Slide 1: Q3 Interim Report: Steps taken towards Aspo's strategic vision
Q3 INTERIM REPORT January – September 2025 Steps taken towards Aspo’s strategic vision CEO Rolf Jansson CFO Erkka Repo November 3, 2025 Because the future estimates presented in this interim report are based on the current understanding, they involve significant risks and uncertainties, due to which
Slide 2: Aspo's all businesses improved their profitability Q1-Q3/2025
Aspo’s all businesses improved their profitability Q1-Q3/2025 • Aspo achieved net sales growth of 5.9%, including the impact of acquisitions, in a continued soft market • Aspo’s comparable EBITA was EUR 27.5 (21.1) million with all businesses improving their profitability against previous year • The
Slide 3: Aspo's profitability continued to improve in Q3 2025
Aspo’s profitability continued to improve in Q3 2025 MEUR Comp. EBITA Group total Q3 2025 14 14% • Comparable EBITA Group total was EUR 9.6 (8.7) million and the comparable EBITA Group total 12 12% rate was 6.6% (5.9%) 9.6 10 10% 8.7 • In Q3 2025, Aspo’s net sales Group total remained 7.7 flat, -1.5
Slide 4: Aspo strives towards its longer-term financial ambition and vision to form two separate companies
Aspo strives towards its longer-term financial ambition and vision to form two separate companies Our financial ambition for year Our vision is to form two During the transformation, we 2028: separate companies: focus on: • ESL Shipping: net sales > EUR • Aspo Compounder (Telko) • Successful executi
Slide 5: We have taken some key steps towards our strategic vision
We have taken some key steps towards our strategic vision 1 2 3 Divestment of Telko’s several ESL Shipping’s Leipurin acquisitions substantial investments Aspo Q3 2025 3.11.2025 5
Slide 6: The announced divestment of Leipurin
Key steps towards our strategic vision 1 The announced divestment of Leipurin SUCCESSFUL LEIPURIN TRANSFORMATION: ✓ Sale of Vulganus and Leipurin’s equipment trading business Transaction key figures ✓ Exit from Russia, Kazakhstan, and Belarus ✓ Entry into Sweden by the acquisition of EUR 63 million
Slide 7: Telko has completed several acquisitions on its path to become a standalone company
Key steps towards our strategic vision 2 Telko has completed several acquisitions on its path to become a standalone company M&A rationale • Accelerate growth in high margin segments, existing and possible new • Build strong local positions with focus on Northern Europe • Reach sufficient size for c
Slide 8: ESL Shipping has made substantial investments in sustainable sea freight
Key steps towards our strategic vision ESL Shipping has made substantial investments in sustainable sea freight 3 to build on its unique ESG leadership Investment case • Building a series of twelve new, electric hybrid coaster sized vessels (5,350 tons dwt) • Serve Nordic industrials in their green
Slide 9: Goal to implement the divestment of ESL Shipping or partial demerger of Aspo by end of 2026
Considering market conditions, our goal is to implement the divestment of ESL Shipping or the partial demerger of Aspo by the end of 2026 • The main strategic alternatives to be reviewed include: • a possible partial demerger of Aspo OR • a divestment of ESL Shipping • Our goal is to implement the d
Slide 10: Aspo Infra: ESL Shipping
Aspo Infra: ESL Shipping • Focused on sustainability-driven accelerated growth, combined with commercial and operational excellence • Strong position and market growth in the Bothnian Bay due to major investment in the green transition of Nordic industrials • Long-term partnerships with customers ES
Slide 11: Aspo Compounder: Telko
Expansion into specialty Aspo Compounder: Telko products and value-added services provide opportunity to enhance Telko’s profitability and • Strategy focused on organic growth supported by offers resilient market M&A and scalability conditions. ESG driven by • Fragmented market offers significant pr
Slide 12: Our emission reduction targets are now approved by SBTi
Our emission reduction targets are now approved by SBTi • The international Science Based Targets initiative (SBTi) approved Aspo's short-term emission reduction targets in October 2025 • Aspo is committed to: • reduce absolute scope 1 and 2 GHG emissions 42.0% by 2030 from a 2023 base year,* • enga
Slide 13: Long-term emission intensity target reached in Q1-Q3 2025, safety development challenging
The long-term emission intensity target was reached in Q1-Q3 2025, whereas safety development continued challenging • Emission intensity improved due to decrease in ESL Shipping's Emission intensity Q1-Q3 2025 emissions, driven by fuel efficient driving of vessels and fleet renewal • The Total Recor
Slide 14: Rolling 12 months comparable EBITA by business
Rolling 12 months comparable EBITA: Strong profit improvement in Telko and Leipurin with currently stable performance in ESL Shipping Discontinued operations MEUR ESL Shipping MEUR Telko MEUR (Leipurin) MEUR Aspo 40 16% 20 8% 7 5% 60 8% 18 35 14% 7% 6 7% 50 16 4% 30 12% 6% 6% 14 5 40 25 10% 5% 5% 12
Slide 15: Aspo's sales declined by 1.5% in Q3 2025, negatively impacted by the soft market
Aspo’s sales declined by 1.5% in Q3 2025, negatively impacted by the soft market Net Sales In Q3 2025, Aspo’s net sales Group total declined by 1.5% to MEUR EUR 144.3 (146.6) million 200 35% ESL Shipping (-7%) 180 30% ESL Shipping was negatively impacted by lower vessel capacity, 160 146.6 144.3 25%
Slide 16: Aspo's profitability continued to improve in Q3 2025
Aspo’s profitability continued to improve in Q3 2025 Comp. EBITA In Q3 2025, comparable EBITA Group total was EUR 9.6 MEUR (8.7) million and the comparable EBITA Group total 14 14% rate was 6.6% (5.9%) 12 9.6 12% ESL Shipping EUR 3.5 (3.8) million 8.7 Profitability remained solid for the new generat
Slide 17: Soft market demand continued
Soft market demand continued MEUR Comp. EBITA, ESL Shipping 7 24% Q3 2025 6 20% • Comparable EBITA decreased by 6% to EUR 3.5 (3.8) million, 5 with comparable EBITA rate being 9.2% (9.2%) 4.1 16% 3.8 3.5 • Like-for-like net sales for Coaster and Handy operations (excl. 4 vessel sales) decreased by -
Slide 18: New vessels are performing well despite the challenging market
New vessels are performing well despite the challenging market • Good profitability on all energy-efficient new EBITA-% generation Handy and Coaster vessels • Pooled vessels provide stable profitability without capital tied into the business • Ongoing investment program into new efficient vessels is
Slide 19: Positive margin development continued
Positive margin development continued Comp EBITA, Telko MEUR 4.8 5 10% 4.6 Q3 2025 • Comparable EBITA increased to EUR 4.8 (4.6) million, with 4 8% comparable EBITA rate being 6.9% (6.3%) 3.2 • Net sales declined by -4% driven by modest demand in most European markets 3 6% • Organic sales volumes we
Slide 20: Telko: Increased share of specialty products
Telko: Increased share of specialty products • Telko focuses on higher value-adding products and services in all business areas • These market segments are more resilient, with limited demand and price volatility EBITA-% • During the first nine months of 2025, Telko´s growth was relatively higher in
Slide 21: Record-high profitability for Leipurin
Record-high profitability for Leipurin MEUR Comp. EBITA, Discontinued operation (Leipurin) 2.0 1.9 6% 1.8 Q3 2025 5% 1.6 • Comparable EBITA was EUR 1.9 (1.3) million, with 1.4 comparable EBITA rate being 5.2% (4.1%) 1.4 1.3 4% • Net sales increased by +10% mainly due to strong 1.2 organic growth in
Slide 22: Liquidity has continued strong
Liquidity has continued strong MEUR Maturity profile of Aspo Group 100 90 • Liquidity has continued strong with EUR 28.6 million 80 in cash and EUR 40 million of unused RCFs 70 • EUR 60 million syndicated loan was extended by one year is August and it will mature in 2027 60 • EUR 92.5 million of com
Slide 23: 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 40 • Net Debt for ESL Shipping was EUR 149.6 (109.8 in 35 Dec 2024) million 30 • Net Debt to comparable EBITDA ratio for ESL Shipping was 4.2 25 • EUR 92.5 million of committed undrawn loan agreemen
Slide 24: Aspo remains committed to the leverage target of Net Debt to comparable 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 290 4,5 4.5 • Net Debt to EBITDA ratio was 3.9 (2.8) 4 4.0 240 233 • The increase in net debt in Q3 2025 was driven 3,5 3.5 by temporary increa
Slide 25: Second dividend instalment will be paid November 6, 2025
Second dividend instalment will be paid November 6, 2025 • The Annual General Meeting 2025 approved a dividend distribution totaling EUR 0.19 per share and that the dividend is paid in two installments. • The record date for the first dividend instalment of EUR 0.09 per share was April 29, 2025, and
Slide 26: Aspo to start repurchasing own shares for its share-based incentive plans
Aspo to start repurchasing own shares for its share-based incentive plans • The Board of Directors of Aspo Plc has decided to start repurchasing the company’s own shares on the basis of the authorization given by the 2025 Annual General Meeting. • The maximum number of shares to be repurchased in on
Slide 27: Assumptions behind the guidance for 2025
Assumptions behind the guidance for 2025 • For ESL Shipping, demand is expected to continue weak for 2025, with fairly low contractual volumes combined with low spot market pricing. Seasonally volumes are expected to improve for the fourth quarter. • For Telko, overall stable market development is e
Slide 28: Guidance for 2025: comparable EBITA expected to be 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 2025 - Continued geopolitical uncertainty and global trade tensions are expected to have a negative impac
Slide 29: Summary: Q1-Q3 Highlights
Summary: Q1-Q3 Highlights • Progress towards implementing Aspo’s strategic vision and profitability improvement: 1) Announced divestment of Leipurin to Lantmännen 2) Elaborated vision for Aspo with a goal to implement a divestment of ESL Shipping or a partial demerger of Aspo by the end of 2026 3) D
Slide 30: Q&A
Q&A Aspo Q3 2025 3.11.2025 30
Slide 31: Thank you
Thank you Aspo Q3 2025 3.11.2025 31
Slide 32: Aspo's financial KPI's trending by large positively
Aspo’s financial KPI’s trending by large positively Q3 2025 (Q3 2024) Q1–Q3 2025 (Q1–Q3 2024) Net sales Group total EUR 144.3 million (146.6) EUR 458.3 million (432.8) Comparable EBITA Group total EUR 9.6 million (8.7) EUR 27.5 million (21.1) Comparable ROE Group total 14.1% (6.6%) 13.4% (7.8%) EPS