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"ifrs-full:Equity", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-378": { "value": "188822000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "ACCOUNTING PRINCIPLES Accounting principles are presented as part of the note to which they relate to. Accounting principles are marked with gray background color in each note. BASIS OF PREPARATION Aspo Plc\u2019s consolidated financial state- ments have been prepared in accord- ance with International Financial Report- ing Standards (IFRS) as adopted by the EU, and by applying the standards and interpretations valid on December 31, 2025. The notes to the consolidated financial statements are complemented with requirements of Finnish Accounting Standards and company law. The figures in the consolidated finan- cial statements are presented in thou- sands of euros and are based on the original cost of transactions unless oth- erwise stated in the accounting princi- ples. The figures are presented and cal- culated based on exact values, thus, the total of the breakdowns may not always be exactly equal to the sum of its parts, viewed in thousands of euros. Figures for the comparative period 2024 are presented in brackets. SIGNIFICANT CHANGES IN FINANCIAL REPORTING IN 2025 There were no significant changes in the accounting principles of Aspo in 2025. The standard amendments adopted in the financial period are described in note 5.7 Changes in IFRS standards. On August 15, 2025, Aspo signed an agreement to divest Leipurin to Lant- m\u00e4nnen. The closing of the transaction was subject to regulatory approvals of which the last one was received at the end of February 2026. Closing took place on March 2, 2026. Due to the manage- ment\u2019s assessment at the end of the reporting period that the divestment of Leipurin, representing an operating seg- ment, is highly probable Aspo has clas- sified Leipurin as a discontinued opera- tion in these consolidated financial state- ments in accordance with the IFRS 5 standard. The comparative figures in the statement of comprehensive income have therefore been restated to reflect the new reporting structure. CONSOLIDATION The consolidated financial statements include the parent company Aspo Plc and all its subsidiaries. Subsidiaries are entities over which the Group has con- trol. The prerequisite for control is that the parent company has power over the investee, is exposed to the varia- ble return of the investee, and is able to affect the amount of return it receives. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and deconsolidated from the date that control ceases. Associates are entities in which the Group has 20\u201350 percentage of the vot- ing rights and at least a 20-percentage shareholding, or over which the Group otherwise has significant influence. Intra-group transactions, receivables and liabilities and intra-group profit dis- tribution have been eliminated when pre- paring the consolidated financial state- ments. In addition, unrealized gains on transactions within the Group are elimi- nated. Unrealized gains on transactions between the Group and its associates are eliminated in proportion to the Group\u2019s ownership share. FOREIGN SUBSIDIARIES The results and financial position of Group entities are measured in the pri- mary currency of the unit\u2019s economic environment (\u201cfunctional currency\u201d). The consolidated financial statements are presented in euro, which is the parent company\u2019s functional and presentation currency. In the consolidated financial state- ments, the income statement items of foreign subsidiaries are translated into euro by using the average exchange rates of the financial year. Balance sheet items are translated into euro by using the exchange rates at the reporting date. Translation differences are presented as a separate item under equity. When an interest in a subsidiary is divested in its entirety or partially so that control is lost, the accumulated translation differences are reclassified to the statement of com- prehensive income as part of the sales gain or loss. BUSINESS COMBINATIONS The acquisition method of accounting is used to account for business combina- tions. The consideration and the acquired assets and liabilities are measured at fair value at the acquisition date. Acqui- sition-related costs are recognized as expenses. Any contingent consideration is measured at fair value at the acquisi- tion date and classified either as a liability or as equity. A contingent consideration classified as a liability is measured at fair value at each consequent reporting date, and the resulting gain or loss is recog- nized as financial items in profit or loss. The contingent consideration classified as equity is not re-measured. The amount by which the consideration exceeds the net fair value of the acquired identifiable assets, liabilities and contingent liabilities is recognized as goodwill. DISCONTINUED OPERATION AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE Non-current assets or disposal groups are classified as held for sale if their car- rying amount will be recovered princi- pally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. The assets of a disposal group classi- fied as held for sale are presented sep- arately from the other assets in the bal- ance sheet. The liabilities of a disposal group classified as held for sale are pre- sented separately from other liabili- ties in the balance sheet. The report- ing of balance sheet items on separate rows starts at the time of classification. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. A discontinued operation is a compo- nent of the entity that has been disposed of or is classified as held for sale, that represents a separate major line of busi- ness or geographical area of operations, and that is part of a single coordinated plan to dispose of such a line of busi- ness or area of operations. The results of discontinued operations are presented separately in the consolidated statement of comprehensive income. The compara- tive period\u2019s figures in the consolidated statement of comprehensive income are restated. FINANCIAL ASSETS Aspo classifies its financial assets based on its business model as follows: 1) measured at amortized cost, 2) meas- ured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. Accounts receivable and other receiv- ables, as well as cash and cash equiva- lents, recognized at amortized cost are initially measured at fair value and subse- quently at amortized cost. They are clas- sified as current when they fall due within twelve months after the end of the reporting period. Cash and cash equiva- lents are always classified as current. The expected credit loss model applied for accounts receivable is described in Note 4.5 Accounts receivable and other receiv- ables. This group includes loan receiva- bles, whose cash flow consists of the payment of capital and interest, and that are planned to be held until the date of maturity. Loan receivables are recog- nized at amortized cost using the effec- tive interest method. Transaction costs are included in the original acquisition cost. Credit loss risks associated with loan receivables are assessed on a cus- tomer-specific basis and, if required, the expected credit loss is considered when measuring receivables over the next 12 months or when the credit loss risk increases throughout the contractual period. Financial assets measured at fair value through profit or loss include other non-current financial assets which con- sist of investments in unlisted shares. Because their fair value cannot be relia- bly determined, they have been recog- nized at their acquisition cost less pos- sible impairment losses. In addition, any purchase price receivables from East- ern companies are financial assets recog- nized at fair value through profit or loss. At the end of 2024, their fair value was estimated to be zero. In the end of 2025, no such financial assets remain. Financial assets measured at fair value through other comprehensive income include derivative instruments in hedge accounting. Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. FINANCIAL LIABILITIES Aspo classifies its financial liabilities as follows: 1) measured at amortized cost, and 2) measured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. In addition, the financial liabilities include lease liabilities, the accounting principles of which are described in note 2.5 Leases. FAIR VALUE HIERARCHY Preparing the consolidated financial statements requires the measurement of fair values, for both financial and non-financial assets and lia- bilities. Group classifies the fair value measure- ment hierarchy as follows: Level 1: The fair values of financial instru- ments are based on quoted prices on active markets. A market may be considered active when quoted prices are available on a regular basis and the prices represent the instrument\u2019s actual value in liquid trading. Level 2: The financial instruments are not traded on active and liquid markets. The value of the financial instrument can be determined on verifiable market information and possibly partially based on derived determination of value. If the factors influencing the instrument\u2019s fair value are nevertheless available and veri- fiable, the instrument belongs to level two. Level 3: The valuation of the financial instru- ment is not based on verifiable market infor- mation. Nor are other factors that affect the instrument\u2019s fair value available or verifiable. Bank, pension, and bond loans recognized at amortized cost, as well as overdraft facilities in use, are initially recognized at fair value, net of transaction costs, after which they are meas- ured at amortized cost using the effective inter- est method. The difference between the with- drawn amount net of transaction costs and the paid amount is recognized in the income statement during the estimated loan maturity period. The fair values of loans do not materi- ally differ from their carrying amounts, because their interest rate is close to the market rate. The carrying amounts of accounts payable and other liabilities are expected to correspond to their fair values due to the short-term nature of these items. Aspo classifies the liability as non-current unless it falls due within a year. Financial liabilities measured at fair value through profit or loss include contingent consid- erations from business acquisitions. Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. LEASES Leases are recognized as a leased asset and a corresponding liability at the date when the leased asset is available for use by the Group. Contracts may contain both lease and non-lease components. When the agreement includes a non-lease component such as maintenance, services, and mari- time crew, Aspo separates them based on their stand-alone price given in the agree- ment or by using estimates. The lease term is based on the agree- ment period considering any options to extend or terminate. For contracts valid until further notice, Aspo estimates the probable lease term according to best knowledge and based on business plans, considering costs arising from the termina- tion of the agreement. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net pres- ent value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives to be received \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 amounts expected to be payable by the Group under residual value guarantees \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments arising from terminating the lease if the lease term reflects the Group exercising that option. Lease payments to be made under rea- sonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used. The criteria used to determine the applicable discount rate for each lease agreement include the class of underlying asset, geographic location, currency, matu- rity of the risk-free interest rate and les- see\u2019s credit risk premium. Right of use assets, i.e., Leased assets are measured at cost comprising the fol- lowing: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the leased asset. Leases are recognized in profit or loss as finance expenses of the lease liabil- ity and depreciation of the leased asset. Leased assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exer- cise a purchase option, the leased asset is depreciated over the underlying asset\u2019s useful life. The finance cost is recognized in profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. A lease liability and a leased asset are not recognized on the balance sheet for leases with variable lease payments or for low-value underlying assets. Aspo has determined the acquisition value of EUR 5,000 as a threshold for low value assets. Leases with variable lease payments include the leases for Green Coaster ves- sels owned by Green Coaster Shipping AB owned by the investor group. The leases for Green Coaster vessels are determined based on the income of the Green Coaster pool. Low-value assets comprise ICT equip- ment and minor office furniture. Also, short-term leases, with a lease term of 12 months or less, are not recognized on the balance sheet. Payments associated with low-value assets and short-term leases are recognized on a straight-line basis in other operating expenses. Aspo acts as a lessor in a very minor scale when sub-leasing office premises. These arrangements have been classified as operating leases and the lease income is recognized in other operating income on a straight-line basis over the lease term. In sale and leaseback situations, it is assessed whether the requirements under IFRS 15 are met in a way that the disposal can be treated as a sale. If the disposal of an asset is a sale, the value of the leased asset to be recognized is measured as a portion of the carrying amount of the sold asset that corresponds to the assets right to use value remaining for the company. As the sales gain or loss is presented only the portion of the sales gain of the asset that corresponds to the rights transferred to the buyer. EQUITY Transaction costs, net of tax resulting directly from the issuance of new shares are recognized in equity, as a reduction of the payments received. When the company purchases treasury shares, the consideration paid for the shares and the transaction costs are rec- ognized as a reduction in equity. When the shares held by the company are sold, the consideration, net of tax and less direct transaction costs, is recognized as an increase in equity. HYBRID BOND The hybrid bond is classified as equity. The interest payment obligation arises if the Annual General Meeting decides to distribute dividends. If no dividend is dis- tributed, the company can decide upon the payment of interest separately. In the consolidated financial statements, the bond together with its accumulated interest and the transaction costs relat- ing to the issuance of a new hybrid bond, net of possible tax, are presented in equity according to their nature. A hybrid bond is an instrument which is subordi- nated to the company\u2019s other debt obli- gations. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the shareholders. A hybrid bond is classi- fied as a liability when its repayment has been decided. In such a case, the inter- est expense also begins to be recognized through profit or loss. NON-CONTROLLING INTEREST Changes in the ownership interest in a subsidiary that do not result in the par- ent losing control of the subsidiary are equity transactions (i.e. transactions with owners in their capacity as owners). The difference between the fair value of the consideration paid and the change in the non-controlling interest is recog- nized directly in equity and attributed to the owners of the parent. The non-con- trolling interest is presented in the con- solidated statement of financial position within equity, separately from the equity of the owners of the parent. In addition, the profit or loss for the period as well as other comprehensive income are attrib- uted to the owners of the parent and to the non-controlling interests on the basis of present ownership interests.REVENUE RECOGNITION The revenue of Telko segment comes from the sale of products, which are consid- ered to be individual performance obliga- tions. Revenue is recognized when the per- formance obligation is fulfilled by handing over the product or service to the client. Revenue is recognized upon delivery at a point in time once significant risks and ben- efits associated with ownership have been passed on to the buyer in accordance with the delivery clauses. ESL Shipping\u2019s income from sea freight is recognized over time as the services are rendered. The revenue recognition is based on the transportation agreements or other service agreements. At the end of each reporting period, revenue from ESL Ship- ping\u2019s undelivered or otherwise incomplete services is recognized based on the number of days completed by the reporting date as a percentage of the estimated total dura- tion of the service. Revenue from the sale of Green Coaster vessels is recognized at a point in time based on the delivery terms. Apart from ESL Shipping, only a small part of the net sales of the operating seg- ments comprises services sold to custom- ers, income from which is recognized at a point in time once the service has been ren- dered, or over time if the customer simul- taneously receives benefits when the ser- vice is being rendered. Majority of other ser- vices offered by the segments are regarded as customer service, and they are not con- sidered separate performance obligations, because they are related, for example, to the development and design of product concepts and customized solutions. Transaction prices do not include any significant financing components. Primar- ily, accounts receivable fall due within 0\u201360 days after the invoicing date. Advance pay- ments received from customers are also used, typically in projects with a long pro- duction period, where installments are tied to the progress of the project. These pay- ments are contract liabilities and recorded in advances received. Some contracts with customers include discounts that are tied, for example, to product volumes purchased annually by the customer in question. With regard to these, the likely amount of a realized dis- count is estimated on the basis of histor- ical information, and these estimates are used to adjust the recognized revenue. These accruals are recorded on a monthly basis, and the estimates are updated when more information is available. The amount of these discounts is not significant within Aspo Group. Products sold by Aspo involve war- ranty obligations, due to the replacement or repair of any defective products during the warranty period. These warranty obli- gations do not differ from normal statu- tory obligations, or any obligations followed in accordance with sector-specific market practices. These obligations are assessed regularly as the likely amount based on his- torical experience and recorded in opera- tional expenses. Aspo has not had significant incremental costs for obtaining contracts with custom- ers that should be capitalized in the bal- ance sheet. Possible incremental costs are expensed as incurred as their nature is such that they would be expensed within a year. ASSOCIATED COMPANIES Investments in associates are accounted for using the equity method of accounting. If the Group\u2019s share of losses in an associate exceeds the carrying amount, losses in excess of the carrying amount will not be recognized, unless the Group undertakes to fulfill the obli- gations of the associate. Unrealized gains on transactions between the Group and its associates are eliminated in proportion to the Group\u2019s ownership share. The share of prof- its of associated companies presented in the consolidated statement of comprehensive income is calculated from the associate\u2019s profit for the period, net of tax. TANGIBLE ASSETS Tangible assets are recognized at cost net of accumulated depreciation less any impairment losses. For new construction of vessels, financial expenses arising dur- ing the construction are capitalized as part of the cost and depreciated over the useful life of the asset. The depreciation period of dockages is based on an esti- mate of the dockage interval. Depreciation is calculated on a straight-line basis over the estimated useful life as follows: \u2022 Vessels 17\u201330 years \u2022 Pushers 18 years \u2022 Dockings 2\u20133 years \u2022 Buildings and structures 15\u201350 years \u2022 Machinery and equipment 3\u201320 years \u2022 Piping 5\u201320 years \u2022 Refurbishment costs from premises 5\u201310 years \u2022 Other tangible assets 3\u201340 years Land is not depreciated, but the carrying amounts are reviewed annually. Gains and losses arising from the dis- continued use and disposal of tangible assets are included in other operating income and expenses. The carrying amounts of individ- ual tangible and intangible assets are reviewed at the end of each report- ing period to identify events or circum- stances that could indicate their impair- ment. An asset\u2019s carrying amount is writ- ten down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recovera- ble amount. The impairment loss is rec- ognized in profit or loss. After the recog- nition of an impairment loss, the asset\u2019s useful life is reassessed. A previously rec- ognized impairment loss is reversed if the estimates used in the determination of the recoverable amount change. Car- rying amount increased due to the rever- sal of an impairment loss may not exceed the carrying amount that would have been defined for the asset if no impair- ment loss had been recognized in previ- ous years. SUBSIDIES Government subsidies granted to com- pensate for expenses incurred are rec- ognized in the statement of comprehen- sive income in the periods in which the expenses related to the object of the subsidy are expensed. Subsidies received are presented as net deductions from generated expenses. Subsidies related to the acquisition of tangible assets have been recognized as adjustments to their cost. Subsidies are recognized as income during the period of use of the asset in the form of smaller depreciation expense. INTANGIBLE ASSETS Intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. The amortization periods are: \u2022 Software and associated licenses 3\u20135 years \u2022 Principal relationships and technology acquired through business combinations 10 years \u2022 Customer relationships acquired through business combinations 15 years \u2022 Non-compete clause 6 years \u2022 Trademarks, with limited useful life 5-15 years Cloud services are recognized as an expense in the period during which the expense is incurred because they are not controlled by the company. Brands with indefinite useful life, gen- erated through acquisitions, are not amortized according to plan. Instead, their valuation is reviewed together with goodwill at least annually by utilizing val- ue-in-use calculations. The accounting principles relating to the recognition of impairment losses are included in note 4.1 Tangible assets. RESEARCH AND DEVELOPMENT COSTS Aspo Group\u2019s R&D focuses, according to the nature of each segment, on developing the operations, procedures, and products as part of customer- specific operations, which means that development inputs are included without specification in operating expenses, and they do not meet the recognition criteria for intangible assets. GOODWILL Goodwill arising from business combina- tions is not amortized according to plan, instead its value is tested for impairment at least annually by using value-in-use cal- culations. An indication of possible impair- ment may trigger the impairment testing also with shorter time frame. Cash flow- based value-in-use is determined by cal- culating the present value of forecast dis- counted cash flows for each cash-gener- ating unit. An impairment loss is recognized in profit or loss if the carrying amount of a cash-generating unit is higher than its recoverable amount. The impairment loss is primarily allocated to goodwill. An impairment loss recognized on goodwill is not reversed under any circumstances. Assets measured in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and clas- sified as held for sale are not subject to annual impairment testing, as their meas- urement follows the requirements of IFRS 5. INVENTORIES Inventories, including emission allow- ances, are measured at cost or at net realizable value, if lower. The cost is determined using the FIFO (first-in, first- out) principle. Net realizable value is the actual sales price in the ordinary course of business less the costs of completion and sale. In normal operating conditions Aspo Group recognizes a 100% allow- ance for slow-moving inventories of more than 12 months. ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Accounts receivable and other receiva- bles are measured at amortized cost. When measuring accounts receivable, Aspo applies the simplified segment-spe- cific model to determine expected credit losses, as permitted by IFRS 9 stand- ard. The Group estimates expected credit losses using an experience-based matrix which takes into account the age struc- ture of receivables, each segment\u2019s credit loss history from previous years, the mar- ket area and the customer base. Accounts receivable and contract assets are derecognized as final credit losses when it is determined that it is reasonably certain that no payment will be obtained due to for example the bank- ruptcy of the client. Credit losses are included in operating profit on net basis. If subsequent payments relating to final credit losses are received, they are cred- ited from the same profit or loss account. PROVISIONS A provision is recognized in the balance sheet if the Group has, as a result of a past event, a present legal or construc- tive obligation for which settlement is probable, and the amount of the obli- gation can be reliably estimated. The amount recognized as a provision is the present value of the costs that are expected to occur when settling the obli- gation. DEFERRED TAXES Deferred tax assets and liabilities are calculated from temporary differences between accounting and taxation by applying the applicable tax rate at the reporting date or by using a future sub- stantively enacted tax rate. Temporary differences arise e.g., from provisions, dif- ferences in depreciation and from tax- able losses carried forward. Deferred tax assets are recognized from taxable losses carried forward and other tempo- rary differences only to the extent that it is likely that they can be utilized in the future. ITEMS DENOMINATED IN FOREIGN CURRENCIES Transactions denominated in foreign cur- rencies are recorded at the exchange rates at the transaction dates. Receiv- ables and liabilities denominated in for- eign currencies, outstanding at the end of the financial year are translated using the exchange rates at the reporting date. The gains and losses arising from foreign currency denominated transac- tions and the translation of monetary items are recognized in profit or loss. For- eign exchange gains and losses related to business operations, as well as their hedging results recognized through profit or loss, are included in the correspond- ing items above operating profit. For- eign exchange gains and losses on for- eign currency loans, including their hedg- ing results recognized through profit or loss, are included in financial income and expenses. Aspo has internal non-current loans to subsidiaries, which have been classified as net investments in foreign operations, in accordance with IAS 21 standard. The unrealized foreign exchange gains and losses arising from these net invest- ments are recognized in other compre- hensive income and are included in trans- lation differences. Accumulated transla- tion differences related to non-current net investments are reclassified from equity to profit or loss when the subsid- iary being invested in is sold in full or in part so that the Group no longer has con- trol, or control is otherwise lost. DERIVATIVES Derivatives are initially recognized at fair value on the day the Group becomes a contractual counterparty and are subse- quently measured at fair value. Fair value of derivatives is determined on the basis of quoted market prices and rates, the discounting of cash flows and option val- uation models. The fair value of currency forwards is calculated by discounting the predicted cash flows from the agree- ments in accordance with interest rates of the currencies sold, translating the discounted cash flows at the exchange rates at the reporting date, and calcu- lating the difference between the dis- counted values. The nominal value of for- eign exchange forward contracts is calcu- lated by converting them at the exchange rate of the balance sheet date. For those foreign exchange forward contracts that are included in hedge accounting, the change in the fair value of the effective portion of the hedge is rec- ognized in other comprehensive income and presented in the hedging reserve included in other reserves in equity. Hedging gains and losses on other for- eign exchange forwards recognized through profit or loss are recognized in the income statement on the basis of the hedged item either above the oper- ating profit or in financial income and expenses. When applying hedge accounting, the relation between hedging instruments and hedged items is documented at the start of hedging, as well as the risk man- agement targets and strategies used as guidelines when launching different hedg- ing actions. At the start of hedging and continuously after this action, the Group prepares an estimate whether the deriv- atives used in hedging effectively abolish the changes in fair values or cash flows of the hedged objects. The gain or loss relating to an inefficient portion is imme- diately recognized in the statement of comprehensive income as financial items. When the hedging instrument expires or is sold or when hedging does not meet the criteria of hedge accounting, the accumulated gains and losses retained in equity at that time remain in equity and are reclassified to the statement of com- prehensive income only after the fore- cast transaction takes place. If the fore- cast transaction is no longer expected to occur, the accumulated gain or loss retained under equity is immediately reclassified to the statement of com- prehensive income. The hedging results for ESL Shipping Oy\u2019s forward contracts relating to vessels are recognized as an adjustment to the acquisition cost of the vessels. SHARE-BASED PAYMENTS The Group has share-based management incentive plans, where part of the reward is settled in shares and part in cash. These plans include net payment fea- tures for meeting withholding tax obliga- tions. Assigned shares are measured at fair value at the time of assignment and recognized in the statement of compre- hensive income as costs over the vesting period of the incentive plan. Other than market-based conditions (e.g. profitability and profit growth target) are not included in the fair value but taken into account when determining the number of shares to which a right is assumed to be gener- ated by the end of the vesting period. For the portion settled in shares the expense is recognized as an employee benefits expense, with a corresponding increase in equity. Also, the portion paid in cash is classified as equity settled and recog- nized in equity at the grant date market value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "ESTIMATES AND MANAGEMENT\u2019S JUDGEMENT The estimates and management\u2019s judgement are presented as part of the note in which the estimated financial statements item in question is discussed. Estimates and management\u2019s judgement are marked with white background color in each note. ACCOUNTING ESTIMATES AND MANAGEMENT\u2019S JUDGEMENT Management exercises judgement when applying the accounting principles. In addition, when needed accounting esti- mates are used in the preparation of the financial statements. Changes in the fac- tors that form the basis of the estimates may cause that the final outcome signifi- cantly deviates from the estimates used when preparing the consolidated financial statements. When preparing the consolidated financial statements, the effects of cli- mate change have been assessed, espe- cially with regard to matters requiring judgment and estimates by the man- agement, as well as the presentation of notes information. Aspo has completed a climate risk assessment that takes into account different climate scenar- ios, changes in conditions and the risks they pose for the short, medium and long term. The following time horizons have been defined for the climate scenarios: short term 0\u20135 years, medium term 5\u201315 years and long term over 15 years. Aspo has estimated that climate change will not have an impact on the management judgements or estimates used in the short or medium term. The table below provides an over- view of the financial statement line items involving a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted if estimates and assumptions turn out to be incorrect. Detailed information about each of these estimates and manage- ment\u2019s judgement is included in the notes of each affected financial statement line item together with information about the basis of preparation. SIGNIFICANT ESTIMATES AND DECISIONS BASED ON JUDGEMENT Item Estimate Judgement Note Discontinued operation The probability of the sale of Leipurin business Yes 1.3 Lease liabilities and leased assets Determination of the lease term and determination of the lease component for time-chartered vessels Yes 2.5 Tangible and intangible assets Determination of the useful life, residual value and fair value in business combinations Yes 4.1, 4.2 Goodwill and brands Assumptions made in the value-in-use calculations No 4.3 Inventories Valuation of inventories Yes 4.4 Accounts receivable Valuation of accounts receivable Yes 4.5 Deferred tax assets Recognition and recoverability of deferred tax asset No 4.8 ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The Leipurin segment has been classified as held for sale. A condition for the clas- sification is that the sale must be highly probable. At the end of the financial year, the transaction still required regulatory approvals. Management assessed that the required regulatory approvals would be obtained and considered it likely that the transaction would be completed in the first quarter of 2026. Closing took place after the end of the financial year on March 2, 2026. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT Lease accounting involves significant management estimates relating to the determination of the lease term and the lease components. The most significant management judgement regarding the determination of the lease term relates to leased ves- sels, most of which have been leased for a period of approximately one year. As a significant portion of the fleet is leased, it is likely that the same or a similar ves- sel will be leased again at the end of the lease term. In case there is no inten- tion to continue or renew the lease, the agreement will be treated as a fixed-term lease contract. If a vessel is leased for approximately one year, the lease term used to calculate the lease liability is 13 months (ongoing month + the next 12 months). This is because the agreements may be terminated after the fixed lease term and each month a new assessment is made on the probability to use the ter- mination right. The need of vessels is planned over a 12-month planning period, and the plan is adjusted each month as deemed necessary. A significant estimate has been made in the determination of rents when the lease component and non-lease compo- nents have been separated from lease agreements of vessels, i.e. when it is esti- mated how large a part of the payment of rent is associated with the leased ves- sel and how large a part is associated with the crew and other services. The management estimates that the ves- sel accounts for 30% of the rent and the remaining 70% is made up of non-lease components. ESL Shipping\u2019s manage- ment has made the estimate based on a statistical calculation, which is updated for changes annually. Aspo\u2019s lease liabili- ties relating to non-lease components are presented as other commitments in note 5.5 Contingent assets and liabilities, and other commitments. The determination of the lease term involves judgement, especially with regard to agreements valid until further notice. The estimate of the duration of the lease term is agreement specific. The probable lease term of lease agreements valid until further notice is estimated based on business plans and considering costs arising from the termination of the agreement. The option to extend or terminate a lease is considered in determining the lease term. The period covered by an option to extend the lease is included into the lease term if it according to man- agement judgement is reasonably certain that the option will be exercised. Corre- spondingly, if it is reasonably certain that an option to terminate the lease is not exercised, the lease term will cover the contract period in full. The assessment to exercise an option or not is made case by case based on the profitability of the arrangement and needs of the business. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT Estimates of the useful life and residual value, and the selection of depreciation method require management\u2019s significant judgement and are subject to a constant review. Vessels comprise the most signif- icant tangible asset on the balance sheet, and their depreciation periods range from 17 to 30 years, based on the useful life of each vessel. Estimates are also made in conjunc- tion with business acquisitions when determining the fair values and remain- ing useful lives of the acquired tangible assets. To determine fair values, either an external valuation or a calculation model based on expected discounted cash flows is used. The residual values of vessels were reviewed in late 2024, as some vessels were approaching the end of their useful life. Previously, the residual value of ves- sels has been estimated to be zero, but because steel always has scrap value, this has led to situations in which a gain has been recognized when a vessel has been scrapped at the end of its useful life. Offers were obtained on the price of scrap steel in connection with scrap- ping, based on which the residual values for vessels were calculated. It was con- sidered appropriate to determine a resid- ual value for all vessels, and not just for those approaching the end of their useful life. Going forward, a residual value will be determined also for all new vessels. The scrap steel price used in the cal- culation was estimated based on the precautionary principle so that it would remain below the market price even over the longer term. The value of scrap steel will be reviewed at least annually, and it will be ensured that the value of scrap steel used in the calculation of the residual val- ues does not exceed the market price. The determination of the residual value has had a decreasing effect on the depre- ciation of the vessels, the annual effect being approximately EUR 2.6 million. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT Estimates of the useful life and residual value, and the selection of depreciation method require the management\u2019s signif- icant judgement and are subject to a con- stant review. Estimates are also made in conjunction with business combinations when deter- mining the fair values and remaining use- ful lives of the acquired intangible assets. The value on the acquisition date is deter- mined by using discounted cash flows. The useful life of the Telko brand has been estimated to be indefinite. The strong image and history of this brand support management\u2019s view that the brand will affect cash flow generation over an indefinable period. The brands with indefinite useful life have been tested for impairment together with goodwill, of which more information can be found in note 4.3 Goodwill. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The carrying amount of goodwill is tested for impairment by using value-in-use cal- culations, which include estimates. Differ- ent assumptions in the value-in-use calcu- lations could have a significant impact on the amounts of goodwill reported in the consolidated financial statements. Uncertainties in economic develop- ment, changes in exchange rates and strong fluctuations in the operating envi- ronment make it difficult to prepare the estimates used in the impairment test- ing, especially regarding future cash flows and profit levels. According to management\u2019s view the estimates of future cash flows and the tying-up rate of capital used in testing are likely. The assumptions used in the calcu- lations may, however, change along with changes in financial and business condi- tions. Therefore, future cash flows may differ from the estimated discounted future cash flows, which may lead to the recognition of impairment losses in com- ing periods ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT For inventories the estimation uncer- tainty relates mainly to the recoverability and measurement of slow-moving inven- tories. Uncertainties over demand for products increase as products become older, and some products also become outdated. According to the manage- ment\u2019s assessment, it is appropriate to write off the carrying value of inventory items older than one year, unless they are associated with an order or a binding sales contract or there are other excep- tional reasons, such as seasonality, to maintain the value of the items. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The recoverability of accounts receivable always involves the risk that the counter- party becomes insolvent and is unable to pay its debts. See also \u201cCredit and coun- terparty risks\u201d in note 5.1 Financial risks and the management of financial risks. Businesses make sales- and custom- er-specific assessments based on the nature of sales and the credit rating of customers, as well as their service his- tory, to define to whom products and services are sold, and which payment terms are used. If necessary, an advance payment is used as the payment term. Allowance for expected credit losses is recognized proactively based on each segment\u2019s credit loss history. Consider- able uncertainties are associated with the solvency of Ukrainian customers due to the war in Ukraine. Consequently, advance payment is used as the payment term for Ukrainian customers ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The recognition of deferred tax assets involves estimates because their realiza- tion during upcoming years requires tax- able income, against which the benefit can be used. On each closing date, the Group estimates whether taxable income against which deferred tax assets can be used will be accumulated in the future at a sufficient probability. The estimate is based on a long-term plan and profit forecast prepared by the management. The realization of the tax benefit and the recognition of deferred tax assets are affected by the future profitability of the Group\u2019s business operations and any changes in the tax legislation. Deferred tax assets have not been recognized for tax losses, if the utilization involves uncertainty. Deferred tax liabilities have not been recognized from the undistributed profits of the Finnish Group companies, because this profit can be distributed without any tax consequences. Furthermore, the Group does not recognize deferred tax liabilities from the undistributed profit of its foreign subsidiaries, insofar as it is not probable that the temporary difference is reversed in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Aspo creates value by owning and developing business operations sustainably and in the long term. Aspo\u2019s businesses enable future-proof sustainable choices for customers in various industries. Aspo\u2019s key focus areas are profitable organic growth, strategic acquisitions, investments in new, more sustainable vessels, and the continuous development of operations. Aspo seeks market leadership in all its business areas. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Aspo Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "1547798-7", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "public Corporation", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Helsinki", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Keilaranta 17C, 02150 Espoo, Fin- land", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "Fin- land", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-425": { "value": "Fin- land", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-380": { "value": "
In its meeting on March 18, 2026, Aspo Plc\u2019s Board of Directors approved these consoli-
dated financial statements for issue. Pursuant to the Finnish Companies Act, the shareholders
decide of the adoption of the consolidated financial statements at the Annual General Meet-
ing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Aspo Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-382": { "value": "
ACCOUNTING ESTIMATES AND
MANAGEMENT\u2019S JUDGEMENT
Management exercises judgement when
applying the accounting principles. In
addition, when needed accounting esti-
mates are used in the preparation of the
financial statements. Changes in the fac-
tors that form the basis of the estimates
may cause that the final outcome signifi-
cantly deviates from the estimates used
when preparing the consolidated financial
statements.
When preparing the consolidated
financial statements, the effects of cli-
mate change have been assessed, espe-
cially with regard to matters requiring
judgment and estimates by the man-
agement, as well as the presentation of
notes information. Aspo has completed
a climate risk assessment that takes
into account different climate scenar-
ios, changes in conditions and the risks
they pose for the short, medium and long
term. The following time horizons have
been defined for the climate scenarios:
short term 0\u20135 years, medium term 5\u201315
years and long term over 15 years. Aspo
has estimated that climate change will
not have an impact on the management
judgements or estimates used in the
short or medium term.
The table below provides an over-
view of the financial statement line items
involving a higher degree of judgement
or complexity, and of items which are
more likely to be materially adjusted if
estimates and assumptions turn out to
be incorrect. Detailed information about
each of these estimates and manage-
ment\u2019s judgement is included in the notes
of each affected financial statement line
item together with information about the
basis of preparation.
SIGNIFICANT ESTIMATES AND DECISIONS BASED ON JUDGEMENT
Item Estimate Judgement Note
Discontinued operation The probability of the sale of Leipurin
business
Yes 1.3
Lease liabilities and
leased assets
Determination of the lease term and
determination of the lease component for
time-chartered vessels
Yes 2.5
Tangible and intangible
assets
Determination of the useful life, residual
value and fair value in business combinations
Yes 4.1, 4.2
Goodwill and brands Assumptions made in the value-in-use
calculations
No 4.3
Inventories Valuation of inventories Yes 4.4
Accounts receivable Valuation of accounts receivable Yes 4.5
Deferred tax assets Recognition and recoverability of deferred
tax asset
No 4.8
SIGNIFICANT CHANGES IN FINANCIAL
REPORTING IN 2025
There were no significant changes in the
accounting principles of Aspo in 2025.
The standard amendments adopted in
the financial period are described in note
5.7 Changes in IFRS standards.
On August 15, 2025, Aspo signed an
agreement to divest Leipurin to Lant-
m\u00e4nnen. The closing of the transaction
was subject to regulatory approvals of
which the last one was received at the
end of February 2026. Closing took place
on March 2, 2026. Due to the manage-
ment\u2019s assessment at the end of the
reporting period that the divestment of
Leipurin, representing an operating seg-
ment, is highly probable Aspo has clas-
sified Leipurin as a discontinued opera-
tion in these consolidated financial state-
ments in accordance with the IFRS 5
standard. The comparative figures in the
statement of comprehensive income
have therefore been restated to reflect
the new reporting structure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "ACCOUNTING ESTIMATES AND MANAGEMENT\u2019S JUDGEMENT Management exercises judgement when applying the accounting principles. In addition, when needed accounting esti- mates are used in the preparation of the financial statements. Changes in the fac- tors that form the basis of the estimates may cause that the final outcome signifi- cantly deviates from the estimates used when preparing the consolidated financial statements. When preparing the consolidated financial statements, the effects of cli- mate change have been assessed, espe- cially with regard to matters requiring judgment and estimates by the man- agement, as well as the presentation of notes information. Aspo has completed a climate risk assessment that takes into account different climate scenar- ios, changes in conditions and the risks they pose for the short, medium and long term. The following time horizons have been defined for the climate scenarios: short term 0\u20135 years, medium term 5\u201315 years and long term over 15 years. Aspo has estimated that climate change will not have an impact on the management judgements or estimates used in the short or medium term. The table below provides an over- view of the financial statement line items involving a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted if estimates and assumptions turn out to be incorrect. Detailed information about each of these estimates and manage- ment\u2019s judgement is included in the notes of each affected financial statement line item together with information about the basis of preparation. SIGNIFICANT ESTIMATES AND DECISIONS BASED ON JUDGEMENT Item Estimate Judgement Note Discontinued operation The probability of the sale of Leipurin business Yes 1.3 Lease liabilities and leased assets Determination of the lease term and determination of the lease component for time-chartered vessels Yes 2.5 Tangible and intangible assets Determination of the useful life, residual value and fair value in business combinations Yes 4.1, 4.2 Goodwill and brands Assumptions made in the value-in-use calculations No 4.3 Inventories Valuation of inventories Yes 4.4 Accounts receivable Valuation of accounts receivable Yes 4.5 Deferred tax assets Recognition and recoverability of deferred tax asset No 4.8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-427": { "value": "ACCOUNTING ESTIMATES AND MANAGEMENT\u2019S JUDGEMENT Management exercises judgement when applying the accounting principles. In addition, when needed accounting esti- mates are used in the preparation of the financial statements. Changes in the fac- tors that form the basis of the estimates may cause that the final outcome signifi- cantly deviates from the estimates used when preparing the consolidated financial statements. When preparing the consolidated financial statements, the effects of cli- mate change have been assessed, espe- cially with regard to matters requiring judgment and estimates by the man- agement, as well as the presentation of notes information. Aspo has completed a climate risk assessment that takes into account different climate scenar- ios, changes in conditions and the risks they pose for the short, medium and long term. The following time horizons have been defined for the climate scenarios: short term 0\u20135 years, medium term 5\u201315 years and long term over 15 years. Aspo has estimated that climate change will not have an impact on the management judgements or estimates used in the short or medium term. The table below provides an over- view of the financial statement line items involving a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted if estimates and assumptions turn out to be incorrect. Detailed information about each of these estimates and manage- ment\u2019s judgement is included in the notes of each affected financial statement line item together with information about the basis of preparation. SIGNIFICANT ESTIMATES AND DECISIONS BASED ON JUDGEMENT Item Estimate Judgement Note Discontinued operation The probability of the sale of Leipurin business Yes 1.3 Lease liabilities and leased assets Determination of the lease term and determination of the lease component for time-chartered vessels Yes 2.5 Tangible and intangible assets Determination of the useful life, residual value and fair value in business combinations Yes 4.1, 4.2 Goodwill and brands Assumptions made in the value-in-use calculations No 4.3 Inventories Valuation of inventories Yes 4.4 Accounts receivable Valuation of accounts receivable Yes 4.5 Deferred tax assets Recognition and recoverability of deferred tax asset No 4.8 ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-381": { "value": "
BASIS OF PREPARATION
Aspo Plc\u2019s consolidated financial state-
ments have been prepared in accord-
ance with International Financial Report-
ing Standards (IFRS) as adopted by the
EU, and by applying the standards and
interpretations valid on December 31,
2025. The notes to the consolidated
financial statements are complemented
with requirements of Finnish Accounting
Standards and company law.
The figures in the consolidated finan-
cial statements are presented in thou-
sands of euros and are based on the
original cost of transactions unless oth-
erwise stated in the accounting princi-
ples. The figures are presented and cal-
culated based on exact values, thus, the
total of the breakdowns may not always
be exactly equal to the sum of its parts,
viewed in thousands of euros. Figures
for the comparative period 2024 are
presented in brackets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-426": { "value": "BASIS OF PREPARATION Aspo Plc\u2019s consolidated financial state- ments have been prepared in accord- ance with International Financial Report- ing Standards (IFRS) as adopted by the EU, and by applying the standards and interpretations valid on December 31, 2025. The notes to the consolidated financial statements are complemented with requirements of Finnish Accounting Standards and company law. The figures in the consolidated finan- cial statements are presented in thou- sands of euros and are based on the original cost of transactions unless oth- erwise stated in the accounting princi- ples. The figures are presented and cal- culated based on exact values, thus, the total of the breakdowns may not always be exactly equal to the sum of its parts, viewed in thousands of euros. Figures for the comparative period 2024 are presented in brackets. SIGNIFICANT CHANGES IN FINANCIAL REPORTING IN 2025 There were no significant changes in the accounting principles of Aspo in 2025. The standard amendments adopted in the financial period are described in note 5.7 Changes in IFRS standards. On August 15, 2025, Aspo signed an agreement to divest Leipurin to Lant- m\u00e4nnen. The closing of the transaction was subject to regulatory approvals of which the last one was received at the end of February 2026. Closing took place on March 2, 2026. Due to the manage- ment\u2019s assessment at the end of the reporting period that the divestment of Leipurin, representing an operating seg- ment, is highly probable Aspo has clas- sified Leipurin as a discontinued opera- tion in these consolidated financial state- ments in accordance with the IFRS 5 standard. The comparative figures in the statement of comprehensive income have therefore been restated to reflect the new reporting structure. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Aspo Plc\u2019s consolidated financial state- ments have been prepared in accord- ance with International Financial Report- ing Standards (IFRS) as adopted by the EU, and by applying the standards and interpretations valid on December 31, 2025. The notes to the consolidated financial statements are complemented with requirements of Finnish Accounting Standards and company law. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "SIGNIFICANT CHANGES IN FINANCIAL REPORTING IN 2025 There were no significant changes in the accounting principles of Aspo in 2025. The standard amendments adopted in the financial period are described in note 5.7 Changes in IFRS standards. On August 15, 2025, Aspo signed an agreement to divest Leipurin to Lant- m\u00e4nnen. The closing of the transaction was subject to regulatory approvals of which the last one was received at the end of February 2026. Closing took place on March 2, 2026. Due to the manage- ment\u2019s assessment at the end of the reporting period that the divestment of Leipurin, representing an operating seg- ment, is highly probable Aspo has clas- sified Leipurin as a discontinued opera- tion in these consolidated financial state- ments in accordance with the IFRS 5 standard. The comparative figures in the statement of comprehensive income have therefore been restated to reflect the new reporting structure.
NEW AND AMENDED STANDARDS THAT ARE EFFECTIVE FOR YEAR 2025
The following amendments to standards have been applied in Aspo Group for the first time in
the accounting period commencing January 1, 2025.
\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates \u2013 Lack of
Exchangeability. The amendments specify when a currency is exchangeable into another
currency and when it is not. A currency is exchangeable when an entity is able to exchange
that currency for the other currency through markets or exchange mechanisms that create
enforceable rights and obligations without undue delay at the measurement date and for
a specified purpose. A currency is not exchangeable into the other currency if an entity
can only obtain an insignificant amount of the other currency. When a currency is not
exchangeable at the measurement date, an entity estimates the spot exchange rate as
the rate that would have applied to an orderly transaction between market participants at
the measurement date and that would faithfully reflect the economic conditions prevailing.
In Aspo Group, the Ukrainian (UAH) currency does not have a freely quoted market price
on the balance sheet date. Sensitivity to fluctuations in the UAH currency is presented in
note 5.1 Financial risks and the management of financial risks, section Sensitivity to market
risks.
Changes in IFRS standards and IFRIC interpretations, that become effective earliest in
the next financial year
The Group will adopt the following changes in standards when they become effective:
\u2022 Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial
instruments. The amendments aim to improve the understandability of the changes to
IFRS 9 and IFRS 7 standards relating to derecognition of a financial liability, classification
of financial assets and disclosures in the financial statements. The amendments will be
effective for the financial year beginning on 1 January 2026. The company's management
anticipates that the application of these amendments may have an impact on the
derecognition of financial liabilities or on notes to the consolidated financial statements.
Annual improvements to IFRS Accounting Standards - Volume 11. The management of the company anticipates that the application of these amendments may have an impact on the group's consolidated financial statements in future periods. \u2022 IFRS 18 Presentation and Disclosures in Financial Statements. IFRS 18 standard replaces the standard IAS 1 Presentation of Financial Statements and introduces new reporting requirements. The new standard also amends other IFRS financial reporting standards, such as IAS 7 Cash Flow Statements, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to, among others: present specified categories and defined subtotals in the statement of profit or loss, provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements and to improve aggregation and disaggregation. The standard must be applied for the financial period beginning on 1 January 2027, with earlier application permitted. IFRS 18 will be applied retrospectively, subject to certain transitional provisions. The company's management anticipates that the adoption of this new standard will have an impact on the presentation of the consolidated financial statements, particularly the statement of comprehensive income and the notes regarding MPM key figures. \u2022 Amendments to IAS 21 - Translation to a Hyperinflationary Presentation Currency. In November 2025 the IASB has amended IAS 21 to require an entity translating financial statements from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, to translate all amounts (including comparatives) using the closing rate at the date of the most recent statement of financial position. In addition, when an entity with a functional and presentation currency that is the currency of a hyperinflationary economy translates a foreign operation, whose functional currency is that of a non-hyperinflationary economy, it restates comparative amounts of that foreign operation by applying the general price index it uses to restate corresponding figures under IAS 29 Financial Reporting in Hyperinflationary Economies. Entities are required to disclose that they have applied the new translation method, including summarized financial information about their foreign operations translated applying the new translation method. The amendments are effective for annual reporting periods beginning on or after 1 January 2027 and are applied retrospectively with certain transition provisions. The management of the company does not anticipate these amendments to have any impact on consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-383": { "value": "
Aspo\u2019s businesses \u2013 ESL Shipping, Telko and Leipurin \u2013 are strong corporate brands in the trade and logistics sectors, and they aim for the leading posi-
tion in their respective markets. At the end of the financial year, Aspo had a 100% ownership interest in all group companies in the Telko and Leipurin
segments. In 2024, Aspo\u2019s holding in the ESL Shipping segment companies decreased to 78.57% when OP Finland Infrastructure\u2019s and Varma Mutual
Pension Insurance Company's minority investment in ESL Shipping Ltd, a subsidiary of Aspo, was completed on February 28, 2024. The transaction took
the form of a share issue, in which ESL Shipping Ltd issued new shares for OP Finland Infrastructure and Varma Mutual Pension Insurance Company for
a cash consideration of EUR 45.0 million. This led to a non-controlling interest of 21.43% in ESL Shipping. This additional funding accelerates ESL Ship-
ping\u2019s ambition to lead the green transition in maritime transport in the Baltic Sea region and allows the company to benefit from its strong market posi-
tion and market growth.
\u25a0
GROUP COMPANIES
Company Domicile
Leipurin
Leipurin Plc FI
Leipurien Tukku Oy FI
LT HC One Oy FI
LT HC Two Oy FI
Kobia AB SE
Kebelco AB SE
Leipurin Estonia AS EE
SIA Leipurin LV
UAB Leipurin LT
Company Domicile
Telko
Telko Ltd FI
Rauma Terminal Services Oy FI
Telko International Oy FI
Telko Sweden AB SE
Swed Handling AB SE
Kemiverken i Sk\u00e4nninge
Aktiebolag SE
Telko Norway AS NO
Optimol Tribotechnik SA BE
Optimol Netherlands BV NL
Optimol France SAS FR
Greenfluid SAS FR
Telko Germany GmbH &
Co. KG DE
Polyma Kunststoff
Verwaltungs GmbH DE
Company Domicile
ESL Shipping
ESL Shipping Ltd FI
Oy AtoBatC Shipping Ab FI
Oy Bomanship Ab FI
AtoBatC Shipping AB SE
AtoBatC Shipping Cyprus Ltd CY
Company Domicile
Aspo Plc, parent company FI
Suhi-Suomalainen Hiili Oy FI
\u25a0
ASSOCIATED COMPANIES
Aspo Group has three associated
companies, Auriga KG, Norma KG
and CrossChem Sweden AB. More
information about the associated
companies can be found in note
3.3 Associated companies.
Company Domicile
Telko Denmark A/S DK
Telko Estonia O\u00dc EE
Telko Latvia SIA LV
Telko UAB LT
Telko-Poland Sp. z o.o. PL
Troili Poland sp. z o.o. w
likwidacji PL
LLC Telko UA
LLC Leipurin UA
LLC Telko Central Asia KZ
Telko Solution LLC UZ
Telko Romania SRL RO
Telko Shanghai Ltd. CN
Telko Chemicals India
Private Limited IN
Telko Shanghai Ltd. CN
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "At the end of the financial year, Aspo had a 100% ownership interest in all group companies in the Telko and Leipurin segments. In 2024, Aspo\u2019s holding in the ESL Shipping segment companies decreased to 78.57% when OP Finland Infrastructure\u2019s and Varma Mutual Pension Insurance Company's minority investment in ESL Shipping Ltd, a subsidiary of Aspo, was completed on February 28, 2024. The transaction took the form of a share issue, in which ESL Shipping Ltd issued new shares for OP Finland Infrastructure and Varma Mutual Pension Insurance Company for a cash consideration of EUR 45.0 million. This led to a non-controlling interest of 21.43% in ESL Shipping.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "Company Domicile Leipurin Leipurin Plc FI Leipurien Tukku Oy FI LT HC One Oy FI LT HC Two Oy FI Kobia AB SE Kebelco AB SE Leipurin Estonia AS EE SIA Leipurin LV UAB Leipurin LT Company Domicile Telko Telko Ltd FI Rauma Terminal Services Oy FI Telko International Oy FI Telko Sweden AB SE Swed Handling AB SE Kemiverken i Sk\u00e4nninge Aktiebolag SE Telko Norway AS NO Optimol Tribotechnik SA BE Optimol Netherlands BV NL Optimol France SAS FR Greenfluid SAS FR Telko Germany GmbH & Co. KG DE Polyma Kunststoff Verwaltungs GmbH DE Company Domicile ESL Shipping ESL Shipping Ltd FI Oy AtoBatC Shipping Ab FI Oy Bomanship Ab FI AtoBatC Shipping AB SE AtoBatC Shipping Cyprus Ltd CY Company Domicile Aspo Plc, parent company FI Suhi-Suomalainen Hiili Oy FI \u25a0 ASSOCIATED COMPANIES Aspo Group has three associated companies, Auriga KG, Norma KG and CrossChem Sweden AB. More information about the associated companies can be found in note 3.3 Associated companies. Company Domicile Telko Denmark A/S DK Telko Estonia O\u00dc EE Telko Latvia SIA LV Telko UAB LT Telko-Poland Sp. z o.o. PL Troili Poland sp. z o.o. w likwidacji PL LLC Telko UA LLC Leipurin UA LLC Telko Central Asia KZ Telko Solution LLC UZ Telko Romania SRL RO Telko Shanghai Ltd. CN Telko Chemicals India Private Limited IN Telko Shanghai Ltd. CN", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-384": { "value": "
CONSOLIDATION
The consolidated financial statements
include the parent company Aspo Plc
and all its subsidiaries. Subsidiaries are
entities over which the Group has con-
trol. The prerequisite for control is that
the parent company has power over
the investee, is exposed to the varia-
ble return of the investee, and is able to
affect the amount of return it receives.
Subsidiaries are fully consolidated from
the date on which control is transferred
to the Group and deconsolidated from
the date that control ceases.
Associates are entities in which the
Group has 20\u201350 percentage of the vot-
ing rights and at least a 20-percentage
shareholding, or over which the Group
otherwise has significant influence.
Intra-group transactions, receivables
and liabilities and intra-group profit dis-
tribution have been eliminated when pre-
paring the consolidated financial state-
ments. In addition, unrealized gains on
transactions within the Group are elimi-
nated. Unrealized gains on transactions
between the Group and its associates are
eliminated in proportion to the Group\u2019s
ownership share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "The consolidated financial statements include the parent company Aspo Plc and all its subsidiaries. Subsidiaries are entities over which the Group has con- trol. The prerequisite for control is that the parent company has power over the investee, is exposed to the varia- ble return of the investee, and is able to affect the amount of return it receives. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and deconsolidated from the date that control ceases. Associates are entities in which the Group has 20\u201350 percentage of the vot- ing rights and at least a 20-percentage shareholding, or over which the Group otherwise has significant influence. Intra-group transactions, receivables and liabilities and intra-group profit dis- tribution have been eliminated when pre- paring the consolidated financial state- ments. In addition, unrealized gains on transactions within the Group are elimi- nated. Unrealized gains on transactions between the Group and its associates are eliminated in proportion to the Group\u2019s ownership share. The subsidiaries and associated companies, which are related parties of Aspo Group are pre- sented in note 1.1 Group structure, and further information about associated companies can be found in note 3.3 Associated companies. The related parties also include key management personnel, i.e., members of the Board of Directors and the Group Executive Committee and their close family members as well as any entities under their control.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-428": { "value": "The consolidated financial statements include the parent company Aspo Plc and all its subsidiaries. Subsidiaries are entities over which the Group has con- trol. The prerequisite for control is that the parent company has power over the investee, is exposed to the varia- ble return of the investee, and is able to affect the amount of return it receives. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and deconsolidated from the date that control ceases. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-385": { "value": "
The results and financial position of
Group entities are measured in the pri-
mary currency of the unit\u2019s economic
environment (\u201cfunctional currency\u201d). The
consolidated financial statements are
presented in euro, which is the parent
company\u2019s functional and presentation
currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-386": { "value": "
Acquisitions in 2025
Acquisition of Kartagena UAB business
On February 12, 2025, Leipurin completed the acquisition of the food ingredients distribu-
tion business previously conducted by the Lithuanian company, Kartagena UAB. The invento-
ries, as well as customer and supplier relationships of Kartagena UAB's food distribution oper-
ations, were transferred to Leipurin\u2019s Lithuanian subsidiary. The financial impact of the acqui-
sition was minor. It is expected that the arrangement will create close to EUR 2 million in new
revenues and approximately EUR 0.15 million of EBITA for Leipurin on an annualized basis.
Acquisitions in 2024
\u25a0
ACQUISITION CALCULATIONS 2024
Optimol, Green- Swed
1,000
EUR
fluid and Paraffin
Polyma
Handling
Total
Consideration
Paid in cash
12,411
5,448
52,530
70,389
Total consideration
12,411
5,448
52,530
70,389
Assets acquired and liabilities assumed,
fair value
Intangible assets
3,970
3,307
19,928
27,205
Tangible assets
188
1,225
11,410
12,824
Inventories
3,174
3,101
5,843
12,117
Accounts receivable and other receivables
4,039
1,272
8,712
14,023
Cash and cash equivalents
102
208
3,674
3,984
Total assets
11,473
9,114
49,566
70,153
Interest-bearing liabilities
1,758
2,468
3,746
7,971
Accounts payable and other liabilities
3,212
2,067
6,196
11,475
Deferred tax liabilities
1,139
1,130
6,361
8,630
Total liabilities
6,108
5,666
16,302
28,077
Net assets acquired
5,365
3,448
33,264
42,077
Goodwill
7,046
2,001
19,266
28,312
Total
12,411
5,448
52,530
70,389
Acquisition-related costs in 2024
661
245
1,029
1,935
NET SALES OF THE ACQUIRED COMPANIES IN 2024
Optimol, Green- Swed
1,000
EUR
fluid and Paraffin
Polyma
Handling
Total
Net sales
Before acquisition
3,714
7,005
28,864
39,583
After acquisition
15,481
5,284
27,858
48,622
Net sales total
19,194
12,289
56,721
88,205
Acquisition of Swed Handling
On July 1, Telko expanded its chemicals business in Sweden by acquiring Swed Handling AB,
a leading Swedish chemical distributor, from TeRa Invest AB. Also, as part of the transaction,
Leipurin expanded its food industry business in Sweden, via the technical food ingredient dis-
tributor Kebelco AB, which is a subsidiary of Swed Handling. In Aspo Group\u2019s financial report-
ing, Swed Handling excluding Kebelco is reported as part of the Telko segment and Kebelco as
part of the Leipurin segment, i.e. as part of the discontinued operation.
The assets and liabilities of the acquired company were measured at fair value on the
acquisition date. Fair value allocations of EUR 19.9 million were made on intangible assets
based on principal relationships, non-compete clauses and trademarks. Fair value allocations
of EUR 3.0 million were made on buildings and land. The fair value adjustment relating to
inventories was EUR 0.7 million. The deferred tax liability arising from the fair value adjust-
ments was EUR 4.9 million. The carrying amount of the other acquired assets and liabili-
ties were deemed to correspond to their fair values. A goodwill balance of EUR 19.3 million
resulted from the acquisition. Acquisition-related costs of EUR 0.8 million were recognized in
the other operating expenses of the Telko segment and EUR 0.2 million in the other operating
expenses of the Leipurin segment.
The consideration of EUR 52.5 million will be paid fully in cash. EUR 42.9 million of the con-
sideration was paid in 2024, and the rest of the consideration will be paid in 2026 based on
the earn-out clause of the purchase agreement. The discounted earn-out liability recognized at
the reporting date was EUR 7.2 (9.5) million. The contingent consideration for the Swed Han-
dling acquisition is based on the operating profit of the acquired company in 2024 and 2025.
The range of the undiscounted contingent consideration is EUR 0 \u2013 11.3 million. The future
outcome may differ from estimates due to the fluctuation in operating profit and exchange
rate. The contingent consideration liability decreased by EUR 2.9 million in 2025, which was
recognized as financial income.
Acquisition of Optimol and Greenfluid
On March 8, Telko acquired Western European industrial lubricants distribution businesses
from Petrus S.A, consisting of shares in the companies: Optimol Tribotechnik SA, Optimol
Netherlands BV, Optimol France SAS and Greenfluid SAS. The acquired businesses are leading
distributors of premium industrial specialty and high-performance lubricants, metalworking flu-
ids and other general industrial lubricants in France and Benelux.
The consideration of EUR 12.4 million was paid in cash. The assets and liabilities of the
acquired company were measured at fair value on the acquisition date. A fair value allocation
of EUR 3.8 million was made on intangible assets based on principal relationships, and the fair
value adjustment relating to inventories was EUR 0.6 million. The deferred tax liability aris-
ing from the fair value adjustments was EUR 1.1 million. The carrying amount of the other
acquired assets and liabilities were deemed to correspond to their fair values. A goodwill bal-
ance of EUR 7.0 million resulted from the acquisition. The acquisition-related costs of approx-
imately EUR 0.8 million were recognized in the Telko segment\u2019s other operating expenses,
however, EUR 0.2 million of the acquisition-related costs were recognized as expenses
already in 2023.
Acquisition of Polyma
On June 4, Telko acquired Polyma Kunststoffe GmbH & Co KG based in Hamburg, Germany.
The acquired company is a distributor of well-known engineering plastics. The acquisition pro-
vided Telko access to the German market, which is the biggest plastics market in Europe.
The assets and liabilities of the acquired company were measured at fair value on the
acquisition date. Fair value allocations totaling EUR 3.8 million were made on intangible
assets, buildings and inventories, and the related deferred tax liability recognized was EUR
1.1 million. The carrying amount of the other acquired assets and liabilities were deemed to
correspond to their fair values. A goodwill balance of EUR 2.1 million resulted from the acqui-
sition. The acquisition-related costs of approximately EUR 0.2 million were recognized in the
Telko segment\u2019s other operating expenses.
The acquisition includes an earn-out mechanism, the discounted earn-out liability recog-
nized at the reporting date was EUR 0.4 (0.5) million. The amount of contingent consideration
depends on the acquired company\u2019s operating profit during the period November 1, 2023,
and December 31, 2025, and it will be paid in year 2026. The range of the undiscounted con-
tingent consideration is EUR 0\u20133.5 million. The contingent consideration liability decreased by
EUR 0.1 million in 2025, and was recognized as financial income.
BUSINESS COMBINATIONS
The acquisition method of accounting is
used to account for business combina-
tions. The consideration and the acquired
assets and liabilities are measured at
fair value at the acquisition date. Acqui-
sition-related costs are recognized as
expenses. Any contingent consideration
is measured at fair value at the acquisi-
tion date and classified either as a liability
or as equity. A contingent consideration
classified as a liability is measured at fair
value at each consequent reporting date,
and the resulting gain or loss is recog-
nized as financial items in profit or loss.
The contingent consideration classified
as equity is not re-measured. The amount
by which the consideration exceeds the
net fair value of the acquired identifiable
assets, liabilities and contingent liabilities
is recognized as goodwill.
OTHER RESTRUCTURING
Financial year 2025
In the Telko segment, the liquidation process of the company Eltrex Sp. z o.o. was completed
in November 2025. A company called Telko Chemicals India Private Limited was founded in
India in April 2025. The name of the German subsidiary, Polyma Kunststoff GmbH & Co. KG,
was changed to Telko Germany GmbH. Swed Handling Transport AB merged with its parent
company, Swed Handling AB, in December 2025.
Aspo Palvelut Oy was merged with its parent company, Aspo Plc, in December 2025.
For the companies reported in the Non-core business segment in 2023, there were a few
changes in 2025. These companies were no longer consolidated into the Aspo Group in 2024
or 2025. The company TOO Leipurin was sold in April 2025 to LLC Telko Central Asia, which
then sold it to a third party in September 2025. FLLC Leipurin in Belarus was sold to a third
party in June 2025, and the liquidation of Kauko GmbH was completed in September 2025.
Financial year 2024
In the Telko segment, Eltrex Partnership was first transferred to the ownership of its parent
company, Telko-Poland Sp. z o.o., and then merged with its parent company. The liquidation
process of Eltrex Sp. Z.o.o. started at the end of December 2024. Telko Caucasus LLC in Azer-
baijan was sold to the company\u2019s management in April 2024.
In the Leipurin segment, the ownership of Leipurin LLC in Ukraine was transferred to LLC
Telko, and the company has been reported in the Telko segment since the beginning of Sep-
tember 2024.
In the ESL Shipping segment, Bothnia Bulk AB was merged with its sister company Ato-
BatC Shipping AB.
For the companies reported in the Non-core business segment in 2023, there were a few
changes in 2024. FLLC Telko in Belarus was dissolved on April 11, 2024, Leipurin\u2019s Russian
companies OOO Leipurien Tukku and OOO NPK Leipurin were sold on October 10, 2024, and
the liquidation process of ESL Shipping Russia LLC was completed on November 27, 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "BUSINESS COMBINATIONS The acquisition method of accounting is used to account for business combina- tions. The consideration and the acquired assets and liabilities are measured at fair value at the acquisition date. Acqui- sition-related costs are recognized as expenses. Any contingent consideration is measured at fair value at the acquisi- tion date and classified either as a liability or as equity. A contingent consideration classified as a liability is measured at fair value at each consequent reporting date, and the resulting gain or loss is recog- nized as financial items in profit or loss. The contingent consideration classified as equity is not re-measured. The amount by which the consideration exceeds the net fair value of the acquired identifiable assets, liabilities and contingent liabilities is recognized as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-429": { "value": "BUSINESS COMBINATIONS The acquisition method of accounting is used to account for business combina- tions. The consideration and the acquired assets and liabilities are measured at fair value at the acquisition date. Acqui- sition-related costs are recognized as expenses. Any contingent consideration is measured at fair value at the acquisi- tion date and classified either as a liability or as equity. A contingent consideration classified as a liability is measured at fair value at each consequent reporting date, and the resulting gain or loss is recog- nized as financial items in profit or loss. The contingent consideration classified as equity is not re-measured. The amount by which the consideration exceeds the net fair value of the acquired identifiable assets, liabilities and contingent liabilities is recognized as goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-387": { "value": "
On August 15, 2025, Aspo signed an agreement to divest Leipurin to Lantm\u00e4nnen. The clos-
ing of the transaction was subject to regulatory approvals of which the last one was received
at the end of February 2026. Closing took place on March 2, 2026. The divestment of Leipu-
rin significantly strengthens Aspo\u2019s balance sheet, enables future growth investments for the
Telko business, and is a major step in executing Aspo\u2019s vision. The sale of Leipurin was imple-
mented as a sale of shares, and it covered all the companies in the Leipurin business.
Leipurin sells raw materials and provides solutions particularly for bakery customers, the
food industry and foodservice customers. As Leipurin constituted an operating segment, and
because the management assessed at the end of the reporting period its sale to be highly
probable, Aspo classified the Leipurin segment as a discontinued operation under the IFRS 5
standard in the 2025 financial year. The comparative figures in the statement of comprehen-
sive income have been restated to reflect the new reporting structure.
As Leipurin is classified as a discontinued operation, the profit or loss of Leipurin have
been adjusted for some Aspo Group internal costs which are not considered to be disposed
of in connection with the sale of Leipurin. The profit of the discontinued operation is therefore
somewhat better than Leipurin\u2019s profit as part of the Aspo Group. The Leipurin segment was
classified as a discontinued operation in August 2025, at which time depreciation and amorti-
zation of all assets was ceased in accordance with IFRS 5.
1.3 Discontinued operation
\u25a0
PROFIT FROM DISCONTINUED OPERATION
1,000
EUR
2025
2024
Net sales
147,256
133,088
Other operating income
194
116
Materials and services
-121,464
-109,489
Employee benefit expenses
-11,341
-10,105
Depreciation, amortization and impairment losses
-301
-434
Depreciation, leased assets
-1,207
-1,911
Other operating expenses
-7,120
-6,910
Operating profit
6,017
4,356
Financial income and expenses
-593
-48
Profit before taxes
5,424
4,307
Income taxes
-667
-1,102
Result for the period
4,757
3,205
\u25a0
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
2025
2024
Assets of discontinued operation 58,050
Assets classified as held for sale, total
58,050
0
Liabilities of discontinued operation 21,134
Liabilities directly associated with assets classified
as held for sale, total
21,134
0
In the balance sheet, the assets of the Leipurin segment are presented as assets held for
sale, and the liabilities are presented as liabilities directly associated with assets classified as
held for sale. The assets are valued at their book value, which is lower than their fair value.
NET CASH FLOWS OF DISCONTINUED OPERATION
1,000
EUR
2025
2024
Net cash inflow from operating activities
4,845
6,065
Net cash inflow/outflow(-) from investing activities
-734
2,861
Net cash inflow/outflow(-) from financing activities
-2,060
-2,101
Net change in cash generated by the discontinued operation
2,052
6,825
Net cash flows of discontinued operation consist of Leipurin segment\u2019s share of Aspo Group\u2019s
external cash flows. The Leipurin segment\u2019s cash and cash equivalents included in Aspo
Group\u2019s cash and cash equivalents amounted to EUR -6.3 million at the end of the financial
year.
DISCONTINUED OPERATION AND
DISPOSAL GROUPS CLASSIFIED AS
HELD FOR SALE
Non-current assets or disposal groups
are classified as held for sale if their car-
rying amount will be recovered princi-
pally through a sale transaction rather
than through continuing use and a sale
is considered highly probable. They are
measured at the lower of their carrying
amount and fair value less costs to sell.
The assets of a disposal group classi-
fied as held for sale are presented sep-
arately from the other assets in the bal-
ance sheet. The liabilities of a disposal
group classified as held for sale are pre-
sented separately from other liabili-
ties in the balance sheet. The report-
ing of balance sheet items on separate
rows starts at the time of classification.
Non-current assets are not depreciated
or amortized while they are classified as
held for sale. Interest and other expenses
attributable to the liabilities of a disposal
group classified as held for sale continue
to be recognized.
A discontinued operation is a compo-
nent of the entity that has been disposed
of or is classified as held for sale, that
represents a separate major line of busi-
ness or geographical area of operations,
and that is part of a single coordinated
plan to dispose of such a line of busi-
ness or area of operations. The results
of discontinued operations are presented
separately in the consolidated statement
of comprehensive income. The compara-
tive period\u2019s figures in the consolidated
statement of comprehensive income are
restated.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The Leipurin segment has been classified
as held for sale. A condition for the clas-
sification is that the sale must be highly
probable. At the end of the financial year,
the transaction still required regulatory
approvals. Management assessed that
the required regulatory approvals would
be obtained and considered it likely that
the transaction would be completed in
the first quarter of 2026. Closing took
place after the end of the financial year
on March 2, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "On August 15, 2025, Aspo signed an agreement to divest Leipurin to Lantm\u00e4nnen. The clos- ing of the transaction was subject to regulatory approvals of which the last one was received at the end of February 2026. Closing took place on March 2, 2026. The divestment of Leipu- rin significantly strengthens Aspo\u2019s balance sheet, enables future growth investments for the Telko business, and is a major step in executing Aspo\u2019s vision. The sale of Leipurin was imple- mented as a sale of shares, and it covered all the companies in the Leipurin business. Leipurin sells raw materials and provides solutions particularly for bakery customers, the food industry and foodservice customers. As Leipurin constituted an operating segment, and because the management assessed at the end of the reporting period its sale to be highly probable, Aspo classified the Leipurin segment as a discontinued operation under the IFRS 5 standard in the 2025 financial year. The comparative figures in the statement of comprehen- sive income have been restated to reflect the new reporting structure. As Leipurin is classified as a discontinued operation, the profit or loss of Leipurin have been adjusted for some Aspo Group internal costs which are not considered to be disposed of in connection with the sale of Leipurin. The profit of the discontinued operation is therefore somewhat better than Leipurin\u2019s profit as part of the Aspo Group. The Leipurin segment was classified as a discontinued operation in August 2025, at which time depreciation and amorti- zation of all assets was ceased in accordance with IFRS 5. 1.3 Discontinued operation \u25a0 PROFIT FROM DISCONTINUED OPERATION
1,000
EUR
2025
2024
Net sales
147,256
133,088
Other operating income
194
116
Materials and services
-121,464
-109,489
Employee benefit expenses
-11,341
-10,105
Depreciation, amortization and impairment losses
-301
-434
Depreciation, leased assets
-1,207
-1,911
Other operating expenses
-7,120
-6,910
Operating profit
6,017
4,356
Financial income and expenses
-593
-48
Profit before taxes
5,424
4,307
Income taxes
-667
-1,102
Result for the period
4,757
3,205
\u25a0 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
2025
2024
Assets of discontinued operation 58,050
Assets classified as held for sale, total
58,050
0
Liabilities of discontinued operation 21,134
Liabilities directly associated with assets classified
as held for sale, total
21,134
0
In the balance sheet, the assets of the Leipurin segment are presented as assets held for sale, and the liabilities are presented as liabilities directly associated with assets classified as held for sale. The assets are valued at their book value, which is lower than their fair value. NET CASH FLOWS OF DISCONTINUED OPERATION
1,000
EUR
2025
2024
Net cash inflow from operating activities
4,845
6,065
Net cash inflow/outflow(-) from investing activities
-734
2,861
Net cash inflow/outflow(-) from financing activities
-2,060
-2,101
Net change in cash generated by the discontinued operation
2,052
6,825
Net cash flows of discontinued operation consist of Leipurin segment\u2019s share of Aspo Group\u2019s external cash flows. The Leipurin segment\u2019s cash and cash equivalents included in Aspo Group\u2019s cash and cash equivalents amounted to EUR -6.3 million at the end of the financial year. DISCONTINUED OPERATION AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE Non-current assets or disposal groups are classified as held for sale if their car- rying amount will be recovered princi- pally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. The assets of a disposal group classi- fied as held for sale are presented sep- arately from the other assets in the bal- ance sheet. The liabilities of a disposal group classified as held for sale are pre- sented separately from other liabili- ties in the balance sheet. The report- ing of balance sheet items on separate rows starts at the time of classification. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. A discontinued operation is a compo- nent of the entity that has been disposed of or is classified as held for sale, that represents a separate major line of busi- ness or geographical area of operations, and that is part of a single coordinated plan to dispose of such a line of busi- ness or area of operations. The results of discontinued operations are presented separately in the consolidated statement of comprehensive income. The compara- tive period\u2019s figures in the consolidated statement of comprehensive income are restated. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The Leipurin segment has been classified as held for sale. A condition for the clas- sification is that the sale must be highly probable. At the end of the financial year, the transaction still required regulatory approvals. Management assessed that the required regulatory approvals would be obtained and considered it likely that the transaction would be completed in the first quarter of 2026. Closing took place after the end of the financial year on March 2, 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "DISCONTINUED OPERATION AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE Non-current assets or disposal groups are classified as held for sale if their car- rying amount will be recovered princi- pally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. The assets of a disposal group classi- fied as held for sale are presented sep- arately from the other assets in the bal- ance sheet. The liabilities of a disposal group classified as held for sale are pre- sented separately from other liabili- ties in the balance sheet. The report- ing of balance sheet items on separate rows starts at the time of classification. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. A discontinued operation is a compo- nent of the entity that has been disposed of or is classified as held for sale, that represents a separate major line of busi- ness or geographical area of operations, and that is part of a single coordinated plan to dispose of such a line of busi- ness or area of operations. The results of discontinued operations are presented separately in the consolidated statement of comprehensive income. The compara- tive period\u2019s figures in the consolidated statement of comprehensive income are restated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "DISCONTINUED OPERATION AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE Non-current assets or disposal groups are classified as held for sale if their car- rying amount will be recovered princi- pally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. The assets of a disposal group classi- fied as held for sale are presented sep- arately from the other assets in the bal- ance sheet. The liabilities of a disposal group classified as held for sale are pre- sented separately from other liabili- ties in the balance sheet. The report- ing of balance sheet items on separate rows starts at the time of classification. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. A discontinued operation is a compo- nent of the entity that has been disposed of or is classified as held for sale, that represents a separate major line of busi- ness or geographical area of operations, and that is part of a single coordinated plan to dispose of such a line of busi- ness or area of operations. The results of discontinued operations are presented separately in the consolidated statement of comprehensive income. The compara- tive period\u2019s figures in the consolidated statement of comprehensive income are restated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-430": { "value": "DISCONTINUED OPERATION AND DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE Non-current assets or disposal groups are classified as held for sale if their car- rying amount will be recovered princi- pally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell. The assets of a disposal group classi- fied as held for sale are presented sep- arately from the other assets in the bal- ance sheet. The liabilities of a disposal group classified as held for sale are pre- sented separately from other liabili- ties in the balance sheet. The report- ing of balance sheet items on separate rows starts at the time of classification. Non-current assets are not depreciated or amortized while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognized. A discontinued operation is a compo- nent of the entity that has been disposed of or is classified as held for sale, that represents a separate major line of busi- ness or geographical area of operations, and that is part of a single coordinated plan to dispose of such a line of busi- ness or area of operations. The results of discontinued operations are presented separately in the consolidated statement of comprehensive income. The compara- tive period\u2019s figures in the consolidated statement of comprehensive income are restated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-388": { "value": "
ASPO'S CAPITAL
1,000
EUR
2025
2024
Total equity
163,522
188,822
Loans and overdraft facilities
238,406
204,743
Lease liabilities
13,128
19,671
Liabilities classified as held for sale
5,204
Interest-bearing liabilities, total
256,738
224,414
Equity and interest-bearing liabilities, total
420,260
413,236
Interest-bearing liabilities, total
256,738
224,414
- Cash and cash equivalents
50,291
36,393
- Cash and cash equivalents classified as held for sale
-6,314
Net interest-bearing debt
212,761
188,021
Gearing, %
130.1%
99.6%
Total equity
163,522
188,822
Equity and liabilities, total
513,539
511,963
Advances received
447
515
Equity ratio, %
31.9%
36.9%
Net interest-bearing debt was EUR 212.8 (188.0) million and gearing was 130.1% (99.6%).
The Net debt is calculated by deducting cash and cash equivalents from interest bearing liabil-
ities. Calculation principles for key figures are presented in the Board of Director\u2019s report. The
increase in net interest-bearing debt was mainly caused by the repayment of the hybrid bond
of EUR 30.0 million in year 2025. Previously the hybrid bond had been accounted for as a
component of equity. Also, the Green Coaster investments increased net debt.
The Group\u2019s equity ratio was 31.9% (36.9%). The equity ratio decreased due to the
redemption of the hybrid bond and the temporary impact of the losses of hedge-accounted
currency derivatives recognized in equity. The cash flow hedge relates to the remaining USD
180 million investment in the four Green Handy vessels. The hedge result is recognized in the
acquisition value of the vessels when the investment is paid.
Aspo\u2019s definition of capital includes all equity items. The objective of the Group is to achieve
a capital structure with which Aspo Group can ensure the operational framework for short-
and long-term operations, and a sufficient return on equity. The main factors affecting the
capital structure are potential restructuring activities, Aspo Plc\u2019s dividend policy, the vessel
investments of ESL Shipping and the profitability of the subsidiaries\u2019 business operations.
The principles of capital management are explained in note 5.1 Financial risks and financial risk
management.
CAPITAL MANAGEMENT
Capital is managed by monitoring the key figures for indebtedness and solvency (gearing,
equity ratio and net debt/EBITDA) and by adjusting the components of capital in a way that
targets relating to the key figures are met. In addition to Aspo\u2019s own targets, certain loans
include external requirements for the levels of capital. They are monitored and reported to
Aspo\u2019s management, and to the providers of the loans concerned. The solvency of the subsid-
iaries is monitored, and capital is transferred within the Group as permitted by regulations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-389": { "value": "
CASH FLOW
The free cash flow is an important indicator for Aspo, as it represents cash flows generated
from business operations after investments. Therefore, the free cash flow has an impact on
the Group\u2019s debt repayment and dividend distribution abilities, as well as liquidity.
\u25a0
FREE CASH FLOW
1,000
EUR
2025
2024
Net cash from operating activities
48,873
32,350
Net cash used in investing activities
-22,358
-68,489
Free cash flow
26,515
-36,139
The cash flow impact of change in working capital was EUR 9.8 (-12.0) million. The positive
cash flow impact was mainly driven by the decrease in inventories of ESL Shipping and Telko.
In 2024, the negative impact of the change in working capital was mainly driven by the EUR
12.7 million increase in inventories of Telko.
Investments amounted to EUR 34.3 (49.7) million and consisted mainly of the ESL Ship-
ping segment\u2019s Green Coaster prepayments. The cash outflow from the Green Handy hedge
agreements when they were rolled forward amounted to EUR 7.1 million. Proceeds from the
sale of tangible assets amounted to EUR 19.0 (36.8) million and were related mainly to the
divestment of M/S Kallio during the fourth quarter and the divestment of one Coaster vessel
at the end of her useful economic life during the second quarter. In 2024, the proceeds mainly
related to the sale of the Supramax vessels (EUR 33.5 million). The cash outflow related to
acquisitions amounted to EUR 1.7 (56.5) million and was mainly related to Telko\u2019s acquisitions
in previous years, as well as Leipurin\u2019s acquisition in Lithuania in the first quarter of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "Aspo Group\u2019s financial assets and liabilities are as follows: \u25a0 FINANCIAL ASSETS AND LIABILITIES
1,000
EUR
Note
2025
2024
Financial assets
Measured at amortized cost
Loan receivables
58
63
Accounts receivable and other receivables*
46,965
62,742
Cash and cash equivalents
2.2
50,291
36,393
Measured at fair value through other comprehensive
income
Derivatives
9,357
Measured at fair value through profit and loss
Derivatives
10
Other financial assets
2
2
Financial assets, total
97,316
108,565
Financial liabilities
Measured at amortized cost
Loans and overdraft facilities
2.3
238,406
204,743
Accounts payable and other liabilities*
36,294
50,111
Lease liabilities
2.5
13,128
19,671
Measured at fair value through other comprehensive
income
Derivatives
5.2
393
Measured at fair value through profit and loss
Derivatives
163
60
Contingent considerations from acquisitions
7,581
10,802
Financial liabilities, total
295,966
285,386
*Comprises financial assets or financial liabilities included in the corresponding balance sheet item. The Group\u2019s exposure to risks relating to financial instruments is described in Note 5.1 Finan- cial risks and the management of financial risks. The maximum exposure for credit risk at the end of the financial year is the carrying amount of each class of financial asset. 2.1 Financial assets and liabilities FINANCIAL ASSETS Aspo classifies its financial assets based on its business model as follows: 1) measured at amortized cost, 2) meas- ured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. Accounts receivable and other receiv- ables, as well as cash and cash equiva- lents, recognized at amortized cost are initially measured at fair value and subse- quently at amortized cost. They are clas- sified as current when they fall due within twelve months after the end of the reporting period. Cash and cash equiva- lents are always classified as current. The expected credit loss model applied for accounts receivable is described in Note 4.5 Accounts receivable and other receiv- ables. This group includes loan receiva- bles, whose cash flow consists of the payment of capital and interest, and that are planned to be held until the date of maturity. Loan receivables are recog- nized at amortized cost using the effec- tive interest method. Transaction costs are included in the original acquisition cost. Credit loss risks associated with loan receivables are assessed on a cus- tomer-specific basis and, if required, the expected credit loss is considered when measuring receivables over the next 12 months or when the credit loss risk increases throughout the contractual period. Financial assets measured at fair value through profit or loss include other non-current financial assets which con- sist of investments in unlisted shares. Because their fair value cannot be relia- bly determined, they have been recog- nized at their acquisition cost less pos- sible impairment losses. In addition, any purchase price receivables from East- ern companies are financial assets recog- nized at fair value through profit or loss. At the end of 2024, their fair value was estimated to be zero. In the end of 2025, no such financial assets remain. Financial assets measured at fair value through other comprehensive income include derivative instruments in hedge accounting. Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. FINANCIAL LIABILITIES Aspo classifies its financial liabilities as follows: 1) measured at amortized cost, and 2) measured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. In addition, the financial liabilities include lease liabilities, the accounting principles of which are described in note 2.5 Leases. FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES The Group classifies the determination methods of the fair values of financial assets and liabilities based on the fair value hierarchy. Financial assets and liabilities recognized at fair value through other com- prehensive income are at level one in the hierarchy. Financial assets and liabilities recognized at amor- tized cost are at level two in the hierarchy. Their fair values do not significantly differ from their carrying amount. The fair values of non-current loans have been calculated by discounting future cash flows and by considering Aspo\u2019s credit margin. Financial assets and liabilities recognized at fair value through profit or loss are at level three in the hierarchy. FAIR VALUE HIERARCHY Preparing the consolidated financial statements requires the measurement of fair values, for both financial and non-financial assets and lia- bilities. Group classifies the fair value measure- ment hierarchy as follows: Level 1: The fair values of financial instru- ments are based on quoted prices on active markets. A market may be considered active when quoted prices are available on a regular basis and the prices represent the instrument\u2019s actual value in liquid trading. Level 2: The financial instruments are not traded on active and liquid markets. The value of the financial instrument can be determined on verifiable market information and possibly partially based on derived determination of value. If the factors influencing the instrument\u2019s fair value are nevertheless available and veri- fiable, the instrument belongs to level two. Level 3: The valuation of the financial instru- ment is not based on verifiable market infor- mation. Nor are other factors that affect the instrument\u2019s fair value available or verifiable. Bank, pension, and bond loans recognized at amortized cost, as well as overdraft facilities in use, are initially recognized at fair value, net of transaction costs, after which they are meas- ured at amortized cost using the effective inter- est method. The difference between the with- drawn amount net of transaction costs and the paid amount is recognized in the income statement during the estimated loan maturity period. The fair values of loans do not materi- ally differ from their carrying amounts, because their interest rate is close to the market rate. The carrying amounts of accounts payable and other liabilities are expected to correspond to their fair values due to the short-term nature of these items. Aspo classifies the liability as non-current unless it falls due within a year. Financial liabilities measured at fair value through profit or loss include contingent consid- erations from business acquisitions. Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "Aspo Group\u2019s financial assets and liabilities are as follows: \u25a0 FINANCIAL ASSETS AND LIABILITIES
1,000
EUR
Note
2025
2024
Financial assets
Measured at amortized cost
Loan receivables
58
63
Accounts receivable and other receivables*
46,965
62,742
Cash and cash equivalents
2.2
50,291
36,393
Measured at fair value through other comprehensive
income
Derivatives
9,357
Measured at fair value through profit and loss
Derivatives
10
Other financial assets
2
2
Financial assets, total
97,316
108,565
Financial liabilities
Measured at amortized cost
Loans and overdraft facilities
2.3
238,406
204,743
Accounts payable and other liabilities*
36,294
50,111
Lease liabilities
2.5
13,128
19,671
Measured at fair value through other comprehensive
income
Derivatives
5.2
393
Measured at fair value through profit and loss
Derivatives
163
60
Contingent considerations from acquisitions
7,581
10,802
Financial liabilities, total
295,966
285,386
*Comprises financial assets or financial liabilities included in the corresponding balance sheet item. The Group\u2019s exposure to risks relating to financial instruments is described in Note 5.1 Finan- cial risks and the management of financial risks. The maximum exposure for credit risk at the end of the financial year is the carrying amount of each class of financial asset. 2.1 Financial assets and liabilities FINANCIAL ASSETS Aspo classifies its financial assets based on its business model as follows: 1) measured at amortized cost, 2) meas- ured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. Accounts receivable and other receiv- ables, as well as cash and cash equiva- lents, recognized at amortized cost are initially measured at fair value and subse- quently at amortized cost. They are clas- sified as current when they fall due within twelve months after the end of the reporting period. Cash and cash equiva- lents are always classified as current. The expected credit loss model applied for accounts receivable is described in Note 4.5 Accounts receivable and other receiv- ables. This group includes loan receiva- bles, whose cash flow consists of the payment of capital and interest, and that are planned to be held until the date of maturity. Loan receivables are recog- nized at amortized cost using the effec- tive interest method. Transaction costs are included in the original acquisition cost. Credit loss risks associated with loan receivables are assessed on a cus- tomer-specific basis and, if required, the expected credit loss is considered when measuring receivables over the next 12 months or when the credit loss risk increases throughout the contractual period. Financial assets measured at fair value through profit or loss include other non-current financial assets which con- sist of investments in unlisted shares. Because their fair value cannot be relia- bly determined, they have been recog- nized at their acquisition cost less pos- sible impairment losses. In addition, any purchase price receivables from East- ern companies are financial assets recog- nized at fair value through profit or loss. At the end of 2024, their fair value was estimated to be zero. In the end of 2025, no such financial assets remain. Financial assets measured at fair value through other comprehensive income include derivative instruments in hedge accounting. Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. FINANCIAL LIABILITIES Aspo classifies its financial liabilities as follows: 1) measured at amortized cost, and 2) measured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. In addition, the financial liabilities include lease liabilities, the accounting principles of which are described in note 2.5 Leases. FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES The Group classifies the determination methods of the fair values of financial assets and liabilities based on the fair value hierarchy. Financial assets and liabilities recognized at fair value through other com- prehensive income are at level one in the hierarchy. Financial assets and liabilities recognized at amor- tized cost are at level two in the hierarchy. Their fair values do not significantly differ from their carrying amount. The fair values of non-current loans have been calculated by discounting future cash flows and by considering Aspo\u2019s credit margin. Financial assets and liabilities recognized at fair value through profit or loss are at level three in the hierarchy. FAIR VALUE HIERARCHY Preparing the consolidated financial statements requires the measurement of fair values, for both financial and non-financial assets and lia- bilities. Group classifies the fair value measure- ment hierarchy as follows: Level 1: The fair values of financial instru- ments are based on quoted prices on active markets. A market may be considered active when quoted prices are available on a regular basis and the prices represent the instrument\u2019s actual value in liquid trading. Level 2: The financial instruments are not traded on active and liquid markets. The value of the financial instrument can be determined on verifiable market information and possibly partially based on derived determination of value. If the factors influencing the instrument\u2019s fair value are nevertheless available and veri- fiable, the instrument belongs to level two. Level 3: The valuation of the financial instru- ment is not based on verifiable market infor- mation. Nor are other factors that affect the instrument\u2019s fair value available or verifiable. Bank, pension, and bond loans recognized at amortized cost, as well as overdraft facilities in use, are initially recognized at fair value, net of transaction costs, after which they are meas- ured at amortized cost using the effective inter- est method. The difference between the with- drawn amount net of transaction costs and the paid amount is recognized in the income statement during the estimated loan maturity period. The fair values of loans do not materi- ally differ from their carrying amounts, because their interest rate is close to the market rate. The carrying amounts of accounts payable and other liabilities are expected to correspond to their fair values due to the short-term nature of these items. Aspo classifies the liability as non-current unless it falls due within a year. Financial liabilities measured at fair value through profit or loss include contingent consid- erations from business acquisitions. Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-390": { "value": "
FINANCIAL ASSETS
Aspo classifies its financial assets based
on its business model as follows: 1)
measured at amortized cost, 2) meas-
ured at fair value through profit or loss,
and 3) measured at fair value through
other comprehensive income.
Accounts receivable and other receiv-
ables, as well as cash and cash equiva-
lents, recognized at amortized cost are
initially measured at fair value and subse-
quently at amortized cost. They are clas-
sified as current when they fall due within
twelve months after the end of the
reporting period. Cash and cash equiva-
lents are always classified as current. The
expected credit loss model applied for
accounts receivable is described in Note
4.5 Accounts receivable and other receiv-
ables. This group includes loan receiva-
bles, whose cash flow consists of the
payment of capital and interest, and that
are planned to be held until the date of
maturity. Loan receivables are recog-
nized at amortized cost using the effec-
tive interest method. Transaction costs
are included in the original acquisition
cost. Credit loss risks associated with
loan receivables are assessed on a cus-
tomer-specific basis and, if required, the
expected credit loss is considered when
measuring receivables over the next
12 months or when the credit loss risk
increases throughout the contractual
period.
Financial assets measured at fair
value through profit or loss include other
non-current financial assets which con-
sist of investments in unlisted shares.
Because their fair value cannot be relia-
bly determined, they have been recog-
nized at their acquisition cost less pos-
sible impairment losses. In addition, any
purchase price receivables from East-
ern companies are financial assets recog-
nized at fair value through profit or loss.
At the end of 2024, their fair value was
estimated to be zero. In the end of 2025,
no such financial assets remain.
Financial assets measured at fair value
through other comprehensive income
include derivative instruments in hedge
accounting.
Financial assets are derecognized
when the Group has lost the contractual
right to cash flows, or when it has mate-
rially moved risks and rewards outside
the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "FINANCIAL ASSETS Aspo classifies its financial assets based on its business model as follows: 1) measured at amortized cost, 2) meas- ured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. Accounts receivable and other receiv- ables, as well as cash and cash equiva- lents, recognized at amortized cost are initially measured at fair value and subse- quently at amortized cost. They are clas- sified as current when they fall due within twelve months after the end of the reporting period. Cash and cash equiva- lents are always classified as current. The expected credit loss model applied for accounts receivable is described in Note 4.5 Accounts receivable and other receiv- ables. This group includes loan receiva- bles, whose cash flow consists of the payment of capital and interest, and that are planned to be held until the date of maturity. Loan receivables are recog- nized at amortized cost using the effec- tive interest method. Transaction costs are included in the original acquisition cost. Credit loss risks associated with loan receivables are assessed on a cus- tomer-specific basis and, if required, the expected credit loss is considered when measuring receivables over the next 12 months or when the credit loss risk increases throughout the contractual period. Financial assets measured at fair value through profit or loss include other non-current financial assets which con- sist of investments in unlisted shares. Because their fair value cannot be relia- bly determined, they have been recog- nized at their acquisition cost less pos- sible impairment losses. In addition, any purchase price receivables from East- ern companies are financial assets recog- nized at fair value through profit or loss. At the end of 2024, their fair value was estimated to be zero. In the end of 2025, no such financial assets remain. Financial assets measured at fair value through other comprehensive income include derivative instruments in hedge accounting. Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. FINANCIAL LIABILITIES Aspo classifies its financial liabilities as follows: 1) measured at amortized cost, and 2) measured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. In addition, the financial liabilities include lease liabilities, the accounting principles of which are described in note 2.5 Leases. Bank, pension, and bond loans recognized at amortized cost, as well as overdraft facilities in use, are initially recognized at fair value, net of transaction costs, after which they are meas- ured at amortized cost using the effective inter- est method. The difference between the with- drawn amount net of transaction costs and the paid amount is recognized in the income statement during the estimated loan maturity period. The fair values of loans do not materi- ally differ from their carrying amounts, because their interest rate is close to the market rate. The carrying amounts of accounts payable and other liabilities are expected to correspond to their fair values due to the short-term nature of these items. Aspo classifies the liability as non-current unless it falls due within a year. Financial liabilities measured at fair value through profit or loss include contingent consid- erations from business acquisitions. Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "FINANCIAL ASSETS Aspo classifies its financial assets based on its business model as follows: 1) measured at amortized cost, 2) meas- ured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. Accounts receivable and other receiv- ables, as well as cash and cash equiva- lents, recognized at amortized cost are initially measured at fair value and subse- quently at amortized cost. They are clas- sified as current when they fall due within twelve months after the end of the reporting period. Cash and cash equiva- lents are always classified as current. The expected credit loss model applied for accounts receivable is described in Note 4.5 Accounts receivable and other receiv- ables. This group includes loan receiva- bles, whose cash flow consists of the payment of capital and interest, and that are planned to be held until the date of maturity. Loan receivables are recog- nized at amortized cost using the effec- tive interest method. Transaction costs are included in the original acquisition cost. Credit loss risks associated with loan receivables are assessed on a cus- tomer-specific basis and, if required, the expected credit loss is considered when measuring receivables over the next 12 months or when the credit loss risk increases throughout the contractual period. Financial assets measured at fair value through profit or loss include other non-current financial assets which con- sist of investments in unlisted shares. Because their fair value cannot be relia- bly determined, they have been recog- nized at their acquisition cost less pos- sible impairment losses. In addition, any purchase price receivables from East- ern companies are financial assets recog- nized at fair value through profit or loss. At the end of 2024, their fair value was estimated to be zero. In the end of 2025, no such financial assets remain. Financial assets measured at fair value through other comprehensive income include derivative instruments in hedge accounting. Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. FINANCIAL LIABILITIES Aspo classifies its financial liabilities as follows: 1) measured at amortized cost, and 2) measured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. In addition, the financial liabilities include lease liabilities, the accounting principles of which are described in note 2.5 Leases. Bank, pension, and bond loans recognized at amortized cost, as well as overdraft facilities in use, are initially recognized at fair value, net of transaction costs, after which they are meas- ured at amortized cost using the effective inter- est method. The difference between the with- drawn amount net of transaction costs and the paid amount is recognized in the income statement during the estimated loan maturity period. The fair values of loans do not materi- ally differ from their carrying amounts, because their interest rate is close to the market rate. The carrying amounts of accounts payable and other liabilities are expected to correspond to their fair values due to the short-term nature of these items. Aspo classifies the liability as non-current unless it falls due within a year. Financial liabilities measured at fair value through profit or loss include contingent consid- erations from business acquisitions. Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "FINANCIAL ASSETS Aspo classifies its financial assets based on its business model as follows: 1) measured at amortized cost, 2) meas- ured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. Accounts receivable and other receiv- ables, as well as cash and cash equiva- lents, recognized at amortized cost are initially measured at fair value and subse- quently at amortized cost. They are clas- sified as current when they fall due within twelve months after the end of the reporting period. Cash and cash equiva- lents are always classified as current. The expected credit loss model applied for accounts receivable is described in Note 4.5 Accounts receivable and other receiv- ables. This group includes loan receiva- bles, whose cash flow consists of the payment of capital and interest, and that are planned to be held until the date of maturity. Loan receivables are recog- nized at amortized cost using the effec- tive interest method. Transaction costs are included in the original acquisition cost. Credit loss risks associated with loan receivables are assessed on a cus- tomer-specific basis and, if required, the expected credit loss is considered when measuring receivables over the next 12 months or when the credit loss risk increases throughout the contractual period. Financial assets measured at fair value through profit or loss include other non-current financial assets which con- sist of investments in unlisted shares. Because their fair value cannot be relia- bly determined, they have been recog- nized at their acquisition cost less pos- sible impairment losses. In addition, any purchase price receivables from East- ern companies are financial assets recog- nized at fair value through profit or loss. At the end of 2024, their fair value was estimated to be zero. In the end of 2025, no such financial assets remain. Financial assets measured at fair value through other comprehensive income include derivative instruments in hedge accounting. Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Financial assets are derecognized when the Group has lost the contractual right to cash flows, or when it has mate- rially moved risks and rewards outside the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-391": { "value": "
FINANCIAL LIABILITIES
Aspo classifies its financial liabilities as
follows: 1) measured at amortized cost,
and 2) measured at fair value through
profit or loss, and 3) measured at fair
value through other comprehensive
income. In addition, the financial liabilities
include lease liabilities, the accounting
principles of which are described in note
2.5 Leases.
Bank, pension, and bond loans recognized at
amortized cost, as well as overdraft facilities in
use, are initially recognized at fair value, net of
transaction costs, after which they are meas-
ured at amortized cost using the effective inter-
est method. The difference between the with-
drawn amount net of transaction costs and
the paid amount is recognized in the income
statement during the estimated loan maturity
period. The fair values of loans do not materi-
ally differ from their carrying amounts, because
their interest rate is close to the market rate.
The carrying amounts of accounts payable and
other liabilities are expected to correspond to
their fair values due to the short-term nature
of these items. Aspo classifies the liability as
non-current unless it falls due within a year.
Financial liabilities measured at fair value
through profit or loss include contingent consid-
erations from business acquisitions.
Financial liabilities measured at fair value
through other comprehensive income include
derivatives in hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "FINANCIAL LIABILITIES Aspo classifies its financial liabilities as follows: 1) measured at amortized cost, and 2) measured at fair value through profit or loss, and 3) measured at fair value through other comprehensive income. In addition, the financial liabilities include lease liabilities, the accounting principles of which are described in note 2.5 Leases. Bank, pension, and bond loans recognized at amortized cost, as well as overdraft facilities in use, are initially recognized at fair value, net of transaction costs, after which they are meas- ured at amortized cost using the effective inter- est method. The difference between the with- drawn amount net of transaction costs and the paid amount is recognized in the income statement during the estimated loan maturity period. The fair values of loans do not materi- ally differ from their carrying amounts, because their interest rate is close to the market rate. The carrying amounts of accounts payable and other liabilities are expected to correspond to their fair values due to the short-term nature of these items. Aspo classifies the liability as non-current unless it falls due within a year. Financial liabilities measured at fair value through profit or loss include contingent consid- erations from business acquisitions. Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-393": { "value": "
CASH AND CASH EQUIVALENTS AND UNUTILIZED COMMITTED
REVOLVING CREDIT FACILITIES
1,000
EUR
2025
2024
Cash and cash equivalents
50,291
36,393
Revolving credit facilities
40,000
40,000
Total
90,291
76,393
Cash and cash equivalents include cash funds, bank deposits and other highly
liquid investments of no more than three months. Committed revolving credit
facilities were fully unused, as in the comparative period. The revolving credit
facilities are maturing in 2027.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "Cash and cash equivalents include cash funds, bank deposits and other highly liquid investments of no more than three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-392": { "value": "
FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
The Group classifies the determination methods of the fair values of financial assets and liabilities based
on the fair value hierarchy. Financial assets and liabilities recognized at fair value through other com-
prehensive income are at level one in the hierarchy. Financial assets and liabilities recognized at amor-
tized cost are at level two in the hierarchy. Their fair values do not significantly differ from their carrying
amount. The fair values of non-current loans have been calculated by discounting future cash flows and by
considering Aspo\u2019s credit margin. Financial assets and liabilities recognized at fair value through profit or
loss are at level three in the hierarchy.
FAIR VALUE HIERARCHY
Preparing the consolidated financial statements
requires the measurement of fair values, for
both financial and non-financial assets and lia-
bilities. Group classifies the fair value measure-
ment hierarchy as follows:
Level 1: The fair values of financial instru-
ments are based on quoted prices on active
markets. A market may be considered active
when quoted prices are available on a regular
basis and the prices represent the instrument\u2019s
actual value in liquid trading.
Level 2: The financial instruments are not
traded on active and liquid markets. The value
of the financial instrument can be determined
on verifiable market information and possibly
partially based on derived determination of
value. If the factors influencing the instrument\u2019s
fair value are nevertheless available and veri-
fiable, the instrument belongs to level two.
Level 3: The valuation of the financial instru-
ment is not based on verifiable market infor-
mation. Nor are other factors that affect the
instrument\u2019s fair value available or verifiable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES The Group classifies the determination methods of the fair values of financial assets and liabilities based on the fair value hierarchy. Financial assets and liabilities recognized at fair value through other com- prehensive income are at level one in the hierarchy. Financial assets and liabilities recognized at amor- tized cost are at level two in the hierarchy. Their fair values do not significantly differ from their carrying amount. The fair values of non-current loans have been calculated by discounting future cash flows and by considering Aspo\u2019s credit margin. Financial assets and liabilities recognized at fair value through profit or loss are at level three in the hierarchy. FAIR VALUE HIERARCHY Preparing the consolidated financial statements requires the measurement of fair values, for both financial and non-financial assets and lia- bilities. Group classifies the fair value measure- ment hierarchy as follows: Level 1: The fair values of financial instru- ments are based on quoted prices on active markets. A market may be considered active when quoted prices are available on a regular basis and the prices represent the instrument\u2019s actual value in liquid trading. Level 2: The financial instruments are not traded on active and liquid markets. The value of the financial instrument can be determined on verifiable market information and possibly partially based on derived determination of value. If the factors influencing the instrument\u2019s fair value are nevertheless available and veri- fiable, the instrument belongs to level two. Level 3: The valuation of the financial instru- ment is not based on verifiable market infor- mation. Nor are other factors that affect the instrument\u2019s fair value available or verifiable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-433": { "value": "FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES The Group classifies the determination methods of the fair values of financial assets and liabilities based on the fair value hierarchy. Financial assets and liabilities recognized at fair value through other com- prehensive income are at level one in the hierarchy. Financial assets and liabilities recognized at amor- tized cost are at level two in the hierarchy. Their fair values do not significantly differ from their carrying amount. The fair values of non-current loans have been calculated by discounting future cash flows and by considering Aspo\u2019s credit margin. Financial assets and liabilities recognized at fair value through profit or loss are at level three in the hierarchy. FAIR VALUE HIERARCHY Preparing the consolidated financial statements requires the measurement of fair values, for both financial and non-financial assets and lia- bilities. Group classifies the fair value measure- ment hierarchy as follows: Level 1: The fair values of financial instru- ments are based on quoted prices on active markets. A market may be considered active when quoted prices are available on a regular basis and the prices represent the instrument\u2019s actual value in liquid trading. Level 2: The financial instruments are not traded on active and liquid markets. The value of the financial instrument can be determined on verifiable market information and possibly partially based on derived determination of value. If the factors influencing the instrument\u2019s fair value are nevertheless available and veri- fiable, the instrument belongs to level two. Level 3: The valuation of the financial instru- ment is not based on verifiable market infor- mation. Nor are other factors that affect the instrument\u2019s fair value available or verifiable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Financial liabilities measured at fair value through other comprehensive income include derivatives in hedge accounting. DERIVATIVES Derivatives are initially recognized at fair value on the day the Group becomes a contractual counterparty and are subse- quently measured at fair value. Fair value of derivatives is determined on the basis of quoted market prices and rates, the discounting of cash flows and option val- uation models. The fair value of currency forwards is calculated by discounting the predicted cash flows from the agree- ments in accordance with interest rates of the currencies sold, translating the discounted cash flows at the exchange rates at the reporting date, and calcu- lating the difference between the dis- counted values. The nominal value of for- eign exchange forward contracts is calcu- lated by converting them at the exchange rate of the balance sheet date. For those foreign exchange forward contracts that are included in hedge accounting, the change in the fair value of the effective portion of the hedge is rec- ognized in other comprehensive income and presented in the hedging reserve included in other reserves in equity. Hedging gains and losses on other for- eign exchange forwards recognized through profit or loss are recognized in the income statement on the basis of the hedged item either above the oper- ating profit or in financial income and expenses. When applying hedge accounting, the relation between hedging instruments and hedged items is documented at the start of hedging, as well as the risk man- agement targets and strategies used as guidelines when launching different hedg- ing actions. At the start of hedging and continuously after this action, the Group prepares an estimate whether the deriv- atives used in hedging effectively abolish the changes in fair values or cash flows of the hedged objects. The gain or loss relating to an inefficient portion is imme- diately recognized in the statement of comprehensive income as financial items. When the hedging instrument expires or is sold or when hedging does not meet the criteria of hedge accounting, the accumulated gains and losses retained in equity at that time remain in equity and are reclassified to the statement of com- prehensive income only after the fore- cast transaction takes place. If the fore- cast transaction is no longer expected to occur, the accumulated gain or loss retained under equity is immediately reclassified to the statement of com- prehensive income. The hedging results for ESL Shipping Oy\u2019s forward contracts relating to vessels are recognized as an adjustment to the acquisition cost of the vessels.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-394": { "value": "
LOANS AND OVERDRAFT FACILITIES IN USE
1,000
EUR
2025
2024
Non-current
Loans
179,170
191,736
Bonds
15,000
194,170
191,736
Current
Loans
42,738
8,006
Commercial papers
5,000
Overdraft facilities in use
1,499
44,236
13,006
Total
Loans
221,908
199,743
Commercial papers
5,000
Bonds
15,000
Overdraft facilities in use
1,499
Total
238,406
204,743
2.3 Loans
In April 2025, ESL Shipping signed a loan agreement of EUR 45 million with Nordic Invest-
ment Bank for financing the Green Handy vessels. EUR 22.5 million of the loan was drawn
down in May 2025, and the rest is expected to be drawn down in 2026 and 2027.
In April 2025, Aspo participated in a multi-issuer bond guaranteed by Garantia with a EUR
15 million loan share. The bond\u2019s maturity is five years.
In February 2025, ESL Shipping signed a loan agreement of EUR 70 million with Sven-
ska Skeppshypotekskassan for financing the Green Handy vessels. The loan is expected to be
drawn down in 2027 and 2028.
In October 2024, Aspo Plc signed a new syndicated term loan facility agreement amount-
ing to EUR 60 million with OP Corporate Bank plc, Nordea Bank Abp and Danske Bank A/S,
Finland Branch as lenders. The loan will be repaid in one installment in year 2027.
In December 2024, Aspo Plc renewed a loan of EUR 10 million with LocalTapiola matur-
ing in 2027. The renewed loan will be repaid in one installment at the end of the five-year loan
term.
In 2022, AtoBatC Shipping AB reported in ESL Shipping segment signed a EUR 32.2 mil-
lion loan agreement with Svenska Skeppshypotek. The loan\u2019s maturity is 15 years. The loan is
withdrawn in parts in line with the financing need for the construction of Green Coasters. At
the end of the year EUR 30.2 (23.5) million of the loan had been withdrawn.
On September 25, 2019, Aspo Plc issued a EUR 15 million unsecured private placement
bond as part of the group bond of EUR 40 million guaranteed by Garantia Insurance Company.
The bond paid a fixed interest rate, and it matured on September 25, 2024, when it was
repaid.
Aspo Plc had an EUR 80 million domestic commercial paper program of which by EUR 0.0
(5.0) million was utilized at the reporting date.
Covenant terms and interest rate risk related to loans are disclosed in note 5.1 Financial
risks and the management of financial risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "LOANS AND OVERDRAFT FACILITIES IN USE
1,000
EUR
2025
2024
Non-current
Loans
179,170
191,736
Bonds
15,000
194,170
191,736
Current
Loans
42,738
8,006
Commercial papers
5,000
Overdraft facilities in use
1,499
44,236
13,006
Total
Loans
221,908
199,743
Commercial papers
5,000
Bonds
15,000
Overdraft facilities in use
1,499
Total
238,406
204,743
2.3 Loans In April 2025, ESL Shipping signed a loan agreement of EUR 45 million with Nordic Invest- ment Bank for financing the Green Handy vessels. EUR 22.5 million of the loan was drawn down in May 2025, and the rest is expected to be drawn down in 2026 and 2027. In April 2025, Aspo participated in a multi-issuer bond guaranteed by Garantia with a EUR 15 million loan share. The bond\u2019s maturity is five years. In February 2025, ESL Shipping signed a loan agreement of EUR 70 million with Sven- ska Skeppshypotekskassan for financing the Green Handy vessels. The loan is expected to be drawn down in 2027 and 2028. In October 2024, Aspo Plc signed a new syndicated term loan facility agreement amount- ing to EUR 60 million with OP Corporate Bank plc, Nordea Bank Abp and Danske Bank A/S, Finland Branch as lenders. The loan will be repaid in one installment in year 2027. In December 2024, Aspo Plc renewed a loan of EUR 10 million with LocalTapiola matur- ing in 2027. The renewed loan will be repaid in one installment at the end of the five-year loan term. In 2022, AtoBatC Shipping AB reported in ESL Shipping segment signed a EUR 32.2 mil- lion loan agreement with Svenska Skeppshypotek. The loan\u2019s maturity is 15 years. The loan is withdrawn in parts in line with the financing need for the construction of Green Coasters. At the end of the year EUR 30.2 (23.5) million of the loan had been withdrawn. On September 25, 2019, Aspo Plc issued a EUR 15 million unsecured private placement bond as part of the group bond of EUR 40 million guaranteed by Garantia Insurance Company. The bond paid a fixed interest rate, and it matured on September 25, 2024, when it was repaid. Aspo Plc had an EUR 80 million domestic commercial paper program of which by EUR 0.0 (5.0) million was utilized at the reporting date. Covenant terms and interest rate risk related to loans are disclosed in note 5.1 Financial risks and the management of financial risks.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "
MATURITY ANALYSIS
2025
Carrying value Cash flow
1,000
EUR
Dec 31, 2025
2026
2027
2028
2029
2030\u2013
Loans
-236,908
-42,658
-79,665
-27,191
-21,684
-65,982
Overdraft facility
-1,499
-1,499
Loans total
-238,406
-44,157
-79,665
-27,191
-21,684
-65,982
Accounts payable and other liabilities
-36,294
-36,294
Contingent considerations from acquisitions
-7,581
-7,898
Lease liabilities
-13,128
-7,366
-3,549
-1,306
-682
-864
Currency forward contracts
Hedge accounting applied
-393
-393
Hedge accounting not applied
-163
-163
Derivative instruments total
-556
-556
2024
Carrying value Cash flow
1,000
EUR
Dec 31, 2024
2025
2026
2027
2028
2029\u2013
Loans
-199,743
-8,287
-112,487
-9,345
-30,790
-39,412
Commercial papers
-5,000
-5,000
Loans total
-204,743
-13,287
-112,487
-9,345
-30,790
-39,412
Accounts payable and other liabilities
-50,111
-50,111
Contingent considerations from acquisitions
-10,802
-929
-11,345
-633
Lease liabilities
-19,671
-10,851
-4,368
-3,047
-1,440
-1,172
Currency forward contracts
Hedge accounting applied
9,357
9,357
Hedge accounting not applied
-50
-50
Derivative instruments total
9,306
9,306
2.4 Maturity
LIQUIDITY AND REFINANCING RISK
The objective of Aspo Group is to ensure
sufficient financing for operations in all sit-
uations and market conditions. In accord-
ance with the treasury policy, the sources
of financing are diversified among a suf-
ficient number of counterparties and dif-
ferent loan instruments. The appropri-
ate number of committed financing agree-
ments and sufficient maturity ensure
Aspo Group\u2019s current and near-future
financing needs and decrease the refi-
nancing risk relating to financing agree-
ments.
The main financing source of Telko and
Leipurin is the cash flow from their oper-
ations. ESL Shipping often also requires
external financing in conjunction with
investments due to the nature of its oper-
ations. Liquidity is ensured through cash
and cash equivalents, and committed
overdraft facilities, as well as revolving
credit facilities granted by selected coop-
eration banks. The Group has adopted
a Nordic multi-currency cash pool struc-
ture, which improves the efficiency of the
Group\u2019s cash management and centraliza-
tion of liquid funds.
For loan covenants and interest rate
risk refer to note 5.1 Financial risks and
the management of financial risks.
The maturity structure of loans was
balanced, and the Group\u2019s refinancing
risks were reduced during 2025 and 2024
by means of several bilateral loan arrange-
ments.
Most lease payments fall due
within five years, and a signifi-
cant proportion of vessel lease
payments fall due in less than
a year. However, with the lease
period for vessels being a rolling
13 months, it is likely that the
cash flows arising from leases
will be substantially the same in
2027\u20132030 as in 2026.
AtoBatC Shipping AB\u2019s EUR
32.2 million loan agreement
with Svenska Skeppshypotek is
not fully included in the maturity
analysis because only EUR 30.2
(23.5) million of the loan has
been withdrawn at the reporting
date. The final loan repayment
date is in 2038.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-395": { "value": "
The Group has customary, business-related lease contracts, e.g. relating to offices, ware-
houses, vessels and cars. Part of the office equipment and software is also leased. Lease
terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease term for vessels is in general approximately one year. Other rental
agreement periods are typically less than five years. Maturity of lease liabilities is presented in
note 2.4 Maturity.
The consolidated balance sheet shows the following amounts relating to leases:
\u25a0
LEASED ASSETS
1,000
EUR
2025
2024
Intangible assets
161
347
Land
580
689
Buildings
3,781
8,888
Machinery and equipment
2,160
2,746
Vessels
6,114
6,294
Total
12,796
18,963
\u25a0
LEASE LIABILITIES
1,000
EUR
2025
2024
Non-current
6,090
9,413
Current
7,037
10,258
Total
13,128
19,671
At the end of the financial year the most significant leased assets were the vessels leased by
ESL Shipping, and the office and warehouse premises used by the businesses.
The additions to the leased assets were EUR 12.1 (18.0) million during the financial year.
The most significant cause for the increases in leased assets and lease liabilities was the addi-
tions in leased vessels amounting to EUR 8.4 (10.2) million, which was mainly caused by the
monthly extension of the time-chartered vessels lease term by one month.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Lease accounting involves significant
management estimates relating to the
determination of the lease term and the
lease components.
The most significant management
judgement regarding the determination
of the lease term relates to leased ves-
sels, most of which have been leased for
a period of approximately one year. As a
significant portion of the fleet is leased,
it is likely that the same or a similar ves-
sel will be leased again at the end of
the lease term. In case there is no inten-
tion to continue or renew the lease, the
agreement will be treated as a fixed-term
lease contract. If a vessel is leased for
approximately one year, the lease term
used to calculate the lease liability is 13
months (ongoing month + the next 12
months). This is because the agreements
may be terminated after the fixed lease
term and each month a new assessment
is made on the probability to use the ter-
mination right. The need of vessels is
planned over a 12-month planning period,
and the plan is adjusted each month as
deemed necessary.
A significant estimate has been made
in the determination of rents when the
lease component and non-lease compo-
nents have been separated from lease
agreements of vessels, i.e. when it is esti-
mated how large a part of the payment
of rent is associated with the leased ves-
sel and how large a part is associated
with the crew and other services. The
management estimates that the ves-
sel accounts for 30% of the rent and the
remaining 70% is made up of non-lease
components. ESL Shipping\u2019s manage-
ment has made the estimate based on a
statistical calculation, which is updated
for changes annually. Aspo\u2019s lease liabili-
ties relating to non-lease components are
presented as other commitments in note
5.5 Contingent assets and liabilities, and
other commitments.
The determination of the lease term
involves judgement, especially with
regard to agreements valid until further
notice. The estimate of the duration of
the lease term is agreement specific. The
probable lease term of lease agreements
valid until further notice is estimated
based on business plans and considering
costs arising from the termination of the
agreement.
The option to extend or terminate a
lease is considered in determining the
lease term. The period covered by an
option to extend the lease is included
into the lease term if it according to man-
agement judgement is reasonably certain
that the option will be exercised. Corre-
spondingly, if it is reasonably certain that
an option to terminate the lease is not
exercised, the lease term will cover the
contract period in full. The assessment
to exercise an option or not is made case
by case based on the profitability of the
arrangement and needs of the business.
The consolidated statement of comprehensive income shows the following amounts relating
to leases:
\u25a0
AMOUNTS RECOGNIZED IN PROFIT OR LOSS
1,000
EUR
2025
2024
Depreciation and amortization, leased assets
-8,893
-12,919
Interest expenses
-520
-536
Expenses relating to short-term leases
-59
-54
Expenses relating to leases of low-value assets
-193
-195
Expenses relating to leases with variable rent
-5,478
-1,408
Expenses total
-15,143
-15,112
Rental income from operating sub-leases
43
Rental income total
43
Depreciation and amortization of leased assets is presented in note 3.7 Depreciation, amorti-
zation and impairment losses.
Rents related to leased assets were EUR 9.3 (13.3) million, of which the interest portion
was EUR 0.5 (0.5) million. The lease payments relating to leased assets amounted to EUR
17.0 (17.5) million. The lease payments of the Group include also the variable lease payments
and payments for short-term and low-value asset leases. The amount of variable lease pay-
ments is significant and has continued to increase from the comparative year because four
of the new Green Coaster vessels have been sold to a company owned by the investor pool,
from which ESL Shipping leases them. The rent for the Green Coaster vessels is calculated
based on the pool income and is fully variable. As the rent is fully variable without any fixed
price, no lease liability or lease asset is recognized under IFRS 16. Instead, the lease pay-
ments are recognized as lease expenses.
At the end of the financial year, the Group was committed mainly to such future lease
agreements that are designated to replace existing agreements, and the amount of which
do not significantly depart from the agreements currently effective. The lease agreements do
not include significant purchase options. Leased assets are not used as security for borrowing
purposes.
LEASES
Leases are recognized as a leased asset
and a corresponding liability at the date
when the leased asset is available for use
by the Group. Contracts may contain both
lease and non-lease components. When the
agreement includes a non-lease component
such as maintenance, services, and mari-
time crew, Aspo separates them based on
their stand-alone price given in the agree-
ment or by using estimates.
The lease term is based on the agree-
ment period considering any options to
extend or terminate. For contracts valid
until further notice, Aspo estimates the
probable lease term according to best
knowledge and based on business plans,
considering costs arising from the termina-
tion of the agreement.
Assets and liabilities arising from a lease
are initially measured on a present value
basis. Lease liabilities include the net pres-
ent value of the following lease payments:
\u2022 fixed payments (including in-substance
fixed payments), less any lease
incentives to be received
\u2022 variable lease payment that are based
on an index or a rate, initially measured
using the index or rate as at the
commencement date
\u2022 amounts expected to be payable by the
Group under residual value guarantees
\u2022 the exercise price of a purchase option
if the Group is reasonably certain to
exercise that option, and
\u2022 payments arising from terminating the
lease if the lease term reflects the Group
exercising that option.
Lease payments to be made under rea-
sonably certain extension options are also
included in the measurement of the liability.
The lease payments are discounted
using the interest rate implicit in the lease.
If that rate cannot be readily determined,
which is generally the case for leases in the
Group, the lessee\u2019s incremental borrowing
rate is used. The criteria used to determine
the applicable discount rate for each lease
agreement include the class of underlying
asset, geographic location, currency, matu-
rity of the risk-free interest rate and les-
see\u2019s credit risk premium.
Right of use assets, i.e., Leased assets
are measured at cost comprising the fol-
lowing:
\u2022 the amount of the initial measurement
of lease liability
\u2022 any lease payments made at or before
the commencement date less any lease
incentives received
\u2022 any initial direct costs, and
\u2022 restoration costs.
The Group is exposed to potential future
increases in variable lease payments based
on an index or rate, which are not included
in the lease liability until they take effect.
When adjustments to lease payments
based on an index or rate take effect, the
lease liability is reassessed and adjusted
against the leased asset.
Leases are recognized in profit or loss
as finance expenses of the lease liabil-
ity and depreciation of the leased asset.
Leased assets are generally depreciated
over the shorter of the asset\u2019s useful life
and the lease term on a straight-line basis.
If the Group is reasonably certain to exer-
cise a purchase option, the leased asset
is depreciated over the underlying asset\u2019s
useful life. The finance cost is recognized in
profit or loss over the lease period so as to
produce a constant periodic rate of interest
on the remaining balance of the liability for
each period.
A lease liability and a leased asset are
not recognized on the balance sheet for
leases with variable lease payments or
for low-value underlying assets. Aspo has
determined the acquisition value of EUR
5,000 as a threshold for low value assets.
Leases with variable lease payments
include the leases for Green Coaster ves-
sels owned by Green Coaster Shipping AB
owned by the investor group. The leases
for Green Coaster vessels are determined
based on the income of the Green Coaster
pool. Low-value assets comprise ICT equip-
ment and minor office furniture. Also,
short-term leases, with a lease term of 12
months or less, are not recognized on the
balance sheet. Payments associated with
low-value assets and short-term leases are
recognized on a straight-line basis in other
operating expenses.
Aspo acts as a lessor in a very minor
scale when sub-leasing office premises.
These arrangements have been classified
as operating leases and the lease income is
recognized in other operating income on a
straight-line basis over the lease term.
In sale and leaseback situations, it is
assessed whether the requirements under
IFRS 15 are met in a way that the disposal
can be treated as a sale. If the disposal of
an asset is a sale, the value of the leased
asset to be recognized is measured as a
portion of the carrying amount of the sold
asset that corresponds to the assets right
to use value remaining for the company. As
the sales gain or loss is presented only the
portion of the sales gain of the asset that
corresponds to the rights transferred to
the buyer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "LEASES Leases are recognized as a leased asset and a corresponding liability at the date when the leased asset is available for use by the Group. Contracts may contain both lease and non-lease components. When the agreement includes a non-lease component such as maintenance, services, and mari- time crew, Aspo separates them based on their stand-alone price given in the agree- ment or by using estimates. The lease term is based on the agree- ment period considering any options to extend or terminate. For contracts valid until further notice, Aspo estimates the probable lease term according to best knowledge and based on business plans, considering costs arising from the termina- tion of the agreement. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net pres- ent value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives to be received \u2022 variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date \u2022 amounts expected to be payable by the Group under residual value guarantees \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and \u2022 payments arising from terminating the lease if the lease term reflects the Group exercising that option. Lease payments to be made under rea- sonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used. The criteria used to determine the applicable discount rate for each lease agreement include the class of underlying asset, geographic location, currency, matu- rity of the risk-free interest rate and les- see\u2019s credit risk premium. Right of use assets, i.e., Leased assets are measured at cost comprising the fol- lowing: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the leased asset. Leases are recognized in profit or loss as finance expenses of the lease liabil- ity and depreciation of the leased asset. Leased assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exer- cise a purchase option, the leased asset is depreciated over the underlying asset\u2019s useful life. The finance cost is recognized in profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. A lease liability and a leased asset are not recognized on the balance sheet for leases with variable lease payments or for low-value underlying assets. Aspo has determined the acquisition value of EUR 5,000 as a threshold for low value assets. Leases with variable lease payments include the leases for Green Coaster ves- sels owned by Green Coaster Shipping AB owned by the investor group. The leases for Green Coaster vessels are determined based on the income of the Green Coaster pool. Low-value assets comprise ICT equip- ment and minor office furniture. Also, short-term leases, with a lease term of 12 months or less, are not recognized on the balance sheet. Payments associated with low-value assets and short-term leases are recognized on a straight-line basis in other operating expenses. Aspo acts as a lessor in a very minor scale when sub-leasing office premises. These arrangements have been classified as operating leases and the lease income is recognized in other operating income on a straight-line basis over the lease term. In sale and leaseback situations, it is assessed whether the requirements under IFRS 15 are met in a way that the disposal can be treated as a sale. If the disposal of an asset is a sale, the value of the leased asset to be recognized is measured as a portion of the carrying amount of the sold asset that corresponds to the assets right to use value remaining for the company. As the sales gain or loss is presented only the portion of the sales gain of the asset that corresponds to the rights transferred to the buyer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "Aspo\u2019s equity consists of the share capital, share premium, hybrid bond (Hybrid), translation differences, treasury shares, retained earnings and other reserves including the invested unre- stricted equity reserve, legal reserves and hedging reserve. Dividend distribution is disclosed in note 2.7 Earnings per share and dividend distribution. \u25a0 SHARE CAPITAL AND SHARE PREMIUM RESERVE
Share premium
Number of Share capital reserve
shares
1,000
EUR
1,000
EUR
Dec 31, 2025
31,419,779
17,692
4,351
Share capital includes ordinary shares. Aspo Plc has one share series. Each share entitles the shareholder to one vote at the shareholders\u2019 meeting. The shares do not have a nominal value. On December 31, 2025, Aspo Plc\u2019s number of shares was 31,419,779 and the share capital was EUR 17.7 million. Share subscriptions based on the convertible capital loan that were issued during the validity of the old Companies Act (29.9.1978/734) were recognized in the share premium reserve. There have been no changes in the number of shares, share capi- tal or share premium reserve during the financial years ended December 31, 2025, and 2024. \u25a0 TREASURY SHARES
Number of Treasury shares
shares
1,000
EUR
Jan 1, 2024
16,244
-133
Share-based incentive plan
-13,976
117
Dec 31, 2024
2,268
-17
Jan 1, 2025
2,268
-17
Purchase of own shares
103,232
-688
Share-based incentive plan
-5,106
36
Dec 31, 2025
100,394
-669
2.6 Equity Aspo Plc holds treasury shares, which the Board of Directors may transfer based on authori- zation granted by the Annual General Meeting to individuals within the scope of share-based incentive schemes. Treasury shares are presented as part of retained earnings. Based on the authorization granted by the Annual General Meeting, Aspo\u2019s Board of Directors decided on November 3, 2025, to start a repurchasing program of the company\u2019s own shares as additional shares were needed for the share-based incentive plans. Between November 4 and December 31, 2025, Aspo acquired a total of 103,232 of its own shares in trading organized by Nasdaq Helsinki Ltd. Of the company\u2019s own shares, 5,106 shares were transferred to the Group's CFO Erkka Repo in December 2025. Share-based incentive schemes are described in more detail in note 5.4 Share-based payments. OTHER RESERVES The invested unrestricted equity reserve includes other equity-type investments and share subscription price to the extent that it is not recognized in the share capital in accordance with a separate resolution. The hedging reserve includes the fair value of derivative contracts, adjusted for any tax impact, for the derivative contracts that are subject to hedge accounting. For more informa- tion refer to note 5.2 Derivative contracts. TRANSLATION DIFFERENCES The translation difference reserve includes translation differences arising from the translation of the financial statements of foreign units, as well as unrealized foreign exchange gains and losses from the Group\u2019s net investments in foreign operations. More information on transla- tion differences is presented under currency risks in note 5.1 Financial risks and the manage- ment of financial risks. HYBRID BOND In May 2025, Aspo announced that it would exercise its right to redeem its EUR 30 million 8.75 percent hybrid bond issued on June 14, 2022. On June 16, 2025, Aspo paid the holders of the hybrid bond a redemption price equal to the principal amount of the note, with accrued interest of EUR 2.6 million. During the financial period, the hybrid bond accrued EUR 1.2 (2.6) million in interest. Of the interest, EUR 0.9 million has been recognized as a reduction of retained earnings, and EUR 0.2 million as interest expenses. Interest began to be recognized through profit or loss in May, when the repayment of the hybrid bond was confirmed, and it was classified as a liability. NON-CONTROLLING INTEREST In the financial year 2024, Aspo's equity was divided into equity attributable to Aspo Plc's shareholders and non-controlling interests. The non-controlling interests' share of Aspo's equity consists of 21.43 percent of the equity of the ESL Shipping segment. In addition, the result of the ESL Shipping segment and other comprehensive income items are allocated to the owners of the parent company and non-controlling interests based on their ownership interests. The minority investment in Aspo\u2019s subsidiary ESL Shipping Ltd by OP Finland Infrastruc- ture and Varma Mutual Pension Insurance Company was completed on February 28, 2024. The transaction was completed as a share issue where ESL Shipping Ltd issued new shares to OP Finland Infrastructure and Varma Mutual Pension Insurance Company against a cash consideration of EUR 45.0 million. This resulted in a non-controlling interest of 21.43% in ESL Shipping. In Aspo Group, as control of the subsidiary was not lost, the consideration of EUR 45.0 million was recognized in retained earnings deducted by the lost share of ESL Shipping\u2019s equity EUR 29.3 million resulting in a net increase of EUR 15.7 million in the total equity attributable to owners of Aspo. The cash flow of EUR 45.0 million was presented as financing cash flow. In 2025 the non-controlling interest decreased by EUR 6.2 million. The adjustment related to the sale of the Supramax vessels, and was based on the original investment agreement between Aspo Plc and the minority owners, which stated that the sales proceeds from the Supramax vessels pertained solely to Aspo Plc. During the reporting period, ESL Shipping Ltd distributed dividends totaling EUR 10.0 million, of which EUR 2.1 million was attributable to minority shareholders, and EUR 7.9 million to Aspo Plc in proportion to the respective hold- ings. In 2024 ESL Shipping Ltd distributed a total dividend of EUR 22 million. Of this amount EUR 13.0 million was distributed in accordance with the ownership share between Aspo Plc and the non-controlling interest (EUR 10.2 million to Aspo Plc and EUR 2.8 million to non-con- trolling owners) and EUR 9.0 million was distributed to Aspo Plc only. The dividend of EUR 9.0 million paid to Aspo Plc only related to the sold Supramax vessels and was based on the original investment agreement between Aspo Plc and the minority owners, which stated that the sales proceeds from the Supramax vessels pertain solely to Aspo Plc. The non-controlling owners\u2019 computational share of this EUR 9.0 million was EUR 1.9 million and it was recog- nized as a decrease of the non-controlling interest and as an increase of equity attributable to owners of Aspo. EQUITY Transaction costs, net of tax resulting directly from the issuance of new shares are recognized in equity, as a reduction of the payments received. When the company purchases treasury shares, the consideration paid for the shares and the transaction costs are rec- ognized as a reduction in equity. When the shares held by the company are sold, the consideration, net of tax and less direct transaction costs, is recognized as an increase in equity. HYBRID BOND The hybrid bond is classified as equity. The interest payment obligation arises if the Annual General Meeting decides to distribute dividends. If no dividend is dis- tributed, the company can decide upon the payment of interest separately. In the consolidated financial statements, the bond together with its accumulated interest and the transaction costs relat- ing to the issuance of a new hybrid bond, net of possible tax, are presented in equity according to their nature. A hybrid bond is an instrument which is subordi- nated to the company\u2019s other debt obli- gations. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the shareholders. A hybrid bond is classi- fied as a liability when its repayment has been decided. In such a case, the inter- est expense also begins to be recognized through profit or loss. NON-CONTROLLING INTEREST Changes in the ownership interest in a subsidiary that do not result in the par- ent losing control of the subsidiary are equity transactions (i.e. transactions with owners in their capacity as owners). The difference between the fair value of the consideration paid and the change in the non-controlling interest is recog- nized directly in equity and attributed to the owners of the parent. The non-con- trolling interest is presented in the con- solidated statement of financial position within equity, separately from the equity of the owners of the parent. In addition, the profit or loss for the period as well as other comprehensive income are attrib- uted to the owners of the parent and to the non-controlling interests on the basis of present ownership interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Aspo\u2019s equity consists of the share capital, share premium, hybrid bond (Hybrid), translation differences, treasury shares, retained earnings and other reserves including the invested unre- stricted equity reserve, legal reserves and hedging reserve. Dividend distribution is disclosed in note 2.7 Earnings per share and dividend distribution. \u25a0 SHARE CAPITAL AND SHARE PREMIUM RESERVE
Share premium
Number of Share capital reserve
shares
1,000
EUR
1,000
EUR
Dec 31, 2025
31,419,779
17,692
4,351
Share capital includes ordinary shares. Aspo Plc has one share series. Each share entitles the shareholder to one vote at the shareholders\u2019 meeting. The shares do not have a nominal value. On December 31, 2025, Aspo Plc\u2019s number of shares was 31,419,779 and the share capital was EUR 17.7 million. Share subscriptions based on the convertible capital loan that were issued during the validity of the old Companies Act (29.9.1978/734) were recognized in the share premium reserve. There have been no changes in the number of shares, share capi- tal or share premium reserve during the financial years ended December 31, 2025, and 2024. \u25a0 TREASURY SHARES
Number of Treasury shares
shares
1,000
EUR
Jan 1, 2024
16,244
-133
Share-based incentive plan
-13,976
117
Dec 31, 2024
2,268
-17
Jan 1, 2025
2,268
-17
Purchase of own shares
103,232
-688
Share-based incentive plan
-5,106
36
Dec 31, 2025
100,394
-669
2.6 Equity Aspo Plc holds treasury shares, which the Board of Directors may transfer based on authori- zation granted by the Annual General Meeting to individuals within the scope of share-based incentive schemes. Treasury shares are presented as part of retained earnings. Based on the authorization granted by the Annual General Meeting, Aspo\u2019s Board of Directors decided on November 3, 2025, to start a repurchasing program of the company\u2019s own shares as additional shares were needed for the share-based incentive plans. Between November 4 and December 31, 2025, Aspo acquired a total of 103,232 of its own shares in trading organized by Nasdaq Helsinki Ltd. Of the company\u2019s own shares, 5,106 shares were transferred to the Group's CFO Erkka Repo in December 2025. Share-based incentive schemes are described in more detail in note 5.4 Share-based payments. OTHER RESERVES The invested unrestricted equity reserve includes other equity-type investments and share subscription price to the extent that it is not recognized in the share capital in accordance with a separate resolution. The hedging reserve includes the fair value of derivative contracts, adjusted for any tax impact, for the derivative contracts that are subject to hedge accounting. For more informa- tion refer to note 5.2 Derivative contracts. TRANSLATION DIFFERENCES The translation difference reserve includes translation differences arising from the translation of the financial statements of foreign units, as well as unrealized foreign exchange gains and losses from the Group\u2019s net investments in foreign operations. More information on transla- tion differences is presented under currency risks in note 5.1 Financial risks and the manage- ment of financial risks. HYBRID BOND In May 2025, Aspo announced that it would exercise its right to redeem its EUR 30 million 8.75 percent hybrid bond issued on June 14, 2022. On June 16, 2025, Aspo paid the holders of the hybrid bond a redemption price equal to the principal amount of the note, with accrued interest of EUR 2.6 million. During the financial period, the hybrid bond accrued EUR 1.2 (2.6) million in interest. Of the interest, EUR 0.9 million has been recognized as a reduction of retained earnings, and EUR 0.2 million as interest expenses. Interest began to be recognized through profit or loss in May, when the repayment of the hybrid bond was confirmed, and it was classified as a liability. NON-CONTROLLING INTEREST In the financial year 2024, Aspo's equity was divided into equity attributable to Aspo Plc's shareholders and non-controlling interests. The non-controlling interests' share of Aspo's equity consists of 21.43 percent of the equity of the ESL Shipping segment. In addition, the result of the ESL Shipping segment and other comprehensive income items are allocated to the owners of the parent company and non-controlling interests based on their ownership interests. The minority investment in Aspo\u2019s subsidiary ESL Shipping Ltd by OP Finland Infrastruc- ture and Varma Mutual Pension Insurance Company was completed on February 28, 2024. The transaction was completed as a share issue where ESL Shipping Ltd issued new shares to OP Finland Infrastructure and Varma Mutual Pension Insurance Company against a cash consideration of EUR 45.0 million. This resulted in a non-controlling interest of 21.43% in ESL Shipping. In Aspo Group, as control of the subsidiary was not lost, the consideration of EUR 45.0 million was recognized in retained earnings deducted by the lost share of ESL Shipping\u2019s equity EUR 29.3 million resulting in a net increase of EUR 15.7 million in the total equity attributable to owners of Aspo. The cash flow of EUR 45.0 million was presented as financing cash flow. In 2025 the non-controlling interest decreased by EUR 6.2 million. The adjustment related to the sale of the Supramax vessels, and was based on the original investment agreement between Aspo Plc and the minority owners, which stated that the sales proceeds from the Supramax vessels pertained solely to Aspo Plc. During the reporting period, ESL Shipping Ltd distributed dividends totaling EUR 10.0 million, of which EUR 2.1 million was attributable to minority shareholders, and EUR 7.9 million to Aspo Plc in proportion to the respective hold- ings. In 2024 ESL Shipping Ltd distributed a total dividend of EUR 22 million. Of this amount EUR 13.0 million was distributed in accordance with the ownership share between Aspo Plc and the non-controlling interest (EUR 10.2 million to Aspo Plc and EUR 2.8 million to non-con- trolling owners) and EUR 9.0 million was distributed to Aspo Plc only. The dividend of EUR 9.0 million paid to Aspo Plc only related to the sold Supramax vessels and was based on the original investment agreement between Aspo Plc and the minority owners, which stated that the sales proceeds from the Supramax vessels pertain solely to Aspo Plc. The non-controlling owners\u2019 computational share of this EUR 9.0 million was EUR 1.9 million and it was recog- nized as a decrease of the non-controlling interest and as an increase of equity attributable to owners of Aspo. EQUITY Transaction costs, net of tax resulting directly from the issuance of new shares are recognized in equity, as a reduction of the payments received. When the company purchases treasury shares, the consideration paid for the shares and the transaction costs are rec- ognized as a reduction in equity. When the shares held by the company are sold, the consideration, net of tax and less direct transaction costs, is recognized as an increase in equity. HYBRID BOND The hybrid bond is classified as equity. The interest payment obligation arises if the Annual General Meeting decides to distribute dividends. If no dividend is dis- tributed, the company can decide upon the payment of interest separately. In the consolidated financial statements, the bond together with its accumulated interest and the transaction costs relat- ing to the issuance of a new hybrid bond, net of possible tax, are presented in equity according to their nature. A hybrid bond is an instrument which is subordi- nated to the company\u2019s other debt obli- gations. The hybrid bond does not confer to its holders the rights of a shareholder and does not dilute the holdings of the shareholders. A hybrid bond is classi- fied as a liability when its repayment has been decided. In such a case, the inter- est expense also begins to be recognized through profit or loss. NON-CONTROLLING INTEREST Changes in the ownership interest in a subsidiary that do not result in the par- ent losing control of the subsidiary are equity transactions (i.e. transactions with owners in their capacity as owners). The difference between the fair value of the consideration paid and the change in the non-controlling interest is recog- nized directly in equity and attributed to the owners of the parent. The non-con- trolling interest is presented in the con- solidated statement of financial position within equity, separately from the equity of the owners of the parent. In addition, the profit or loss for the period as well as other comprehensive income are attrib- uted to the owners of the parent and to the non-controlling interests on the basis of present ownership interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-396": { "value": "
SHARE CAPITAL AND SHARE PREMIUM RESERVE
Share premium
Number of Share capital reserve
shares
1,000
EUR
1,000
EUR
Dec 31, 2025
31,419,779
17,692
4,351
Share capital includes ordinary shares. Aspo Plc has one share series. Each share entitles
the shareholder to one vote at the shareholders\u2019 meeting. The shares do not have a nominal
value. On December 31, 2025, Aspo Plc\u2019s number of shares was 31,419,779 and the share
capital was EUR 17.7 million. Share subscriptions based on the convertible capital loan that
were issued during the validity of the old Companies Act (29.9.1978/734) were recognized in
the share premium reserve. There have been no changes in the number of shares, share capi-
tal or share premium reserve during the financial years ended December 31, 2025, and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-397": { "value": "
TREASURY SHARES
Number of Treasury shares
shares
1,000
EUR
Jan 1, 2024
16,244
-133
Share-based incentive plan
-13,976
117
Dec 31, 2024
2,268
-17
Jan 1, 2025
2,268
-17
Purchase of own shares
103,232
-688
Share-based incentive plan
-5,106
36
Dec 31, 2025
100,394
-669
2.6 Equity
Aspo Plc holds treasury shares, which the Board of Directors may transfer based on authori-
zation granted by the Annual General Meeting to individuals within the scope of share-based
incentive schemes. Treasury shares are presented as part of retained earnings.
Based on the authorization granted by the Annual General Meeting, Aspo\u2019s Board of
Directors decided on November 3, 2025, to start a repurchasing program of the company\u2019s
own shares as additional shares were needed for the share-based incentive plans. Between
November 4 and December 31, 2025, Aspo acquired a total of 103,232 of its own shares
in trading organized by Nasdaq Helsinki Ltd. Of the company\u2019s own shares, 5,106 shares
were transferred to the Group's CFO Erkka Repo in December 2025. Share-based incentive
schemes are described in more detail in note 5.4 Share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-398": { "value": "
NON-CONTROLLING INTEREST
In the financial year 2024, Aspo's equity was divided into equity attributable to Aspo Plc's
shareholders and non-controlling interests. The non-controlling interests' share of Aspo's
equity consists of 21.43 percent of the equity of the ESL Shipping segment. In addition, the
result of the ESL Shipping segment and other comprehensive income items are allocated to
the owners of the parent company and non-controlling interests based on their ownership
interests.
The minority investment in Aspo\u2019s subsidiary ESL Shipping Ltd by OP Finland Infrastruc-
ture and Varma Mutual Pension Insurance Company was completed on February 28, 2024.
The transaction was completed as a share issue where ESL Shipping Ltd issued new shares
to OP Finland Infrastructure and Varma Mutual Pension Insurance Company against a cash
consideration of EUR 45.0 million. This resulted in a non-controlling interest of 21.43% in ESL
Shipping. In Aspo Group, as control of the subsidiary was not lost, the consideration of EUR
45.0 million was recognized in retained earnings deducted by the lost share of ESL Shipping\u2019s
equity EUR 29.3 million resulting in a net increase of EUR 15.7 million in the total equity
attributable to owners of Aspo. The cash flow of EUR 45.0 million was presented as financing
cash flow.
In 2025 the non-controlling interest decreased by EUR 6.2 million. The adjustment related
to the sale of the Supramax vessels, and was based on the original investment agreement
between Aspo Plc and the minority owners, which stated that the sales proceeds from the
Supramax vessels pertained solely to Aspo Plc. During the reporting period, ESL Shipping Ltd
distributed dividends totaling EUR 10.0 million, of which EUR 2.1 million was attributable to
minority shareholders, and EUR 7.9 million to Aspo Plc in proportion to the respective hold-
ings.
In 2024 ESL Shipping Ltd distributed a total dividend of EUR 22 million. Of this amount
EUR 13.0 million was distributed in accordance with the ownership share between Aspo Plc
and the non-controlling interest (EUR 10.2 million to Aspo Plc and EUR 2.8 million to non-con-
trolling owners) and EUR 9.0 million was distributed to Aspo Plc only. The dividend of EUR
9.0 million paid to Aspo Plc only related to the sold Supramax vessels and was based on the
original investment agreement between Aspo Plc and the minority owners, which stated that
the sales proceeds from the Supramax vessels pertain solely to Aspo Plc. The non-controlling
owners\u2019 computational share of this EUR 9.0 million was EUR 1.9 million and it was recog-
nized as a decrease of the non-controlling interest and as an increase of equity attributable to
owners of Aspo.
NON-CONTROLLING INTEREST
Changes in the ownership interest in a
subsidiary that do not result in the par-
ent losing control of the subsidiary are
equity transactions (i.e. transactions
with owners in their capacity as owners).
The difference between the fair value of
the consideration paid and the change
in the non-controlling interest is recog-
nized directly in equity and attributed to
the owners of the parent. The non-con-
trolling interest is presented in the con-
solidated statement of financial position
within equity, separately from the equity
of the owners of the parent. In addition,
the profit or loss for the period as well as
other comprehensive income are attrib-
uted to the owners of the parent and to
the non-controlling interests on the basis
of present ownership interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-399": { "value": "
EQUITY
Transaction costs, net of tax resulting
directly from the issuance of new shares
are recognized in equity, as a reduction of
the payments received.
When the company purchases treasury
shares, the consideration paid for the
shares and the transaction costs are rec-
ognized as a reduction in equity. When
the shares held by the company are sold,
the consideration, net of tax and less
direct transaction costs, is recognized as
an increase in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "EQUITY Transaction costs, net of tax resulting directly from the issuance of new shares are recognized in equity, as a reduction of the payments received. When the company purchases treasury shares, the consideration paid for the shares and the transaction costs are rec- ognized as a reduction in equity. When the shares held by the company are sold, the consideration, net of tax and less direct transaction costs, is recognized as an increase in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "NON-CONTROLLING INTEREST Changes in the ownership interest in a subsidiary that do not result in the par- ent losing control of the subsidiary are equity transactions (i.e. transactions with owners in their capacity as owners). The difference between the fair value of the consideration paid and the change in the non-controlling interest is recog- nized directly in equity and attributed to the owners of the parent. The non-con- trolling interest is presented in the con- solidated statement of financial position within equity, separately from the equity of the owners of the parent. In addition, the profit or loss for the period as well as other comprehensive income are attrib- uted to the owners of the parent and to the non-controlling interests on the basis of present ownership interests.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-400": { "value": "
EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit or loss attributable to the parent compa-
ny\u2019s shareholders by the weighted average number of outstanding shares during the financial
year. When calculating earnings per share, the interest of the hybrid bond recognized in equity,
net of tax, has been considered as a profit-reducing item. Diluted earnings per share equals
basic earnings per share as there has been no dilution effects in years 2025 and 2024.
\u25a0
EARNINGS PER SHARE
1,000
EUR
2025
2024
Profit for the period attributable to parent company
shareholders, continuing operations
18,750
3,158
Interest of the hybrid bond (adjusted by tax effect),
continuing operations
-754
-2,100
Profit for the period attributable to parent company
shareholders, discontinued operation
4,757
3,205
Total
22,753
4,263
Average number of shares outstandning
during the financial period (1,000)
31,408
31,414
Basic and diluted earnings per share, EUR
Earnings per share, continuing operations
0.57
0.03
Earnings per share, discontinued operation
0.15
0.10
Total
0.72
0.14
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "EARNINGS PER SHARE Earnings per share is calculated by dividing the profit or loss attributable to the parent compa- ny\u2019s shareholders by the weighted average number of outstanding shares during the financial year. When calculating earnings per share, the interest of the hybrid bond recognized in equity, net of tax, has been considered as a profit-reducing item. Diluted earnings per share equals basic earnings per share as there has been no dilution effects in years 2025 and 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-401": { "value": "
DIVIDEND DISTRIBUTION
Aspo\u2019s aim is to distribute annually up to 50% of its profit for the financial year as a divi-
dend. The longer-term goal is to gradually increase the amount of dividends as profitability
improves, while considering financing needs of growth initiatives with strategic priority.
The Board of Directors has proposed that a dividend of EUR 0.25 per share is distributed
for the financial year 2025 and that the dividend is paid in one installment in April 2026.
Dividend distribution to owners of the parent company is recognized based on the General
Meeting\u2019s resolution. No dividend is paid to the treasury shares held by Aspo Plc.
According to the decision of the Annual General Meeting held on April 29, 2025, a total div-
idend of EUR 0.19 per share was distributed for 2024. The first dividend instalment of EUR
0.09 per share was paid on May 7, 2025, and the second dividend instalment of EUR 0.10
per share was paid on November 6, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "0.25", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-16": { "value": "Dividend distribution to owners of the parent company is recognized based on the General Meeting\u2019s resolution. No dividend is paid to the treasury shares held by Aspo Plc. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "0.19", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:AED/xbrli:shares" } }, "fact-402": { "value": "
OPERATING SEGMENTS
The operating and reportable segments of Aspo Group\u2019s continuing opera-
tions are ESL Shipping, and Telko. The Leipurin segment has been classified
as a discontinued operation in 2025.
The Board of Directors, which is the chief operating decision maker in
Aspo Group, is responsible for allocating resources to the operating seg-
ments and evaluating their performance. The operating segments have been
identified based on Aspo Group\u2019s organizational structure, in which each busi-
ness is led separately.
\u2022 ESL Shipping conducts sea transportation of raw materials for industry
and the energy sector and offers related services.
\u2022 Telko acquires and supplies plastic raw materials, chemicals and lubricants
to industry. Its extensive customer service also covers technical support
and the development of production processes.
The assets and liabilities of the segments are items that the segment uses in its business operations or that can be reasonably allocated to the segment. The segments\u2019 assets and liabilities
do not include intra-Group items. However, the net debt for segments also includes borrowings from the Group\u2019s parent company Aspo Plc. Items unallocated to segments consist of financial
statement line items associated with income taxes and centralized financing. Leipurin segment is presented as a discontinued operation. More information is provided in note 1.3 Discontinued
operation, including information about the results of the discontinued operation.
PROFITABILITY OF CONTINUING OPERATIONS
Within the Group, the evaluation of segment results is based on each segment\u2019s EBITA and net sales from outside the Group. Segment reporting is prepared in accordance with the same
recognition and measurement principles as the consolidated financial statements. Transactions between segments are based on fair market prices. There are no significant inter-segment
transactions.
Items unallocated to segments consist of the results of other operations, i.e. mainly administrative costs. Other operations include Aspo Group\u2019s administration and some common services. The
Group has not allocated net financial expenses to segments, as Aspo monitors and manages them at the Group level.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "OPERATING SEGMENTS The operating and reportable segments of Aspo Group\u2019s continuing opera- tions are ESL Shipping, and Telko. The Leipurin segment has been classified as a discontinued operation in 2025. The Board of Directors, which is the chief operating decision maker in Aspo Group, is responsible for allocating resources to the operating seg- ments and evaluating their performance. The operating segments have been identified based on Aspo Group\u2019s organizational structure, in which each busi- ness is led separately. \u2022 ESL Shipping conducts sea transportation of raw materials for industry and the energy sector and offers related services. \u2022 Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry. Its extensive customer service also covers technical support and the development of production processes. SEGMENT ASSETS AND LIABILITIES
1,000
EUR
ESL Shipping
Telko
Discontinued operation
Unallocated items
Group total
Segment assets Dec 31, 2024
238,170
174,065
59,619
40,109
511,963
Segment assets Dec 31, 2025
233,759
167,625
58,050
54,105
513,539
Segment liabilities Dec 31, 2024
21,762
56,803
18,948
225,627
323,140
Segment liabilities Dec 31, 2025
22,534
51,749
21,134
254,599
350,017
Net debt Dec 31, 2024
92,540
73,077
188,031
Net debt Dec 31, 2025
123,156
63,475
212,761
The assets and liabilities of the segments are items that the segment uses in its business operations or that can be reasonably allocated to the segment. The segments\u2019 assets and liabilities do not include intra-Group items. However, the net debt for segments also includes borrowings from the Group\u2019s parent company Aspo Plc. Items unallocated to segments consist of financial statement line items associated with income taxes and centralized financing. Leipurin segment is presented as a discontinued operation. More information is provided in note 1.3 Discontinued operation, including information about the results of the discontinued operation. PROFITABILITY OF CONTINUING OPERATIONS Within the Group, the evaluation of segment results is based on each segment\u2019s EBITA and net sales from outside the Group. Segment reporting is prepared in accordance with the same recognition and measurement principles as the consolidated financial statements. Transactions between segments are based on fair market prices. There are no significant inter-segment transactions. \u25a0 RECONCILIATION OF SEGMENT EBITA TO THE GROUP\u2019S PROFIT BEFORE TAXES FROM CONTINUING OPERATIONS
2025
2024
1,000
EUR
ESL Shipping
Telko
Unallocated items
Total
ESL Shipping
Telko
Unallocated items
Total
EBITA
25,545
17,479
-6,235
36,788
9,205
12,506
-5,132
16,579
EBITA amortization*)
-133
-3,644
-216
-3,992
-139
-2,070
-170
-2,379
Operating profit
25,412
13,836
-6,452
32,796
9,066
10,436
-5,302
14,200
Net financial expenses
-7,497
-7,497
-8,472
-8,472
Profit before taxes
25,299
5,728
*) Amortization and impairment of intangible assets Items unallocated to segments consist of the results of other operations, i.e. mainly administrative costs. Other operations include Aspo Group\u2019s administration and some common services. The Group has not allocated net financial expenses to segments, as Aspo monitors and manages them at the Group level.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-403": { "value": "
TELKO\u2019S NET SALES
1,000
EUR
2025
2024
Plastics business
114,589
105,890
Chemicals business
99,764
82,743
Lubricants business
70,157
64,670
Telko total
284,510
253,304
Telko\u2019s net sales increased by 12%, to EUR 284.5 (253.3) million. Sales growth was mainly
driven by the acquisitions made during 2024. Organic sales and sales volumes declined
slightly mainly due to poor market development. Product prices in general have significantly
declined during the year, driven by a decline in oil price. Price levels stabilized during the fourth
quarter. The average sales prices of Telko were slightly higher than in the previous year due to
a higher share of specialty products.
TIMING OF REVENUE RECOGNITION
In ESL Shipping segment revenue is recognized over time as the transportation services are
rendered. The revenue from the sale of vessels is recognized at a point in time based on the
delivery terms. In Telko segment revenue is recognized at a point in time based on the deliv-
ery terms. Thus, most of the Group\u2019s net sales, 66% (61%), are recognized as revenue at a
point in time in conjunction with the delivery of goods or services. Net sales recognized over
time mainly include ESL Shipping\u2019s sea transportation and related services amounting to EUR
159.3 (180.9) million.
Aspo\u2019s revenue consists mainly of the following income flows:
\u2022 ESL Shipping: Sales of sea freight services mainly to the industry and the energy sector
\u2022 Telko: Sales of plastic and chemical raw materials as well as lubricants to industries and
trade
The external net sales of the segments equal the net sales in the Group\u2019s income statement.
Aspo does not depend on any individual significant customers, however, in the ESL Shipping
segment the purchases of one customer in the steel industry account for slightly more than
ten percent of the consolidated net sales.
Net sales from continuing operations grew by 2.1% to EUR 469.1 (459.5) million. Net
sales include foreign exchange rate differences of EUR -0.2 (0.0) million).
\u25a0
ESL SHIPPING\u2019S NET SALES
1,000
EUR
2025
2024
Vessel class:
Handy
79,134
79,132
Coaster
80,227
94,201
Sale of Green Coaster vessels
25,212
25,329
Supra
7,544
ESL Shipping total
184,573
206,207
ESL Shipping\u2019s net sales decreased by 10% to EUR 184.6 (206.2) million. Sales development
of the handy segment was flat, whereas coaster net sales declined by 15%. The decreased
net sales were mainly due to lower capacity, very weak spot market pricing and softer con-
tractual freight volume demand caused by overall modest industrial activity, especially in the
coaster segment. Both in 2025 and 2024 ESL Shipping sold two Green Coasters to the inves-
tor pool company. The sale of the Supramax vessels was completed in the second quarter of
2024, so they generated net sales until then.
INFORMATION RELATED TO GEOGRAPHICAL REGIONS
Aspo\u2019s reportable market areas are: Finland, Scandinavian countries, Baltic countries,
Other European countries and Other countries. Net sales of the geographical regions are
presented based on customer location.
\u25a0
NET SALES BY MARKET AREA
1,000
EUR
2025
2024
ESL Shipping
Finland
96,046
101,142
Scandinavia
62,278
74,753
Baltic countries
3,343
2,822
Other European countries
21,530
24,107
Other countries
1,376
3,383
184,573
206,207
Telko
Finland
49,462
48,381
Scandinavia
106,157
76,298
Baltic countries
28,115
28,220
Other European countries
75,095
70,030
Other countries
25,681
30,375
284,510
253,304
Total
Finland
145,508
149,523
Scandinavia
168,436
151,051
Baltic countries
31,458
31,042
Other European countries
96,625
94,137
Other countries
27,057
33,758
Total
469,084
459,510
REVENUE RECOGNITION
The revenue of Telko segment comes from
the sale of products, which are consid-
ered to be individual performance obliga-
tions. Revenue is recognized when the per-
formance obligation is fulfilled by handing
over the product or service to the client.
Revenue is recognized upon delivery at a
point in time once significant risks and ben-
efits associated with ownership have been
passed on to the buyer in accordance with
the delivery clauses.
ESL Shipping\u2019s income from sea freight
is recognized over time as the services are
rendered. The revenue recognition is based
on the transportation agreements or other
service agreements. At the end of each
reporting period, revenue from ESL Ship-
ping\u2019s undelivered or otherwise incomplete
services is recognized based on the number
of days completed by the reporting date as
a percentage of the estimated total dura-
tion of the service. Revenue from the sale
of Green Coaster vessels is recognized at a
point in time based on the delivery terms.
Apart from ESL Shipping, only a small
part of the net sales of the operating seg-
ments comprises services sold to custom-
ers, income from which is recognized at a
point in time once the service has been ren-
dered, or over time if the customer simul-
taneously receives benefits when the ser-
vice is being rendered. Majority of other ser-
vices offered by the segments are regarded
as customer service, and they are not con-
sidered separate performance obligations,
because they are related, for example, to
the development and design of product
concepts and customized solutions.
Transaction prices do not include any
significant financing components. Primar-
ily, accounts receivable fall due within 0\u201360
days after the invoicing date. Advance pay-
ments received from customers are also
used, typically in projects with a long pro-
duction period, where installments are tied
to the progress of the project. These pay-
ments are contract liabilities and recorded
in advances received.
Some contracts with customers include
discounts that are tied, for example, to
product volumes purchased annually by
the customer in question. With regard to
these, the likely amount of a realized dis-
count is estimated on the basis of histor-
ical information, and these estimates are
used to adjust the recognized revenue.
These accruals are recorded on a monthly
basis, and the estimates are updated when
more information is available. The amount
of these discounts is not significant within
Aspo Group.
Products sold by Aspo involve war-
ranty obligations, due to the replacement
or repair of any defective products during
the warranty period. These warranty obli-
gations do not differ from normal statu-
tory obligations, or any obligations followed
in accordance with sector-specific market
practices. These obligations are assessed
regularly as the likely amount based on his-
torical experience and recorded in opera-
tional expenses.
Aspo has not had significant incremental
costs for obtaining contracts with custom-
ers that should be capitalized in the bal-
ance sheet. Possible incremental costs are
expensed as incurred as their nature is such
that they would be expensed within a year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "REVENUE RECOGNITION The revenue of Telko segment comes from the sale of products, which are consid- ered to be individual performance obliga- tions. Revenue is recognized when the per- formance obligation is fulfilled by handing over the product or service to the client. Revenue is recognized upon delivery at a point in time once significant risks and ben- efits associated with ownership have been passed on to the buyer in accordance with the delivery clauses. ESL Shipping\u2019s income from sea freight is recognized over time as the services are rendered. The revenue recognition is based on the transportation agreements or other service agreements. At the end of each reporting period, revenue from ESL Ship- ping\u2019s undelivered or otherwise incomplete services is recognized based on the number of days completed by the reporting date as a percentage of the estimated total dura- tion of the service. Revenue from the sale of Green Coaster vessels is recognized at a point in time based on the delivery terms. Apart from ESL Shipping, only a small part of the net sales of the operating seg- ments comprises services sold to custom- ers, income from which is recognized at a point in time once the service has been ren- dered, or over time if the customer simul- taneously receives benefits when the ser- vice is being rendered. Majority of other ser- vices offered by the segments are regarded as customer service, and they are not con- sidered separate performance obligations, because they are related, for example, to the development and design of product concepts and customized solutions. Transaction prices do not include any significant financing components. Primar- ily, accounts receivable fall due within 0\u201360 days after the invoicing date. Advance pay- ments received from customers are also used, typically in projects with a long pro- duction period, where installments are tied to the progress of the project. These pay- ments are contract liabilities and recorded in advances received. Some contracts with customers include discounts that are tied, for example, to product volumes purchased annually by the customer in question. With regard to these, the likely amount of a realized dis- count is estimated on the basis of histor- ical information, and these estimates are used to adjust the recognized revenue. These accruals are recorded on a monthly basis, and the estimates are updated when more information is available. The amount of these discounts is not significant within Aspo Group. Products sold by Aspo involve war- ranty obligations, due to the replacement or repair of any defective products during the warranty period. These warranty obli- gations do not differ from normal statu- tory obligations, or any obligations followed in accordance with sector-specific market practices. These obligations are assessed regularly as the likely amount based on his- torical experience and recorded in opera- tional expenses. Aspo has not had significant incremental costs for obtaining contracts with custom- ers that should be capitalized in the bal- ance sheet. Possible incremental costs are expensed as incurred as their nature is such that they would be expensed within a year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "Some contracts with customers include discounts that are tied, for example, to product volumes purchased annually by the customer in question. With regard to these, the likely amount of a realized dis- count is estimated on the basis of histor- ical information, and these estimates are used to adjust the recognized revenue. These accruals are recorded on a monthly basis, and the estimates are updated when more information is available. The amount of these discounts is not significant within Aspo Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-404": { "value": "
OTHER OPERATING INCOME
1,000
EUR
2025
2024
Gains on sale of tangible assets and other non-current assets
10,949
696
Rents and related remunerations
215
241
Insurance compensation
2,397
311
Other income
875
1,159
Total
14,435
2,406
In 2025, the gains on the sale of tangible assets mainly consisted of the EUR 9.6 million gain
from the divestment M/S Kallio and the EUR 1.3 million gain on the sale of a Coaster ves-
sel at the end of her economic life in the ESL Shipping segment. In addition, the ESL Shipping
segment reported EUR 2.4 million in insurance compensation, mainly related to a payment
fraud incident during the year and the fire on M/S Tali.
In 2024, gains on the sale of tangible assets include EUR 0.7 million in gains from the sale
of real estate assets of other operations.
OTHER OPERATING EXPENSES
1,000
EUR
2025
2024
ESL Shipping
-78,721
-81,846
Telko
-13,211
-12,789
Other operations
-4,064
-3,186
Total
-95,995
-97,822
Most of ESL Shipping\u2019s other operating expenses are related to vessel operations, such as
port and fairway fees, technical vessel expenses, service components of lease agreements,
and the travel expenses of crew members.
In 2025, the other operating expenses of Telko segment include an adjustment of EUR 0.4
million related to write-down of inventories of a discontinued business in Central Asia. The
adjustment is related to 2022\u20132024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "OTHER OPERATING INCOME
1,000
EUR
2025
2024
Gains on sale of tangible assets and other non-current assets
10,949
696
Rents and related remunerations
215
241
Insurance compensation
2,397
311
Other income
875
1,159
Total
14,435
2,406
In 2025, the gains on the sale of tangible assets mainly consisted of the EUR 9.6 million gain from the divestment M/S Kallio and the EUR 1.3 million gain on the sale of a Coaster ves- sel at the end of her economic life in the ESL Shipping segment. In addition, the ESL Shipping segment reported EUR 2.4 million in insurance compensation, mainly related to a payment fraud incident during the year and the fire on M/S Tali. In 2024, gains on the sale of tangible assets include EUR 0.7 million in gains from the sale of real estate assets of other operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-405": { "value": "
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
1,000
EUR
2025
2024
Balance Jan 1
1,921
1,703
Translation differences
3
Business combinations
44
Dividends received
-45
-269
Share of profits for the the financial year
264
442
Carrying amount Dec 31
2,143
1,921
\u25a0
RELATED PARTY TRANSACTIONS WITH ASSOCIATED COMPANIES
1,000
EUR
2025
2024
Services acquired
-1,991
-2,534
Commissions
-181
-87
Depreciation of time-chartered vessels
-872
-1,101
Interest expense of time-chartered vessels
-21
-26
Leased assets, vessels
1,027
1,122
Other receivables
264
123
Lease liabilities
1,018
1,133
SHARE IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD
Aspo Group has three associated companies of which two were acquired in conjunction with
the acquisition of AtoBatC Shipping AB in 2018. These German limited partnership compa-
nies, Auriga KG and Norma KG, are domiciled in Leer. The associated companies are included
in the ESL Shipping segment. The third associated company, CrossChem Sweden AB,
became part of the Group with the acquisition of Swed Handling in 2024, and is domiciled in
Norrk\u00f6ping.
\u25a0
ASSOCIATED COMPANIES
Company
Domicile
Holding %
Auriga KG
DE
49.00
Norma KG
DE
49.00
CrossChem Sweden AB
SE
50.00
Auriga KG and Norma KG both own one dry bulk cargo vessel. The income of the companies
consists of rent income from the vessels owned. The fair value of these associated compa-
nies determined in conjunction with the acquisition was EUR 0.9 million higher than the carry-
ing amount. The difference between the fair value and carrying amount is attributable to the
vessels owned by the companies, and it is amortized during the useful life of the vessels. The
amortization amounts to approximately EUR 0.1 million per year. ESL Shipping uses the two
vessels of the associated companies in its business operations and pays market rent to the
associated companies.
CrossChem Sweden AB owns the AdBlue brand, which Swed Handling AB uses in some
of the products it sells. Swed Handling AB sells the products to CrossChem Sweden AB and
buys them back under the AdBlue brand. Swed Handling AB pays CrossChem Sweden AB the
market price for products under the AdBlue brand. The difference between the selling and pur-
chasing price can be regarded as a commission for the brand, which is presented in the con-
solidated financial statements as part of external services.
ASSOCIATED COMPANIES
Investments in associates are accounted for using the equity method of accounting. If the
Group\u2019s share of losses in an associate exceeds the carrying amount, losses in excess of
the carrying amount will not be recognized, unless the Group undertakes to fulfill the obli-
gations of the associate. Unrealized gains on transactions between the Group and its
associates are eliminated in proportion to the Group\u2019s ownership share. The share of prof-
its of associated companies presented in the consolidated statement of comprehensive
income is calculated from the associate\u2019s profit for the period, net of tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
1,000
EUR
2025
2024
Balance Jan 1
1,921
1,703
Translation differences
3
Business combinations
44
Dividends received
-45
-269
Share of profits for the the financial year
264
442
Carrying amount Dec 31
2,143
1,921
\u25a0 RELATED PARTY TRANSACTIONS WITH ASSOCIATED COMPANIES
1,000
EUR
2025
2024
Services acquired
-1,991
-2,534
Commissions
-181
-87
Depreciation of time-chartered vessels
-872
-1,101
Interest expense of time-chartered vessels
-21
-26
Leased assets, vessels
1,027
1,122
Other receivables
264
123
Lease liabilities
1,018
1,133
SHARE IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD Aspo Group has three associated companies of which two were acquired in conjunction with the acquisition of AtoBatC Shipping AB in 2018. These German limited partnership compa- nies, Auriga KG and Norma KG, are domiciled in Leer. The associated companies are included in the ESL Shipping segment. The third associated company, CrossChem Sweden AB, became part of the Group with the acquisition of Swed Handling in 2024, and is domiciled in Norrk\u00f6ping. \u25a0 ASSOCIATED COMPANIES
Company
Domicile
Holding %
Auriga KG
DE
49.00
Norma KG
DE
49.00
CrossChem Sweden AB
SE
50.00
Auriga KG and Norma KG both own one dry bulk cargo vessel. The income of the companies consists of rent income from the vessels owned. The fair value of these associated compa- nies determined in conjunction with the acquisition was EUR 0.9 million higher than the carry- ing amount. The difference between the fair value and carrying amount is attributable to the vessels owned by the companies, and it is amortized during the useful life of the vessels. The amortization amounts to approximately EUR 0.1 million per year. ESL Shipping uses the two vessels of the associated companies in its business operations and pays market rent to the associated companies. CrossChem Sweden AB owns the AdBlue brand, which Swed Handling AB uses in some of the products it sells. Swed Handling AB sells the products to CrossChem Sweden AB and buys them back under the AdBlue brand. Swed Handling AB pays CrossChem Sweden AB the market price for products under the AdBlue brand. The difference between the selling and pur- chasing price can be regarded as a commission for the brand, which is presented in the con- solidated financial statements as part of external services. ASSOCIATED COMPANIES Investments in associates are accounted for using the equity method of accounting. If the Group\u2019s share of losses in an associate exceeds the carrying amount, losses in excess of the carrying amount will not be recognized, unless the Group undertakes to fulfill the obli- gations of the associate. Unrealized gains on transactions between the Group and its associates are eliminated in proportion to the Group\u2019s ownership share. The share of prof- its of associated companies presented in the consolidated statement of comprehensive income is calculated from the associate\u2019s profit for the period, net of tax. RELATED PARTIES The subsidiaries and associated companies, which are related parties of Aspo Group are pre- sented in note 1.1 Group structure, and further information about associated companies can be found in note 3.3 Associated companies. The related parties also include key management personnel, i.e., members of the Board of Directors and the Group Executive Committee and their close family members as well as any entities under their control. Information about the members of the Board and the Group Executive Committee is available at www.aspo.com. No material transactions with Aspo\u2019s related parties or entities controlled by them were identified during the current or previous financial year. MANAGEMENT COMPENSATION \u25a0 EXPENSES FOR KEY MANAGEMENT COMPENSATION
1,000
EUR
2025
2024
Salaries and other short-term employee benefits
2,208
1,987
Post-employment benefits
380
327
Termination benefits
98
Share-based payments
368
519
Total
2,956
2,931
Pension benefits include both statutory and voluntary pension payments. \u25a0 SALARIES AND BENEFITS OF BOARD MEMBERS AND CEO
1,000
EUR
2025
2024
Chief Executive Officer compensation
CEO Jansson Rolf, salaries
473
468
CEO Jansson Rolf, pensions
96
93
CEO Jansson Rolf, bonuses
105
87
CEO Jansson Rolf, share-based payments
51
52
Total
725
700
Aspo\u2019s CEO is entitled to a statutory pension, and the retirement age is determined according to the statutory earnings-related pension scheme. The period of notice applied to the employ- ment relationship of the CEO is six months. If notice is given by the company, a severance pay corresponding to six months\u2019 salary will be paid in addition to the salary for the notice period.
1,000
EUR
2025
2024
Board of Directors compensation
Westerlund Heikki, Chairman of the Board
76
77
Laine Mikael, Vice Chairman of the Board
58
57
Allam Patricia
40
41
Ekman Annika*
41
28
Kolunsarka Tapio
39
41
P\u00f6yry Salla**
17
St\u00e5hlberg Kaarina
44
42
Vehmas Tatu
46
45
Total
344
347
*Member of the Board since April 12, 2024
**Member of the Board until April 12, 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
1,000
EUR
2025
2024
Balance Jan 1
1,921
1,703
Translation differences
3
Business combinations
44
Dividends received
-45
-269
Share of profits for the the financial year
264
442
Carrying amount Dec 31
2,143
1,921
\u25a0 RELATED PARTY TRANSACTIONS WITH ASSOCIATED COMPANIES
1,000
EUR
2025
2024
Services acquired
-1,991
-2,534
Commissions
-181
-87
Depreciation of time-chartered vessels
-872
-1,101
Interest expense of time-chartered vessels
-21
-26
Leased assets, vessels
1,027
1,122
Other receivables
264
123
Lease liabilities
1,018
1,133
SHARE IN COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD Aspo Group has three associated companies of which two were acquired in conjunction with the acquisition of AtoBatC Shipping AB in 2018. These German limited partnership compa- nies, Auriga KG and Norma KG, are domiciled in Leer. The associated companies are included in the ESL Shipping segment. The third associated company, CrossChem Sweden AB, became part of the Group with the acquisition of Swed Handling in 2024, and is domiciled in Norrk\u00f6ping. \u25a0 ASSOCIATED COMPANIES
Company
Domicile
Holding %
Auriga KG
DE
49.00
Norma KG
DE
49.00
CrossChem Sweden AB
SE
50.00
Auriga KG and Norma KG both own one dry bulk cargo vessel. The income of the companies consists of rent income from the vessels owned. The fair value of these associated compa- nies determined in conjunction with the acquisition was EUR 0.9 million higher than the carry- ing amount. The difference between the fair value and carrying amount is attributable to the vessels owned by the companies, and it is amortized during the useful life of the vessels. The amortization amounts to approximately EUR 0.1 million per year. ESL Shipping uses the two vessels of the associated companies in its business operations and pays market rent to the associated companies. CrossChem Sweden AB owns the AdBlue brand, which Swed Handling AB uses in some of the products it sells. Swed Handling AB sells the products to CrossChem Sweden AB and buys them back under the AdBlue brand. Swed Handling AB pays CrossChem Sweden AB the market price for products under the AdBlue brand. The difference between the selling and pur- chasing price can be regarded as a commission for the brand, which is presented in the con- solidated financial statements as part of external services. ASSOCIATED COMPANIES Investments in associates are accounted for using the equity method of accounting. If the Group\u2019s share of losses in an associate exceeds the carrying amount, losses in excess of the carrying amount will not be recognized, unless the Group undertakes to fulfill the obli- gations of the associate. Unrealized gains on transactions between the Group and its associates are eliminated in proportion to the Group\u2019s ownership share. The share of prof- its of associated companies presented in the consolidated statement of comprehensive income is calculated from the associate\u2019s profit for the period, net of tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "ASSOCIATED COMPANIES Investments in associates are accounted for using the equity method of accounting. If the Group\u2019s share of losses in an associate exceeds the carrying amount, losses in excess of the carrying amount will not be recognized, unless the Group undertakes to fulfill the obli- gations of the associate. Unrealized gains on transactions between the Group and its associates are eliminated in proportion to the Group\u2019s ownership share. The share of prof- its of associated companies presented in the consolidated statement of comprehensive income is calculated from the associate\u2019s profit for the period, net of tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-406": { "value": "
MATERIALS AND SERVICES
1,000
EUR
2025
2024
Purchases during the period
ESL Shipping
-56,768
-65,021
Telko
-213,056
-216,807
Total
-269,824
-281,828
Change in inventories
-3,713
19,046
Services acquired
Telko
-8,201
-6,685
Total
-8,201
-6,685
Materials and services, total
-281,737
-269,467
Purchases included EUR -0.3 (-0.5) million in exchange rate differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "OTHER OPERATING EXPENSES
1,000
EUR
2025
2024
ESL Shipping
-78,721
-81,846
Telko
-13,211
-12,789
Other operations
-4,064
-3,186
Total
-95,995
-97,822
Most of ESL Shipping\u2019s other operating expenses are related to vessel operations, such as port and fairway fees, technical vessel expenses, service components of lease agreements, and the travel expenses of crew members. In 2025, the other operating expenses of Telko segment include an adjustment of EUR 0.4 million related to write-down of inventories of a discontinued business in Central Asia. The adjustment is related to 2022\u20132024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-407": { "value": "
AUDITOR'S FEES
1,000
EUR
2025
2024
Audit firm of the parent company
Audit
466
527
Tax advice
4
Other services
450
87
Other audit firms
Audit
92
56
Tax advice
27
10
Other services
49
19
Total
1,085
702
The authorized public accountant firm Deloitte Oy is the auditor of Aspo Plc. Deloitte\u2019s audit
fee for 2025 was EUR 0.5 (0.5) million, and its fees relating to other services totaled EUR
0.5 (0.1) million. Audit fees include fees for the audit of the consolidated financial statements,
review of interim reports, fees for the audit of the parent company and its subsidiaries. Other
services related to Aspo\u2019s strategic projects EUR 0.4 million and to the limited assurance of
the sustainability statement EUR 0.1 (0.1) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-408": { "value": "
EMPLOYEE BENEFIT EXPENSES
1,000
EUR
2025
2024
Wages and salaries
-38,110
-36,401
Pension expenses, defined contribution plans
-4,118
-3,643
Share-based payments
-466
-637
Other employee benefit expenses
-4,720
-3,577
Total
-47,414
-44,259
Aspo benefits from the government subsidy for merchant vessels received from the Minis-
try of Transport and Communications, according to which ESL Shipping receives withholding
taxes and social security expenses related to marine personnel\u2019s pay as refunds. The amount
of the subsidy for merchant vessels amounted to EUR 5.2 (5.3) million.
In Finland the statutory pension provision is arranged by insurances from pension insurance
companies. In foreign units, the pension provision is arranged in accordance with local legis-
lation and social security regulations. The Group\u2019s pension schemes are defined contribution
plans and the contributions are recognized as employee benefit expense in the financial period
they relate to. Information regarding the employee benefits of key management personnel is
presented in note 5.3 Related parties and management compensation.
NUMBER OF EMPLOYEES
At the end of the financial year, the number of employees of Aspo Group was 798 (800), and
the average number of personnel during the financial year was 807 (765). The number of
employees of the continuing operations was 635, and the number of employees of the dis-
continued operation was 163.
\u25a0
PERSONNEL BY SEGMENT, ON AVERAGE
2025
2024
ESL Shipping
257
269
Telko
364
294
Other operations
25
46
Continuing operations, total
645
608
Discontinued operation
162
157
Total
807
765
\u25a0
PERSONNEL BY SEGMENT AT YEAR-END
2025
2024
ESL Shipping
250
253
Telko
368
349
Other operations
17
44
Continuing operations, total
635
646
Discontinued operation
163
154
Total
798
800
\u25a0
PERSONNEL BY GEOGRAPHICAL AREA AT YEAR-END
2025
2024
Finland
325
333
Scandinavia
153
151
Baltic countries
40
38
Other European countries
86
94
Other countries
31
30
Continuing operations, total
635
646
Discontinued operation
163
154
Total
798
800
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "EMPLOYEE BENEFIT EXPENSES
1,000
EUR
2025
2024
Wages and salaries
-38,110
-36,401
Pension expenses, defined contribution plans
-4,118
-3,643
Share-based payments
-466
-637
Other employee benefit expenses
-4,720
-3,577
Total
-47,414
-44,259
Aspo benefits from the government subsidy for merchant vessels received from the Minis- try of Transport and Communications, according to which ESL Shipping receives withholding taxes and social security expenses related to marine personnel\u2019s pay as refunds. The amount of the subsidy for merchant vessels amounted to EUR 5.2 (5.3) million. In Finland the statutory pension provision is arranged by insurances from pension insurance companies. In foreign units, the pension provision is arranged in accordance with local legis- lation and social security regulations. The Group\u2019s pension schemes are defined contribution plans and the contributions are recognized as employee benefit expense in the financial period they relate to. Information regarding the employee benefits of key management personnel is presented in note 5.3 Related parties and management compensation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-409": { "value": "
DEPRECIATION AND AMORTIZATION, TANGIBLE AND INTANGIBLE ASSETS
1,000
EUR
2025
2024
Intangible assets
-3,837
-2,188
Buildings
-511
-346
Vessels
-11,402
-13,300
Machinery and equipment
-1,118
-772
Other tangible assets
-77
-51
Total
-16,946
-16,657
Impairment losses
Vessels
-7,018
Other tangible assets
-18
Total impairment losses
-7,036
Total depreciation, amortization and impairment losses
-16,946
-23,693
3.7 Depreciation, amortization and impairment losses
\u25a0
DEPRECIATION AND AMORTIZATION, LEASED ASSETS
1,000
EUR
2025
2024
Intangible assets
-155
-191
Land
-116
-112
Buildings
-1,413
-1,386
Vessels
-6,118
-10,313
Machinery and equipment
-1,091
-916
Total
-8,893
-12,919
Aspo\u2019s depreciation expenses mainly related to vessels owned and leased by ESL Shipping.
In 2024, impairment losses of EUR 7.0 million were related to the Supramax vessels sold.
The impairment loss was recognized in March 2024 when the vessels were classified as held
for sale in accordance with the IFRS 5 standard. The recognition of depreciation expense on
the Supramax vessels also ceased at that time.
Accounting principles for depreciation are included in note 4.1 Tangible assets and for
amortization in note 4.2 Intangible assets. Accounting principles for leases are described in
note 2.5 Leases.
\u25a0
DEPRECIATION AND AMORTIZATION BY SEGMENT
2025
2024
Other Other
1,000
EUR
ESL Shipping
Telko
operations
Total
ESL Shipping
Telko
operations
Total
Intangible assets
-128
-3,641
-68
-3,837
-135
-2,050
-3
-2,188
Tangible assets
-11,419
-1,670
-19
-13,109
-13,309
-1,142
-17
-14,469
Total
-11,548
-5,311
-87
-16,946
-13,445
-3,192
-20
-16,657
Leased assets
-6,475
-1,873
-545
-8,893
-10,663
-1,772
-483
-12,919
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-410": { "value": "
FINANCIAL INCOME AND EXPENSES
1,000
EUR
2025
2024
Interest income from loans and other receivables
3,758
3,023
Foreign exchange gains
620
1,146
Financial income
4,378
4,169
Interest expenses on leases
-520
-536
Interest and other financial expenses
-9,772
-10,234
Foreign exchange losses
-1,583
-1,871
Financial expenses
-11,875
-12,641
Financial income and expenses
-7,497
-8,472
Net financial expenses totaled EUR -7.5 (-8.5) million. Net financial expenses were lower in
2025 than in the comparative year, as a revision of the earn-out liabilities of EUR 2.9 (1.5) mil-
lion related to Telko\u2019s acquisitions was recognized as financial income. The average interest
rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, com-
pared with 4.8% in December 2024.
In 2025, the sale of Leipurin\u2019s company in Kazakhstan generated a gain of EUR 0.1 million,
recognized as financial income. In 2024, the sale of Leipurin Russia resulted in a loss of EUR
0.1 million recognized as financial expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "FINANCIAL INCOME AND EXPENSES
1,000
EUR
2025
2024
Interest income from loans and other receivables
3,758
3,023
Foreign exchange gains
620
1,146
Financial income
4,378
4,169
Interest expenses on leases
-520
-536
Interest and other financial expenses
-9,772
-10,234
Foreign exchange losses
-1,583
-1,871
Financial expenses
-11,875
-12,641
Financial income and expenses
-7,497
-8,472
Net financial expenses totaled EUR -7.5 (-8.5) million. Net financial expenses were lower in 2025 than in the comparative year, as a revision of the earn-out liabilities of EUR 2.9 (1.5) mil- lion related to Telko\u2019s acquisitions was recognized as financial income. The average interest rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, com- pared with 4.8% in December 2024. In 2025, the sale of Leipurin\u2019s company in Kazakhstan generated a gain of EUR 0.1 million, recognized as financial income. In 2024, the sale of Leipurin Russia resulted in a loss of EUR 0.1 million recognized as financial expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "FINANCIAL INCOME AND EXPENSES
1,000
EUR
2025
2024
Interest income from loans and other receivables
3,758
3,023
Foreign exchange gains
620
1,146
Financial income
4,378
4,169
Interest expenses on leases
-520
-536
Interest and other financial expenses
-9,772
-10,234
Foreign exchange losses
-1,583
-1,871
Financial expenses
-11,875
-12,641
Financial income and expenses
-7,497
-8,472
Net financial expenses totaled EUR -7.5 (-8.5) million. Net financial expenses were lower in 2025 than in the comparative year, as a revision of the earn-out liabilities of EUR 2.9 (1.5) mil- lion related to Telko\u2019s acquisitions was recognized as financial income. The average interest rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, com- pared with 4.8% in December 2024. In 2025, the sale of Leipurin\u2019s company in Kazakhstan generated a gain of EUR 0.1 million, recognized as financial income. In 2024, the sale of Leipurin Russia resulted in a loss of EUR 0.1 million recognized as financial expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "FINANCIAL INCOME AND EXPENSES
1,000
EUR
2025
2024
Interest income from loans and other receivables
3,758
3,023
Foreign exchange gains
620
1,146
Financial income
4,378
4,169
Interest expenses on leases
-520
-536
Interest and other financial expenses
-9,772
-10,234
Foreign exchange losses
-1,583
-1,871
Financial expenses
-11,875
-12,641
Financial income and expenses
-7,497
-8,472
Net financial expenses totaled EUR -7.5 (-8.5) million. Net financial expenses were lower in 2025 than in the comparative year, as a revision of the earn-out liabilities of EUR 2.9 (1.5) mil- lion related to Telko\u2019s acquisitions was recognized as financial income. The average interest rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, com- pared with 4.8% in December 2024. In 2025, the sale of Leipurin\u2019s company in Kazakhstan generated a gain of EUR 0.1 million, recognized as financial income. In 2024, the sale of Leipurin Russia resulted in a loss of EUR 0.1 million recognized as financial expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "FINANCIAL INCOME AND EXPENSES
1,000
EUR
2025
2024
Interest income from loans and other receivables
3,758
3,023
Foreign exchange gains
620
1,146
Financial income
4,378
4,169
Interest expenses on leases
-520
-536
Interest and other financial expenses
-9,772
-10,234
Foreign exchange losses
-1,583
-1,871
Financial expenses
-11,875
-12,641
Financial income and expenses
-7,497
-8,472
Net financial expenses totaled EUR -7.5 (-8.5) million. Net financial expenses were lower in 2025 than in the comparative year, as a revision of the earn-out liabilities of EUR 2.9 (1.5) mil- lion related to Telko\u2019s acquisitions was recognized as financial income. The average interest rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, com- pared with 4.8% in December 2024. In 2025, the sale of Leipurin\u2019s company in Kazakhstan generated a gain of EUR 0.1 million, recognized as financial income. In 2024, the sale of Leipurin Russia resulted in a loss of EUR 0.1 million recognized as financial expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "FINANCIAL INCOME AND EXPENSES
1,000
EUR
2025
2024
Interest income from loans and other receivables
3,758
3,023
Foreign exchange gains
620
1,146
Financial income
4,378
4,169
Interest expenses on leases
-520
-536
Interest and other financial expenses
-9,772
-10,234
Foreign exchange losses
-1,583
-1,871
Financial expenses
-11,875
-12,641
Financial income and expenses
-7,497
-8,472
Net financial expenses totaled EUR -7.5 (-8.5) million. Net financial expenses were lower in 2025 than in the comparative year, as a revision of the earn-out liabilities of EUR 2.9 (1.5) mil- lion related to Telko\u2019s acquisitions was recognized as financial income. The average interest rate of interest-bearing liabilities, excluding lease liabilities was 4.1% in December 2025, com- pared with 4.8% in December 2024. In 2025, the sale of Leipurin\u2019s company in Kazakhstan generated a gain of EUR 0.1 million, recognized as financial income. In 2024, the sale of Leipurin Russia resulted in a loss of EUR 0.1 million recognized as financial expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-411": { "value": "
RECONCILIATION OF THE TAX EXPENSE IN THE STATEMENT OF
COMPREHENSIVE INCOME AND TAXES CALCULATED BY USING
THE PARENT COMPANY\u2019S TAX RATE 20%
1,000
EUR
2025
2024
Profit before taxes
25,299
5,728
Taxes calculated using the parent company's tax rate
-5,060
-1,146
Impact of foreign subsidiaries' tax rates
127
248
Impact of tonnage taxation
4,172
729
Losses for which no deferred tax asset was recognized
-1,210
-1,372
Utilization of previously unrecognized tax losses
160
356
Taxes from previous financial years
-509
-742
Withholding taxes
-331
-18
Timing differences, tax-free and non-deductible items
553
295
Taxes in the statement of comprehensive income
-2,097
-1,650
Effective tax rate
8%
29%
In Finland and Sweden, a limited liability company which is obliged to pay taxes and is prac-
ticing international marine logistics has the opportunity to apply for taxation based on ves-
sel tonnage during a tonnage taxation period, instead of taxation based on the profits of
the shipping business. ESL Shipping Ltd.\u2019s and AtoBatC Shipping AB\u2019s taxation is based on
the tonnage taxation regime. The inclusion within the scope of tonnage taxation significantly
reduces the Group\u2019s effective tax rate.
Aspo Group\u2019s effective tax rate was 8% (29%). The effective tax rate for the reporting
period decreased particularly as a result of ESL Shipping\u2019s relatively bigger result in 2025,
meaning that the benefit of tonnage tax was greater than in the comparative period. Taxes
from previous financial years mainly consist of taxes paid by the Estonian and Latvian compa-
nies in the reporting period in connection with intra-group dividend distribution.
\u25a0
TAXES IN THE STATEMENT OF COMPREHENSIVE INCOME
1,000
EUR
2025
2024
Taxes for the period
-2,533
-1,867
Change in deferred tax assets and liabilities
944
959
Taxes from previous financial years
-509
-742
Total
-2,097
-1,650
The Group\u2019s income taxes include taxes based on the Group companies\u2019 profits for the finan-
cial year, adjustment of taxes from previous financial years and changes in deferred taxes.
Income taxes are recognized in accordance with the tax rate valid in each country. Regarding
the deferred taxes, see note 4.8. Deferred taxes.
No deferred tax has been recognized on the cash flow hedge of the ESL Shipping seg-
ment\u2019s Green Handy investment, as it has been considered to be subject to tonnage taxation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "The Group\u2019s income taxes include taxes based on the Group companies\u2019 profits for the finan- cial year, adjustment of taxes from previous financial years and changes in deferred taxes. Income taxes are recognized in accordance with the tax rate valid in each country. Regarding the deferred taxes, see note 4.8. Deferred taxes. No deferred tax has been recognized on the cash flow hedge of the ESL Shipping seg- ment\u2019s Green Handy investment, as it has been considered to be subject to tonnage taxation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "GREEN COASTER INVESTMENT ESL Shipping is building a series of six highly energy-efficient electric hybrid vessels. The new ice class 1A vessels are top of the line in terms of their cargo capacity, technology and innova- tion. The total value of the first six-vessel investment is approximately EUR 70 million, and its cash flow is divided mainly for the years 2021 - 2026. The new vessels are built at the Chow- gule and Company Private Limited shipyard in India. In 2022, it was confirmed that ESL Shipping would establish a Green Coaster pool. As a result, six additional Green Coaster vessels were ordered from Chowgule and Company Pri- vate Limited, and they will be sold further to a company owned by the Green Coaster pool investors. Every other vessel built by Chowgule and Company Private Limited will be produced for ESL Shipping, and every other vessel will be sold further to the company owned by the pool investors after reaching Europe. Advance payments for the vessels to be sold further are rec- ognized in inventories, and the sales price is recognized as net sales. The sales price of the vessels is based on their full cost. All twelve Green Coasters built and under construction will be operated in the Green Coaster pool by ESL Shipping when their building has been com- pleted and they have been delivered. ESL Shipping rents the vessels owned by the pool investors. The rent is calculated based on the pool income and is fully variable. As the rent is fully variable without any fixed price, no lease liability or leased asset is recognized under IFRS 16. Instead, the lease payments are recognized as lease expenses. By the end of 2025, nine Green Coasters (4) had been completed, and the remaining three will be completed during 2026. The Green Coaster pool started operations on June 18, 2024, with its first two vessels. At the end of 2025, the pool had eight vessels. GREEN HANDY INVESTMENT In 2024, Aspo announced that ESL Shipping would build a series of four new, fossil-free handy-sized vessels. The total value of the four ships is approximately EUR 186 million, and this investment will take place between 2024 and 2028. The new vessels are being built in Nanjing, China at China Merchants Jinling Shipyard (Nan- jing) Co., Ltd. The vessels are scheduled to enter service starting from the third quarter of 2027. The fourth ship of this series is scheduled to enter service in the first half of 2028. In December 2024, ESL Shipping Ltd made the first payment for the four Green Handies to be built. The payment amounted to EUR 29.0 million, calculated with the hedged rate. ESL Shipping still has no pool agreement in place for the Green Handies, but the plan is to sell one of the four Green Handies to a group of investors. One fourth of the investment amount, including the hedge result, is therefore recognized in advance payments for invento- ries, and three fourths are recognized as advance payments for tangible assets. For the Green Handy investment, the borrowing costs are capitalized. One fourth of the borrowing costs are recognized as advance payments for inventories, and three fourths are recognized as advance payments for tangible assets. VESSEL INVESTMENT COMMITMENTS The remaining Green Coaster investment commitment at the end of the financial year is approximately EUR 8 million. This amount includes only the future payments for those Green Coasters built for ESL Shipping itself. The remaining Green Handy investment commitment at the end of the financial year is approximately EUR 158 million. This amount includes the remaining payments for all four Green Handies, as no agreement is in place yet to sell one of the Handies further. Cash out- flows are expected to be about 10% for 2026, 60% for 2027 and 30% for 2028. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-412": { "value": "
TANGIBLE ASSETS 2025
Work in
Machinery and Other progress and
1,000
EUR
Land
Buildings
equipment
Vessels
tangible assets
advance payments
Total
Acquisition cost, Jan 1
2,084
17,789
20,283
267,465
1,722
43,136
352,479
Translation differences
123
560
726
57
2
1,468
Additions
117
1,935
2,357
29,798
34,207
Assets classified as held for sale
-1,100
-8,230
-9,330
Decreases
-257
-2,601
-23,304
-144
-647
-26,953
Transfers between classes
675
30
29,546
-30,273
-23
Acquisition cost, Dec 31
2,207
17,784
12,142
276,063
1,636
42,016
351,848
Accumulated depreciation, Jan 1
-9,042
-16,259
-151,667
-1,104
-178,072
Translation differences
-184
-567
-35
-787
Accumulated depreciation, assets held for sale
841
7,580
8,420
Accumulated depreciation of decreases
244
2,397
16,064
144
18,848
Depreciation for the period, continuing operations
-511
-1,118
-11,402
-77
-13,109
Depreciation for the period, discontinued operation
-6
-69
-75
Accumulated depreciation, Dec 31
-9,500
-14,776
-139,426
-1,073
-164,775
Carrying amount, Dec 31
2,207
8,284
-2,634
136,638
563
42,016
187,073
In 2025, additions of tangible assets mainly consist of investments in Green Coaster vessels. The decreases in vessels were related to the sale of M/S Kallio, and to the sale of one Coaster
vessel both in the ESL Shipping segment. In the 2025 financial year, the Leipurin segment\u2019s tangible assets were classified as held for sale, as the entire Leipurin segment was classified as a
discontinued operation.
TANGIBLE ASSETS 2024
Work in
Machinery and Other progress and
1,000
EUR
Land
Buildings
equipment
Vessels
tangible assets
advance payments
Total
Acquisition cost, Jan 1
2
6,743
13,304
310,057
751
25,577
356,434
Translation differences
-7
-40
-276
-3
0
-326
Additions, business combinations
2,091
11,066
7,223
968
21,348
Additions
29
1,020
1,678
98
45,577
48,402
Decreases
-1
-24
-989
-72,258
-91
-73,362
Transfers between classes
15
27,987
-28,018
-16
Acquisition cost, Dec 31
2,084
17,789
20,283
267,465
1,722
43,136
352,479
Accumulated depreciation, Jan 1
-5,245
-11,692
-170,045
-480
-187,462
Translation differences
11
246
2
259
Accumulated depreciation, business combinations
-3,474
-4,550
-560
-8,584
Accumulated depreciation of decreases
21
704
38,696
4
39,426
Depreciation for the period, continuing operations
-346
-772
-13,300
-51
-14,469
Depreciation for the period, discontinued operation
-11
-195
-205
Impairment
-7,018
-18
-7,036
Accumulated depreciation, Dec 31
-9,042
-16,259
-151,667
-1,104
-178,072
Carrying amount, Dec 31
2,084
8,747
4,024
115,798
619
43,136
174,407
In 2024, additions of tangible assets were mainly caused by advance payments related to the new Green Coaster and Green Handy vessels, as well as business acquisitions. The decreases and
impairments of vessels related to the Supramax vessels sold in the ESL Shipping segment.
TANGIBLE ASSETS
Tangible assets are recognized at cost
net of accumulated depreciation less any
impairment losses. For new construction
of vessels, financial expenses arising dur-
ing the construction are capitalized as
part of the cost and depreciated over the
useful life of the asset. The depreciation
period of dockages is based on an esti-
mate of the dockage interval.
Depreciation is calculated on a
straight-line basis over the estimated
useful life as follows:
\u2022 Vessels 17\u201330 years
\u2022 Pushers 18 years
\u2022 Dockings 2\u20133 years
\u2022 Buildings and structures 15\u201350 years
\u2022 Machinery and equipment 3\u201320 years
\u2022 Piping 5\u201320 years
\u2022 Refurbishment costs
from premises 5\u201310 years
\u2022 Other tangible assets 3\u201340 years
Land is not depreciated, but the carrying
amounts are reviewed annually.
Gains and losses arising from the dis-
continued use and disposal of tangible
assets are included in other operating
income and expenses.
The carrying amounts of individ-
ual tangible and intangible assets are
reviewed at the end of each report-
ing period to identify events or circum-
stances that could indicate their impair-
ment. An asset\u2019s carrying amount is writ-
ten down immediately to its recoverable
amount if the asset\u2019s carrying amount
is greater than its estimated recovera-
ble amount. The impairment loss is rec-
ognized in profit or loss. After the recog-
nition of an impairment loss, the asset\u2019s
useful life is reassessed. A previously rec-
ognized impairment loss is reversed if
the estimates used in the determination
of the recoverable amount change. Car-
rying amount increased due to the rever-
sal of an impairment loss may not exceed
the carrying amount that would have
been defined for the asset if no impair-
ment loss had been recognized in previ-
ous years.
SUBSIDIES
Government subsidies granted to com-
pensate for expenses incurred are rec-
ognized in the statement of comprehen-
sive income in the periods in which the
expenses related to the object of the
subsidy are expensed. Subsidies received
are presented as net deductions from
generated expenses. Subsidies related
to the acquisition of tangible assets have
been recognized as adjustments to their
cost. Subsidies are recognized as income
during the period of use of the asset in
the form of smaller depreciation expense.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Estimates of the useful life and residual
value, and the selection of depreciation
method require management\u2019s significant
judgement and are subject to a constant
review. Vessels comprise the most signif-
icant tangible asset on the balance sheet,
and their depreciation periods range from
17 to 30 years, based on the useful life
of each vessel.
Estimates are also made in conjunc-
tion with business acquisitions when
determining the fair values and remain-
ing useful lives of the acquired tangible
assets. To determine fair values, either an
external valuation or a calculation model
based on expected discounted cash
flows is used.
The residual values of vessels were
reviewed in late 2024, as some vessels
were approaching the end of their useful
life. Previously, the residual value of ves-
sels has been estimated to be zero, but
because steel always has scrap value,
this has led to situations in which a gain
has been recognized when a vessel has
been scrapped at the end of its useful
life.
Offers were obtained on the price
of scrap steel in connection with scrap-
ping, based on which the residual values
for vessels were calculated. It was con-
sidered appropriate to determine a resid-
ual value for all vessels, and not just for
those approaching the end of their useful
life. Going forward, a residual value will
be determined also for all new vessels.
The scrap steel price used in the cal-
culation was estimated based on the
precautionary principle so that it would
remain below the market price even over
the longer term.
The value of scrap steel will be
reviewed at least annually, and it will be
ensured that the value of scrap steel
used in the calculation of the residual val-
ues does not exceed the market price.
The determination of the residual value
has had a decreasing effect on the depre-
ciation of the vessels, the annual effect
being approximately EUR 2.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "TANGIBLE ASSETS Tangible assets are recognized at cost net of accumulated depreciation less any impairment losses. For new construction of vessels, financial expenses arising dur- ing the construction are capitalized as part of the cost and depreciated over the useful life of the asset. The depreciation period of dockages is based on an esti- mate of the dockage interval. Depreciation is calculated on a straight-line basis over the estimated useful life as follows: \u2022 Vessels 17\u201330 years \u2022 Pushers 18 years \u2022 Dockings 2\u20133 years \u2022 Buildings and structures 15\u201350 years \u2022 Machinery and equipment 3\u201320 years \u2022 Piping 5\u201320 years \u2022 Refurbishment costs from premises 5\u201310 years \u2022 Other tangible assets 3\u201340 years Land is not depreciated, but the carrying amounts are reviewed annually. Gains and losses arising from the dis- continued use and disposal of tangible assets are included in other operating income and expenses. The carrying amounts of individ- ual tangible and intangible assets are reviewed at the end of each report- ing period to identify events or circum- stances that could indicate their impair- ment. An asset\u2019s carrying amount is writ- ten down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recovera- ble amount. The impairment loss is rec- ognized in profit or loss. After the recog- nition of an impairment loss, the asset\u2019s useful life is reassessed. A previously rec- ognized impairment loss is reversed if the estimates used in the determination of the recoverable amount change. Car- rying amount increased due to the rever- sal of an impairment loss may not exceed the carrying amount that would have been defined for the asset if no impair- ment loss had been recognized in previ- ous years. GOODWILL Goodwill arising from business combina- tions is not amortized according to plan, instead its value is tested for impairment at least annually by using value-in-use cal- culations. An indication of possible impair- ment may trigger the impairment testing also with shorter time frame. Cash flow- based value-in-use is determined by cal- culating the present value of forecast dis- counted cash flows for each cash-gener- ating unit. An impairment loss is recognized in profit or loss if the carrying amount of a cash-generating unit is higher than its recoverable amount. The impairment loss is primarily allocated to goodwill. An impairment loss recognized on goodwill is not reversed under any circumstances. Assets measured in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and clas- sified as held for sale are not subject to annual impairment testing, as their meas- urement follows the requirements of IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "TANGIBLE ASSETS Tangible assets are recognized at cost net of accumulated depreciation less any impairment losses. For new construction of vessels, financial expenses arising dur- ing the construction are capitalized as part of the cost and depreciated over the useful life of the asset. The depreciation period of dockages is based on an esti- mate of the dockage interval. Depreciation is calculated on a straight-line basis over the estimated useful life as follows: \u2022 Vessels 17\u201330 years \u2022 Pushers 18 years \u2022 Dockings 2\u20133 years \u2022 Buildings and structures 15\u201350 years \u2022 Machinery and equipment 3\u201320 years \u2022 Piping 5\u201320 years \u2022 Refurbishment costs from premises 5\u201310 years \u2022 Other tangible assets 3\u201340 years Land is not depreciated, but the carrying amounts are reviewed annually. Gains and losses arising from the dis- continued use and disposal of tangible assets are included in other operating income and expenses. The carrying amounts of individ- ual tangible and intangible assets are reviewed at the end of each report- ing period to identify events or circum- stances that could indicate their impair- ment. An asset\u2019s carrying amount is writ- ten down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recovera- ble amount. The impairment loss is rec- ognized in profit or loss. After the recog- nition of an impairment loss, the asset\u2019s useful life is reassessed. A previously rec- ognized impairment loss is reversed if the estimates used in the determination of the recoverable amount change. Car- rying amount increased due to the rever- sal of an impairment loss may not exceed the carrying amount that would have been defined for the asset if no impair- ment loss had been recognized in previ- ous years. SUBSIDIES Government subsidies granted to com- pensate for expenses incurred are rec- ognized in the statement of comprehen- sive income in the periods in which the expenses related to the object of the subsidy are expensed. Subsidies received are presented as net deductions from generated expenses. Subsidies related to the acquisition of tangible assets have been recognized as adjustments to their cost. Subsidies are recognized as income during the period of use of the asset in the form of smaller depreciation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "TANGIBLE ASSETS Tangible assets are recognized at cost net of accumulated depreciation less any impairment losses. For new construction of vessels, financial expenses arising dur- ing the construction are capitalized as part of the cost and depreciated over the useful life of the asset. The depreciation period of dockages is based on an esti- mate of the dockage interval. Depreciation is calculated on a straight-line basis over the estimated useful life as follows: \u2022 Vessels 17\u201330 years \u2022 Pushers 18 years \u2022 Dockings 2\u20133 years \u2022 Buildings and structures 15\u201350 years \u2022 Machinery and equipment 3\u201320 years \u2022 Piping 5\u201320 years \u2022 Refurbishment costs from premises 5\u201310 years \u2022 Other tangible assets 3\u201340 years Land is not depreciated, but the carrying amounts are reviewed annually. Gains and losses arising from the dis- continued use and disposal of tangible assets are included in other operating income and expenses. The carrying amounts of individ- ual tangible and intangible assets are reviewed at the end of each report- ing period to identify events or circum- stances that could indicate their impair- ment. An asset\u2019s carrying amount is writ- ten down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recovera- ble amount. The impairment loss is rec- ognized in profit or loss. After the recog- nition of an impairment loss, the asset\u2019s useful life is reassessed. A previously rec- ognized impairment loss is reversed if the estimates used in the determination of the recoverable amount change. Car- rying amount increased due to the rever- sal of an impairment loss may not exceed the carrying amount that would have been defined for the asset if no impair- ment loss had been recognized in previ- ous years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "For new construction of vessels, financial expenses arising dur- ing the construction are capitalized as part of the cost and depreciated over the useful life of the asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "SUBSIDIES Government subsidies granted to com- pensate for expenses incurred are rec- ognized in the statement of comprehen- sive income in the periods in which the expenses related to the object of the subsidy are expensed. Subsidies received are presented as net deductions from generated expenses. Subsidies related to the acquisition of tangible assets have been recognized as adjustments to their cost. Subsidies are recognized as income during the period of use of the asset in the form of smaller depreciation expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-413": { "value": "
INTANGIBLE ASSETS
2025
Other
Intangible intangible Advance
1,000
EUR
rights assets
payments
Total
Acquisition cost, Jan 1
12,984
40,199
1,292
54,476
Translation differences
295
1,108
1,402
Additions
160
71
781
1,012
Assets classified as held for sale
-3,876
-7,901
-11,777
Decreases
-255
-68
-207
-530
Transfers between classes
87
-65
23
Acquisition cost, Dec 31
9,396
33,408
1,802
44,606
Accumulated amortization and impairment, Jan 1
-1,874
-13,650
-15,523
Translation differences
-18
-213
-231
Accumulated amortization, assets held for sale
491
5,662
6,153
Accumulated amortization and impairment of decreases
243
51
294
Amortization for the period, continuing operations
-750
-3,313
-4,062
Accumulated amortization and impairment, Dec 31
-1,906
-11,463
-13,370
Carrying amount, Dec 31
7,489
21,945
1,802
31,236
In the 2025 financial year, the Leipurin segment\u2019s tangible assets were classified as held for sale following the classification of
the entire Leipurin segment as a discontinued operation.
Intangible rights primarily consist of brands and trademarks. In Telko segment the brands amount to EUR 6.7 (6.7) million.
Other intangible assets include software and associated licenses, as well as principal and customer relationships acquired in
business combinations.
2024
Other
Intangible intangible Advance
1,000
EUR
rights assets
payments
Total
Acquisition cost, Jan 1
7,465
17,914
1,012
26,391
Translation differences
-11
-81
-92
Additions, business combinations
5,249
21,968
27,216
Additions
185
411
677
1,273
Decreases
-109
-13
-207
-329
Transfers between classes
206
-190
16
Acquisition cost, Dec 31
12,984
40,199
1,292
54,476
Accumulated amortization and impairment, Jan 1
-1,415
-11,720
-13,135
Translation differences
-3
33
30
Accumulated amortization, business combinations
-116
-116
Accumulated amortization and impairment of decrea-
ses
109
5
114
Amortization for the period, continuing operations
-419
-1,769
-2,188
Amortization for the period, discontinued operation
-29
-199
-228
Accumulated amortization and impairment, Dec 31
-1,874
-13,650
-15,523
Carrying amount, Dec 31
11,111
26,549
1,292
38,952
In 2024, other intangible assets increased mainly as a result of acquisitions, which are
described in note 1.2 Acquisitions and divestments.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
Estimates of the useful life and residual
value, and the selection of depreciation
method require the management\u2019s signif-
icant judgement and are subject to a con-
stant review.
Estimates are also made in conjunction
with business combinations when deter-
mining the fair values and remaining use-
ful lives of the acquired intangible assets.
The value on the acquisition date is deter-
mined by using discounted cash flows.
The useful life of the Telko brand has
been estimated to be indefinite. The
strong image and history of this brand
support management\u2019s view that the
brand will affect cash flow generation
over an indefinable period. The brands
with indefinite useful life have been
tested for impairment together with
goodwill, of which more information can
be found in note 4.3 Goodwill.
INTANGIBLE ASSETS
Intangible assets are measured at cost
and amortized on a straight-line basis
over their useful lives. The amortization
periods are:
\u2022 Software and associated
licenses 3\u20135 years
\u2022 Principal relationships and
technology acquired through
business combinations 10 years
\u2022 Customer relationships
acquired through business
combinations 15 years
\u2022 Non-compete clause 6 years
\u2022 Trademarks, with
limited useful life 5-15 years
Cloud services are recognized as an
expense in the period during which the
expense is incurred because they are not
controlled by the company.
Brands with indefinite useful life, gen-
erated through acquisitions, are not
amortized according to plan. Instead,
their valuation is reviewed together with
goodwill at least annually by utilizing val-
ue-in-use calculations. The accounting
principles relating to the recognition of
impairment losses are included in note
4.1 Tangible assets.
RESEARCH AND
DEVELOPMENT COSTS
Aspo Group\u2019s R&D focuses, according
to the nature of each segment, on
developing the operations, procedures,
and products as part of customer-
specific operations, which means that
development inputs are included without
specification in operating expenses, and
they do not meet the recognition criteria
for intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "INTANGIBLE ASSETS Intangible assets are measured at cost and amortized on a straight-line basis over their useful lives. The amortization periods are: \u2022 Software and associated licenses 3\u20135 years \u2022 Principal relationships and technology acquired through business combinations 10 years \u2022 Customer relationships acquired through business combinations 15 years \u2022 Non-compete clause 6 years \u2022 Trademarks, with limited useful life 5-15 years Cloud services are recognized as an expense in the period during which the expense is incurred because they are not controlled by the company. Brands with indefinite useful life, gen- erated through acquisitions, are not amortized according to plan. Instead, their valuation is reviewed together with goodwill at least annually by utilizing val- ue-in-use calculations. The accounting principles relating to the recognition of impairment losses are included in note 4.1 Tangible assets. RESEARCH AND DEVELOPMENT COSTS Aspo Group\u2019s R&D focuses, according to the nature of each segment, on developing the operations, procedures, and products as part of customer- specific operations, which means that development inputs are included without specification in operating expenses, and they do not meet the recognition criteria for intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "RESEARCH AND DEVELOPMENT COSTS Aspo Group\u2019s R&D focuses, according to the nature of each segment, on developing the operations, procedures, and products as part of customer- specific operations, which means that development inputs are included without specification in operating expenses, and they do not meet the recognition criteria for intangible assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-414": { "value": "
GOODWILL
1,000
EUR
2025
2024
Acquisition cost, Jan1
76,126
47,605
Additions, business combinations
136
28,312
Assets classified as held for sale
-26,282
Translation differences
1,368
208
Acquisition cost, Dec 31
51,347
76,126
Accumulated impairment, Jan 1
-9,143
-9,151
Accumulated amortization, assets held for sale
4,283
Translation differences
-2
8
Accumulated impairment, Dec 31
-4,862
-9,143
Carrying amount, Dec 31
46,485
66,983
In 2025, the Leipurin segment\u2019s goodwill was classified as held for sale, as the entire seg-
ment was classified as a discontinued operation.
In 2024, goodwill increased by EUR 28.3 million because of acquisitions. Acquisitions are
described in note 1.2 Acquisitions and divestments.
Goodwill is allocated to the Group\u2019s cash-generating units on the operating segment level.
Goodwill is allocated to the cash-generating units as follows:
\u25a0
GOODWILL BY SEGMENT
1,000
EUR
2025
2024
ESL Shipping
6,337
6,337
Telko
40,148
38,818
Leipurin
21,828
Total
46,485
66,983
The Leipurin segment is classified as a discontinued operation under IFRS 5, and no annual
impairment test has therefore been carried out on the segment\u2019s goodwill. The carrying
amount of Leipurin\u2019s goodwill is supported by Lantm\u00e4nnen\u2019s purchase offer for Leipurin, which
exceeds the carrying amount of the Leipurin segment. More information about the sales
process is provided in note 1.3 Discontinued operation.
IMPAIRMENT TESTING
The recoverable amount of the cash-generating units is determined by a value-in-use calcula-
tion. Cash flow-based value-in-use is determined by calculating the present value discounted
forecasted cash flows. The cash flows include for example estimates of future sales, profit-
ability and maintenance investments. The cash flow projections are based on the budget for
2026 and the financial plans for 2027-2029 approved by the Board of Directors. In testing,
the cash flow projections are prepared for a five-year period, with the final year being the ter-
minal year. The terminal value has been calculated by using a growth assumption of 2% (2%).
When estimating net sales, the assumption is that current operations can be maintained,
and net sales will grow in a controlled manner at the rate estimated in financial plans. The
sales margin is estimated to follow net sales growth. It is estimated that costs will increase
slowly as a result of continuous cost management. Fixed costs are expected to grow at the
rate of inflation.
The discount rate is determined for each segment by using the weighted average cost
of capital (WACC) that depicts the overall costs of equity and liabilities, considering the par-
ticular risks related to the assets and location of operations. In 2025, Aspo\u2019s credit risk pre-
mium used in the WACC calculation increased slightly. Country-specific risk-free interest rates
declined across the board, while market risk premiums rose.
In the Telko segment, the WACC has remained unchanged compared with the previous
year. The country-specific WACC levels increased slightly from the previous year, but this was
offset by changes in country weights. Only countries whose net sales account for at least
0.5% of the CGU\u2019s total net sales are taken into account in the WACC calculation. India and
Romania have therefore not been taken into account in Telko\u2019s WACC calculation. For Telko,
the peer group\u2019s beta decreased slightly.
The WACC level in the ESL segment rose, mainly due to an increase in country-specific
WACC levels and a slight rise in the peer group\u2019s beta.
\u25a0
POST-TAX WACC BY CASH GENERATING UNIT
2025
2024
ESL Shipping
8.86%
7.69%
Telko
10.92%
10.92%
Leipurin
7.90%
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The carrying amount of goodwill is tested
for impairment by using value-in-use cal-
culations, which include estimates. Differ-
ent assumptions in the value-in-use calcu-
lations could have a significant impact on
the amounts of goodwill reported in the
consolidated financial statements.
Uncertainties in economic develop-
ment, changes in exchange rates and
strong fluctuations in the operating envi-
ronment make it difficult to prepare the
estimates used in the impairment test-
ing, especially regarding future cash flows
and profit levels.
According to management\u2019s view the
estimates of future cash flows and the
tying-up rate of capital used in testing are
likely. The assumptions used in the calcu-
lations may, however, change along with
changes in financial and business condi-
tions. Therefore, future cash flows may
differ from the estimated discounted
future cash flows, which may lead to the
recognition of impairment losses in com-
ing periods .
RESULTS OF THE IMPAIRMENT TESTS AND SENSITIVITY ANALYSIS
The Telko and ESL Shipping segments underwent the annual goodwill impairment testing
in December. The recoverable amount indicated by the impairment tests conducted clearly
exceeded the carrying amount of the cash generating unit for both operating segments, and
the carrying amounts are therefore considered to be justified.
GOODWILL
Goodwill arising from business combina-
tions is not amortized according to plan,
instead its value is tested for impairment
at least annually by using value-in-use cal-
culations. An indication of possible impair-
ment may trigger the impairment testing
also with shorter time frame. Cash flow-
based value-in-use is determined by cal-
culating the present value of forecast dis-
counted cash flows for each cash-gener-
ating unit.
An impairment loss is recognized in
profit or loss if the carrying amount of
a cash-generating unit is higher than its
recoverable amount. The impairment
loss is primarily allocated to goodwill. An
impairment loss recognized on goodwill is
not reversed under any circumstances.
Assets measured in accordance with
IFRS 5 Non-current Assets Held for Sale
and Discontinued Operations and clas-
sified as held for sale are not subject to
annual impairment testing, as their meas-
urement follows the requirements of
IFRS 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "GOODWILL Goodwill arising from business combina- tions is not amortized according to plan, instead its value is tested for impairment at least annually by using value-in-use cal- culations. An indication of possible impair- ment may trigger the impairment testing also with shorter time frame. Cash flow- based value-in-use is determined by cal- culating the present value of forecast dis- counted cash flows for each cash-gener- ating unit. An impairment loss is recognized in profit or loss if the carrying amount of a cash-generating unit is higher than its recoverable amount. The impairment loss is primarily allocated to goodwill. An impairment loss recognized on goodwill is not reversed under any circumstances. Assets measured in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and clas- sified as held for sale are not subject to annual impairment testing, as their meas- urement follows the requirements of IFRS 5. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-415": { "value": "\u25a0 INVENTORIES
1,000
EUR
2025
2024
Materials and supplies
5,224
5,925
Work in progress
269
Finished goods
40,482
58,440
Green coaster ja green handy advance payments
14,057
17,818
Other inventories
1,733
1,731
Total
61,496
84,183
\u25a0 INVENTORIES BY SEGMENT
1,000
EUR
2025
2024
ESL Shipping
16,762
21,413
Telko
44,734
48,117
Leipurin
14,653
Total
61,496
84,183
ESL Shipping\u2019s inventories include the fuels of vessels and advance payments for the Green Coaster and Green Handy vessels to be sold to the members of the vessel pool. Telko has plastic and chemical raw materials and lubricants in stock. The regulation on emission allowances for shipping companies entered into force on 1 Jan- uary 2024 and applies to vessels greater than 5,000 GT. In the ESL Shipping segment, all emission allowances are purchased and recognized in inventories when acquired. At the end of 2025, inventories include emission allowances of EUR 0.1 (0.1) million. ESL Shipping uses emission allowances in its business operations and records the emission allowances used as materials and services during the financial year. ESL Shipping does not trade with the emis- sion allowances. Purchased emission allowances that remain unused during the year can be used in future years. In 2022, ESL Shipping established a Green Coaster pool. As a result, ESL Shipping ordered twelve vessels from the Chowgule & Company Private Limited shipyard in India. Every other vessel, or six vessels, is sold to a company formed by a group of investors. Advance pay- 4.4 Inventories INVENTORIES Inventories, including emission allow- ances, are measured at cost or at net realizable value, if lower. The cost is determined using the FIFO (first-in, first- out) principle. Net realizable value is the actual sales price in the ordinary course of business less the costs of completion and sale. In normal operating conditions Aspo Group recognizes a 100% allow- ance for slow-moving inventories of more than 12 months. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT For inventories the estimation uncer- tainty relates mainly to the recoverability and measurement of slow-moving inven- tories. Uncertainties over demand for products increase as products become older, and some products also become outdated. According to the manage- ment\u2019s assessment, it is appropriate to write off the carrying value of inventory items older than one year, unless they are associated with an order or a binding sales contract or there are other excep- tional reasons, such as seasonality, to maintain the value of the items. ments for the Green Coaster vessels to be sold further have been recognized in inventories. Also, one of the Green Handy vessels to be built is planned to be sold further. At the end of the financial year, inventories included EUR 14.1 (17.8) million in advance payments for the Green Coaster and Green Handy vessels. The result from continuing operations during the financial year included a change in the inventory obsolescence provision of EUR 0.4 million (0.1). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "
The regulation on emission allowances for shipping companies entered into force on 1 Jan-
uary 2024 and applies to vessels greater than 5,000 GT. In the ESL Shipping segment, all
emission allowances are purchased and recognized in inventories when acquired. At the end
of 2025, inventories include emission allowances of EUR 0.1 (0.1) million. ESL Shipping uses
emission allowances in its business operations and records the emission allowances used as
materials and services during the financial year. ESL Shipping does not trade with the emis-
sion allowances. Purchased emission allowances that remain unused during the year can be
used in future years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "
INVENTORIES
Inventories, including emission allow-
ances, are measured at cost or at net
realizable value, if lower. The cost is
determined using the FIFO (first-in, first-
out) principle. Net realizable value is the
actual sales price in the ordinary course
of business less the costs of completion
and sale. In normal operating conditions
Aspo Group recognizes a 100% allow-
ance for slow-moving inventories of more
than 12 months.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-416": { "value": "
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
1,000
EUR
2025
2024
Accounts receivable
46,965
62,742
Refund from the Ministry of Transport and Communications
2,477
3,316
Advance payments
2,422
1,622
VAT receivable
1,111
1,837
Loan receivables
38
4
Fair value of hedge instruments
9,357
Other deferred receivables
9,278
9,556
Total
62,291
88,433
\u25a0
AGEING ANALYSIS OF ACCOUNTS RECEIVABLE 2025
2025
Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
42,298
-29
42,269
Matured 1\u201330 days ago
3,806
-13
3,793
Matured 31\u201360 days ago
207
-2
205
Matured 61\u201390 days ago
52
0
52
Matured 91\u2013180 days ago
433
-22
411
Matured more than 181 days ago
906
-671
235
Total
47,702
-737
46,965
2024 Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
55,750
-38
55,712
Matured 1\u201330 days ago
6,343
-29
6,315
Matured 31\u201360 days ago
414
-38
376
Matured 61\u201390 days ago
271
-2
269
Matured 91\u2013180 days ago
115
-45
70
Matured more than 181 days ago
875
-875
0
Total
63,768
-1,027
62,742
According to management\u2019s judgement accounts receivable do not involve significant credit
loss risks. The result of continuing operations during the financial year included credit losses
recorded on trade receivables of EUR -0.1 million (0.0), including the change in the expected
credit loss allowance.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The recoverability of accounts receivable
always involves the risk that the counter-
party becomes insolvent and is unable to
pay its debts. See also \u201cCredit and coun-
terparty risks\u201d in note 5.1 Financial risks
and the management of financial risks.
Businesses make sales- and custom-
er-specific assessments based on the
nature of sales and the credit rating of
customers, as well as their service his-
tory, to define to whom products and
services are sold, and which payment
terms are used. If necessary, an advance
payment is used as the payment term.
Allowance for expected credit losses is
recognized proactively based on each
segment\u2019s credit loss history. Consider-
able uncertainties are associated with
the solvency of Ukrainian customers
due to the war in Ukraine. Consequently,
advance payment is used as the payment
term for Ukrainian customers .
ACCOUNTS RECEIVABLE
AND OTHER RECEIVABLES
Accounts receivable and other receiva-
bles are measured at amortized cost.
When measuring accounts receivable,
Aspo applies the simplified segment-spe-
cific model to determine expected credit
losses, as permitted by IFRS 9 stand-
ard. The Group estimates expected credit
losses using an experience-based matrix
which takes into account the age struc-
ture of receivables, each segment\u2019s credit
loss history from previous years, the mar-
ket area and the customer base.
Accounts receivable and contract
assets are derecognized as final credit
losses when it is determined that it is
reasonably certain that no payment will
be obtained due to for example the bank-
ruptcy of the client. Credit losses are
included in operating profit on net basis.
If subsequent payments relating to final
credit losses are received, they are cred-
ited from the same profit or loss account.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
1,000
EUR
2025
2024
Accounts receivable
46,965
62,742
Refund from the Ministry of Transport and Communications
2,477
3,316
Advance payments
2,422
1,622
VAT receivable
1,111
1,837
Loan receivables
38
4
Fair value of hedge instruments
9,357
Other deferred receivables
9,278
9,556
Total
62,291
88,433
\u25a0 AGEING ANALYSIS OF ACCOUNTS RECEIVABLE 2025 2025
Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
42,298
-29
42,269
Matured 1\u201330 days ago
3,806
-13
3,793
Matured 31\u201360 days ago
207
-2
205
Matured 61\u201390 days ago
52
0
52
Matured 91\u2013180 days ago
433
-22
411
Matured more than 181 days ago
906
-671
235
Total
47,702
-737
46,965
2024 Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
55,750
-38
55,712
Matured 1\u201330 days ago
6,343
-29
6,315
Matured 31\u201360 days ago
414
-38
376
Matured 61\u201390 days ago
271
-2
269
Matured 91\u2013180 days ago
115
-45
70
Matured more than 181 days ago
875
-875
0
Total
63,768
-1,027
62,742
According to management\u2019s judgement accounts receivable do not involve significant credit loss risks. The result of continuing operations during the financial year included credit losses recorded on trade receivables of EUR -0.1 million (0.0), including the change in the expected credit loss allowance. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The recoverability of accounts receivable always involves the risk that the counter- party becomes insolvent and is unable to pay its debts. See also \u201cCredit and coun- terparty risks\u201d in note 5.1 Financial risks and the management of financial risks. Businesses make sales- and custom- er-specific assessments based on the nature of sales and the credit rating of customers, as well as their service his- tory, to define to whom products and services are sold, and which payment terms are used. If necessary, an advance payment is used as the payment term. Allowance for expected credit losses is recognized proactively based on each segment\u2019s credit loss history. Consider- able uncertainties are associated with the solvency of Ukrainian customers due to the war in Ukraine. Consequently, advance payment is used as the payment term for Ukrainian customers . ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Accounts receivable and other receiva- bles are measured at amortized cost. When measuring accounts receivable, Aspo applies the simplified segment-spe- cific model to determine expected credit losses, as permitted by IFRS 9 stand- ard. The Group estimates expected credit losses using an experience-based matrix which takes into account the age struc- ture of receivables, each segment\u2019s credit loss history from previous years, the mar- ket area and the customer base. Accounts receivable and contract assets are derecognized as final credit losses when it is determined that it is reasonably certain that no payment will be obtained due to for example the bank- ruptcy of the client. Credit losses are included in operating profit on net basis. If subsequent payments relating to final credit losses are received, they are cred- ited from the same profit or loss account. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
1,000
EUR
2025
2024
Accounts receivable
46,965
62,742
Refund from the Ministry of Transport and Communications
2,477
3,316
Advance payments
2,422
1,622
VAT receivable
1,111
1,837
Loan receivables
38
4
Fair value of hedge instruments
9,357
Other deferred receivables
9,278
9,556
Total
62,291
88,433
\u25a0 AGEING ANALYSIS OF ACCOUNTS RECEIVABLE 2025 2025
Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
42,298
-29
42,269
Matured 1\u201330 days ago
3,806
-13
3,793
Matured 31\u201360 days ago
207
-2
205
Matured 61\u201390 days ago
52
0
52
Matured 91\u2013180 days ago
433
-22
411
Matured more than 181 days ago
906
-671
235
Total
47,702
-737
46,965
2024 Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
55,750
-38
55,712
Matured 1\u201330 days ago
6,343
-29
6,315
Matured 31\u201360 days ago
414
-38
376
Matured 61\u201390 days ago
271
-2
269
Matured 91\u2013180 days ago
115
-45
70
Matured more than 181 days ago
875
-875
0
Total
63,768
-1,027
62,742
According to management\u2019s judgement accounts receivable do not involve significant credit loss risks. The result of continuing operations during the financial year included credit losses recorded on trade receivables of EUR -0.1 million (0.0), including the change in the expected credit loss allowance. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The recoverability of accounts receivable always involves the risk that the counter- party becomes insolvent and is unable to pay its debts. See also \u201cCredit and coun- terparty risks\u201d in note 5.1 Financial risks and the management of financial risks. Businesses make sales- and custom- er-specific assessments based on the nature of sales and the credit rating of customers, as well as their service his- tory, to define to whom products and services are sold, and which payment terms are used. If necessary, an advance payment is used as the payment term. Allowance for expected credit losses is recognized proactively based on each segment\u2019s credit loss history. Consider- able uncertainties are associated with the solvency of Ukrainian customers due to the war in Ukraine. Consequently, advance payment is used as the payment term for Ukrainian customers . ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Accounts receivable and other receiva- bles are measured at amortized cost. When measuring accounts receivable, Aspo applies the simplified segment-spe- cific model to determine expected credit losses, as permitted by IFRS 9 stand- ard. The Group estimates expected credit losses using an experience-based matrix which takes into account the age struc- ture of receivables, each segment\u2019s credit loss history from previous years, the mar- ket area and the customer base. Accounts receivable and contract assets are derecognized as final credit losses when it is determined that it is reasonably certain that no payment will be obtained due to for example the bank- ruptcy of the client. Credit losses are included in operating profit on net basis. If subsequent payments relating to final credit losses are received, they are cred- ited from the same profit or loss account. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "AGEING ANALYSIS OF ACCOUNTS RECEIVABLE 2025 2025
Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
42,298
-29
42,269
Matured 1\u201330 days ago
3,806
-13
3,793
Matured 31\u201360 days ago
207
-2
205
Matured 61\u201390 days ago
52
0
52
Matured 91\u2013180 days ago
433
-22
411
Matured more than 181 days ago
906
-671
235
Total
47,702
-737
46,965
2024 Accounts Allowance for Carrying
1,000
EUR
receivable credit losses amount
Not matured
55,750
-38
55,712
Matured 1\u201330 days ago
6,343
-29
6,315
Matured 31\u201360 days ago
414
-38
376
Matured 61\u201390 days ago
271
-2
269
Matured 91\u2013180 days ago
115
-45
70
Matured more than 181 days ago
875
-875
0
Total
63,768
-1,027
62,742
According to management\u2019s judgement accounts receivable do not involve significant credit loss risks. The result of continuing operations during the financial year included credit losses recorded on trade receivables of EUR -0.1 million (0.0), including the change in the expected credit loss allowance. ACCOUNTING ESTIMATES AND MANAGEMENT JUDGEMENT The recoverability of accounts receivable always involves the risk that the counter- party becomes insolvent and is unable to pay its debts. See also \u201cCredit and coun- terparty risks\u201d in note 5.1 Financial risks and the management of financial risks. Businesses make sales- and custom- er-specific assessments based on the nature of sales and the credit rating of customers, as well as their service his- tory, to define to whom products and services are sold, and which payment terms are used. If necessary, an advance payment is used as the payment term. Allowance for expected credit losses is recognized proactively based on each segment\u2019s credit loss history. Consider- able uncertainties are associated with the solvency of Ukrainian customers due to the war in Ukraine. Consequently, advance payment is used as the payment term for Ukrainian customers . ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-417": { "value": "
NON-CURRENT OTHER LIABILITIES
1,000
EUR
2025
2024
Contingent considerations from acquisitions
9,999
Advances received
9
8
Other non-current liabilities
20
17
Total
29
10,025
\u25a0
ACCOUNTS PAYABLE AND OTHER LIABILITIES
1,000
EUR
2025
2024
Accounts payable
32,233
44,121
Advances received
447
515
Salaries and social security contributions
7,523
9,728
Employer contributions
1,553
1,640
Accrued interest
2,019
3,295
VAT liability
3,303
4,258
Contingent considerations from acquisitions
7,581
803
Other current liabilities
469
1,036
Other current deferred liabilities
9,979
8,217
Total
65,108
73,614
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "NON-CURRENT OTHER LIABILITIES
1,000
EUR
2025
2024
Contingent considerations from acquisitions
9,999
Advances received
9
8
Other non-current liabilities
20
17
Total
29
10,025
\u25a0 ACCOUNTS PAYABLE AND OTHER LIABILITIES
1,000
EUR
2025
2024
Accounts payable
32,233
44,121
Advances received
447
515
Salaries and social security contributions
7,523
9,728
Employer contributions
1,553
1,640
Accrued interest
2,019
3,295
VAT liability
3,303
4,258
Contingent considerations from acquisitions
7,581
803
Other current liabilities
469
1,036
Other current deferred liabilities
9,979
8,217
Total
65,108
73,614
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "NON-CURRENT OTHER LIABILITIES
1,000
EUR
2025
2024
Contingent considerations from acquisitions
9,999
Advances received
9
8
Other non-current liabilities
20
17
Total
29
10,025
\u25a0 ACCOUNTS PAYABLE AND OTHER LIABILITIES
1,000
EUR
2025
2024
Accounts payable
32,233
44,121
Advances received
447
515
Salaries and social security contributions
7,523
9,728
Employer contributions
1,553
1,640
Accrued interest
2,019
3,295
VAT liability
3,303
4,258
Contingent considerations from acquisitions
7,581
803
Other current liabilities
469
1,036
Other current deferred liabilities
9,979
8,217
Total
65,108
73,614
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "ACCOUNTS PAYABLE AND OTHER LIABILITIES
1,000
EUR
2025
2024
Accounts payable
32,233
44,121
Advances received
447
515
Salaries and social security contributions
7,523
9,728
Employer contributions
1,553
1,640
Accrued interest
2,019
3,295
VAT liability
3,303
4,258
Contingent considerations from acquisitions
7,581
803
Other current liabilities
469
1,036
Other current deferred liabilities
9,979
8,217
Total
65,108
73,614
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Accounts receivable and other receiva- bles are measured at amortized cost. When measuring accounts receivable, Aspo applies the simplified segment-spe- cific model to determine expected credit losses, as permitted by IFRS 9 stand- ard. The Group estimates expected credit losses using an experience-based matrix which takes into account the age struc- ture of receivables, each segment\u2019s credit loss history from previous years, the mar- ket area and the customer base. Accounts receivable and contract assets are derecognized as final credit losses when it is determined that it is reasonably certain that no payment will be obtained due to for example the bank- ruptcy of the client. Credit losses are included in operating profit on net basis. If subsequent payments relating to final credit losses are received, they are cred- ited from the same profit or loss account. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-418": { "value": "
NON-CURRENT PROVISIONS
Tax Restoration Pension
1,000
EUR
provisions provisions
provisions
Total
January 1, 2025
38
466
98
602
Change in provisions
-38
6
-32
December 31, 2025
0
466
104
570
\u25a0
CURRENT PROVISIONS
Warranty Other Pension
1,000
EUR
provision provisions
provisions
Total
January 1, 2025
42
65
107
Change in provisions
-20
28
-3
5
December 31, 2025
22
28
62
113
Non-current provisions include a restoration provision relating to the Rauma terminal area and
are reported in the Telko segment. Rauma Terminal Services Oy, a company belonging to Aspo
Group, is obligated to restore the land areas leased from the Town of Rauma, so that they are
in the same condition as before the lease. The obligation is expected to be realized in 2030,
when the land lease agreement ends. The pension provisions relate to direct pension liabili-
ties granted by the Group. The current other provisions relate mainly to warranty and mainte-
nance.
4.7 Provisions
PROVISIONS
A provision is recognized in the balance
sheet if the Group has, as a result of a
past event, a present legal or construc-
tive obligation for which settlement is
probable, and the amount of the obli-
gation can be reliably estimated. The
amount recognized as a provision is
the present value of the costs that are
expected to occur when settling the obli-
gation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "PROVISIONS A provision is recognized in the balance sheet if the Group has, as a result of a past event, a present legal or construc- tive obligation for which settlement is probable, and the amount of the obli- gation can be reliably estimated. The amount recognized as a provision is the present value of the costs that are expected to occur when settling the obli- gation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-419": { "value": "
DEFERRED TAX ASSETS
1,000
EUR
2025
2024
Leases
145
137
Employee benefits
13
8
Allowance for credit losses and other provisions
98
77
Losses carried forward
117
133
Other temporary differences
139
99
Total
513
454
\u25a0
CHANGES IN DEFERRED TAX ASSETS
1,000
EUR
2025
2024
Deferred tax assets, Jan 1
454
541
Items recognized in the statement of comprehensive income
Leases
9
-58
Employee benefits
5
1
Allowance for credit losses and other provisions
20
-171
Losses carried forward
-16
133
Other temporary differences
41
8
Deferred tax assets, Dec 31
513
454
4.8 Deferred taxes
In Aspo Group no deferred tax assets have been recognized on the taxable losses carried for-
ward because there is no assurance that the companies that accumulated the losses will be
able to utilize them before they expire. The Finnish companies\u2019 taxable losses were EUR 47.6
(48.8) million and foreign companies taxable losses amounted to EUR 5.3 (3.2) million. The
loss expiry period varies from one country to another, while some losses do not expire within
the scope of the current legislation. In Finland, the period of utilization of tax losses is ten
years. In Aspo Group, tax losses expire and emerge each year.
DEFERRED TAX LIABILITIES
1,000
EUR
2025
2024
Depreciation in excess of plan and Swedish tax reserves
3,293
3,055
Tangible and intangible assets
7,511
9,260
Retained earnings of foreign subsidiaries
157
1,122
Other temporary differences
18
2
Total
10,980
13,439
\u25a0
CHANGES IN DEFERRED TAX LIABILITIES
1,000
EUR
2025
2024
Deferred tax liabilities, Jan 1
13,439
5,508
Items recognized in the statement of comprehensive income
Depreciation in excess of plan and Swedish tax reserves
351
261
Tangible and intangible assets
-611
-925
Retained earnings of foreign subsidiaries
-256
76
Other temporary differences
16
-76
Acquisitions
8,595
Transfer to liabilities held for sale, Leipurin
-1,958
Deferred tax liabilities, Dec 31
10,980
13,439
At the end of the financial year, a deferred tax liability of EUR 0.2 (0.4) million was recognized
based on the retained earnings of the Estonian and Latvian subsidiaries of Telko. A deferred
tax liability of EUR 0.1 (0.1) million has not been recognized based on the retained earnings
of other foreign subsidiaries because the funds are permanently invested in the countries in
question or because the profit distribution does not cause tax payment.
Deferred tax assets and liabilities arising from lease agreements are presented on a gross
basis in the attached table. The deferred tax has been recognized as a net amount in deferred
tax assets. .
DEFERRED TAXES
Deferred tax assets and liabilities are
calculated from temporary differences
between accounting and taxation by
applying the applicable tax rate at the
reporting date or by using a future sub-
stantively enacted tax rate. Temporary
differences arise e.g., from provisions, dif-
ferences in depreciation and from tax-
able losses carried forward. Deferred
tax assets are recognized from taxable
losses carried forward and other tempo-
rary differences only to the extent that
it is likely that they can be utilized in the
future.
ACCOUNTING ESTIMATES AND
MANAGEMENT JUDGEMENT
The recognition of deferred tax assets
involves estimates because their realiza-
tion during upcoming years requires tax-
able income, against which the benefit
can be used. On each closing date, the
Group estimates whether taxable income
against which deferred tax assets can be
used will be accumulated in the future
at a sufficient probability. The estimate
is based on a long-term plan and profit
forecast prepared by the management.
The realization of the tax benefit and
the recognition of deferred tax assets
are affected by the future profitability of
the Group\u2019s business operations and any
changes in the tax legislation. Deferred
tax assets have not been recognized
for tax losses, if the utilization involves
uncertainty.
Deferred tax liabilities have not been
recognized from the undistributed profits
of the Finnish Group companies, because
this profit can be distributed without
any tax consequences. Furthermore, the
Group does not recognize deferred tax
liabilities from the undistributed profit of
its foreign subsidiaries, insofar as it is not
probable that the temporary difference is
reversed in the foreseeable future.
\u25a0
DEFERRED TAXES ON LEASE AGREEMENTS
1,000
EUR
2025
2024
Leased assets
2,082
2,332
Lease liabilities
2,227
2,469
Total
145
137
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "DEFERRED TAXES Deferred tax assets and liabilities are calculated from temporary differences between accounting and taxation by applying the applicable tax rate at the reporting date or by using a future sub- stantively enacted tax rate. Temporary differences arise e.g., from provisions, dif- ferences in depreciation and from tax- able losses carried forward. Deferred tax assets are recognized from taxable losses carried forward and other tempo- rary differences only to the extent that it is likely that they can be utilized in the future. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "FINANCIAL RISK MANAGEMENT PRINCIPLES AND ORGANIZATION The purpose of Aspo Group\u2019s financial risk management is to protect the operating mar- gin and cash flows and to effectively manage fund-raising and liquidity. The Group aims to develop the predictability of the results, future cash flows, and capital structure, and continu- ously adapt its operations to changes in the operating environment. Financial risk management is based on the treasury policy approved by the Board of Direc- tors, which defines the main principles for financial risk management in Aspo Group. The treas- ury policy defines general risk management objectives, the relationship between the Group\u2019s parent company and business units, the division of responsibility, and risk management-re- lated reporting requirements. The treasury policy also defines the operating principles related to the management of currency risks, interest rate risks, as well as liquidity and refinancing risks. Together with the Chief Financial Officer, Aspo\u2019s CEO is responsible for the implementation of financial risk management in accordance with the treasury policy approved by the Board of Directors. The business units are responsible for recognizing their own financial risks and man- aging them together with the parent company in accordance with the Group\u2019s treasury policy and instructions provided by the parent company. Information about liquidity and refinancing risk can be found in note 2.4 Maturity. CAPITAL MANAGEMENT Capital is managed by monitoring the key figures for indebtedness and solvency (gearing, equity ratio and net debt/EBITDA) and by adjusting the components of capital in a way that targets relating to the key figures are met. In addition to Aspo\u2019s own targets, certain loans include external requirements for the levels of capital. They are monitored and reported to Aspo\u2019s management, and to the providers of the loans concerned. The solvency of the subsid- iaries is monitored, and capital is transferred within the Group as permitted by regulations. Covenants Under the terms of its financing arrangements, the Group must meet the following covenants related to its equity ratio and net debt/EBITDA ratio at the end of each year and quarter: \u2022 For term loans with a book value of EUR 232.4 (194.6) million, the equity ratio must exceed 25%, and for a total of EUR 183.9 (151.5) million of these loans, the net debt/ EBITDA ratio must not exceed 4.5. Similar covenants can be used for Aspo\u2019s binding but unused financing arrangements. If Aspo or its subsidiaries have provided pledges or mortgages as collateral for the loan, the loan-to- value ratio must exceed the agreed-upon ratio. The Group has complied with these covenants throughout the reporting period. The equity ratio on December 31, 2025, was 31.9% (36.9%). The net debt/EBITDA ratio used for loans with a book value of EUR 10.0 (81.0) million was 3.2 (3.3). The adjusted net debt/EBITDA ratio used for loans with a book value of EUR 173.9 (70.0) million was 3.5 (3.0). There is no indication that Aspo will have difficulty in complying with the covenants when they are next tested at the end of the first quarter on March 31, 2026. MARKET RISKS Currency risk Aspo Group has businesses in 18 countries, and the operations take place in many different currencies. The Group\u2019s currency risk consists of foreign currency-denominated internal and external receivables and liabilities, estimated currency flows, derivative contracts and trans- lation risks related to results and capital. The target of Aspo Group is to decrease the uncer- tainty related to fluctuations in results, cash flows and balance sheet items. At the business unit level, currency risk mainly occurs when a unit sells products and ser- vices with its domestic currency, but the costs are realized in a foreign currency. In Aspo Group, a significant part of the net sales of Telko comes from Scandinavia and especially from Sweden. Aspo\u2019s most significant translation risk concerns the Swedish krona (SEK). If the Swedish krona weakens against the euro, the net sales of the Telko segment generated in Sweden decrease. If the Swedish krona strengthens, net sales of Aspo Group increase. The Swedish krona strengthened against the euro in 2025. At the reporting date, Aspo Group\u2019s currency position mainly consisted of internal and external interest-free and interest-bearing receivables and liabilities denominated in foreign currencies. Interest-bearing external liabilities are mainly denominated in euro. LOANS AND OVERDRAFT FACILITIES IN USE BY CURRENCY
1,000
EUR
2025
2024
EUR
235,067
201,331
SEK
3,339
3,412
Total
238,406
204,743
\u25a0 ACCOUNTS RECEIVABLE BY CURRENCY
1,000
EUR
2025
2024
EUR
32,693
43,306
SEK
6,379
10,208
DKK
2,738
2,436
PLN
333
771
UAH
701
578
USD
835
1,783
Other
3,286
3,659
Total
46,965
62,742
\u25a0 ACCOUNTS PAYABLE AND ADVANCES RECEIVED BY CURRENCY
1,000
EUR
2025
2024
EUR
26,252
35,575
SEK
2,413
4,743
DKK
178
190
PLN
37
-4
UAH
295
214
USD
2,487
2,801
Other
1,019
1,118
Total
32,680
44,636
Most of Aspo Group\u2019s accounts receivable are denominated in euro. The accounts receivable denominated in the Swedish and Danish krona comprise the next largest items. The share of accounts receivable and accounts payable denominated in USD is also significant, especially in the Telko segment, because part of raw materials is purchased in USD. In addition, part of ESL Shipping\u2019s sales transactions is carried out in USD, and certain fuel purchases are denom- inated in USD. ESL Shipping\u2019s new Green Coaster vessel investments and upcoming sales are denominated in euro. The investments in the Green Handy vessels are USD-denominated and are hedged against exchange rate fluctuations by forward contracts. The sensitivity of these currency forward contracts to USD/EUR exchange rate changes is shown in the table. A strengthening of EUR against USD by ten percentage points would result in an impact of EUR -13.9 (-15.7) million in the Group\u2019s equity and other comprehensive income, and a weakening of EUR against USD by ten percentage points would result in a positive impact of EUR 17.0 (19.2) million in the Group\u2019s equity and other comprehensive income. SENSITIVITY ANALYSIS FOR CURRENCY HEDGE INSTRUMENTS
2025
2024
Profit Profit
1,000
EUR
and loss
Equity
and loss
Equity
ESL Shipping cash flow hedge
+ 10% strengthening of EUR against USD
-13,915
-15,681
- 10% weakening of EUR against USD
17,007
19,165
Other currency hedge instruments
Nominal value + 10%
462
650
Nominal value - 10%
-462
-650
Aspo Group also has two other currency forward contracts, the fair value of which is deter- mined by the ratio of NOK and SEK exchange rates to the euro. A change of ten percentage points in the fair value of these forward contracts would result in a profit impact of EUR 0.5 (0.7) million. \u25a0 EQUITY OF FOREIGN SUBSIDIARIES BY CURRENCY
Equity Equity
1,000
EUR
2025 2024
EUR
36,478
38,782
SEK
17,879
26,017
DKK
5,298
8,943
NOK
27
180
UAH
737
1,650
PLN
33
320
CNY
2,734
3,264
KZT
-1,448
-2,145
UZS
-687
-737
RON
-392
-394
INR
-11
Total
60,647
75,882
ITEMS DENOMINATED IN FOREIGN CURRENCIES Transactions denominated in foreign cur- rencies are recorded at the exchange rates at the transaction dates. Receiv- ables and liabilities denominated in for- eign currencies, outstanding at the end of the financial year are translated using the exchange rates at the reporting date. The gains and losses arising from foreign currency denominated transac- tions and the translation of monetary items are recognized in profit or loss. For- eign exchange gains and losses related to business operations, as well as their hedging results recognized through profit or loss, are included in the correspond- ing items above operating profit. For- eign exchange gains and losses on for- eign currency loans, including their hedg- ing results recognized through profit or loss, are included in financial income and expenses. Aspo has internal non-current loans to subsidiaries, which have been classified as net investments in foreign operations, in accordance with IAS 21 standard. The unrealized foreign exchange gains and losses arising from these net invest- ments are recognized in other compre- hensive income and are included in trans- lation differences. Accumulated transla- tion differences related to non-current net investments are reclassified from equity to profit or loss when the subsid- iary being invested in is sold in full or in part so that the Group no longer has con- trol, or control is otherwise lost. Aspo Group has made investments in foreign subsidiaries. In addition to direct invest- ments, the equity of the foreign subsidiaries changes based on their business results. The table shows the Group\u2019s share of the subsidiaries\u2019 equity by currency. The total equity of the Group\u2019s foreign subsidiaries at the reporting date was EUR 60.6 (75.9) million. The largest for- eign currency-denominated investments in 2025 were SEK-denominated investments in sub- sidiaries operating in Sweden. Despite the significant share of equity being denominated in the SEK and DKK, the Group deems that diversification is at a sufficient level, and there is no need to hedge the translation position associated with the equities of its foreign subsidiaries. The Group\u2019s internal non-current loan receivables from Telko\u2019s Ukrainian and Kazakhstani subsidiaries have initially been classified as non-current net investments in foreign opera- tions in accordance with IAS 21 standard. The treatment of the Ukrainian loan as a net invest- ment in a foreign operation ended in 2021 as a result of repayments, but the translation dif- ferences related to the loan of EUR -5.5 million have not been reversed and are still included in the translation differences of Aspo Group. The treatment of the Kazakhstani loan as a net investment in a foreign operation ended in 2025 due to repayment of the loan, but the trans- lation differences related to the loan of EUR -1.0 million have not been reversed and are still included in the translation differences of Aspo Group. Interest rate risk To finance its operations, Aspo Group uses both fixed-rate and floating-rate borrowings, the latter of which causes an interest rate risk in Aspo Group\u2019s cash flow and profit when changes in the interest rate level take place. In addition to fixed-rate borrowings, Aspo Group may use interest rate derivatives to decrease a possible growth in future cash outflows caused by an increase in short-term market interest rates. On December 31, 2025, the Group\u2019s interest-bearing liabilities totaled EUR 256.7 (224.4) million and cash and cash equivalents stood at EUR 44.0 (36.4) million. The share of lease liabilities included in the amount of inter- est-bearing liabilities was EUR 18.3 (19.7) million. The figures above also include the share of discontinued operations. Aspo Group\u2019s debt portfolio is reviewed with regard to average interest rate, the duration of interest rate position and average loan maturity. On the balance sheet date, the average interest rate on interest-bearing liabilities, excluding lease liabilities, was 4.1% (4.8%), the duration of interest rate position was 0.9 years (0.7), the average loan maturity was 4.7 years (4.3). SENSITIVITY TO MARKET RISKS Aspo Group is exposed to interest rate and currency risks due to financial assets and liabili- ties in the balance sheet on the reporting date. Market risks may also have an impact on Aspo Group through items other than financial instruments. The oil price has an impact on Aspo Group\u2019s financial performance in the form of transportation costs. The Group has hedged against this risk by means of contractual clauses. The fluctuations in raw material prices for chemicals and food also affect the Group\u2019s financial performance. Aspo Group has not identified material transaction risks related to any single currency. However, Aspo Group has internal euro-denominated loans in the Telko segment\u2019s companies in Norway, Ukraine and Kazakhstan, which generate foreign exchange gains and losses for the Group. Exchange rate differences on internal loans affect the Group\u2019s result because they are not eliminated in consolidation. The Norwegian loan is hedged against exchange rate fluc- tuations, but there are no other hedges for intra-Group loans. If the Kazakh currency were to weaken by ten percentage points, the Group would incur an exchange rate loss of EUR 0.3 million, and if the currency were to strengthen by ten percentage points, the Group would record an exchange rate gain of EUR 0.3 million. The management estimates that the Ukrain- ian currency is exposed to a weakening risk of around 20 percentage points. If the Ukrainian currency were to weaken by 20 percentage points against the euro, the Group would incur an exchange rate loss of EUR 0.6 million based on the loan principal outstanding on the balance sheet date. This loss would be reported in financial items. In addition, if the Ukrainian currency were to weaken by 20 percentage points against the euro, the Group\u2019s equity would decrease by EUR 0.1 million. The sensitivity calculation resulting from changes in interest rates is based on the following assumptions: \u2022 The interest level changes by one percentage point. \u2022 The position includes floating-rate interest-bearing financial liabilities and assets. \u2022 The calculation is based on balance sheet values on the reporting date, and changes in capital during the year are not taken into account. \u25a0 SENSITIVITY ANALYSIS FOR INTEREST RATE RISK
Profit and loss
Profit and loss
1,000
EUR
2025
2024
Interest rate risk
Change of +100 basic points in the market interest rates
-2,099
-1,892
Change of -100 basic points in the market interest rates
2,086
1,909
CREDIT AND COUNTERPARTY RISKS The Group has credit risk from accounts receivable. The Telko segment has an international and highly diversified customer base, and no considerable customer risk concentration exists. The counterparty risk of Ukrainian customers has been addressed by utilization of payment terms based on advance payments. ESL Shipping segment\u2019s accounts receivable are related to long-term customer relationships with creditworthy companies. The turnover rate of its accounts receivable is high. The businesses hedge against credit risks by using, when neces- sary, payment terms based on advance payments and bank guarantees. Aspo Group aims to have a low cash and cash equivalents balance. The counterparty risk is managed by selecting well-known and financially solvent domestic and international banks as counterparties. Excess funds may be invested in bank deposits and short-term money mar- ket instruments. The derivative contract-based counterparty risk is managed by selecting well- known and solvent Nordic banks as counterparties.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
MARKET RISKS
Currency risk
Aspo Group has businesses in 18 countries, and the operations take place in many different
currencies. The Group\u2019s currency risk consists of foreign currency-denominated internal and
external receivables and liabilities, estimated currency flows, derivative contracts and trans-
lation risks related to results and capital. The target of Aspo Group is to decrease the uncer-
tainty related to fluctuations in results, cash flows and balance sheet items.
At the business unit level, currency risk mainly occurs when a unit sells products and ser-
vices with its domestic currency, but the costs are realized in a foreign currency. In Aspo
Group, a significant part of the net sales of Telko comes from Scandinavia and especially from
Sweden. Aspo\u2019s most significant translation risk concerns the Swedish krona (SEK). If the
Swedish krona weakens against the euro, the net sales of the Telko segment generated in
Sweden decrease. If the Swedish krona strengthens, net sales of Aspo Group increase. The
Swedish krona strengthened against the euro in 2025.
At the reporting date, Aspo Group\u2019s currency position mainly consisted of internal and
external interest-free and interest-bearing receivables and liabilities denominated in foreign
currencies. Interest-bearing external liabilities are mainly denominated in euro.
LOANS AND OVERDRAFT FACILITIES IN USE BY CURRENCY
1,000
EUR
2025
2024
EUR
235,067
201,331
SEK
3,339
3,412
Total
238,406
204,743
\u25a0
ACCOUNTS RECEIVABLE BY CURRENCY
1,000
EUR
2025
2024
EUR
32,693
43,306
SEK
6,379
10,208
DKK
2,738
2,436
PLN
333
771
UAH
701
578
USD
835
1,783
Other
3,286
3,659
Total
46,965
62,742
\u25a0
ACCOUNTS PAYABLE AND ADVANCES RECEIVED BY CURRENCY
1,000
EUR
2025
2024
EUR
26,252
35,575
SEK
2,413
4,743
DKK
178
190
PLN
37
-4
UAH
295
214
USD
2,487
2,801
Other
1,019
1,118
Total
32,680
44,636
Most of Aspo Group\u2019s accounts receivable are denominated in euro. The accounts receivable
denominated in the Swedish and Danish krona comprise the next largest items. The share of
accounts receivable and accounts payable denominated in USD is also significant, especially
in the Telko segment, because part of raw materials is purchased in USD. In addition, part of
ESL Shipping\u2019s sales transactions is carried out in USD, and certain fuel purchases are denom-
inated in USD. ESL Shipping\u2019s new Green Coaster vessel investments and upcoming sales
are denominated in euro. The investments in the Green Handy vessels are USD-denominated
and are hedged against exchange rate fluctuations by forward contracts. The sensitivity of
these currency forward contracts to USD/EUR exchange rate changes is shown in the table. A
strengthening of EUR against USD by ten percentage points would result in an impact of EUR
-13.9 (-15.7) million in the Group\u2019s equity and other comprehensive income, and a weakening
of EUR against USD by ten percentage points would result in a positive impact of EUR 17.0
(19.2) million in the Group\u2019s equity and other comprehensive income.
SENSITIVITY ANALYSIS FOR CURRENCY HEDGE INSTRUMENTS
2025
2024
Profit Profit
1,000
EUR
and loss
Equity
and loss
Equity
ESL Shipping cash flow hedge
+ 10% strengthening of EUR against USD
-13,915
-15,681
- 10% weakening of EUR against USD
17,007
19,165
Other currency hedge instruments
Nominal value + 10%
462
650
Nominal value - 10%
-462
-650
Aspo Group also has two other currency forward contracts, the fair value of which is deter- mined by the ratio of NOK and SEK exchange rates to the euro. A change of ten percentage points in the fair value of these forward contracts would result in a profit impact of EUR 0.5 (0.7) million. \u25a0 EQUITY OF FOREIGN SUBSIDIARIES BY CURRENCY
Equity Equity
1,000
EUR
2025 2024
EUR
36,478
38,782
SEK
17,879
26,017
DKK
5,298
8,943
NOK
27
180
UAH
737
1,650
PLN
33
320
CNY
2,734
3,264
KZT
-1,448
-2,145
UZS
-687
-737
RON
-392
-394
INR
-11
Total
60,647
75,882
ITEMS DENOMINATED IN FOREIGN CURRENCIES Transactions denominated in foreign cur- rencies are recorded at the exchange rates at the transaction dates. Receiv- ables and liabilities denominated in for- eign currencies, outstanding at the end of the financial year are translated using the exchange rates at the reporting date. The gains and losses arising from foreign currency denominated transac- tions and the translation of monetary items are recognized in profit or loss. For- eign exchange gains and losses related to business operations, as well as their hedging results recognized through profit or loss, are included in the correspond- ing items above operating profit. For- eign exchange gains and losses on for- eign currency loans, including their hedg- ing results recognized through profit or loss, are included in financial income and expenses. Aspo has internal non-current loans to subsidiaries, which have been classified as net investments in foreign operations, in accordance with IAS 21 standard. The unrealized foreign exchange gains and losses arising from these net invest- ments are recognized in other compre- hensive income and are included in trans- lation differences. Accumulated transla- tion differences related to non-current net investments are reclassified from equity to profit or loss when the subsid- iary being invested in is sold in full or in part so that the Group no longer has con- trol, or control is otherwise lost. Aspo Group has made investments in foreign subsidiaries. In addition to direct invest- ments, the equity of the foreign subsidiaries changes based on their business results. The table shows the Group\u2019s share of the subsidiaries\u2019 equity by currency. The total equity of the Group\u2019s foreign subsidiaries at the reporting date was EUR 60.6 (75.9) million. The largest for- eign currency-denominated investments in 2025 were SEK-denominated investments in sub- sidiaries operating in Sweden. Despite the significant share of equity being denominated in the SEK and DKK, the Group deems that diversification is at a sufficient level, and there is no need to hedge the translation position associated with the equities of its foreign subsidiaries. The Group\u2019s internal non-current loan receivables from Telko\u2019s Ukrainian and Kazakhstani subsidiaries have initially been classified as non-current net investments in foreign opera- tions in accordance with IAS 21 standard. The treatment of the Ukrainian loan as a net invest- ment in a foreign operation ended in 2021 as a result of repayments, but the translation dif- ferences related to the loan of EUR -5.5 million have not been reversed and are still included in the translation differences of Aspo Group. The treatment of the Kazakhstani loan as a net investment in a foreign operation ended in 2025 due to repayment of the loan, but the trans- lation differences related to the loan of EUR -1.0 million have not been reversed and are still included in the translation differences of Aspo Group.
Interest rate risk
To finance its operations, Aspo Group uses both fixed-rate and floating-rate borrowings, the
latter of which causes an interest rate risk in Aspo Group\u2019s cash flow and profit when changes
in the interest rate level take place. In addition to fixed-rate borrowings, Aspo Group may
use interest rate derivatives to decrease a possible growth in future cash outflows caused
by an increase in short-term market interest rates. On December 31, 2025, the Group\u2019s
interest-bearing liabilities totaled EUR 256.7 (224.4) million and cash and cash equivalents
stood at EUR 44.0 (36.4) million. The share of lease liabilities included in the amount of inter-
est-bearing liabilities was EUR 18.3 (19.7) million. The figures above also include the share
of discontinued operations. Aspo Group\u2019s debt portfolio is reviewed with regard to average
interest rate, the duration of interest rate position and average loan maturity. On the balance
sheet date, the average interest rate on interest-bearing liabilities, excluding lease liabilities,
was 4.1% (4.8%), the duration of interest rate position was 0.9 years (0.7), the average loan
maturity was 4.7 years (4.3).
SENSITIVITY TO MARKET RISKS
Aspo Group is exposed to interest rate and currency risks due to financial assets and liabili-
ties in the balance sheet on the reporting date. Market risks may also have an impact on Aspo
Group through items other than financial instruments. The oil price has an impact on Aspo
Group\u2019s financial performance in the form of transportation costs. The Group has hedged
against this risk by means of contractual clauses. The fluctuations in raw material prices for
chemicals and food also affect the Group\u2019s financial performance.
Aspo Group has not identified material transaction risks related to any single currency.
However, Aspo Group has internal euro-denominated loans in the Telko segment\u2019s companies
in Norway, Ukraine and Kazakhstan, which generate foreign exchange gains and losses for
the Group. Exchange rate differences on internal loans affect the Group\u2019s result because they
are not eliminated in consolidation. The Norwegian loan is hedged against exchange rate fluc-
tuations, but there are no other hedges for intra-Group loans. If the Kazakh currency were to
weaken by ten percentage points, the Group would incur an exchange rate loss of EUR 0.3
million, and if the currency were to strengthen by ten percentage points, the Group would
record an exchange rate gain of EUR 0.3 million. The management estimates that the Ukrain-
ian currency is exposed to a weakening risk of around 20 percentage points. If the Ukrainian
currency were to weaken by 20 percentage points against the euro, the Group would incur an
exchange rate loss of EUR 0.6 million based on the loan principal outstanding on the balance
sheet date. This loss would be reported in financial items. In addition, if the Ukrainian currency
were to weaken by 20 percentage points against the euro, the Group\u2019s equity would decrease
by EUR 0.1 million.
The sensitivity calculation resulting from changes in interest rates is based on the following
assumptions:
\u2022 The interest level changes by one percentage point.
\u2022 The position includes floating-rate interest-bearing financial liabilities and assets.
\u2022 The calculation is based on balance sheet values on the reporting date, and changes in
capital during the year are not taken into account.
\u25a0
SENSITIVITY ANALYSIS FOR INTEREST RATE RISK
Profit and loss
Profit and loss
1,000
EUR
2025
2024
Interest rate risk
Change of +100 basic points in the market interest rates
-2,099
-1,892
Change of -100 basic points in the market interest rates
2,086
1,909
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "Currency risk Aspo Group has businesses in 18 countries, and the operations take place in many different currencies. The Group\u2019s currency risk consists of foreign currency-denominated internal and external receivables and liabilities, estimated currency flows, derivative contracts and trans- lation risks related to results and capital. The target of Aspo Group is to decrease the uncer- tainty related to fluctuations in results, cash flows and balance sheet items. At the business unit level, currency risk mainly occurs when a unit sells products and ser- vices with its domestic currency, but the costs are realized in a foreign currency. In Aspo Group, a significant part of the net sales of Telko comes from Scandinavia and especially from Sweden. Aspo\u2019s most significant translation risk concerns the Swedish krona (SEK). If the Swedish krona weakens against the euro, the net sales of the Telko segment generated in Sweden decrease. If the Swedish krona strengthens, net sales of Aspo Group increase. The Swedish krona strengthened against the euro in 2025. At the reporting date, Aspo Group\u2019s currency position mainly consisted of internal and external interest-free and interest-bearing receivables and liabilities denominated in foreign currencies. Interest-bearing external liabilities are mainly denominated in euro. LOANS AND OVERDRAFT FACILITIES IN USE BY CURRENCY
1,000
EUR
2025
2024
EUR
235,067
201,331
SEK
3,339
3,412
Total
238,406
204,743
\u25a0 ACCOUNTS RECEIVABLE BY CURRENCY
1,000
EUR
2025
2024
EUR
32,693
43,306
SEK
6,379
10,208
DKK
2,738
2,436
PLN
333
771
UAH
701
578
USD
835
1,783
Other
3,286
3,659
Total
46,965
62,742
\u25a0 ACCOUNTS PAYABLE AND ADVANCES RECEIVED BY CURRENCY
1,000
EUR
2025
2024
EUR
26,252
35,575
SEK
2,413
4,743
DKK
178
190
PLN
37
-4
UAH
295
214
USD
2,487
2,801
Other
1,019
1,118
Total
32,680
44,636
Most of Aspo Group\u2019s accounts receivable are denominated in euro. The accounts receivable denominated in the Swedish and Danish krona comprise the next largest items. The share of accounts receivable and accounts payable denominated in USD is also significant, especially in the Telko segment, because part of raw materials is purchased in USD. In addition, part of ESL Shipping\u2019s sales transactions is carried out in USD, and certain fuel purchases are denom- inated in USD. ESL Shipping\u2019s new Green Coaster vessel investments and upcoming sales are denominated in euro. The investments in the Green Handy vessels are USD-denominated and are hedged against exchange rate fluctuations by forward contracts. The sensitivity of these currency forward contracts to USD/EUR exchange rate changes is shown in the table. A strengthening of EUR against USD by ten percentage points would result in an impact of EUR -13.9 (-15.7) million in the Group\u2019s equity and other comprehensive income, and a weakening of EUR against USD by ten percentage points would result in a positive impact of EUR 17.0 (19.2) million in the Group\u2019s equity and other comprehensive income. SENSITIVITY ANALYSIS FOR CURRENCY HEDGE INSTRUMENTS
2025
2024
Profit Profit
1,000
EUR
and loss
Equity
and loss
Equity
ESL Shipping cash flow hedge
+ 10% strengthening of EUR against USD
-13,915
-15,681
- 10% weakening of EUR against USD
17,007
19,165
Other currency hedge instruments
Nominal value + 10%
462
650
Nominal value - 10%
-462
-650
Aspo Group also has two other currency forward contracts, the fair value of which is deter- mined by the ratio of NOK and SEK exchange rates to the euro. A change of ten percentage points in the fair value of these forward contracts would result in a profit impact of EUR 0.5 (0.7) million. \u25a0 EQUITY OF FOREIGN SUBSIDIARIES BY CURRENCY
Equity Equity
1,000
EUR
2025 2024
EUR
36,478
38,782
SEK
17,879
26,017
DKK
5,298
8,943
NOK
27
180
UAH
737
1,650
PLN
33
320
CNY
2,734
3,264
KZT
-1,448
-2,145
UZS
-687
-737
RON
-392
-394
INR
-11
Total
60,647
75,882
ITEMS DENOMINATED IN FOREIGN CURRENCIES Transactions denominated in foreign cur- rencies are recorded at the exchange rates at the transaction dates. Receiv- ables and liabilities denominated in for- eign currencies, outstanding at the end of the financial year are translated using the exchange rates at the reporting date. The gains and losses arising from foreign currency denominated transac- tions and the translation of monetary items are recognized in profit or loss. For- eign exchange gains and losses related to business operations, as well as their hedging results recognized through profit or loss, are included in the correspond- ing items above operating profit. For- eign exchange gains and losses on for- eign currency loans, including their hedg- ing results recognized through profit or loss, are included in financial income and expenses. Aspo has internal non-current loans to subsidiaries, which have been classified as net investments in foreign operations, in accordance with IAS 21 standard. The unrealized foreign exchange gains and losses arising from these net invest- ments are recognized in other compre- hensive income and are included in trans- lation differences. Accumulated transla- tion differences related to non-current net investments are reclassified from equity to profit or loss when the subsid- iary being invested in is sold in full or in part so that the Group no longer has con- trol, or control is otherwise lost. Aspo Group has made investments in foreign subsidiaries. In addition to direct invest- ments, the equity of the foreign subsidiaries changes based on their business results. The table shows the Group\u2019s share of the subsidiaries\u2019 equity by currency. The total equity of the Group\u2019s foreign subsidiaries at the reporting date was EUR 60.6 (75.9) million. The largest for- eign currency-denominated investments in 2025 were SEK-denominated investments in sub- sidiaries operating in Sweden. Despite the significant share of equity being denominated in the SEK and DKK, the Group deems that diversification is at a sufficient level, and there is no need to hedge the translation position associated with the equities of its foreign subsidiaries. The Group\u2019s internal non-current loan receivables from Telko\u2019s Ukrainian and Kazakhstani subsidiaries have initially been classified as non-current net investments in foreign opera- tions in accordance with IAS 21 standard. The treatment of the Ukrainian loan as a net invest- ment in a foreign operation ended in 2021 as a result of repayments, but the translation dif- ferences related to the loan of EUR -5.5 million have not been reversed and are still included in the translation differences of Aspo Group. The treatment of the Kazakhstani loan as a net investment in a foreign operation ended in 2025 due to repayment of the loan, but the trans- lation differences related to the loan of EUR -1.0 million have not been reversed and are still included in the translation differences of Aspo Group. SENSITIVITY TO MARKET RISKS Aspo Group is exposed to interest rate and currency risks due to financial assets and liabili- ties in the balance sheet on the reporting date. Market risks may also have an impact on Aspo Group through items other than financial instruments. The oil price has an impact on Aspo Group\u2019s financial performance in the form of transportation costs. The Group has hedged against this risk by means of contractual clauses. The fluctuations in raw material prices for chemicals and food also affect the Group\u2019s financial performance. Aspo Group has not identified material transaction risks related to any single currency. However, Aspo Group has internal euro-denominated loans in the Telko segment\u2019s companies in Norway, Ukraine and Kazakhstan, which generate foreign exchange gains and losses for the Group. Exchange rate differences on internal loans affect the Group\u2019s result because they are not eliminated in consolidation. The Norwegian loan is hedged against exchange rate fluc- tuations, but there are no other hedges for intra-Group loans. If the Kazakh currency were to weaken by ten percentage points, the Group would incur an exchange rate loss of EUR 0.3 million, and if the currency were to strengthen by ten percentage points, the Group would record an exchange rate gain of EUR 0.3 million. The management estimates that the Ukrain- ian currency is exposed to a weakening risk of around 20 percentage points. If the Ukrainian currency were to weaken by 20 percentage points against the euro, the Group would incur an exchange rate loss of EUR 0.6 million based on the loan principal outstanding on the balance sheet date. This loss would be reported in financial items. In addition, if the Ukrainian currency were to weaken by 20 percentage points against the euro, the Group\u2019s equity would decrease by EUR 0.1 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-420": { "value": "
ITEMS DENOMINATED IN
FOREIGN CURRENCIES
Transactions denominated in foreign cur-
rencies are recorded at the exchange
rates at the transaction dates. Receiv-
ables and liabilities denominated in for-
eign currencies, outstanding at the end
of the financial year are translated using
the exchange rates at the reporting
date. The gains and losses arising from
foreign currency denominated transac-
tions and the translation of monetary
items are recognized in profit or loss. For-
eign exchange gains and losses related
to business operations, as well as their
hedging results recognized through profit
or loss, are included in the correspond-
ing items above operating profit. For-
eign exchange gains and losses on for-
eign currency loans, including their hedg-
ing results recognized through profit or
loss, are included in financial income and
expenses.
Aspo has internal non-current loans to
subsidiaries, which have been classified
as net investments in foreign operations,
in accordance with IAS 21 standard. The
unrealized foreign exchange gains and
losses arising from these net invest-
ments are recognized in other compre-
hensive income and are included in trans-
lation differences. Accumulated transla-
tion differences related to non-current
net investments are reclassified from
equity to profit or loss when the subsid-
iary being invested in is sold in full or in
part so that the Group no longer has con-
trol, or control is otherwise lost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
CREDIT AND COUNTERPARTY RISKS
The Group has credit risk from accounts receivable. The Telko segment has an international
and highly diversified customer base, and no considerable customer risk concentration exists.
The counterparty risk of Ukrainian customers has been addressed by utilization of payment
terms based on advance payments. ESL Shipping segment\u2019s accounts receivable are related
to long-term customer relationships with creditworthy companies. The turnover rate of its
accounts receivable is high. The businesses hedge against credit risks by using, when neces-
sary, payment terms based on advance payments and bank guarantees.
Aspo Group aims to have a low cash and cash equivalents balance. The counterparty risk
is managed by selecting well-known and financially solvent domestic and international banks
as counterparties. Excess funds may be invested in bank deposits and short-term money mar-
ket instruments. The derivative contract-based counterparty risk is managed by selecting well-
known and solvent Nordic banks as counterparties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-421": { "value": "
DERIVATIVE CONTRACTS
Nominal Fair Nominal Fair
value value, net value value, net
1,000
EUR
2025
2025
2024
2024
Forwards
Foreign currency forwards
158,090
-557
179,759
9,306
\u25a0
NET GAIN/(LOSS) ON DERIVATIVE CONTRACTS
1,000
EUR
2025
2024
Materials and services
-14
10
Financial income
-153
-60
Profit for the period
-167
-50
Other comprehensive income
-16,881
9,403
Total comprehensive income
-17,048
9,353
DERIVATIVE CONTRACTS
The Aspo Group\u2019s forward contracts on the reporting date:
\u2022 ESL Shipping Ltd's forward contracts related to the USD-denominated Green Handy vessel
investments
\u2022 Aspo Plc\u2019s forward contract related to the intra-Group NOK loan
\u2022 Swed Handling AB\u2019s forward contracts related to purchases in EUR and USD
At the reporting date, the fair value of the forward contracts totaled EUR -0.6 (9.3) million.
ESL Shipping\u2019s forward contracts are used to hedge against the strengthening of USD, and
their fair value on the balance sheet date included in the above total was EUR -0.4 (9.4) mil-
lion, which is recognized in liabilities and in the hedging reserve in equity through other com-
prehensive income.
The hedging reserve also includes realized losses of EUR -7.1 million on these forward con-
tracts, resulting from the renewal of the contracts during the year.
ESL Shipping\u2019s forward contracts relating to vessels are subject to hedge accounting. The
forward contracts will expire, and they will be renewed every few months on expiry until the
investments take place. ESL Shipping\u2019s forward contracts relating to vessels are considered
to be part of the vessel investments and subject to tonnage taxation; thus, deferred tax lia-
bility has not been recognized on them. The sensitivity analysis of derivative contracts is pre-
sented in note 5.1 Financial risks and the management of financial risks.
In December 2024, ESL Shipping Ltd made the first payment for the four Green Handy ves-
sels under construction. The payment was EUR 29.0 million calculated at the forward rate.
ESL Shipping Ltd does not yet have a pool contract for the Green Handy vessels, but one of
the four vessels is planned to be sold to a group of investors. Thus, a quarter of the amount
of the prepayment has been recognized as an advance payment on inventories and three
quarters as an advance payment on tangible assets. The cash flows from the forward con-
tracts have similarly been allocated between operating and investing cash flows in the same
proportion. Cash outflows are expected to be about 10% for 2026, 60% for 2027 and 30%
for 2028.
DERIVATIVES
Derivatives are initially recognized at fair
value on the day the Group becomes a
contractual counterparty and are subse-
quently measured at fair value. Fair value
of derivatives is determined on the basis
of quoted market prices and rates, the
discounting of cash flows and option val-
uation models. The fair value of currency
forwards is calculated by discounting
the predicted cash flows from the agree-
ments in accordance with interest rates
of the currencies sold, translating the
discounted cash flows at the exchange
rates at the reporting date, and calcu-
lating the difference between the dis-
counted values. The nominal value of for-
eign exchange forward contracts is calcu-
lated by converting them at the exchange
rate of the balance sheet date.
For those foreign exchange forward
contracts that are included in hedge
accounting, the change in the fair value of
the effective portion of the hedge is rec-
ognized in other comprehensive income
and presented in the hedging reserve
included in other reserves in equity.
Hedging gains and losses on other for-
eign exchange forwards recognized
through profit or loss are recognized in
the income statement on the basis of
the hedged item either above the oper-
ating profit or in financial income and
expenses.
When applying hedge accounting, the
relation between hedging instruments
and hedged items is documented at the
start of hedging, as well as the risk man-
agement targets and strategies used as
guidelines when launching different hedg-
ing actions. At the start of hedging and
continuously after this action, the Group
prepares an estimate whether the deriv-
atives used in hedging effectively abolish
the changes in fair values or cash flows
of the hedged objects. The gain or loss
relating to an inefficient portion is imme-
diately recognized in the statement of
comprehensive income as financial items.
When the hedging instrument expires
or is sold or when hedging does not meet
the criteria of hedge accounting, the
accumulated gains and losses retained in
equity at that time remain in equity and
are reclassified to the statement of com-
prehensive income only after the fore-
cast transaction takes place. If the fore-
cast transaction is no longer expected
to occur, the accumulated gain or loss
retained under equity is immediately
reclassified to the statement of com-
prehensive income. The hedging results
for ESL Shipping Oy\u2019s forward contracts
relating to vessels are recognized as an
adjustment to the acquisition cost of the
vessels.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "DERIVATIVE CONTRACTS
Nominal Fair Nominal Fair
value value, net value value, net
1,000
EUR
2025
2025
2024
2024
Forwards
Foreign currency forwards
158,090
-557
179,759
9,306
\u25a0 NET GAIN/(LOSS) ON DERIVATIVE CONTRACTS
1,000
EUR
2025
2024
Materials and services
-14
10
Financial income
-153
-60
Profit for the period
-167
-50
Other comprehensive income
-16,881
9,403
Total comprehensive income
-17,048
9,353
DERIVATIVE CONTRACTS The Aspo Group\u2019s forward contracts on the reporting date: \u2022 ESL Shipping Ltd's forward contracts related to the USD-denominated Green Handy vessel investments \u2022 Aspo Plc\u2019s forward contract related to the intra-Group NOK loan \u2022 Swed Handling AB\u2019s forward contracts related to purchases in EUR and USD At the reporting date, the fair value of the forward contracts totaled EUR -0.6 (9.3) million. ESL Shipping\u2019s forward contracts are used to hedge against the strengthening of USD, and their fair value on the balance sheet date included in the above total was EUR -0.4 (9.4) mil- lion, which is recognized in liabilities and in the hedging reserve in equity through other com- prehensive income. The hedging reserve also includes realized losses of EUR -7.1 million on these forward con- tracts, resulting from the renewal of the contracts during the year. ESL Shipping\u2019s forward contracts relating to vessels are subject to hedge accounting. The forward contracts will expire, and they will be renewed every few months on expiry until the investments take place. ESL Shipping\u2019s forward contracts relating to vessels are considered to be part of the vessel investments and subject to tonnage taxation; thus, deferred tax lia- bility has not been recognized on them. The sensitivity analysis of derivative contracts is pre- sented in note 5.1 Financial risks and the management of financial risks. In December 2024, ESL Shipping Ltd made the first payment for the four Green Handy ves- sels under construction. The payment was EUR 29.0 million calculated at the forward rate. ESL Shipping Ltd does not yet have a pool contract for the Green Handy vessels, but one of the four vessels is planned to be sold to a group of investors. Thus, a quarter of the amount of the prepayment has been recognized as an advance payment on inventories and three quarters as an advance payment on tangible assets. The cash flows from the forward con- tracts have similarly been allocated between operating and investing cash flows in the same proportion. Cash outflows are expected to be about 10% for 2026, 60% for 2027 and 30% for 2028. DERIVATIVES Derivatives are initially recognized at fair value on the day the Group becomes a contractual counterparty and are subse- quently measured at fair value. Fair value of derivatives is determined on the basis of quoted market prices and rates, the discounting of cash flows and option val- uation models. The fair value of currency forwards is calculated by discounting the predicted cash flows from the agree- ments in accordance with interest rates of the currencies sold, translating the discounted cash flows at the exchange rates at the reporting date, and calcu- lating the difference between the dis- counted values. The nominal value of for- eign exchange forward contracts is calcu- lated by converting them at the exchange rate of the balance sheet date. For those foreign exchange forward contracts that are included in hedge accounting, the change in the fair value of the effective portion of the hedge is rec- ognized in other comprehensive income and presented in the hedging reserve included in other reserves in equity. Hedging gains and losses on other for- eign exchange forwards recognized through profit or loss are recognized in the income statement on the basis of the hedged item either above the oper- ating profit or in financial income and expenses. When applying hedge accounting, the relation between hedging instruments and hedged items is documented at the start of hedging, as well as the risk man- agement targets and strategies used as guidelines when launching different hedg- ing actions. At the start of hedging and continuously after this action, the Group prepares an estimate whether the deriv- atives used in hedging effectively abolish the changes in fair values or cash flows of the hedged objects. The gain or loss relating to an inefficient portion is imme- diately recognized in the statement of comprehensive income as financial items. When the hedging instrument expires or is sold or when hedging does not meet the criteria of hedge accounting, the accumulated gains and losses retained in equity at that time remain in equity and are reclassified to the statement of com- prehensive income only after the fore- cast transaction takes place. If the fore- cast transaction is no longer expected to occur, the accumulated gain or loss retained under equity is immediately reclassified to the statement of com- prehensive income. The hedging results for ESL Shipping Oy\u2019s forward contracts relating to vessels are recognized as an adjustment to the acquisition cost of the vessels.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "DERIVATIVES Derivatives are initially recognized at fair value on the day the Group becomes a contractual counterparty and are subse- quently measured at fair value. Fair value of derivatives is determined on the basis of quoted market prices and rates, the discounting of cash flows and option val- uation models. The fair value of currency forwards is calculated by discounting the predicted cash flows from the agree- ments in accordance with interest rates of the currencies sold, translating the discounted cash flows at the exchange rates at the reporting date, and calcu- lating the difference between the dis- counted values. The nominal value of for- eign exchange forward contracts is calcu- lated by converting them at the exchange rate of the balance sheet date. For those foreign exchange forward contracts that are included in hedge accounting, the change in the fair value of the effective portion of the hedge is rec- ognized in other comprehensive income and presented in the hedging reserve included in other reserves in equity. Hedging gains and losses on other for- eign exchange forwards recognized through profit or loss are recognized in the income statement on the basis of the hedged item either above the oper- ating profit or in financial income and expenses. When applying hedge accounting, the relation between hedging instruments and hedged items is documented at the start of hedging, as well as the risk man- agement targets and strategies used as guidelines when launching different hedg- ing actions. At the start of hedging and continuously after this action, the Group prepares an estimate whether the deriv- atives used in hedging effectively abolish the changes in fair values or cash flows of the hedged objects. The gain or loss relating to an inefficient portion is imme- diately recognized in the statement of comprehensive income as financial items. When the hedging instrument expires or is sold or when hedging does not meet the criteria of hedge accounting, the accumulated gains and losses retained in equity at that time remain in equity and are reclassified to the statement of com- prehensive income only after the fore- cast transaction takes place. If the fore- cast transaction is no longer expected to occur, the accumulated gain or loss retained under equity is immediately reclassified to the statement of com- prehensive income. The hedging results for ESL Shipping Oy\u2019s forward contracts relating to vessels are recognized as an adjustment to the acquisition cost of the vessels. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "DERIVATIVES Derivatives are initially recognized at fair value on the day the Group becomes a contractual counterparty and are subse- quently measured at fair value. Fair value of derivatives is determined on the basis of quoted market prices and rates, the discounting of cash flows and option val- uation models. The fair value of currency forwards is calculated by discounting the predicted cash flows from the agree- ments in accordance with interest rates of the currencies sold, translating the discounted cash flows at the exchange rates at the reporting date, and calcu- lating the difference between the dis- counted values. The nominal value of for- eign exchange forward contracts is calcu- lated by converting them at the exchange rate of the balance sheet date. For those foreign exchange forward contracts that are included in hedge accounting, the change in the fair value of the effective portion of the hedge is rec- ognized in other comprehensive income and presented in the hedging reserve included in other reserves in equity. Hedging gains and losses on other for- eign exchange forwards recognized through profit or loss are recognized in the income statement on the basis of the hedged item either above the oper- ating profit or in financial income and expenses. When applying hedge accounting, the relation between hedging instruments and hedged items is documented at the start of hedging, as well as the risk man- agement targets and strategies used as guidelines when launching different hedg- ing actions. At the start of hedging and continuously after this action, the Group prepares an estimate whether the deriv- atives used in hedging effectively abolish the changes in fair values or cash flows of the hedged objects. The gain or loss relating to an inefficient portion is imme- diately recognized in the statement of comprehensive income as financial items. When the hedging instrument expires or is sold or when hedging does not meet the criteria of hedge accounting, the accumulated gains and losses retained in equity at that time remain in equity and are reclassified to the statement of com- prehensive income only after the fore- cast transaction takes place. If the fore- cast transaction is no longer expected to occur, the accumulated gain or loss retained under equity is immediately reclassified to the statement of com- prehensive income. The hedging results for ESL Shipping Oy\u2019s forward contracts relating to vessels are recognized as an adjustment to the acquisition cost of the vessels. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-422": { "value": "
RELATED PARTIES
The subsidiaries and associated companies, which are related parties of Aspo Group are pre-
sented in note 1.1 Group structure, and further information about associated companies can
be found in note 3.3 Associated companies. The related parties also include key management
personnel, i.e., members of the Board of Directors and the Group Executive Committee and
their close family members as well as any entities under their control. Information about the
members of the Board and the Group Executive Committee is available at www.aspo.com. No
material transactions with Aspo\u2019s related parties or entities controlled by them were identified
during the current or previous financial year.
MANAGEMENT COMPENSATION
\u25a0
EXPENSES FOR KEY MANAGEMENT COMPENSATION
1,000
EUR
2025
2024
Salaries and other short-term employee benefits
2,208
1,987
Post-employment benefits
380
327
Termination benefits
98
Share-based payments
368
519
Total
2,956
2,931
Pension benefits include both statutory and voluntary pension payments.
\u25a0
SALARIES AND BENEFITS OF BOARD MEMBERS AND CEO
1,000
EUR
2025
2024
Chief Executive Officer compensation
CEO Jansson Rolf, salaries
473
468
CEO Jansson Rolf, pensions
96
93
CEO Jansson Rolf, bonuses
105
87
CEO Jansson Rolf, share-based payments
51
52
Total
725
700
Aspo\u2019s CEO is entitled to a statutory pension, and the retirement age is determined according
to the statutory earnings-related pension scheme. The period of notice applied to the employ-
ment relationship of the CEO is six months. If notice is given by the company, a severance pay
corresponding to six months\u2019 salary will be paid in addition to the salary for the notice period.
1,000
EUR
2025
2024
Board of Directors compensation
Westerlund Heikki, Chairman of the Board
76
77
Laine Mikael, Vice Chairman of the Board
58
57
Allam Patricia
40
41
Ekman Annika*
41
28
Kolunsarka Tapio
39
41
P\u00f6yry Salla**
17
St\u00e5hlberg Kaarina
44
42
Vehmas Tatu
46
45
Total
344
347
*Member of the Board since April 12, 2024
**Member of the Board until April 12, 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-423": { "value": "
SHARE-BASED PAYMENT EXPENSES RECOGNIZED
1,000 \u20ac
2025
2024
Recognized in employee benefit expenses
-466
-637
Aspo has several share-based incentive schemes. However, in February 2025, Aspo
announced that, the long-term share-based incentive plans for 2023\u20132025 and 2024\u20132026
have been terminated and that a new long-term share-based incentive plan 2025\u20132027 for
key employees has been established. Additionally, Aspo would pay part of the short-term
remuneration for 2025 in shares.
Long-term share-based incentive plan 2025\u20132027
The Board of Directors resolved to establish a new long-term share-based incentive plan for
key employees of the Group. The purpose of the plan is to align the interests of the compa-
ny\u2019s shareholders and key employees to increase the company\u2019s value in the long term, to
commit key employees to implementing the company\u2019s strategy, objectives and long-term
interest, and to offer them a competitive incentive plan based on earning and accumulating
the company\u2019s shares.
The Performance Share Plan 2025\u20132027 consists of one performance period, covering
the 2025\u20132027 financial years. In the plan, the target group has an opportunity to earn Aspo
shares based on performance. The performance criteria of the plan are the total shareholder
return of Aspo\u2019s share and the company\u2019s sustainability targets. The target group consists of
nine key employees, including members of the Group Executive Committee and the CEO.
The value of the rewards to be paid based on the plan corresponds to an approximate
maximum total of 200,000 shares of Aspo Plc. In addition, the reward includes a cash por-
tion of an equivalent value. The potential reward will be paid partly in Aspo Plc\u2019s shares and
partly in cash. The cash portion of the reward is intended to cover taxes and statutory social
security contributions arising from the reward to the key employee. The potential rewards
from the plan will be paid after the end of the performance period in the spring of 2028. As a
rule, no reward will be paid if the key employee\u2019s employment or director contract terminates
before the reward payment.
Short-term remuneration plan 2025
In addition, the Board of Directors resolved that part of the remuneration earned by the CEO,
members of the Group Executive Committee and other key employees under the 2025 short-
term remuneration plan would be paid in shares of Aspo Plc. The target group in the plan cov-
ers about 30 key employees.
The part payable in shares is estimated to be a maximum total of 320,000 shares (gross),
calculated at the share price level prior to the resolution of the Board of Directors, and pro-
vided that the targets set for the criteria are fully met. The share rewards payable based on
the plan, subject to the achievement of the performance measures, will be delivered to the
participants in the spring of 2026.
The targets of the share-based short-term remuneration plan 2025 were met at 31% over-
all.
Share-based incentive plan 2024\u20132026
On February 15, 2024, Aspo Plc\u2019s Board of Directors approved a new share-based incentive
plan for the Group key employees by establishing a new performance share plan 2024\u20132026.
The aim of the plan is to combine the objectives of the shareholders and the key employ-
ees to increase the value of the company in the long-term, to retain the key employees at the
company, and to offer them competitive reward plan based on earning and accumulating the
company\u00b4s shares.
Rewards earned from each of the three performance periods of the performance share
plan will be based on the Group\u2019s earnings per share (EPS), two criteria based on sustainability
indicators and operating profit targets for business divisions. The prerequisite for participation
in the plan and for receipt of reward on the basis of the program is that a key person holds
the company's shares or acquires the company's shares, up to the number predetermined by
the Board of Directors.
The potential reward will be paid partly in the company\u00b4s shares and partly in cash in 2025,
2026 and 2027. The cash proportion is intended to cover taxes and tax-related costs arising
from the reward to a key employee. As a general rule, no reward will be paid if a key employ-
ee\u00b4s employment or service ends before the reward payment. The shares paid as reward may
not be transferred during the restriction period. As another general rule, if a key employee\u00b4s
employment contract or director contract terminates during the restriction period, he or she
must gratuitously return the shares earned as reward.
The performance share plan 2024\u20132026 is directed to circa 20 participants, including the
members of the Group Executive Committee. The rewards to be paid on the basis of the plan
correspond to the value of a maximum total of 280,000 Aspo Plc shares including also the
proportion to be paid in cash.
For the 2024 earnings period, the targets were met at 20% overall. The incentive plan was
terminated in 2025.
Share-based incentive plan 2023\u20132025
On February 15, 2023, Aspo Plc\u2019s Board of Directors decided to establish a key employee
incentive plan for 2023\u20132025. The share-based incentive plan consists of three earnings peri-
ods, with the earned reward being based on the Group\u2019s earnings per share (EPS) and two
sustainability indicators. The share-based incentive plan is directed to a maximum of 30 partic-
ipants, including the members of the Group Executive Committee.
The potential reward will be paid partly in the company\u00b4s shares and partly in cash in 2024,
2025 and 2026. The rewards to be paid on the basis of the plan correspond to the value of a
maximum total of 320,000 Aspo Plc shares including also the proportion to be paid in cash.
The cash proportion is intended to cover taxes and tax-related costs arising from the reward
to a key employee.
For the 2023 earnings period, the targets were met at 10% overall. On March 26, 2024,
Aspo Plc granted 6,416 treasury shares to employees included in the plan. The transfer was
based on the share issue authorization of the Annual Shareholders\u2019 Meeting held on April 4,
2023.
For the 2024 earnings period, the targets were met at 20% overall. The incentive plan was
terminated in 2025.
Share-based incentive plan 2022\u20132024
On February 16, 2022, Aspo Plc\u2019s Board of Directors decided to establish a key employee
incentive plan for 2022\u20132024. The share-based incentive plan consists of three earnings peri-
ods, with the earned reward being based on the Group\u2019s earnings per share (EPS) and two
sustainability indicators. The share-based incentive plan is directed at a maximum of 30 peo-
ple, including the members of the Group Executive Committee.
The potential reward will be paid partly in the company\u2019s shares and partly in cash in 2023,
2024 and 2025. The rewards payable based on the plan correspond to a maximum total
value of 400,000 Aspo Plc shares, also including the proportion to be paid in cash.
For the 2022 earnings period, the targets were met at 90% overall. On March 29, 2023,
Aspo Plc granted 76,050 treasury shares to employees included in the plan. The transfer was
based on the share issue authorization of the Annual Shareholders\u2019 Meeting held on April 6,
2022.
For the 2023 earnings period, the targets were met at 30% overall. On March 26, 2024,
Aspo Plc granted 7,560 treasury shares to employees included in the plan. The transfer was
based on the share issue authorization of the Annual Shareholders\u2019 Meeting held on April 4,
2023.
For the 2024 earnings period, the targets were met at 20% overall.
SHARE-BASED PAYMENTS
The Group has share-based management
incentive plans, where part of the reward
is settled in shares and part in cash.
These plans include net payment fea-
tures for meeting withholding tax obliga-
tions. Assigned shares are measured at
fair value at the time of assignment and
recognized in the statement of compre-
hensive income as costs over the vesting
period of the incentive plan. Other than
market-based conditions (e.g. profitability
and profit growth target) are not included
in the fair value but taken into account
when determining the number of shares
to which a right is assumed to be gener-
ated by the end of the vesting period. For
the portion settled in shares the expense
is recognized as an employee benefits
expense, with a corresponding increase
in equity. Also, the portion paid in cash
is classified as equity settled and recog-
nized in equity at the grant date market
value.
Share-based incentive plan 2020
In June 2022, Aspo\u2019s Board of Directors granted 20,000 Aspo shares to Aspo\u2019s CEO Rolf
Jansson based on the share-based incentive plan for 2020 and the conditions of the CEO\u2019s
contract of service. The first tranche of 10,000 shares and an amount of cash equaling their
value to cover taxes were transferred in June 2022 and at the same time, Jansson acquired
10,000 shares from the markets at his own expense in accordance with the contract. A sec-
ond transfer of equal nature and quantity took place in June 2023. The expense recognition
for this arrangement ended during 2025.
In August 2023, Aspo\u2019s Board of Directors granted 10,000 Aspo shares to Aspo\u2019s CFO
Erkka Repo based on the share-based incentive plan for 2020 and the conditions of the con-
tract of service. Half of the shares will be transferred after twelve months of service and the
other half after 24 months of service. In December 2025, a total of 5,106 shares and an
amount of cash equaling their value to cover taxes were transferred to Erkka Repo. The Board
of Directors increased the number of shares paid by 106 shares because the payment of the
remuneration was delayed. The second transfer of 5,000 shares will be carried out in 2026.
\u25a0 SHARE-BASED INCENTIVE PLAN
Board Number of Share price on Share price on
decision date
Grant date
Transfer date
shares granted grant date, EUR transfer date, EUR
Restricted share plan 2020
17.6.2020
14.6.2022
16.6.2022
10,000
7.83
7.59
17.6.2020
14.6.2022
22.6.2023
10,000
7.83
7.04
10.8.2023
22.8.2023
16.12.2025
5,106
6.19
6.66
10.8.2023
22.8.2023
5,000
6.19
Share-based incentive plan 2022\u20132024
16.2.2022
30.5.2022
28.3.2023
76,050
7.48
8.46
16.2.2022
30.5.2022
26.3.2024
7,560
7.48
6.08
Share-based incentive plan 2023\u20132025
15.2.2023
6.6.2023
26.3.2024
6,416
6.95
6.08
Share-based incentive plan 2024\u20132026
15.2.2024
28.3.2024
6.08
Share-based incentive plan 2025\u20132027
16.2.2025
28.3.2025
5.02
Share-based incentive plan 2025
16.2.2025
16.2.2025
5.02
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "SHARE-BASED PAYMENTS The Group has share-based management incentive plans, where part of the reward is settled in shares and part in cash. These plans include net payment fea- tures for meeting withholding tax obliga- tions. Assigned shares are measured at fair value at the time of assignment and recognized in the statement of compre- hensive income as costs over the vesting period of the incentive plan. Other than market-based conditions (e.g. profitability and profit growth target) are not included in the fair value but taken into account when determining the number of shares to which a right is assumed to be gener- ated by the end of the vesting period. For the portion settled in shares the expense is recognized as an employee benefits expense, with a corresponding increase in equity. Also, the portion paid in cash is classified as equity settled and recog- nized in equity at the grant date market value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-424": { "value": "
OTHER COMMITMENTS
Collaterals and commitments
As part of their ordinary business activities, Aspo and some of its subsidiaries sign different
kinds of agreements under which guarantees are offered to third parties on behalf of these
subsidiaries. Such agreements are primarily made in order to support or improve Group com-
panies\u2019 creditworthiness and facilitate the availability of sufficient financing.
\u25a0
COLLATERAL FOR OWN DEBT AND OTHER COMMITMENTS
1,000
EUR
2025
2024
Mortgages given
155,211
169,637
Guarantees
41,416
14,134
Total
196,627
183,771
Other commitments
23,845
25,589
The mortgages given are associated with loan agreements to finance certain vessel invest-
ments of ESL Shipping, and they represent the amount of mortgages as at the loan agree-
ment\u2019s signing date. On the closing date, the corresponding loan capital was EUR 88.6 (87.6)
million. Other commitments consist mainly of commitments relating to temporary maritime
personnel of time-chartered vessels. The emission allowances used during the year amounted
to EUR 3.2 (1.7) million and will be returned to the EU on September 30, 2026, and are pre-
sented as other commitments.
CONTINGENT ASSETS AND LIABILITIES
Contingent liability related to the divestment of Kauko
Based on the agreement on the sale of Kauko Oy\u2019s shares Aspo is responsible for an old debt
established in 2016\u20132018 to Chinese companies that have not invoiced their receivables.
Kauko has aimed to contribute to the collection of the debt, but to no avail. In the company\u2019s
view, it is not likely that the counterparty will require the company to repay its debt, and the
liability of EUR 0.5 million has not been recognized on Aspo\u2019s balance sheet.
Contingent liability Telko Ukraine
Telko Ukraine has been subject to a tax inspection based on which the company should pay
additional taxes, tax increases and fines totaling EUR 1.9 million. The case is almost entirely
related to the tax treatment of old loans granted in 2011-2012. Telko has taken the decision
given to court and the case has been analyzed by external experts. Based on the expert opin-
ions the chances of success in court have been assessed to be good. Thus, no liability has
been recognized in the balance sheet.
Tax positions
Due to local tax audits or clarification requests, Aspo has some uncertain tax positions, as the
tax authority has summoned the company\u2019s claims for deductible items in tax returns. Con-
cerning each case, Aspo has assessed whether the tax authority\u2019s interpretations are justified
and, if necessary, adjusted the recognized amounts to correspond with the expected paya-
ble amounts. Although management believes that these cases will not result in any significant
additional recognitions in addition to previously recognized amounts, the final amounts may
differ from the estimated amounts.
Legal proceedings
Aspo Group companies are parties to some legal proceedings and disputes associated with
regular business operations. The financial impact of these proceedings and disputes cannot be
estimated for certain but, on the basis of the information available and taking into account the
existing insurance cover and provisions made, Aspo management believes that they do not
have any material adverse impact on the Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "OTHER COMMITMENTS Collaterals and commitments As part of their ordinary business activities, Aspo and some of its subsidiaries sign different kinds of agreements under which guarantees are offered to third parties on behalf of these subsidiaries. Such agreements are primarily made in order to support or improve Group com- panies\u2019 creditworthiness and facilitate the availability of sufficient financing. \u25a0 COLLATERAL FOR OWN DEBT AND OTHER COMMITMENTS
1,000
EUR
2025
2024
Mortgages given
155,211
169,637
Guarantees
41,416
14,134
Total
196,627
183,771
Other commitments
23,845
25,589
The mortgages given are associated with loan agreements to finance certain vessel invest- ments of ESL Shipping, and they represent the amount of mortgages as at the loan agree- ment\u2019s signing date. On the closing date, the corresponding loan capital was EUR 88.6 (87.6) million. Other commitments consist mainly of commitments relating to temporary maritime personnel of time-chartered vessels. The emission allowances used during the year amounted to EUR 3.2 (1.7) million and will be returned to the EU on September 30, 2026, and are pre- sented as other commitments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "CONTINGENT ASSETS AND LIABILITIES Contingent liability related to the divestment of Kauko Based on the agreement on the sale of Kauko Oy\u2019s shares Aspo is responsible for an old debt established in 2016\u20132018 to Chinese companies that have not invoiced their receivables. Kauko has aimed to contribute to the collection of the debt, but to no avail. In the company\u2019s view, it is not likely that the counterparty will require the company to repay its debt, and the liability of EUR 0.5 million has not been recognized on Aspo\u2019s balance sheet. Contingent liability Telko Ukraine Telko Ukraine has been subject to a tax inspection based on which the company should pay additional taxes, tax increases and fines totaling EUR 1.9 million. The case is almost entirely related to the tax treatment of old loans granted in 2011-2012. Telko has taken the decision given to court and the case has been analyzed by external experts. Based on the expert opin- ions the chances of success in court have been assessed to be good. Thus, no liability has been recognized in the balance sheet. Tax positions Due to local tax audits or clarification requests, Aspo has some uncertain tax positions, as the tax authority has summoned the company\u2019s claims for deductible items in tax returns. Con- cerning each case, Aspo has assessed whether the tax authority\u2019s interpretations are justified and, if necessary, adjusted the recognized amounts to correspond with the expected paya- ble amounts. Although management believes that these cases will not result in any significant additional recognitions in addition to previously recognized amounts, the final amounts may differ from the estimated amounts. Legal proceedings Aspo Group companies are parties to some legal proceedings and disputes associated with regular business operations. The financial impact of these proceedings and disputes cannot be estimated for certain but, on the basis of the information available and taking into account the existing insurance cover and provisions made, Aspo management believes that they do not have any material adverse impact on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "After the end of the financial year on January 23, 2026, Aspo announced that it had been agreed with Mikko Pasanen that he would leave his position as the Managing Director of Telko. The CEO of Aspo Rolf Jansson has been appointed as Managing Director of Telko as of January 23, 2026. After the end of the financial year on January 29, 2026, Aspo announced that it has com- pleted repurchasing its own shares, of which the company disclosed a stock exchange release on November 3, 2025. During the period of November 4, 2025, to January 29, 2026, Aspo repurchased a total of 130,000 own shares, corresponding to approximately 0.41 per cent of the total shares in the company. The shares were purchased at an average price of approxi- mately EUR 6.78. After the end of the financial year on March 2, 2026, Aspo announced that it has com- pleted the divestment of Leipurin. The divestment was completed as a sale of shares, and it covered all the companies in the Leipurin business. After the end of the financial year the war in Iran has significantly lifted oil and gas prices and increased uncertainty around economic growth. The direct impacts on Aspo are expected to be limited and mainly relate to potential disruptions in supply chains and the availability of products sold by Telko. Indirectly, weaker economic growth in Europe could negatively affect demand for Aspo\u2019s products and services. After the end of the financial year on March 17, 2026, Aspo announced that Erkka Repo, Aspo\u2019s CFO and member of the Group Executive Committee, will be leaving Aspo to take on a role with another company.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7437000TB0GHDHLPX677", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }