Aspocomp Group Plc., Financial Statement Release, February 25, 2026, at 9:00 a.m. (Finnish time)
OCTOBER-DECEMBER 2025 HIGHLIGHTS
Net sales EUR 8.9 (7.9) million, increase of 12%
Operating result EUR -0.4 (0.1) million, -4.7% (1.0%) of net sales
Earnings per share EUR -0.04 (0.12)
Operative cash flow EUR -0.3 (-0.3) million
Orders received EUR 13.3 (8.7) million, increase of 53%
JANUARY-DECEMBER 2025 HIGHLIGHTS
Net sales EUR 38.2 (27.6) million, increase of 38%
Operating result EUR 0.9 (-4.0) million, 2.4% (-14.4%) of net sales
Earnings per share EUR 0.06 (-0.51)
Operative cash flow EUR 2.7 (-4.7) million
Orders received EUR 39.3 (37.0) million, increase of 6%
Order book at the end of the review period EUR 21.1 (19.9) million, increase of 6%
Equity ratio 65.0% (54.0%)
Dividend / share EUR 0.00* (0.00)
*Board proposal
OUTLOOK FOR 2026
In 2026, the demand for Aspocomp’s products is expected to remain solid. In particular, demand in the defense industry and the semiconductor market is anticipated to remain good.
Aspocomp estimates that its net sales for 2026 will grow, and that its operating result for 2026 will improve compared to 2025. In 2025, net sales amounted to EUR 38.2 million, and the operating result was EUR 0.9 million.
CEO’S REVIEW
"Net sales for October-December increased to EUR 8.9 million, marking a 12% increase compared to the same period last year. However, the operating result for the quarter (EUR -0.4 million) was impacted by a single breakdown of plant machinery, which weakened production throughput in the last quarter. In addition, profitability was still burdened by low-margin orders that we had agreed in 2024 and which we will continue delivering to our customers until the second quarter of 2026.
Demand strengthened on all fronts despite challenges in production. Orders received increased by over 50% and the order book strengthened to EUR 21.1 million.
Semiconductor industry: Remains strong (October-November net sales amounted to approximately EUR 3.5 million) driven by investments in AI applications.
Security, Defense and Aerospace: Up by more than 80% year-on-year. This customer segment provides important stability for the company alongside the semiconductor industry.
Automotive industry: Slight increase in production volumes toward the end of year, although the full-year volume remained unchanged.
Aspocomp made a significant operational turnaround in 2025. Efficiency measures initiated at the end of 2024 increased net sales to EUR 38.2 million (+38%). Although this fell slightly short of the Group’s net sales record, our Oulu plant achieved its highest delivery volume ever. This was a key factor in the full-year operating result turning positive to EUR 0.9 million (EUR -4.0 million in 2024).
A significant geopolitical shift occurred in the operating environment. For the first time in the 2000s, demand for European PCB manufacturing has turned to growth. The importance of European self-sufficiency and security of supply has been highlighted, and we expect this trend to keep demand high in our key customer segments in the coming years. At the same time, market consolidation and the challenges faced by smaller players are reducing manufacturing capacity in Europe.
To respond to this historic turnaround, we have launched an investment program of over EUR 10 million at the Oulu plant. It is the backbone of growth, with which we will eliminate the risk of equipment failures, improve quality and significantly increase capacity. The new capacity is planned to be introduced in phases during 2027.
The implementation of the investment program requires a solid financial foundation. In the last quarter, we secured financing for the project with a loan and a directed share issue. We were also granted EUR 1.75 million in EU development assistance for the project in November, of which EUR 0.5 million was received in 2025. This investment support covers a significant part of the project costs. Mainly thanks to the share issue and positive earnings development, the company's equity ratio strengthened to 65.0 percent (54.0%) at the end of the year.
I would also like to thank our personnel for their excellent performance during the production challenges. Our record delivery volume is thanks to you, and it is good to continue our joint journey into 2026.”
NET SALES AND EARNINGS
October-December 2025
October-December 2025 net sales amounted to EUR 8.9 (7.9) million. Net sales increased year-on-year by 12% and growth came mainly from the Security, Defense and Aerospace customer segment.
The Semiconductor Industry customer segment’s October-December net sales decreased year-on-year by 23% to EUR 3.5 (4.5) million. Demand in the customer segment remained at a high level in the fourth quarter.
The Security, Defense and Aerospace customer segment’s October-December net sales increased by 83% year-on-year and amounted to EUR 2.8 (1.5) million. Demand in the customer segment continued to grow in the fourth quarter.
The Automotive customer segment’s October-December net sales increased by 34% year-on-year and amounted to EUR 1.5 (1.1) million. Due to the competitive situation in the automotive industry and weak demand from end customers, the customer segment’s net sales remained low.
The Telecommunication customer segment’s October-December net sales increased by 10% year-on-year and amounted to EUR 0.5 (0.4) million.
The Industrial Electronics customer segment’s October-December net sales increased year-on-year by 77% to EUR 0.7 (0.4) million.
The five largest customers accounted for 59% (76%) of net sales. In geographical terms, 48% (70%) of net sales were generated in Europe and 52% (30%) on other continents. The change in the geographical distribution was caused by the relocation of existing customers’ production sites.
The operating result for October-December 2025 amounted to EUR -0.4 (+0.1) million. October- December result was negatively affected by an equipment failure at the plant and the weaker margin of orders received in the spring of 2024.
Operating result was -4.7% (+1.0%) of net sales.
Net financial expenses amounted to EUR 0.1 (0.1) million. The result before taxes was EUR -0.5 (-0.0) million. Taxes for the financial year were EUR -0.1 (0.9) million. Earnings per share were EUR -0.04 (+0.12).
January-December 2025
January-December net sales amounted to EUR 38.2 (27.6) million, a year-on-year increase of 38%. The development of net sales was particularly affected by strong demand especially in the Semiconductor Industry customer segment and in the Security, Defense and Aerospace customer segment.
The Semiconductor Industry customer segment’s net sales increased by 106% to EUR 17.5 (8.5) million. Demand in the customer segment remained at a high level in January-December.
The Security, Defense and Aerospace customer segment’s net sales increased by 44% to EUR 9.3 (6.5) million. Demand in the customer segment continued to grow in January-December.
The Automotive customer segment’s net sales decreased by 1% year-on-year and amounted to EUR 6.9 (7.0) million.
The Telecommunication customer segment’s net sales decreased by 4% year-on-year and amounted to EUR 2.3 (2.4) million.
The Industrial Electronics customer segment’s net sales decreased year-on-year by 34% to EUR 2.1 (3.3) million. The decrease in net sales in the customer segment was due to weak demand from end customers.
The five largest customers accounted for 67% (61%) of net sales. In geographical terms, 56% (76%) of net sales were generated in Europe and 44% (24%) on other continents. The change in geographical distribution was caused by the relocation of existing customers’ production sites.
January-December operating result amounted to EUR +0.9 (-4.0) million. The operating result was improved by strong demand in the Semiconductor Industry customer segment and the Security, Defense and Aerospace customer segment. The improvement in operating result was also influenced by the high utilization rate of production capacity and improved profitability, especially in the early part of the year. Both the net sales and the operating result were negatively affected by the prolonged maintenance of a critical production process in April-June and the equipment failures in the second half of the year. The operating result was negatively affected by the weaker margin of orders in the previous year.
January-December operating result was +2.4% (-14.4%) of net sales.
Net financial expenses amounted to EUR 0.4 (0.4) million. The result before taxes was EUR 0.5 (-4.3) million. Taxes for the financial period were EUR -0.1 (0.9) million. Earnings per share were EUR +0.06 (-0.51).
The order book at the end of the review period was EUR 21.1 (19.9) million. Of the order book, EUR 20.5 million has been scheduled for delivery in 2026.
THE GROUP'S KEY FIGURES | ||||||||
10-12/25 | 10-12/24 | Change | 1-12/25 | 1-12/24 | Change | |||
Net sales, M€ | 8.9 | 7.9 | 12 | % | 38.2 | 27.6 | 38 | % |
EBITDA, M€ | -0.1 | 0.5 | -120 | % | 2.3 | -2.1 | 212 | % |
Operating result, M€ | -0.4 | 0.1 | -624 | % | 0.9 | -4.0 | 123 | % |
% of net sales | -4.7 % | 1% | -6 | ppts | 2.4 % | -14.4 % | 17 | ppts |
Pre-tax- profit/loss, M€ | -0.5 | 0.0 | -6521 | % | 0.5 | -4.3 | 111 | % |
% of net sales | -5% | 0% | -5 | ppts | 1% | -16% | 17 | ppts |
Profit/loss for the period, M€ | -0.3 | 0.9 | -138 | % | 0.4 | -3.5 | 112 | % |
% of net sales | -4% | 11% | -14 | ppts | 1% | -13% | 14 | ppts |
Earnings per share, € | -0.04 | 0.12 | -133 | % | 0.06 | -0.51 | 112 | % |
Received orders | 13.3 | 8.7 | 53 | % | 39.3 | 37.0 | 6 | % |
Order book at the end of period | 21.1 | 19.9 | 6 | % | 21.1 | 19.9 | 6 | % |
Investments, M€ | 0.2 | 0.2 | 15 | % | 0.9 | 0.4 | 109 | % |
% of net sales | 3% | 3% | 0 | ppts | 2% | 2% | 1 | ppts |
Cash, end of the period | 1.8 | 1.4 | 42 | % | 1.8 | 1.4 | 42 | % |
Equity / share, € | 2.48 | 2.24 | 24 | % | 2.48 | 2.24 | 24 | % |
Equity ratio, % | 65% | 54% | 11 | ppts | 65% | 54% | 11 | ppts |
Gearing, % | 5% | 37% | -32 | ppts | 5% | 37% | -32 | ppts |
Personnel, end of the period | 170 | 165 | 5 | persons | 170 | 165 | 5 | persons |
* The total may deviate from the sum totals due to rounding up and down. | ||||||||
INVESTMENTS
Investments during the review period amounted to EUR 0.9 (0.4) million. The investments were made in equipment modernization at the Oulu plant. Aspocomp was granted approximately EUR 1.75 million in business development assistance from the European Union's Just Transition Fund to increase the capacity of printed circuit board manufacturing at the Oulu plant, of which EUR 0.5 million was received in 2025.
BALANCE SHEET AND FINANCING
January-December cash flow from operations amounted to EUR 2.7 (-4.7) million. Cash flow improved mainly due to the better operating result and decrease in net working capital. Cash and cash equivalents at the end of the period were EUR 1.8 (1.4) million. Dividend payment was EUR 0.0 (0.0) million.
Interest-bearing liabilities amounted to EUR 2.7 (7.1) million. Interest-bearing liabilities are subject to covenant terms, such as the equity ratio and the ratio of net debt to EBITDA. The covenant terms were not breached in the 2025 financial statements. Gearing was 5% (37%). Non-interest-bearing liabilities amounted to EUR 7.4 (5.9) million.
The company has a EUR 5.0 (6.0) million credit facility, of which EUR 2.4 (5.6) million was in use at the end of the review period. In addition, the company has an invoice credit agreement (factoring) of EUR 1.1 (1.4) million, of which EUR 0.0 (0.8) million was in use. At the end of the reporting period, the Group had unused credit limits totaling EUR 3.7 (2.4) million.
Aspocomp agreed on a new coordinated long-term financing package of EUR 5.5 million with LocalTapiola, a Finnish pension company, and Nordea Bank Finland Plc at the end of 2025. The financing package consists of secured senior debt loans and the new financing complements the company's existing financing agreements. Covenants related to financing agreements entered into force on December 29, 2025. Loan collateral caused changes in contingent liabilities. The loans are intended to be drawn down during 2026.
At the end of 2025, the company had EUR 5.4 (5.4) million in deferred tax assets in its balance sheet. The deferred tax assets are primarily due to decelerated tax depreciation and losses confirmed in taxation.
PERSONNEL
During the review period, the company had an average of 168 (160) employees. The personnel count on December 31, 2025, was 170 (165). Of them, 113 (112) were blue-collar and 57 (53) white-collar employees. Employees by country were as follows: Finland 167 (165), Germany 2 (1) and China 2 (2). 25% of the employees were women and 75% were men.
The Group’s personnel expenses amounted to EUR 10.8 (9.4) million. In addition, the Group recorded personnel service expenses of EUR 0.7 (0.1) million in 2025.
MANAGEMENT AND ORGANIZATION
On July 17, 2025, Aspocomp announced that Ms. Terhi Launis, M.Sc. (Econ.), has been appointed as CFO and a member of the Aspocomp Management Team as of September 1, 2025.
On December 31, 2025, Aspocomp’s Management Team includes Manu Skyttä, President and CEO, Antti Ojala, CCO and Deputy CEO, Pekka Holopainen, COO, Hanna-Leena Keskitalo, HR Director, Terhi Launis, CFO, and Mitri Mattila, CTO.
The Group has a production facility in Oulu and its head office is in Espoo. The sales organization operates in Finland, Germany and China.
ANNUAL GENERAL MEETING 2025
The decisions of the Annual General Meeting held on April 29, 2025, the authorizations given to the Board of Directors by the AGM and the decisions relating to the organization of the Board of Directors have been published in separate stock exchange releases on April 29, 2025.
CORPORATE GOVERNANCE STATEMENT
Aspocomp's Corporate Governance Statement 2025 will be issued separately from the annual report and will be published no later than week 11/2026.
SHARES AND SHAREHOLDERS
The total number of Aspocomp’s shares at December 31, 2025, was 7,522,922 (6,841,440) and the share capital stood at EUR 1,000,000. The company did not hold any treasury shares. Each share is of the same share series and entitles its holder to one vote at a General Meeting and to have an identical dividend right.
The Board of Directors of Aspocomp Group Plc resolved, based on the authorization granted by the Annual General Meeting on April 18, 2024, on a directed share issue without payment to the CEO for the purpose of delivering share rewards. In the share issue, 7.800 new shares in the company were issued without consideration to the company’s CEO in deviation from the shareholders’ pre-emptive subscription right for the payment of the rewards of the performance period 2022–2024 and the commitment bonus. After the registration of the new shares with the Trade Register, the total number of shares in the company was 6,849,240 shares.
On October 30, 2025 (stock exchange release), Aspocomp Group Plc.’s Board of Directors carried out a directed share issue (the "Directed Share Issue") to certain current shareholders of the company and to a limited number of Finnish and qualified investors in deviation from the pre-emptive subscription rights of the shareholders. The Directed Share Issue was intended to secure the continuity of the company’s ability to finance growth investments and improve its balance sheet. The share issue was based on the authorization given by the Annual General Meeting held on April 29, 2025.
As a result of the Directed Share Issue, the total number of shares in Aspocomp increased by 673,682 shares from 6,849,240 shares to 7,522,922 shares. The subscription price was recorded in full in the company’s invested unrestricted equity fund. The issued shares have an aggregate dilution effect of approximately 8.96 percent on the number of shares and votes in the company.
A total of 1,656,946 Aspocomp Group Plc. shares were traded on Nasdaq Helsinki during the period from January 1 to December 31, 2025 (846,744 during Jan. 1 to Dec. 31, 2024). The aggregate value of the shares exchanged was EUR 8,075,630 (2,619,010). The shares traded at a low of EUR 3.07 (2.51) and a high of EUR 7.44 (3.84). The average share price was EUR 4.87 (3.09). The closing price at December 31, 2025, was EUR 5.08 (3.18), which translates into market capitalization of EUR 38.2 (21.7) million.
The company had 4,899 (4,113) shareholders at the end of the review period. Nominee-registered shares accounted for 0.7% (0.7%) of the total shares.
At the end of December 2025, Aspocomp’s Board of Directors, CEO and management team members and their related parties owned a total of 83,631 (62,647) shares, or 1.1% (0.9%) of the share capital.
Major shareholders, December 31, 2025
10 major shareholders, December 31, 2025 | Shares | Ownership, % | |
1 | Joensuun Kauppa ja Kone Oy | 1,358,361 | 18.06 |
2 | Etola Group Oy | 1,158,898 | 15.4 |
3 | Mandatum Henkivakuutusosakeyhtiö | 368,863 | 4.9 |
4 | Etola Erkki | 352,631 | 4.69 |
5 | Nordea Life Assurance Finland Limited | 275,000 | 3.66 |
6 | Montonen Mikko | 273,115 | 3.63 |
7 | Yli-Krekola Antti | 203,232 | 2.7 |
8 | Sijoitusrahasto Säästöpankki Pienyhtiöt | 200,000 | 2.66 |
9 | Lahdenperä Matti | 120,930 | 1.61 |
10 | Koskinen Jouni | 114,228 | 1.52 |
10 major shareholders total | 4,425,258 | 58.83 | |
Other shareholders | 3,097,664 | 41.17 | |
Total shares | 7,522,922 | 100 |
FLAGGING NOTIFICATIONS
On November 3, 2025, Aspocomp received a flagging notification, according to which the combined holding of Erkki Etola and Etola Group Oy in the total number of votes and shares in Aspocomp Group Plc. exceeded the 20% flagging threshold on October 31, 2025. On November 3, 2025, the company received a flagging notification, according to which the holding of Mandatum Plc. in the total number of votes and shares in Aspocomp Group Plc. fell below the 5% flagging threshold on October 31, 2025. On July 17, 2025, Aspocomp received a flagging notification, according to which the holding of Mikko Montonen in the total number of votes and shares in Aspocomp Group Plc. fell below the 5% flagging threshold on July 17, 2025.
SHARE-BASED LONG-TERM INCENTIVE SCHEME
The Board of Directors of Aspocomp Group Plc. decided on the establishment of a share-based long-term incentive scheme for the company’s top management and selected key employees on July 20, 2022. The objectives of the Performance Share Plan (PSP) are to align the interests of Aspocomp’s management with those of the company’s shareholders and thereby promote shareholder value creation in the long term as well as to commit the management to achieving Aspocomp’s strategic targets.
On July 20, 2022, the Board of Directors of Aspocomp Group Plc. decided on the commencement of the first performance period, PSP 2022-2024, in the share-based long-term incentive scheme for the company’s top management and selected key employees. The PSP 2022-2024 program covered the period from the beginning of July 2022 until the end of 2024. Eligible for participation in PSP 2022-2024 were approximately 20 individuals, including the members of Aspocomp’s Management Team. The performance criteria for the performance period, which were cumulative operating result and the development of Aspocomp’s absolute TSR, were not achieved. The CEO joined the company in May 2024, after which the performance criteria for TSR were met for the subsequent earning period. In addition, the CEO was granted a commitment bonus, to which no performance criteria were applied. The rewards paid under the PSP 2022-2024 program during the first quarter of 2025 correspond to a total value of 15,600 Aspocomp Plc. shares, including the portion paid in cash. Half of the reward was paid in shares and half in cash to cover income tax withholding.
On February 15, 2023, Aspocomp Group Plc.’s Board of Directors decided on the commencement of a second performance period, PSP 2023-2025, in the share-based long-term Performance Share Plan (PSP) for the company’s senior management and selected key employees. The PSP 2023-2025 program’s implementation period began at the beginning of 2023 and will end at the end of 2025. The performance criteria for the performance period are the cumulative operating result and the development of Aspocomp’s absolute TSR. Eligible for participation in PSP 2023-2025 are approximately 20 individuals, including the members of Aspocomp’s Management Team. The share rewards potentially earned under the incentive plan will be paid during H1 2026.
On July 18, 2024, the Board of Directors of Aspocomp Group Plc. approved a third performance period covering the years 2024–2026 in the share-based long-term incentive scheme. The Performance Share Plan is part of the existing long-term incentive scheme structure, and it is aimed at the company’s top management and selected key employees. The PSP 2024–2026 program’s implementation period began at the beginning of 2024 and will end at the end of 2026. The performance criteria for the performance period are the cumulative operating result and the development of Aspocomp’s absolute TSR. Eligible for participation in PSP 2024-2026 are approximately 20 individuals, including the members of Aspocomp’s Management Team. The share rewards potentially earned under the incentive plan will be paid during H1 2027.
On July 17, 2025, the Board of Directors of Aspocomp Group Plc. approved a fourth performance period covering the years 2025–2027 in the share-based long-term incentive scheme. The Performance Share Plan is part of the existing long-term incentive scheme structure, and it is aimed at the company’s top management and selected key employees. The PSP 2025–2027 program’s implementation period began at the beginning of 2025 and will end at the end of 2027. The performance criteria for the performance period are the cumulative operating result and the development of Aspocomp’s absolute TSR. Eligible for participation in PSP 2025-2027 are approximately 20 individuals, including the members of Aspocomp’s Management Team. The share rewards potentially earned under the incentive plan will be paid during H1 2028.
SHAREHOLDERS’ NOMINATION BOARD
Aspocomp’s Shareholders’ Nomination Board consists of three members who represent the company’s three largest shareholders, as determined annually on the basis of registered shareholdings on the first working day of September. In case a shareholder does not wish to exercise their appointment right, the right passes to the next largest shareholder who would otherwise have no appointment right.
On September 12, 2025, Aspocomp announced the composition of its Shareholders’ Nomination Board. The following members were appointed to Aspocomp’s Shareholders’ Nomination Board: Mr. Ville Vuori, appointed by Etola Group and Erkki Etola, Mr. Kyösti Kakkonen, appointed by Joensuun Kauppa ja Kone Oy, and Mr. Mikko Montonen, Aspocomp’s fourth largest shareholder. Kyösti Kakkonen served as the Chairman of the Shareholders’ Nomination Board.
ASSESSMENT OF SHORT-TERM BUSINESS RISKS
Aspocomp's risk management aims to reduce risks by continuously acquiring information and assessing potential risks in the company's operations. The purpose of this is to ensure that the company achieves its goals and secures its operations. Risks are assessed based on their economic impact and probability and are classified into strategic, operational, financial and compliance risks.
Strategic risks
The geopolitical situation and the trade war have increased the risks related to customers' global supply chains. Weak economic development, inflation and unpredictable trade policies cause uncertainty in the operating environment and can affect customer demand and delay customers' investment decisions.
Aspocomp's customer base is concentrated, with more than half of its net sales coming from five customers. This can expose the company to significant demand fluctuations. In addition, variations in the product mix can have a significant impact on profitability.
Quality deviations in Aspocomp's products can lead to claims that may cause financial impacts, reputational damage or loss of customer relationships. If Aspocomp estimates that the outcome of such claims will have potential financial impacts, they will be considered in the accounting.
Operational risks
The most significant operational risks are related to equipment failures and other disruptions in Aspocomp's production. The investments launched in 2025 to increase the capacity of the Oulu plant are expected to improve its production quality and usability but may cause production outages during implementation. Aspocomp's operational capacity may also be impaired due to supplier production outages and delays in delivery times caused by increased demand.
Cyber risks and disruptions in information systems may affect production and thereby the company's ability to generate profits.
Financial risks
Adequacy of financing may become a challenge if the cash flow from operations is not positive or there are significant delays in the plant investment project. The company closely monitors financing forecasts and has prepared for cash fluctuations with credit facilities. Possible equipment failures and production disruptions may cause a temporary decline in profitability and thereby affect the fulfillment of the covenant terms.
Compliance risks
For example, violations of ethical guidelines, legislation or sanctions-related regulations may cause risks that can lead to corporate fines, legal costs and weaken the trust of the company's stakeholders.
Aspocomp's risks and risk management are described in the notes to the consolidated financial statements on the company's website.
EVENTS AFTER THE REPORTING PERIOD
No significant events after the end of the financial period to be reported.
STRATEGY
On November 3, 2025, Aspocomp released the company's strategy for the years 2026–2030. The updated strategy focuses on strengthening the company's current market position and growth, especially in the Security, Defense and Aerospace and Semiconductor customer segments due to increased demand.
Aspocomp’s targets are to achieve more than EUR 100 million in net sales in the long term, an EBIT margin exceeding 10% in the midterm and to maintain strong profitability throughout the business cycle through growth. In addition, the company seeks to grow organically by investing in expanding the Oulu plant in Finland in 2026-2027 to increase throughput capacity by up to 50% and improve production quality as well as the availability of machines and equipment. The updated strategy aims to pursue strategic investments and mergers & acquisitions, while maintaining the equity ratio above 40%, and to increase trading activities by expanding its partner network outside China to support the Oulu plant.
BOARD OF DIRECTORS’ DIVIDEND PROPOSAL AND ANNUAL GENERAL MEETING
According to the financial statements dated December 31, 2025 the parent company’s distributable earnings amounted to EUR 4,942,498.96, of which the retained earnings were EUR -1,284,769.32.
The Board of Directors will propose to the Annual General Meeting to be held on April 29, 2026 that no dividend will be paid for the financial year from January 1 to December 31, 2025.
PUBLICATION OF THE FINANCIAL STATEMENTS AND REPORT OF THE BOARD OF DIRECTORS
Aspocomp’s Annual Report 2025 will be published during week 11/2026 at the latest. The Annual Report will include the report of the Board of Directors, the consolidated and the parent company’s financial statements and the Auditors’ Report for the financial year January 1-December 31, 2025. At the same time, the company will release its Corporate Governance Statement 2025. The Annual Report and the Corporate Governance Statement will be available on the company’s website at www.aspocomp.com in week 11/2026 at the latest. Aspocomp’s Remuneration Report for Governing Bodies 2025 will be published on February 25, 2026. The Remuneration Report will be available on the company’s website at www.aspocomp.com as of February 25, 2026.
ANNUAL GENERAL MEETING 2026
Aspocomp’s Annual General Meeting 2026 is scheduled for Wednesday, April 29, 2026, at 10:00 Finnish time. The meeting will be convened by the company’s Board of Directors later.
PROPOSALS OF THE SHAREHOLDERS’ NOMINATION BOARD TO THE ANNUAL GENERAL MEETING 2026
On January 28, 2026, Aspocomp announced that the Shareholders’ Nomination Board has submitted its proposals to the Annual General Meeting 2026. The Shareholders’ Nomination Board proposes to the Annual General Meeting that four members be elected to the Board of Directors. The Shareholders’s Nomination Board proposes to the Annual General Meeting that the current members of the Board of Directors Ms. Jenni Enroth, Ms. Kaisa Kokkonen, Mr. Anssi Korhonen and Mr. Ville Vuori will be re-elected as members of the Board of Directors. The above-mentioned candidates have given their consent to the selection.
The Shareholders’s Nomination Board proposes to the Annual General Meeting that the remuneration of the Board of Directors be increased and paid as follows: EUR 35,000 for the chairman of the Board of Directors, EUR 25,000 for the vice chairman, and EUR 20,000 for each of the other members in remuneration for their term of office.
The Shareholders’s Nomination Board further proposes to the Annual General Meeting that no voluntary earning-related pension insurance contributions be paid for the remuneration of the Board of Directors. As a result, the proposed increase in remuneration will not generate additional costs for the company compared to the current level.
The Nomination Board further proposes that EUR 1,000 be paid as remuneration per meeting to the chairman and that the other members be paid EUR 500 per meeting of the Board and its committees. The Nomination Board also proposes that the members of the Board of Directors be reimbursed for reasonable travel costs.
PUBLICATION OF THE FINANCIAL RELEASES FOR 2026
Aspocomp Group Plc.'s financial information publication schedule for 2026 is:
Financial Statements 2025: Wednesday, February 25, 2026, at around 9:00 a.m. Finnish time
Interim Report January-March, 2026: Wednesday, April 29, 2026, at around 8:00 a.m. Finnish time
Half-year Report January-June, 2026: Wednesday, July 29, 2026, at around 9:00 Finnish time
Interim Report January-September, 2026: Wednesday, October 28, 2026, at around 9:00 Finnish time.
Aspocomp's silent period commences 30 days prior to the publication of its financial information.
Publication of the Financial Statement 2025
Aspocomp’s CEO Manu Skyttä will present the Financial Statement 2025 in a webcast today, February 25, 2026, starting at 10:00 a.m. Finnish time. The webcast will be held in Finnish and can be accessed at https://aspocomp.events.inderes.com/q4-2025. Questions are requested to be submitted in writing via the chat functionality of the webcast portal.
The report and presentation material will be available at Aspocomp’s website https://aspocomp.com/investors/interim-reports/reports/ after publication.
Espoo, February 25, 2026
Aspocomp Group PLC
Board of Directors
Some statements in this stock exchange release are forecasts and actual results may differ materially from those stated. Statements in this stock exchange release relating to matters that are not historical facts are forecasts. All forecasts involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performances or achievements of the Aspocomp Group to be materially different from any future results, performances or achievements expressed or implied by such forecasts. Such factors include general economic and business conditions, fluctuations in currency exchange rates, increases and changes in PCB industry capacity and competition, and the ability of the company to implement its investment program.
ACCOUNTING POLICIES AND CHANGES IN ACCOUNTING POLICES
The reported operations include the Group’s parent company, Aspocomp Group Plc. and subsidiaries in China and Germany. This financial statement release has not been audited. This interim report has been prepared in accordance with IAS 34 (Interim Financial Reporting).
PROFIT & LOSS STATEMENT | October-December 2025 | ||||
1 000 € | 10-12/2025 | 10-12/2024 | Change | ||
Net sales | 8,864 | 100% | 7,926 | 100% | 12% |
Other operating income | 58 | 1% | 29 | 0% | 98% |
Materials and services | -4,459 | -50% | -3,599 | -45% | 24% |
Personnel expenses | -2,798 | -32% | -2,506 | -32% | 12% |
Other operating costs | -1,766 | -20% | -1,330 | -17% | 33% |
Depreciation and amortization | -319 | -4% | -440 | -6% | -28% |
Operating result | -420 | -5% | 80 | 1% | -624% |
Financial income and expenses | -53 | -1% | -87 | -1% | |
Profit/loss before tax | -473 | -5% | -7 | 0% | -6521% |
Change in deferred tax assets* | 146 | 874 | |||
Income taxes | 1 | 0% | -12 | 0% | |
Profit/loss for the period | -326 | -4% | 855 | 11% | -138% |
Other comprehensive income | |||||
Items that will not be reclassified to profit or loss | |||||
Remeasurements of defined benefit pension | |||||
plans | 53 | 37 | |||
Income tax relating these items | -9 | -6 | |||
Items that may be reclassified subsequently to profit or loss: | |||||
Currency translation differences | 6 | 0% | 10 | 0% | |
Total other comprehensive income | 50 | 1% | 41 | 1% | |
Total comprehensive income | -276 | -3% | 896 | 11% | -131% |
Profit/loss for the period attributable to: | |||||
owners of the parent | -326 | 855 | |||
Profit/loss for the period attributable to: | |||||
owners of the parent | -276 | 896 | |||
Earnings per share (EPS) | |||||
Basic EPS | -0.04 | € | 0.12 | € | -133% |
Diluted EPS | -0.04 | € | 0.12 | € | -133% |
*The change in deferred tax assets in mainly due to the use of losses confirmed in taxation. | |||||
PROFIT & LOSS STATEMENT | January-December 2025 | ||||
1 000 € | 1-12/2025 | 1-12/2024 | Change | ||
Net sales | 38,151 | 100% | 27,581 | 100% | 38% |
Other operating income | 65 | 0% | 34 | 0% | 88% |
Materials and services | -18,632 | -49% | -14,974 | -54% | 24% |
Personnel expenses | -10,844 | -28% | -9,389 | -34% | 15% |
Other operating costs | -6,403 | -17% | -5,330 | -19% | 20% |
Depreciation and amortization | -1,432 | -4% | -1,885 | -7% | -24% |
Operating result | 905 | 2% | -3,962 | -14% | 123% |
Financial income and expenses | -430 | -1% | -368 | -1% | 17% |
Profit/loss before tax | 474 | 1% | -4,330 | -16% | 111% |
Change in deferred tax assets* | -55 | 874 | |||
Income taxes | -5 | 0% | -19 | 0% | |
Profit/loss for the period | 414 | 1% | -3,476 | -13% | 112% |
Other comprehensive income | |||||
Items that will not be reclassified to profit or loss | |||||
Remeasurements of defined benefit pension | |||||
plans | 53 | 37 | |||
Income tax relating these items | -9 | -6 | |||
Items that may be reclassified subsequently to profit or loss: | |||||
Currency translation differences | -29 | 0% | 8 | 0% | - |
Total other comprehensive income | 15 | 0% | 39 | 0% | - |
Total comprehensive income | 429 | 1% | -3,437 | -12% | 112% |
Profit/loss for the period attributable to: | |||||
owners of the parent | 414 | -3,476 | |||
Profit/loss for the period attributable to: | |||||
owners of the parent | 429 | -3,437 | |||
Earnings per share (EPS) | |||||
Basic EPS | 0.06 | € | -0.51 | € | 112% |
Diluted EPS | 0.06 | € | -0.51 | € | 112% |
*The change in deferred tax assets in mainly due to the use of losses confirmed in taxation. | |||||
CONSOLIDATED BALANCE SHEET | |||
1 000 € | 12/2025 | 12/2024 | Change |
Assets | |||
Non-current assets | |||
Intangible assets | 3,215 | 3,266 | -2% |
Tangible assets | 5,392 | 4,967 | 9% |
Right-of-use assets | 266 | 285 | -7% |
Financial assets at fair value through profit or loss | 95 | 95 | 0% |
Deferred income tax assets | 5,391 | 5,404 | -1% |
Total non-current assets | 14,339 | 14,018 | 2% |
Current assets | |||
Inventories | 6,099 | 5,823 | 5% |
Short-term receivables | 6,490 | 6,968 | -7% |
Cash and bank deposits | 1,798 | 1,377 | 31% |
Total current assets | 14,387 | 14,169 | 2% |
Total assets | 28,746 | 28,187 | 2% |
Equity and liabilities | |||
Share capital | 1,000 | 1,000 | 0% |
Reserve for invested non-restricted equity | 7,980 | 4,857 | 64% |
Remeasurements of defined benefit pension plans | 11 | -33 | -132% |
Retained earnings | 9,684 | 9,299 | 4% |
Total equity | 18,674 | 15,123 | 23% |
Non-current liabilities | |||
Long-term financing loans | 2,611 | 5,764 | -55% |
Other non-current liabilities | 185 | 238 | -22% |
Provisions | 110 | 0 | |
Deferred income tax liabilities | 96 | 54 | 78% |
Non-current liabilities total | 3,002 | 6,056 | -50% |
Current liabilities | |||
Short-term financing loans | 85 | 1,336 | -94% |
Trade and other payables | 6,875 | 5,672 | 21% |
Provisions | 110 | 0 | |
Current liabilities total | 7,070 | 7,008 | 1% |
Total equity and liabilities | 28,746 | 28,187 | 2% |
CONSOLIDATED CHANGES IN EQUITY | ||||||
January-December 2025 | ||||||
1000 € | Share capital | Other reserve | Remeasurements of employee benefits | Translation differences | Retained earnings | Total equity |
Balance at Jan. 1, 2025 | 1,000 | 4,857 | -33 | -1 | 9,299 | 15,123 |
Comprehensive income | ||||||
Comprehensive income for the period | 414 | 414 | ||||
Other comprehensive income for the period, net of tax | ||||||
Remeasurements of defined benefit pension plans | 44 | 44 | ||||
Translation differences | -29 | -29 | ||||
Total comprehensive income for the period | 0 | 0 | 44 | -29 | 414 | 429 |
Business transactions with owners | ||||||
Directed issue | 3,200 | 3,200 | ||||
Transaction costs of issuing shares | -163 | -163 | ||||
Share-based payment | 86 | 86 | ||||
Business transactions with owners, total | 0 | 3,122 | 0 | 0 | 0 | 3,122 |
Balance at December 31, 2025 | 1,000 | 7,980 | 11 | -29 | 9,713 | 18,674 |
January-December 2024 | ||||||
Balance at Jan. 1, 2024 | 1,000 | 4,842 | -64 | -9 | 12,999 | 18,767 |
Comprehensive income | ||||||
Comprehensive income for the period | -3,476 | -3,476 | ||||
Adjustments to previous financial periods | -223 | -223 | ||||
Other comprehensive income for the period, net of tax | ||||||
Remeasurements of defined benefit pension plans | 31 | 31 | ||||
Translation differences | 8 | 8 | ||||
Total comprehensive income for the period | 0 | 0 | 31 | 8 | -3,699 | -3,660 |
Business transactions with owners | ||||||
Directed issue | 0 | 0 | ||||
Share-based payment | 15 | 0 | 15 | |||
Business transactions with owners, total | 0 | 15 | 0 | 0 | 0 | 15 |
Balance at December 31, 2024 | 1,000 | 4,857 | -33 | -1 | 9,299 | 15,123 |
*Adjustments to previous financial periods | ||||||
The effect of the correction of errors relating to previous financial periods has been recognised retrospectively in equity. The errors were related to the incorrect treatment of trading inventory in the balance sheet and the incorrect valuation of one inventory item. In addition, the effect of a change in the accounting principle for determining the net realizable value of inventories has been recognised in equity. The adjustments have been made retrospectively to the balance sheet for the comparison year, but the income statement for the comparison year has not been adjusted, because the management believes that the impact on the income statement for the comparison period is immaterial. The adjustments had an impact of EUR 97 thousand on the value of inventories as of 31 December 2024 and an impact of EUR -321 thousand on the value of trade receivables as of 31 December 2024. | ||||||
CONSOLIDATED CASH FLOW STATEMENT | January-December | ||
1 000 € | 1-12/2025 | 1-12/2024 | |
Profit for the period | 414 | -3,476 | |
Adjustments | 1,794 | 1,403 | |
Change in working capital | 740 | -2,280 | |
Received interest income | 1 | 10 | |
Paid interest expenses | -283 | -357 | |
Paid taxes | -11 | -13 | |
Cash flow from operating activities | 2,655 | -4,714 | |
Investments | -891 | -425 | |
Proceeds from sale of property, plant and equipment | 0 | 3 | |
Cash flow from investing activities | -891 | -422 | |
Increase in financing | 40 | 6,401 | |
Directed share issue | 3,200 | 0 | |
Decrease in financing | -4,383 | -992 | |
Decrease in lease liabilities | -62 | -273 | |
Cash flow from financing activities | -1,204 | 5,137 | |
Change in cash and cash equivalents | 560 | 0 | |
Cash and cash equivalents at the beginning of period | 1,377 | 1,322 | |
Effects of exchange rate changes on cash and cash equivalents | -140 | 55 | |
Cash and cash equivalents at the end of period | 1,798 | 1,377 | |
KEY INDICATORS | ||||||
Q4/2025 | Q3/2025 | Q2/2025 | Q1/2025 | 2024 | ||
Net sales, M€ | 8.9 | 8.8 | 10.1 | 10.3 | 27.6 | |
Operating result before depreciation (EBITDA), M€ | -0.1 | 0.6 | 0.6 | 1.2 | -2.1 | |
Operating result (EBIT), M€ | -0.4 | 0.3 | 0.2 | 0.8 | -4.0 | |
of net sales, % | -5% | 4% | 2% | 8% | -14% | |
Profit/loss before taxes, M€ | -0.5 | 0.2 | 0.0 | 0.7 | -4.3 | |
of net sales, % | -5% | 3% | 0% | 7% | -16% | |
Net profit/loss for the period, M€ | -0.3 | 0.2 | -0.1 | 0.7 | -3.5 | |
of net sales, % | -4% | 2% | -1% | 7% | -13% | |
Received orders | 13.3 | 5.7 | 8.8 | 11.4 | 37.0 | |
Order book at the end of period | 21.1 | 16.6 | 19.8 | 21.0 | 19.9 | |
Equity ratio, % | 65% | 61% | 59% | 55% | 54% | |
Gearing, % | 5% | 22% | 24% | 26% | 37% | |
Gross investments in fixed assets, M€ | 0.2 | 0.3 | 0.2 | 0.2 | 0.4 | |
of net sales, % | 3% | 3% | 2% | 2% | 2% | |
Personnel, end of the quarter | 170 | 169 | 167 | 167 | 165 | |
Earnings/share (EPS), € | -0.04 | 0.03 | -0.02 | 0.10 | -0.51 | |
Equity/share, € | 2.48 | 2.35 | 2.32 | 2.34 | 2.24 |
The Alternative Performance Measures (APM) used by the Group | ||||
Aspocomp presents in its financial reporting alternative performance measures, which describe businesses' financial performance and its development as well as investments and return on equity. In addition to accounting measures which are defined or specified in IFRS, alternative performance measures complement and explain presented information. Aspocomp presents in its financial reporting the following alternative performance measures: | ||||
EBITDA | = | Earnings before interests, taxes, depreciations and amortizations | ||
EBITDA indicates the result of operations before depreciations, financial items and income taxes. It is an important key figure, as it shows the profit margin on net sales after operating expenses are deducted. | ||||
Operating result | = | Earnings before income taxes and financial income and expenses presented in the IFRS consolidated income statement. | ||
The operating result indicates the financial profitability of operations and their development. | ||||
Profit/loss before taxes | = | The result before income taxes presented in the IFRS consolidated statements. | ||
Equity ratio, % | = | Equity | x 100 | |
Total assets - advances received | ||||
Gearing, % | = | Net interest-bearing liabilities | x 100 | |
Total equity | ||||
Gearing indicates the ratio of capital invested in the company by shareholders and interest-bearing debt to financiers. A high gearing ratio is a risk factor that may limit a company’s growth opportunities and financial latitude. | ||||
Gross investments | = | Acquisitions of long-term intangible and tangible assets (gross amount). | ||
Order book | = | Undelivered customer orders at the end of the financial period. | ||
Cash flow from operating activities | = | Profit for the period + non-cash transactions +- other adjustments +- change in working capital + received interest income – paid interest expenses – paid taxes | ||
CONTINGENT LIABILITIES | ||
1 000 € | 12/2025 | 12/2024 |
Business mortgage | 11,200 | 6,000 |
Mortgage of land leasehold rights | 3,514 | 3,498 |
Real estate mortgage | 1,700 | 0 |
Guaranteed contingent liability towards the Finnish Customs | 35 | 35 |
Total | 16,449 | 9,533 |
Further information
For further information, please contact Manu Skyttä, President and CEO,
tel. +358 400 999 822, manu.skytta(at)aspocomp.com.
Aspocomp – heart of your technology
A printed circuit board (PCB) is used for electrical interconnection and as a component assembly platform in electronic devices. Aspocomp provides PCB technology design, testing and logistics services over the entire lifecycle of a product. The company’s own production and extensive international partner network guarantee cost-effectiveness and reliable deliveries.
Aspocomp’s customers are companies that design and manufacture telecommunication systems and equipment, automotive and industrial electronics, and systems for testing semiconductor components for security technology. The company has customers around the world and most of its net sales are generated by exports.
Aspocomp is headquartered in Espoo and its plant is in Oulu, one of Finland’s major technology hubs.
www.aspocomp.com
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