Aspo - Q3 roughly in line with estimates
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 Q3 revenue amounted to EUR 144.3m, compared to the EUR 156.0m/151.4m Evli/consensus estimates, while comparable EBITA was EUR 9.6m vs the EUR 9.4m/9.3m Evli/consensus estimates.
- ESL revenue landed at EUR 38.3m vs the EUR 44.9m/42.3m Evli/consensus estimates and comparable EBITA was EUR 3.5m vs our EUR 5.2m estimate. Especially the Coaster vessel segment was negatively impacted by the continued weak spot market and softer than expected forest industry demand. Steel industry activity remained at a healthy level while the new generation of Handy and Coaster vessels still saw solid profitability. Seasonally volumes are expected to improve in Q4.
- Telko revenue was EUR 69.7m, compared to the EUR 76.0m/74.2m Evli/consensus estimates, while comparable EBITA amounted to EUR 4.8m vs our EUR 4.3m estimate. Profitability improved, despite modest demand in most European markets, as positive sales margin development continued while volumes and prices saw some softness.
- Leipurin revenue came in at EUR 36.3m vs the EUR 35.2m/34.9m Evli/consensus estimates, whereas comparable EBITA was EUR 1.9m vs our EUR 1.5m estimate.
- Aspo guides FY’25 comparable EBITA to be within the range of EUR 35-45m (unchanged).