FINANCIAL TARGETS AND GUIDANCE

Aspo's financial goals, derived from its strategy, are based on calculations made from the company's profit-making capabilities, and they are closely interconnected. 

Aspo creates value by owning and developing businesses in the long term. The improved operating profit margin target is supported by Aspo's business development measures and changes in the business portfolio. In addition to organic growth, the aimed growth is driven by investments in acquisitions and a strategic shift towards a compounder profile. Mergers and acquisitions are a key part of value creation, and the aim is to create growth and income flow through these.

ASPO's LONG-TERM FINANCIAL TARGETS ARE:

• Minimum increase in net sales: 5–10% a year 
• Comparable EBITA of 8% 
• Return on equity: more than 20% 
• Net debt / comparable EBITDA below than 3.0

On a business level, ESL Shipping’s long-term comparable EBITA target is 14%, Telko’s 8% and Leipurin’s 5%. 

GUIDANCE FOR 2025:

Aspo Group’s comparable EBITA is expected to be to be EUR 35–45 million in 2025 (EUR 29.1 million in 2024). 

Assumptions behind the guidance

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. Aspo’s profit improvement for the year is expected to come mainly from profit generation of the green coaster vessels, from Telko’s and Leipurin’s acquisitions completed in 2024, as well as from various intensified profit improvement actions throughout Aspo’s businesses. The higher end of the expected comparable EBITA range is expected to be achieved if all the planned profit improvement measures are successful and there is a clear economic recovery during the second half of the year. The lower end of the range may be realized if the economic recovery is further delayed, or significant volumes would be lost due to strikes or other unforeseen negative events.

When entering into year 2025, ESL Shipping’s demand is expected to be weak overall, with fairly low contractual volumes combined with low spot market pricing. Volumes from forest and steel industry customers are expected to slowly revive during the year.

For Telko, overall stable market development is expected going forward with demand slowly picking up. After successfully completing three acquisitions in 2024, the focus is on integrating the acquired companies. Securing organic growth and positive profitability development will be in focus. Acquisition-related expenses are expected to be at a much lower level in 2025 compared with 2024.

For Leipurin, the market is expected to be stable. Opportunities for growth remains in the food industry, where the addressable market for Leipurin is multiple compared to bakery. Leipurin remains in a good position to continue improving its profitability.