that the monthly fees of the board members remain unchanged:
- Members: EUR 3,000 per month
- Vice Chairman: EUR 4,400 per month
- Chairman: EUR 6,000 per month
The Nomination Board proposes that the meeting fees paid to members of the Committees are EUR 800 per committee meeting and the meeting fee of the Chairmen of the Committees EUR 1,200 per meeting. If the Chairman of the Committee is also the Chairman or the Vice Chairman of the Board of Directors, the Nomination Board proposes that the fee paid to the Chairman of the Committee is the same as that paid to members of the Committee. Board members having a full-time position in an Aspo Group company are not paid a fee.
Composition of the Shareholders’ Nomination Board
The Nomination Board of Aspo Plc’s shareholders consists of the representatives of the four largest shareholders. The following representatives of the largest shareholders were members of the Nomination Board which prepared proposals for the Annual Shareholders' Meeting 2026: Roberto Lencioni, Chairman (Vehmas family, including AEV Capital Holding Oy); Gustav Nyberg (Nyberg family, including Oy Havsudden Ab); Pekka Pajamo, (Varma Mutual Pension Insurance Company); and Karoliina Lindroos (Ilmarinen Mutual Pension Insurance Company). In addition, Heikki Westerlund, Chairman of Aspo Board of Directors, has acted as an expert member of the Nomination Board.
Aspo Plc
Taru Uotila, Senior Vice President, Legal and Sustainability
For further information, please contact: Roberto Lencioni, Chairman of the Nomination Board, tel. +358 30 600 3423, roberto.lencioni@gard.no
Distribution:
Nasdaq Helsinki
Key Media
www.aspo.com
Aspo creates value by owning and developing business operations sustainably and in the long term. Aspo’s businesses – ESL Shipping, Telko and Leipurin – enable future-proof, sustainable choices for customers in various industries. Established in 1929, today we are together about 800 experts on land and at sea. While the Nordic region is our core market, we serve our customers with world-class solutions in 19 countries around Europe and parts of Asia.
Aspo is listed on Nasdaq Helsinki and is headquartered in Finland.
Aspo – Sustainable value creation
| Aspo Plc | ANNOUNCEMENT | 19.1.2026 |
| Aspo Plc: Share repurchase 19.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 19.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 000 | Shares |
| Average price/ share | 7,1980 | EUR |
| Total cost | 7 198,00 | EUR |
| Aspo Plc now holds a total of 121 552 shares | ||
| including the shares repurchased on 19.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
| Aspo Plc | ANNOUNCEMENT | 16.1.2026 |
| Aspo Plc: Share repurchase 16.1.2026 | ||
| In the Helsinki Stock Exchange | ||
| Trade date | 16.1.2026 | |
| Bourse trade | Buy | |
| Share | ASPO | |
| Amount | 1 000 | Shares |
| Average price/ share | 7,2400 | EUR |
| Total cost | 7 240,00 | EUR |
| Aspo Plc now holds a total of 120 552 shares | ||
| including the shares repurchased on 16.1.2026 | ||
| The share buybacks are executed in compliance with Regulation | ||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | ||
| and the Commission Delegated Regulation (EU) 2016/1052. | ||
| On behalf of Aspo Plc | ||
| Nordea Bank Oyj | ||
| Sami Huttunen | Ilari Isomäki | |
| For more information, please contact: | ||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | ||
| www.aspo.com | ||
Attachment
| Aspo Plc | ANNOUNCEMENT | 15.1.2026 | |
| Aspo Plc: Share repurchase 15.1.2026 | |||
| In the Helsinki Stock Exchange | |||
| Trade date | 15.1.2026 | ||
| Bourse trade | Buy | ||
| Share | ASPO | ||
| Amount | 1 000 | Shares | |
| Average price/ share | 7,0800 | EUR | |
| Total cost | 7 080,00 | EUR | |
| Aspo Plc now holds a total of 119 552 shares | |||
| including the shares repurchased on 15.1.2026 | |||
| The share buybacks are executed in compliance with Regulation | |||
| No. 596/2014 of the European Parliament and Council (MAR) Article 5 | |||
| and the Commission Delegated Regulation (EU) 2016/1052. | |||
| On behalf of Aspo Plc | |||
| Nordea Bank Oyj | |||
| Sami Huttunen | Ilari Isomäki | ||
| For more information, please contact: | |||
| Erkka Repo, CFO, Aspo Plc, tel. +358 40 5827 971, erkka.repo@aspo.com | |||
| www.aspo.com | |||
Attachment
Equity Research Disclaimer
These research reports have been prepared by Evli Research Partners Plc (“ERP” or “Evli Research”). ERP is a subsidiary of Evli Plc.
None of the analysts contributing to this report, persons under their guardianship or corporations under their control have a position in the shares of the company or related securities. The date and time for any price of financial instruments mentioned in the recommendation refer to the previous trading day’s closing price(s) unless otherwise stated in the report. Each analyst responsible for the content of this report assures that the expressed views accurately reflect the personal views of each analyst on the covered companies and securities. Each analyst assures that (s)he has not been, nor are or will be, receiving direct or indirect compensation related to the specific recommendations or views contained in this report.
Companies in the Evli Group, affiliates or staff of companies in the Evli Group, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any company mentioned in the publication or report. Neither ERP nor any company within the Evli Group have managed or co-managed a public offering of the company’s securities during the last 12 months prior to, received compensation for investment banking services from the company during the last 12 months prior to the publication of the research report.
ERP has signed an agreement with the issuer of the financial instruments mentioned in the recommendation, which includes production of research reports. This assignment has a limited economic and financial impact on ERP and/or Evli. Under the assignment ERP performs services including, but not limited to, arranging investor meetings or –events, investor relations communication advisory and production of research material. ERP or another company within the Evli Group does not have an agreement with the company to perform market making or liquidity providing services. For the prevention and avoidance of conflicts of interests with respect to this report, there is an information barrier (Chinese wall) between Investment Research and Corporate Finance units concerning unpublished investment banking services to the company. The remuneration of the analyst(s) is not tied directly or indirectly to investment banking transactions or other services performed by Evli Plc or any company within Evli Group.
This report is provided and intended for informational purposes only and may not be used or considered under any circumstances as an offer to sell or buy any securities or as advice to trade any securities.
This report is based on sources ERP considers to be correct and reliable. The sources include information providers Reuters and Bloomberg, stock-exchange releases from the companies and other company news, Statistics Finland and articles in newspapers and magazines. However, ERP does not guarantee the materialization, correctness, accuracy or completeness of the information, opinions, estimates or forecasts expressed or implied in the report. In addition, circumstantial changes may have an influence on opinions and estimates presented in this report. The opinions and estimates presented are valid at the moment of their publication and they can be changed without a separate announcement. Neither ERP nor any company within the Evli Group are responsible for amending, correcting or updating any information, opinions or estimates contained in this report. Neither ERP nor any company within the Evli Group will compensate any direct or consequential loss caused by or derived from the use of the information represented in this publication.
All information published in this report is for the original recipient’s private and internal use only. ERP reserves all rights to the report. No part of this publication may be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, or stored in any retrieval system of any nature, without the written permission of ERP.
This report or its copy may not be published or distributed in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore or South Africa. The publication or distribution of this report in certain other jurisdictions may also be restricted by law. Persons into whose possession this report comes are required to inform themselves about and to observe any such restrictions.
Evli Plc is not registered as a broker-dealer with the U. S. Securities and Exchange Commission (“SEC”), and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Evli is not a member of the Financial Industry Regulatory Authority (“FINRA”). It and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance and disclosure of potential conflicts of interest. This research report is only being offered in U.S. by Auerbach Grayson & Company, LLC (Auerbach Grayson) to Major U.S. Institutional Investors and is not available to, and should not be used by, any U.S. person or entity that is not a Major U.S. Institutional Investor. Auerbach Grayson is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA. U.S. entities seeking more information about any of the issuers or securities discussed in this report should contact Auerbach Grayson. The securities of non-U.S. issuers may not be registered with or subject to SEC reporting and other requirements.
ERP is not a supervised entity but its parent company Evli Plc is supervised by the Finnish Financial Supervision Authority.
Company Facts
Guidance
Aspo Group’s comparable EBITA from continuing operations is expected to increase compared with the previous year (EUR 29.4m in 2025).
Financial targets
Aspo aims for 8% EBITA margin, 5-10% p.a. revenue growth, above 20% ROE, and NIBD/EBITDA of below 3x
Schedule analyst call
For professional investors wishing to discuss the case, please book a complimentary analyst call
Book a call