Slide 1: Q2 Half-Year Financial Report January–June 2025
Q2 HALF-YEAR FINANCIAL REPORT January – June 2025 Continued profit improvement in a challenging market CEO Rolf Jansson CFO Erkka Repo August 18, 2025
Slide 2: Ytd 2025 progress corresponds to Aspo's 2025 priorities, financial ambition and vision
Ytd 2025 progress corresponds to Aspo’s 2025 priorities, financial ambition and vision Aspo profit generation #1 Longer-term financial ambition Drive towards the vision to priority for the year 2025 of Aspo (1 bn € of net sales and form two separate companies, 8% EBITA in 2028) ASPO Infra and Aspo •
Slide 3: Strong Aspo financial performance H1 2025 for all businesses
Strong Aspo financial performance H1 2025 for all businesses • Aspo achieved net sales growth of 9.7% and the comparable EBITA was EUR 18.0 million compared to EUR 12.4 million in the corresponding period previous year • Market uncertainty increased, slowing down industrial activity and shortening c
Slide 4: Emission intensity target reached in H1 2025, safety needs attention
The long-term emission intensity target was reached in H1 2025, whereas safety development needs further attention • Aspo’s emission intensity was 0.23 against the full year target of 0.30 Emission intensity Q1-Q2 2025 The improvement was due to: • A decrease in ESL Shipping's emissions, driven by f
Slide 5: Our sustainability efforts were recognized by Ecovadis
Our sustainability efforts were recognized by Ecovadis • In July 2025, Telko achieved a Gold Medal in the Ecovadis sustainability rating and ranked among the top 2% of companies in its industry • This is a milestone achievement also for our Group- wide sustainability efforts • ESL Shipping achieved
Slide 6: Aspo's net sales grew 6% in Q2 2025
Aspo’s net sales grew with 6%, in line with our growth target, in Q2 2025 Net Sales In Q2 2025, Aspo’s net sales grew by 6% to EUR 162.8 MEUR (153.5) million. 200 35% ESL Shipping (-13% excluding the Supramax vessels) 180 30% 162.8 ESL Shipping was negatively impacted by the continued 160 153.5 25%
Slide 7: Aspo achieved near-term record high profitability in Q2 2025
Aspo achieved near-term record high profitability in Q2 2025 Comp. EBITA In Q2 2025, comparable EBITA was EUR 9.2 (7.4) million MEUR and the comparable EBITA rate was 5.6% (4.8%). 14 14% ESL Shipping EUR 5.0 (6.1) million 12 12% ESL Shipping’s profitability was negatively impacted by modest industri
Slide 8: Items affecting comparability were EUR -0.3 million in Q2 2025
Items affecting comparability were as expected EUR -0.3 million in Q2 2025 EBITA 1-6/2025 (EUR million) 20 18.0 -1.1 In January-June 2025 the items affecting comparability -0.3 16.6 16 totaled EUR -1.4 million and were reported for ESL Shipping. The item was related to a payment fraud targeted at ES
Slide 9: Strong operative cash flow in H1 2025
All Aspo’s business contributed to the strong operative cash flow in H1 2025 Operating cash flow was EUR 23.5 (15.2) million Cash flow • All business contributed positively to cash flow MEUR development 60 • The cash flow impact of change in working capital was EUR 3.6 (-6.0) million. The change in
Slide 10: Aspo sells Leipurin to Lantmännen for EUR 63 million
Aspo sells Leipurin to Lantmännen for EUR 63 million • Aspo has signed an agreement to divest its Leipurin business to Lantmännen • The enterprise value is EUR 63 million. The estimated cash consideration payable at closing is approximately EUR 60 million • The transaction is subject to regulatory a
Slide 11: The divestment concretizes Aspo's vision
The divestment concretizes Aspo’s vision Aspo communicated on Capital Markets The divestment of Leipurin: Day (14 May, 2024 ): The divestment of Leipurin is a major • the vision to form two seperate step in executing the communicated • significantly strengthens Aspo’s vision along with Telko’s alrea
Slide 12: A successful transformation of Leipurin 2022-2025 precedes this transaction
A successful transformation of Leipurin 2022-2025 precedes this transaction • Sale of Vulganus and Leipurin’s equipment trading business to focus on food ingredients • Exit from Russia, Kazakhstan, and Belarus to focus on west • Entry into Sweden by the acquisition of Kobia • Add-on acquisitions of
Slide 13: Our vision is to form two separate companies out of Aspo
Our vision is to form two separate companies out of Aspo • Aspo’s vision is to form two separate companies: Aspo Compounder (Telko) and Aspo Infra (ESL Shipping). These entities have diverging business models and strategies with different ESG agendas • Approach and timing to be defined, in order to
Slide 14: Stable performance in a challenging market
Stable performance in a challenging market Aspo H1 2025 August 18, 2025 14
Slide 15: Soft market demand continued in ESL Shipping
Soft market demand continued in ESL Shipping MEUR Net sales, ESL Shipping 90 50% • Like-for-like net sales for Coaster and Handy operations 80 40% (excl. vessel sales) decreased by 13% 70 30% • Sales decrease mainly driven by weak spot market 47.5 60 20% pricing and soft contractual forest industry
Slide 16: Stable performance in a challenging market
Stable performance in a challenging market MEUR Comp. EBITA, ESL Shipping 12 24% • In Q2 2025, the comparable EBITA decreased by 17% to 10 20% EUR 5.0 (6.1) million, with comparable EBITA rate being 9.7% (10.1%) 8 16% • Overall soft freight volumes demand and low spot pricing 6.1 • Vessel capacity i
Slide 17: Significant sales and earnings growth from successful execution of the compounder strategy
Significant sales and earnings growth from successful execution of the compounder strategy
Slide 18: Acquisitions driving the sales growth
Acquisitions driving the sales growth MEUR Net sales, Telko 90 50% 45% 80 • 21% sales growth in Q2 2025 driven by acquisitions 73.9 40% 70 35% • Organic sales volumes were on a lower level compared to 60.9 30% previous year, but improving towards the end of the 60 54.2 quarter 25% 50 20% • Sales pri
Slide 19: Significant profit improvement in Telko driven by acquisitions
Significant profit improvement in Telko driven by acquisitions Comp EBITA, Telko MEUR 5 10% 4.3 • In Q2 2025, the comparable EBITA increased to EUR 4.3 (1.8) million, with comparable EBITA rate being 5.8% 4 8% (3.0%) • Profitability improvement compared to last year driven 3 6% by acquisitions and i
Slide 20: Record-high profitability
Record-high profitability
Slide 21: Strong organic and acquisition driven growth in Sweden
Strong organic and acquisition driven growth in Sweden MEUR Net sales, Leipurin 45 70% 40 60% • 15% sales growth in Q2 2025 driven by the 37.1 34.4 acquisition in Sweden in 2024 and by organic 35 50% 32.3 volume growth mainly in the Swedish market 30 40% • Overall volume and price development was ra
Slide 22: Record-high profitability for Leipurin
Record-high profitability for Leipurin MEUR Comp. EBITA, Leipurin 1.8 8% 1.7 1.6 • In Q2 2025, the comparable EBITA was EUR 1.7 (1.3) 7% million, with comparable EBITA rate being 4.5% 1.4 (4.1%) 1.3 6% • EBITA improvement was driven mainly by the 1.2 1.1 5% Swedish business, including the acquisitio
Slide 23: Aspo's financial position and guidance for 2025
Aspo’s financial position and guidance for 2025 Aspo H1 2025 August 18, 2025 23
Slide 24: Strong profit improvement in Telko and Leipurin, stable performance in ESL Shipping
Strong profit improvement in Telko and Leipurin with currently stable performance in ESL Shipping MEUR ESL Shipping MEUR Telko MEUR Leipurin MEUR Aspo 40 16% 18 8% 6 5% 60 8% 35 14% 16 7% 7% 5 50 4% 14 30 12% 6% 6% 12 4 40 25 10% 5% 5% 3% 10 20 8% 4% 3 30 4% 8 2% 15 6% 3% 3% 6 2 20 10 4% 2% 2% 4 1%
Slide 25: Liquidity has continued strong
Liquidity has continued strong MEUR Maturity profile • Liquidity has continued strong with EUR 41.3 million in 120 cash and EUR 40 million of unused RCFs • New EUR 70 million loan with Svenska 100 Skeppshypotekskassan was signed in February 2025 for financing the Green Handy investment. Loan is to b
Slide 26: Aspo remains committed to the leverage target of Net Debt to EBITDA below 3
Aspo remains committed to the leverage target of Net Debt to comparable EBITDA ratio below 3 Net debt, MEUR Net Debt and Net Debt / EBITDA Net debt / EBITDA 240 4.0 4 224 220 • Net Debt to EBITDA ratio was 3.7 3,5 3.5 200 • Increase in net debt in Q2 2025 mainly due to 3 3.0 EUR 32.6 million repayme
Slide 27: Equity ratio impacted by repayment of hybrid bond and temporary items
Equity ratio impacted by repayment of hybrid bond and temporary items Equity ratio, % 36.6 • Equity ratio was 27.6% (12/2024: 36.9%) • Repayment of the EUR 30 million hybrid bond -5.8 27.6 decreased the equity ratio by 5.8% -2.3 -1.0 • Unrealized currency hedges for the Green Handy vessel investment
Slide 28: Ytd 2025 highlights
Ytd 2025 highlights Strong growth and profitability development in Q2 2025 … During 2025, our focus is - Net sales increased with 6.0% to EUR 162.8 (153.5) million on profitability - Comparable EBITA grew to EUR 9.2 (7.4) million improvement - Comparable EPS improved to EUR 0.19 (0.09) per share Des
Slide 29: Assumptions behind the guidance for 2025
Assumptions behind the guidance for 2025 • For ESL Shipping, demand is expected to continue weak during the second half of the year, with fairly low contractual volumes combined with low spot market pricing. Volumes are expected to be soft during the third quarter of 2025 and slowly revive towards t
Slide 30: Guidance for 2025: comparable EBITA EUR 35-45 million
Guidance for 2025: Aspo Group’s comparable EBITA is expected to be EUR 35 - 45 million in 2025 (EUR 29.1 million in 2024)* • Aspo’s operating environment is expected to remain challenging during the second half of the year - Continued geopolitical uncertainty and global trade tensions are expected t
Slide 31: Q&A
Q&A Aspo H1 2025 August 18, 2025 31
Slide 32: Thank you
Thank you Aspo H1 2025 August 18, 2025 32
Slide 33: Aspo's financial KPIs trending by large positively
Aspo’s financial KPI’s trending by large positively Q2 2025 (Q2 2024) Q1–Q2 2025 (Q1–Q2 2024) Net sales EUR 162.8 million (153.5) EUR 314.0 million (286.2) Comparable EBITA EUR 9.2 million (7.4) EUR 18.0 million (12.4) Comparable ROE 16.5% (9.9%) 14.3% (8.0%) EPS EUR 0.18 (0.07) EUR 0.27 (-0.09) Com