Slide 1: Q4 Financial Statements Release January–December 2025
Q4 FINANCIAL STATEMENTS RELEASE January – December 2025 A year with significant profit improvement in a challenging market CEO Rolf Jansson CFO Erkka Repo February 16, 2026
Slide 2: Aspo's EBITA grew with 25% to EUR 36.5 million in 2025
Aspo’s EBITA grew with 25% to EUR 36.5 (29.1) million in year 2025, driven by development actions • Aspo achieved net sales growth of 4.0%, including the impact of acquisitions, in a continued soft market • Aspo’s comparable EBITA, Group total was EUR 36.5 (29.1) million with a comparable EBITA Grou
Slide 3: Reported EBITA in 2025 reached EUR 43.1 million
Reported EBITA in year 2025 reached EUR 43.1 (21.2) million, driven by a sales gain from M/S Kallio EBITA, Group total 1-12/2025 MEUR EUR +6.6 million 43.1 45 +9.6 -0.4 40 36.5 -0.4 -1.8 -0.3 35 30 25 20 15 10 5 0 Comparable ESL Strategic Leipurin Sales gain of Telko EBITA EBITA payment projects Swe
Slide 4: Aspo's EBITA continued to improve in Q4 2025
Aspo’s EBITA continued to improve in Q4 2025, reaching EUR 8.9 (8.0) million MEUR Comp. EBITA Group total Q4 2025 12 12% • Comparable EBITA Group total was EUR 8.9 (8.0) million and the comparable EBITA Group total 10 10% rate was 5.7% (5.0%) 8.9 8.0 • ESL Shipping’s comparable EBITA declined to EUR
Slide 5: Aspo achieved its emission intensity target, safety lagged
Aspo achieved its emission intensity target, safety development lagged against previous year Emission intensity • Emission intensity improved due to decrease in ESL Shipping's emissions, Q1-Q4 2025 driven by fuel efficient driving of vessels and fleet renewal - 8 green coaster vessels were in operat
Slide 6: Our emission reduction targets were approved by SBTi in October 2025
Our emission reduction targets were approved by SBTi in October 2025 • 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
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 To be divested to • Our goal is to implement the divestment of ESL Lantmännen (closing Shipping or the partial demerger of Aspo by the expected in the firs
Slide 8: Next chapter of Telko: growth and profitability improvement
“Next chapter of Telko”: growth and profitability improvement • Aspo announced in November 2025 that it will continue to evaluate the strategic alternatives for the company, with the main alternatives including a possible partial demerger of Aspo or a divestment of ESL Shipping • In January 2026, As
Slide 9: Rolling 12 months comparable EBITA by business
Rolling 12 months (Jan-Dec 2025) 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% 8 6% 60 8% 18 35 14% 7% 7 7% 5% 50 16 30 12% 6% 6 6% 14 4%
Slide 10: Q4: ESL Shipping still faced with soft market demand
Q4: ESL Shipping still faced with soft market demand MEUR Comp. EBITA, ESL Shipping 7 24% Q4 2025 6 20% • Comparable EBITA decreased by 11% to EUR 3.8 (4.3) million, 5.0 with comparable EBITA rate being 7.4% (7.8%) 5 4.3 16% • Like-for-like net sales for Coaster and Handy operations (excl. 3.8 vesse
Slide 11: Q4: Positive margin development continued for Telko
Q4: Positive margin development continued for Telko Comp EBITA, Telko MEUR 5 10% Q4 2025 4.4 • Comparable EBITA increased to EUR 4.4 (3.9) million, with 3.9 comparable EBITA rate being 6.5% (5.5%) 4 8% • Net sales declined by 3% driven by modest demand in most European markets • Organic sales volume
Slide 12: Q4: Record-high profitability of Leipurin
Q4: Record-high profitability of Leipurin MEUR Comp. EBITA, Discontinued operation (Leipurin) 2,2 2.2 6% 2.0 2.02 Q4 2025 1,8 1.8 5% • Comparable EBITA was EUR 2.0 (1.1) million, with comparable EBITA rate being 5.1% (3.2%) 1.6 1,6 4% • Net sales increased by 10% mainly due to strong 1.4 1,4 organic
Slide 13: Aspo Group level costs 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 have been moved
Slide 14: Aspo remains committed to the leverage target below 3
Aspo remains committed to the leverage target of a Net Debt to comparable EBITDA ratio below 3 Net debt, MEUR Net Debt and Net Debt / EBITDA Net debt / EBITDA 290 4.5 • Net Debt to EBITDA ratio was 3.6 (3.2) 4.0 240 • Net Debt includes EUR 56.0 million for advance 213 3.5 payments of vessels under c
Slide 15: Liquidity continued strong
Liquidity continued strong MEUR Maturity profile of Aspo Group 100 90 • Liquidity continued strong with EUR 44 million in cash 80 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 4.7
Slide 16: 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 123.2 (92.5 in Dec 40 2024) million, of which EUR 56.0 million for advance payments of vessels under construction 35 • Net Debt to comparable EBITDA ratio for
Slide 17: The Board proposes a dividend of EUR 0.25 per share
The Board proposes a dividend of EUR 0.25 per share for the financial year 2025 EUR per share EPS and Dividend According to the revised dividend policy Aspo’s 1.2 1,2 dividend growth is based on positive profitability 1.08 development with the aim to pay-out annually up to 50% of net profit as divi
Slide 18: Guidance for 2026: comparable EBITA expected to increase
Guidance for 2026: Aspo Group’s comparable EBITA from continuing operations is expected to increase compared with the previous year (EUR 29.4 million in 2025) MEUR Comp. EBITA Continuing operations, rolling 12 months 45 40 35 Aspo Group’s comparable EBITA from continuing 29.4 operations excludes Lei
Slide 19: Assumptions behind the guidance for 2026
Assumptions behind the guidance for 2026 • Economic growth is expected to slowly revive throughout the year in our core markets, however, the markets are expected to continue challenging in the early part of the year • Geopolitical uncertainty and global trade tensions are expected to have a negativ
Slide 20: Highlights 2025
Highlights 2025 Goal to implement a The Board proposes a dividend divestment of ESL Shipping or a of EUR 0.25 per share for the Aspo’s EBITA grew with 25+% partial demerger of Aspo by the financial year 2025. to EUR 36.5 (29.1) million end of 2026. The divestment of in year 2025, driven by own Leipu
Slide 21: Q&A
Q&A Aspo Q4 2025 16.2.2026 21
Slide 22: Thank you
Thank you For more details, please visit aspo.com – our refreshed website Aspo Q4 2025 16.2.2026 22