Aspo Plc · OMXHEX:ASPO
Aspo — Investor Presentation (May 2025)
25 slides from Aspo's investor presentation, May 2025
Slide 1: Investor meeting | Aspo
Investor meeting| Aspo Rolf Jansson, CEO Erkka Repo, CFO May 2025 Investor meeting 2025 | Aspo May 2025 1
Slide 2: Our agenda for today
Our agenda for today • Progress in Aspo’s strategy • Q1 result and 2025 guidance • Financial ambition and portfolio vision Investor meeting 2025 | Aspo May 2025 2
Slide 3: Aspo's businesses
Aspo’s businesses Share of net sales, % (2024) ESL Shipping is the leading dry bulk cargo company in the Baltic Sea region. ESL Shipping’s competitive edge is based on its ability to secure product and raw material transportation for industries and energy production throughout the year, even under d
Slide 4: Successful strategy execution in 2024
Successful strategy execution in 2024 Business strategies Execution evidence in year 2024 - OP Finland Infra and Varma Mutual Pension Insurance Company take 21.43% ownership in ESL ESL Shipping is focused on sustainability-driven growth, - Sale of the two supramax vessels combined with commercial an
Slide 5: The shift in strategy is clearly visible in Aspo's net sales split
The shift in strategy is clearly visible in Aspo’s net sales split Total net sales 10–12/2021: EUR 163 million 10–12/2024: EUR 160 million 5% 18 % Finland 30 % 15 % 30 % Scandinavia Baltic countries 4% Other Europe (incl. Ukraine) 10 % Other countries Russia, Belarus and Kazakhstan (Leipurin) 18 % 2
Slide 6: The impact on Aspo's profitability is by large still to come
The impact on Aspo’s profitability is by large still to come 2024 2025–2028 - The twelfth green coaster is planned to be in commercial traffic by end of year 2026 - The four green handy vessels will enter into commercial traffic In average two green coasters in commercial traffic 2027-2028 during ye
Slide 7: Profitability #1 priority for 2025
Profitability #1 priority for 2025 Aspo profit generation #1 priority for year 2025 • Maximise benefits of already made acquisitions and capex investments • Focus on organic growth and performance improvement actions Longer-term financial ambition of Aspo: 1 bn € of net sales and 8% EBITA in 2028 •
Slide 8: First quarter 2025 highlights
First quarter 2025 highlights Strong growth and profitability development in Q1 2025 - Net sales increased with 13.9% to EUR 151.2 (132.7) million - Comparable EBITA grew to EUR 8.8 (5.1) million - Comparable EPS improved to EUR 0.13 (0.09) per share Strong signs of strategy execution paying-off acr
Slide 9: Telko and Leipurin drove Aspo's net sales growth in Q1 2025
Telko and Leipurin drove Aspo’s net sales growth in Q1 2025 MEUR Net Sales In Q1 2025, Aspo’s net sales grew by 14% to EUR 151.2 200 35% (132.7) million 180 30% ESL Shipping (-14% or -5% excluding the Supramax vessels) 160 151.2 25% Driven by very weak spot market pricing and somewhat softer 141.6 t
Slide 10: Good start in 2025, all businesses improved their profitability in Q1 2025
Good start in 2025, all businesses improved their profitability in Q1 2025 MEUR Comp. EBITA 14 14% In Q1 2025, comparable EBITA was EUR 8.8 (5.1) million and the comparable EBITA rate was 5.8% (3.8%) 12 12% ESL Shipping EUR 4.1 (2.7) million Despite a weak market, ESL Shipping’s profitability 10 10%
Slide 11: Soft market demand continued in Q1
Soft market demand continued in Q1 Investor meeting 2025 | Aspo May 2025 11
Slide 12: Profitability improved
Profitability improved MEUR Comp. EBITA, ESL Shipping 12 24% • In Q1 2025, the comparable EBITA increased by 51% to 10 20% EUR 4.1 (2.7) million, with comparable EBITA rate being 9.6% (5.4%) 8 16% • Overall soft freight volumes demand and low spot pricing 6.0 • Vessel capacity was adjusted to match
Slide 13: Significant sales and earnings growth from successful execution of the compounder strategy
Significant sales and earnings growth from successful execution of the compounder strategy Investor meeting 2025 | Aspo May 2025 13
Slide 14: Significant profit improvement in Telko driven by acquisitions
Significant profit improvement in Telko driven by acquisitions Comp EBITA, Telko MEUR 5 10% 4.4 • In Q1 2025, the comparable EBITA increased to EUR 4.4 (2.3) million, with comparable EBITA rate being 6.0% (4.7%) 4 8% • Profitability improvement compared to last year driven by acquisitions and organi
Slide 15: Profit improvement continues
Profit improvement continues Investor meeting 2025 | Aspo May 2025 15
Slide 16: Leipurin's profit improvement continues
Leipurin’s profit improvement continues MEUR Comp. EBITA, Leipurin 1.6 8% 1.5 • In Q1 2025, the comparable EBITA was EUR 1.5 1.4 7% (1.2) million, with comparable EBITA rate being 1.2 4.2% (3.6%) 1.2 6% 1.0 • EBITA improvement was driven mainly by supply 1.0 5% chain optimization in Sweden and by th
Slide 17: Aspo remains committed to the leverage target of Net Debt to comparable EBITDA ratio 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 220 3.5 198 200 • Net Debt to EBITDA ratio was 3.3 3.0 • Net debt expected to be temporarily increase 180 due to the repayment of the EUR 30 mi
Slide 18: 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 estimated to remain challenging during the first half of the year and to gradually improve during the second half of the year - Increased defense
Slide 19: Aspo's ambition is to reach EUR 1 bn of sales and 8% of EBITA by 2028
Aspo’s ambition is to reach EUR 1 bn of sales and 8% of EBITA by 2028 ~ 1 000 m We aim to Net sales (EUR) double our business by end of 536 m the strategy period 2024-2028 8.0 % EBITA (%) 5.1 % Profitability to reach and sustain 8% 2023 Ambition for 2028 Investor meeting 2025 | Aspo May 2025 19
Slide 20: Major actions already taken towards this financial ambition
Major actions already taken towards this financial ambition 8% >135 >500 14% 60-80 60-70 >300 New 85 5% 4.3% 50-60 20-40 >200 9.7% 4-5% 3.3% Green 211 20-30 189 per handies, annum 10 and other 2024 136 New Green market run-rate: >3% coasters growth Optimol, 2024 per Greenfluid, run-rate: annum Swed
Slide 21: Potential capex for 2024-28 is in the magnitude of EUR 300-350 m
Potential capex for 2024-28 is in the magnitude of EUR 300-350 m Capex allocation 2024–28 (EUR million) • Potential capex for 2024-28 taken down by EUR 50 million to EUR 300-350 million • About EUR 70 million (net of asset sales) Uncommitted used in 2024 300 • About EUR 135 million committed for - 2
Slide 22: Aspo's businesses differ significantly
Aspo’s businesses differ significantly Agenda The business of Aspo differ across multiple dimensions: ESG agenda, strategic focus, role in the value chain, capex need, opportunity for Business How organic growth, logic and opportunity for acquisitions, business time model span, funding opportunities
Slide 23: Aspo aims to form two separate companies before year 2029
Aspo aims to form two separate companies ”before year 2029” Aspo active ownership ASPO Infra ASPO Compounder Current Aspo segments • Green transition and capex investments • Organic growth supported with acquisitions • Industrial partnership • Partnering with principals and customers Business • Fore
Slide 24: Summary
Summary • Aspo’s strategy execution shows clear progress, the profitability impact is by large still to come • Q1 showed good signs with strong growth and profitability development • Guidance unchanged* - Guidance for 2025*: Aspo Group’s comparable EBITA is expected to be EUR 35–45 million in 2025 (
Slide 25: Thank you
Thank you Investor meeting 2025 | Aspo May 2025 25