Aspo has EBITA improvement potential also this year as Telko and lower group costs contribute, but a lot depends on ESL.
Adjusted EBITA was slightly weaker than we expected in Q4.
Aspo’s EUR 8.9m Q4 comparable EBITA landed clearly below our EUR 12.
Net sales from continuing operations was in line with our expectation in Q4.
Aspo reports Q4 results on Feb 16. ESL should see more significant earnings gains from now on as outlook has at least stabilized, while Telk...
The Leipurin segment was divested in August 2025 and ESL Shipping could be sold this year.
Aspo’s Q3 results were in the end neutral; both ESL and Telko can improve more next year, when they are also to be split.
Aspo will list or divest its ESL Shipping segment in 2026.
Net sales from continuing operations was 4% below our expectation in Q3.
Aspo’s EUR 9.6m comparable EBITA was roughly in line with estimates, although ESL’s result stayed weak while Telko delivered another relativ...
Aspo sold its Leipurin segment at a relatively good price in Q3 2025.
Aspo reports Q3 results on Nov 3. In our view the midpoint of FY’25 comparable EBITA guidance remains relevant, however much still depends o...
ESL’s Q2 earnings were softer than we estimated, while its H2 outlook also appears slightly more cautious now, yet Telko showed continued po...
A little more than a year ago, Aspo released its value-creation strategy.
Net sales was 2% above our expectation but adjusted EBITDA came 6% below our forecast in Q2.
Aspo’s EUR 9.2m comparable EBITA fell some EUR 1m short of the estimates; in our view this was due to ESL as Telko and Leipurin delivered EB...
Aspo sells its Leipurin business for EV value of EUR 63m.
Aspo reports Q2 results on Aug 18. Telko and Leipurin are on a steady track to improve more after last year, while ESL has such low H2 compa...
The economic environment and end demand has not been very favourable for Aspo.
Net sales were in line with our expectation for Q1, with adjusted EBITA as much as 8% (EUR 0.
Telko and Leipurin segments both reported EUR 0.3m higher adjusted EBITA than we forecasted in Q1.
Trade policy shifts have led to softening cargo demand on a global basis, and hence we lower our full-year estimates for 2025.
Aspo’s Q4 figures weren’t yet great, even if they improved a bit y/y, as ESL particularly had to endure some more demand softness.
Net sales were in line with our expectation, but clean EBITA was a bit weaker than we had forecast for Q4.
Aspo’s Q4 earnings came in a bit soft relative to estimates, but the midpoint of FY’25 comparable EBITA guidance indicates the results could...
ESL Shipping segment reported clean EBITA of EUR 4.
Aspo reported a weak Q4 that was affected by low industrial activity and low spot prices in ESL, whereas Telko and Leipurin delivered slight...
The greatest excitement regarding Aspo's Q4 results faded when the company downgraded its full-year EBITA guidance to EUR ~30m in December.
Aspo downgraded guidance as ESL’s demand hasn’t picked up as fast as might have been expected earlier this year.
The somewhat weak Q3 situation continues in Q4 2024.
Aspo downgraded its full year EBITA guidance to EUR ~30m (previously over EUR 32m).
Aspo’s Q3 EUR 8.7m comparable EBITA didn’t quite reach estimates, but in our opinion there remain many drivers for Q4’24 as well as FY’25 EB...
Net sales came 4% below consensus (LSEG) in Q3. The company's clean Q3 EBITA was 10% under our expectations.
Aspo’s Q3 earnings didn’t quite reach estimates as ESL’s EBITA remained low while Telko’s EUR 4.
Shipping market was soft in Q3. ESL Shipping segment reported clean EBITA of EUR 3.
Weak shipping volumes and declining crude oil prices could keep organic revenue growth relatively modest.
ESL Shipping will buy four new fossil-free handy sized vessels for total of EUR 186m.
Aspo’s results have seen ups and downs in recent years, but the stabilized environment and recent investments should now drive major earning...
Aspo’s Q2 earnings were basically in line with estimates.
Net sales and EBITA were close to our expectations, excluding several one-off items in Q2.
Net sales without EUR 12.8m one-of item was close to our expectation of EUR 142m in Q2.
Aspo’s Q2 results were mostly as expected as ESL’s profitability topped estimates while Telko fell somewhat short.
Aspo had a weak start to the year in Q1, but yields in the dry bulk sector have been good in Q2.
Aspo’s CMD elaborated on major investment plans as both ESL and Telko will expand their operations also in the future.
Aspo held a CMD event on 14 May. The company is heading for EUR 1bn in net sales in 2028 which is almost 100% above the last year.
Aspo’s Q1 EBIT was soft relative to estimates, yet markets have now mostly stabilized; all three segments can improve organically but also w...
Strikes and severe winter ice conditions led to clean EBIT coming in below LSEG Data & Analytics consensus in Q1.
Aspo’s Q1 results were burdened by political strikes in Finland especially in the case of ESL, which also had to operate in exceptionally ic...
Net sales and clean EBIT were below market consensus (LSEG) in Q1.
Aspo expands its operations in Sweden by acquiring Swed Handling.
The share price has been relatively weak despite net sales and operating profit looking set to improve clearly y/y for 2024.
Aspo will receive EUR 34m in cash by divesting two Supramax vessels.
Aspo acquired industrial lubricants distribution businesses from Petrus.
Aspo’s Q4 showed some positive trends while EBIT remained quite low.
In Q4, ESL Shipping reported net sales and EBIT above consensus (LSEG), while Telko and Leipurin segments came in below.
Aspo’s Q4 figures came in soft relative to estimates as all three segments missed profitability estimates.
Net sales and clean EBIT were below market consensus (LSEG) in Q4 but ESL Shipping segment were slightly above consensus in Q4.
2023 was a weak year for the dry bulk sector, reflected in ESL Shipping's clean EBIT declining by 50% y/y.
Aspo sells 15.4% of its ESL Shipping segment for EUR 30m to OP Suomi Infra Ky.
Aspo’s Q3 results delivered a positive surprise due to Telko.
In Q3, Aspo reported net sales below consensus (Refinitiv), while adjusted EBIT came in above.
The biggest positive surprise in Aspo’s Q3 result was profitability in Telko segment.
Aspo’s EUR 7.4m Q3 EBIT landed well above estimates.
ESL Shipping volumes may have been weak in Q3. SSAB has already said that demand was weak in Q3 and the company guides for somewhat lower q/...
Aspo’s outlook worsened this spring, and Q2 results fell below reduced estimates.
Q2 2023 results were a bit weaker than consensus expected.
The overall freight market activity slowed down significantly compared to the previous year in Q2.
Aspo’s Q2 results fell short of estimates especially due to the loss-making Supramax vessels and certain other dry bulk market challenges, w...
It is difficult to imagine Aspo posting any positive surprises in the near future.
Q1 showed weakening for ESL this year, yet the guidance downgrade and recent Supramax comments indicate larger short-term headwinds than see...
