Slide 1: Q1 Interim Report January–March 2026
Q1 INTERIM REPORT January – March 202 6 Stable performance in a challenging operating environment CEO Rolf Jansson CFO Erkka Repo April 27, 2026
Slide 2: January-March 2026 highlights
January -March 2026 highlights • Aspo’s comparable EBITA, continuing operations was EUR 7.1 (7.3) million with comparable EBITA, continuing operations rate remaining stable at 6.3% (6.3%) • The divestment of Leipurin to Lantmännen was completed on March 2, 2026 • Reported EBITA in Q1 2026 reached EU
Slide 3: Comparable EBITA, continuing operations declined slightly in Q1 2026
Aspo’s Comparable EBITA, continuing operations declined slightly in Q1 2026, to EUR 7.1 (7.3) million MEUR Comp. EBITA, continuing operations Q1 2026 12% • Comparable EBITA, continuing operations was EUR 7.1 (7.3) million and the comparable EBITA, 8 7.3 7. 1 10% continuing operations rate was 6.3% (
Slide 4: The war in Iran has limited direct impact on Aspo's businesses
The war in Iran has limited direct impact on Aspo’s businesses, but increases uncertainty regarding overall economic development ESL Shipping Q1 2026 impact • Significant impact on the marine fuel prices Overall considerations • Short term negative profitability impact, as typically • After the end
Slide 5: Reported EBITA in Q1 2026 reached EUR 19.7 million
Reported EBITA in Q1 2026 reached EUR 19.7 (7.7) million, including the divestment of Leipurin EBITA, Group total 1 -3/2026 MEUR EUR +12.5 million 25 +13.1 19.7 20 15 10 7.1 -0.5 -0.1 6.5 5 0 Comparable Telko: closing of Strategic EBITA, EBITA, EBITA, EBITA, certain loss- projects Continuing Discont
Slide 6: Strong safety development in Q1 2026 for ESL Shipping and Telko
Strong safety development in Q1 2026 for ESL Shipping and Telko ESL Shipping Acci dent frequency (TRIF), • Aspo has set the Total Recordable Injury Frequency Q1 2026 (TRIF) targets for both ESL Shipping and Telko • The TRIF target for ESL Shipping is 6.7 and the TRIF target for Telko is 3.2 4.2 Targ
Slide 7: Aspo's transformation in 2026
Aspo’s transformation in 2026 • Our main strategic alternatives include: • a possible partial demerger of Aspo OR • a divestment of ESL Shipping Divested to • Our goal is to implement the Lantmännen divestment of ESL Shipping or the (closing March 2026) partial demerger of Aspo by the end of 2026, c
Slide 8: The divestment of Leipurin to Lantmännen was completed on March 2, 2026
The divestment of Leipurin to Lantmännen was completed on March 2, 2026 Leipurin divestment in figures The divestment of Leipurin: • Strengthened the balance sheet of EUR 63 million Aspo Successful enterprise value • Enables future growth investments transformation of Telko of Leipurin with EUR 62 m
Slide 9: Actions launched to strengthen ESL Shipping and Telko as stand-alone companies
Actions launched to strengthen ESL Shipping and Telko as stand - alone companies • Preparations for a possible partial demerger are being advanced, while in parallel, the dialogue with potential buyer candidates for ESL Shipping continues • Discussions with financial institutions are ongoing, to sec
Slide 10: Next chapter of Telko: growth and profitability improvement
Next chapter of Telko: growth and profitability improvement • Telko is renewing its strategy with the ambition to invest in both organic growth and acquisitions to reach leading positions in prioritized market segments • A profit improvement program will be launched focusing on growth, commercial ex
Slide 11: Rolling 12 months comparable EBITA by business
Rolling 12 months (Jan 2024 -Jan 2026) comparable EBITA: Telko continues to perform with improved profit MEUR ESL Shipping MEUR Telko Aspo , continuing operations MEUR 20 14% 20 8% 35 8% 18 18 7% 7% 12% 30 16 16 6% 6% 14 10% 14 25 5% 5% 12 12 8% 20 10 10 4% 4% 6% 15 8 8 3% 3% 6 4% 6 10 2% 2% 4 4 2%
Slide 12: Q1: ESL performance suffered from the challenging market and operating environment
Q1: ESL performance suffered from the challenging market and operating environment MEUR Comp. EBITA, ESL Shipping Q1 2026 7 24% • Comparable EBITA decreased by 20% to EUR 3.3 (4.1) million, with comparable EBITA rate being 8.0% (9.6%) 6 20% • Like -for-like net sales for Coaster and Handy operations
Slide 13: Q1: Positive margin development continued for Telko
Q1: Positive margin development continued for Telko Comp EBITA, Telko MEUR 5 10% 4.7 Q1 2026 4.4 • Comparable EBITA increased to EUR 4.7 (4.4) million, with comparable EBITA rate being 6.5% (6. 0 %) 4 8% • Telko experienced significant volume growth during the quarter. Market demand overall remained
Slide 14: Aspo Group level costs are expected to reduce
Aspo Group level costs are expected to reduce while Aspo’s strategic transformation continues MEUR Comp. EBITA Other operations, rolling 12 months 0 -1 • Other operations include Aspo Group’s administration and some common services -2 • During 2025, common IT, finance and HR services were moved to t
Slide 15: Leipurin divestment decreased net debt by EUR 63 million
Leipurin divestment decreased net debt by EUR 63 million Net debt, MEUR Net Debt and Net Debt / EBITDA Net debt / EBITDA 290 4. 5 • Net debt to EBITDA ratio was 2.8 (3.3) 4. 240 0 • Net debt includes EUR 54.2 million for 198 3.5 advance payments of vessels under 161 construction 3.0 190 • Leipurin d
Slide 16: Liquidity continued strong
Liquidity continued strong MEUR Maturity profile of Aspo Group 100 90 • Liquidity continued strong with EUR 50 million in 80 cash and EUR 40 million of unused RCFs 70 • EUR 92.5 million of committed undrawn loan agreements in place for funding Green Handy 60 investment 50 • Average loan maturity 5.1
Slide 17: Funding needs of ESL Shipping well covered with long maturities
Funding needs of ESL Shipping well covered with long maturities MEUR Maturity profile of ESL Shipping 45 • Net debt for ESL Shipping was EUR 137.9 (123.2 40 in Dec 2025) million, of which EUR 54.2 million for advance payments of vessels under 35 construction 30 • Net debt to comparable EBITDA ratio
Slide 18: Guidance for 2026
MEUR Comp. EBITA Continuing operations, rolling 12 months 35 30 29.2 Guidance for 2026 25 Aspo Group’s comparable EBITA from continuing operations is expected to increase 20 compared with the previous year (EUR 29.4 million in 2025). 15 Aspo Group’s comparable EBITA from 10 continuing operations exc
Slide 19: Assumptions behind the guidance
Assumptions behind the guidance • For ESL Shipping , demand is expected to slightly improve for 2026, with spot market • Economic growth is expected to slowly revive throughout the year pricing also gradually improving. High level in our core markets. of dockings is expected to negatively impact the
Slide 20: Highlights Q1 2026
Highlights Q1 2026 We continue to strengthen ESL Shipping and Telko as Aspo’s comparable EBITA, The divestment of Leipurin stand -alone companies in continuing operations was to Lantmännen was preparing for implementing EUR 7.1 (7.3) million completed on March 2, 2026 Aspo’s vision, a demerger of As
Slide 21: Q&A
Q&A Aspo Q1 2026 27.4.2026 21