Aspo

Aspo Plc Managers’ transactions June 17, 2025, at 5.30 p.m. 

Aspo Plc - Managers' Transactions - Mikael Laine 

____________________________________________ 

Person subject to the notification requirement 

Name: Mikael Laine 

Position: Member of the Board/Deputy member 

Issuer: Aspo Oyj 

LEI: 7437000TB0GHDHLPX677 

Notification type: INITIAL NOTIFICATION 

Reference number: 112418/7/8 

____________________________________________ 

Transaction date: 2025-06-16 

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) 

Instrument type: DEBT INSTRUMENT 

ISIN: FI4000523170 

Nature of transaction: DISPOSAL 

Transaction details 

(1): Volume: 200000 Unit price: 100 PCT 

Aggregated transactions

(1): Volume: 200000 Volume weighted average price: 100 PCT 

Aspo Plc 

Erkka Repo 
CFO 

For further information, please contact: 
Erkka Repo, CFO, tel. +358 40  582 7971, erkka.repo@aspo.com 

Distribution: 
Nasdaq Helsinki 
www.aspo.com 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.  

Aspo Plc Managers’ transactions June 17, 2025, at 5.30 p.m. 

Aspo Plc - Managers' Transactions - Tatu Vehmas 

____________________________________________ 

Person subject to the notification requirement 

Name: Tatu Vehmas 

Position: Member of the Board/Deputy member 

Issuer: Aspo Oyj 

LEI: 7437000TB0GHDHLPX677 

Notification type: INITIAL NOTIFICATION 

Reference number: 112430/4/4 

____________________________________________ 

Transaction date: 2025-06-16 

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) 

Instrument type: DEBT INSTRUMENT 

ISIN: FI4000523170 

Nature of transaction: DISPOSAL 

Transaction details 

(1): Volume: 1500000 Unit price: 100 PCT 

Aggregated transactions  

(1): Volume: 1500000 Volume weighted average price: 100 PCT 

Aspo Plc 

Erkka Repo 
CFO 

For further information, please contact: 
Erkka Repo, CFO, tel. +358 40  582 7971, erkka.repo@aspo.com 

Distribution: 
Nasdaq Helsinki  
www.aspo.com 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.  

Aspo Plc Managers’ transactions June 17, 2025, at 5.30 p.m. 

Aspo Plc - Managers' Transactions - Mikko Pasanen 

____________________________________________ 

Person subject to the notification requirement 

Name: Mikko Pasanen 

Position: Other senior manager 

Issuer: Aspo Oyj 

LEI: 7437000TB0GHDHLPX677 

Notification type: INITIAL NOTIFICATION 

Reference number: 112438/4/4 

____________________________________________ 

Transaction date: 2025-06-16 

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) 

Instrument type: DEBT INSTRUMENT 

ISIN: FI4000523170 

Nature of transaction: DISPOSAL  

Transaction details 

(1): Volume: 100000 Unit price: 100 PCT  

Aggregated transactions  

(1): Volume: 100000 Volume weighted average price: 100 PCT 

Aspo Plc 

Erkka Repo 
CFO 

For further information, please contact: 
Erkka Repo, CFO, tel. +358 40 582 7971, erkka.repo@aspo.com 

Distribution: 
Nasdaq Helsinki 
www.aspo.com 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.  

Aspo Plc Managers’ transactions June 17, 2025, at 5.30 p.m. 

Aspo Plc - Managers' Transactions - Rolf Jansson 

___________________________________________ 

Person subject to the notification requirement 

Name: Rolf Jansson 

Position: Chief Executive Officer 

 Issuer: Aspo Oyj 

LEI: 7437000TB0GHDHLPX677 

Notification type: INITIAL NOTIFICATION 

Reference number: 112435/5/4 

____________________________________________ 

Transaction date: 2025-06-16 

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) 

Instrument type: DEBT INSTRUMENT 

ISIN: FI4000523170 

Nature of transaction: DISPOSAL  

Transaction details 

(1): Volume: 100000 Unit price: 100 PCT  

Aggregated transactions  

(1): Volume: 100000 Volume weighted average price: 100 PCT 

Aspo Plc 

Erkka Repo 
CFO 

For further information, please contact: 
Erkka Repo, CFO, tel. +358 40 582 7971, erkka.repo@aspo.com 

Distribution: 
Nasdaq Helsinki 
www.aspo.com 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.  

Aspo Plc Managers’ transactions June 17, 2025, at 5.30 p.m. 

Aspo Plc - Managers' Transactions - Patricia Allam 

Person subject to the notification requirement 

Name: Patricia Allam 

Position: Member of the Board/Deputy member 

 Issuer: Aspo Oyj 

LEI: 7437000TB0GHDHLPX677 

Notification type: INITIAL NOTIFICATION 

Reference number: 112432/5/4 

__________________________________________ 

Transaction date: 2025-06-16 

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) 

Instrument type: DEBT INSTRUMENT 

ISIN: FI4000523170 

Nature of transaction: DISPOSAL  

Transaction details 

(1): Volume: 200000 Unit price: 100 PCT  

Aggregated transactions  

(1): Volume: 200000 Volume weighted average price: 100 PCT 

Aspo Plc 

Erkka Repo 
CFO 

For further information, please contact: 
Erkka Repo, CFO, tel. +358 40 582 7971, erkka.repo@aspo.com 

Distribution: 
Nasdaq Helsinki 
www.aspo.com 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.  

Aspo Plc Managers’ transactions June 17, 2025, at 5.30 p.m. 

Aspo Plc - Managers' Transactions  

____________________________________________ 

Person subject to the notification requirement 

Name: Havsudden Oy Ab 

Position: Closely associated person 

(X) Legal person  (1):Person Discharging Managerial Responsibilities In Issuer 

Name: Patricia Allam 

Position: Member of the Board 

Issuer: Aspo Oyj 

LEI: 7437000TB0GHDHLPX677 

Notification type: INITIAL NOTIFICATION 

Reference number: 112439/4/4 

____________________________________________ 

Transaction date: 2025-06-16 

Venue: OFF-EXCHANGE LIIKETOIMET (XOFF) 

Instrument type: DEBT INSTRUMENT 

ISIN: FI4000523170 

Nature of transaction: DISPOSAL  

Transaction details 

(1): Volume: 700000 Unit price: 100 PCT  

Aggregated transactions  

(1): Volume: 700000 Volume weighted average price: 100 PCT 

Aspo Plc 

Erkka Repo 
CFO 

For further information, please contact: 
Erkka Repo, CFO, tel. +358 40 582 7971, erkka.repo@aspo.com 

Distribution: 
Nasdaq Helsinki 
www.aspo.com 

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.  

Aspo Plc Inside information May 12, 2025 at 9:30 a.m.

Inside information: Aspo redeems its outstanding hybrid bond

Aspo Plc (”Aspo”) announces that it will exercise its right to redeem its EUR 30 million 8.750 percent hybrid bond (”Capital Securities”) issued on June 14, 2022 (ISIN: FI4000523170).

The outstanding EUR 30 million Capital Securities will be redeemed in full on June 14, 2025 (the “Redemption date”) in accordance with the terms and conditions of the Capital Securities.

On June 16, 2025, Aspo will pay the holders of the Capital Securities a redemption price equal to principal amount of the note together with any accrued interest to, but excluding the Redemption Date.

This notice of redemption is irrevocable and is given to the calculation agent and holders of the Capital Securities in accordance with the terms and conditions of the Capital Securities.

Aspo Plc
Rolf Jansson
CEO

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. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals. 

Aspo Plc Interim Report May 12, 2025 at 9:00 am

Aspo Plc’s Interim Report, January 1 – March 31, 2025: Strong start for year 2025 with continued profitability improvement

This is a summary of the Interim Report January 1 – March 31, 2025 of Aspo Plc. The complete report is attached to this release and available at aspo.com.

Figures from the corresponding period in 2024 are presented in brackets.

January–March 2025

• Net sales increased to EUR 151.2 (132.7) million
• Comparable EBITA grew to EUR 8.8 (5.1) million, 5.8% (3.8%) of net sales. The comparable EBITA of ESL Shipping was EUR 4.1 (2.7) million, Telko EUR 4.4 (2.3) million, and Leipurin EUR 1.5 (1.2) million
• EBITA was EUR 7.7 (-2.9) million. EBITA of ESL Shipping was EUR 3.0 (-5.0) million, Telko EUR 4.4 (2.3) million, and Leipurin EUR 1.5 (1.2) million
• Comparable ROE was 10.6% (4.9%)
• Comparable earnings per share were EUR 0.13 (0.09)
• Free cash flow was EUR -4.4 (-3.5) million driven by investments
• ESL Shipping and SSAB agreed in March 2025 on a multi-year extension of a significant sea transport agreement
  
  

Guidance for 2025

Aspo Group’s comparable EBITA is expected to be EUR 35 - 45 million in 2025 (EUR 29.1 million in 2024).

Assumptions behind the guidance

Aspo’s operating environment is estimated to remain challenging during the first half of the year and to gradually improve during the second half of the year. Increased defense and infra spending in Europe is expected to support the economic recovery towards the end of the year. However, recent trade tensions and high tariffs imposed or planned by the USA, EU and China have increased economic uncertainty and may negatively impact economic growth and global trade. 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 expected comparable EBITA range is expected to be achieved if all the planned profit improvement measures are successful, and there is 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. Recent trade tensions, including possible tariffs, 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 be weak overall during the first half of the year, with fairly low contractual volumes combined with low spot market pricing. Volumes are expected to slowly revive during the second half of the year.

For Telko, overall stable market development is expected going forward, with demand slowly picking up. 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 much lower level in 2025 than in 2024.

For Leipurin, the market is expected to be stable. Opportunities for growth remains in the food industry, where the addressable market for Leipurin is multiple compared to bakery. Leipurin remains in a good position to continue improving its profitability.

The calculation principles of key figures are included in Aspo’s Board of Directors’ report for the year 2024. 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 and may differ from previously published figures.

Rolf Jansson, CEO of Aspo Group, comments on the first quarter of 2025:

Profitability improvement is at the top of Aspo’s agenda in 2025. We aim to capture the benefits of the completed acquisitions and capex investments made during previous years. In addition, we will focus on organic growth and performance improvement actions, tightly managed across all our businesses.

Aspo continued to grow and improve its profitability during the first quarter of 2025. Aspo’s net sales grew by 13.9% compared to the first quarter of 2024 which was primarily driven by the acquisitions Telko and Leipurin made in 2024. Both Telko and Leipurin also achieved organic sales growth during the quarter. Net sales of ESL Shipping declined due to a relatively low level of industrial activity.

Comparable EBITA was EUR 8.8 million compared to EUR 5.1 million in the corresponding period in the previous year. All businesses improved their profitability. It is positive to see that the intensified focus on profitability improvement is widely yielding results.

Despite weak spot market pricing and somewhat softer than expected contractual freight volume demand, ESL Shipping was able to improve its comparable EBITA to EUR 4.1 (2.7) million, driven by performance improvement efforts, including the expiration of expensive time-charter agreements. The profitability of ESL Shipping in the corresponding period in the previous year was weakened due to harsh ice conditions and political strikes.

Telko’s comparable EBITA of EUR 4.4 (2.3) million grew due to the contribution from last year’s completed acquisitions, continued organic growth, and the absence of M&A costs. Leipurin’s comparable EBITA was EUR 1.5 (1.2) million. Leipurin’s profitability improvement relates specifically to the acquisition in Sweden in 2024 and measures improving supply chain efficiency in the Swedish operations.

ESL Shipping and SSAB agreed in March 2025 on a multi-year extension of the agreement covering SSAB’s inbound raw material sea transports within the Baltic Sea and from the North Sea. In addition, the agreement covers the transport of SSAB’s fossil-free sponge iron produced with HYBRIT technology including the possibility of fossil-free shipments. The transport volume is estimated to be 6–7 million tonnes annually. This was an important milestone in ESL Shipping’s strategy to support Nordic industrials in their green transition.

Leipurin completed the transaction to take over the food ingredients distribution business of Kartagena UAB in February 2025. The acquired business is expected to increase Leipurin’s net sales by close to EUR 2 million on an annual basis.

We are working to achieve Aspo’s financial ambition of reaching EUR 1 billion of net sales and EBITA of 8% in 2028. The total investment program of EUR 300–350 million for 2024–2028 is well underway, focusing on acquisitions of Telko and Leipurin, and investments in the new capacity of ESL Shipping. Aspo’s vision is to form two separate companies, Aspo Compounder (Telko and Leipurin) and Aspo Infra (ESL Shipping), before Aspo turns 100 years old in 2029.

During 2025, our focus is on profitability improvement. We will benefit from the Green Coaster investments made in 2021–2024, the acquisitions completed during 2024, and the vast array of profitability improvement efforts across the Group. Despite the focus on short-term profitability improvement, we continue to have a parallel long-term strategic perspective to reach the financial ambition of Aspo as well as our portfolio vision.

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–March 2025, Aspo’s net sales grew by 13.9% to EUR 151.2 (132.7) million. The comparable EBITA rate stood at 5.8% (3.8%). Comparable return on equity was 10.6% (4.9%) and the net debt to comparable EBITDA, rolling 12 months ratio was 3.3 (2.3).

Espoo, May 12, 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 May 12, 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 interim 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/q1-2025.

Questions can be asked after the presentation through conference call connection. 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=50051734.

A recording of the event will be available after the event at 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

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.

Attachment

• Aspo-Interim-Report-Q1-2025

Aspo Plc Press Release May 5, 2025 at 3.15 p.m.

Aspo to publish its Interim Report for January-March 2025 on May 12, 2025

Aspo Plc will publish Interim Report for January-March 2025 on Monday, May 12, 2025, at approximately 9.00 a.m. EEST.

News conference for analysts, investors and media will be held at Sanomatalo, Flik Studio Eliel, Töölönlahdenkatu 2, Helsinki on May 12, 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 interim 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/q1-2025.

Questions can be asked after the presentation through conference call connection. 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=50051734.

A recording of the event will be available after the event at the company’s website aspo.com.   

Aspo Plc

For further information, please contact:

Susanna Hietanen, Communications Director, Aspo Plc, tel. +358 50 3595 701, susanna.hietanen@aspo.com

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals. 

Aspo Plc Stock exchange release April 25, 2025 at 1.30 p.m.

Resolutions of the Aspo Plc’s Annual General Meeting and the organizing meeting of the Board of Directors

The Annual General Meeting of Aspo Plc was held today on April 25, 2025, in Helsinki. The Annual General Meeting of Aspo Plc approved the company's and consolidated financial statements 2024 and discharged the members of the Board of Directors and the CEO from the liability. The Annual General Meeting approved the payment of a dividend totaling EUR 0.19 per share to be paid in two instalments. For the first dividend instalment (EUR 0.09 per share) the record date is April 29, 2025 and the payment date is May 7, 2025. For the second dividend instalment (EUR 0.10 per share) the record date is October 30, 2025, and the payment date is November 6, 2025.

In addition, the Annual General Meeting authorized the Board of Directors to decide, if necessary, on a new record date and payment date for the second dividend instalment, should the rules of Euroclear Finland Oy or statutes applicable to the Finnish book-entry system be amended or other rules binding on the Company so require.

The Annual General Meeting also approved the Company’s Remuneration Report, as proposed by the Board of Directors.

Remuneration of the members of the Board of Directors and the Committees

The Annual General Meeting approved that EUR 6,000 be paid per month for the Chairman of the Board of Directors, EUR 4,400 per month for the Vice Chairman and EUR 3,000 per month for the other members of the Board of Directors.

The Annual General Meeting approved that the following remuneration be paid to the members of the Audit Committee as well as to the members of the Human Resources and Remuneration Committee. The shareholders approved that EUR 1,200 per meeting be paid for the Chairman of the committee and EUR 800 per meeting be paid for the committee members. If the Chairman of the committee is also the Chairman or the Vice Chairman of the Board of Directors, the fee paid to the Chairman of the committee is the same as that paid to members of the committee.

Board of Directors, Auditor and the Sustainability Reporting Assurance Provider

The meeting confirmed the number of Board members at seven. Patricia Allam, Annika Ekman, Tapio Kolunsarka, Mikael Laine, Kaarina Ståhlberg, Tatu Vehmas and Heikki Westerlund were re-elected to the Board of Directors. At the Board's organizing meeting held after the Annual General Meeting, Heikki Westerlund was elected as Chairman of the Board and Mikael Laine as Vice Chairman. At the meeting the Board decided to appoint Heikki Westerlund as Chair of the Human Resources and Remuneration Committee, and Patricia Allam, Tapio Kolunsarka, and Tatu Vehmas as committee members. At the meeting the Board also decided to appoint Kaarina Ståhlberg as Chair of the Audit Committee, and Annika Ekman, Mikael Laine and Tatu Vehmas as committee members.

The Authorized Public Accountant firm Deloitte Oy was re-elected as company auditor. Deloitte Oy has announced that Jukka Vattulainen, APA, will act as the auditor in charge. The Authorized Sustainability Audit Firm Deloitte Oy was elected as the Company’s sustainability reporting assurance provider. Deloitte Oy has announced that Jukka Vattulainen, APA and Authorized Sustainability Auditor, will act as the responsible sustainability reporting assurance provider. The remuneration shall be paid to the auditor and sustainability reporting assurance provider according to an invoice approved by the Company.

Authorization of the Board of Directors to decide on the acquisition of treasury shares

As proposed by the Board of Directors, the Annual General Meeting authorized the Board of Directors to decide on the acquisition of no more than 500,000 treasury shares using the unrestricted equity of the Company representing about 1.6% of all the shares in the Company. The authorization includes the right to accept treasury shares as a pledge. The authorization is valid until the Annual General Meeting in 2026 but not more than 18 months from the approval at the General Meeting.

Authorization of the Board of Directors to decide on a share issue of treasury shares

As proposed by the Board of Directors, the Annual General Meeting authorized the Board of Directors to decide on a share issue, through one or several installments, to be executed by conveying treasury shares. An aggregate maximum amount of 2,500,000 shares may be conveyed based on the authorization. The authorization is valid until the Annual General Meeting in 2026 but not more than 18 months from the approval at the General Meeting.

Authorization of the Board of Directors to decide on a share issue of new shares

As proposed by the Board of Directors, the Annual General Meeting authorized the Board of Directors to decide on a share issue for consideration, or on a share issue without consideration through one or several instalments. The total number of new shares to be offered for subscription is a maximum of 2,500,000 in total. The authorization may be used for the financing or execution of possible corporate acquisitions or other transactions, for execution of the Company’s share-ownership programs or for other purposes determined by the Board.

The authorization includes the right of the Board of Directors to decide on all of the other terms and conditions of the conveyance and thus also includes the right to decide on a directed share issue, in deviation from the shareholders’ pre-emptive right, if a compelling financial reason exists for the company to do so. The authorization also includes the right of the Board of Directors to decide on a share issue without consideration for the Company itself.

The authorization is valid until the Annual General Meeting in 2026, however no more than 18 months from the approval at the General Meeting.

Authorization of the Board of Directors to decide on charitable contributions

As proposed by the Board of Directors, the Annual General Meeting authorized the Board of Directors to decide on contributions in the total maximum amount of EUR 100,000 for charitable or similar purposes, and to decide on the recipients, purposes and other terms of the contributions. The authorization is valid until the Annual General Meeting in 2026.

Aspo Plc
Rolf Jansson
CEO

Further information:
Rolf Jansson, CEO, Aspo Plc, tel.+358 400 600 264, rolf.jansson@aspo.com

Distribution:
Nasdaq Helsinki
Key media
www.aspo.com

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals. 

Attachment

• Aspo-AGM-resolutions-2025-FINAL

Aspo Plc
Stock Exchange Release
April 1, 2025 at 10:00 am

INVITATION TO THE ANNUAL GENERAL MEETING

The shareholders of Aspo Plc are invited to attend the Annual General Meeting to be held on Friday, April 25, 2025, at 10.00 a.m. at Pikku-Finlandia, Karamzininranta 4, FI-00100 Helsinki, Finland. The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at the meeting venue at 9.00 a.m.

Shareholders may also exercise their voting rights by voting in advance. Instructions for advance voting are presented in this invitation under section C.

The Annual General Meeting can be followed via a webcast on the website at www.aspo.com/shareholdersmeeting. It is not possible to ask questions, make counterproposals, otherwise address the meeting, or vote via webcast, and following the meeting via webcast is not considered participation in the Annual General Meeting or exercise of the shareholder rights.

a. MATTERS ON THE AGENDA OF THE ANNUAL GENERAL MEETING

1.   Opening of the meeting


2.   Calling the meeting to order


3.   Election of persons to confirm the minutes and to supervise the counting of votes


4.   Recording the legality of the meeting


5.   Recording the attendance at the meeting and adopting the list of votes


6.   Presentation of the Financial Statements, Consolidated Financial Statements, the Annual Report and the Auditor’s report for the year 2024


CEO’s review

The financial statements, annual report (including the sustainability report), the auditor’s report and the assurance report on the sustainability report are available on the Company's website at www.aspo.com/shareholdersmeeting.

7.   Adoption of the Financial Statements and the Consolidated Financial Statements


8.   Resolution on the use of the profit shown on the balance sheet and the distribution of dividend


On December 31, 2024, the distributable funds of the parent company were EUR 40,996,272.18, with the profit for the financial year totaling to EUR 18,123,440.79.

The Board of Directors proposes that a total of EUR 0.19 per share be distributed in dividends for the 2024 financial year and that no dividend be paid for treasury shares held by Aspo Plc. The Board of Directors proposes that the dividend be paid in two instalments.

The first dividend instalment of EUR 0.09 per share is proposed to be paid to shareholders who are registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy on the record date of the first dividend instalment, April 29, 2025. The Board of Directors proposes that the payment date for the first dividend instalment be May 7, 2025.

The second dividend instalment of EUR 0.10 per share is proposed to be paid to shareholders who are registered in the Company's shareholders’ register maintained by Euroclear Finland Oy on the record date of the second dividend instalment, October 30, 2025. The Board of Directors proposes that the payment date for the second dividend instalment be November 6, 2025.

In addition, the Board of Directors proposes that the Annual General Meeting authorize the Board of Directors to decide, if necessary, on a new record date and payment date for the second dividend instalment, should the rules of Euroclear Finland Oy or statutes applicable to the Finnish book-entry system be amended or other rules binding on the Company so require.

9.   Resolution on the discharge of liability to the members of the Board of Directors and the CEO for the financial year January 1, 2024 – December 31, 2024


10.   Consideration of the Remuneration Report


The Board of Directors proposes that the Annual General Meeting approves the Remuneration Report. The resolution is an advisory resolution. The Remuneration Report is available on the
Company’s website at www.aspo.com/shareholdersmeeting.

11.   Resolution on the remuneration of the members of the Board of Directors and committees


The Shareholders’ Nomination Board proposes that the monthly fees paid to the Board members remain unchanged and would be as follows:

• Members of the Board of Directors: EUR 3,000 per month
• Vice Chairman of the Board of Directors: EUR 4,400 per month
• Chairman of the Board of Directors: EUR 6,000 per month

The Shareholders' Nomination Board further proposes that the meeting fees paid to members of the committees and chairs of the committees remain unchanged and would be as follows:
a meeting fee of EUR 800 per meeting to members of the committees and a meeting fee of EUR 1,200 per meeting to chairs of the committees. If the chair of a committee is also the Chair or the Vice Chair of the Board of Directors, the fee paid to the chair of the committee is proposed to be 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.

12.   Resolution on the number of members of the Board of Directors


The Shareholders’ Nomination Board proposes that the Board of Directors will have seven (7) members.

13.   Election of the members of the Board of Directors


The Shareholders’ Nomination Board proposes that current members of the Company’s Board of Directors, Patricia Allam, Annika Ekman, Tapio Kolunsarka, Mikael Laine, Kaarina Ståhlberg, Tatu Vehmas and Heikki Westerlund, be re-elected as members of the Board of Directors for the term closing at the end of the 2026 Annual General Meeting. Further information on the proposed members of the Board of Directors is available on Aspo Plc’s website at www.aspo.com/shareholdersmeeting.

All 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.

All of the aforementioned individuals proposed as members of the Board of Directors have given their consent to their appointment. The members of the Board of Directors elect a Chairman and a Vice Chairman among its members. The proposed individuals have announced to the Company that if they are elected, they will elect Heikki Westerlund as the Chairman and Mikael Laine as the Vice Chairman of the Board of Directors.

With regard to the procedure for the selection of the members of the Board of Directors, the Shareholders’ Nomination Board recommends that the shareholders give their view on the proposal as a whole at the Annual General Meeting. The Shareholders’ Nomination Board has estimated that in addition to the qualifications of the individual candidates for the Board of Directors, the proposed Board of Directors as a whole provides excellent competence and experience for the Company and that the composition of the Board of Directors also meets other requirements set for a listed company by the Corporate Governance Code.

14.   Resolution on the Remuneration of the Auditor


In accordance with the Audit Committee’s recommendation, the Board of Directors proposes that remuneration be paid to the auditor according to an invoice approved by the Company.

15.   Election of the Auditor


In accordance with the Audit Committee’s recommendation, the Board of Directors proposes that Deloitte Oy be elected as the Company’s auditor until the following Annual General Meeting. Deloitte Oy has announced that Jukka Vattulainen, APA, would act as the auditor in charge.

16.   Resolution on the Remuneration of the Sustainability Reporting Assurance Provider


In accordance with the Audit Committee’s recommendation, the Board of Directors proposes that remuneration be paid to the sustainability reporting assurance provider according to an invoice approved by the Company.

17.   Election of the Sustainability Reporting Assurance Provider


In accordance with the Audit Committee’s recommendation, the Board of Directors proposes that Deloitte Oy be elected as the Company’s sustainability reporting assurance provider until the following Annual General Meeting. Deloitte Oy has announced that Jukka Vattulainen, APA and Authorised Sustainability Auditor, would act as the responsible sustainability reporting assurance provider.

18.   Authorization of the Board of Directors to decide on the acquisition of treasury shares


The Board of Directors proposes that the Annual General Meeting authorize the Board of Directors to decide on the acquisition of no more than 500,000 treasury shares using the unrestricted equity of the Company representing about 1.6% of all the shares in the Company. The authorization includes the right to accept treasury shares as a pledge.

The shares may be repurchased at a price formed in trading on regulated market on the date of the repurchase or otherwise at a price formed on the market. The shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase). In connection with the acquisition of the treasury shares, derivative, share lending, or other agreements that are normal within the framework of capital markets may take place in accordance with legislative and regulatory requirements.

The authorization includes the Board’s right to resolve on a directed repurchase or the acceptance of shares as a pledge, if there is a compelling financial reason for the Company to do so as provided for in Chapter 15, Section 6 of the Finnish Companies Act. The shares shall be acquired to be used for the financing or execution of possible corporate acquisitions or other transactions, for execution of the Company’s share-ownership programs or for other purposes determined by the Board.

The decision to acquire or redeem treasury shares or to accept them as pledge shall not be made so that the shares of the Company in the possession of, or held as pledges by, the Company and its subsidiaries would exceed 10% of all the shares in the Company. The authorization is proposed to be valid until the Annual General Meeting in 2026, however no more than 18 months from the approval at the Annual General Meeting.

The Board of Directors shall decide on any other terms and conditions related to the acquisition of treasury shares and/or accepting them as a pledge.

19.   Authorization of the Board of Directors to decide on a share issue of treasury shares


The Board of Directors proposes that the Annual General Meeting authorize the Board of Directors to decide on a share issue, through one or several instalments, to be executed by conveying treasury shares. An aggregate maximum amount of 2,500,000 shares may be conveyed based on the authorization. The authorization is proposed to be used for the financing or execution of possible corporate acquisitions or other transactions, for execution of the Company’s share-ownership programs or for other purposes determined by the Board.

The authorization is proposed to include the right of the Board of Directors to decide on all the terms and conditions of the conveyance and thus also includes the right to convey shares otherwise than in proportion to the share ownership of the shareholders, in deviation from the shareholders’ pre-emptive right, if a compelling financial reason exists for the Company to do so. The authorization is proposed to be valid until the Annual General Meeting in 2026, however no more than 18 months from the approval at the Annual General Meeting.

Treasury shares may be transferred either against or without payment. Under the Finnish Companies Act, a directed share issue may only be carried out without payment, if there is an especially compelling financial reason for the same, both for the Company and in regard to the interests of all shareholders in the Company.

20.   Authorization of the Board of Directors to decide on a share issue of new shares


The Board of Directors proposes that the Annual General Meeting authorize the Board of Directors to decide on a share issue for consideration, or on a share issue without consideration through one or several instalments. The total number of new shares to be offered for subscription is a maximum of 2,500,000 in total. The authorization is proposed to be used for the financing or execution of possible corporate acquisitions or other transactions, for execution of the Company’s share-ownership programs or for other purposes determined by the Board.

The authorization is proposed to include the right of the Board of Directors to decide on all of the other terms and conditions of the conveyance and thus also includes the right to decide on a directed share issue, in deviation from the shareholders’ pre-emptive right, if a compelling financial reason exists for the company to do so. The authorization is proposed to also include the right of the Board of Directors to decide on a share issue without consideration for the Company itself. The decision on a share issue without consideration to the Company itself shall not be made so that the shares of the Company in the possession of, or held as pledges by, the Company and its subsidiaries would exceed 10% of all the shares in the Company.

The authorization is proposed to be valid until the Annual General Meeting in 2026, however no more than 18 months from the approval at the Annual General Meeting.

21.   Authorization of the Board of Directors to decide on charitable contributions


The Board of Directors proposes that the Annual General Meeting authorize the Board of Directors to decide on contributions in the total maximum amount of EUR 100,000 for charitable or similar purposes, and to decide on the recipients, purposes and other terms of the contributions. The authorization is proposed to be valid until the Annual General Meeting in 2026.

22.   Closing of the Meeting


B. ANNUAL GENERAL MEETING DOCUMENTS

The aforementioned resolution proposals on the agenda of the Annual General Meeting and this invitation to the meeting are available on Aspo Plc’s website at www.aspo.com/shareholdersmeeting no later than April 1, 2025. The Company’s financial statements, annual report (including the sustainability report), auditor’s report, and assurance report on the sustainability report for the financial year 2024 and the remuneration report are available on the aforementioned website. The resolution proposals and other documents mentioned above are also available at the General Meeting.

The minutes of the Annual General Meeting will be available on the aforementioned website no later than May 9, 2025.

C. INSTRUCTIONS FOR PARTICIPANTS TO THE MEETING

1. Shareholders registered in the shareholders’ register

Each shareholder, who on the record date of the Annual General Meeting, April 11, 2025, is registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder whose shares are registered on their personal Finnish book-entry account or equity savings account is registered in the Company’s shareholders’ register. The possibility of using a proxy representative is described below.

Registration for the meeting and advance voting will begin on April 2, 2025, at 10.00 a.m. A shareholder who is registered in the Company’s shareholders’ register and who wishes to participate in the Annual General Meeting must register for the meeting and, if applicable, vote in advance no later than by April 17, 2025, at 4.00 p.m. by which time the registration and possible advance votes must be received. The instructions for advance voting are presented below.

The registration can be done in the following ways:

a) on Aspo’s website at www.aspo.com/shareholdersmeeting.

Electronic registration requires strong authentication of the shareholder or their legal representative or authorized proxy representative with bank ID or mobile certificate.

b) by regular mail to Innovatics Oy, Yhtiökokous / Aspo Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.

Shareholders registering by mail shall submit the registration form and possible advance voting form available on the Company's website www.aspo.com/shareholdersmeeting or corresponding information in the message.

c) by e-mail to agm@innovatics.fi.

Shareholders registering by e-mail shall submit the registration form and possible advance voting form available on the Company's website www.aspo.com/shareholdersmeeting or corresponding information in the message.

In connection with the registration, a shareholder is required to provide the requested information, such as their name, date of birth or business ID, telephone number or e-mail address as well as the name of a possible authorized proxy representative, legal representative or assistant, the date of birth of the authorized proxy representative or legal representative and their telephone number and/or e-mail address. The personal data given to Aspo Plc or Innovatics Oy will be used only in connection with the Annual General Meeting and the processing of related necessary registrations. More information on the processing of the personal data is available in the privacy policy of Aspo Plc’s Annual General Meeting, which is available on the website at www.aspo.com/shareholdersmeeting.

A shareholder and their possible authorized proxy representative, legal representative, or assistant must be able to prove their identity and/or right of representation upon request at the Annual General Meeting.

Additional information regarding registration and advance voting is available by phone during the registration period for the General Meeting from Innovatics Oy's phone number +358 10 2818 909 on weekdays between 9 a.m. to 12 noon and between 1 p.m. to 4 p.m.

2. Holder of a nominee registered share

A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which they would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy on the record date of the meeting, April 11, 2025. In addition, the right to participate in the Annual General Meeting requires that the shareholder, on the basis of such shares, has been temporarily registered into the shareholders’ register held by Euroclear Finland Oy at the latest by April 22, 2025, by 10.00 a.m. For nominee registered shares, this constitutes due registration for the Annual General Meeting.

A holder of nominee registered shares is advised to request well in advance the necessary instructions regarding the temporary registration in the Company’s shareholders’ register, the issuing of proxy documents and voting instructions, registration for the Annual General Meeting and advance voting from his/her custodian bank. The account manager of the custodian bank shall register a holder of nominee registered shares, who wants to participate in the Annual General Meeting, temporarily into the Company’s shareholders’ register at the latest by the time stated above and, if necessary, take care of advance voting on behalf of the nominee-registered shareholder prior to the expiry of the registration period for nominee-registered shareholders. Further information is also available on the Company's website at www.aspo.com/shareholdersmeeting.

3. Proxy representative and powers of attorney

A shareholder may participate in the General Meeting and exercise their rights at the meeting by way of proxy representation. A proxy representative may also choose to vote in advance as described in this invitation. If the proxy representative registers electronically, the proxy representative must verify their identity in the electronic registration service with strong electronic identification, after which they can register on behalf of the shareholder they represent. The same applies to electronic advance voting.

If a shareholder participates in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares in different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the Annual General Meeting.

The shareholder's proxy representative must present a dated power of attorney or otherwise provide reliable evidence that they are entitled to represent the shareholder at the General Meeting. A template proxy is available on the Company's website at www.aspo.com/shareholdersmeeting.

Any proxies are requested to be submitted primarily as an attachment in connection with the electronic registration or alternatively by mail to Innovatics Oy, Yhtiökokous / Aspo Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email to agm@innovatics.fi before the end of the registration period. In addition to submitting the proxies, the shareholder or their proxy representative must ensure that they have registered for the General Meeting as described above in this invitation.

As an alternative to a traditional proxy, shareholders can use the electronic Suomi.fi proxy service to authorize a proxy representative. The proxy representative is named in the Suomi.fi service at www.suomi.fi/e-authorizations (authorization matter “Representation at the general meeting”). In the general meeting service, the proxy representative must verify their identity with strong electronic authentication when registering, after which the electronic authorization is automatically checked. Strong electronic authentication is done with bank ID or mobile certificate. More information about electronic authorization is available at www.suomi.fi/e-authorizations.

4. Voting in advance

Shareholders with a Finnish book-entry account or equity savings account may also vote in advance on agenda items 7 to 21 of the Annual General Meeting during the period between April 2, 2025, at 10.00 a.m. – April 17, 2025, at 4.00 p.m.

Advance voting can be done in the following ways:

a) on Aspo’s website at www.aspo.com/shareholdersmeeting.

Advance voting requires that the shareholder or their legal representative or authorized proxy representative uses strong electronic authentication with bank ID or mobile certificate.

b) By submitting the advance voting form available on the Company's website or corresponding information to Innovatics Oy by mail at the following address: Innovatics Oy, Yhtiökokous / Aspo Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.

c) By submitting the advance voting form available on the Company's website or corresponding information to Innovatics Oy by e-mail to agm@innovatics.fi.

The advance voting form is available on the Company’s website. A possible legal representative or authorized proxy representative of a shareholder must in connection with delivering the voting form provide a dated proxy or otherwise in a reliable manner demonstrate their right to represent the shareholder at the Annual General Meeting.

Advance votes must be received before the end of the advance voting period. Submitting advance votes in this manner before the end of the registration and advance voting period is considered due registration for the General Meeting, if it contains the information required for registration mentioned in section C.1 above.

It is not possible for shareholders having voted in advance to use the right to request information, the right to request a vote or to vote on a possible counterproposal as stipulated in the Finnish Companies Act unless the shareholder participates in the Annual General Meeting at the meeting venue in person or by way of proxy representation.

With respect to nominee registered shareholders, the advance voting takes place through their account manager. The account manager may vote in advance on behalf of the nominee registered shareholders represented by it in accordance with the provided voting instructions during the registration period for the nominee registered shares.

The agenda items subject to advance voting are deemed to have been presented unchanged at the general meeting. The terms related to the electronic advance voting and other instructions regarding the advance voting are available on the Company’s website at www.aspo.com/shareholdersmeeting.

5. Other instructions and information

The Annual General Meeting will be held in Finnish.

The Annual General Meeting can be followed via a webcast on the website at www.aspo.com/shareholdersmeeting. It is not possible to ask questions, make counterproposals, otherwise address the meeting, or vote via webcast, and following the meeting via webcast is not considered participation in the Annual General Meeting or exercise of the shareholder rights.

Pursuant to Chapter 5, Section 25 of the Finnish Companies Act, a shareholder who is present at the general meeting has the right to request information with respect to matters to be handled at the meeting.

Changes in the shareholding after the record date of the Annual General Meeting do not affect the right to participate in the Annual General Meeting or the number of voting rights held in the Annual General Meeting.

Aspo Plc has on the date of this invitation to the Annual General Meeting, on April 1, 2025, a total of 31,419,779 shares and votes. The Company holds on the date hereof a total of 2,268 treasury shares, in respect of which voting rights cannot be exercised at the Annual General Meeting.

Espoo, April 1, 2025

ASPO PLC
Board of Directors

Further information: 
Taru Uotila, SVP Legal and Sustainability, Aspo Plc, tel. +358408622318, taru.uotila@aspo.com 

Distribution: 
Nasdaq Helsinki 
Key Media  
www.aspo.com 
 
Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals. 

Attachment

• 20250104 Stock Exchange Release

Aspo Plc
Stock Exchange Release
April 1, 2025 at 09:45 am

Aspo has published its Annual Report 2024 

Aspo Group’s Annual Report 2024 has been published on the company’s website aspo.com.  

The Annual Report 2024 includes the Strategy and Business Review, the Board of Directors’ Report, the Corporate Governance Statement and the Financial Statements 2024. 

The Board of Directors’ Report includes the Sustainability Statement, which is based on the EU Corporate Sustainability Reporting Directive (CSRD). The audit firm Deloitte Oy has assured the Sustainability Statement at a limited assurance level.  

The Consolidated Financial Statements are published in accordance with European Single Electronic Format (ESEF) reporting requirements, and it is available separately in XHTML format where the primary statements and the notes to the financial statements have been labelled with XBRL tags. 

Aspo has also published a separate Remuneration Report for 2024, which is available on the company’s website. 

Aspo’s Annual Report in its entirety, as well as the ESEF report and the Remuneration Report are attached to this release. 

Aspo Plc 
Rolf Jansson 
CEO 

Further information: 
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com 

Distribution: 
Nasdaq Helsinki 
Key Media  
www.aspo.com 
 
Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals. 

Attachments

• Aspo-Remuneration-Report-2024
• Aspo-Annual-Report-2024
• aspooyj-2024-12-31-en
• Aspo-Corporate-Governance-Statement-2024

Aspo Plc
Press release
March 19, 2025 at 9:00 am

Aspo’s ESL Shipping and SSAB extend long-term cooperation of raw material transports

ESL Shipping, subsidiary of Aspo Plc and global steel manufacturer SSAB have agreed on a multi-year extension of the agreement covering SSAB’s inbound raw material sea transports within the Baltic Sea and from the North Sea. In addition, the new contract covers transport of SSAB’s fossil-free sponge iron produced with HYBRIT technology including the possibility of fossil-free shipments. The sea transport volume covered by the agreement is estimated to be 6–7 million tons annually.

“We are extremely pleased to continue our long-term sea transport partnership with SSAB. Our strategy is based on sustainability leadership and together we share the common vision for fossil-free sea transports”, says Mikki Koskinen, Managing Director of ESL Shipping.

“SSAB appreciates the long-term collaboration with ESL Shipping, and the recent extension secures the unique needs of coming years raw material supply for our Nordic operations, with high focus on continuous improvements of energy-efficiency and sustainability.”, says Jani Verkasalo, Procurement Director of Raw materials and Energy, SSAB.

With this agreement, the companies continue the long-term work to improve efficiency and reduce emissions of SSAB’s raw material logistics. ESL Shipping is well-prepared to support SSAB in their transition to fossil-free steelmaking. The company announced in October it would invest around 186 MEUR for four 17,000 dwt multipurpose vessels, which can operate fossil-free using green methanol.

“This extended cooperation with SSAB offers strong evidence that ESL Shipping strategy is productive. We have made major investment decisions during the past years, the latest in handy-sized vessels that can operate on hydrogen-based E-fuel and earlier in electric hybrid coaster sized vessels. I am glad to see that these investments are well received by our customers”, says Rolf Jansson, CEO of Aspo Plc and Chairman of the Board, ESL Shipping.

ESL Shipping aims to be at the forefront in supporting its industrial partners towards delivering entirely fossil-free products and services. The competitiveness of the next-generation vessels is based on increasing customer preference towards fossil-free cargo solutions over time, market-leading energy efficiency, efficient and flexible cargo space design and lower operating costs.

Aspo Plc

Rolf Jansson
CEO

Further information, please contact:
Rolf Jansson, CEO, Aspo Plc, tel. +358 400 600 264, rolf.jansson@aspo.com
Mikki Koskinen, Managing Director of ESL Shipping, mikki.koskinen@eslshipping.com

Distribution:
Key media
www.aspo.com

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.

Attachment

• 19.3.2025 Press release

Aspo Plc
Stock Exchange Release
February 17, 2025 at 8:15 am

Aspo Plc establishes a new long-term share-based incentive plan for key employees and pays part of the short-term remuneration plan in shares

To support the implementation of the portfolio vision announced by Aspo Plc during its capital markets day on May 14, 2024, the Board of Directors has resolved to amend both the short-term and long-term remuneration of the key employees starting from 2025.

The Board of Directors has resolved to establish a new long-term share-based incentive plan for key employees of the group. The purpose of the plan is to align the interests of the company’s shareholders and key employees to increase the company’s value in the long term, to commit key employees to implement the company’s strategy, objectives and long-term interest and to offer them a competitive incentive plan based on earning and accumulating the company’s shares.

New long-term share-based incentive plan

The Performance Share Plan 2025–2027 consists of one performance period, covering the financial years 2025–2027.

In the plan, the target group has an opportunity to earn Aspo shares based on performance. The performance criteria of the plan are the total shareholder return of Aspo’s share and the company’s sustainability targets. The potential rewards from the plan will be paid after the end of the performance period.

The value of the rewards to be paid based on the plan corresponds to an approximate maximum total of 200 000 shares of Aspo Plc. In addition, the reward includes a cash portion of an equivalent value. The target group in the performance period 2025–2027 consists of nine key employees, including the members of the Group Executive Committee and the CEO.

The potential reward will be paid partly in Aspo Plc’s shares and partly in cash. The cash portion of the reward is intended to cover taxes and statutory social security contributions arising from the reward to the key employee. As a rule, no reward will be paid if the key employee’s employment or director contract terminates before the reward payment. The share rewards payable based on the plan, subject to achievement of the performance measures, will be delivered to the participants in spring 2028.

Termination of the existing long-term share-based incentive plans

As part of the new remuneration, the Board of Directors resolved that the long-term share-based incentive plans 2023-2025 and 2024-2026 are terminated.

Short-term remuneration plan in shares

In addition, the Board of Directors resolved that part of the remuneration earned by the CEO, members of the Group Executive Committee and other key employees under the short-term remuneration plan 2025 will be paid in shares of Aspo Plc. The target group in the plan covers about 30 key employees.

The part payable in shares is estimated to be a maximum total of 320,000 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 2026.

Aspo Plc
The Board of Directors

For further information, please contact:
Heikki Westerlund, Chairman of the Board of Directors, tel. +358 50 559 6580
 

Distribution: 
Nasdaq Helsinki 
Key Media  
www.aspo.com 
 
Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals. 

Attachment

• Aspo Remuneration 17.2.2025

Aspo Plc
Financial statements release              
February 17, 2025, at 8:00 am

Aspo Group financial statements release, January 1 – December 31, 2024

A year of successful strategy execution

This is a summary of the financial statements release of Aspo Plc. The compete report is attached to this release and available at www.aspo.com/en/news/news.

Figures from the corresponding period in 2023 are presented in brackets.

October–December 2024

• Net sales from continuing operations increased to EUR 159.8 (132.2) million
• Comparable EBITA from continuing operations grew to EUR 8.0 (7.2) million, 5.0% (5.5%) of net sales. The comparable EBITA of ESL Shipping was EUR 4.3 (5.0) million, Telko EUR 3.9 (2.6) million, and Leipurin EUR 1.1 (0.9) million
• EBITA from continuing operations was EUR 8.1 (6.8) million. EBITA of ESL Shipping was EUR 4.4 (4.4) million, Telko EUR 3.9 (2.6) million, and Leipurin EUR 1.1 (1.0) million
• Comparable ROE from continuing operations was 13.0% (9.9%)
• Comparable earnings per share from continuing operations were EUR 0.15 (0.10)
• Free cash flow was EUR -18.7 (0.3) million driven by investments
• On October 9, 2024, Aspo announced that ESL Shipping invests in four green handy vessels with a total value of approximately EUR 186 million. This investment takes place during the years 2024–2028
• Aspo made a commitment to Science Based Targets initiative (SBTi)
• On December 2, 2024, Aspo’s subsidiary Leipurin reached an agreement with Kartagena UAB to take over their food ingredients distribution business in Lithuania
  
  

January–December 2024

• Net sales from continuing operations increased to EUR 592.6 (536.4) million
• Comparable EBITA from continuing operations grew to EUR 29.1 (27.5) million, 4.9% (5.1%) of net sales. The comparable EBITA of ESL Shipping was EUR 16.9 (18.4) million, Telko EUR 12.6 (9.7) million, and Leipurin EUR 4.9 (4.5) million
• EBITA from continuing operations was EUR 21.2 (27.2) million. EBITA of ESL Shipping was EUR 9.2 (17.8) million, Telko EUR 12.5 (8.7) million, and Leipurin EUR 4.5 (5.9) million
• Comparable ROE from continuing operations was 9.2% (11.9%)
• Comparable earnings per share from continuing operations were EUR 0.39 (0.46)
• Free cash flow was EUR -36.1 (27.3) million driven by acquisitions and investments
• Net debt to comparable EBITDA, rolling 12 months ratio was 3.2 (2.7)
• Successful strategy execution including sale of a minority stake in ESL Shipping, sale of the supramax vessels, Telko’s expansion through acquisitions in Sweden and into new markets in France, Benelux and Germany, as well as Leipurin’s non-organic growth and successful transformation and ESL Shipping’s decision to invest in four green handy vessels
• Aspo’s vision is to split the company into two separate companies, i.e. Aspo Compounder (Telko and Leipurin) and Aspo Infra (ESL Shipping), before Aspo turns 100 years in 2029
• The Board proposes a dividend of EUR 0.19 per share for the financial year 2024

Guidance for 2025

Aspo Group’s comparable EBITA is expected to be EUR 35 - 45 million in 2025 (EUR 29.1 million in 2024).

Assumptions behind the guidance

Aspo’s operating environment is estimated to remain challenging during the first half of the year and to gradually improve during the second half of the year. Aspo’s profit improvement for the year is expected to come mainly from 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 expected comparable EBITA range is expected to be achieved if all the planned profit improvement measures are successful and there is 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 due to strikes or other unforeseen negative events.

When entering into year 2025, ESL Shipping’s demand is expected to be weak overall, with fairly low contractual volumes combined with low spot market pricing. Volumes from forest and steel industry customers are expected to slowly revive during the year.

For Telko, overall stable market development is expected going forward with demand slowly picking up. After successfully completing three acquisitions in 2024, the focus is on integrating the acquired companies. Securing organic growth and positive profitability development will be in focus. Acquisition-related expenses are expected to be at a much lower level in 2025 compared with 2024.

For Leipurin, the market is expected to be stable. Opportunities for growth remains in the food industry, where the addressable market for Leipurin is multiple compared to bakery. Leipurin remains in a good position to continue improving its profitability.

To improve accuracy, the figures presented in this financial statements release have been calculated without rounding and may therefore differ from those published in the previous year.

Rolf Jansson, CEO of Aspo Group, comments on the fourth quarter of 2024:

Aspo’s financial ambition is to reach EUR 1 billion of net sales and an EBITA of 8% in year 2028. To reach this ambition, a total investment of approximately EUR 300-350 million is required during 2024-2028, out of which approximately EUR 205 million is already committed. The investment is focused on acquisitions of Telko and Leipurin, and investments in new capacity of ESL Shipping. Aspo’s vision is to split the company into two separate companies, i.e. Aspo Compounder (Telko and Leipurin) and Aspo Infra (ESL Shipping), before Aspo turns 100 years in 2029.

Year 2024 has entailed a major transformation of Aspo. Telko and Leipurin have grown via several strategic acquisitions and all businesses have fully exited Russia. The role of Scandinavia, and especially Sweden, has increased significantly during year 2024, and is today Aspo’s largest market. In addition, ESL Shipping has made major investments in new green vessels. The market environment remained challenging throughout the year, negatively affecting Aspo’s profitability. Although 2024 profits were below expectations, Aspo’s comparable EBITA from continuing operations for the year 2024 of EUR 29.1 million is an improvement from previous year (EUR 27.5 million) and significantly higher than historical levels during the past ten years. Aspo’s profit generation during the second half of year 2024 was significantly stronger than during the first half of year 2024.

Aspo continued to grow and improve its profitability during the fourth quarter of 2024. Aspo’s net sales growth of 20.8% compared to the fourth quarter 2023 was driven by the acquisitions made by Telko and Leipurin and Telko’s organic growth, as well as by ESL Shipping’s sale of a green coaster vessel to the pool investor company. Comparable EBITA from continuing operations was EUR 8.0 million compared to EUR 7.2 million in the corresponding period in the previous year.

During the fourth quarter, ESL Shipping suffered from low industrial activity. Market prices in the spot market were weak, which is unusual for the period, and contractual volumes were lower overall than expected. Time-charted agreements were unprofitable considering these market conditions and will be restructured from the beginning of 2025. Telko’s sales grew both organically as well as due to acquisitions. Despite overall weak market demand, Telko’s profitability was boosted by positive development of sales margins and the completed acquisitions during the quarter. Post-merger integration activities have progressed according to plan. The profit generation of the completed acquisitions was small during the year 2024 when considering M&A costs and IFRS-treatment of inventory values, leaving strong potential for profit improvement in the year 2025. Leipurin continued to improve its profitability in a market with flat pricing and volumes. Kebelco’s profitability development has been strong, also revitalizing Leipurin’s sales trend in the food industry. Supply chain improvement activities and commercial successes of Leipurin Sweden, combined with the additions of Kebelco and Kartagena, form a strong platform for improving profitability going forward.

During the fourth quarter of 2024, ESL Shipping Ltd. announced the investment of approximately EUR 186 million in a series of four new, fossil-free handy-sized vessels. The new vessels can be operated entirely fossil free by use of e-methanol. All four ships are scheduled to be in service by the end of the first half of 2028. ESL Shipping’s ESG driven investments offer green transition opportunities for its customers. This investment further strengthens ESL Shipping’s ESG driven strategy and supports achieving the company’s financial ambitions.

Leipurin reached an agreement in December 2024 with Kartagena UAB to take over the food ingredients distribution business previously conducted by Kartagena UAB. This arrangement strengthens Leipurin’s Baltic market position and provides for new growth opportunities in prioritized market segments in the region. In October 2024, Leipurin announced the completion of its exit from Russia, a big strategic target for Aspo.

Aspo’s businesses target to be forerunners in sustainability in their respective industries. Aligned with this target, Aspo announced in December 2024, that it has joined the Science Based Targets initiative (SBTi) and committed to setting a company-wide science-based emission reduction target in the near term. Also, Aspo reached the emission intensity, and the TRIF targets set for the year 2024.

Aspo’s Board of Directors proposes a dividend distribution of EUR 0.19 per share for year 2024. The proposed dividend represents 49% of Aspo’s comparable earnings per share for 2024.

After a year of strong strategy execution, Aspo’s focus for year 2025 lies on profitability generation. The market is expected to remain challenging, but the acquisitions and investment made are gradually expected to improve profitability. Focus will be on organic growth, integration and performance improvement actions.

Financial performance and targets

Aspo's long-term financial targets introduced at Aspo’s CMD on May 14, 2024, 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

On a business level, ESL Shipping’s long-term comparable EBITA target is 14%, Telko’s 8% and Leipurin’s 5%.

In January-December 2024, Aspo’s net sales from continuing operations grew by 10.5% to EUR 592.6 (536.4) million. The comparable EBITA rate of the continuing operations stood at 4.9% (5.1%). Comparable return on equity from continuing operations was 9.2% (11.9%) and net debt to comparable EBITDA, rolling 12 months ratio was 3.2 (2.7).

The Board of Directors’ dividend proposal

To support the execution of Aspo’s growth strategy the dividend policy was updated in year 2024 to reflect the company strategy and growth ambition, the ongoing transition and specific business characteristics. According to the revised 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 goal is to gradually increase the amount of dividends, while considering financing needs of growth initiatives with strategic priority. The execution of Aspo’s portfolio strategy has meaningfully moved forward in 2024. The acquisition of Swed Handling AB, and ESL Shipping’s decision to invest in four green handy vessels represent the latest major investments.

The Board of Directors proposes to the Annual General Meeting of Aspo Plc to be held on April 25, 2025, that EUR 0.19 per share be distributed in dividends for the 2024 financial year, and that no dividend is paid for shares held by Aspo Plc. The proposed dividend represents 49% of Aspo’s comparable earnings per share for 2024. It is proposed that the dividend is paid in two instalments.

The first instalment of EUR 0.09 per share is proposed to be paid to shareholders registered on the record date of April 29, 2025 in the company’s register of shareholders maintained by Euroclear Finland Oy. The Board proposes that the payment date for the first dividend instalment would be May 7, 2025. The second instalment of EUR 0.10 per share is proposed to be paid to shareholders registered on the record date of October 30, 2025 in the company’s register of shareholders maintained by Euroclear Finland Oy. The Board proposes that the payment date for the second dividend instalment would be November 6, 2025.

On December 31, 2024, the distributable funds of the parent company were EUR 40,996,272.18, with the profit for the financial year totaling to EUR 18,123,440.79. There are a total of 31,417,511 shares entitled to dividends on the publication date of this financial statement release. As a result, the proposed dividend would total EUR 6.0 million.

No material changes have taken place in respect of Aspo’s financial position after 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.

Press and analyst conference

A press, analyst and investor conference will be held at FLIK’s Eliel studio in Sanomatalo, Töölönlahdenkatu 2, 00100 Helsinki on Monday February 17, 2025, at 12:00 a.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 presentation material will be available at www.aspo.com/en before the event.

The event will be held in English, and it can also be followed by a live webcast at https://aspo.events.inderes.com/q4-2024

Questions can be asked after the event by telephone by registering through the following link: https://palvelu.flik.fi/teleconference/?id=50051733. After registering, participants will be given a telephone number and identifier to participate in the telephone conference. The recording of the event will be available on the company’s website later on the same day.

*

Because the future estimates presented in this financial statements release are based on the current understanding, they involve significant risks and uncertainties, due to which actual future outcomes may differ from the estimates.

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

Aspo creates value by owning and developing business operations sustainably and in the long term. Our companies aim to be market leaders in their sectors. They are responsible for their own operations, customer relationships and the development of these aiming to be forerunners in sustainability. Aspo supports its businesses profitability and growth with the right capabilities. Aspo Group has businesses in 17 different countries, and it employs approximately 800 professionals.

Attachment

• Aspo-2024-Q4-EN-final