Slide 1: Q2 Half-Year Financial Report January–June 2026
Q2 HALF -YEAR FINANCIAL REPORT January – June 202 6 Substantial profit improvement CEO Rolf Jansson CFO Erkka Repo August 3, 2026
Slide 2: January–June 2026 highlights
January -June 2026 highlights • Aspo’s comparable EBITA, continuing operations was EUR 17.9 (14.8) million and comparable EBITA, continuing operations rate was 7.3% (6.1%). • ESL Shipping EUR 7.1 (9.1) million • Telko EUR 12.9 (8.7) million • EBITA Group total was EUR 29.8 (16.6) million. The divest
Slide 3: Aspo's comparable EBITA increased significantly in Q2 2026
Aspo’s comparable EBITA increased significantly in Q2 2026 Q2 2026 • Comparable EBITA, continuing operations was EUR MEUR Comp. EBITA, continuing operations 10.8 (7.5) million and the comparable EBITA, 12 12% continuing operations rate was 8.2% (6.0%) 10.8 10 10% • Comparable EBITA of ESL Shipping d
Slide 4: Strong safety development in H1 2026 for ESL Shipping and Telko
Strong safety development in H1 2026 for ESL Shipping and Telko ESL Shipping • Aspo has set Total Recordable Injury Frequency (TRIF) Acci dent frequency (TRIF), 1 -6 2026 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 2.0 Target
Slide 5: Separation of ESL Shipping and Telko
Separation of ESL Shipping and Telko Separation of ESL Shipping and Telko
Slide 6: Development of the strategic evaluation
Development of the strategic evaluation • May 14, 2024, Aspo announced a new vision to form two separate companies (Aspo Infra and Aspo Compounder). The goal was to: • Enable value creation and continued growth for the businesses • Investigate strategic alternatives for both businesses • November 3,
Slide 7: Separation aims to increase shareholder value
The separation of ESL Shipping from Aspo aims to increase the shareholder value by enabling each business to more effectively execute its own focused strategies and profit growth opportunities Limited synergies Tailored capital Transparent valuation between the structures to enable and company busin
Slide 8: Separation of ESL Shipping Ltd into a new independent listed company
Separation of ESL Shipping Ltd into a new independent listed company • The demerger is conditional upon approval by the Extraordinary General Meeting of Aspo, which is expected to be held on 7 December 2026 . The demerger is supported by certain major shareholders • It is intended that Rolf Jansson
Slide 9: Key strategic strengths of ESL Shipping Group
Key strategic strengths of ESL Shipping Group • Stable Northern Bothnian Bay market with expected structural demand growth • Leadin g market player in an attractive niche market with strict requirements • Unique expertise tailor -made for the core market • Infrastructure -like operations through con
Slide 10: Key strategic strengths of Telko Group
Key strategic strengths of Telko Group • A specialized regionally leading chemicals distributor • Significant organic growth opportunity supported by M&A • Focus on specialty chemicals and value -added services • Clear strategy for potential fu ture profit growth • Aiming to be a forerunner in susta
Slide 11: New medium-term financial targets and dividend policies
New medium -term financial targets and dividend policies for ESL Shipping Group and Telko Group ESL Shipping Group • Comparable EBIT more than EUR 40 million in 2030 • Return on equity above 20% • Equity ratio above 35% • The goal is to annually distribute approximately 50% of profit for the period
Slide 12: Preliminary timeline for the demerger
Preliminary timeline for the demerger Demerger Publishing Planned Planned Planned Trading in the plan demerger Capital Extraordinary demerger shares of ESL approved and listing Markets Days General completion Shipping Group August 3, prospectus November 24, Meeting date is currently 2026 in November
Slide 13: Current ownership structure
Current ownership structure • OP Finland Infrastructure LP and Varma Mutual Pension Insurance Company together have, through Lighthouse HoldCo Ky, a 21.43% minority ownership stake in ESL Shipping Ltd Aspo • Lighthouse would exchange its shares in ESL shareholders Shipping Ltd for new shares in the
Slide 14: New ownership structure
New ownership structure OP Finland Infrastructure LP (~14%) Varma Mutual Pension Aspo Insurance Company (~7%) shareholders • Aspo’s shareholders will receive one ~79% ~ 21% (1) share in ESL Shipping Group Plc 100% for each share they hold in Aspo as consideration for the demerger upon Telko Group Pl
Slide 15: Largest shareholders
Largest shareholders Aspo Oyj (30.6.2026) ESL Shipping (30.6.2026) ESL Shipping Group Oyj (1.1.2027) Illustrative 1. Havsudden Oy AB 10,9 % 1. OP Finland Infrastructure LP 14,3 % 2. AEV Capital Holding Oy 10,5 % 2. Keskinäinen Työeläkevakuutusyhtiö Varma 10,7 % 3. Keskinäinen Työeläkevakuutusyhtiö V
Slide 16: Key figures, last 12 months
Key figures, Last 12 months (July 1, 2025 – June 30, 2026) ESL Shipping Group Telko Group, continuing operations EUR million LTM EUR million LTM Net Sales 178.4 Net Sales 294.6 Comparable EBITDA 32.0 Comparable EBITDA 22.1 Comparable EBITA 14.4 Comparable EBITA 18.1 Invested capital 250.1 Invested c
Slide 17: Telko continued to perform with improved profitability
Rolling 12 months comparable EBITA Telko continued to perform with improved profitability MEUR ESL Shipping MEUR Telko Aspo , continuing operations MEUR 25 10% 25 10% 35 10% 9% 9% 9% 30 20 8% 20 8% 8% 7% 7% 25 7% 15 6% 15 6% 6% 20 5% 5% 5% 15 10 4% 10 4% 4% 3% 3% 3% 10 5 2% 5 2% 2% 5 1% 1% 1% 0 0% 0
Slide 18: Q2: ESL profitability negatively impacted by maintenance and weak demand
Q2: ESL profitability was negatively impacted by technical maintenance of the fleet and weak contractual demand MEUR Comp. EBITA, ESL Shipping Q2 2026 8 16% • Comparable EBITA decreased by 25% to EUR 3.8 (5.0) million, with comparable EBITA rate being 8.0% (9.7%) 7 14% 6.1 • Like -for-like net sales
Slide 19: Q2: Record high profitability for Telko
Q2: Record high profitability for Telko MEUR Comp EBITA, Telko 10 10% Q2 2026 9 9% 8.2 • Comparable EBITA increased to EUR 8.2 (4.3) million, with comparable EBITA rate being 9 .8% 8 8% (5.8 %) 7 7% • Telko’s net sales increased by 14%. Market demand overall improved moderately as customers increase
Slide 20: Aspo Group level costs expected to reduce in 2026
Aspo Group level costs are expected to reduce in 2026 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 mo
Slide 21: Net debt increased in Q2 to EUR 185 million
Net debt increased in Q2 to EUR 185 million Net debt, MEUR Net Debt and Net Debt / EBITDA Net debt / EBITDA • Net debt to EBITDA ratio was 3.1 (3.7) 290 4. 5 • Net debt includes EUR 64.7 million for 4. advance payments of vessels under 0 construction 240 224 3.5 • Investments in Q2 2026 were EUR 15.
Slide 22: Liquidity continued strong
Liquidity continued strong • Liquidity continued strong with EUR 22.8 million in MEUR Maturity profile of Aspo Group cash and EUR 50 million of unused RCFs. 100 • EUR 20 million of RCF maturing in 2027 was 90 cancelled after the review period in July 2026. 80 • There are EUR 99.5 million of committe
Slide 23: Funding needs of ESL Shipping secured with long maturities
Funding needs of ESL Shipping secured with long maturities MEUR Maturity profile of ESL Shipping Group • Net debt for ESL Shipping was EUR 150.8 (123.2 in Dec 45 2025) million, of which EUR 64.7 million for advance 40 payments of vessels under construction. • Net debt to comparable EBITDA ratio was
Slide 24: Telko's low net debt enables acquisitions
Telko’s low net debt level enables the execution of acquisitions MEUR Maturity profile of Telko Group 70 60 • Net debt for Telko Group: EUR 34.1 million • Net debt to comparable EBITDA ratio was 1.5 50 • With 75 MEUR of loans, Telko Group has about EUR 41 million of available cash. Strong liquidity
Slide 25: Guidance for 2026
MEUR Comp. EBITA Continuing operations, rolling 12 months 35 30 32.5 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 26: Assumptions behind the guidance
• For ESL Shipping , demand is expected to Assumptions behind the guidance slightly improve in 2026, with spot market pricing also expected to gradually improve. • Economic growth is expected to slowly revive throughout the year Dockings are expected to have slight in our core markets. negative fina
Slide 27: Highlights
Highlights Aspo’s Board of Directors Tailored medium -term Strong profitability: Aspo’s has approved a demerger targets launched for ESL comparable EBITA, plan concerning the Shipping and Telko, continuing operations was separation of ESL Shipping focusing on long -term EUR 10.8 (7.5) million into a
Slide 28: Q&A
Q&A Aspo H1 2026 3.8.2026