Aspo

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. The decision will speed up strategy execution. Aspo has been negatively affected by a conglomerate discount for several years, and separating all three segments is expected to reveal hidden value...

Net sales from continuing operations was 4% below our expectation in Q3. Adjusted EBITA from continuing operations came EUR 1m below our forecast in Q3. ESL Shipping segment reported clean EBITA of EUR 3.5m compared to our forecast of EUR 4.9m 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 relatively strong quarter. ESL’s still weak comparable EBITA was offset by the strength of Telko and Leipurin, and Aspo...

Aspo sold its Leipurin segment at a relatively good price in Q3 2025. The Telko segment could still suffer from the weak market environment, we argue, but ESL Shipping improved in Q3 compared to H1 2025. Overall industrial activity is not very strong...