1
Contents
1 BOARD OF DIRECTORS’ REPORT
17 Sustainability statement
76 Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
Aspo Plc –
Board of Directors' Report
and Financial Statements
Jan 1–Dec 31, 2025
Business ID 1547798-7
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
ASPO GROUP KEY FIGURES
2025 2024 2023
Net sales Group total, MEUR 616.3 592.6 553.1
Net sales from continuing operations, MEUR 469.1 459.5 536.4
EBITA Group total, MEUR 43.1 21.2 11.1
Comparable EBITA, Group total, MEUR 36.5 29.1 27.9
Comparable EBITA Group total, % 5.9 4.9 5.0
EBITA from continuing operations, MEUR 36.8 16.6 27.2
Comparable EBITA from continuing operations, MEUR 29.4 24.1 27.5
Comparable EBITA from continuing operations, % 6.3 5.2 5.1
Profit for the period Group total, MEUR 28.0 7.3 1.6
Comparable profit for the period from continuing operations,
MEUR 15.8 11.6 16.5
Earnings per share (EPS) Group total, EUR 0.72 0.14 -0.01
Comparable EPS, Group total, EUR 0.51 0.39 0.51
Comparable EPS from continuing operations, EUR 0.34 0.27 0.46
Free cash flow, MEUR 26.5 -36.1 27.3
Free cash flow per share, EUR 0.8 -1.2 0.9
Comparable ROCE from continuing operations, % 8.3 7.7 8.6
Return on equity (ROE) Group total, % 15.9 4.4 1.2
Comparable ROE Group total, % 12.1 9.2 12.7
Invested capital from continuing operations, MEUR 355.6 353.9 314.5
Net debt Group total, MEUR 212.8 188.0 165.2
Net debt / comparable EBITDA, 12 months rolling 3.6 3.2 2.7
Equity per share, EUR 4.58 5.13 4.47
Equity ratio, % 31.9 36.9 34.4
Board of Directors’ report 2025
In the figures for 2025 and 2024 Leipurin is presented as a discontinued operation. In
2023, the figures for discontinued operations include the Non-core businesses segment.
Items affecting comparability are explained on page 4 and 5 of this Board of
Directors’ report.
The principles for calculating key figures are presented on page 16 of the Board of
Directors’ report.
2
ASPO’S OPERATING MODEL
Aspo creates value by owning and
developing business operations sustainably
and in the long term. Aspo’s businesses
enable future-proof sustainable choices for
customers in various industries.
Aspo’s key focus areas are profitable
organic growth, strategic acquisitions,
investments in new, more sustainable ves-
sels, and the continuous development of
operations. Aspo seeks market leadership
in all its business areas.
The operating and reportable segments
of Aspo Group in 2025 were ESL Shipping
and Telko. Other operations include Aspo
Group’s administration and some common
services. On August 15, 2025, Aspo
signed an agreement to divest Leipurin
to Lantmännen and the divestment was
completed in the beginning of March
2026. Consequently, Leipurin is presented
as a discontinued operation in these
consolidated financial statements, and the
comparative figures for the year 2024 have
been restated.
Aspo continued its strategic review in
2025, and the company aims to complete
either the sale of ESL Shipping or a
potential partial demerger of Aspo by the
end of 2026.
SUPPLEMENTARY REPORTS
Aspo Plc has released a separate 2025
Corporate Governance Statement, which
will be published on the company’s website
www.aspo.com.
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
OPERATING ENVIRONMENT IN 2025
Economic performance in the European
Union improved but remained modest
throughout 2025. GDP growth is estimated
at 1.6%, compared with 0.8% in the previ-
ous year. Industrial production is expected
to have increased by 1.5% over the year.
Inflation stood at around 2.3% in 2025,
and short-term market interest rates in the
eurozone stabilized at around 2% over the
year.
The business environment for Aspo’s
core operations remained challenging. ESL
Shipping’s net sales declined and continued
to be affected by low contract demand
and weak spot-market price levels. Telko’s
net sales increased in 2025, driven by the
acquisitions completed in the previous
year. Telko’s product prices decreased sig-
nificantly during the year, but the average
sales price rose slightly due to a higher
share of specialty products. Organic sales
volume decreased slightly. Net sales of dis-
continued operations (Leipurin) increased
during the year, mainly because of organic
growth in Sweden and acquisitions. Leipu-
rin recorded positive developments in both
volumes and pricing.
In a challenging market situation, Aspo
managed to increase its profitability
significantly from the previous year. During
2025, Telko focused on integrating the
acquisitions completed in the previous
year, capturing synergies and implementing
measures to improve profitability. Improve-
ments in the supply chain and in underper-
forming business operations contributed
to the better result. Leipurin’s profitability
continued to improve in 2025. Leipurin’s
Swedish operations both grew and sig-
nificantly improved their profitability, and
acquisitions supported Leipurin’s growth
and profitability.
ESL Shipping’s project to build twelve
new Green Coaster electric hybrid vessels
progressed as planned, with eight vessels
in commercial operation at the end of
2025, and a ninth vessel delivered in
December. The last vessel of the series
is scheduled to be delivered in the fall of
2026. In October 2024, Aspo announced
that ESL Shipping would build four new
Green Handy vessels. The total value of
the four vessels is around EUR 186 million.
The vessels will be operational from the
third quarter of 2027 onward, and the
fourth vessel of the series is scheduled to
be operational in the first half of 2028. In
the fourth quarter of 2025, ESL Shipping
sold one Handy vessel (M/S Kallio). The
sales price was around EUR 18 million, and
the sales gain was around EUR 9.6 million.
After the reporting period, in January 2026,
ESL Shipping acquired a used Handy vessel
for the transition period between the sale
of M/S Kallio and the arrival of the new
Green Handy vessels in about two years.
In March 2025, ESL Shipping agreed with
global steel manufacturer SSAB on a mul-
ti-year extension to the agreement on the
inbound transportation of raw materials
by sea in the Baltic Sea and the North Sea.
The transportation volume is estimated
to be 6–7 million metric tons per year. The
agreement includes an option for fossil-free
transportation.
The International Science Based Targets
initiative (SBTi) approved Aspo’s near-term
emissions reduction targets in October
2025. This entails a reduction of the
businesses’ own emissions through fleet
investments and switching to renewable
fuels. Furthermore, we aim to reduce
emissions outside our own operations in
cooperation with suppliers and partners.
On August 15, 2025, Aspo signed an
agreement to divest its Leipurin business
to Lantmännen at an enterprise value of
EUR 63 million. The closing of the transac-
tion 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 cash consideration
payable at closing was EUR 62 million. A
one-off sales gain of approximately EUR 15
million will be recognized from the trans-
action. The divestment was completed
as a sale of shares and it covered all the
companies in the Leipurin segment.
In November 2025, Aspo announced that
its Board of Directors had decided to con-
tinue implementing the company’s strategy
by assessing strategic alternatives for ESL
Shipping and Telko. The main alternatives
under the strategic review are a potential
partial demerger of Aspo or the sale of ESL
Shipping. Aspo aims to complete either the
sale of ESL Shipping or a partial demerger
of Aspo by the end of 2026, taking into
account market conditions. It is essential
to find the best solution for ESL Shipping
and Telko in terms of value creation and
business development.
FINANCIAL PERFORMANCE AND
TARGETS OF THE GROUP 2025
Aspo's long-term financial targets intro-
duced at Aspo’s CMD on May 14, 2024, are:
• Minimum increase in net sales: 5–10% a
year
• Comparable EBITA of 8%
• Return on equity: more than 20%
• Net debt to comparable EBITDA, rolling
12 months ratio below 3.0
At a business level, ESL Shipping’s long-term
comparable EBITA target is 14%, Telko’s 8%
and Leipurin’s was 5%. Leipurin is reported
as a discontinued operation.
In 2025, Aspo’s net sales Group total
grew by 4.0% to EUR 616.3 (592.6) million.
The comparable EBITA Group total rate
stood at 5.9% (4.9%). Comparable return
on equity Group total was 12.1% (9.2%) and
the net debt to comparable EBITDA Group
total, rolling 12 months ratio was 3.6 (3.2).
■
NET SALES, CONTINUING OPERATIONS
MEUR 2025 2024 2023
ESL Shipping, net sales 184.6 206.2 189.0
Telko, net sales 284.5 253.3 211.3
Leipurin, net sales 136.1
Net sales, continuing operations 469.1 459.5 536.4
3
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
NET SALES BY MARKET AREA, CONTINUING OPERATIONS
MEUR 2025 2024 2023
Finland 145.5 149.5 197.4
Scandinavian countries 168.4 151.1 157.5
Baltic countries 31.5 31.0 63.9
Other European countries 96.6 94.1 74.5
Other countries 27.1 33.8 43.1
Total 469.1 459.5 536.4
Aspo’s reportable market areas are:
Finland, Scandinavian countries, Baltic
countries, Other European countries
and Other countries. The Swed Handling
acquisition in Sweden in 2024 has
increased the share of Scandinavia in Telko
segment. In the ESL Shipping segment,
net sales to Scandinavia have increased in
2024 and 2025 mainly due to the sale of
the Green Coaster vessels to the Swedish
Green Coaster Shipping AB owned by the
Green Coaster pool investors. Net sales
of the geographical regions are presented
as per customer location. The figures are
not fully comparable as figures for the year
2023 include the net sales of the Leipurin
segment.
■
COMPARABLE EBITA
MEUR 2025 2024 2023
ESL Shipping, comparable EBITA 16.5 16.9 18.4
Telko, comparable EBITA 17.9 12.6 9.7
Leipurin, comparable EBITA 4.5
Other operations, comparable EBITA -5.0 -5.4 -5.1
Comparable EBITA from continuing operations 29.4 24.1 27.5
Comparable EBITA from discontinued operations 7.1 5.1 0.4
Comparable EBITA, Group total 36.5 29.1 27.9
Items affecting comparability of EBITA, Group total 6.6 -7.9 -16.8
The comparable EBITA is calculated by
adjusting the reported EBITA with rare
and material items affecting EBITA. These
may include impairment losses, sales
gains and losses from divested businesses
and non-current assets, restructuring
expenses, and gains or losses due to
unexpected events or circumstances.
In the figures for 2025 and 2024 Leipurin
is presented as a discontinued operation.
In 2023, the figures for discontinued
operations include the Non-core businesses
segment.
■
ITEMS AFFECTING COMPARABILITY IN 2025
MEUR
ESL
Shipping Telko
Other
operations
Discon-
tinued
operation Total
Sales gain of M/S Kallio 9,6 9,6
Strategic projects -0,1 -1,2 -1,3
Payment fraud -0,4 -0,4
Inventory write-down of a discontinued
business -0,4 -0,4
Announced divestment of Leipurin -0,5 -0,5
Restructuring in Sweden -0,3 -0,3
Total 9,1 -0,4 -1,2 -0,8 6,6
In 2025, items affecting comparability
amounted to EUR 6.6 million. The EUR 9.1
million reported for ESL Shipping consisted
of the gain from the divestment of M/S
Kallio of EUR 9.6 million, EUR -0.1 million
related to strategic projects, and EUR
-0.4 million for ESL Shipping related to the
payment fraud targeted at ESL Shipping,
including the payment fraud, legal and
other costs as well as insurance compen-
sation. The EUR -0.4 million reported for
Telko was mainly caused by write-down
of inventories of a discontinued business
in Central Asia and originated from years
2022–2024. The EUR -1.2 million reported
for other operations was related to the
execution of the strategic transformation.
Items reported for discontinued operation
totaled EUR -0.8 million. EUR -0.5 million
was related to the announced divestment
of Leipurin, and EUR -0.3 million was
related to the restructuring of Leipurin’s
operations in Sweden.
■
ITEMS AFFECTING COMPARABILITY IN 2024
MEUR
ESL
Shipping Telko
Other
operations
Discon-
tinued
operation Total
Impairment of supramax vessels -7,0 -7,0
Other items relating to the sale of Supras -0,2 -0,2
Restructuring activities -0,2 -0,2
Sale of minority share in ESL Shipping -0,5 -0,1 -0,6
Exit of businesses 0,1 -0,1 -0,2 -0,2
Acquisition expenses -0,2 -0,2
Gain from sale of tangible assets 0,5 0,5
Total -7,6 -0,1 0,2 -0,4 -7,9
4
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
In 2024 the items affecting comparability
totaled EUR -7.9 million. EUR -7.6 million
reported for ESL Shipping consisted of the
impairment loss and other expenses relat-
ing to the sale of the Supramax vessels of
EUR -7.2 million and expenses relating to
the sale of the minority stake in ESL Ship-
ping Ltd EUR -0.5 million as well as EUR 0.1
million income from reversal of a cost accrual
relating to Russia. EUR -0.1 million reported
for Telko related to the exit from Azerbaijan.
EUR -0.4 million reported for discontinued
operation related to the exit from Russia
of EUR -0.2 million, and to the acquisition
expenses of EUR -0.2 million. Items affect-
ing comparability reported in other opera-
tions totaled EUR 0.2 million and included
corporate restructuring expenses of EUR
-0.2 million and expenses for the sale of the
minority stake in ESL Shipping Ltd of EUR
-0.1 million as well as gains from the sale of
real estate assets of EUR 0.5 million.
■
ITEMS AFFECTING COMPARABILITY IN 2023
MEUR
ESL
Shipping Telko Leipurin
Other
operations
Discon-
tinued
operation Total
Advisory expenses, minority
stake -0,6 -0,6
Write down of inventory, Russia
related -1,0 -1,8 -2,7
Sale and leaseback transactions 1,3 1,3
Restructuring activities -0,2 -0,1 -0,3
Withdrawal from Russia -14,8 -14,8
Divestment of businesses 0,2 0,2
Total -0,6 -1,0 1,4 -0,1 -16,5 -16,8
In 2023, items affecting comparability
amounted to EUR -16.8 million in total. EUR
-0.6 million reported for ESL Shipping were
advisory costs related to the sales process
of a minority stake in ESL Shipping. EUR -1.0
million reported in the Telko segment related
to inventory write downs caused by Russia’s
invasion in Ukraine. EUR 1.4 million reported
in the Leipurin segment consisted of EUR
1.3 million from gains on sale and leaseback
transactions of properties in Sweden and
premises in Lithuania, EUR -0.2 million from
restructuring activities in Sweden and EUR
0.2 million from sale on Leipurin’s bakery
equipment trading business. EUR -0.1 mil-
lion reported in other operations related to
corporate restructuring costs. EUR -16.5 mil-
lion reported in discontinued operations con-
sisted of the sales loss of Telko Russia EUR
-8.1 million, the write down of Telko Russia’s
inventory EUR -1.8 million, a loss of EUR
-0.8 million for the deconsolidation of Telko’s
subsidiary in Belarus, and EUR -5.9 million
related to the deconsolidation of Leipurin’s
entities in Russia, Belarus and Kazakhstan.
CASH FLOW AND FINANCING
The Group’s operating cash flow in Janu-
ary–December was EUR 48.9 (32.4) million
and all Aspo’s businesses contributed
positively to the development. The cash
flow impact of change in working capital
was EUR 9.8 (-12.0) million. The change in
working capital was mainly driven by the
decrease in inventories of ESL Shipping and
Telko.
The free cash flow in January–December
was EUR 26.5 (-36.1) million. Investments
amounted to EUR 34.3 (49.7) million and
consisted mainly of the investments of ESL
Shipping, related primarily to the Green
Coaster vessels. 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’s acquisitions in previous
years, as well as Leipurin’s acquisition in
Lithuania in the first quarter of 2025.
■
NET INTEREST-BEARING DEBT, GROUP TOTAL
MEUR 2025 2024 2023
Interest-bearing liabilities, incl. lease liabilities 256.7 224.4 195.9
Cash and cash equivalents, Group total 44.0 36.4 30.7
Net interest-bearing debt 212.8 188.0 165.2
Net interest-bearing debt was EUR 212.8
(188.0) million, and the net debt to compa-
rable EBITDA, rolling 12 months ratio was
3.6 (3.2). The increase in net interest-bear-
ing debt was mainly caused by the repay-
ment of the hybrid bond of EUR 30.0 million,
which had previously been accounted for
as a component of equity, as well as Green
Coaster investments. The Group’s equity
ratio at the end of the financial year 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 recog-
nized in equity. The cash flow hedge relates
to the remaining USD 180 million invest-
ment in the four Green Handy vessels. The
hedge result is recognized in the acquisition
cost of the vessels when the investment is
paid.
Net financial expenses in January–
December totaled EUR -7.5 (-8.5) million.
The decrease in net financial expenses was
mainly explained by a revision of the earn-
out liabilities related to Telko’s acquisitions
of EUR 2.9 million recognized as financial
income. The average interest rate of
interest-bearing liabilities, excluding lease
liabilities was 4.1% in December 2025,
compared with 4.8% in December 2024.
5
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
The Group’s cash and cash equivalents
stood at EUR 44.0 (36.4) million at the end
of the year. This amount also includes the
cash and cash equivalents of discontinued
operations. Committed revolving credit
facilities, totaling EUR 40 million, were fully
unused, as in the comparative period. The
revolving credit facilities are maturing in
2027. Aspo’s EUR 80 million commercial
paper program was also fully unused.
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.
In April 2025, ESL Shipping signed a loan
agreement of EUR 45 million with Nordic
Investment 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’s maturity is five years.
In February 2025, ESL Shipping signed
a loan agreement of EUR 70 million with
Svenska Skeppshypotekskassan for
financing the Green Handy vessels. The
loan is expected to be drawn down in 2027
and 2028.
EVENTS AFTER THE FINANCIAL YEAR
After the end of the financial year on Janu-
ary 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 completed 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 repur-
chased 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 approximately EUR 6.78.
After the end of the financial year on
March 2, 2026, Aspo announced that it has
completed 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 nega-
tively affect demand for Aspo’s products
and services.
After the end of the financial year on
March 17, 2026, Aspo announced that Erkka
Repo, Aspo’s CFO and member of the Group
Executive Committee, will be leaving Aspo
to take on a role with another company.
GUIDANCE AND ASSUMPTIONS BEHIND
THE GUIDANCE FOR 2026
Aspo Group’s comparable EBITA from con-
tinuing operations is expected to increase
compared with the previous year (EUR 29.4
million in 2025).
Aspo Group’s comparable EBITA from
continuing operations excludes Leipurin,
which is reported as a discontinued
operation. The divestment of Leipurin was
announced on August 15, 2025, and it was
completed on March 2, 2026.
Economic growth is expected to slowly
revive throughout the year in our core mar-
kets, however, the markets are expected
to continue challenging in the early part
of the year. Geopolitical uncertainty and
global trade tensions are also expected
to have a negative impact on economic
growth and global trade going forward.
Aspo’s profit improvement for 2026 is
expected to come mainly from various
profit improvement actions in ESL Shipping
and Telko, fleet renewal and improved
fleet utilization in ESL Shipping, continued
synergy capture from Telko’s acquisitions,
and a reduction of Aspo-level costs while
the implementation of Aspo’s strategic
transformation continues. Possible costs
related to the execution of Aspo’s strategic
transformation are excluded from Aspo’s
comparable EBITA.
For ESL Shipping, demand is expected to
slightly improve for 2026, with spot market
pricing also gradually improving from the
current low levels. High level of dockings is
expected to negatively impact the second
quarter of the year.
For Telko, overall stable market
development is expected going forward.
Telko is expected to continue to grow via
acquisitions in 2026. Possible acquisi-
tion-related expenses are excluded from
the comparable EBITA.
BOARD OF DIRECTORS’ PROPOSAL ON
THE DISTRIBUTION OF FUNDS
According to the Aspo dividend policy,
Aspo’s dividend growth is based on
positive profitability development with the
aim to pay-out annually up to 50% of net
profit as dividend. The goal is to gradually
increase the amount of dividends, while
considering financing needs of growth
initiatives with strategic priority.
The Board of Directors proposes to the
Annual General Meeting of Aspo Plc to be
held on April 17, 2026, that EUR 0.25 per
share be distributed in dividends for the
2025 financial year, and that no dividend is
paid for shares held by Aspo Plc. The pro-
posed dividend represents 49% of Aspo’s
comparable earnings per share for 2025. It
is proposed that the dividend is paid in one
instalment.
The dividend of EUR 0.25 per share is
proposed to be paid to shareholders regis-
tered on the record date of April 21, 2026,
in the company’s register of shareholders
maintained by Euroclear Finland Oy. The
Board proposes that the payment date for
the dividend would be April 28, 2026.
On December 31, 2025, the distribut-
able funds of the parent company were
EUR 50,425,376.24, with the profit
for the financial year totaling to EUR
16,086,605.41. There was a total of
31,292,617 shares entitled to dividends on
the publication date of the financial state-
ments release. As a result, the proposed
dividend would total EUR 7.8 million.
No material changes have taken place in
respect of Apso’s financial position after
the balance sheet date. In the opinion of
the Board of Directors, the proposed distri-
bution of profits does not risk the solvency
of the company.
6
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
ASPO’S BUSINESS OPERATIONS
ESL Shipping
ESL Shipping is the leading dry bulk sea
transportation company operating in the
Baltic Sea area. ESL Shipping’s operations
are mainly based on long-term customer
contracts and established customer
relationships. ESL Shipping’s strategy and
competitive edge build on sustainability
leadership and the company’s unique
ability to develop and provide reliable
infrastructure for the ice-bound Nordic
industrials investing in the green transition.
The shipping company loads and unloads
large ocean liners at sea as a special
service. OP Finland Infrastructure LP and
Varma Mutual Pension Insurance Company
together have a 21.4% minority ownership
stake in ESL Shipping.
At the end of the year, the shipping com-
pany’s fleet consisted of 37 vessels, with a
total capacity of 298,000 deadweight tons
(dwt). Of these, 24 were wholly owned
(77% of the tonnage), two were minority
owned (3%), and the remaining 11 vessels
(20%) were time-chartered. The figures
include the Green Coaster Pool, which
consisted of eight vessels, four owned by
ESL Shipping, and four by investors.
ESL Shipping 2025 2024 2023
Handy 79.1 79.1 78.5
Coaster 80.2 94.2 93.7
Sale of Green Coaster vessels 25.2 25.3
Supra 7.5 16.8
Net sales, MEUR 184.6 206.2 189.0
EBITA, MEUR 25.5 9.2 17.8
Items affecting comparability, MEUR 9.1 -7.6 -0.6
Comparable EBITA, MEUR 16.5 16.9 18.4
Comparable EBITA, % 8.9 8.2 9.7
Invested capital, MEUR 217.2 212.1 218.4
Comparable ROCE, % 7.7 7.8 8.7
In 2025, ESL Shipping’s net sales
decreased by 10% from the previous year
to EUR 184.6 (206.2) million. Sales devel-
opment 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 contractual freight
volume demand caused by overall modest
industrial activity, especially in the coaster
segment. During January–December, ESL
Shipping carried 12.1 (12.3, excluding the
Supramax vessels) million tons of cargo.
The comparable EBITA for the financial
year decreased by 2% to EUR 16.5 (16.9)
million, with the comparable EBITA rate
improving to 8.9% (8.2%). During 2025
ESL Shipping has implemented a wide
range of efforts to improve profitability,
including reducing the fleet of expensive
time-charted vessels, fleet renewal via
the Green Coaster vessel investment
program and improved planning for more
efficient fleet utilization. Vessel capacity
was reduced compared with the previous
year due to the sale of two vessels, the
redelivery of time-chartered vessels,
and significantly increased planned and
unplanned periodical dockings and repairs
of owned vessels. In 2025, dockings and
repairs amounted to 298 (114) days, and
this had a negative profitability impact.
EBITA for the financial year was EUR
25.5 (9.2) million. Items affecting compara-
bility amounted to EUR 9.1 (-7.6) million. In
2025, the items related to payment fraud
targeted at ESL Shipping during the first
quarter and sales gain of M/S Kallio during
the fourth quarter. In the previous year,
the items consisted mainly of impairment
losses related to the sale of the Supramax
vessels.
In March 2025, a multiyear extension to
an agreement with the global steel man-
ufacturer SSAB was announced covering
inbound raw material sea transportation
within the Baltic Sea and from the North
Sea. The transportation volume is esti-
mated to be 6–7 million tons annually. The
contract includes a possibility of fossil-free
shipments. With this agreement, the com-
panies are continuing the long-term work
to improve efficiency and reduce emissions
from SSAB’s raw material logistics.
In the second quarter, the oldest Coaster
vessel was sold at the end of her lifecycle
as part of the planned fleet renewal pro-
gram. In the fourth quarter, M/S Kallio was
sold. The new building project for twelve
new electric hybrid Green Coaster vessels
is proceeding as planned. Eight vessels
were in operation at the end of year 2025.
The ninth vessel was delivered in December
and is expected to be in commercial traffic
toward the end of the first quarter of
2026. Deliveries of subsequent vessels are
expected on a quarterly basis, with the last
vessel expected to be delivered in the fall
of 2026. Two Green Coaster vessels were
sold to the investor pool company in 2025.
The next Green Coaster vessel will be sold
to the pool investors during the second
quarter of 2026 as planned.
7
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Telko
Telko is a leading expert in and supplier of
plastic raw materials, industrial chemicals
and lubricants. Telko operates as a sus-
tainable partner in the value chain, bringing
well-known international principals and
customers together. The company’s com-
petitive edge is based on strong technical
support, efficient logistics and local expert
service. Telko operates in 18 countries,
mainly in Europe and in some parts of Asia.
Telko 2025 2024 2023
Plastics business 114.6 105.9 101.4
Chemicals business 99.8 82.7 59.4
Lubricants business 70.2 64.7 50.5
Net sales, MEUR 284.5 253.3 211.3
EBITA, MEUR 17.5 12.5 8.7
Items affecting comparability, MEUR -0.4 -0.1 -1.0
Comparable EBITA, MEUR 17.9 12.6 9.7
Comparable EBITA, % 6.3 5.0 4.6
Invested capital, MEUR 136.6 140.1 48.4
Comparable ROCE, % 12.9 13.4 17.8
Telko’s net sales increased by 12%, totaling
EUR 284.5 (253.3) million. Sales growth
was mainly driven by the acquisitions made
during 2024. Organic sales and sales vol-
umes declined slightly mainly due to poor
market development. Product prices in gen-
eral 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.
Telko’s comparable EBITA increased to
EUR 17.9 (12.6) million, and the comparable
EBITA rate increased to 6.3% (5.0%). Prof-
itability improved, driven by the completed
acquisitions and higher sales margin. There
were no acquisition related costs in 2025
(EUR -3.4 million in 2024).
Overall market development, especially
in Europe, has been weak. Price volatility
and demand fluctuations have had their
biggest impact on commodity products.
Telko’s business model, which focuses on
specialty products and services, has proven
resilient. Telko focuses on higher value-add-
ing products and services in all business
areas. Thus, Telko grew both organically
and through acquisitions in these higher
value-adding businesses. Telko continues
preparations for future growth aligned with
its compounder strategy.
Discontinued operation
Discontinued operations include the
figures of the Leipurin business. Due to the
classification of Leipurin as a discontinued
operation, the profit and loss of Leipurin
has been adjusted for some Aspo Group
internal costs which are not considered
to be disposed of in connection with the
divestment of Leipurin. Thus, the profit
of discontinued operations is somewhat
better than the profit of Leipurin as part
of Aspo Group. The comparative figures
have been restated. Moreover, due to the
classification of the Leipurin business as a
discontinued operation, the amortization
and depreciation of assets of Leipurin
ceased in August 2025. In 2025 and
2024 discontinued operations include the
figures for Leipurin. In 2023, the figures
for discontinued operations include the
Non-core businesses segment.
Leipurin operates in the food chain,
sourcing raw materials in global markets
and from domestic companies, supplying
them through its effective logistics chain
to serve customer needs. Leipurin has
operations in five countries, including
Finland, Sweden and the Baltic countries,
serving bakeries, the food industry and
food service customers with raw materials,
supporting research & development,
recipes and innovations for new products.
Discontinued operation 2025 2024 2023
Net sales, MEUR 147.3 133.1 16.6
EBITA, MEUR 6.3 4.7 -16.1
Items affecting comparability, MEUR -0.8 -0.4 -16.5
Comparable EBITA, MEUR 7.1 5.1 0.4
Comparable EBITA, % 4.8 3.8 2.4
In 2025 and 2024 discontinued operation includes the figures for Leipurin segment. In 2023, the figures for
discontinued operations included the Non-core businesses segment.
In 2025, Leipurin’s net sales increased by
11% to EUR 147.3 (133.1) million. The Swed-
ish operations both grew and improved
profitability significantly. The growth was
primarily driven by acquisitions during the
first half of 2025 and organic development
during the second half of 2025.
Comparable EBITA for the year 2025 was
7.1 (5.1) million, and the comparable EBITA
rate was 4.8% (3.8%). Comparable EBITA
was impacted positively by the reversal
of depreciations amounting to EUR 0.9
million. In a like-for-like comparison,
comparable EBITA improved by EUR 1.1
million. EBITA for the financial year was
EUR 6.3 (4.7) million. Items affecting
comparability amounted to EUR -0.8 (-0.4)
million of which EUR -0.5 million related
to the announced divestment of Leipurin
and EUR -0.3 million related to Leipurin
restructuring in Sweden. In the previous
year, the items consisted of Leipurin’s exit
losses from Russia of EUR -0.2 million, and
of acquisition expenses of EUR -0.2 million.
Other operations
Other operations include Aspo Group’s
administration and some common services.
During 2025, Aspo has completed the
decentralization of Group-level services,
including IT, finance and HR, to the
businesses.
In 2025, comparable EBITA of other
operations was EUR -5.0 (-5.4) million, and
8
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
EBITA was EUR -6.2 (-5.1) million. Items
affecting comparability in 2025 were EUR
-1.2 (0.2) million, related to the execution of
Aspo’s strategic transformation. In 2024,
items affecting comparability included cor-
porate restructuring expenses of EUR -0.2
million and expenses for the sale of the
minority stake in ESL Shipping Ltd of EUR
-0.1 million, as well as gains from the sale
of real estate assets of EUR 0.5 million.
STRUCTURAL ARRANGEMENTS
In the Telko segment, the liquidation pro-
cess 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 was 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.
INVESTMENTS
■
INVESTMENTS, GROUP TOTAL
MEUR 2025 2024 2023
Investments in intangible and tangible assets 35.2 49.7 21.8
The investments of EUR 35.2 (49.7)
million mainly consisted of ESL Shipping
segment’s investments in Green Coaster
vessels. In 2024 the investments consisted
mainly of the ESL Shipping segment’s
investments in Green Coaster and Green
Handy vessels. More detailed information
on Green Coaster and Green Handy invest-
ments is provided in note 4 Invested capital
to the consolidated financial statements.
PERSONNEL
The employee benefit expenses of con-
tinuing operations amounted to EUR 47.4
(44.3) million. More detailed information on
personnel is provided in Aspo’s sustainabil-
ity report, separately published remunera-
tion report and note 3.6 Employee benefit
expenses and number of employees to the
consolidated financial statements.
■
PERSONNEL, GROUP TOTAL
2025 2024 2023
Number of personnel, December 31 798 800 712
Average number of personnel 807 765 835
Wages, salaries and fees, MEUR 47.3 44.7 43.2
Share-based incentive schemes for the
Group’s key personnel are described in note
5.4 Share-based payments to the consoli-
dated financial statements.
RESEARCH AND DEVELOPMENT
Aspo Group’s R&D focuses, according to
the nature of each segment, on developing
operations, procedures and products as
part of the customer-specific operations,
which means that the development inputs
are included in other operating expenses
and are not capitalized.
RISK MANAGEMENT
The purpose of risk management is to
contribute to the achievement of the
Group’s goals. Risk management aims to
proactively identify and manage potential
problems and to identify and use business
opportunities. Risk management supports
the development and implementation of
Aspo’s strategy.
The purpose of risk management is that:
• Aspo has an effective risk management
control model, and related processes
integrated into Aspo’s business
management.
• Managers have access to high-quality and
up-to-date information on business risks
and their control measures, providing
support for decision-making.
• The probability of the realization of
risks and unexpected events, and their
impact on finances and reputation can be
reduced effectively.
• Risk management measures and selected
control measures are based on Aspo’s
willingness to take risks and ability to
tolerate risks.
• Cooperation in risk management between
Aspo’s different businesses is effective.
The managers of the Group and its busi-
nesses are responsible for risk manage-
ment. They are also responsible for deter-
mining sufficient measures and their imple-
mentation, and for monitoring and ensuring
that the measures are implemented as part
of the daily management of operations. Risk
management is coordinated by the Group’s
CFO who reports to the CEO. The Audit
Committee monitors the effectiveness of
the risk management systems and deals
with risk management processes, plans and
reports.
Each business has a separate risk
management program. Business risks
and their management are discussed
regularly by the management teams of the
businesses. The Group’s shared functions
ensure that sufficient risk assessment and
reporting procedures are incorporated into
the processes they are responsible for. The
9
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Group’s administration is responsible for
Group-level insurance plans.
Characteristic risks in each business
area are identified in the business units,
assessed in the business unit management
teams, and reported to the subsidiary
Boards and, if necessary, to the Aspo
Board of Directors or the Audit Committee.
Risks are continuously assessed, and
their management is discussed in the
business unit management teams. Risk
assessments are updated according to
Aspo’s management policy, and the most
noteworthy findings are presented in the
quarterly interim reports.
Financial risks, their management princi-
ples and related organization are presented
in the notes to the financial statements.
The objective of Aspo’s internal control
is to ensure the profitability and efficiency
of operations, reliable financial reporting,
and compliance with the applicable laws
and regulations, and the agreed practices
and operating principles. Aspo’s internal
control includes the control that is built
in to the business processes, the Group’s
management system, and financial
reporting covering the entire Group.
Internal control is an integral part of the
company’s management, risk management
and administration.
Internal control
The aim of internal control is to create
sufficient certainty of goals and objectives
being reached in the following issues:
• operational profitability and efficiency and
capital control
• reliability and integrity of financial and
operational information
• compliance with laws, regulations and
agreements, as well as ethical principles
and social responsibility
• safeguarding and responsible
management of assets and brands
The responsibility to arrange internal
control lies with the Board of Directors
and the CEO both at Group level and in the
different business areas. The internal audit
function supports the Group and business
management in their internal control
responsibility, and the aim is to provide the
Aspo Board of Directors with sufficient
certainty of the functioning of internal
control. The Audit Committee monitors
the operations and effectiveness of the
company’s internal control at its meetings
and reviews the plans and reports of
internal control.
RISKS AND NEAR-TERM UNCERTAINTIES
Key uncertainties in Aspo’s financial results
are related to demand and, to some
extent, the market price development of
sea transportation, as well as the volume
and price development of products sold by
Telko. These conditions are impacted by
general economic development. In recent
years, economic growth and especially
industrial production in Europe have been
very weak. Delays in the recovery of or a
further decline in economic activity could
have a negative impact on the businesses
of Aspo’s customers and thereby also on
Aspo’s financial performance.
Continued geopolitical tensions, including
the ongoing war in Ukraine, increased secu-
rity concerns in the Baltic Sea, conflicts
in the Middle East, and trade tensions
between the major economies continue to
cause high uncertainty and rapidly evolving
operating environment and may reduce
overall economic growth, impact energy
prices, disrupt vessel traffic and cause cost
increases, disrupt the supply chain, and
change trade flows. The prolongation and
possible expansion of geopolitical tensions
could negatively impact commercial activ-
ities in Aspo’s market areas. An increase
in global tensions could weaken operating
conditions in all Aspo’s businesses.
Geopolitical tensions may increase fluctu-
ations in currency rates. The currency rate
changes could negatively impact Aspo’s
financial performance and balance sheet.
Aspo has derivatives in hedge accounting,
which relate to the remaining USD 180
million investment in the four Green Handy
vessels, the temporary effect of which
impacts Aspo’s equity. The hedge result
is recognized in the acquisition cost of the
vessels when the investment is paid.
In line with its strategy, Aspo aims to
increase earnings by investing in sustain-
able vessels and through acquisitions.
There are uncertainties about the future
profitability of these investments. Strategy
execution may reduce free cash flow,
leading to a deterioration of the balance
sheet and reducing solvency.
Aspo announced in November 2025 that
it would continue the strategic evaluation
of the company, with the main alternatives
including a divestment of ESL Shipping or a
possible partial demerger of the company.
Related uncertainties may impact the
timing and outcome of these strategic
initiatives.
Changes in environmental legislation
and uncertainty in the timing of the green
transition may impact the competitiveness
of Aspo’s businesses, and the competitive-
ness of key principals and customers for
Aspo’s businesses. This could negatively
impact the volumes and margins of Aspo’s
business.
Aspo’s operations depend on the availa-
bility of IT systems and network services.
The unavailability of these services can
cause disruptions to business operations.
Recent geopolitical tensions have increased
the threat of cyber incidents.
Because the future estimates presented
in this Board of Directors’ report are based
on the current understanding, they involve
significant risks and uncertainties, due to
which actual future outcomes may differ
from the estimates.
LEGAL PROCEEDINGS
Aspo Group’s companies are parties to
some legal proceedings and disputes asso-
ciated with regular business operations.
There were no significant changes in these
during 2025. On the basis of the informa-
tion available and taking into account the
existing insurance cover and provisions
made, Aspo believes that they do not have
any material adverse impact on the Group’s
financial position.
THE BOARD OF DIRECTORS
AND MANAGEMENT
Patricia Allam, Annika Ekman, Tapio Kol-
unsarka, Mikael Laine, Kaarina Ståhlberg,
Tatu Vehmas and Heikki Westerlund were
re-elected to the Board of Directors. At the
Board's organizing meeting held after the
Annual General Meeting, Heikki Westerlund
was elected as Chairman of the Board and
Mikael Laine as Vice Chairman. At the meet-
ing Board decided to appoint Heikki West-
erlund as Chair of the Human Resources
and Remuneration Committee, and Patricia
Allam, Tapio Kolunsarka, and Tatu Vehmas
10
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
as committee members. At the meeting
the Board also decided to appoint Kaarina
Ståhlberg as Chair of the Audit Committee,
and Annika Ekman, Mikael Laine and Tatu
Vehmas as committee members.
The Board of Directors had 18 meetings
in 2025. The attendance rate was 100%.
AUDITOR AND SUSTAINABILITY
REPORTING ASSURANCE PROVIDER
Deloitte Oy, Authorized Public Account-
ants, has served as the company’s auditor.
Jukka Vattulainen, APA, has served as the
principal auditor. The same auditor has
also acted as the company’s sustainability
reporting assurance provider. The remu-
neration shall be paid to the auditor and
sustainability reporting assurance provider
according to an invoice approved by the
company.
BOARD AUTHORIZATIONS
Authorization of the Board of Directors to
decide on the acquisition of treasury shares
The Annual General Meeting authorized the
Board of Directors to decide on the acqui-
sition of no more than 500,000 treasury
shares using the unrestricted equity of the
company representing about 1.6% of all the
shares in the Company. The authorization
includes the right to accept treasury shares
as a pledge. The authorization is valid
until the Annual General Meeting in 2025
but not more than 18 months from the
approval at the General Meeting.
During 2025, Aspo acquired a total of
103,232 of its own shares through trading
on Nasdaq Helsinki Ltd.
Authorization of the Board of Directors to
decide on a share issue of treasury shares
As proposed by the Board of Directors,
the Annual General Meeting authorized the
Board of Directors to decide on a share
issue, through one or several installments,
to be executed by conveying treasury
shares. An aggregate maximum amount of
2,500,000 shares may be conveyed based
on the authorization. The authorization is
valid until the Annual General Meeting in
2026 but not more than 18 months from
the approval at the General Meeting.
In 2025, a total of 5,106 shares were
conveyed to CFO Erkka Repo based on the
contract of service.
Authorization of the Board of Directors to
decide on a share issue of new shares
As proposed by the Board of Directors,
the Annual General Meeting authorized the
Board of Directors to decide on a share
issue for consideration, or on a share issue
without consideration through one or
several instalments. The total number of
new shares to be offered for subscription
is a maximum of 2,500,000 in total. The
authorization may be used for the financing
or execution of possible corporate
acquisitions or other transactions, for exe-
cution of the Company’s share-ownership
programs or for other purposes determined
by the Board.
The authorization includes the right
of the Board of Directors to decide on
all of the other terms and conditions of
the conveyance and thus also includes
the right to decide on a directed share
issue, in deviation from the shareholders’
pre-emptive right, if a compelling financial
reason exists for the company to do so.
The authorization also includes the right
of the Board of Directors to decide on a
share issue without consideration for the
Company itself.
The authorization is proposed to be valid
until the Annual General Meeting in 2026,
however no more than 18 months from the
approval at the Annual General Meeting
Authorization of the Board of Directors to
decide on charitable contributions
As proposed by the Board of Directors,
the Annual General Meeting authorized the
Board of Directors to decide on contribu-
tions in the total maximum amount of EUR
100,000 for charitable or similar purposes,
and to decide on the recipients, purposes
and other terms of the contributions.
The authorization is valid until the Annual
General Meeting in 2026.
In November 2025, the Board of
Directors decided to donate 10,000 euro
through the John Nurminen Foundation
to promote the protection of the Baltic
Sea. Aspo is one of the key partners of the
Foundation. This partnership is aligned with
Aspo’s goals to develop future maritime
infrastructure and reduce the load on
water resources. The donation was paid in
December 2025.
SHARES AND SHAREHOLDERS
Share capital and shares
Aspo Plc’s registered share capital
on December 31, 2025, was EUR
17,691,729.57, and the total number of
shares was 31,419,779, of which the
company held 100,394 shares, i.e. approxi-
mately 0.32% of the share capital.
Based on the authorization given by the
Annual General Meeting in 2025, Aspo’s
Board of Directors decided on November 3,
2025, to start a repurchasing program of
the company’s own shares. The maximum
number of shares to be repurchased in one
or more instalments is 130,000 shares,
corresponding to approximately 0.42% of
the total number of shares. A maximum of
1,000,000 euros can be used for the repur-
chases. The shares will be repurchased
through public trading on Nasdaq Helsinki
at the market price prevailing at the time of
repurchase, using the unrestricted equity
of the company.
The share repurchases commenced
on November 4, 2025. The repurchased
shares are to be used for pay-outs under
the share-based incentive plans of Aspo
Plc. During November and December 2025,
Aspo acquired a total of 103,232 of its
own shares in trading organized by Nasdaq
Helsinki Ltd.
After the end of the financial year on
January 29, 2026, Aspo announced that
it has completed repurchasing its own
shares. During the period of November 4,
2025, to January 29, 2026, Aspo repur-
chased a total of 130,000 own shares,
corresponding to approximately 0.41% of
the total shares in the company. The shares
were purchased at an average price of
approximately EUR 6.78. The repurchasing
of own shares reduced Aspo’s equity by
approximately EUR 881,000. As a result
of the repurchases, Aspo holds a total of
127,162 own shares.
Based on the contract of service, Aspo
granted 5,106 treasury shares to CFO
Erkka Repo in December 2025. The transfer
was based on the share issue authoriza-
tions of the Annual General Meeting.
Aspo Plc has one share series. Each
share entitles the shareholder to one
vote at the General Meeting. Aspo’s share
11
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
is quoted on Nasdaq Helsinki Ltd’s Mid
Cap segment under Industrial Goods and
Services.
In 2025, a total of 3,217,341 Aspo Plc
shares, with a market value of EUR 18.0
million, were traded on Nasdaq Helsinki,
which equals 10.2% of the total number of
shares. During the financial year, the share
price reached a high of EUR 6.92 and a low
of EUR 4.71. The average price was EUR
5.57 and the closing price at the end of the
financial year was EUR 6.52. At the end of
the financial year, the market value, less
treasury shares, was EUR 204.2 million.
Distribution of funds in 2025
The Annual General Meeting held on April
25, 2025, decided, as proposed by the
Board of Directors, that EUR 0.19 per share
be distributed in dividends for the 2024
financial year, and that the dividend is paid
in two instalments. No dividend is paid for
shares held by Aspo Plc.
The record date for the first instalment
of EUR 0.09 was April 29, 2025, and the
payment date was May 7, 2025. The record
date for the second instalment of EUR 0.10
was October 30, 2025, and the payment
date was November 6, 2025.
Shareholders
Aspo’s shares are included in the book-
entry system maintained by Euroclear
Finland Ltd. The company had 11,427
shareholders at the end of the year. A total
of 1,273,798 shares, or 4.05% of the share
capital, were nominee registered or held
by non-domestic shareholders. A monthly
updated list of Aspo’s major shareholders
is available on Aspo’s website.
Share ownership by members of
the Board and the Group Executive
Committee
On December 31, 2025, the total number
of shares owned by the members of Aspo
Plc’s Board of Directors and their controlled
entities was 6,774,656 shares, or 21.56%
of the shares and voting rights in the
company.
On December 31, 2025, Aspo Plc’s CEO
and the other members of the Group
Executive Committee held a total of
261,683 shares, or 0.83% of the shares
and voting rights in the company.
.
12
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
MAJOR SHAREHOLDERS ON DECEMBER 31, 2025
Number of
shares
qty
Number of
shares and
votes, %
Havsudden Oy Ab 3,412,941 10.86
AEV Capital Holding Oy 3,296,344 10.49
Keskinäinen työeläkevakuutusyhtiö Varma 1,423,076 4.53
Vehmas Tapio 1,275,827 4.06
Keskinäinen Eläkevakuutusyhtiö Ilmarinen 875,226 2.79
Citibank Europe Plc 809,931 2.58
Nyberg Gustav 797,002 2.54
Investment fund Nordea Nordic Small Cap 728,440 2.32
IAIK Oy 635,830 2.02
Mandatum Life Insurance Company 619,640 1.97
Ten major shareholders, total 13,874,257 44.16
■
DISTRIBUTION OF SHARE OWNERSHIP ON DECEMBER 31, 2025
BY NUMBER OF SHARES
Shares qty
Number of
shareholders
Percentage of
shareholders
%
Number of
shares
qty
Percentage of
all shares
%
1–100 2,969 25.98 142,949 0.45
101–500 4,067 35.59 1,120,095 3.56
501–1,000 1,801 15.76 1,386,801 4.41
1,001–5,000 2,097 18.35 4,583,511 14.59
5,001–10,000 277 2.42 1,968,298 6.26
10,001–50,000 170 1.49 3,524,628 11.22
50,001–100,000 17 0.15 1,262,897 4.02
100,001–500,000 18 0.16 2,986,997 9.51
500,001– 11 0.10 14,439,139 45.96
Total in joint accounts 4 464 0.01
Total 11,427 100.00 31,419,779 100.00
■
DISTRIBUTION OF SHARE OWNERSHIP ON DECEMBER 31, 2025
BY OWNER GROUP
Percentage of
shareholders %
Percentage of
shares %
Households 95.0 49.6
Companies 3.6 29.5
Financial and insurance institutions 0.25 6.3
Non-profit organizations 0.7 3.1
Public organizations 0.06 7.6
Non-domestic 0.4 0.2
Total 100.0 96.60
13
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
SHARE-SPECIFIC KEY FIGURES
2025 2024 2023 2022 2021
Equity per share, EUR 4.58 5.13 4.47 4.58 4.14
Dividend per share, EUR (2025 proposal by the Board of Directors) 0.25 0.19 0.24 0.46 0.45
Dividend/earnings, % 34.4 140.0 -1,642.8 75.2 58.9
Effective dividend yield, % 3.8 3.9 4.0 5.6 4.0
Price/earnings ratio (P/E) 9.0 35.7 -409.2 13.4 14.9
Share price development, EUR
average price 5.57 5.63 6.83 8.01 10.08
lowest price 4.71 4.71 5.50 6.09 8.28
highest price 6.92 6.35 8.70 11.80 13.50
closing price 6.52 4.85 5.98 8.20 11.36
Market value of shares, Dec. 31, MEUR 204.2 152.4 187.8 257.1 355.1
Share trading, 1,000 shares 3,217 3,349 2,370 4,243 4,068
Share trading, MEUR 18.0 18.8 16.2 33.9 41.0
Share trading/number of shares, % 10.2 10.7 7.5 13.5 12.9
Total number of shares on the closing date, 1,000 shares 31,420 31,420 31,420 31,420 31,420
shares held by the company 100 2 16 62 162
outstanding shares 31,319 31,418 31,404 31,358 31,258
Average number of shares (outstanding), 1,000 shares 31,408 31,414 31,390 31,333 31,258
14
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
24 12
20 10
16 8
12 6
8 4
4 2
0 0
21 22 23 24 25* 21 22 23 24 25*
21 22 23 24 25
21 22 23 24 25
MEUR EUR
MONTHLY TURNOVER, MEUR AVERAGE PRICE, EUR
■
SHARE TRADING AND AVERAGE PRICE
■
DIVIDEND PER SHARE, EUR
■
EQUITY PER SHARE, EUR
■
EFFECTIVE DIVIDEND YIELD, %
■
NUMBER OF SHAREHOLDERS
* Board proposal to the Annual General Meeting* Board proposal to the Annual General Meeting
0.5
0.4
0.3
0.2
0.1
0
6.0
5.0
4.0
3.0
2.0
1.0
0
6.0
5.0
4.0
3.0
2.0
1.0
0
12,000
10,000
8,000
6,000
4,000
2,000
0
11,659
11,711
11,502
11,173
11,427
4.14
4.58
4.47
5.13
4.58
4.0
5.6
4.0
3.9
3.8
0.45
0.46
0.24
0.19
0.25
15
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
2021 2022 2023 2024 2025
■
CALCULATION PRINCIPLES OF THE KEY FIGURES
Aspo Plc applies the guidance on alternative key figures issued by the European Securities
and Market Authority (ESMA). In addition to IFRS figures, the company releases other com-
monly used key figures (alternative key figures), which are mainly derived from the consoli-
dated statement of comprehensive income and balance sheet. According to the management,
alternative key figures clarify and supplement the picture drawn by the consolidated state-
ment of comprehensive income and balance sheet, as well as the IFRS key figures, of Aspo’s
financial performance and financial position.
Return on equity (ROE), % =
profit for the period × 100
total equity (average of the current and previous reporting period)
Comparable ROE, % =
comparable profit for the period × 100
total equity (average of the current and previous reporting period)
Equity ratio, % =
total equity × 100
balance sheet total – advances received
Gearing, % =
(interest-bearing liabilities – cash and cash equivalents*) × 100
total equity
Interest-bearing liabilities,
EUR
= loans and overdraft facilities in use (interest-bearing) + lease liabilities
Net debt, EUR = interest-bearing liabilities - cash and cash equivalents
Free cash flow, EUR = operating cash flow + investing cash flow
Free cash flow per share,
EUR
=
free cash flow
average number of shares, excluding treasury shares
Earnings per share (EPS),
EUR
=
profit for the period attributable to parent company shareholders – hybrid
interest, net of tax
average number of shares, excluding treasury shares
Comparable EPS, EUR
=
comparable profit for the period attributable to parent company
shareholders – hybrid interest, net of tax
average number of shares, excluding treasury shares
Equity per share, EUR =
equity attributable to parent company shareholders
number of shares on the closing date, excluding treasury shares
Dividend/earnings, % =
dividend per share × 100
earnings per share (EPS)
Effective dividend yield, % =
dividend per share × 100
closing price
Price/earnings ratio (P/E) =
closing price
earnings per share (EPS)
Market value of shares,
EUR
=
number of shares on the closing date, excluding treasury shares × closing
price
EBITA, EUR = operating profit - amortization and impairment of intangible assets
Comparable EBITA, EUR = EBITA, excluding items affecting comparability
EBITDA, EUR = operating profit - depreciation, amortization and impairment
Comparable EBITDA, EUR = EBITDA, excluding items affecting comparability
Comparable profit
for the period, EUR
= profit for the period, excluding items affecting comparability
Net working capital, EUR = inventories + accounts receivable - accounts payable - advances received
Invested capital, EUR = Non-current assets - deferred tax assets + net working capital
Return on invested capital
(ROCE), %
=
EBITA x 100
invested capital (average of current and previous reporting period)
Comparable ROCE, % =
comparable EBITA x 100
invested capital (average of current and previous reporting period)
Net debt / EBITDA =
net debt
EBITDA (12 months rolling)
Net debt / comparable
EBITDA
=
net debt
comparable EBITDA (12 months rolling)
*) In the calculation of gearing, interest-bearing liabilities and cash and cash equivalents also include
interest-bearing liabilities and cash and cash equivalents classified as held for sale.
16
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Sustainability
Statement
17
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Aspo's Sustainability Statement
CONTENTS
GENERAL INFORMATION - ESRS2 19
ESRS 2 General disclosures 19
BP-1: General basis for preparation of the sustainability statement 19
BP-2: Disclosures in relation to specific circumstances 19
GOV-1: The role of the administrative, management and supervisory bodies 20
GOV-2: Information provided to and sustainability matters addressed
by the undertaking’s administrative, management and supervisory bodies 21
GOV-3: Integration of sustainability-related performance in incentive schemes 21
GOV-4: Statement on due diligence 22
GOV-5: Risk management and internal control over sustainability reporting 22
SBM-1: Strategy, business model and value chain 22
SBM-2: Interests and views of stakeholders 24
SBM-3: Material impacts, risks and opportunities and their interaction
with strategy and business model 28
IRO-1: Description of the processes to identify and assess material impacts,
risks and opportunities 29
IRO-2: Disclosure Requirements in ESRS standards covered by the
undertaking’s sustainability statement 32
ENVIRONMENTAL INFORMATION - E1 33
EU Taxonomy 33
ESRS E1 - Climate Change 42
E1-1: Transition plan for climate change mitigation 42
E1-2: Policies related to climate change mitigation and adaptation 43
E1-3 and E1-4: Targets, actions and resources related to climate change 43
E1-5: Energy consumption and mix 47
E1-6: Gross Scopes 1, 2, 3 and Total GHG emissions 50
SOCIAL INFORMATION - S1 63
ESRS S1 Own Workforce 63
S1-1: Policies related to own workforce 63
S1-2: Processes for engaging with own workers and workers’ representatives
about impacts 63
S1-3: Processes to remediate negative impacts and channels for own workers
to raise concerns 64
S1-4 and S1-5: Targets for managing material negative impacts, advancing
positive impacts, and managing material risks and opportunities,
and related actions and their effectiveness 64
S1-6: Characteristics of the undertaking’s employees 68
S1-9: Diversity metrics 71
S1-14: Health and safety metrics 71
S1-16: Remuneration indicators (pay gap and total remuneration) 72
S1-17: Incidents, complaints and severe human rights impacts 72
GOVERNANCE INFORMATION - G1 73
ESRS G1 Business Conduct 73
G1-1: Business conduct policies and corporate culture 73
G1-3: Prevention and detection of corruption and bribery 74
G1-4: Incidents of corruption or bribery 75
APPENDIX 1: Disclosure requirements and references 76
APPENDIX 2: Data points derived from other EU legislation 79
18
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
General information (ESRS 2)
General basis for preparation
of sustainability statements
Aspo Group consists of business segments
and the parent company is Aspo Plc. Aspo
owns and develops its businesses, which
in 2025 included: ESL Shipping, a shipping
company carrying dry bulk, breakbulk and
project cargoes; Telko, a distributor of
plastic raw materials, industrial chemicals
and lubricants; and Leipurin, a provider of
raw materials and expert services to the
bakery, food industry and food service
markets. All the Group's businesses serve
corporate customers. A significant change
is underway in Aspo’s operations, as
Aspo announced in August 2025 that it
will divest Leipurin. The divestment was
completed in March 2026.
Aspo has prepared this Sustainability
Statement in accordance with the
European Union's Corporate Sustainability
Reporting Directive (CSRD). This Sustain-
ability Statement has been prepared at a
Group level, including information on the
subsidiaries. The scope is identical to the
consolidated financial statements. Also
Leipurin’s information is reported for the
entire year. The reporting period for this
Sustainability Statement is from January 1
to December 31, as in financial reporting,
and the Sustainability Statement is
published annually.
Aspo's reported material sustainability
topics are based on the double materiality
assessment updated in 2025. This Sus-
tainability Statement covers the entire
value chain. It does not exclude information
related to intellectual property, expertise
or innovation results. Nor does it use the
exemption set out in Article 19a, paragraph
3 and Article 29a, paragraph 3 of Directive
2013/34/EU to omit information about
impending development or matters during
negotiation.
The sustainability assurance provider
Deloitte Oy has provided the company
with a limited assurance verification report
on Aspo's Sustainability Statement, in
accordance with the ISAE 3000 (Revised)
standard, as an independent sustainability
reporting auditor. The statement does
not cover the marking of the consolidated
Sustainability Statement with digital XBRL
sustainability tags in accordance with
chapter 7, section 22, subsection 1, par-
agraph 2 of the Accounting Act, as it has
been impossible for sustainability reporting
companies to comply with this provision
due to the absence of the ESEF regulation
or other EU law. Data from the comparison
period 2024 and the base year 2023 are
presented in this year’s report. The 2023
data have not been assured.
Disclosures in relation to
specific circumstances
Aspo Group has used indirect sources in
the calculation of its Scope 3 emissions
regarding data and metrics concerning the
value chain. For ESL Shipping's emissions
reporting under EU MRV emissions
reporting system, EU emissions trading
system (EU ETS), FuelEU Maritime and the
International Maritime Organization's (IMO)
fuel and emissions information system
(IMO DCS), emission factors given in the
aforementioned regulatory documents
have been used. Average data have been
used in Telko and Leipurin value chains'
emission reporting for both products
and transportation. The data will be
improved when there is further information
available from principals and transportation
partners.
The most significant measurement
uncertainties concern Scope 3 emissions
from upstream and downstream logistics in
the greenhouse gas (GHG) metrics applied
to Telko and Leipurin, and the end-of-life
treatment of sold products. Uncertainties
in logistics include the averaging calculation
model, incomplete address data and data
on actual delivery routes. In the calculation
of emissions from products sold, coun-
try-specific assumptions have been made
when there has been insufficient accurate
data on end-of-life treatment methods
and their associated emissions. Other
measurement uncertainties concern data
on emissions from ESL Shipping’s capital
goods, the waste Telko generates in its
operations, vehicles’ fuel consumption
as well as the processing and use of sold
products. For Leipurin, the emission data
of products Leipurin purchases include
measurement uncertainties.
In 2025, the company expanded into
a new country when Telko established a
subsidiary in India. . The new company’s
emission data is included in the Group’s
information from the date of its
establishment.
Measurement uncertainties, limitations,
and measurement methodologies are
described in more detail in section E1-6
Measurement methodologies – gross
Scopes 1, 2 and 3 and Total GHG emissions.
Aspo applies other reporting standards
or frameworks as follows: Emissions from
ESL Shipping’s vessels are reported in
accordance with the EU MRV system, in
the EU Emissions Trading System (ETS),
FuelEU Maritime and IMO DCS system.
Coaster-class vessels (under 5,000 GT) are
not subject to EU ETS, FuelEU Maritime or
IMO DCS reporting. The external verifier
provides a company-specific report and the
required compliance document for these
vessels concerned. The external verifier is
different than the assurance provider of
this sustainability statement. Otherwise,
the measurement of the metrics presented
in the sustainability statement has not
been verified by any party other than the
assurance service provider.
The opportunity to include data by
reference has been applied in Appendix 1.
The utilized phase-in requirements can also
be found from Appendix 1.
During 2025, Aspo and ESL Shipping
set science-based emission reduction
targets (SBTs) and prepared transition
plans aligned with limiting global warming
to 1.5 degrees Celsius. During the target
validation process, Aspo’s emissions
accounting was refined, including emissions
from business travel, commuting, and
waste treatment. In addition, Telko’s GHG
inventory was expanded to include Scope
3 Category 10: emissions from the pro-
cessing of sold products. All refinements
have been reflected in the figures for the
19
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
base year 2023, the comparison year
2024, and the reporting year 2025. The
sustainability report presents comparative
data for the base year 2023 for emission
reduction targets for the first time. The
2023 data have not been assured. To
maintain comparability, emissions from
companies acquired in 2024 have been
calculated for the entire year 2024. In the
2024 sustainability report, emissions from
new companies were calculated from the
date of acquisition. All changes made to
the 2024 comparison year GHG emission
data at the Aspo Group level are presented
in the table below.
■
TABLE 1. CHANGES MADE TO THE 2024 COMPARISON YEAR GHG
EMISSION DATA
Scope 1 GHG emissions (tCO
2
eq) 12
Scope 2 GHG emissions (tCO
2
eq) 2
Scope 3 GHG emissions(tCO
2
eq) in total 38,347
1 Purchased goods and services 24,539
3 Fuel and energy-related activities (not included in Scope 1 or Scope 2) 1
4 Upstream transportation and distribution 41
5 Waste generated in operations -223
6 Business traveling -78
7 Employee commuting 235
9 Downstream transportation 8
10 Processing of sold products 9,145
11 Use of sold products 146
12 End-of-life treatment of sold products 5,150
13 Downstream leased assets -618
Aspo’s double materiality analysis was
updated during 2025, resulting in the
identification of two new material areas:
Climate change adaptation and the
prevention and detection of corruption and
bribery. Simultaneously, it was identified
during the reassessment that some of the
topics previously reported no longer exceed
the threshold for material topics in the
double materiality assessment, although
these topics remain important for the
company.
The change in reporting enables a
focus on specific sustainability themes
and reflects changes in the reporting
framework. The sustainability themes
material to Aspo are presented in section
SBM-3. In addition, Aspo has one S1 target
less than in 2024. The previous target was
related to improving employee, customer
and principal experience.
Aspo identified one error in the 2024
reporting, where the lost time injury
frequency (TRIF) was reported as 4.4. The
calculation of the lost time injury frequency
was reviewed during 2025, and the actual
TRIF for 2024 was 4.9.
The role of the administrative,
management and supervisory bodies
Aspo Plc's governing bodies are the Annual
General Meeting, the Board of Directors
and the CEO. The Board of Directors is
responsible to the shareholders, and the
CEO to the Board. The Annual General
Meeting confirms the financial statements,
elects the Board members, the auditor and
the auditor of the Sustainability Statement,
and decides on profit distribution and the
remuneration of the Board members and
the auditor.
The task of Aspo Plc's Shareholders'
Nomination Board is to prepare proposals
for the Annual General Meeting for the
election of the members of the Board of
Directors.
The Board of Directors is responsible for
Aspo's administration and its operations'
appropriate organization. The Board
of Directors has established an Audit
Committee and a Human Resources and
Remuneration Committee to support its
work. The Board of Directors reports to the
Annual General Meeting.
The CEO leads and develops the Group's
business and is responsible for operations
management in accordance with the Board
of Directors' instructions. The CEO also
serves as the Chair of the subsidiaries’
Boards. Especially, The Board of Directors
of ESL Shipping plays a important role, as it
also represents the minority shareholders
of ESL Shipping. The CEO also acts as the
operational supervisor of Aspo’s adminis-
tration and the Managing Directors of the
subsidiaries.
Aspo's internal control includes the
control that is built into business pro-
cesses, the Group's management system
and sustainability and financial reporting
covering the entire Group. Responsibility
for arranging internal control lies with
the Board of Directors and the CEO, both
at Group level and in different business
areas. The Audit Committee monitors the
company's internal control's operations
and effectiveness at its meetings. It also
reviews internal control plans and reports.
The Group Executive Committee is a
key management body that assists the
CEO in the Group's management. Aspo's
businesses' management teams assist thei
Managing Directors.
According to the Articles of Association,
Aspo Plc's Board of Directors comprises
no fewer than five and no more than eight
members. In 2025, the Board of Directors
consisted of seven members, 57% of
whom were men, and 43% were women.
There is no personnel representative
among the members of the Board of Direc-
tors, and the members are not employed
by the Group. Two members are dependent
on significant shareholders of the company.
The members of the Board of Directors
and the Group Executive Committee and
the Group CEO have considerable expe-
rience and expertise in various business
management tasks.
20
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Information provided to and sustaina-
bility matters addressed by the under-
taking’s administrative, management
and supervisory bodies
In 2024, as a result of regulatory changes
in sustainability reporting, the respon-
sibilities of the Annual General Meeting
and the Board of Directors expanded to
cover oversight and monitoring related
to sustainability reporting. At Aspo, the
changes have been included in the Annual
General Meeting's rules of procedure, as
well as those of the Board of Directors and
the Audit Committee.
The Board of Directors bears overall
responsibility for assessing the company's
operations' sustainability impacts, risks
and opportunities. The Board of Directors
approves Aspo's sustainability targets
and monitors their progress. Furthermore,
the Board of Directors is responsible for
monitoring and assessing the sustainability
reporting system and its assurance.
The Audit Committee monitors sustaina-
bility activities. Among other matters, the
Audit Committee monitors the sustaina-
bility reporting process, digital reporting
and the identification of information to be
reported in accordance with sustainability
reporting standards, the effectiveness of
internal control, audit and risk management
in these processes, and the implementation
of sustainability reporting assurance.
The Group Executive Committee is
responsible for the implementation of
sustainability policies and strategic goals.
It also validates impacts, risks and oppor-
tunities. The Group Executive Committee
reports sustainability matters to the Board
of Directors' Audit Committee. The Senior
Vice President of Legal and Sustainability
and the sustainability organization are
responsible for implementing the double
materiality assessment. Based on the
double materiality assessment, the sus-
tainability organization prepares proposals
for the materiality of sustainability topics,
targets, policies and action plans for the
Group Executive Committee. The sustain-
ability organization reports to the Group
Executive Committee.
Aspo's CEO presents the sustainability
targets to the Board of Directors and
reports related matters. The Senior Vice
President of Legal and Sustainability
statements the status of the key targets
on a quarterly basis at the Board of Direc-
tors' meetings, and the Group Executive
Committee monitors the targets' progress.
Aspo's administrative, management and
supervisory bodies are also notified of
material impacts, risks and opportunities
when the double materiality assessment
is updated, and when the due diligence
process is actual.
The assessment of sustainability
impacts, risks and opportunities has been
integrated into Aspo's decision-making
processes, including consideration of any
compromises in the supervision of the
company's strategy, significant business
activities and risk management. Compro-
mises mean situations where an invest-
ment cannot be made because it does
not sufficiently support environmental,
social and governance (ESG) targets. The
ESG perspective is considered in business
acquisitions.
During the reporting period, Aspo's
administrative, management and
supervisory bodies addressed all
material sustainability impacts, risks and
opportunities the company had identified.
More information is available under SBM-3
– Material impacts, risks and opportunities
and their interaction with strategy and
business model.
The members of Aspo's administrative,
management and supervisory bodies have
considerable experience and expertise in
various business management positions,
as well as long-term experience in either
operational or trust positions in the sus-
tainability impacts, risks and opportunities
related to the company's sectors. Matters
related to the company's operations'
sustainability are regularly reported to the
Board of Directors. The Board of Directors'
members are provided with training regard-
ing actual sustainability matters, and the
Board of Directors and management can
use external specialists as required.
Aspo's Board of Directors' members have
expertise in all three ESG elements, both
directly and indirectly, through specialists
and training. The Board of Directors regu-
larly assesses and develops its expertise
through training, specialist cooperation and
recruitment. This expertise covers Aspo's
material matters (E1, S1, G1) and supports
the management of key impacts, risks and
opportunities.
Integration of sustainability-related
performance in incentive schemes
The main purpose of the remuneration pol-
icy for Aspo Plc's bodies is to support the
fulfillment of the company's business strat-
egy and its financial success. The Board of
Directors prepares the remuneration policy
and presents it to the Annual General
Meeting. The shareholders' Nomination
Board appointed by the Annual General
Meeting prepares proposals for the Annual
General Meeting regarding remuneration
and any other financial benefits for the
members of Aspo Plc's Board of Directors
and its committees.
Remuneration paid to Aspo Plc's CEO
can consist of a fixed salary, short- and
long-term variable remuneration, pension
benefits, and other benefits. Aspo Plc has
a three-year share-based long-term incen-
tive plan (LTI 2025-2027), which includes
nine key individuals, including members of
the Group Executive Committee and the
CEO.
The incentive plan's earning criteria
is based on Aspo’s total share return
(TSR, weight 80%) and the company’s
sustainability targets (20%). One of the
sustainability metrics is Telko’s EcoVadis
score (weight 10%), and the other is based
on ESL Shipping’s SBT targets (weight
10%). Potential remuneration will be paid
partly in Aspo's share and partly in cash.
The cash portion of the remuneration is
intended to cover the taxes and statutory
social security contributions incurred to the
key individual.
In addition, the Board decided that part
of the remuneration earned by the CEO, the
Group Executive Committee, and other key
individuals under the short-term incentive
scheme for 2025 will be paid in Aspo Plc
shares. In short-term remuneration, earn-
ings metrics include the operating result,
as well as the two sustainability metrics
(weight 20%): emission intensity CO
2
(t) /
per net sale (€k) and the total recordable
injury frequency (TRIF). TRIF has already
been used as a possible personal sustaina-
bility metric for Aspo's personnel.
The emission intensity target's
earning metric is based on ESL Shipping's
vessels' Scope 1 emissions reductions. In
21
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
determining earnings, the achievement of
the emission intensity target is assessed in
accordance with these emission reductions,
as well as Aspo's net sales.
Statement on due diligence
■
TABLE 2. MAPPING THE DUE DILIGENCE PROCESS IN THE SUSTAINABILITY
STATEMENT
Core elements of due diligence Paragraphs in the sustainability statement
a) Embedding due diligence in governance, strategy
and business model
GOV-2, GOV-3, SBM-3
b) Engaging with affected stakeholders in all key
due diligence steps
GOV-2, SBM-2, IRO-1, E1-2, S1-1, S1-2
c) Identifying and assessing adverse impacts IRO-1, SBM-3
d) Taking actions to address these adverse impacts E1-3, S1-4
e) Tracking the effectiveness of these efforts and
communicating
E1-4, S1-5, G1-1, E1-5, E1-6, S1-6, S1-9, S1-14, S1-16
Risk management and internal controls
over sustainability reporting
Aspo’s sustainability reporting does not
have its own risk management and internal
control process but the management of
risks related to sustainability reporting
are currently implemented as part of the
Group’s general risk management and
internal control processes.
Aspo has a Group-level risk management
control model that is integrated into
business management. Risk management
covers the Group and its businesses, and
each business has a separate risk man-
agement program. Responsibility for risk
management lies with the managers of the
Group and businesses, and the activities
are coordinated by the Group’s Chief
Financial Officer. The internal audit function
supports the Group and business manage-
ment in their internal control responsibility,
and the aim is to provide Aspo’s Board of
Directors with sufficient certainty of the
functioning of internal control. The Audit
Committee monitors the operations and
effectiveness of the company’s internal
control regularly. Aspo’s risk management
and related internal control are described
in more detail in the Report of the Board of
Directors.
As a result of the regulatory changes in
sustainability reporting, Aspo will integrate
sustainability reporting even more closely
into its risk management and internal audit
processes in the coming years.
Regarding sustainability reporting, the
company has identified controls for risks
related to the reporting of quantitative
information. Risks related to the reporting
of qualitative information have not been
assessed, and no specific controls have
been defined for it.
Risk management is supported by the
company’s IT control environment, and
a comprehensive control description has
been prepared for sustainability reporting
as part of the risk management framework.
Regarding sustainability reporting, controls
have been identified for risks related to
data reporting, assessing completeness,
accuracy, validity and access restriction of
the data. There is no separate risk assess-
ment or risk prioritization model in place
for sustainability reporting. The likelihood
or impact of the realization of risks related
to sustainability reporting has not been
evaluated.
Aspo has identified risks related to
potential errors arising in the calculation
and reporting of sustainability data and
has defined preventive measures and
monitoring controls to address them. In
manual data reporting, there is a clear risk
for errors. Measures in use to mitigate
these risks include, among others, double
checks performed by different individuals
and comparison of the reported data with
the previous year. Risks related to the
sustainability reporting process and appli-
cable assurance measures are addressed
in Aspo’s sustainability reporting steering
group.
Risks identified in sustainability reporting
are reported regularly to the sustainability
reporting steering group and, when
necessary, to Aspo’s Executive Committee,
Board of Directors and Audit Committee.
Strategy, business model and value
chain
STRATEGY AND BUSINESS MODEL
In 2025, Aspo had three businesses – ESL
Shipping, Telko and Leipurin. They all aim
for market leadership and to be forerunners
in sustainability. A significant change
in Aspo’s business is the divestment of
Leipurin, announced in August 2025. The
divestment was completed in March 2026.
Aspo Group operated in 18 countries and
employed 798 professionals. More detailed
information about the number of employ-
ees by geographical area is available under
S1-6 Characteristics of the undertaking’s
employees.
Sustainability is integral to investment
target mapping. The ESG assessment
criteria for investment targets are Aspo’s
key sustainability themes and their impact
on the achievement of Aspo’s sustainability
goals. In business reorganizations, the
ESG strategy is developed together with
the acquired company. In 2025, Aspo set
an emission reduction target for suppliers.
This target is presented under E1-4 a nd
E1-5 Climate change targets, actions and
resources.
The strategy of ESL Shipping is to
strengthen its market position by leading
the way in green shipping, in which reduc-
ing emissions is key. ESL Shipping’s vessels
operate primarily in long-term contract
traffic in the Baltic Sea and Northern
Europe region. ESL Shipping’s vessels also
provide loading and unloading services at
sea. ESL Shipping’s competitive edge is
based on its ability to responsibly secure
product and raw material transportation
for industries and energy production
year-round, regardless of challenging
weather conditions. In 2025, turnover
from the transportation of fossil fuels, i.e.,
coal for energy production, totaled EUR
3 805 595. New vessels, low-emission
technology and renewable fuels play a key
role in reducing emissions. Investments in
vessels, a significant increase in the use
of renewable fuels and other emission
22
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
OWN OPERATIONS DOWNSTREAMUPSTREAM
■
FIGURE 1. ASPO’S VALUE CHAINS
Raw materials Vessel building
Procurement of
goods and services
Fleet management
Chartering
Second life
of vessel
End-of-life
management
Raw materials Ingredient production
and processing
Product and assortment
development &
innovation
Sourcing &
supply chain
management
Food producers
Retail / Food service
Consumers
Raw materials Chemical producers Technical & industry
expertise
Sourcing,
mixing/packing &
logistics
Industrial customers
and wholesale
End-users
End-of-life
management
reduction measures also require close and
long-term cooperation with customers. A
challenge in renewable fuels is their limited
availability and high price, which reduces
customers’ willingness to use them. In the
2025 EcoVadis sustainability assessment,
ESL Shipping improved its score in almost
all areas and ranked among the top two
percent, achieving Gold medal.
Telko’s significant product and service
groups are industrial chemicals, plastics
and lubricants, which it sells, processes
and transports. Telko aims to provide
customers with more sustainable and
responsible alternatives such as chemicals
that support the achievement of custom-
ers’ sustainability goals. Many customers,
especially in Europe, also require this. The
supply of bio-based plastics is emphasized
in the sustainability of products. Bio-based
or recycled plastics can replace fossil
plastics. In lubricants, Telko provides for
example lubricants that have a long
change interval and can help improve the
efficiency of wind turbines and vessels. In
industrial chemicals, Telko’s product range
includes additives that significantly reduce
the processing temperature in asphalt
production and thereby reduce emissions
in the value chain. Telko’s profit from the
oil refining industry in 2025 was EUR 139
436. Telko does not produce chemicals
but mixes and packages them. Telko does
not have any activities that fall within the
scope of the manufacture of pesticides
and other agrochemical products as
referred to in Annex I to Regulation (EC) No
1893/2006. Telko’s operations are subject
to significant product-specific regulation. In
EEA markets, products must comply with
the EU REACH legislation on chemicals
and be REACH-registered. For example,
In Aspo’s value chain, the value chains of Telko and Leipurin are linked by the processing and sale of transported products. ESL Shipping’s value
chain consists of logistics without product-related sales or processing. The added value produced by ESL Shipping consists of the efficiency and
sustainability of logistics, while for Telko and Leipurin, it’s their expertise to offer more sustainable products. ESL Shipping, Telko and Leipurin secure
their production inputs through strategic sourcing. Active supplier management is important for all segments, with Leipurin especially emphasizing the
importance of a broad supplier network. The workforce is secured across all segments through measures related to employee well-being and training.
For ESL Shipping’s sea personnel in particular, regular training ensures the maintenance of maritime-related qualifications.
CROSS-CUTTING ACTIVITIES
such as logistics and waste management
23
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Telko monitors that its windscreen washing
agents do not contain any methanol. Trade
in precursors for narcotics and explosives,
as well as products subject to the Chemical
Weapons Convention, is also monitored.
Telko ensures that the raw materials it
sells do not end up being used in purposes
subject to REACH restrictions or other
prohibited purposes, and products subject
to sanctions cannot enter the markets
through Telko. A key challenge in environ-
mentally sustainable solutions is their
price: solutions that promote sustainable
development are more expensive and raise
costs throughout the value chain that accu-
mulate for the end customer. The volumes
of the most sustainable products therefore
remain small.
Supporting customers’ sustainability
goals is also a central part of the opera-
tions of Leipurin. Food safety is of particu-
lar importance in the industry. In addition
to supporting customers’ sustainability
goals, the goal is to operate sustainably
and minimize environmental footprint
and food waste. Supporting customers’
sustainability goals requires a sustainable
product range and the ability to deliver the
necessary sustainability information about
the supply chain and the products com-
prehensively and transparently. Leipurin
can also support its customers in product
development by developing recipes. The
company’s systems and processes meet
the requirements of each country’s legisla-
tion and customers’ requirements. In 2025,
Leipurin’s quality system in Finland was
updated to FSSC 22000 certification. In
Sweden, operations are BRC certified with
the exception of Kebelco acquired in 2024.
Product range of Leipurin is more than
90% plant-based, and the range and
competence are developed to meet the
growing market demand for both plant-
based proteins and future microbial foods.
A general challenge in the development of
plant-based proteins is making products’
flavor, texture and appearance pleasing
to consumers. In addition to its own
expertise, Leipurin can utilise its extensive
supplier and R&D network in developing
its product range. Another challenge is
the cost of sustainable alternatives. For
example, Leipurin offers RSPO certified
alternatives for palm oil products and RAC
certified cocoa-based products, but the
price remains a more important factor
than sustainability for many customers.
This also applies to decision-making in the
supply chain.
VALUE CHAIN
Aspo’s value chain consists of three
sectors’ value chains. In addition to the
upstream and downstream value chains
and the own operations, the Group’s value
chain includes activities that crosscut the
value chains at different points, including
logistics and waste management. Activities
that support the operations of the Group’s
parent company and businesses include
human resources, IT and finances.
A significant number of ESL Shipping’s
customers operate in energy production
and industry, especially in the metal and
forest industries. Many key customers
have ambitious emission targets, and ESL
Shipping is engaged in an ongoing dialogue
with its customers to reduce emissions.
ESL Shipping’s value chain, from raw
materials for shipbuilding to chartering and
decommissioning of vessels, is presented
in Figure 1.
Most of Telko’s operating countries
are in Europe, which is also the largest
market area. Other important markets are
Central Asia and China. In 2025, operations
were expanded to India. Telko’s customer
groups can be divided into industrial cus-
tomers and buyers of lubricants. Industrial
customer relationships consist of several
subgroups, including industrial subcontrac-
tors and the end-product manufacturing
industry. Buyers of lubricants include
repair shop chains and retail. Central parts
of Telko’s value chain are upstream raw
material production and processing. Telko
adds value to the value chain by supporting
and consulting with its customers in the
selection of more sustainable raw materi-
als. Central parts of Telko’s downstream
value chain are customers and wholesale,
end-users and management of end-of-life
treatment. Telko’s value chain is presented
in Figure 1.
Telko focuses on transportation methods
and seeks to optimize transportation and
routes. It also aims to require its partners
to use environmentally sustainable alter-
natives, of which Telko’s transportation
partner Kaukokiito’s and Telko-owned Swed
Handling’s biodiesel-fueled trucks are good
examples. Outbound cargo is mainly carried
by trucks, while the inbound transportation
chain consists of vessels, trucks and trains.
Leipurin’s most important markets are
Finland, Sweden and the Baltic countries.
Customers include bakeries, other food
industry, retail and restaurant services.
Leipurin focuses on plant- and dairy-based
raw materials, packaging materials and
supplies.
Key elements in the Leipurin value chain
include the production and processing of
raw materials, Leipurin’s own R&D and
innovation activities, and procurement
and logistics in the upstream value chain,
and food producers, retail and food
services, and ultimately consumers in the
downstream value chain. The company
also assesses and monitors its suppliers
from the perspective of sustainability. The
aim is to create full transparency in the
supply chain and develop supplier auditing.
Leipurin supports consumers’ sustainable
choices, for example through R&D based
on plant-based proteins. Value chain of
Leipurin is presented in Figure 1.
Interests and views of stakeholders
Aspo Group’s parent company, Aspo Plc,
considers its most important stakeholders
to be personnel, owners, investors and
financiers such as banks. Customers and
suppliers are also key stakeholders through
the Group’s businesses. Stakeholder satis-
faction and willingness to recommend each
business are monitored regularly in the
businesses, by using for example the inter-
national Net Promoter Score (NPS) survey.
Aspo Group regularly conducts personnel
surveys to better understand the needs
and views of its own workforce. Actions
taken based on surveys ensure that
strategic decisions and business model
development address the workforce’s
interests and rights.
Aspo has identified job satisfaction, as
well as occupational health and safety as
material topics for employees. Interaction
with employees is maintained through
employee surveys, training and internal
communications. Key topics for investors
and shareholders include the company’s
profitability, sustainable growth and ESG
ratings. Communication and dialogue
with them take place in the form of press
24
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
releases, general meetings and through
various investor meetings.
The most important stakeholders in all
businesses include customers, employees,
suppliers of products and services and
investors. Important sector-specific stake-
holders also include principals, authorities
and industry associations.
Aspo’s businesses are engaged in a
dialogue with suppliers to ensure smooth
cooperation. Supplier compliance with poli-
cies is also monitored, and their operations
are subject to onsite audits. As part of
dialogue with customers, the sustainability
of Aspo’s operations is also discussed. The
businesses are committed to the codes of
conduct of their own customers’ suppliers.
Addressing the results of stakeholder
interaction at a practical level means
development activities address customer
feedback, and strategic decision making
encompasses the views of suppliers and
investors. Stakeholders’ interests and
views as well as customers’ sustainability
goals are addressed in operations for
example by adding hybrid vessels with
lower environmental impact to ESL
Shipping’s fleet. These vessels reduce
negative impacts on residents in the area
in which the vessels operate and other
stakeholders.
Leipurin is working to enhance the
provision of sustainability-related product
information for customers and aims to
reduce waste in the supply chain in line
with stakeholders’ expectations. In 2025,
Leipurin conducted a survey among its sup-
pliers to assess their readiness to promote
supply chain transparency, product infor-
mation availability, and cooperation. The
results of the survey are used in planning
and targeting measures for the systematic
development of these areas. Aspo aims to
further strengthen stakeholder interaction
and address the views obtained which
may lead to changes in the strategy and
business model. A more detailed schedule
for this is not yet available.
Stakeholders’ views and expectations
related to material sustainability matters
were an important part of the double
materiality assessment updated in 2025,
which utilized information obtained
from stakeholder interviews. As part
of the double materiality assessment,
administrative, management and super-
visory bodies obtain information about
affected stakeholders’ views and interests
regarding impacts related to the company’s
sustainability. A more detailed description
of how the interests and views of Aspo’s
key stakeholders were considered in the
materiality assessment process is available
under IRO-1 – Description of the processes
to identify and assess material impacts,
risks and opportunities.
Material impacts, risks and
opportunities, and their interaction
with strategy and business model
Based on the double materiality assess-
ment, Aspo Group has identified the follow-
ing as the Group’s material sustainability
themes: climate change mitigation, climate
change adaptation and energy (Climate
change, E1), working conditions and equal
treatment and opportunities for all (Own
workforce, S1), as well as corporate culture,
protection of whistleblowers, corruption
and bribery, and prevention and detection
of corruption and bribery (Business
conduct, G1).
Separate action plans and targets have
been prepared for impacts, risks and
opportunities related to the company’s
own workforce (S1) and business conduct
(G1). They are described under S1-4 and
G1-1. An action plan for impacts, risks and
opportunities related to climate change
was prepared in connection with the SBTi
work, which is described under E1-1. Aspo
Group conducted a resilience analysis of its
strategy and business model in 2025. Aspo
has not identified any assets that involve
a significant risk of material adjustment in
the next financial year.
In the 2025 reporting, Aspo’s materiality
assessment has been refined. After the
first reporting year, the company reas-
sessed its impacts, risks and stakeholder
expectations and identified the themes
where sustainability work has the greatest
significance.
As a result of the assessment, Aspo
identified two new material areas: climate
change adaptation and prevention and
detection of corruption and bribery. All new
material impacts, risks and opportunities
are presented in Tables 2–4. Simultane-
ously, it was identified during the reassess-
ment that some of the topics previously
reported no longer exceed the threshold
for material topics in the double materiality
assessment, although these topics remain
important for the company. Specifically, the
following impacts, risks and opportunities
reported in 2024 are no longer material for
Aspo’s reporting:
Secure employment: Job stability,
automation displacing employees, resource
efficiency, job satisfaction
Working time: fatigue and stress, remote
work opportunities, cost savings, fatigue
and reduced cognitive performance
Work-life balance: excessive workload
leading to burnout, prolonged absences,
burnout, reputational damage
Training and skills development: career
advancement, employee satisfaction,
operational cost savings
Employment and inclusion of persons
with disabilities: diverse workforce, attract-
ing talent.
During 2025, Aspo conducted a scenario
analysis that provided deeper insight into
the Group’s climate-related risks and oppor-
tunities. As a result of this work, climate
change adaptation emerged as a material
theme, and at Group level, a total of seven
material risks and opportunities related to
climate change adaptation were identified.
These climate risks and opportunities
are presented in the same table as other
impacts, risks and opportunities identified
in the double materiality assessment.
Unlike other subtopics, the new climate
risks are described by business segment,
as their nature and significance vary across
segments.
Tables 2–4 below describe material
impacts, risks and opportunities, and their
interaction with the strategy and business
model.
25
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 3. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO CLIMATE CHANGE MITIGATION AND ENERGY (E1)
Material impact, risk or opportunity Description Location in the value chain
CLIMATE CHANGE MITIGATION
Negative impact, actual, short-term Greenhouse gas emissions Greenhouse gases emitted from our operations,
suppliers and business partners in the value chain
Upstream, own activities, downstream,
crosscutting activities
ENERGY
Negative impact, actual, short-term Impact of GHG emissions and energy con-
sumptionon climate change
Aspo’s operations have an impact on climate change through energy con-
sumption. GHG emissions are generated in the operations of all businesses
and the value chain
Upstream, own activities, downstream,
crosscutting activities
Transition risk (Policy & regulatory changes),
short-term
New risk, identified in 2025
Low availability of renewable fuels and
the cost impacts of low-emission solutions
affect competitiveness and revenue. (ESL
Shipping)
Low availability of renewable fuels combined with the cost impacts of
low-emission solutions may restrict the ESL Shipping’s ability to transition to
cleaner energy, potentially impacting competitiveness and revenue
Upstream
CLIMATE CHANGE ADAPTATION
Physical risk (chronic), short-term
New risk, identified in 2025
Extreme weather may disrupt supply chain
operations (ESL Shipping)
Extreme weather and changing ice conditions may disrupt vessel, cargo, and
supply chain operations, leading to higher costs, lower margins, and reduced
revenue
Own activities
Transition opportunity (Policy & regulatory changes),
short-term
New opportunity, identified in 2025
Increased demand for low-emission trans-
portation (ESL Shipping)
Increased revenue with increased demand for low-emission transportation Downstream
Physical risk (chronic), medium-term
New risk, identified in 2025
Impacts of climate change on raw material
costs (Leipurin)
Global warming may lead to increased raw material costs. Increased raw
material costs may shift demand toward lower value-added products, leading
to lower margins and reduced revenue
Downstream
Physical risk (acute and chronic), medium-term
New risk, identified in 2025
Disruptions in the supply chain due to
extreme weather events (Leipurin)
Delays or loss of materials in the supply chain due to extreme weather
events increase costs
Upstream
Physical risk (acute and chronic), medium-term
New risk, identified in 2025
Disruptions in the supply chain due to
extreme weather events (Telko)
Delays or loss of materials in the supply chain due to extreme weather
events increase costs
Upstream
Transition risk (Policy & regulatory changes),
medium-term
New risk, identified in 2025
Changes in demand for fossil-based prod-
ucts (Telko)
Demand for fossil-based products decreases due to regulatory and market
changes and leads to decreased revenue
Upstream
Transition opportunity (Technical development)
New opportunity, identified in 2025
Increased demand for alternative products
(Telko)
Increased demand for alternative products leads to increased revenue and/or
increased margin
Crosscutting activities
26
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 4. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO OWN WORKFORCE (S1)
Material impact, risk or opportunity Description Location in the value chain
WORKING CONDITIONS
Health and safety
Negative impact, actual, short-term Occupational safety risks Any poor health and safety practices increase occupational hazards. This has
a negative impact on employees’ health and safety
Own activities
Negative impact, actual, short-term Mental health Neglecting health and safety can have a negative impact on mental health,
increasing stress and anxiety, and reducing employees’ overall wellbeing
Own activities
Risk, short-term High employee turnover rates High employee turnover presents financial risks, as it leads to inexperienced
and, in the worst case, insufficiently trained employees, increasing the likeli-
hood of health and safety incidents
Own activities
Opportunity, medium-term Cost savings Reducing health and safety accidents leads to cost savings Own activities
EQUAL TREATMENT AND EQUAL OPPORTUNITIES FOR ALL
Measures against violence and harassment in the workplace
Positive impact, actual, short-term Safety and wellbeing Actions against workplace violence and harassment strengthen the safety
culture and increase employees’ wellbeing
Own activities
Negative impact, actual, short-term Legal consequences Insufficient actions to combat workplace violence and harassment can lead to
legal consequences, including litigation and fines
Own activities
Diversity
Positive impact, actual, short-term Diverse workforce A diverse workforce fosters a more inclusive and supportive environment,
allowing people to feel valued and respected, and to bring out their unique
perspectives and talents
Own activities
Positive impact, actual, short-term Attractive employer Accepting diversity helps attract professionals and build an inclusive environ-
ment where people from different backgrounds feel welcome and appreciat-
ed, making Aspo more attractive to a broader range of potential employees
Own activities
Negative impact, actual, short-term Limited representation Limited representation may lead to a sense of exclusion, which has a nega-
tive impact on employees’ morale, commitment and wellbeing
Own activities
Gender equality and equal pay for work of equal value
Positive impact, actual, short-term Diverse workforce Gender equality and equal pay for work of equal value promote diversity,
ensuring fair treatment and creating an inclusive environment where all em-
ployees feel valued and respected
Own activities
Positive impact, actual, short-term Attractive employer Gender equality and equal pay for equal work attract skilled professionals.
The employer’s commitment to fairness and inclusiveness makes Aspo more
attractive to a broad range of jobseekers
Own activities
Negative impact, actual, short-term Limited representation and gender pay gap Limited representation and gender pay gaps reduce gender equality, including
equal pay, and lead to gaps that can damage employee morale, engagement,
and Aspo’s reputation
Own activities
27
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 5. MATERIAL IMPACTS, RISKS AND OPPORTUNITIES RELATED TO BUSINESS CONDUCT (G1)
Material impact, risk or opportunity Description Location in the value chain
CORPORATE CULTURE
Negative impact, potential, medium-term High employee turnover rates A negative corporate culture may increase the employee turnover rate if
employees feel undervalued
Own activities
Risk, medium-term Reputational damage A negative corporate culture may cause reputational damage, as it can lead
to public criticism, loss of stakeholder confidence, and challenges in recruiting
top professionals
Own activities
PROTECTION OF WHISTLEBLOWERS
Negative impact, potential, medium-term Lack of confidentiality A lack of trust in whistleblower protection can discourage employees from
reporting misconduct, leading to unresolved issues and a potential loss of
trust in management
Upstream, own activities, downstream,
crosscutting activities
Risk, medium-term Reputational damage Failure to protect whistleblowers may lead to the perception that Aspo toler-
ates misconduct, which reduces public trust in Aspo and its credibility and its
management
Upstream, own activities, downstream,
crosscutting activities
CORRUPTION AND BRIBERY INCIDENTS
Negative impact, potential, medium-term Possibility of corruption Corruption and bribery cases open doors to increased corruption, encouraging
dishonest and unethical conduct
Upstream, own activities, downstream,
crosscutting activities
PREVENTION AND DETECTION OF CORRUPTION AND BRIBERY
Positive impact, potential, short-term
New impact, identified in 2025
Promoting employee awareness of corrup-
tion risks and preventing incidents
Aspo has several policies and trainings to increase employees’ awareness of
corruption risks and prevent unethical conduct
Upstream, own activities, downstream,
crosscutting activities
Material impacts, risks and
opportunities and their interaction
with strategy and business model (S1)
Aspo Group’s business models have
negative impacts and risk factors on
employees, which mainly affect the Group’s
employees under employment contracts.
In its double materiality assessment, Aspo
has not identified that any of its operations
would be at significant risk of forced labor
or child labor in terms of either the type of
operation or geographic area. The impacts
and risk factors have been addressed in the
operational plans of the businesses.
The nature of the shipping business (ESL
Shipping) includes round-the-clock opera-
tions, and especially sea personnel works in
varying and relatively long shifts. Working
at vessels and exposuring to changing
weather conditions is challenging in terms
of occupational health and safety. Risk
factors are mitigated through guidelines
and controlled practices. Aspo provides
its employees with at least occupational
healthcare and accident insurance required
by local legislation. In Finland, all employees
are provided with occupational healthcare
and accident insurance that is more com-
prehensive than the statutory minimum.
Material impacts, risks and
opportunities and their interaction
with strategy and business model (E1)
In the climate risk analysis carried out by
Aspo in February–April 2025, key climate
risks and opportunities were identified
from Aspo’s own operations and the entire
value chain, and the resilience of these risks
was assessed in different businesses. The
analysis evaluated current and potential
measures to reduce significant risks and
to capitalize on opportunities. Finally,
measures to improve resilience and meet
regulatory and market expectations were
reviewed. The resilience analysis was
carried out by evaluating the risk tolerance
of the business opera-tions.
The climate risk analysis utilized CSRD
and TCFD frameworks as well as IPCC
climate scenarios. The analysis applied
a 1.5°C scenario, which identifies more
transition risks and opportunities, and a
3°C scenario, which identifies more physical
risks. The impact and likelihood of each risk
and opportunity were assessed using a
scoring method with a scale of 1–5.
The following time horizons were used
for physical and transition risks in the
analysis:
·
Short term: 0–5 years
·
Medium term: 5–15 years
·
Long term: over 15 years
The time horizons used in the analysis are
aligned with Aspo’s and ESL Shipping’s
emission reduction targets. Aspo and ESL
Shipping have set short-term emission
reduction targets with a five-year horizon.
The long-term horizon is aligned with ESL
Shipping’s long-term target (2040).
The 1.5°C climate scenario better
supports ESL Shipping’s strategy. In the
3°C scenario, risks are more challenging
to manage. The 1.5°C and 3°C scenarios
have less impact on Leipurin’s and Telko’s
28
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
strategies. Risks for both businesses are
more related to suppliers or changes in
downstream demand in the value chain.
Telko sees significant opportunities in
the 1.5°C scenario, where growing demand
for alternative (e.g., non-fossil) products
enables revenue growth. However, the
company’s current product range and
value chain expose Telko to transition risks
related particularly to declining demand
for fossil-based products and regulatory
changes. In addition, Telko faces physical
risks related to logistics, such as weath-
er-induced delays and material losses.
For short-term and most medium-term
risks, Telko has the ability to adapt its
strategy to climate-related risks. For
long-term and some medium-term risks, the
company should develop new measures to
reduce risks—particularly to manage the
impacts of extreme weather events on the
supply chain.
Significant opportunities for Leipurin
are emphasized in the 1.5°C scenario,
as Leipurin can provide sustainability
information to its customers and flexibly
adjust its product range according to
customer needs. Transition risks are mostly
related to changes in legislation, resulting
from additional regulatory costs affecting
different parts of the value chain. In the
3°C scenario, changes in raw material
availability and rising prices affect Leipurin.
Leipurin’s ability to adapt its strategy
to climate-related risks is at a sufficient
level for almost all transition and physical
risks. However, in the short term, a rapid
and sharp increase in raw material prices
would cause acute problems for customer
segments dependent on those raw mate-
rials, and Leipurin’s ability to influence the
situation is very limited. Based on recent
events, it can be stated that, in general,
the highly resilient food industry adapts to
even severe price shocks fairly quickly.
Significant opportunities for ESL Ship-
ping are emphasized in the 1.5°C scenario,
as the business has the opportunity to
grow as a partner for customers choosing
lower-emission transport. ESL Shipping has
already made significant investments in
lower-emission vessels and therefore major
transition risks are more related to the pos-
sibility of reduced climate targets. Due to
the nature of maritime operations, physical
risks must be actively monitored, especially
in the 3°C scenario, which, if realized, would
require the business to adapt to new types
of extreme weather events.
ESL Shipping’s ability to adapt its
strategy to climate-related risks is at a
sufficient level for almost all transition and
physical risks. Although the risk was not
identified as material in the double materi-
ality assessment, a short-term climate risk
has been identified as the potential change
in political regulation related to the green
transition, which is difficult to prepare for
due to limited visibility.
Description of the processes to
identify and assess material impacts,
risks and opportunities
Aspo updated its double materiality
assessment in spring 2025, which resulted
in elimination of overlaps related to
impacts, risks and opportunities. Also the
stakeholder expectations were addressed
more comprehensively. The update is based
on the scoring and thresholds of the double
materiality assessment conducted in 2023.
Aspo will review its materiality assessment
again in 2026.
Aspo’s double materiality assessment
(DMA) consisted of stakeholder discus-
sions, a review of material ESRS topics, an
expert assessment of impacts, risks and
opportunities, and a Group-level analysis.
During spring 2025, financiers, suppliers
and customers were interviewed. As a
result, stakeholder expectations were
better addressed in the update of the
double materiality assessment. The update
also considered the results of the 2023
double materiality assessment, where
stakeholder perspectives were validated
through business-specific dialogue and a
stakeholder survey. The survey mapped
the expectations and perspectives of key
stakeholders, such as employees, suppliers
and customers, regarding impacts related
to them. The topic was also discussed with
shareholders, Board members and finan-
ciers. Although the stakeholder survey’s
results, including the impacts’ significance,
did not directly influence the scoring of
impacts, risks and opportunities, they were
considered in scoring.
Following the dialogue with stakeholders,
the ESRS topics potentially relevant to
the segments were reviewed. A long list
of possibly material ESRS topics was
compiled by assessing relevant research
material, ESRS standard guidance, and
other related industry information about
business value chains and business models.
The ESRS topics were classified based
on their perceived materiality at Aspo.
The most material ESRS topics were then
selected for a more detailed review.
In 2025, the materiality of impacts,
risks and opportunities was reassessed
based on the 2023 scoring. As part of
the 2023 double materiality assessment
scoring, internal expert workshops were
held in each subsidiary for the validation
of key ESRS topics, the scoring of related
impacts, risks and opportunities, and the
definition of thresholds. The scoring was
based on information obtained from previ-
ous sustainability statements, the stake-
holder surveys and the views of specialists
from the subsidiaries. The workshops iden-
tified impacts, risks and opportunities, and
thresholds were set to determine material
sustainability matters for ESL Shipping,
Telko and Leipurin. The final phase included
a workshop which defined the topics and
sustainability impacts, risks and opportu-
nities material for Aspo Group. They were
identified utilising business-specific double
materiality assessments.
In the Group-level double materiality
assessment, all the segments’ double
materiality assessments were brought
together. At a business level, the impact
materiality assessment included those
impacts whose scores exceeded the
materiality threshold. When materiality
was defined later at a Group level, the
Group-level double materiality assessment
included the impacts that received the
highest segment-level scores in each of
the materiality themes. In the financial
materiality assessment, materiality was
calculated for the segment risk limits (EUR
million) in relation to the Group-level risk
limits (EUR million). The euro-denominated
risk was then converted into materiality on
a scale of 1 to 5 at a Group level.
A sustainability matter was considered
material when it met the criteria for the
materiality of impacts, financial materiality
or both. The threshold is three for the
materiality of impacts and four for financial
materiality. Not all matters material at a
segment level were considered material at
29
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
a Group level. Sustainability matters that
exceeded the threshold at a Group level
are material for Aspo and are reported in
accordance with the sustainability report-
ing standards.
The double materiality assessment did
not identify any sector-specific material
impacts, risks or opportunities that are not
included in the ESRS.
The impact assessment includes the
following steps:
1. Stakeholder discussion: Stakeholders
were engaged to understand their expec-
tations and views regarding the impacts
of the segments. The results of the 2025
stakeholder interviews were utilized in the
impact assessment.
2. Assessment of material sustainability
matters: With specialist support, sustain-
ability matters were classified and the
most material matters were selected for a
further review.
3. Impact assessment: The most signifi-
cant sustainability matters constituted the
basis for identifying actual and potential
positive and negative impacts on people
and the environment. After the identifica-
tion carried out in 2023, the impacts were
scored with internal business specialists.
Stakeholders’ views were also addressed.
At a segment level, the materiality of
impacts was assessed using factors such
as the scale and scope, the irremediable
character (negative impacts only), and
likelihood. The materiality of impacts was
scored on a scale of 1 to 5, and the scores
of impacts, risks and opportunities were
determined as an average of these factors.
In the update of the double materiality
assessment in 2025, the scoring was
reviewed based on the impact assessment
carried out in 2023.
4. Determination of materiality: The
materiality threshold for segment-level
impacts was set during a workshop. The
Group-level double materiality assessment
included those segment-level impacts
whose scores exceeded the materiality
threshold in each theme. The thresholds
set in the 2023 workshop remained the
same in the update of the double material-
ity assessment carried out in 2025.
The process included an assessment of
the activities, business relationships and
geographical areas with the highest risk
of adverse impacts. These factors were
specifically addressed in the identification
and scoring of impacts. The double mate-
riality assessment addressed the impacts
in which the segments are engaged
through their own operations or business
relationships. The views of relevant
stakeholders and external specialists have
been addressed in stakeholder engagement
through the stakeholder survey and the
2025 stakeholder interviews. The survey’s
results have been addressed in the
assessment and scoring of impacts, risks
and opportunities.
The irremediable character has only been
assessed in terms of negative impacts.
The same factors were used in the scoring
of positive impacts, regardless of the
irremediable character. Three was set as
an impact materiality threshold for all seg-
ments. Scores were given on a scale of 1 to
5. The threshold of three was set because
the results are in line with previously
reported sustainability matters, Aspo’s
strategy and stakeholders’ expectations.
The financial assessment includes the
following steps:
1. Stakeholder discussion: Stakeholders
were engaged to understand their
expectations and views on the impacts
of the segments at a segment level. The
results of the 2025 stakeholder interviews
were utilized in the financial assessment.
2. Assessment of material ESRS mat-
ters: With specialist support, ESRS matters
were classified and the most material
matters were selected for a further review.
3. Assessment of risks and opportuni-
ties: The most significant ESRS matters
formed the basis for identifying actual and
potential positive and negative impacts
on people and the environment. After
the identification carried out in 2023, the
impacts were scored with internal business
specialists. Stakeholders’ views were also
addressed in the scoring. The financial
materiality of matters related to sustain-
able development consists of the financial
size of risks and opportunities (scope,
scoring 1–5) and the likelihood of their
realization. Risk limits have been assessed
and set separately for each segment. In the
update of the double materiality assess-
ment in 2025, the scoring was reviewed
based on the financial assessment carried
out in 2023.
4. Determination of materiality: A work-
shop set the threshold for segment-level
financial materiality. A Group-level assess-
ment was later conducted by calculating
materiality based on the segment-specific
risk limits. A workshop set thresholds for
Group-level risk limits. The thresholds set
in the 2023 workshop remained the same
in the update of the double materiality
assessment carried out in 2025.
Risks and opportunities were identified
based on impacts. For example, envi-
ronmental damage (negative impact) is
strongly linked to financial risks. Similarly,
dependence on certain natural resources
presents a financial risk. Providing a
whistleblowing channel was seen as an
opportunity to prevent misconduct and
financial consequences.
For likelihood, a percentage value has
been used to estimate how likely it is a
risk or opportunity will materialize, while
for scope, a customized monetary (EUR
million) risk limit is used for each segment.
The final financial materiality score was
calculated by multiplying the likelihood and
scope. A financial materiality threshold for
all segments was set at four. Scores were
given on a scale of 1 to 5. The threshold
of four was set because the results are in
line with previously reported sustainability
matters, Aspo’s strategy and stakeholders’
expectations.
The perspective of the assessment of
risks related to sustainability is in line with
Aspo’s broader risk assessment process.
Aspo carried out a climate risk analysis in
2025, which led Aspo to develop its risk
management process to ensure that finan-
cial and sustainability risks are addressed
more comprehensively and consistently.
In terms of internal control, an external
advisor participated in the double
materiality assessment to ensure that
segment-specific differences were well
represented in the assessment. In the
financial assessment, Aspo’s financial spe-
cialists participated in setting the Group’s
threshold. Segment representatives, the
Group Executive Committee, the Audit
Committee and the Group’s Board of Direc-
tors approved the results of the double
materiality assessment.
The sustainability risk management
process’s main principles and methods
are the same as those applied to the
company’s other risks, and the Group’s
30
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
internal risk specialists participated in
the assessment of the financial risks
related to sustainability themes. The
identification of material risks, impacts and
opportunities has addressed the Group’s
general decision-making processes and
governance model. Aspo’s strategy team
has been closely involved in the process of
identifying and scoring opportunities.
Aspo’s double materiality assessment
covers its own operations, in addition
to which the assessment has addressed
impacts related to the upstream produc-
tion chain and downstream value chain.
No input parameters were used in the
assessment.
The double materiality assessment
is intended to be part of Aspo’s annual
strategy process and be reviewed with
ESG specialists and the businesses. The
next revision of the double materiality
assessment is planned for 2026.
Description of the processes to
identify and assess material impacts,
risks and opportunities related to
climate
E1: CLIMATE CHANGE (ESRS 2 IRO-1)
Aspo has reviewed its operations and
plans to identify actual and potential future
sources of greenhouse gas emissions. The
double materiality assessment identified
greenhouse gas emission sources from
Aspo’s own operations, including fuel,
logistics and fossil-based products.
Aspo has described its general process
for identifying and assessing impacts,
risks and opportunities in section IRO-1
– Description of the processes to identify
and assess material impacts, risks and
opportunities. The approach described in
that section has also been applied when
assessing climate-related impacts, risks
and opportunities.
In 2025, Aspo conducted a climate risk
analysis (including scenario and resilience
analysis), which identified climate-related
risks and opportunities for Aspo’s busi-
nesses and actions to mitigate or adapt
to the impacts of significant climate risks.
Climate risks related to business were
assessed under a 1.5°C scenario and a 3°C
scenario, which are aligned with the TCFD
risk framework and IPCC climate scenarios.
Aspo’s climate risk analysis covers the
entire value chain.
For the identification of climate-related
transition events, Aspo uses a climate
scenario where global warming is limited
to 1.5°C. The 1.5°C scenario requires a
very significant transformation across the
economy to achieve global carbon neutral-
ity by 2050. The scenario emphasizes the
need to reduce carbon dioxide emissions,
improve energy efficiency and develop new
innovations to reduce emissions. All transi-
tion risks and opportunities are highlighted
in the 1.5°C scenario , relating to changes
in policies and legislation, technological
development, market changes and factors
related to corporate reputation.
For the identification of climate-related
hazards, Aspo has considered high-emis-
sion climate scenarios. In the 3°C scenario,
current emission reduction measures are
insufficient to achieve targets in most
countries. As a result, global temperature
rises by more than 3°C by 2100, leading to
widespread deterioration of living condi-
tions and irreversible impacts such as rising
sea levels. All physical risks are identified
as being emphasized in the 3°C climate
scenario. Physical risks can be acute
changes or chronic, long-term changes
in climate. Acute risks include droughts,
floods and storms, while chronic changes
include increases in average temperature or
sea level.
In ESL Shipping’s scenario analysis, the
focus was on its own operating area. In
Telko’s and Leipurin’s scenario analyses, the
entire value chain was taken into account,
and no geographical areas were excluded.
No other constraints were considered in
the scenario analysis.
As part of the climate risk analysis,
two workshops were organized for each
business, the first of which focused on
identifying climate risks and opportunities
under different scenarios. After identifica-
tion, business experts scored each risk and
opportunity. The scoring was based on the
views of experts of each subsidiary.
Climate-related physical risks and
transition events were identified for the
short, medium and long term and assessed
the potential exposure of assets or
business operations to these events. Aspo
has defined the following time horizons
for physical risks as well as transition risks
and opportunities: short term 0–5 years,
medium term 5–15 years and long term
more than 15 years. The main assessment
criteria used in evaluating risks and
opportunities were impact and likelihood,
which were scored on a scale of 1–5. The
total score for each risk and opportunity
was determined by multiplying the values
of likelihood and impact. The scoring scale
used is based on Aspo Group’s risk assess-
ment methodology.
Aspo’s time horizons are aligned with the
company’s strategic planning, SBTi targets
and the service life of vessels. Aspo’s
strategic planning is carried out in five-year
periods and forms the basis for financial
planning. The company’s SBTi targets set
short-term goals for 2030, i.e., five years
ahead, and long-term goals for 2040, i.e.,
15 years ahead, for ESL Shipping. Aspo’s
most significant assets are ESL Shipping’s
vessels. Their average service life spans
several decades, exceeding the time
horizons used in the analysis, and they are
not discussed in more detail here.
In the second workshop, mitigation
measures were defined for significant
risks and the business’s ability to manage
these risks was assessed. Mitigation
and adaptation measures can reduce the
impact or likelihood of risks, which also
demonstrates the business’s resilience in
risk management.
Finally, significant risks and opportunities
of the businesses that exceeded the
Group-level threshold were consolidated for
Group-level validation.
Aspo’s climate-related physical risks and
transition events are presented in section
SBM-3 Material impacts, risks and oppor-
tunities and their interaction with strategy
and business model, in Table 3.
Aspo has identified assets and busi-
nesses that are not compatible with the
transition to a climate-neutral economy
and that may be exposed to identified
climate-related hazards. Transition risks
and physical risks may lead to asset losses
and may affect revenue or margins.
The climate-related assumptions
presented in Aspo’s financial statements
are consistent with Aspo’s climate risk
assessment.
Aspo has described its overall process
to identify and assess impacts, risks and
opportunities under IRO-1 – Description
31
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
of the processes to identify and assess
material impacts, risks and opportunities.
E2: POLLUTION (ESRS 2 IRO-1)
Aspo has not screened its sites and
businesses to identify actual and potential
pollution-related impacts, risks and
opportunities in its own activities and
the upstream and downstream value
chains and has not held consultations with
affected or other communities.
E3: WATER AND MARINE RESOURCES
(ESRS 2 IRO-1)
Aspo has not assessed its assets and
activities to identify actual and potential
impacts, risks and opportunities related
to water and marine resources in its own
activities and the upstream and down-
stream value chains and has not held any
consultations.
E4: BIODIVERSITY AND ECOSYSTEMS
(ESRS 2 IRO-1)
Aspo has not systematically identified and
assessed actual and potential impacts,
dependencies, risks or opportunities
related to biodiversity and ecosystems
atthe locations the company operates
or at different stages of its value chain.
Furthermore, Aspo has not identified or
assessed transition risks, physical risks and
opportunities associated with biodiversity
and ecosystems and has not consulted the
affected communities. Aspo has not used
a scenario analysis for biodiversity and
ecosystems to identify and assess material
risks and opportunities.
Aspo has identified two sites in or near
biodiversity-sensitive areas. The branch
of AtoBatC Shipping, a subsidiary of ESL
Shipping, is located at the Port of Raahe,
which is close to the protected Raahe
Archipelago. The Archipelago is a Natura
2000 nature protection area and an area
covered by Directive 2009/147/EC of the
European Parliament and of the Council on
the conservation of wild birds and Council
Directive 92/43/EEC on the conservation
of natural habitats and of wild fauna and
flora. Another biodiversity sensitive area
is the Händelö area near the location of
Telko’s subsidiary in Norrköping in Sweden.
The site is a Natura 2000 nature protection
area and covered by Council Directive
92/43/EEC on the conservation of natural
habitats and of wild fauna and flora. Fixed
locations do not cause any adverse impacts
on habitats or species’ living environments.
Operations in the Norrköping location
comply with environmental permit issued
by authorities. Regarding locations, it is
not considered necessary to carry out the
biodiversity mitigation measures specified
in the directives.
ESL Shipping’s vessels have no signif-
icant impact on nature reserves, even
though their routes may be close to such
areas. ESL Shipping’s vessels are equipped
with ballast water treatment systems
that prevent the spread of invasive alien
species from one body of water to another
with ballast water. ESL Shipping has also
prepared a biofouling management plan
based on the IMO’s biofouling guidelines,
which aims to prevent the introduction of
invasive alien species through the hulls of
vessels. ESL Shipping’s internal guidance
includes guidelines in accordance with
the IMO guidelines for the reduction of
underwater noise.
E5: RESOURCE USE AND
CIRCULAR ECONOMY (ESRS 2 IRO-1)
Aspo has not screened its assets and
activities to identify actual and potential
impacts, risks and opportunities related
to resource use and the circular economy
in its own activities and the upstream and
downstream value chains and has not held
any consultations.
Description of the processes to identify
and assess material impacts, risks
and opportunities related to business
conduct (G1)
The process for identifying and assessing
impacts, risks and opportunities related to
business conduct is described in section
General information, IRO-1. When impacts,
risks and opportunities related to business
conduct were identified in the double
materiality assessment workshops, the dis-
cussions on identification and assessment
also covered the geographical location of
operations, activities and industry, as well
as the structure of business transactions.
Disclosure requirements in ESRS
covered by the undertaking’s
sustainability statement
A list of the disclosure requirements that
Aspo has complied with in preparing the
Sustainability Statement is presented as a
content index in Appendices 1 (Disclosure
requirements and references) and 2 (Data
points derived from other EU legislation) at
the end of this Sustainability Statement.
32
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Environmental information
EU Taxonomy
EU Taxonomy Reporting
The EU taxonomy is a classification system
for environmentally sustainable economic
activities that helps direct investments
toward more sustainable operations.
Economic activities are classified as tax-
onomy eligible or taxonomy-non-eligible in
accordance with the Taxonomy Regulation
(Regulation (EU) 2020/852) and its dele-
gated acts. These delegated acts include:
·
Climate Delegated Act (Commission
Delegated Regulation (EU) 2021/2139)
·
Disclosures Delegated Act (Commission
Delegated Regulation (EU) 2021/2178)
·
Delegated Act on certain energy-related
activities (Commission Delegated Regula-
tion (EU) 2022/1214)
·
Environmental Delegated Act (Com-
mission Delegated Regulation (EU)
2023/2486)
Taxonomy-eligible activities may be further
classified as taxonomy aligned if they meet
the technical screening criteria set out in
the delegated acts ((EU) 2021/2139 and
(EU) 2023/2486) and are carried out in
compliance with minimum safeguards. To
meet the technical screening criteria, an
economic activity must make a substantial
contribution to one or more environmental
objectives without significantly harming
any other environmental objective.
Aspo reports the taxonomy aligned
activities in its Board of Directors’ report
in accordance with the Finnish Accounting
Act as defined in the EU taxonomy. As
a rule, Aspo’s interpretation of eligibility
and alignment is based on the Taxonomy
Regulation, the Climate Delegated Act and
the Environmental Delegated Act, as well
as the technical criteria defined in them: 1)
substantial contribution to climate change
mitigation/adaptation; and 2) Do No Signifi-
cant Harm (DNSH) criteria. In addition, Aspo
has assessed compliance with the minimum
safeguards in its activities.
In addition to Apso’s Sustainability
Statement, ESL Shipping publishes its own
Sustainability Report and Telko publishes
additional sustainability information on its
website.
Taxonomy eligibility and alignment
The Group’s economic activities have been
assessed to identify taxonomy-eligible and
taxonomy aligned activities in accordance
with the Climate Delegated Act and the
Environmental Delegated Act, Annexes I
and II. An analysis has been carried out for
Apso’s business units, ESL Shipping, Telko
and Leipurin, assessing their taxonomy
eligibility and alignment. A summary of
the key taxonomy indicators is presented
below.
2025 Total (mEUR)
Taxonomy
aligned economic
activities
Taxonomy-eligible
economic activities
(non-aligned)
Taxonomy-non-
eligible economic
activities
Turnover 616.3 8% 18% 74%
Capital expenditure 35.2 68% 23% 9%
Operating expenditure 7.2 25% 71% 4%
2024 Total (mEUR)
Taxonomy
aligned economic
activities
Taxonomy-eligible
economic activities
(non-aligned)
Taxonomy-non-
eligible economic
activities
Turnover 592.6 5% 25% 69%
Capital expenditure 49.7 88% 8% 5%
Operating expenditure 8.1 20% 75% 5%
TAXONOMY ELIGIBILITY
The company has assessed ESL Shipping’s
operations as taxonomy-eligible, as all
ESL Shipping vessels qualify as taxonomy
eligible under the definitions of activities
CCM 6.10 as well as CE 2.6 and CE 5.3. No
turnover, capital expenditure or operating
expenditure has arisen during the financial
year from activities under CE 2.6 or CE
5.3, as no vessels have been taken out of
service for scrapping.
The majority of Aspo’s business has been
assessed as taxonomy-non-eligible, includ-
ing the businesses of Telko and Leipurin.
Telko is a distributor of plastics, industrial
chemicals and lubricants, and Leipurin
distributes raw materials to bakeries and
the food industry. These activities are not
considered taxonomy-eligible as they do
not correspond to any activity classified as
eligible under the Climate Delegated Act or
the Environmental Delegated Act.
33
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
The table below presents the Aspo Group’s taxonomy-eligible activities.
Economic activity Description NACE Code
Climate change mitigation (CCM) 6.10 Sea and
coastal freight water transport, vessels for port
operations and auxiliary activities
Purchase, financing, chartering (with or without crew) and operation of ves-
sels designed and equipped for transport of freight or for the combined tran-
sport of freight and passengers on sea or coastal waters, whether scheduled
or not. Purchase, financing, renting and operation of vessels required for port
operations and auxiliary activities, such as tugboats, mooring vessels, pilot
vessels, salvage vessels and icebreakers.
H50.2, H52.22 and
N77.34
Transition to a circular economy (CE) 2.6 Depolluti-
on and dismantling of end-of-life products
Construction, operation and upgrade of facilities dismantling and depolluting
complex end-of-life products, movable assets and their components for
materials recovery or preparation for re-use of components.
E38.31, E38.32 and
E42.99
Transition to a circular economy (CE) 5.3 Prepara-
tion for re-use of end-of-life products and product
components
Preparation for re-use of products and components at the end of life. No specific NACE codes
TAXONOMY ALIGNMENT
To meet the definition of taxonomy align-
ment, a taxonomy-eligible economic activ-
ity must make a substantial contribution
to one or more environmental objectives
by meeting the technical screening criteria,
while not causing significant harm to the
other environmental objectives (DNSH
criteria). In addition, the business must
comply with the minimum safeguards.
Aspo’s business unit, ESL Shipping,
operating on the environmentally sensitive
Baltic Sea, has taxonomy-eligible activities,
some of which are also taxonomy-aligned.
ESL Shipping’s taxonomy aligned activity
contributes to climate change mitigation.
The business related to ESL Shipping’s
activity CCM 6.10 is partially taxonomy
aligned because the vessels have also
transported coal for energy production.
Consequently, turnover, capital expendi-
ture, and operating expenditure are only
partially taxonomy aligned.
Substantial contribution to climate
change mitigation
Aspo’s taxonomy-aligned activity CCM 6.10
includes ESL Shipping’s newest vessels
currently in operation (Viikki, Haaga and the
Green Coasters) as well as the construction
of the new Green Coaster and Green Handy
vessels. The assessment of these vessels
is based on the technical screening criteria
of the Climate Delegated Act related to
activity CCM 6.10, section 1d. According
to these criteria, by 31 December 2025
vessels must have received an Energy
Efficiency Design Index (EEDI) value at
least 10% below the EEDI requirements
applicable as of 1 April 2022, provided that
the vessels can use fuels that do not gener-
ate direct carbon dioxide emissions or fuels
produced from renewable sources. Among
ESL Shipping’s vessels, Viikki and Haaga are
18.5% below the required threshold, and
the Green Coaster hybrid-electric vessels
are 20.5% below the required threshold.
Based on this, the company interprets that
the technical screening criteria are met and
that these vessels contribute substantially
to climate change mitigation.
Section 2 of the technical screening
criteria for substantial contribution to
climate change mitigation states that
vessels must not be intended for the
transport of fossil fuels. Viikki, Haaga,
and the Green Coaster vessels meet this
requirement, as they are not intended for
fossil fuel transport. However, Viikki and
Haaga have transported fossil fuels, which
has been taken into account in reporting
by classifying 3.8% (5.1) of the turnover
from such transport as taxonomy-eligible
but not taxonomy-aligned. Accordingly,
these vessels are considered to contribute
substantially to climate change mitigation.
Do No Significant Harm criteria
Since activity CCM 6.10 includes only ESL
Shipping’s business operations, the analy-
sis of the Do No Significant Harm (DNSH)
criteria has been carried out primarily at
the business unit level. The climate risk
assessment has been conducted at the
Aspo Group level. The DNSH criteria of
the Climate Delegated Act applicable
to activity CCM 6.10 require compliance
with both the general criteria and the
activity-specific criteria. The details of the
analysis are described below for each of
the five environmental objectives. Based
on the analysis, ESL Shipping’s operations
meet all DNSH criteria related to climate
change mitigation.
CLIMATE CHANGE ADAPTATION
The DNSH requirements relating to climate
change adaptation include a comprehensive
climate risk and vulnerability assessment
as well as the identification of material
physical climate risks in accordance with
Annex A of the Climate Delegated Act.
Aspo carried out a climate risk analysis
in 2025, based on which climate change
adaptation has been defined as a material
topic. The topic is discussed in more detail
in section ESRS 2 and SBM 3 – Material
impacts, risks and opportunities and their
interaction with the strategy and business
model.
SUSTAINABLE USE AND PROTECTION OF
WATER AND MARINE RESOURCES
Annex B of the Climate Delegated Act
defines the DNSH criteria for the sustaina-
ble use and protection of water and marine
resources, including the identification and
management of risks related to maintaining
water quality and avoiding water stress.
A water use and protection management
plan should be prepared for any potentially
affected water bodies, in consultation with
relevant stakeholders.
ESL Shipping has prepared a water
protection plan in accordance with Annex B
of the Climate Delegated Act. ESL Shipping
has incorporated into its internal guidelines
34
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
the measures relating to water protection
and water quality monitoring specified
in the plan. In addition, ESL Shipping has
taken steps to ensure that its operations
do not hinder the achievement of good
environmental status of marine waters,
nor deteriorate marine waters that are
already in good condition. Viikki, Haaga and
the Green Coaster vessels have obtained
several certificates related to water
protection and pollution prevention and
therefore meet the aforementioned crite-
ria. According to EU Directive 2011/92/
EU, an environmental impact assessment is
required for the construction or operation
of ports and waterways, but not for vessel
operations. Accordingly, no environmental
impact assessment has been conducted.
TRANSITION TO A CIRCULAR ECONOMY
The DNSH criteria defined for activity CCM
6.10 in the Climate Delegated Act require
that the company has measures in place
to ensure the appropriate handling and
recycling of waste at the end of a vessel’s
useful life. Vessels currently in operation,
as well as new vessels replacing them with
a gross tonnage above 5,000, must comply
with Regulation (EU) No 1257/2013,
and ship recycling must take place at
appropriately certified recycling facilities
(Commission Decision 2016/2323). The
handling of waste generated onboard must
comply with Directive (EU) 2019/883 and
Annex V of IMO’s MARPOL Convention.
Waste generated onboard ESL Shipping’s
vessels is sorted and stored on the vessels
and delivered for further processing at
ports. Shipyard partners are selected
based on their ability to process waste
generated during docking in a sustainable
manner. Lubricants and other hazardous
waste are handled in ways that allow
their recycling. ESL Shipping has internal
procedures covering waste management,
waste safety, recycling, and ship recycling.
A classification society has issued a certif-
icate confirming the company’s compliance
with the MARPOL Convention.
POLLUTION PREVENTION AND CONTROL
For pollution prevention and control, the
DNSH criteria established for activity CCM
6.10 require that the sulphur content of
fuel does not exceed 0.5% (global limit)
or 0.1% (SECA areas), in accordance with
Annex VI of IMO’s MARPOL Convention
and Directive (EU) 2016/802.
The sulphur emissions of ESL Shipping’s
vessels Viikki and Haaga are continuously
monitored, including as part of the verifi-
cation process for their CSI (Clean Shipping
Index) certificates.
At the end of the year, seven Green
Coaster vessels had been awarded the
highest five-star CSI rating.
The vessels must comply with Regulation
13 of Annex VI of IMO’s MARPOL Conven-
tion concerning nitrogen oxide emissions.
NO
x
emissions are monitored as part of EU
MRV emissions reporting.
With respect to grey and black water
discharges, Viikki, Haaga and the Green
Coaster vessels hold wastewater treat-
ment certificates issued by a classification
society, compliant with Annex IV of IMO’s
MARPOL Convention. In addition, ESL
Shipping’s internal guidelines state that
all wastewater generated onboard should
be delivered to shore-based treatment
facilities whenever this is practically and
reasonably possible. The certificates issued
by the classification society also cover the
requirements set out in Regulation (EU) No
528/2012 concerning the minimization of
toxicity related to antifouling paints and
biocidal products.
PROTECTION AND RESTORATION OF
BIODIVERSITY AND ECOSYSTEMS
The DNSH criteria defined for activity CCM
6.10 regarding the protection and restora-
tion of biodiversity and ecosystems include
preventing the spread of invasive species
through ballast water or the underwater
parts of vessels. Noise and vibration are
mitigated by using noise reducing propel-
lers, and the activity does not hinder the
achievement of good environmental status
in accordance with Directive 2008/56/EC.
ESL Shipping’s vessels are equipped
with ballast water treatment systems in
line with the International Convention for
the Control and Management of Ships’
Ballast Water and Sediments. ESL Shipping
also has its own biofouling management
plan based on IMO’s Biofouling Guidelines,
which aims to prevent the transfer of
invasive species via the underwater
surfaces of vessels. Guidance on the
reduction of underwater noise is included in
ESL Shipping’s internal procedures, which
follow IMO’s Guidelines for the Reduction
of Underwater Noise.
Viikki, Haaga and the Green Coaster ves-
sels have received several certificates sup-
porting compliance with the requirement
that operations must not compromise the
achievement of good environmental status
under Directive 2008/56/EC. This requires
appropriate measures to prevent or
mitigate negative impacts, as described in
the Directive’s Descriptors 1 (biodiversity),
2 (non-indigenous species), 6 (seabed
integrity), 8 (contaminants), 10 (marine
litter) and 11 (noise/energy). In addition,
the Commission Decision (EU) 2017/848 in
relation to the relevant criteria and meth-
odological standards should be considered
for the above descriptors, as applicable.
Minimum safeguards
As part of the assessment of taxonomy
alignment, Aspo has also evaluated its
compliance with the minimum safeguards.
Social minimum safeguards are procedures
implemented by a company engaging in
an economic activity to ensure adherence
to the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles
on Business and Human Rights, including
the International Labour Organization’s
(ILO) Declaration on Fundamental Principles
and Rights at Work, the eight core ILO
conventions and the International Bill of
Human Rights. The core ILO conventions
set out the human rights and workers’
rights that companies are expected to
respect.
Based on the assessment, social mini-
mum safeguards related to human rights,
including workers’ rights, anti bribery
and anti corruption, taxation and fair
competition are fulfilled in ESL Shipping’s
operations, and the relevant principles and
policies are applied across the business.
ESL Shipping follows a documented
HRDD process through which human
rights risks are identified, assessed and
prioritized across the entire value chain,
and mitigation measures are defined for
the risks identified. Compliance with human
rights standards is mandatory for all third
parties working with ESL Shipping and
is subject to continuous monitoring. The
HRDD process applied within the company
is approved by ESL Shipping’s manage-
ment, which oversees the implementation
35
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
of minimum safeguards, addresses poten-
tial shortcomings and reports on them to
the Board of Directors.
The HRDD process ensures that the
activity is taxonomy-aligned and does not
cause significant harm. If material short-
comings are identified and a supplier fails
to undertake corrective actions within the
agreed timeframe, the supplier relationship
may be terminated based on a material
breach of contract.
KPIs and calculation principles
In accordance with the taxonomy
regulation, the key performance indicators
(“KPIs”) to be reported are turnover, capital
expenditure, and operating expenditure,
presented in tables following Annex II of
the Delegated Act on the environment. The
calculation principles and detailed informa-
tion for these indicators are provided after
the tables.
36
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
PROPORTION OF TURNOVER FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES
Financial year 2025 2025 Substantial Contribution Criteria
DNSH criteria
('Does Not Significantly Harm') (h)
Economic Activities (1)
Code (a) (2)
Turnover (3)
Proportion of Turnover,
2025 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
turnover, year 2024 (18)
Category
enabling activity (19)
Category
transitional activity (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 48.5 8% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 5% T
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 48.5 8% 8% 0% 0% 0% 0% 0% Y Y Y Y Y Y 5%
Of which Enabling 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y 0% E
Of which Transitional 48.5 8% 8% Y Y Y Y Y Y 5% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 110.8 18% EL N/EL N/EL N/EL N/EL N/EL 25%
Depollution and dismantling of end-life products CE 2.6 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Preparation for re-use of end-of-life products and
product components CE 5.3 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 110.8 18% 18% 0% 0% 0% 0% 0% 25%
A. Turnover of Taxonomy eligible activities
(A.1+A.2) 159.4 26% 26% 0% 0% 0% 0% 0% 31%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 457.0 74%
TOTAL 616.3 100%
37
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES
Financial year 2025 2025 Substantial Contribution Criteria
DNSH criteria
('Does Not Significantly Harm') (h)
Economic Activities (1)
Code (a) (2)
CapEx (3)
Proportion of CapEx,
2025 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
CapEx, year 2024 (18)
Category
enabling activity (19)
Category
transitional activity (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 23.9 68% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 88% T
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 23.9 68% 68% 0% 0% 0% 0% 0% Y Y Y Y Y Y 88%
Of which Enabling 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y E
Of which Transitional 23.9 68% 68% Y Y Y Y Y Y 88% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 8.1 23% EL N/EL N/EL N/EL N/EL N/EL 8%
Depollution and dismantling of end-life products CE 2.6 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Preparation for re-use of end-of-life products and
product components CE 5.3 0% N/EL N/EL N/EL N/EL EL N/EL 0%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 8.1 23% 23% 0% 0% 0% 0% 0% 8%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 31.9 91% 91% 0% 0% 0% 0% 0% 95%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 3.3 9%
TOTAL 35.2 100%
38
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
PROPORTION OF OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY-ALIGNED ECONOMIC ACTIVITIES
Financial year 2025 2025 Substantial Contribution Criteria
DNSH criteria
('Does Not Significantly Harm') (h)
Economic Activities (1)
Code (a) (2)
OpEx (3)
Proportion of OpEx,
2025 (4)
Climate Change
Mitigation (5)
Climate Change
Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change
Mitigation (11)
Climate Change
Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum
Safeguards (17)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
OpEx, year 2024 (18)
Category
enabling activity (19)
Category
transitional activity (20)
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 1.8 25% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y 20% T
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 1.8 25% 25% 0% 0% 0% 0% 0% Y Y Y Y Y Y 20%
Of which Enabling 0% 0% 0% 0% 0% 0% 0% Y Y Y Y Y Y 0% E
Of which Transitional 1.8 25% 25% Y Y Y Y Y Y 20% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g)
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities
CCM
6.10 5.1 71% EL N/EL N/EL N/EL N/EL N/EL 75%
Depollution and dismantling of end-life products CE 2.6 0% N/EL N/EL N/EL N/EL EL N/EL
Preparation for re-use of end-of-life products and
product components CE 5.3 0% N/EL N/EL N/EL N/EL EL N/EL
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2) 5.1 71% 71% 0% 0% 0% 0% 0% 75%
A. OpEx of Taxonomy eligible activities (A.1+A.2) 6.9 96% 96% 0% 0% 0% 0% 0% 95%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 0.3 4%
TOTAL 7.2 100%
39
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Turnover
Aspo applies the same IFRS based account-
ing principles for calculating the perfor-
mance indicator for turnover as it applies
in its consolidated financial statements.
The revenue recognition principles are
described in Note 3.1 of the consolidated
financial statements. The total turnover
used in calculating the turnover KPI is the
net sales of Aspo Group, including the
Leipurin business, which is presented as a
discontinued operation in the consolidated
financial statements.
Taxonomy-eligible turnover consists of
the share of the Group’s total net sales
generated by activities covered by the EU
Taxonomy, i.e. the net sales of the ESL
Shipping segment. Revenue from the sale
of Green Coaster vessels has, however,
been excluded from taxonomy-eligible
turnover. Environmentally sustainable, or
taxonomy aligned, turnover consists of the
turnover generated by the vessels Viikki
and Haaga (excluding the sale of energy
coal transports), as well as the turnover
from the Green Coaster vessels. Turnover
from taxonomy-non-eligible activities con-
sists of the net sales of the Telko segment
and the discontinued operation (Leipurin).
Capital expenditure
Aspo includes in the calculation of
capital expenditure, in accordance with
the Taxonomy Regulation, investments in
tangible and intangible assets. Additions to
tangible assets are presented in Note 4.1
of the consolidated financial statements,
and additions to intangible assets in
Note 4.2. Capital expenditure does not
include additions arising from business
acquisitions. Capital expenditure relating
to taxonomy-eligible activities consists of
investments made within the ESL Shipping
segment. The Group’s other capital expend-
iture is taxonomy-non eligible.
Taxonomy aligned capital expenditure for
ESL Shipping consisted of investments in
the vessels Viikki and Haaga, investments
in the new and Green Coaster vessels and
those still under construction, as well as in
the ordered Green Handy vessels. Dockings
are included in capital expenditure, as
they are interpreted in the Group as
investments rather than maintenance
costs. Investments in the six Green Coaster
vessels that have been sold or will be sold
to the owners participating in the pooling
arrangement are excluded from capital
expenditure.
Capital expenditure plan
A total of twelve advanced Green Coaster
electric-hybrid vessels have been ordered.
Nine of them have already been delivered
and three are under construction. Six of the
vessels will remain under Aspo’s ownership
and six are sold further. The Green Coaster
vessels still under construction will be
completed in 2026. In addition, ESL Ship-
ping has ordered four methanol-powered
handysize cargo vessels. The value of the
Green Handy investment is approximately
EUR 186 million, and the investment will
take place during the years 2024–2028.
At the end of 2025, the investment
commitment for these two investment
projects amounted to approximately EUR
166 million. Further information on the
investments is presented in Note 4 Capital
employed in the consolidated financial
statements.
Aspo’s investment plan for the coming
years consists mainly of expenditure
related to the construction of the Green
Coaster and Green Handy vessels. Aspo
discloses all new material, approved invest-
ment decisions through stock exchange
releases.
Future impact of capital expenditure
investments
The Green Coaster vessels currently
under construction are advanced electric
hybrid vessels equipped with modern
technology, and the Green Handy vessels
to be built represent a new generation
of ships that can operate fully fossil-free,
using green methanol. Once these vessels
enter service, they will increase both ESL
Shipping’s and the entire Aspo Group’s
taxonomy-aligned turnover and operating
expenditure.
Operating expenditure
Operating expenditure under the Taxonomy
Regulation includes direct non capitalized
costs related to the refurbishment, main-
tenance and repair of vessels, as well as
all other direct expenses associated with
the upkeep of tangible assets, whether
performed by the company or outsourced
to third parties, that are necessary to
ensure the continuous and efficient oper-
ation of these assets. However, repair and
maintenance costs arising in connection
with dockings are capitalized and reported
as capital expenditure. In the consolidated
income statement, operating expenditure
is included within other operating
expenses. Other operating expenses are
presented in Note 3.5 of the consolidated
financial statements.
Taxonomy-eligible operating expenditure
includes the operating expenditure of
Viikki and Haaga, as well as the operating
expenditure of the Green Coaster vessels
that have been taken into use. The operat-
ing expenditure of these vessels consists
of technical maintenance costs. Taxonomy
aligned operating expenditure excludes
the proportion relating to the transport
of energy coal by Viikki and Haaga (the
excluded share is calculated based on the
revenue share of energy coal transports).
Taxonomy-non-eligible operating expend-
iture includes the operating expenditure of
Telko and Leipurin. Operating expenditure
is defined to cover only buildings owned by
Telko or Leipurin, as neither company uses
other material fixed assets in its operations.
The reported taxonomy-non-eligible operat-
ing expenditure relates to the maintenance
and repair costs of Telko’s chemical ware-
house in Rauma, as well as the maintenance
and repair costs of buildings owned by the
Swedish companies Swed Handling AB and
Kemiverken AB.
40
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
ASSESSMENT OF ACTIVITIES RELATED TO NUCLEAR ENERGY AND FOSSIL GAS
Nuclear energy related activities Applicable
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as
well as their safety upgrades, using best available technologies.
No
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear
energy, as well as their safety upgrades.
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and
power generation facilities using fossil gaseous fuels.
No
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities
that produce heat/cool using fossil gaseous fuels.
No
41
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Climate change (ESRS E1)
Transition plan for climate change mit-
igation
In 2025, Aspo and ESL Shipping set sci-
ence-based emission reduction targets and
prepared transition plans for their part to
limit global warming to 1.5°C in accordance
with the Paris Agreement. Aspo’s near-
term targets and ESL Shipping’s near-term
and long-term targets (Net Zero targets)
have been verified by the Science Based
Targets initiative (SBTi) and are aligned
with the Paris Agreement. Aspo’s and
ESL Shipping’s emission reduction targets
are presented in sections E1-3 and E1-4:
Targets, actions and resources related t
climate change.
Aspo’s transition plan covers ESL Ship-
ping and Telko. Telko’s transition plan is not
presented separately, as Telko is included
in Aspo’s SBT targets. ESL Shipping has
set separate SBT targets, which is why its
transition plan is presented separately in
the report. Leipurin is excluded from the
transition plan, as Aspo announced during
2025 that it will divest the Leipurin busi-
ness and the divestment was completed
in March 2026. The transition plans have
been approved by Aspo’s Board of Direc-
tors and the Group Executive Committee.
All ESL Shipping vessels can already use
renewable fuels, which reduce well-to-wake
emissions by up to 90%. In the longer term,
downstream emissions from fuels are also
expected to decrease.
Telko is a distribution business, making
it challenging to assess carbon lock-ins.
Most of their emissions consist of Scope
3 emissions, particularly from purchased
products. Aspo is not excluded from
Paris-aligned benchmarks under the EU
framework.
Aspo’s transition plan for reducing Scope
1 and Scope 2 emissions is presented in
Figure 2.
ESL Shipping’s transition plan for reduc-
ing well-to-wake emissions from marine
fuels is presented in Figure 3.
■
FIGURE 2. ASPO’S TRANSITION PLAN
■
FIGURE 3. ESL SHIPPING’S TRANSITION PLAN
Scope 1 and Scope 2 GHG emissions, ktCO
2
e
Well-to-wake Scope 1 and Scope 3 category 3 emissions from marine fuels, ktCO
2
e
2023
baseline
2023
baseline
Fleet
growth
Fleet
growth
Fleet
renewal
Fleet
renewal
Renewable
fuels
Renewable
fuels
Other emission
reduction
opportunities
Other emission
reduction
opportunities
2030 emissions
(Scope 1 & 2)
Emission
reductions
2030–2040
2030 2040
42
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
300
250
200
150
100
50
0
250
200
150
100
50
0
For Scope 1 and 2 targets, Aspo’s and ESL
Shipping’s emission reduction measures
focus on fleet renewal and increasing the
use of renewable fuels and electricity on
vessels.
Regarding emissions from the transpor-
tation of fossil fuels, the company aims to
discontinue the transport of coal used in
energy production by 2028. ESL Shipping’s
coal transport volumes have already
decreased significantly since 2023. Finnish
legislation prohibits the use of coal in
energy production from 2029 onwards.
The transition plan is aligned with ESL
Shipping’s and Aspo’s business strategy
and financing plan. In 2025, ESL Shipping
signed two loan agreements to finance
Green Handy vessels: a EUR 45 million loan
agreement with the Nordic Investment
Bank and a EUR70 million loan agreement
with Svenska Skeppshypotekskassan.
In addition, Aspo has set a target for its
suppliers’ commitment to SBTi, covering
suppliers of both Telko and ESL Shipping.
Telko and ESL Shipping encourage their
suppliers to set SBTi targets. Amore
detailed plan for supplier engagement will
be created later.
Emission reduction measures and key
actions are presented in Table 6.
■
TABLE 6. EMISSION REDUCTION MEASURES AND KEY ACTIONS
Reduction measure Key actions
Fleet renewal Investments in new vessels and gradual replacement of time-chartered
tonnage with more energy-efficient vessels. Fleet renewal is described
in more detail in sections E1-3 and E1-4: Targets, actions and resources
related to climate change.
Renewable fuels All ESL Shipping vessels can use renewable marine diesel, and two
vessels can use biogas. The increased use of renewable fuels is
supported by legislation and will be further promoted in cooperation
with customers. The Green Handy vessels to be completed in 2027 and
2028 can use green methanol as fuel.
Other reduction measures Other measures include expanding the Virtual Arrival operating model,
increasing the use of shore power during port calls, and smaller
energy-efficiency investments in existing vessels.
Discontinuation of coal
transport
Ending the transport of coal used in energy production by 2028; coal
transport volumes have already decreased.
Supplier commitment to SBTi
and setting SBT targets
Aspo encourages its suppliers to set SBT targets.
ESL Shipping has been assessed as
taxonomy eligible. Capital expenditures
related to investments in new vessels
are presented in the EU taxonomy. The
financial statements presents investment
commitments on Green Handy and Green
Coaster vessels. Aspo has not identified
any significant future operating expenses
related to vessel investments.
Aspo has already invested in energy-
efficient vessels, and fleet renewal is a sig-
nificant part of Aspo’s and ESL Shipping’s
strategy. The transition plans are aligned
with Aspo’s strategy.
Policies related to climate change
mitigation and adaptation
In accordance with Aspo’s sustainability
policy, Aspo is mitigating and adapting
to climate change by striving to lower
CO
2
emissions in all of its operations. In
addition, Aspo has identified physical
risks related to climate change as well as
transition risks and opportunities for its
businesses. All Aspo’s segments share the
ambition to reduce emissions in the entire
supply chain, improve energy efficiency and
deploy renewable energy when operation-
ally and financially feasible.
Aspo’s sustainability policy covers all
material impacts, risks and opportunities.
The sustainability policy applies to Aspo
Group and all its segments, with main focus
on own operations and therefore excluding
the upstream and downstream value chain.
All businessess need to adopt the policy
and adhere to its contents by also adopting
any additional policy documents, processes
and tools on a business level. Aspo’s suppli-
ers are required to commit to Aspo’s Code
of Conduct, which requires suppliers to
comply with environmental legislation and
obtain the required environmental permits
for operations.
The Group’s CEO and thet Managing
Directors of subsidiaries are responsible
for implementing the sustainability policy.
A monitoring process is carried out once a
year. The sustainability policy is available
on Aspo’s website.
Aspo Group and its businesses are
committed to the UN Global Compact, the
UN Universal Declaration of Human Rights,
and the ILO Declaration on Fundamental
Principles and Rights at Work.
Targets, actions and resources
related to climate change
TARGETS RELATED TO CLIMATE CHANGE
In 2025, Aspo and ESL Shipping set
science-based emission reduction targets
aligned with limiting global warming to
1.5°C. Aspo’s near-term targets and ESL
Shipping’s near-term and long-term targets
(Net Zero targets) are verified by the SBTi.
Aspo’s climate targets cover ESL Shipping
and Telko. Both Aspo and ESL Shipping
have set greenhouse gas emission reduc-
tion targets to manage material climate-
related impacts, risks and opportunities.
43
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Aspo is committed to
1
:
1. reduce absolute Scope 1 and 2
greenhouse gas emissions 42.0% by
2030from a 2023 base year*,
2. engage 50.0%of its suppliers
by emissions coveringpurchased
goods and services tohave science-
based targetsby 2029 (scope 3), and
3. reduce absolute Scope 3 emissions from
use of sold products for distributed
fossil fuels 100% by 2030 from a 2023
base year.
*The target includes land-use related emissions and
removals from bioenergy feedstocks.
1 Aspo’s full SBT target formulation can be found in Table 7
ESL Shipping is committed to:
·
achieving net zero emissions across its
entire value chain by 2040.
Near-term targets:
1. Reducing lifecycle Scope 1 & 3
emissions from general cargo and bulk
carrier shipping operations by 59.6% per
ton-mile by 2030 compared to 2023,
corresponding to a 47.1% absolute
reduction*
2. Reducing indirect greenhouse gas emis-
sions caused by transported fossil fuels
by 100% by 2030 compared to 2023.
Long-term targets:
1. Reducing lifecycle Scope 1 & 3
emissions from general cargo and bulk
carrier shipping operations by 97.8% per
ton-mile by 2040 compared to 2023,
corresponding to a 97.1% absolute
reduction,
2. Maintaining a 100% absolute reduction
in indirect emissions caused by trans-
ported fossil fuels from 2030 to 2040
compared to 2023,
3. Reducing all remaining indirect (Scope
3) greenhouse gas emissions by 90% by
2040 compared to 2023.
*The target boundary includes land-use related
emissions and removals from bioenergy feedstocks.
Aspo’s third target, concerning the use
of transported fossil fuels, is based on a
different target boundary than the GHG
reporting in accordance with the E1-6
disclosure requirement. In E1-6 reporting,
in category 11 (use of sold products), emis-
sions arising from the use of transported
fossil fuels have been excluded from the
emissions calculation.
In addition, Leipurin, which has been
owned by Aspo but was announced to be
divested in August 2025, is excluded from
all Aspo’s science-based targets. Therefore,
the target boundary differs from the scope
of GHG emissions reported under E1-6.
Targets are based on market-based Scope
2 emissions.
44
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 7. ASPO'S EMISSION REDUCTION TARGETS
Aspo’s SBT targets Near-term
Near-term targets Unit Baseline 2023 2024 2025
Change from
base year 2030 targets
Aspo Plc commits to reduce absolute scope 1 and 2 GHG emissions 42% by 2030
from a 2023 base year.* tCO
2
e 192,919.1 179,691 149,319 -22.60% -42% 111,893
Aspo Plc also commits that 50% of its suppliers by emissions covering purchased goods
and services, will have science-based targets by 2029. % 13.90% 14.91% 15.97% 14.89% 50% (2029)
Aspo Plc further commits to reduce absolute scope 3 GHG emissions from use of sold products
for distributed fossil fuels 100% by 2030 from a 2023 base year. tCO
2
e 2,231,926 779,519 567,995 -74.55% -100% 0
*The target boundary includes land-related emissions and removals from bioenergy feedstocks.
■
TABLE 8. ESL SHIPPING'S EMISSION REDUCTION TARGETS
ESL Shipping's SBT targets Near-term Long-term
SBT target Unit Baseline 2023 2024 2025
Change from
base year 2030 targets 2040 targets
Well-to-wake scope 1 and 3 GHG emissions tCO
2
e 233,218 217,565 181,227 -22.29% -47.10% 123,372 -97.10% 8,176
Well-to-wake scope 1 and 3 GHG emissions gCO
2
e/ton-nm 28.96 33.12 33.74 16.51% -59.60% 11.70 -97.80% 0.64
GHG emissions from transported but not sold fossil fuels
(Scope 3 Cat 11) tCO
2
e 2,231,926 779,519 567,995 -74.55% -100% 0 -100% 0
All remaining absolute Scope 3 emissions tCO
2
e 64,073 54,886 51,989 -18.86% n/a n/a -90% 6,407
ESL Shipping’s targets have been set
using the SBTi maritime pathway. Aspo’s
target-setting has applied the cross-sector
pathway. In the long term, ESL Shipping’s
target year is 2040, which is aligned with
the methodology of the maritime pathway.
New vessels, low-emission technology
and renewable fuels play a key role in
reducing emissions. The reduction targets
take into account the growing customer
demand for low-emission transport and
requirements to set emission reduction
targets. Legislation supports the increased
use of renewable fuels, and their use is
further promoted in cooperation with
customers. The reduction of coal transport
is supported by Finnish legislation, which
prohibits the use of coal in energy produc-
tion as of 2029. For all remaining Scope 3
emissions ESL Shipping aims to prepare an
emission reduction plan in the near future.
Aspo’s baseline (year 2023) remains
unchanged. Situations requiring a
change to the baseline relate to Aspo’s
strategic changes, such as acquisitions or
divestments, which trigger recalculation of
emissions. The recalculation threshold is
5% of Aspo’s total emissions, as stated in
Aspo’s recalculation policy. The baseline for
the targets did not change in 2025.
Measures to phase out coal and actions
to achieve the reduction targets are
described in section E1-1 Climate change
mitigation transition plan.
Targets or related measurement meth-
ods, assumptions, sources, or data col-
lection processes have not been changed
since the targets were set. Aspo has taken
into account the expectations of owners
and customers when setting science-based
reduction targets.
The science-based targets set by Aspo
and ESL Shipping cover the entire value
chain.
In line with the company’s sustainability
policy, Aspo aims to reduce emissions
across the entire value chain.
Reducing emission intensity, CO
2
(t) /
revenue (€ thousand), by 30% by 2025 is
an environmental sustainability target for
the Group. In 2025, the emissions intensity
in CO
2
(t) was 142,705 tCO
2
and revenue
EUR 616,339,000 The result for 2025 was
0.23 and the result for 2024 was 0.30. The
emission intensity target level for Aspo’s
own operations in 2025 was 0.30 CO
2
(t) /
revenue (€ thousand). The baseline year is
2020 and the baseline value is 0.44 CO
2
(t)
/ revenue (€ thousand).
The emission intensity target applies
to Aspo’s own operations. It includes
CO
2
emissions from fuel consumption of
vessels operated by ESL Shipping (Scope
45
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
1). Achieving the target is significantly
supported by the 12 new energy-efficient
electric hybrid vessels ordered by ESL
Shipping, nine of which were in operation
by the end of 2025.
Targets or related measurement
methods, assumptions, sources, or data
collection processes have not been
changed since the targets were set. Stake-
holders have not participated in setting the
emission intensity target.
ACTIONS AND RESOURCES RELATED TO
CLIMATE CHANGE
A key factor in reducing Aspo’s environ-
mental impacts is improving the efficiency
of energy and raw material use. As ESL
Shipping’s vessels generate the majority
of the Group’s Scope 1 GHG emissions, the
most significant environmental aspects
for the shipping company are related to
improving the energy efficiency of the
fleet. The largest environmental impact
of Leipurin and Telko, which operate in
the fields of trade and logistics, comes
from other parts of the supply chain. The
Group’s carbon footprint can be reduced
especially through the effective planning
of its logistics flows. These activities are
supported by improving the transparency
of data in the value chain and the inclusion
of low-emission products in the product
range.
The goal of ESL Shipping is to reduce
lifecycle emissions from vessel operations
(Scopes 1 & 3) by 59.6% per ton-mile by
2030 and to reach net zero emissions by
2040 compared to the 2023 baseline.
Achieving this goal requires the best possi-
ble vessel design and technology, i.e., sig-
nificant investments in new vessels, as well
as the large-scale use of renewable fuels
and close cooperation with customers.
During 2025, ESL Shipping transported
a total of 12.1 million tons of cargo, and
its vessels consumed 576,811 MWh of
energy. CO
2
e emissions per transported
ton decreased by 13.5% in 2025. Absolute
Scope 1 CO
2
e emissions decreased by
16.9% and amounted to 148,740 tons.
Fleet renewal continued in 2025. Ato-
BatC Shipping sold its oldest vessel during
the year, and ESL Shipping sold Kallio,
built in 2006. At the end of 2025, AtoBatC
Shipping, a subsidiary of ESL Shipping,
operated nine Green Coaster vessels, with
three more on order. The plug-in hybrid
vessels equipped with a shore power con-
nection and a 1 MWh battery are among
the most energy-efficient in the world in
their size category, and their GHG emis-
sions per cargo unit transported are almost
50% lower than the previous generation of
vessels. The ordered vessels have a cargo
capacity of approximately 5,400 dwt, and
a new vessel will be delivered to AtoBatC
Shipping approximately every three
months. In addition, AtoBatC Shipping has
signed a multi-year time charter agreement
for six low-emission vessels of 5,900 dwt.
The first two vessels entered service in the
first half of 2025, and the remaining four
will follow in 2026 and 2027. In addition,
in October 2024, ESL Shipping ordered
four 17,000 dwt general cargo vessels
capable of operating fully fossil-free using
green methanol. These new vessels will be
delivered in 2027 and 2028. ESL Shipping’s
capital expenditure allocated to the vessel
investments is described in the EU Taxon-
omy section. Investment commitments
for the Green Handy and Green Coaster
vessels are reported in the financial
statements. Aspo has not identified any
significant future operational expenses
related to vessel investments.
In 2025, the share of renewable fuels
in vessels’ fuel consumption increased
to 0.4%. This reduced CO
2
e emissions
by 0.4%. The reduction in CO
2
emissions
achieved with the Virtual Arrival, which
optimizes vessel speeds, was an average
of 20% in voyages in which Virtual Arrival
was used. ESL Shipping has been engaged
in cooperation in the use of Virtual Arrival
with for example SSAB and the ports of
Oxelösund and Luleå.
Cooperation with Metsä Forest to reduce
their transport emissionsper ton-mile by
30% by 2030 compared to 2022 continued
in 2025 and the emissions are monitored
regularly together with the customer. The
agreement with EFO, owned by Swedish
energy companies, also continued, under
which at least 10% of the fuel consumed in
EFO’s annual transportation operations will
be replaced with renewable fuels. A good
example of digital solution that reduce
emissions is the Smart Fleet Optimiser,
currently under development, which helps
find the optimal schedule for each vessel
and offers opportunities to optimize sched-
ules based on, for example, the smallest
environmental footprint.
Telko’s strategic objectives include
reducing the carbon intensity of its own
operations and promoting innovations
that improve the carbon handprint of the
value chain. In 2025, Telko began actively
communicating its climate actions to
suppliers and simultaneously initiated
the systematic collection of product-level
carbon footprint data from them. The
collection of emissions data from logistics
partners continued as in previous years.
Emissions are considered in the tendering
and selection of Telko’s transport service
providers. Logistics efficiency is further
improved by optimizing routing and the
warehouse network. In 2025, Swed
Handling’s trucks as well as the vehicles
of Telko Ltd’s main transport partner
used fuel produced from renewable raw
materials.
Telko continuously seeks products for
its portfolio with either a smaller carbon
footprint than conventional products or
the products themselves help reduce CO
2
emissions. Telko holds an ISCC certificate
for the sale of bio-based mass balance
plastics. Telko has an ISCC certificate
for the sale of bio-based mass balance
plastics. Examples of products that reduce
CO
2
emissions are additives sold for the
production of asphalt, which allow the
temperature of the asphalt material to be
reduced by tens of degrees compared to
traditional mixtures, as well as high-quality
46
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
lubricants that help extend the service life
of machinery and significantly increase the
lubricant change interval.
Leipurin’s sustainability strategy also
includes the addition of transparent
emissions data to product data. This helps
customers make more climate-friendly deci-
sions. Other ways to address the factors
causing climate change include improving
carbon efficiency in Leipurin’s own opera-
tions and possibly also in part of Scope 3
activities, as well as products’ plant-based
nature. Most of Leipurin’s product range
is already plant-based, and Leipurin is also
engaged in the development of plant-based
alternatives for its customers. In Sweden,
a project was launched in 2025 to reduce
inventory levels, which will also enable
better inventory management and thus
reduce food waste. In other countries, new
monitoring and operating practices were
also developed in 2025 to reduce food
waste.
In 2025, Leipurin introduced a new
emission calculation tool that enables
calculation of emission factors at product
and category level and improves the accu-
racy of the GHG inventory for purchased
products. The tool also enables sharing
emission data with customers in the future.
The goal is to develop emission calculation
toward product-specific emission factors
by collecting emission data from suppliers
or calculating emission factors based
on data collected from the supply chain.
In addition, Leipurin has assessed the
baseline level of FLAG emissions related to
land use and land-use change.
Energy consumption and mix
Fossil energy sources account for 97.98%
of Aspo Group’s energy consumption.
Crude oil and petroleum products have
the highest share, 93%. Correspondingly,
1.8% of the energy consumed comes
from renewable energy sources used in
purchased electricity, heating and cooling.
In 2025, Aspo Group’s energy intensity was
0.000955.
ESL Shipping is the largest business from
the perspective of energy consumption.
Marine fuels make up more than 99.9% of
its energy consumption. Oil-based fuels
accounted for 92.5%, liquified natural gas
for 7.1%, and renewables for 0.3% of the
fuel used in in 2025. The increasing use of
fuels from renewable energy sources and
investments in ESL Shipping’s lower-emis-
sion vessels will reduce the future share of
fossil energy sources. ESL Shipping had an
energy intensity of 0.0031259.
Telko’s energy consumption consists
of the fuel consumed by the company’s
owned and leased cars, as well as facilities’
energy consumption. Fossil energy
accounted for 19.4%, renewable energy
for 64.6%, and nuclear energy for 16% in
2025. In 2025, Telko’s energy intensity was
0.000024.
Leipurin’s energy consumption consists
of facilities’ energy consumption, the
production of steam used in the factory
operations in Sweden, and the fuel and
electricity consumption of leased cars.
Renewable energy accounted for 82.2%,
fossil energy for 15.5%, and nuclear energy
for 2.3% of Leipurin’s energy consumption.
In 2025, Leipurin’s energy intensity was
0.000032.
All Aspo Group segments have a signif-
icant climate impact. Information about
Aspo Group’s energy intensity is presented
in the table below. The ‘% N / N-1’ shown in
the tables describes the percentage change
between the reporting period (2025) and
the comparison period (2024).
47
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 9. ASPO GROUP’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024 2025
Fuel consumption from coal and coal products (MWh) 0 0
Fuel consumption from crude oil and petroleum products (MWh) 627,035 534,738
Fuel consumption from natural gas (MWh) 37,971 41,417
Fuel consumption from other fossil sources (MWh) 0 0
Consumption of purchased or acquired electricity, heat, steam,
and cooling from fossil sources (MWh) 1,690 574
Total fossil energy consumption (MWh) 666,696 576,729
Share of fossil sources in total energy consumption (%) 98.47% 97.98%
Consumption from nuclear sources (MWh) 1,327 1,371
Share of consumption from nuclear sources in total energy consumption (%) 0.20% 0.23%
Fuel consumption from renewable sources, including biomass
(also comprising industrial and municipal waste of biologic origin,
biogas, renewable hydrogen, etc.) (MWh) 4,043 5,005
Consumption of purchased or acquired electricity, heat, steam,
and cooling from renewable sources (MWh) 5,004 5,492
The consumption of self-generated non-fuel renewable energy (MWh) 0 0
Total renewable energy consumption (MWh) 9,047 10,497
Share of renewable sources in total energy consumption (%) 1.34% 1.78%
Total energy consumption (MWh) 677,070 588,597
■
TABLE 10. ASPO’S ENERGY INTENSITY
Energy consumption per net revenue 2024 2025 % N / N-1
Total energy consumption per net revenue from
activities in high climate impact sectors (MWh per EUR) 0.001143 0.000955 -16%
Net revenue from activities in high climate impact
sectors (EUR) 592,599,000 616,339,000
Net revenue (other) (EUR) 0 0
Total net revenue (financial statements) (EUR) 592,599,000 616,339000
■
TABLE 11. ESL SHIPPING’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024 2025
Fuel consumption from coal and coal products (MWh) 0 0
Fuel consumption from crude oil and petroleum products (MWh) 624,793 533,425
Fuel consumption from natural gas (MWh) 37,790 41,199
Fuel consumption from other fossil sources (MWh) 0 0
Consumption of purchased or acquired electricity, heat, steam,
and cooling from fossil sources (MWh) 75 30
Total fossil energy consumption (MWh) 662,658 574,654
Share of fossil sources in total energy consumption (%) 99.85% 99.60%
Consumption from nuclear sources (MWh) 111 126
Share of consumption from nuclear sources in total energy consumption (%) 0.02% 0.02%
Fuel consumption from renewable sources, including biomass
(also comprising industrial and municipal waste of biologic origin, biogas,
renewable hydrogen, etc.) (MWh) 727 1,961
Consumption of purchased or acquired electricity, heat, steam,
and cooling from renewable sources (MWh) 170 207
The consumption of self-generated non-fuel renewable energy (MWh) 0 0
Total renewable energy consumption (MWh) 897 2,168
Share of renewable sources in total energy consumption (%) 0.14% 0.38%
Total energy consumption (MWh) 663,666 576,948
■
TABLE 12. ESL SHIPPING’S ENERGY INTENSITY
Energy consumption per net revenue 2024 2025 % N / N-1
Total energy consumption per net revenue from
activities in high climate impact sectors (MWh per EUR) 0.0032184 0.0031259 -3%
Net revenue from activities in high climate impact
sectors (EUR) 206,207,000 184,573,000
Net revenue (other) (EUR) 0 0
Total net revenue (financial statements) (EUR) 206,207,000 184,573,000
48
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 13. TELKO’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024 2025
Fuel consumption from coal and coal products (MWh) 0 0
Fuel consumption from crude oil and petroleum products (MWh) 1,645 808
Fuel consumption from natural gas (MWh) 85 86
Fuel consumption from other fossil sources (MWh) 0 0
Consumption of purchased or acquired electricity, heat, steam,
and cooling from fossil sources (MWh) 1,354 436
Total fossil energy consumption (MWh) 3,084 1,330
Share of fossil sources in total energy consumption (%) 38.10% 19.39%
Consumption from nuclear sources (MWh) 1,040 1,095
Share of consumption from nuclear sources in total energy consumption (%) 12.85% 15.97%
Fuel consumption from renewable sources, including biomass
(also comprising industrial and municipal waste of biologic origin,
biogas, renewable hydrogen, etc.) (MWh) 2,001 1,964
Consumption of purchased or acquired electricity, heat, steam,
and cooling from renewable sources (MWh) 1,970 2,469
The consumption of self-generated non-fuel renewable energy (MWh) 0 0
Total renewable energy consumption (MWh) 3,971 4,433
Share of renewable sources in total energy consumption (%) 49.05% 64.64%
Total energy consumption (MWh) 8,095 6,858
■
TABLE 14. TELKO’S ENERGY INTENSITY
Energy consumption per net revenue 2024 2025 % N / N-1
Total energy consumption per net revenue from
activities in high climate impact sectors (MWh per EUR) 0.000032 0.000024 -25%
Net revenue from activities in high climate impact
sectors (EUR) 253,304,000 284,510,000
Net revenue (other) (EUR) 0 0
Total net revenue (financial statements) (EUR) 253,304,000 284,510,000
■
TABLE 15. LEIPURIN’S ENERGY CONSUMPTION AND MIX
Energy consumption and mix 2024 2025
Fuel consumption from coal and coal products (MWh) 0 0
Fuel consumption from crude oil and petroleum products (MWh) 580 490
Fuel consumption from natural gas (MWh) 97 132
Fuel consumption from other fossil sources (MWh) 0 0
Consumption of purchased or acquired electricity, heat, steam,
and cooling from fossil sources (MWh) 249 104
Total fossil energy consumption (MWh) 926 726
Share of fossil sources in total energy consumption (%) 18.06% 15.55%
Consumption from nuclear sources (MWh) 106 107
Share of consumption from nuclear sources in total energy consumption (%) 2.07% 2.29%
Fuel consumption from renewable sources, including biomass
(also comprising industrial and municipal waste of biologic origin,
biogas, renewable hydrogen, etc.) (MWh) 1,315 1,080
Consumption of purchased or acquired electricity, heat, steam,
and cooling from renewable sources (MWh) 2,781 2,757
The consumption of self-generated non-fuel renewable energy (MWh) 0 0
Total renewable energy consumption (MWh) 4,096 3,837
Share of renewable sources in total energy consumption (%) 79.88% 82.16%
Total energy consumption (MWh) 5,128 4,670
■
TABLE 16. LEIPURIN’S ENERGY INTENSITY
Energy consumption per net revenue 2024 2025 % N / N-1
Total energy consumption per net revenue from
activities in high climate impact sectors (MWh per EUR) 0.000039 0.000032 -18%
Net revenue from activities in high climate impact
sectors (EUR) 133,088,000 147,256,000
Net revenue (other) (EUR) 0 0
Total net revenue (financial statements) (EUR) 133,088,000 147,256,000
49
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
MEASUREMENT METHODOLOGIES E1-5 ENERGY CONSUMPTION AND MIX
The energy mix has been measured using a market-based Scope 2 metric, where the
energy sources used in the consumption of electricity, cooling and heating are broken
down by country in accordance with the International Energy Agency’s (IEA) energy mix
for electricity generation. The metric addresses the amount of electricity purchased with
Energy Attribute Certificates (EAC). Energy from a Scope 1 metric has been measured in
accordance with the fuel consumed and broken down into different energy sources. The
presentation currency is euro.
Gross Scopes 1, 2, 3 and Total GHG emissions
THE GROUP’S GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS
Aspo Group’s GHG emissions in 2025 totaled 713,121 tCO
2
e. The most significant share
of the Group’s GHG emissions consists of Scope 3 emissions, which account for 79% of all
emissions. Scope 1 emissions account for 21%, the majority of which consists of the fuel
consumption of ESL Shipping’s vessels. Scope 2 GHG emissions account for less than 1%.
Compared to 2024, Aspo’s total emissions have decreased by 8 percent in 2025.
The most significant Scope 3 emissions come from purchased products and services
(Category 1), accounting for 79% of the Group’s Scope 3 emissions. A significant part of
this consists of products Telko and Leipurin purchase. Other significant Scope 3 emission
categories include fuel- and energy-related activities (Category 3), end-of-life treatment of
sold products(Category 12), and upstream transportation and distribution (Category 4).
Aspo Group’s Scope 1, 2 and 3 GHG emissions do not include primary data. The emission
factors used do not come directly from Aspo’s own value chain, and no supplier-specific
emission factors have been used in the calculation of GHG emissions. For market-based
GHG emissions, Aspo’s businesses had a total of twelve EACs obtained from electricity
suppliers.
Table 17 presents the GHG emissions of the entire Aspo Group, including Leipurin. Table
18 presents the GHG emissions that are included in Aspo’s emission reduction targets, i.e.
the emissions of ESL Shipping, Telko, and Aspo Group operations. Aspo’s emission reduc-
tion targets, baseline, and progress towards the targets are presented in sections E1-3 and
E1-4: Climate change-related targets, actions, and resources.
■
FIGURE 4. GHG EMISSIONS, ASPO
Scope 1: 149,220 tCO
2
-eq
Scope 2: 439 tCO
2
-eq
Scope 3: 563,461 tCO
2
-eq
21%
79%
<1%
Table 17 presents Aspo Group’s greenhouse gas emissions as reported under sustainability
reporting requirements, covering all business operations included in the Group in 2025 (ESL
Shipping, Telko, and Leipurin). However, the Leipurin business is not included within the
scope of Aspo’s science-based emission reduction targets. Consequently, Table 18 presents
the emission reduction targets in accordance with the Science Based Targets initiative
(SBTi), excluding the Leipurin business.
50
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 17. GHG EMISSIONS, ASPO
Gross Scopes 1, 2, 3 and Total GHG emissions
Retrospective Milestones and target years*
Scope 1 GHG emissions 2023 2024 2025 % N / N-1 2030
Annual %
target / Base year
Gross Scope 1 GHG emissions (tCO
2
eq) 192,841 179,687 149,220 -17%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) -
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 485 500 439 -12%
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 403 266 323 21%
Significant scope 3 GHG emissions (tCO
2
eq)
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 559,739 574,971 563,461 -2%
1 Purchased goods and services 411,971 442,557 447,219 1%
2 Capital goods 8,672 17,900 15,002 -16%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 41,108 39,005 32,906 -16%
4 Upstream transportation and distribution 22,506 23,436 21,152 -10%
5 Waste generated in operations 212 245 417 70%
6 Business traveling 1,091 1,167 1,101 -6%
7 Employee commuting 1,407 1,303 1,149 -12%
8 Upstream leased assets
9 Downstream transportation 3,280 3,318 2,747 -17%
10 Processing of sold products 11,829 9,145 9,182 0%
11 Use of sold products 2,136 245 524 114%
12 End-of-life treatment of sold products 36,954 33,709 25,995 -23%
13 Downstream leased assets 18,573 2,943 6,069 106%
14 Franchises
15 Investments
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 753,066 755,158 713,121 -6%
Total GHG emissions (market-based) (tCO
2
eq) 752,984 754,924 713,005 -6%
* Table 18 presents Aspo’s emissions in accordance with the milestones and target years. Information on milestones and target years is not included in the segment-level tables or in the emissions table aligned with the
Group’s sustainability reporting.
51
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 18. SBT-ALIGNED EMISSION REDUCTION TARGET TABLE (EXCLUDING THE LEIPURIN OPERATIONS)
Gross Scopes 1, 2, 3 and Total GHG emissions
Retrospective Milestones and target years
Scope 1 GHG emissions
2023
(base year) 2024 2025 % N / N-1 2030
Annual %
target / Base year
Gross Scope 1 GHG emissions (tCO
2
eq) 192,649.6 179,511 149,051 -17% 131,002 -23%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 291.6 324 278 -14%
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 269.5 180 267 49% 183 -1%
Significant scope 3 GHG emissions (tCO
2
eq)
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 458,495.8 477,055 462,071 -3%
1 Purchased goods and services 316,934.2 348,363 349,988 0%
2 Capital goods 8,654.9 17,884 14,868 -17%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 41,015.8 38,859 32,805 -16%
4 Upstream transportation and distribution 19,513.5 20,821 18,268 -12%
5 Waste generated in operations 79.1 240 370 54%
6 Business traveling 965.2 1,020 943 -8%
7 Employee commuting 1,255.3 1,174 1,002 -15%
8 Upstream leased assets
9 Downstream transportation 2,686.5 2,728 2,150 -21%
10 Processing of sold products 11,828.6 9,145 9,182 0%
11 Use of sold products* 278.3 245 523 114%
12 End-of-life treatment of sold products 36,711.5 33,633 25,903 -23%
13 Downstream leased assets 18,573.0 2,943 6,069 106%
14 Franchises
15 Investments
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 651,437 656,890 611,400 -7%
Total GHG emissions (market-based) (tCO
2
eq) 651,415 656,746 611,389 -7%
* Emissions from coal used in energy production are presented in Table 7.
52
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 19. GHG INTENSITY, ASPO GROUP
GHG emissions per net revenue 2024 2025 % N / N-1
Total GHG emissions (location-based) per net revenue
(tCO
2
eq per EUR)
0.0012743 0.0011570 -9%
Total GHG emissions (market-based) per net revenue
(tCO
2
eq per EUR)
0.0012739 0.0011568 -9%
Net revenue used to calculate GHG intensity (EUR) 592,599,000 616,339,000
Net revenue (other) (EUR) 0 0
Total net revenue (in financial statements) (EUR) 592,599,000 616,339,000
■
TABLE 20. EXCLUDED GHG CATEGORIES, ASPO
Significant Scope 3 GHG emissions included in and excluded from the inventory
1 Purchased goods and services Included
2 Capital goods Included
3 Fuel- and energy-related activities (not included in
Scope 1 or Scope 2)
Included
4 Upstream transportation and distribution Included
5 Waste generated in operations Included
6 Business travel Included
7 Employee commuting Included
8 Upstream leased assets Not included. Aspo sets organizational thresholds in
accordance with its approach to the consolidation of
operational control. Accordingly, when ESL Shipping
leases a vessel, emissions are reported in Scope
1 and Scope 2. The same principle also applies to
leased assets in Telko’s and Leipurin’s upstream
production chain, including leased cars and rental
facilities the companies use themselves.
9 Downstream transportation and distribution Included for Leipurin and Telko. The category was not
considered significant for ESL Shipping, as there is no
further transportation in its activities.
Significant Scope 3 GHG emissions included in and excluded from the inventory
10 Processing of sold products According to the GHG Protocol: In certain cases,
the eventual end use of sold intermediate products
may be unknown. In such a case, companies may
disclose and justify the exclusion of all downstream
Scope 3 category 10, 11 and 12 emissions related
to sold intermediate products. Companies should
address emissions of intermediate products in the
downstream production chain, and if they are not
included in categories 10, 11 and 12, companies
must justify their exclusion. For some of Telko’s
plastic products, extrusion has been estimated as
the downstream processing method, and these
estimated emissions have been included in the
inventory. However, in Telko’s case, there are many
possible downstream uses, so all potential end uses
of intermediate products cannot be assessed. For Lei-
purin’s intermediate products, there is no processing
between sales and customers, as processing takes
place when customers use it. The resulting emissions
could be included in category 11. However, the GHG
Protocol (5.8) states that the use of sold food pro-
ducts does not need to be addressed.
ESL Shipping has no products sold.
11 Use of sold products Only included for Leipurin regarding sold products
that consume electricity. Only included for Telko re-
garding oils added to two-stroke gasoline and organic
solvents sold as additives to gasoline.
In the case of Telko and Leipurin, as there are many
possible further uses, the possible end uses of inter-
mediate products cannot be reliably assessed. See a
more detailed comment under “10 Processing of sold
products”.
ESL Shipping has no products sold.
12 End-of-life treatment of sold products Only included for Leipurin regarding product packa-
ging, sold packaging material and waste of raw mate-
rials (intermediate product), excluding any end-of-life
treatment after further refinement of raw materials
(intermediate products). Telko’s calculation includes
emissions from both sold products and product pac-
kaging. ESL Shipping has no products sold.
13 Downstream leased assets Included for ESL Shipping. Telko and Leipurin have no
leased assets in the downstream production chain.
14 Franchises Aspo’s businesses have no franchises.
15 Investments Aspo and its subsidiaries have no capital investments
classified in category 15. The CO
2
e emissions of
Aspo’s subsidiaries are calculated as Aspo’s own
emissions at a Group level in the same way as in
financial reporting.
53
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
BIOGENIC EMISSIONS
The table presents Aspo’s direct biogenic CO
2
emissions from owned or controlled opera-
tions (Scope 1) and indirect biogenic CO
2
emissions from fuel- and energy-related activities
under Scope 3 that are not included in Scope 1 or Scope 2 emissions. No biogenic CO
2
emissions have been reported under Scope 2 and they are not assessed as material.
■
TABLE 21. BIOGENIC EMISSIONS, ASPO
Biogenic emissions tCO
2
2023 2024 2025
Direct biogenic CO
2
emissions from owned/managed
activities (Scope 1) 13.13 22 20
Indirect biogenic CO
2
emissions – Upstream
Fuel- and energy-related activities
(not included in Scope 1 or Scope 2) 77.58 299 403
GROSS SCOPES 1, 2, 3 AND TOTAL GHG EMISSIONS OF EACH SEGMENT
ESL Shipping
ESL Shipping’s GHG emissions in 2025 totaled 233,257 tCO
2
e. ESL Shipping’s emissions
focus on Scope 1, which accounts for about 64% of its total emissions. Scope 3 accounts
for about 36%, and Scope 2 for around 1%. Approximately 80% of ESL Shipping’s total
emissions are related to vessels’ fuel consumption, considering the lifecycle emissions of
fuels (Scope 1 & Scope 3, category 3), as well as emissions from vessels time-chartered
out (Category 13). In Scope 3, the most significant emissions come from purchased goods
and services (category 1), fuels (category 3) and vessels chartered out. Vessels that are
time-chartered out are reported in category 13, as the charterer has operational control
over such vessels.
In 2025, ESL Shipping took delivery of two newbuildings like in 2024. Vessels sold to
investors have not been taken into account. In 2025, more capacity was time-chartered out
than in the previous year, which increased emissions in category 13 (downstream leased
assets).
The SBTi maritime pathway and international maritime regulation require the reporting
of fuel life-cycle emissions (WTW) instead of only emissions from fuel combustion (TTW).
With the exception of Category 11, ESL Shipping’s emission reduction targets cover more
than one scope and/or category, which is why it is not possible to present category-specific
emission reduction targets.
54
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 22. GHG EMISSIONS, ESL SHIPPING
Gross Scopes 1, 2, 3 and Total GHG emissions
Retrospective Milestones and target years*
Scope 1 GHG emissions 2023 2024 2025 % N / N-1 2030
Annual %
target / Base year
Gross Scope 1 GHG emissions (tCO
2
eq) 192,018 179,072 148,740 -17%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 28 24 25 5%
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 13 23 23 0%
Significant scope 3 GHG emissions (tCO
2
eq)
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 104,855 93,394 84,491 -10%
1 Purchased goods and services 38,497 37,808 31,262 -17%
2 Capital goods 6,928 13,022 13,680 5%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 40,780 38,522 32,516 -16%
4 Upstream transportation and distribution 95 82 78 -5%
5 Waste generated in operations 30 9 14 60%
6 Business traveling 164 208 268 29%
7 Employee commuting 870 800 604 -24%
8 Upstream leased assets
9 Downstream transportation
10 Processing of sold products
11 Use of sold products
12 End-of-life treatment of sold products
13 Downstream leased assets 17,491 2,943 6,069 106%
14 Franchises
15 Investments
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 296,901 272,490 233,257 -14%
Total GHG emissions (market-based) (tCO
2
eq) 296,886 272,489 233,255 -14%
* Table 18 presents Aspo’s emissions in accordance with the milestones and target years. Information on milestones and target years is not included in the segment-level tables or in the emissions table aligned with the
Group’s sustainability reporting.
55
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
FIGURE 5. GHG EMISSIONS, ESL SHIPPING
Scope 1: 148,740 tCO
2
-eq
Scope 2: 25 tCO
2
-eq
Scope 3: 84,491 tCO
2
-eq
64%
36%
<1%
■
TABLE 23. GHG INTENSITY, ESL SHIPPING
GHG emissions per net revenue 2024 2025 % N / N-1
Total GHG emissions (location-based) per net revenue
(tCO
2
eq per EUR) 0.0013214 0.0012638 -4%
Total GHG emissions (market-based) per net revenue
(tCO
2
eq per EUR) 0.0013214 0.0012638 -4%
Net revenue used to calculate GHG intensity (EUR) 206,207,000 184,573,000
Net revenue (other) (EUR) 0 0
Total net revenue (in financial statements) (EUR) 206,207,000 184,573,000
Telko
Telko’s total emissions in 2025 were 377,043 tCO
2
e. As Telko operates as a raw material
distributor, the share of Scope 3 emissions in total emissions is very high – more than 99%.
Approximately 84% of total emissions come from purchased goods and services (category
1), with products accounting for almost 98%.
Scope 3 category 4 (emissions from transportation of purchased goods) accounted for 5
percent, and category 9 (emissions from outbound transportation) accounted for 0.6 per-
cent of Telko's total emissions. Estimates have been used to calculate emissions from the
transportation of both purchased and sold products. Other emissions, including commuting
and waste, have a minor impact on total emissions.
Scope 1 and Scope 2 accounted for only about 0.2% of Telko’s total emissions in 2025.
They consist of the fuel and energy consumed by the company’s owned and leased cars, as
well as the energy consumption of facilities.
56
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 24. GHG EMISSIONS, TELKO
Gross Scopes 1, 2, 3 and Total GHG emissions
Retrospective Milestones and target years*
Scope 1 GHG emissions 2023 2024 2025 % N / N-1 2030
Annual %
target / Base year
Gross Scope 1 GHG emissions (tCO
2
eq) 621 435 304 -30%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 236 284 241 -15%
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 236 149 234 57%
Significant scope 3 GHG emissions (tCO
2
eq)
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 351,931 382,952 376,498 -2%
1 Purchased goods and services 277,874 309,907 317,689 3%
2 Capital goods 1,727 4,862 1,188 -76%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 233 334 285 -15%
4 Upstream transportation and distribution 19,418 20,739 18,190 -12%
5 Waste generated in operations 49 230 355 54%
6 Business traveling 792 778 652 -16%
7 Employee commuting 332 351 381 9%
8 Upstream leased assets
9 Downstream transportation 2,686 2,728 2,149 -21%
10 Processing of sold products 11,829 9,145 9,182 0%
11 Use of sold products 278 245 523 114%
12 End-of-life treatment of sold products 36,711 33,633 25,902 -23%
13 Downstream leased assets
14 Franchises
15 Investments
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 352,788 383,671 377,043 -2%
Total GHG emissions (market-based) (tCO
2
eq) 352,788 383,536 377,036 -2%
* Table 18 presents Aspo’s emissions in accordance with the milestones and target years. Information on milestones and target years is not included in the segment-level tables or in the emissions table aligned with the
Group’s sustainability reporting.
57
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
FIGURE 6. GHG EMISSIONS, TELKO
Scope 1: 304 tCO
2
-eq
Scope 2: 241 tCO
2
-eq
Scope 3: 376,498 tCO
2
-eq
99.9%
<1%
<1%
■
TABLE 25. GHG INTENSITY, TELKO
GHG emissions per net revenue 2024 2025 % N / N-1
Total GHG emissions (location-based) per net revenue
(tCO
2
eq per EUR) 0.0015147 0.0013252 -13%
Total GHG emissions (market-based) per net revenue
(tCO
2
eq per EUR) 0.0015141 0.0013252 -12%
Net revenue used to calculate GHG intensity (EUR) 253,304,000 284,510,000
Net revenue (other) (EUR) 0 0
Total net revenue (in financial statements) (EUR) 253,304,000 284,510000
Leipurin
Leipurin’s total emissions in 2025 were 101,721 tCO
2
e. Leipurin’s total Scope 1 and 2 emis-
sions accounted for roughly 0.3 % of total emissions. Scope 1 emissions consisted mainly
of fuels consumed by company cars, as well as heat energy generated locally using natural
gas and pellets. Scope 2 emissions consisted mainly of purchased electricity for warehouse
heating and cooling.
Scope 3 emissions accounted for 99.7% of Leipurin’s total emissions. Most of these
emissions came from purchased products in Leipurin’s upstream value chain. Significant
emissions were also generated in the transportation of products (categories 4 and 9).
58
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 26. GHG EMISSIONS, LEIPURIN
Gross Scopes 1, 2, 3 and Total GHG emissions
Retrospective Milestones and target years*
Scope 1 GHG emissions 2023 2024 2025 % N / N-1 2030
Annual %
target / Base year
Gross Scope 1 GHG emissions (tCO
2
eq) 191 176 169 -4%
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%)
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO
2
eq) 194 176 161 -9%
Gross market-based Scope 2 GHG emissions (tCO
2
eq) 134 86 55 -36%
Significant scope 3 GHG emissions (tCO2eq)
Total Gross indirect (Scope 3) GHG emissions (tCO
2
eq) 101,243 97,916 101,391 4%
1 Purchased goods and services 95,037 94,194 97,231 3%
2 Capital goods 17 16 134 735%
3 Fuel and energy-related Activities (not included in Scope1 or Scope 2) 92 145 101 -30%
4 Upstream transportation and distribution 2,993 2,616 2,884 10%
5 Waste generated in operations 133 5 47 908%
6 Business traveling 126 146 158 8%
7 Employee commuting 152 129 147 14%
8 Upstream leased assets
9 Downstream transportation 594 590 597 1%
10 Processing of sold products
11 Use of sold products 1,858 0
12 End-of-life treatment of sold products 243 76 92 21%
13 Downstream leased assets
14 Franchises
15 Investments
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 101,628 98,268 101,721 4%
Total GHG emissions (market-based) (tCO
2
eq) 101,568 98,178 101,615 4%
* Table 18 presents Aspo’s emissions in accordance with the milestones and target years. Information on milestones and target years is not included in the segment-level tables or in the emissions table aligned with the
Group’s sustainability reporting.
59
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
FIGURE 7. GHG EMISSIONS, LEIPURIN
Scope 1: 169 tCO
2
-eq
Scope 2: 161 tCO
2
-eq
Scope 3: 101,391 tCO
2
-eq
99.7%
<1%
<1%
■
TABLE 27. GHG INTENSITY, LEIPURIN
GHG emissions per net revenue 2024 2025 % N / N-1
Total GHG emissions (location-based) per net revenue
(tCO
2
eq per EUR) 0.0007384 0.0006908 -6%
Total GHG emissions (market-based) per net revenue
(tCO
2
eq per EUR) 0.0007377 0.0006901 -6%
Net revenue used to calculate GHG intensity (EUR) 133,088,000 147,256,000
Net revenue (other) (EUR) 0 0
Total net revenue (in financial statements) (EUR) 133,088,000 147,256,000
MEASUREMENT METHODOLOGIES IN
THE CALCULATION OF GROSS SCOPES 1,
2 AND 3 AND TOTAL GHG EMISSIONS
Extrapolated emissions data
In 2025, the end-of-life treatment of sold
products and packaging (category 12)
emissions and purchased goods (category
1) have been extrapolated based on net
revenue regarding the acquisition of Swed
Handling.
Extrapolated Scope 3 emissions
regarding Kebelco, part of Leipurin, can
be found in the following categories:
purchased goods (category 1), upstream
and downstream transportation and distri-
bution (categories 4 and 9), and end-of-life
treatment of sold products (category 12).
In the 2024 sustainability statement, the
emissions of newly acquired companies
were calculated from the acquisition date
onwards. To ensure comparability, the
emissions of companies acquired by Telko
and Leipurin in 2024 have been calculated
for the full year 2024. Emissions generated
from the beginning of the year until the
acquisition date have been extrapolated for
some categories.
Gross Scope 1 emissions
Direct Scope 1 emissions are calculated
based on fuel consumption and emission
factors (fuel-based method). Defra’s
emission factors are used to calculate the
fuel consumption of cars the company
owns and leases, as well as emissions
from buildings’ consumption of natural gas
and fuel. Complete combustion of fuels is
assumed. The measurement accuracy and
any variation in fuel quality may have an
impact on the results.
ESL Shipping’s fuel emissions from
vessels are calculated using emission fac-
tors from GLEC 3.0 framework. The data
for 2024 and 2023 was calculated using
emission factors from GLEC 2.0 framework.
Scope 1 emissions of Kebelco, owned by
Leipurin, in relation to cars’ fuel consump-
tion are based on estimates.
Gross location-based Scope 2 emissions
Location-based Scope 2 emissions are
calculated using electricity, heating and
cooling consumption, and emission factors
(average data method). The amount of
biogenic emissions is not included in the
calculations.
Gross market-based Scope 2 emissions
The amount of market-based Scope 2
emissions is based on EAC data obtained
from energy providers on the amount of
renewable electricity purchased.
Gross Scope 3 emissions
Category 1 Purchased goods and services
All segments use a spend-based method
for calculating the emissions of purchased
services. Purchased goods have also been
calculated with spend-based method for
ESL Shipping using the Exiobase data-
base’s emission factors, while emissions
from Telko’s and Leipurin’s purchased
goods have been calculated using an
activity-based method. Emission factors
obtained from the Exiobase database have
been used to calculate emissions from all
purchased services. Purchased services
have been categorized at an account level
(e.g. IT expenses). Averages have been
used to calculate emissions from purchased
goods.
60
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Emissions from goods purchased by
Telko have been calculated so that the
product range has been divided mainly into
general emission categories, and emission
factors have been obtained from the Ecoin-
vent and Defra databases for emissions
generated in the manufacture of products
(e.g. the category “polyethylene” for all
polyethylene products). Substance-specific
factors have been used for certain
high-volume basic chemicals In addition,
one of Telko supplier published product
type level emission factors, which improved
the quality of the calculation.
Emissions from goods purchased by
Leipurin have been calculated as follows:
The product assortment has been cate-
gorized into specific emission categories.
For the categories, emission factors tCO
2
e
per kg have been calculated on an LCA
basis. The kilograms purchased have been
multiplied by the aforementioned emission
factors.
Purchased services include the use of
shore-side electricity by ESL Shipping’s
vessels at port, excluding the tug Charlie,
whose shore-side electricity is reported in
Scope 2.
Category 2 Capital goods
Emissions from capital goods are
calculated using a spend-based method.
Emissions from ESL Shipping’s new vessels
are calculated directly according to the
tonnes of steel used for the vessels.
Vessels sold to investors are not included
in the calculation.
Category 3 Fuel- and energy-related activities
(not included in Scope 1 or Scope 2)
Scope 3 category 3 emissions are
calculated using the total amount of energy
and fuels, as well as emission factors,
derived from the Scope 1 and 2 emission
calculations.
Category 4 Upstream transportation
and distribution
For Telko and Leipurin, category 4
includes the upstream transportation
of all purchased goods, as well as direct
sales deliveries. Transportation emissions
have been calculated by estimating the
distances of transportation made using
different vehicles and the weight of
purchased goods based on the purchase
data obtained from the ERP system. The
calculation does not cover all purchase
orders, as some purchase orders related to
businesses acquired through acquisitions
in 2024 were unavailable. The missing data
has been extrapolated in the emissions
calculation based on revenue.In the case
of international transportation, and no
reliable distance data is available for the
transport, measured from the supplier’s
address to the warehouse (or, in the case
of direct sales, to the customer) it has been
assumed that the point of departure is
the center of the country of purchase, as
suppliers’ addresses rarely correspond to
the actual point of departure for purchased
goods. The combination of these data
results in the tonne-kilometers of purchase
orders. The emission factor is based on the
assumption that the transportation utili-
zation rate is 50% of the transportation
weight.
In the assessment of delivery routes,
it has been assumed that transportation
follows the most direct route, even though
delivery trucks may in reality use detours.
If address information is incomplete,
average data has been used to estimate
the distance traveled. For example, if a
postal address is missing, average data on
other deliveries to the same city is used.
Uncertainty is also caused by the auto-
matic system used to calculate the length
of routes. The calculation model is based
on estimates of transportation methods.
Transportation emissions have also been
extrapolated in countries with insufficient
data.
ESL Shipping’s category 4 emissions
have been calculated mainly on a spend-
based method.
Category 5 Waste generated in operations
Indirect emissions are calculated by
multiplying the amount of waste generated
in Aspo’s own activities in tonnes by a
waste material-specific emission factor
(waste type-specific method). The waste
treatment method is based on an estimate
if the waste treatment company does not
provide information about the method
applied to the waste material. The
calculation includes some data based on
an estimate of the amount of waste. For
example, part of the emissions from the
new businesses acquired in 2024 is based
on estimates. For Telko, the emission
factors for waste fractions generated by
Swed Handling's production were specified.
Aspo’s emission calculation was refined
in 2025 when, for Telko and ESL Shipping,
emissions from office-generated waste
were included in the emission reporting.
All refinements have been reflected in
the figures for the base year 2023, the
comparison year 2024, and the reporting
year 2025.
Category 6 Business traveling
Emissions from flights, taxis and travel by
ferries are calculated using a spend-based
method and Exiobase’s emission factors.
For operations in Finland, emissions data
on business trips made by car are based
on kilometers driven and emission factors
(Defra). Emissions under this category have
been calculated at an account level, where
the distribution of costs between different
forms of travel has been estimated. In the
spend-based calculation method, price
fluctuations may reduce data quality.
Aspo’s emission calculations were refined
in 2025, as hotel stays were excluded from
the emissions. In the 2024 sustainability
report hotel stay emissions were included.
All refinements have been reflected in
the figures for the base year 2023, the
comparison year 2024, and the reporting
year 2025.
Category 7 Employee commuting
The shares of employees commuting by
public transportation and those using their
own car are based on averages obtained
from a public transportation survey. The
average mileage based on the study is
used in the calculation, and the number of
employees in different travel categories
is multiplied using an applicable emission
factor. The calculation is based on the
number of employees on the last day of the
reporting period. Finland’s country-specific
61
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
averages have also been used to calculate
emissions in other countries. The category
also includes ESL Shipping’s sea person-
nel’s commuting flights to and from work.
Flight emissions data (CO
2
emissions) have
been obtained from travel agents on the
basis of which the WTW CO
2
e emissions
have been estimated. Aspo’s emission
calculation was refined in 2025 when the
travel-related emissions of employees
were calculated using the WTW emission
factor instead of the TTW emission factor.
All refinements have been reflected in
the figures for the base year 2023, the
comparison year 2024, and the reporting
year 2025.
Category 9 Downstream transportation
and distribution
Emissions from the transportation of
products sold include all downstream
transportation of sales orders. Direct sales
from suppliers to customers are included in
category 4 emissions. Emissions have been
calculated based on sales data obtained
from the ERP system in accordance
with the estimated kilometers from one
postal code to the next. The calculation is
missing part of the sales orders of business
operations acquired through acquisitions
in 2024. This data has been included in the
emissions calculation using revenue-based
extrapolation. The emission factor is based
on an assumption of the transportation
utilization rate being 50% of the transpor-
tation weight.
It is assumed that sold products are
transported by truck. Furthermore, it has
been assumed that transportation follows
the most direct route, even though delivery
trucks may in reality use detours. If address
information is incomplete, average data
has been used to estimate the distance
traveled. For example, if a postal address is
missing, average data on other deliveries to
the same city is used. The automatic sys-
tem used to calculate the length of routes
also causes uncertainty. Transportation
emissions have also been extrapolated in
countries with insufficient data.
Category 10 Processing of sold products
Emissions from the processing of sold
products are calculated by multiplying the
kilograms of products sold by the emission
factor.
Category 11 Use of sold products
Emissions from the use of sold products
are calculated by multiplying the products’
end-use energy consumption by an emis-
sion factor.
Telko has products in the product cate-
gory that generate GHG emissions during
their use, including two-stroke oils added
to gasoline and organic solvents sold as
gasoline additives.
Category 12 End-of-life treatment
of sold products
The following data is used to calculate
emissions from the end-of-life treatment
of sold products: the total quantity of
products and packaging sold in tonnes;
the waste treatment method applied to
the waste material in question; and the
emission factor of the waste material in
question (waste type-specific method).
For packaging, the calculation is based on
estimates of the quantities of products
sold.
In situations where there is insufficient
accurate information about the emissions
from the end-of-life treatment of sold
products, country-specific assumptions
have been made. In these cases, emissions
have been calculated using the following
data: the kilograms of products sold,
packaging group, and packaging weight.
The packaging group of a product may
consist of different packaging materials,
which are taken into account in the
calculation. Assumptions have been made
regarding the waste treatment method for
the classification of emissions, as there is
not enough precise information available
about the waste treatment methods in all
countries.
Telko’s calculation addresses emissions
from both sold products and product
packaging.
Leipurin’s calculation only addresses
emissions from product packaging, sold
packaging material and waste of raw mate-
rials (intermediate products), not emissions
generated from end-of-life treatment of
sold raw materials (intermediate products)
after further refinement.
Category 13 Downstream leased assets
Direct emissions from downstream leased
assets are calculated using fuel consump-
tion and emission factors (fuel-based
method). Vessel fuel emissions are based
on emission factors in accordance with the
GLEC 3.0 framework. The data for 2024
and 2023 was calculated using emission
factors from GLEC 2.0 framework. Vessels
chartered out are reported in category 13,
as the charterer has operational control
over such vessels.
GHG intensity per net revenue
Total market-based and location-based
GHG emissions are determined per net
revenue. The presentation currency in the
calculation of GHG intensity is the euro.
62
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Social information
Own workforce (ESRS S1)
Policies related to own workforce
Aspo treats its employees fairly and
equally in all its operating countries in
accordance with local law and regulations.
The aim is that factors related to employ-
ment relationships are always managed
professionally and fairly, and in a humanly
sustainable manner. This principle applies
to employment contracts, working hours,
working conditions, remuneration and other
measures. The sustainability policy for
managing sustainability topics covers the
entire Aspo Group and its own workforce.
A monitoring process is carried out once a
year.
Aspo is committed to respecting interna-
tionally accepted human rights as defined
in the UN’s Universal Declaration of Human
Rights and the UN Guiding Principles on
Business and Human Rights. The company
does not accept any discrimination based
on education, competence, position,
personality, way of life, work experience,
ethnic origin, religion, gender, sexual orien-
tation, age, nationality, abilities or other
qualities. The annual personnel survey
maps experiences of the implementation
of human rights policies in the workplace.
The policies also address appropriate
working conditions and zero tolerance for
human trafficking, child or forced labor, or
other human rights violations across the
value chain. There are no specific actions
to remedy human rights impacts or enable
such remedies. Aspo is also committed to
the UN Global Compact.
Aspo has a Diversity, Equity and Inclusion
(DEI) policy, which defines principles that
obligate all employees to prevent all forms
of discrimination and harassment, and to
promote diversity, equity and inclusion.
Aspo’s goal is for 40% of the Group’s senior
managers and supervisors, excluding sea
personnel, to be of the underrepresented
gender by 2030. The actions included
in the related action plan are described
in Table 29 under S1-4 Taking action on
material impacts on own workforce, and
approaches to managing material risks and
pursuing material opportunities related
to own workforce, and effectiveness of
those actions, and S1-5 Targets related
to managing material negative impacts,
advancing positive impacts, and managing
material risks and opportunities. There
are no separate commitments related to
implementing diversity.
Personnel policies, including the Aspo
Code of Conduct, state that employees can
report any activities that are in violation
of the policies through an anonymous
whistleblowing channel. The whistleblow-
ing channel and whistleblower protection
are described in more detail under G1-1
Business conduct.
The DEI policy covers all material
impacts, risks and opportunities related to
equity. Their timeliness is checked when
reviewing impacts, risks and opportunities
once a year. The DEI policy applies to Aspo
Group and all its segments. Aspo’s CEO is
responsible for the policy’s implementation.
The DEI policy is available on Aspo’s
intranet.
At Aspo, work environments range from
cargo vessels to chemical warehouses and
offices. Occupational safety is of para-
mount importance, and safety guidelines
and training are constantly developed to
prevent occupational accidents. The goal is
also to create more operating models and
practices that help promote the work abil-
ity as well as mental safety of the office
personnel. Occupational health and safety
programs and supplementary occupational
safety guidelines have been prepared on
a segment-specific basis. The Group has
defined straightforward metrics to monitor
the implementation of different aspects
of occupational safety and wellbeing. For
example, comprehensive occupational
health services provided for sea personnel
focus on preventive measures. As a result
of these measures, significant results have
been achieved, such as a reduction in sick
leaves.
Sustainability activities are guided by
local labor law and collective agreements,
Aspo’s Code of Conduct, DEI policy, occu-
pational health and safety organization,
working community mediation process, and
various guidelines and training in the areas
of personnel management, occupational
health and safety, wellbeing at work, and
work ability management. Aspo also has
related internal development teams and
supervisory bodies. The Code of Conduct is
available to Aspo Group’s entire personnel
on intranet.
At the highest level, the implementation
of the policies prepared to manage
sustainability matters is the responsibility
of the Group’s CEO and each subsidiary’s
Managing Director.
Processes for engaging with
own workforce and workers’
representatives about impacts
Aspo has an occupational health and
safety committee which meets bi-annually
to extensively discuss matters related
to employee well-being at work, and
occupational health and safety. In addition
to statutory obligations concerning the
Finnish organization, Aspo’s HR depart-
ment supports organizations in other
countries in planning and implementing
development initiatives and programs. It is
the responsibility of Aspo Group’s Senior
Vice President of Legal and Sustainability
as well as Aspo Group’s HR Director to
maintain communication with Aspo’s own
workforce and to ensure that the results of
communication are addressed in operating
methods.
In 2025, discussions in accordance with
the Act on Co-operation within Undertak-
ings were held with personnel in Aspo’s
businesses. Based on these discussions,
development plans for workplace were
updated. A key objective of Aspo’s social
sustainability is to promote health and
safety in the workplace. The long-term goal
is zero occupational accidents and a strong
preventive health and safety culture,
part of which includes internal accident
63
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
reports and safety observations in high-risk
situations. According to Aspo’s guidelines,
a report of an accident or an observation of
a dangerous situation or near-miss incident
must be submitted within two days of
the incident and can be submitted by the
employee in question, the HR department
or a direct supervisor.
Aspo’s Finnish companies adhere to five
different collective agreements. The collec-
tive agreements of the Technology Indus-
tries of Finland and the Finnish Seafarers’
Union cover most of the personnel. In other
operating countries, Aspo’s companies
apply labor law, collective agreements and
local agreements in accordance with local
law and market practices. ESL Shipping
is a member of the Finnish Shipowners’
Association, which represents ESL Shipping
in collective bargaining. Associations
negotiate collective agreements for both
Finnish and non-EU sea personnel. ESL
Shipping complies with the Maritime
Labour Convention, which lays down pro-
visions on appropriate working conditions
for sea personnel in almost all areas related
to working and living conditions, including
complaint procedures.
An annual personnel survey measures
the Group’s own workforce’s commitment
and job satisfaction. The People Power
index represents the survey’s key results,
which are part of the Group’s sustainability
targets. The survey has included a section
covering a broad range of sustainability
elements since 2023, as well as a section
on wellbeing at work since 2024. Based on
the survey’s results, management practices
that support an excellent employee expe-
rience can be developed in all countries in
which Aspo operates. The Group Executive
Committee and the HR department
monitor the personnel’s job satisfaction
and wellbeing at work. Aspo's management
reviews the results of the personnel survey
in staff meetings. In addition, supervisors
discuss the results with their subordinates.
After reviewing the results, supervisors
plan measures with their teams to further
strengthen personnel commitment.
Aspo’s Group Executive Committee and
the business management teams monitor
the implementation of the measures and
communicate their progress to personnel.
Employees can express their views and
experiences to their own supervisor or to
the next-level supervisor or management
representative if necessary or by talking
to HR representatives confidentially and
responding to the annual anonymized
personnel survey. No specific action has
been defined to gain an insight into the
perspectives of people in Aspo’s own work-
force who may be particularly vulnerable to
impacts or marginalized. In ESL Shipping it
has been identified that retaining women in
the industry, especially after parenthood,
is a development area and employees are
encouraged to express their views on the
matter.
To promote diversity, equity and inclu-
sion, Aspo established a working group
in 2023, consisting of a diverse group of
people working in different positions in
the Group’s various activities. The working
group coordinates DEI activities and leads
development initiatives in accordance with
the ESG goals. By the end of 2024, the
working group had compiled comprehensive
DEI communications material and provided
training to increase awareness and
understanding among management teams
and supervisors. In 2025, DEI policies and
related training and materials are available
to all personnel on the intranet.
Processes to remediate negative
impacts and channels for own work-
force to raise concerns
Each of Aspo Group’s segments have
separate occupational health and safety
action plans, including the elements of
occupational health and safety. The action
plans describe the working environment’s
key elements, assess the resulting physical
and psychological risk factors, and provide
guidance for the processes and practices to
minimize occupational accidents and other
adverse impacts on the personnel’s health
and safety.
Aspo Group uses a shared wholly
anonymous whistleblowing channel for
the entire personnel through which they
can express concerns about inappropriate
conduct or suspicions of abuse. Trust in
the process is not assessed separately.
The whistleblowing channel is discussed in
more detail under G1 Business conduct.
In addition to the anonymous whistle-
blowing channel, the personnel can disclose
suspicions and shortcomings to their
supervisor or the HR department. All noti-
fications are handled using the procedure
most suitable for the situation, and correc-
tive measures are taken immediately. Aspo
does not have a formal process to assess
whether remedies are effective. In addition
to the management, the HR department
acts as a supervisory body to remedy any
shortcomings and follows Aspo’s mediation
process in remedies. Aspo also has a
working community mediation process that
provides employees with the opportunity
to address shortcomings and sensitive
challenges related to teams or individuals,
even when they are not to be addressed
directly with the nearest supervisor.
In addition to the channels for expressing
concern at the Aspo Group level, all ESL
Shipping’s vessels follow a procedure in
accordance with the Maritime Labour Con-
vention (MLC) that allows sea personnel
to lodge a complaint on any matter that
is considered to be in breach of the MLC
requirements.
Targets for managing material
negative impacts, advancing positive
impacts, and managing material risks
and opportunities, and related actions
and their effectiveness
Aspo's goals of managing material negative
impacts and material risks and opportu-
nities, and promoting positive impacts,
are related to ensuring employees’ safety
and maintaining gender equality. Special
attention is paid to employees’ wellbeing at
Aspo. In accordance with its sustainability
policy, Aspo seeks to provide safe employ-
ment relationships and gender equality,
including in remuneration. Aspo only works
with suppliers who share the company’s
commitment to health and safety.
Progress in these goals is tracked espe-
cially by the People Power index, where
the target is to achieve the AA+ level by
2030. Progress is compared to 2023, when
the AA level was achieved. In 2025, the
AA rating was again achieved, consistent
with the comparison year 2024. The People
Power Index (PPI) score developed posi-
tively from 2024 to 2025, increasing from
76.3 in 2024 to 77.4 in 2025. The People
Power index target is limited to Aspo’s own
operations. The target covers all Aspo’s
own operations globally.
64
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
The development of occupational safety
is monitored using the Total Recordable
Injury Frequency (TRIF) metric, which
describes the number of accidents per one
million working hours. TRIF figures are
monitored on a monthly basis. The TRIF
target for 2025 was 4.0, and the outcome
was 7.0. The Total Recordable Injury Fre-
quency (TRIF) was higher in 2025 due to an
increased number of reported occupational
accidents compared to 2024. The long-term
target is zero accidents. The target applies
to Aspo’s own workforce, as well as leased
employees working on vessels ESL Ship-
ping owns and vessels covered by pooling
arrangements. The base year to which the
TRIF target is compared is 2022, when the
TRIF figure was 8.1.
Another target is to increase the
proportion of the underrepresented gender
in senior management and managerial
positions, excluding sea personnel, to 40%
by 2030. The base year is 2024, when the
figure was 36.4%. In 2025, the proportion
of the underrepresented gender in senior
management and managerial positions,
excluding sea personnel, was 24%. The
target covers the Group’s own operations
globally.
Targets are prepared annually by Aspo’s
social sustainability steering group, which
started operating in 2025. The steering
group also reviewed the targets for 2025.
Group-level targets are then approved by
the Group Executive Committee and the
Board of Directors. The steering group con-
sists of representatives of Aspo Group. The
steering group monitors the implementa-
tion and effectiveness of action plans, and
if necessary, initiates additional measures
or updates action plans related to targets,
and impacts, risks and opportunities. The
steering group is supported by working
group which consists of employees’ repre-
sentatives from Aspo’s various businesses.
The working group’s purpose is to prepare
action plans for the steering group. Both
the steering group and the working group
are expected to meet 2–4 times a year.
In addition to the Group-level occupa-
tional health and safety committee, each
ESL Shipping vessel has an occupational
health and safety committee to openly dis-
cuss safety reports and risk assessments,
covering all crew members. A total of 94
safety meetings were held on vessels
during 2025. Safety meetings are also held
with customers and stakeholders.
The consistency of the personnel’s job
descriptions and related remuneration
is strengthened through a development
project started in 2024. The project
examines gender equality and equal pay
for work of equal value, and as a result, a
shared job grading classification system
will be deployed in the Group. This will also
support Aspo to prepare for the EU Pay
Transparency Directive that will enter into
force. In 2025, key job descriptions, job
types and TRIF metrics and the reporting
channel for occupational accidents were
specified.
In addition, the subsidiaries’ own prac-
tices were updated to ensure that cases
are identified and reported consistently
across the Group.
Some of Aspo Group’s stakeholders have
participated in setting the goals described
in this section at a general level in various
workshops, especially regarding equality.
External stakeholders have not been
engaged in setting numerical targets.
The action plan to achieve the goals is
described in the tables below. The planned
actions primarily aim to reduce negative
material impacts on the workforce.
The tables describe which part of the
value chain (upstream, own operations,
downstream) the action plan concerns.
The presented action plans only cover
Aspo’s own operations. “Global” means
that the plan is geographically global. The
right-hand section indicates that the action
plan applies to Aspo Group as a whole.
“Cross-cutting activity” means activities
covering the entire value chain.
The action plans include general
policies at Group level, and the segments
implement actions according to their own
needs. Each action plan is geographically
global. However, practical actions related
to occupational safety are location-specific
in principle. In addition to the shared
measures presented in the action plans,
the segments may have their own devel-
opment activities related to professional
development. The action plans are not
expected to cause any significant operating
expenses. The action plans are followed,
and their progress is reported on regularly
going forward.
65
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 28. ACTION PLAN TO ENSURE EMPLOYEES’ SAFETY WITH A TRIF TARGET OF 4.0 BY 2025
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material risk, impact or opportunity Actions during 2025 Actions planned for the coming years (2026->)
Health and safety
·
Occupational hazards
·
Mental health
·
High employee turnover
·
Cost savings
·
Statutory occupational healthcare, occupational safety organization and accident insurance
·
Safety training, e.g. first aid training
·
Accident reporting
·
Harmonisation of occupational accident reporting and definitions of occupational accidents
·
Reporting of safety observations in all business segments
·
Adaptation to life situations and the possibility of part-time work, enabling employees to
maintain work ability in different situations and reducing employee turnover
·
Aspo’s and the business segments’ occupational health and safety committee meets
bi-annually
·
Regular safety meetings in the business segments
·
Launch of Telko’s safety culture project
·
Occupational safety certificate ISO 45001 for ESL Shipping’s Finnish operations
·
Some of the actions taken in 2025 will continue in 2026
·
An ISO 45001 occupational health and safety management
system is being planned for Telko’s site
·
Preparing a practice through which the management team
will address all safety matters
·
Collecting employee feedback on safety through surveys
·
For ESL, the goal is to expand the ISO 45001 safety
certification to also cover the Swedish operations in 2026
66
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 29. ACTION PLAN TO INCREASE THE SHARE OF THE UNDERREPRESENTED GENDER TO 40% AMONG SENIOR MANAGEMENT AND SUPERVISORS BY
2030
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material impact, risk or opportunity Actions during 2025 Actions planned for the coming years (2026->)
Gender equality and equal pay for work of equal
value
·
Diverse workforce
·
Attractive employer
·
Limited representation and gender pay gap
·
Equality plans to be reviewed and updated by the end of 2025
·
Job grading system implementation to Aspo Group-level to report
equal pay
·
Anchor positions defined and first structures in place
·
Job Grading project finalized
·
The implementation of the job grading system will be continued at Group level to report
equal pay from 2026
Diversity
·
Diverse workforce
·
Attractive employer
·
Limited representation
·
Management and supervisor training on DEI topics was held in
2024. In Jan-May 2025, the partner provided practical tools and
materials concerning DEI themes every three weeks. Materials are
available in intranet
·
Code of Conduct training
·
HR system development to support the expression of gender
identity
·
Intranet page for DEI topics
·
DEI trainings for all employees
·
Develop the possibility for anonymized first round recruitment phase, including external
recruitment services upskilling for DEI topics (2025-2026) as part of the HR Policy
development
·
The extension of DEI trainings to concern all Aspo Group employees will also continue in
the future (schedule to be specified later)
·
Recruitment policy will be developed as part of the development of the personnel policy
(in ESL will be part of the employee handbook and Telko in intranet )
·
A DEI working group and sustainable development networkmeets to discuss DEI matters
■
TABLE 30. ACTION PLAN FOR MEASURES TO COMBAT WORKPLACE VIOLENCE AND HARASSMENT
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material IRO Actions during the reporting year (2025) Planned actions, coming year(s) (2026->)
Measures against violence and harassment in the
workplace
·
Safety and well-being
·
Legal consequences
·
Existing Aspo Group-level workplace conciliation procedure instructions to report inappropriate
behavior and harassment in the workplace
·
Monitoring and handling of whistle-blowing cases and measures taken if necessary
·
Intranet pages including Whistle-blowing policy with Q&A and the actual channel were updated
·
Actions during 2025 will continue from 2026 onwards
67
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Characteristics of the undertaking’s employees
At the end of 2025, Aspo Group employed a total of 798 people, of which 163 were
employees of Leipurin. The 2025 data only includes employees in an employment
relationship directly with Aspo’s companies. Measured by the number of employees, the
largest operating countries are Finland and Sweden. Sea personnel are predominantly male.
Approximately 60% of the onshore personnel are men.
The majority of Aspo Group’s personnel are employed on a permanent and full-time basis.
Employee turnover in 2025 was 8%. The total number of employees corresponds to the
figure reported in the financial statements section 3.6 “Employee benefit expenses and
number of personnel”.
■
TABLE 31. TOTAL NUMBER OF EMPLOYEES BY GENDER
2025 2024
Gender
Number of employees
(head count)
Onshore
(head count)
Maritime
(head count)
Number of employees
(head count)
onshore
(head count)
Maritime
(head count)
Male 537 371 166 528 351 177
Female 260 247 13 272 256 16
Other 1 1
Not reported 0 0 0 0 0 0
Total 798 619 179 800 607 193
68
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 32. NUMBER OF EMPLOYEES IN THE OPERATING COUNTRIES IN WHICH THE COMPANY HAS AT LEAST 50 EMPLOYEES AND AT LEAST
10% OF THE TOTAL NUMBER OF EMPLOYEES IN THE COMPANY
2025 2024
Country
Number of employees
(head count)
Onshore
(head count)
Maritime
(head count)
Number of employees
(head count)
Onshore
(head count)
Maritime
(head count)
Finland 367 188 179 371 178 193*
Sweden 211 211 205 205
Ukraine 28 28 30 30
Latvia 29 29 30 30
Estonia 25 25 25 25
Lithuania 29 29 25 25
Poland 23 23 26 26
France 15 15 19 19
Kazakhstan 13 13 12 12
Denmark 16 16 14 14
China 11 11 11 11
Germany 9 9 10 10
Uzbekistan 5 5 7 7
Belgium 8 8 6 6
Norway 4 4 6 6
The Netherlands 2 2 2 2
Romania 1 1 1 1
India 2 2
Total 798 619 179 800 607 193
*In the previous reporting year (2024), sea personnel originating from outside Europe were reported under Non-EU countries (43 individuals). However, the table lists the countries of operation, not the country of origin or
nationality of the workforce. All such and comparable sea personnel are employed by a Finnish company and therefore, in the 2025 figures, they have been reported under Finland. The 2024 figures have been corrected
accordingly.
69
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 33. TOTAL NUMBER OF EMPLOYEES BY EMPLOYMENT CONTRACT AND GENDER
2025
Type Female (head count) Male (head count) Other (head count)
Not disclosed
(head count) Total
Number of employees 260 537 1 798
Number of permanent employees 248 462 710
Number of temporary employees 12 75 1 88
Number of non-guaranteed hours employees 0
Number of full-time employees 248 524 1 773
Number of part-time employees 12 13 25
2024
Contract type Female (head count) Male (head count) Other (head count)
Not disclosed
(head count) Total
Number of employees 272 528 800
Number of permanent employees 258 456 714
Number of temporary employees 14 72 86
Number of employees with non-guaranteed hours 0
Number of full-time employees 257 517 774
Number of part-time employees 15 11 26
■
TABLE 34. TOTAL NUMBER AND TURNOVER OF EMPLOYEES WHO LEFT THE COMPANY DURING THE REPORTING PERIOD
2025 2024
Head count Head count
Total number of employees who left the company during the reporting
period
64 65
Employee turnover during the reporting period 8.0% 8.6%
70
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Diversity metrics
At the end of 2025, 19 of Aspo’s senior managers were men, and six were women. The sen-
ior management consists of Aspo Plc’s Group Executive Committee and the management
teams of Aspo’s businesses. Most of Aspo Group’s employees are aged between 30 and
50. The average age is 46. The table below presents more detailed information about the
age and gender distribution.
■
TABLE 35. DIVERSITY METRICS
2025
Employee group* Male N Male % Female N Female % Total Total %
Top management 19 76.0% 6 24.0% 25 100%
Employees under 30 years old 48 72.7% 18 27.3% 66 100%
Employees 30–50 years old 282 65.6% 148 34.4% 430 100%
Employees over 50 years old 207 68.8% 94 31.2% 301 100%
*The table includes all employees who have stated their gender as male or female.
2024
Employee group Male N Male % Female N Female % Total Total %
Top management 16 76.2% 5 23.8% 21 100%
Employees under 30 years old 46 71.9% 18 28.1% 64 100%
Employees 30–50 years old 281 63.6% 161 36.4% 442 100%
Employees over 50 years old 201 68.4% 93 31.6% 294 100%
Health and safety metrics
Employees employed directly by Aspo’s companies fall within the scope of statutory occu-
pational healthcare and occupational safety policies. During 2025, Aspo Group reported
fourteen work-related accidents leading to an absence or medical treatment. Of these, 0
resulted in the death of an employee.
71
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 36. HEALTH AND SAFETY METRICS
2025 2024
Health and safety metrics Data Data
Percentage of people in its own workforce who are
covered by health and safety management system based
on legal requirements and (or) recognized standards or
guidelines
100% 100%
Number of fatalities in own workforce as result of
work-related injuries and work-related ill health
0 0
Number of recordable work-related accidents for own
workforce
14 9
Rate of recordable work-related accidents for own work-
force (TRIF)
7.0 4.9
Number of cases of recordable work-related ill health of
employees
0 0
Remuneration metrics (pay gap and total remuneration)
In Aspo Group’s businesses, the gender pay gap is 26.5%. The highest earner’s annual pay
is 15.5 times the rest of the personnel’s median pay.
■
TABLE 37. REMUNERATION METRICS, PAY GAP AND TOTAL REMUNERA-
TION
2025 2024
Remuneration metrics Data Data
Gender pay gap 26.5% 26.3%
Annual total remuneration ratio 15.5 15.4
Incidents, complaints and severe
human rights impacts
In 2025, no discrimination cases were
reported within the Aspo Group, including
cases of harassment. During the 2024
reporting period, one harassment case
was recorded within the organization. The
case was handled in accordance with HR
processes between the parties involved
and HR. A total of EUR 0 in fines was
imposed for violations of laws in 2024 and
2025. Aspo did not receive any complaints
through the whistleblowing channel related
to working conditions, terms of employ-
ment, equal treatment and opportunities or
other work-related rights.
Measurement methodologies for
employee characteristics
CHARACTERISTICS OF EMPLOYEES
Information about the number of employ-
ees by gender and employment contract in
each country, as well as information about
employee turnover, is obtained from HR
and payroll systems. The personnel are
divided between onshore personnel and
ESL Shipping’s sea personnel.
The data is based on the number of
employees on the last day of the reporting
period (December 31, 2025), and the
figures are presented as a headcount.
Employees who left the company during
the reporting period mean employment
relationships that have ended at an employ-
ee’s own request or by mutual agreement.
Diversity metrics
Employees’ age groups are obtained from
HR and payroll systems based on dates of
birth. The data is based on the number of
employees on the last day of the reporting
period (December 31, 2025).
Health and safety metrics
The total number and type of work-related
accidents are obtained from the ESG
reporting system. The TRIF measurement
is based on the number of work-related
accidents leading to an absence or medical
treatment per one million working hours.
In the case of occupational diseases, the
number of absences is obtained from HR
and payroll systems. All employees are
subject to local legal regulations, which has
been addressed in reporting.
Aspo does not have an accident
and occupational disease monitoring
system covering all Group companies,
and the accuracy of data provision is the
responsibility of individuals. It is therefore
possible that not all individual cases have
been reported.The 2025 data only includes
employees Aspo’s companies employ
directly. The aim is to correct this in future
reporting through central monitoring.
Remuneration metrics
(pay gap and total remuneration)
The 2025 pay gap data only includes
employees Aspo’s companies employ
directly.
Shore personnel: Based on the report
obtained from the HR system, monthly
or hourly pay has been determined for
each employment relationship that
remained valid on December 31, 2025. If
pay is recorded as monthly pay, it is first
converted into full-time equivalents (FTE) if
necessary and then divided by the average
monthly working hours calculated based on
each employment contract’s local full-time
working hours.
Sea personnel: Total pay for 2025 has
been obtained from the HR and payroll
system, divided by the number of working
days recorded on board and further by
the length of the working day, which is
eight hours. According to the collective
agreement, the regular working day for sea
personnel is eight hours, while the working
day for onshore personnel is 7.5 hours.
Annual holiday pay is not included in total
pay.
72
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Governance information
ESRS G1 Business conduct
Business conduct policies
and corporate culture
Aspo Group's principle is that socially,
financially and environmentally sustainable
business is a prerequisite for long-term
value creation, and that a sustainably led,
growing company creates employment,
tax revenue and wellbeing. Key elements
of business sustainability are discussed as
a separate item at the meetings of Aspo's
Board of Directors and the Group Executive
Committee approximately once a month.
In accordance with its Code of Conduct,
Aspo is committed to conducting business
honestly and in an ethically sustainable
manner. According to Aspo's Code of
Conduct, all Aspo Group employees are
responsible for ensuring that the Group
acts in accordance with the company's
ethical commitments. All employees of
Aspo Group must complete annual Aspo
Code of Conduct e-training.
Aspo supports a culture of discussion
that encourages everyone's voice to be
heard. Each employee is expected to
report any suspicions or observations
regarding activities that are in violation
of the law, the Code of Conduct or any
other Aspo policies. Employees can submit
notifications to their own supervisor,
directly to the company's CEO, Aspo's
legal department, HR department or an
internal audit representative. In addition,
an electronic whistleblowing channel is
available on the website at https://report.
whistleb.com/aspo. It allows employees
to submit notifications anonymously,
and external parties can also use the
channel. An external supplier manages the
whistleblowing channel, and notifications
are processed in accordance with a specific
process and reported to Aspo's Board of
Directors. Personal data is processed in
accordance with the requirements of data
protection law and the EU General Data
Protection Regulation (GDPR), and notifica-
tions are kept confidential where possible.
Aspo's whistleblowing policy describes the
procedures for investigating suspected
misconduct in more detail.
Aspo’s anti-corruption and anti-bribery
policies are compliant with the UN Conven-
tion: corruption or bribery is not accepted
in any form. The company does not offer,
give, request, or receive gifts or hospitality
of greater than nominal value, or that are
or may be intended to influence decision
making or to obtain unfair personal gain.
The goal is to have no cases of bribery or
corruption. The goal covers Aspo’s own
operations globally.
Aspo estimates that those most sus-
ceptible to bribery and corruption include
those working in managerial positions in
the company, as well as ship officers.
In whistleblower protection, Aspo
complies with the EU Whistleblower
Directive (Act on the protection of
people who report breaches of EU and
national law (December 20, 2022/1171)).
Reporting concerns is never a punishable
act. Violation of the Code of Conduct and
retaliation may have consequences. Aspo
does not accept any retaliatory action,
including discharges, pay reductions or
the prevention of promotion, against
any person who has sincerely submitted
a notification of suspected misconduct,
or who is involved in the investigation of
suspected misconduct. Whistleblowing is
included in Code of Conduct e-training. The
company may use an external investigator
or inspector to conduct an investigation
if this is considered necessary to ensure
independence.
Aspo's Code of Conduct and whistle-
blower protection policy cover all material
impacts, risks and opportunities related
to business conduct. Their timeliness is
reviewed when reviewing impacts, risks
and opportunities once a year. Aspo's
Code of Conduct and whistleblower
protection policy apply to Aspo Group and
all its segments, focusing mainly on its
own operations. They do not apply to the
upstream and downstream value chains.
Aspo's whistleblower protection policy also
covers former Aspo employees. The CEO is
responsible for implementing the Code of
Conduct and the whistleblower protection
policy.
In addition to Aspo Group's policies and
whistleblowing channels, all ESL Shipping's
vessels follow a procedure in accordance
with the MLC that allows sea personnel
to lodge a complaint on any matter that
is claimed to be in breach of the MLC
requirements.
Aspo Group and its segments are
committed to the UN Global Compact, the
UN Universal Declaration of Human Rights,
and the ILO Declaration on Fundamental
Principles and Rights at Work. In addition
to Group-level principles and policies, Telko
is committed to the UN's UNCAC Principles
and the FECC's Code of Conduct principles.
The Code of Conduct is available on Aspo's
website, and the whistleblower protection
policy is available to employees on the
company's intranet. Information about the
whistleblower protection policy can be
provided for other stakeholders on request.
73
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
TABLE 38. ACTIONS RELATED TO BUSINESS CONDUCT
ASPO
LEIPURIN TELKO ESL
UPSTREAM
CROSS-CUTTING
ACTION PLAN SCOPE
OWN OPERATIONS DOWNSTREAM
GLOBAL
Material impact, risk or opportunity Actions during the reporting year (2025) Actions planned for the coming years (2026 -> )
Corporate culture
·
High employee turnover
·
Reputational damage
·
Completion of the planned online trainings (CoC mandatory for everyone, anti-corruption and
anti-bribery training mandatory for targeted groups)
·
The development of the annual review of compliance risks will continue
·
Measuring how ethical Aspo is from employees’ perspective (e.g. People Power Index)
·
Self-assessments for internal control and compliance-assessments for internal control and
compliance
·
The development of the process for discussions with leaving
employees will continue
·
Annual Code of Conduct and anti-corruption and anti-bribery
training, and other compliance trainings every other year
·
Continuous improvement of internal control based on risks and
self-assessments
Protection of
whistleblowers
·
Lack of confidentiality
·
Reputational damage
·
Whistleblowing process and communication regarding whistleblower protection and the possi-
bility to report shortcomings anonymously
·
Keeping shortcomings confidential where possible
·
The person responsible for compliance helps protect whistleblowers in various ways
·
The actions taken during the reporting year will continue from
2026
Corruption and bribery
·
Possibility of corruption
·
According to Aspo Group’s policies:
·
Mandatory training regarding compliance and anti-corruption
·
Several channels for raising concerns; all possible cases or suspicions, even minor ones, will be
investigated
·
Straightforward roles and responsibilities communicated to everyone
·
Continuous development of internal control to reduce risks
·
The actions taken during the reporting year will continue from
2026
Prevention and detection of corruption
and bribery
·
Promoting awareness of corruption risks and
preventing incidents
74
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Prevention and detection of
corruption and bribery
Aspo Group has ethical principles (Code of
Conduct) and related training for all person-
nel. In addition to Code of Conduct training,
an online training course on preventing
bribery and corruption was organized for
targeted groups in autumn 2025. The main
message is zero tolerance for any form of
corruption and bribery.
All Aspo Group employees must
complete annual Aspo Code of Conduct
e-training, which also includes anti-corrup-
tion and anti-bribery guidelines and rules.
The training also covers functions in which
individuals are at a higher risk of exposure
to bribery and corruption attempts. The
100% target applies to 2025 and is com-
pared to the base year 2021, when Code of
Conduct training was completed by 88% of
the personnel. The target was achieved in
2025. The 100% target was also reached
in 2022, 2023, and 2024. The target
covers Aspo’s own operations globally.
Depending on tasks, employees must also
complete compliance training regarding
various themes such as anti-bribery and
anti-corruption, competition law, and data
protection. The target is that everyone in
the target group for compliance training
completes it.
Some of Aspo Group’s stakeholders have
participated at a general level in the setting
of the objectives described in this section
through various workshops. External
stakeholders have not been involved in the
setting of numerical targets.
Any suspicions of corruption or bribery
must be reported to either the nearest
supervisor, the Compliance Officer or
through the whistleblowing channel. The
company will investigate all suspicions
raised. Notification receipt options ensure
that investigation is always carried out by a
party not involved in the case.
The Senior Vice President, Legal and
Sustainability reports significant suspicions
to the Audit Committee. In addition to
the Audit Committee, Aspo’s Board of
Directors discusses corruption and bribery
cases on a quarterly basis.
The company’s Code of Conduct and
anti-bribery and anti-corruption policies, as
well as related training, are communicated
to the entire personnel by email and on
the company’s intranet, where they are
available to the entire personnel.
In addition to Group-level training,
ESL Shipping is committed to fighting
corruption as a member of the Maritime
Anti-Corruption Network (MACN). ESL Ship-
ping’s vessels mainly operate in Northern
Europe, but the company is aware that
corruption remains a significant problem
in some of the countries where its vessels
operate.
Incidents of corruption or bribery
In 2025, Aspo Group did not become aware
of any suspected incidents of corruption
or bribery. A total of EUR 0 in fines was
imposed for breaches of the law. Aspo
Group’s actions to prevent corruption and
bribery are discussed under G1-3. Informa-
tion related to corruption and bribery cases
is obtained from Aspo’s systems, and no
limitations have been identified in the
measurement methodologies.
■
TABLE 39. CORRUPTION OR BRIBERY INCIDENTS DURING THE REPORTING
PERIOD
Corruption and bribery cases Number/amount
Number of convictions for violation of anti-corruption and anti-bribery laws 0
Amount of fines for violation of anti-corruption and anti-bribery laws EUR 0
75
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Appendix 1: Disclosure requirements and references
■
CROSS-CUTTING STANDARDS
Disclosure requirements
ESRS 2 General information Paragraph/report Page Further information
BP-1 General basis for preparation of sustainability statements Sustainability Statement 19
BP-2 Disclosures in relation to specific circumstances Sustainability Statement 19–20
GOV-1 The role of the administrative, management and supervisory bodies Sustainability Statement 20–22
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s administrative,
management and supervisory bodies
Sustainability Statement 21
GOV-3 Integration of sustainability-related performance in incentive schemes Sustainability Statement 21–22
GOV-4 Statement on due diligence Sustainability Statement 22
GOV-5 Risk management and internal controls over sustainability reporting Sustainability Statement/
Annual Report
22
SBM-1 Strategy, business model and value chain Sustainability Statement 22–24
SBM-2 Interests and views of stakeholders Sustainability Statement 24–25
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sustainability Statement 25–28
IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Sustainability Statement 29–31
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement Sustainability Statement 29–30, 32
MDR-P Policies adopted to manage material sustainability matters Sustainability Statement 43, 63, 73
MDR-A Actions and resources in relation to material sustainability matters Sustainability Statement 46–47, 64–67,
73–74
MDR-M Metrics in relation to material sustainability matters Sustainability Statement 19, 45, 50, 60–62,
65, 72, 75
MDR-T Tracking effectiveness of policies and actions through targets Sustainability Statement 43–46, 64–65,
73, 75
■
ENVIRONMENTAL STANDARDS
Disclosure requirements
ESRS E1 Climate change Paragraph/report Page Further information
ESRS 2, GOV-3 Integration of sustainability-related performance in incentive schemes Sustainability Statement 21–22
E1-1 Transition plan for climate change mitigation Sustainability Statement 42–43
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sustainability Statement 28–29
ESRS, IRO-1 Description of the process to identify and assess material impacts, risks and opportunities related to climate Sustainability Statement 31–32
E1-2 Policies related to climate change mitigation and adaptation Sustainability Statement 43
76
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
ESRS E1 Climate change Paragraph/report Page Further information
E1-3 Actions and resources in relation to climate change policies Sustainability Statement 46–47
E1-4 Targets related to climate change mitigation and adaptation Sustainability Statement 42–46
E1-5 Energy consumption and mix Sustainability Statement 47–50
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions Sustainability Statement 50–60
E1-7 GHG removals and GHG mitigation projects financed through carbon credits - – Not relevant for Aspo
E1-8 Internal carbon pricing - – Not relevant for Aspo
E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related
opportunities
- – Not relevant for Aspo
■
SOCIAL STANDARDS
Disclosure requirements
ESRS S1 Own workforce Paragraph/report Page Further information
ESRS 2, SBM-2 Interests and views of stakeholders Sustainability Statement 24
ESRS 2, SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model Sustainability Statement 28
S1-1 Policies related to own workforce Sustainability Statement 63 Voluntary data points not responded to
S1-2 Processes for engaging with own workforce and workers’ representatives about impacts Sustainability Statement 63–64 Voluntary data points not responded to
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns Sustainability Statement 64 Voluntary data points not responded to
S1-4 Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing
material opportunities related to own workforce, and effectiveness of those actions
Sustainability Statement 64–67 Voluntary data points not responded to
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material
risks and opportunities
Sustainability Statement 64–67 Voluntary data points not responded to
S1-6 Characteristics of the undertaking’s employees Sustainability Statement 68–70, 72 Responded to voluntary data points 52a
and b, no other voluntary data points
responded to
S1-7 Characteristics of non-employees in the undertaking’s own workforce - – Not relevant
S1-8 Collective bargaining coverage and social dialogue - – Not relevant
S1-9 Diversity metrics Sustainability Statement 71
S1-10 Adequate wages - – Not relevant
S1-11 Social protection - – Not relevant
S1-12 Persons with disabilities - – Not relevant
S1-13 Training and skills development metrics - – Not relevant
77
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
ESRS S1 Own workforce Paragraph/report Page Further information
S1-14 Health and safety metrics Sustainability Statement 71–72 Voluntary data points not responded to
S1-15 Work-life balance metrics - – Not relevant
S1-16 Remuneration metrics (pay gap and total remuneration) Sustainability Statement 72 Voluntary data points not responded to
S1-17 Incidents, complaints and severe human rights impacts Sustainability Statement 72 Voluntary data points not responded to
■
GOVERNANCE STANDARDS
Disclosure requirements
ESRS G1 Business conduct Paragraph/report Page Further information
ESRS 2, GOV-1 The role of the administrative, management and supervisory bodies Sustainability Statement 20
ESRS 2, IRO-1 Description of the process to identify and assess material impacts, risks and opportunities Sustainability Statement 32
G1-1 Business conduct policies and corporate culture Sustainability Statement 73–74
G1-2 Management of relationships with suppliers - – Not relevant
G1-3 Prevention and detection of corruption and bribery Sustainability Statement 75 Voluntary data points not responded to
G1-4 Incidents of corruption or bribery Sustainability Statement 75 Voluntary data points not responded to
G1-5 Political influence and lobbying activities - – Not relevant
G1-6 Payment practices - – Not relevant
78
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Appendix 2: Data points derived from other EU legislation
The table below presents the data points from ESRS 2 and the topic-specific ESRS standards that are derived from other European Union (EU) legislation,
as outlined in Appendix B of ESRS 2.
Disclosure requirement Data point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
European
climate law Paragraph Page
ESRS 2 GOV-1 21 (d) Board’s gender diversity X X Sustainability Statement 20
ESRS 2 GOV-1 21 (e) Percentage of board members who are independent X Sustainability Statement 20
ESRS 2 GOV-4 30 Statement on due diligence X Sustainability Statement 22
ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities X X X Sustainability Statement 22–23
ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production X X Sustainability Statement 23
ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons X X Sustainability Statement 23
ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco X Not applicable to Aspo
ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 X Not responded to
ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks X X Sustainability Statement 42
ESRS E1-4 34 GHG emissions reduction targets X X X Sustainability Statement 42–45
ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high
climate impact sectors)
X Sustainability Statement 47–49
ESRS E1-5 37 Energy consumption and mix X Sustainability Statement 47–49
ESRS E1-5 40 to 43 Energy intensity associated with activities in high climate impact sectors X Sustainability Statement 47–49
ESRS E1-6 44 Gross Scopes 1, 2, 3 and Total GHG emissions X X X Sustainability Statement 50–52,
54–59
ESRS E1-6 53 to 55 Gross GHG emissions intensity X X X Sustainability Statement 53, 56,
58, 60
ESRS E1-7 56 GHG removals and carbon credits X Not applicable to Aspo
ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks X Not relevant
ESRS E1-9 66 (a) Disaggregation of monetary amounts by acute and chronic physical risk X Not relevant
ESRS E1-9 66 (c) Location of significant assets at material physical risk X Not relevant
ESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency
classes
X Not relevant
ESRS E1-9 69 Degree of exposure of the portfolio to climate-related opportunities X Not relevant
ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation (Europe-
an Pollutant Release and Transfer Register) emitted to air, water and soil
X Not relevant
ESRS E3-1 9 Water and marine resources X Not relevant
ESRS E3-1 13 Dedicated policy X Not relevant
ESRS E3-1 14 Sustainable oceans and seas X Not relevant
79
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Disclosure requirement Data point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
European
climate law Paragraph Page
ESRS E3-4 28 (c) Total water recycled and reused X Not relevant
ESRS E3-4 29 Total water consumption in m3 per net revenue in own operations X Not relevant
ESRS 2- SBM-3 - E4 16 (a) i Activities negatively affecting biodiversity-sensitive areas X Not relevant
ESRS 2- SBM-3 - E4 16 (b) Material negative impacts regarding land degradation, desertification or soil
sealing
X Not relevant
ESRS 2- SBM-3 - E4 16 (c) Operations affecting threatened species X Not relevant
ESRS E4-2 24 (b) Sustainable land / agriculture practices or policies X Not relevant
ESRS E4-2 24 (c) Sustainable oceans / seas practices or policies X Not relevant
ESRS E4-2 24 (d) Policies to address deforestation X Not relevant
ESRS E5-5 37 (d) Non-recycled waste X Not relevant
ESRS E5-5 39 Hazardous and radioactive waste X Not relevant
ESRS 2 - SBM3 - S1 14 (f) Risk of incidents of forced labor X Sustainability Statement 28
ESRS 2 - SBM3 - S1 14 (g) Risk of incidents of child labor X Sustainability Statement 28
ESRS S1-1 20 Human rights policy commitments X Sustainability Statement 63
ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International
Labour Organization Conventions 1 to 8
X Sustainability Statement 63
ESRS S1-1 22 Processes and measures for preventing trafficking in human beings X Sustainability Statement 63
ESRS S1-1 23 Workplace accident prevention policy or management system X Sustainability Statement 63
ESRS S1-3 32 (c) Grievance/complaints handling mechanisms X Sustainability Statement 64
ESRS S1-14 88 (b) and
(c)
Number of fatalities and number and rate of work-related accidents X X Sustainability Statement 72
ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness X Not included
ESRS S1-16 97 (a) Unadjusted gender pay gap X X Sustainability Statement 72
ESRS S1-16 97 (b) Excessive CEO pay ratio X Sustainability Statement 72
ESRS S1-17 103 (a) Incidents of discrimination X Sustainability Statement 72
ESRS S1-17 104 (a) Non-respect for UNGPs on Business and Human Rights and OECD Guidelines X X Not relevant
ESRS 2 - SBM3 – S2 11 (b) Significant risk of child labor or forced labor in the value chain X Not relevant
ESRS S2-1 17 Human rights policy commitments X Not relevant
ESRS S2-1 18 Policies related to value chain workers X Not relevant
ESRS S2-1 19 Non-respect for UNGPs on Business and Human Rights principles and OECD
guidelines
X X Not relevant
ESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International
Labour Organization Conventions 1 to 8
X Not relevant
80
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Disclosure requirement Data point
SFDR
reference
Pillar 3
reference
Benchmark
regulation
reference
European
climate law Paragraph Page
ESRS S2-4 36 Human rights issues and incidents connected to its upstream and downstream
value chains
X Not relevant
ESRS S3-1 16 Human rights policy commitments X Not relevant
ESRS S3-1 17 Non-respect for UNGPs on Business and Human Rights, ILO principles or OECD
guidelines
X X Not relevant
ESRS S3-4 36 Human rights issues and incidents X Not relevant
ESRS S4-1 16 Policies related to consumers and end users X Not relevant
ESRS S4-1 17 Non-respect for UNGPs on Business and Human Rights principles and OECD
guidelines
X X Not relevant
ESRS S4-4 35 Human rights issues and incidents X Not relevant
ESRS G1-1 10 (b) United Nations Convention against Corruption X Sustainability Statement 73
ESRS G1-1 10 (d) Whistleblower protection X Not applicable to Aspo
ESRS G1-4 24 (a) Fines for violation of anti-corruption and anti-bribery laws X X Sustainability Statement 75
ESRS G1-4 24 (b) Standards of anti-corruption and anti-bribery X Sustainability Statement 75
81
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Financial Statements 2025
CONSOLIDATED FINANCIAL STATEMENTS 2025 83
Consolidated Statement of Comprehensive Income 83
Consolidated Balance Sheet 84
Consolidated Cash Flow Statement 85
Consolidated Statement of Changes in Equity 86
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS 87
1 Aspo develops businesses responsibly
in the long term 87
1.1 Group structure 89
1.2 Acquisitions and divestments 91
1.3 Discontinued operation 94
2 Capital structure 96
2.1 Financial assets and liabilities 97
2.2 Cash and cash equivalents 98
2.3 Loans 99
2.4 Maturity 100
2.5 Leases 101
2.6 Equity 104
2.7 Earnings per share and dividend distribution 106
3 Business operations and profitability 107
3.1 Net sales 109
3.2 Other operating income 111
3.3 Associated companies 112
3.4 Materials and services 113
3.5 Other operating expenses 113
3.6 Employee benefit expenses and
number of employees 114
3.7 Depreciation, amortization and
impairment losses 115
3.8 Financial income and expenses 116
3.9 Income taxes 117
4 Invested capital 118
4.1 Tangible assets 120
4.2 Intangible assets 123
4.3 Goodwill 125
4.4 Inventories 127
4.5 Accounts receivable and other receivables 128
4.6 Accounts payable and other liabilities 129
4.7 Provisions 130
4.8 Deferred taxes 131
5 Other notes 133
5.1 Financial risks and the management
of financial risks 133
5.2 Derivative contracts 137
5.3 Related parties and management compensation 139
5.4 Share-based payments 140
5.5 Contingent assets and liabilities,
and other commitments 143
5.6 Events after the financial year 144
5.7 Changes in IFRS standards 144
PARENT COMPANY’S FINANCIAL STATEMENTS 146
Parent company’s income statement 146
Parent company’s balance sheet 147
Parent company’s cash flow statement 148
Notes to the parent company’s financial statements 149
Signatures on the financial statements, Board
of Directors’ report and sustainability statement 158
Auditor’s report 159
Assurance report on the sustainability
statement 163
82
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
KONSERNITILINPÄÄTÖS, IFRS
Consolidated Statement of Comprehensive Income
Consolidated financial statements 2025
1,000 | EUR | Note | Jan 1–Dec 31, 2025 | Jan 1–Dec 31, 2024 | 1,000 | EUR | Note | Jan 1–Dec 31, 2025 | Jan 1–Dec 31, 2024 |
| Continuing operations | Other comprehensive income | ||||||||
Net sales | 3.1 | Items that may be reclassified to profit or loss | |||||||
Other operating income | 3.2 | in subsequent periods: | |||||||
Share of profits accounted for using the equity method | 3.3 | Translation differences | - | ||||||
Materials and services | 3.4 | - | - | Cash flow hedges | 5.2 | - | |||
Employee benefit expenses | 3.6 | - | - | Other comprehensive income for the period, | net of taxes | - | |||
Depreciation, amortization and impairment losses | 3.7 | - | - | Total comprehensive income | |||||
Depreciation and amortization, leased assets | 3.7 | - | - | ||||||
Other operating expenses | 3.5 | - | - | Profit for the period attributable to | |||||
Operating profit | Parent company shareholders | ||||||||
Non-controlling interest | |||||||||
Financial income | 3.8 | ||||||||
Financial expenses | 3.8 | - | - | ||||||
Financial income and expenses | - | - | Total comprehensive income attributable to | ||||||
Parent company shareholders | |||||||||
Profit before taxes | Non-controlling interest | ||||||||
Income taxes | 3.9 | - | - | ||||||
Profit from continuing operations | Earnings per share attributable to parent | ||||||||
| company shareholders, EUR | |||||||||
Profit from discontinued operation | 1.3 | Basic earnings per share | |||||||
Profit for the period | Continuing operations | 2.7 | |||||||
Discontinued operation | 2.7 | ||||||||
Total | |||||||||
| Diluted earnings per share | |||||||||
Continuing operations | 2.7 | ||||||||
Discontinued operation | 2.7 | ||||||||
Total | |||||||||
83
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Consolidated Balance Sheet
KONSERNITILINPÄÄTÖS, IFRS
| 84 | |||||||||
| ASSETS | EQUITY AND LIABILITIES | ||||||||
1,000 | EUR | Note | Dec 31, 2025 | Dec 31, 2024 | 1,000 | EUR | Note | Dec 31, 2025 | Dec 31, 2024 |
| Non-current assets | Equity attributable to parent company shareholders | ||||||||
Goodwill | 4.3 | Share capital | 2.6 | ||||||
Other intangible assets | 4.2 | Share premium reserve | 2.6 | ||||||
Tangible assets | 4.1 | Other reserves | |||||||
Leased assets | 2.5 | Hybrid bond | 2.6 | ||||||
Investments accounted for using the equity method | 3.3 | Translation differences | - | - | |||||
Other financial assets | Retained earnings | ||||||||
Deferred tax assets | 4.8 | Total equity attributable to owners of the parent company | |||||||
Total non-current assets | Equity attributable to the non-controlling interest | ||||||||
Total equity | |||||||||
| Current assets | |||||||||
Inventories | 4.4 | Non-current liabilities | |||||||
Accounts receivable and other receivables | 4.5 | Deferred tax liabilities | 4.8 | ||||||
Current tax assets | Provisions | 4.7 | |||||||
Cash and cash equivalents | 2.2 | Loans and overdraft facilities | 2.3 | ||||||
Lease liabilities | 2.5 | ||||||||
Assets held for sale | 1.3 | Other liabilities | 4.6 | ||||||
Total current assets | Total non-current liabilities | ||||||||
Total assets | |||||||||
| Current liabilities | |||||||||
Provisions | 4.7 | ||||||||
Loans and overdraft facilities | 2.3 | ||||||||
Lease liabilities | 2.5 | ||||||||
Accounts payable and other liabilities | 4.6 | ||||||||
Current tax liabilities | |||||||||
| Liabilities directly associated with assets classified | |||||||||
as held for sale | 1.3 | ||||||||
Total current liabilities | |||||||||
Total liabilities | |||||||||
Total equity and liabilities | |||||||||
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Consolidated Cash Flow Statement
| 85 | |||||||||||
1,000 EUR | Note | Jan 1–Dec 31, 2025 | Jan 1–Dec 31, 2024 | 1,000 | EUR | Note | Jan 1–Dec 31, 2025 | Jan 1–Dec 31, 2024 | |||
| Cash flows from/used in operating activities | Cash flows from/used in operating activities | Cash flows from/used in investing activities | |||||||||
Operating profit from continuing operations 32,796 | Operating profit from continuing operations | Investments in tangible and intangible assets | 4 | - | - | ||||||
| Operating profit from discontinued operation 1.3 6,017 4,356 | Operating profit from discontinued operation | 1.3 | Proceeds from sale of Supramax vessels | ||||||||
Operating profit total | Operating profit total 38,813 18,556 | Proceeds from sale of tangible assets and other | |||||||||
| Adjustments to operating profit: | Adjustments to operating profit: | non-current assets | |||||||||
| Depreciation, amortization and impairment losses 27,347 38,957 | Depreciation, amortization and impairment losses | Swed Handling acquisition, net of cash | - | ||||||||
| Gains on sale of tangible assets and other | Gains on sale of tangible assets and other | Other acquisitions, net of cash | - | - | |||||||
non-current assets | non-current assets -10,871 | - | - | Green Handy forward contracts | - | ||||||
| Losses on sale / deconsolidation of business | Losses on sale / deconsolidation of business | Dividends received | |||||||||
operations | Investing cash flow | - | - | ||||||||
Expensed inventory fair value adjustment of acquired businesses | acquired businesses 17 | Expensed inventory fair value adjustment of | |||||||||
| Share of profits accounted for using the equity | Cash flows from/used in financing activities | ||||||||||
method | 3.3 | - | - | Proceeds from loans | |||||||
Share-based incentive plan | Repayments of loans | - | - | ||||||||
Green Coaster sales gain adjustment | Proceeds from issuance of commercial | ||||||||||
Increase (+) / decrease (-) in provisions | - | papers (+) / repayment (-) | - | ||||||||
Unrealized foreign exchange gains and losses on operating activities | Purchase of own shares | - | |||||||||
Payment of lease liabilities | - | - | |||||||||
| Change in working capital: | Hybrid bond repayment | 2.6 | - | ||||||||
Increase (-) / decrease (+) in inventories | - | Hybrid bond, interest paid | 2.6 | - | - | ||||||
| Increase (-) / decrease (+) in inventories Green | Proceeds from sale of minority interest in ESL Shipping | ||||||||||
Coasters and Green Handies | - | Dividend paid to the non-controlling owners | - | - | |||||||
| Increase (-) / decrease (+) in accounts receivable | Dividends paid | - | - | ||||||||
and other receivables | Financing cash flow | - | |||||||||
Increase (+) / decrease (-) in accounts payable and other liabilities | - | - | |||||||||
Green Handy forward contracts | - | Change in cash and cash equivalents | |||||||||
Interest paid | - | - | Cash and cash equivalents Jan. 1 | ||||||||
Interest received | Translation differences | - | - | ||||||||
Income taxes paid | - | - | Cash and cash equivalents at year-end | ||||||||
Operating cash flow | Cash and cash equivalents of the discontinued | ||||||||||
operation classified as held for sale | - | ||||||||||
Cash and cash equivalents, Group total |
1,000 EUR Note Jan 1–Dec 31, 2025 Jan 1–Dec 31, 2024
operations 0 94
Share of profits accounted for using the equity
method 3.3 -264 -442
Share-based incentive plan 289 571
Green Coaster sales gain adjustment 207 0
Increase (+) / decrease (-) in provisions 253 -93
Unrealized foreign exchange gains and losses on
operating activities 187 120
Change in working capital:
Increase (-) / decrease (+) in inventories 2,629 -11,737
Increase (-) / decrease (+) in inventories Green
Coasters and Green Handies 3,760 -2,755
Increase (-) / decrease (+) in accounts receivable
and other receivables 4,139 6,086
Increase (+) / decrease (-) in accounts payable and
other liabilities -768 -3,623
Green Handy forward contracts -1,783 0
Interest paid -11,507 -11,327
Interest received 1,043 1,754
Income taxes paid -4,620 -4,908
Operating cash flow 48,873 32,350
1,000 EUR Note Jan 1–Dec 31, 2025 Jan 1–Dec 31, 2024
Cash flows from/used in investing activities
Investments in tangible and intangible assets 4 -34,312 -49,674
Proceeds from sale of Supramax vessels 0 33,546
Proceeds from sale of tangible assets and other
non-current assets 19,005 3,265
Swed Handling acquisition, net of cash 0 -39,224
Other acquisitions, net of cash -1,748 -17,266
Green Handy forward contracts -5,348 0
Dividends received 45 864
Investing cash flow -22,358 -68,489
Cash flows from/used in financing activities
Proceeds from loans 45,550 95,115
Repayments of loans -7,105 -74,728
Proceeds from issuance of commercial
papers (+) / repayment (-) -5,000 5,000
Purchase of own shares -688 0
Payment of lease liabilities -10,832 -14,916
Hybrid bond repayment 2.6 -30,000 0
Hybrid bond, interest paid 2.6 -2,625 -2,625
Proceeds from sale of minority interest in ESL Shipping 0 45,000
Dividend paid to the non-controlling owners -2,143 -2,786
Dividends paid -5,968 -7,547
Financing cash flow -18,811 42,512
Change in cash and cash equivalents 7,703 6,373
Cash and cash equivalents Jan. 1 36,393 30,683
Translation differences -119 -663
Cash and cash equivalents at year-end 43,978 36,393
Cash and cash equivalents of the discontinued
operation classified as held for sale -6,314
Cash and cash equivalents, Group total 50,291 36,393
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Consolidated Statement of Changes in Equity
| Total equity attributable to owners of the parent company | ||||||||||||
| Share | Non- | |||||||||||
| premium | Other | Translation | Retained | controlling | ||||||||
1,000 | EUR | Note | Share capital | reserve | reserves | Hybrid bond | differences | earnings | Total | interest | Total equity | |
Equity January 1, 2025 | - | |||||||||||
| Comprehensive income | ||||||||||||
Profit for the period | ||||||||||||
| Other comprehensive income | ||||||||||||
Cash flow hedges | - | - | - | - | ||||||||
Translation differences | ||||||||||||
Total comprehensive income | - | |||||||||||
| Transactions with owners | ||||||||||||
Dividend distribution | - | - | - | - | ||||||||
Change in non-controlling interest | 2.6 | - | ||||||||||
Hybrid bond redemption | 2.6 | - | - | - | ||||||||
Hybrid bond interest | 2.6 | - | - | - | ||||||||
Purchase of own shares | 2.6 | - | - | - | ||||||||
Share-based incentive plan | ||||||||||||
Total transactions with owners | - | - | - | - | - | |||||||
Equity December 31, 2025 | - | |||||||||||
Equity January 1, 2024 | - | |||||||||||
| Comprehensive income | ||||||||||||
Profit for the period | ||||||||||||
| Other comprehensive income | ||||||||||||
Cash flow hedges | ||||||||||||
Translation differences | - | - | - | |||||||||
Total comprehensive income | - | |||||||||||
| Transactions with owners | ||||||||||||
Dividend distribution | - | - | - | - | ||||||||
Sale of non-controlling interest | 2.6 | |||||||||||
Change in non-controlling interest | 2.6 | - | ||||||||||
Hybrid bond interest | 2.6 | - | - | - | ||||||||
Share-based incentive plan | ||||||||||||
Total transactions with owners | ||||||||||||
Equity December 31, 2024 | - | |||||||||||
86
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Notes to the consolidated financial statements
KONSERNITILINPÄÄTÖKSEN LIITETIEDOT
STRUCTURE OF THE FINANCIAL STATEMENTS
Aspo’s consolidated financial statements are divided into five sections. This section (Aspo
develops its businesses responsibly in the long term) provides information about Aspo, its
tasks and purpose, as well as the Group structure, including acquisitions and divestments.
This section also describes the accounting principles of the financial statements and sum-
marizes the changes in them during 2025. The accounting principles as well as the account-
ing estimates and management’s judgement are presented as part of the note in which the
financial statements item in question is discussed. The financial statements have been divided
into subject areas and arranged so that they first address the most significant ownership and
financing topics for the Aspo Group, and then present the business operations and special
features of the owned businesses.
INFORMATION ON THE COMPANY AND ON THE FINANCIAL STATEMENTS
The Group’s parent company is Aspo Plc and its Business ID is 1547798-7 . Aspo Plc is a
Finnish public Corporation , and its shares are listed on Nasdaq Helsinki Ltd. The parent com-
pany is domiciled in Espoo, and its registered address is Keilaranta 17C, 02150 Espoo, Fin-
In its meeting on March 18, 2026, Aspo Plc ’s 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.
1
ASPO DEVELOPS ITS BUSINESSES RESPONSIBLY IN THE LONG TERM
87
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
KONSERNITILINPÄÄTÖKSEN LIITETIEDOT
88
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
1.1 Group structure
Aspo’s businesses – ESL Shipping, Telko and Leipurin – 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
ping’s 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.
■
GROUP COMPANIES
89
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
90
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
1.2 Acquisitions and divestments
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’s 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
■
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 |
91
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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’s 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 – 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’s 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’s 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’s 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 0–3.5 million. The contingent consideration liability decreased by
EUR 0.1 million in 2025, and was recognized as financial income.
92
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
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’s 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’s 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.
93
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
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 |
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 |
94
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
95
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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’s 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’s 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.
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’s debt repayment and dividend distribution abilities, as well as liquidity.
■
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’s 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’s acquisitions
in previous years, as well as Leipurin’s acquisition in Lithuania in the first quarter of 2025.
Aspo’s 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’s dividend policy, the vessel
investments of ESL Shipping and the profitability of the subsidiaries’ business operations.
The principles of capital management are explained in note 5.1 Financial risks and financial risk
management.
2
CAPITAL STRUCTURE
96
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
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 |
97
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
facilities were fully unused, as in the comparative period. The revolving credit
facilities are maturing in 2027.
2.2 Cash and cash equivalents
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
99
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
MATURITY ANALYSIS
2025
| Carrying value | Cash flow | ||||||
1,000 | EUR | Dec 31, 2025 | 2026 | 2027 | 2028 | 2029 | 2030– |
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– |
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’s 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’s 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’s 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
2027–2030 as in 2026.
AtoBatC Shipping AB’s 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.
100
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
2.5 Leases
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:
■
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 |
■
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.
101
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
The consolidated statement of comprehensive income shows the following amounts relating
to leases:
■
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.
102
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
103
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
| Share premium | |||||
| Number of | Share capital | reserve | |||
| shares | 1,000 | EUR | 1,000 | EUR | |
| Dec 31, 2025 | 31,419,779 | 17,692 | 4,351 | ||
| 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 | |
104
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
105
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
2.7 Earnings per share and dividend distribution
DIVIDEND DISTRIBUTION
Aspo’s 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.
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.
106
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
ESL SHIPPING
TELKO
3
BUSINESS OPERATIONS AND PROFITABILITY
107
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
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 |
108
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
3.1 Net sales
■
TELKO’S 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’s 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’s 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’s sea transportation and related services amounting to EUR
159.3 (180.9) million.
Aspo’s revenue consists mainly of the following income flows:
• ESL Shipping: Sales of sea freight services mainly to the industry and the energy sector
• 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’s 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).
■
ESL SHIPPING’S 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’s 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.
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
INFORMATION RELATED TO GEOGRAPHICAL REGIONS
Aspo’s 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.
■
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 |
110
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
3.2 Other operating income
111
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
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 |
Company | Domicile | Holding % |
Auriga KG | DE | 49.00 |
Norma KG | DE | 49.00 |
CrossChem Sweden AB | SE | 50.00 |
3.3 Associated companies
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82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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.
3.4 Materials and services
■
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 |
■
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’s 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’s strategic projects EUR 0.4 million and to the limited assurance of
the sustainability statement EUR 0.1 (0.1) million.
3.5 Other operating expenses
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
3.6 Employee benefit expenses and number of employees
■
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 |
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.
■
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 |
■
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 |
■
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 |
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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
■
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’s 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.
■
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 |
115
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76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
3.8 Financial income and expenses
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76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
RECONCILIATION OF THE TAX EXPENSE IN THE STATEMENT OF
COMPREHENSIVE INCOME AND TAXES CALCULATED BY USING
THE PARENT COMPANY’S 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.’s and AtoBatC Shipping AB’s taxation is based on
the tonnage taxation regime. The inclusion within the scope of tonnage taxation significantly
reduces the Group’s effective tax rate.
Aspo Group’s effective tax rate was 8% (29%). The effective tax rate for the reporting
period decreased particularly as a result of ESL Shipping’s 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.
■
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 |
3.9 Income taxes
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
INVESTED CAPITAL
1,000 | EUR | Note | 2025 | 2024 |
Goodwill | 4.3 | 46,485 | 66,983 | |
Other intangible assets | 4.2 | 31,236 | 38,952 | |
Tangible assets | 4.1 | 187,073 | 174,407 | |
Leased assets | 2.5 | 12,796 | 18,963 | |
Investments accounted for using the equity method | 3.3 | 2,143 | 1,921 | |
Other financial assets | 126 | 159 | ||
Net working capital | 75,772 | 102,280 | ||
Invested capital of discontinued operation | 53,387 | |||
Total | 409,017 | 403,666 |
Invested capital describes where equity and interest-bearing liabilities are committed to, which
is why it provides interesting information and is representative of Aspo’s operations. The
most significant component of invested capital is the vessels owned and leased by ESL Ship-
ping, totaling EUR (142.8 (122.1) million. Goodwill and other intangible assets account for
EUR 77.7 (105.9) million of invested capital. Goodwill and other intangible assets, such as
customer relationships and brands are generated on Aspo’s balance sheet, when it develops
the Group structure through acquisitions according to its strategy.
Net working capital makes up EUR 75.8 (102.3) million of invested capital. Working capital,
as defined by Aspo, includes inventories, accounts receivable, accounts payable and advances
received. Aspo emphasizes the efficiency of working capital and aims to permanently decrease
its working capital.
4
INVESTED CAPITAL
■
WORKING CAPITAL
1,000 | EUR | Note | 2025 | 2024 |
Inventories | 4.4 | 47,438 | 66,366 | |
Green Coaster and Green Handy advance payments | 4.4 | 14,057 | 17,818 | |
Accounts receivable | 4.5 | 46,965 | 62,742 | |
Accounts payable | 4.6 | -32,233 | -44,121 | |
Advances received | 4.6 | -456 | -524 | |
Net working capital | 75,772 | 102,280 |
■
NON-CURRENT ASSETS BY MARKET AREA
1,000 | EUR | 2025 | 2024 |
Finland | 151,605 | 186,119 | |
Scandinavia | 126,483 | 113,363 | |
Baltic countries | 156 | 254 | |
Other European countries | 1,551 | 1,520 | |
Other countries | 65 | 130 | |
Total | 279,859 | 301,386 |
The non-current assets include all other assets except for deferred tax assets. Assets of geo-
graphical regions are presented as based on the location of the assets.
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82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
INVESTMENTS BY SEGMENT
1,000 | EUR | 2025 | 2024 |
ESL Shipping | 31,920 | 47,339 | |
Telko | 2,785 | 1,882 | |
Other operations | 17 | 325 | |
Continuing operations, total | 34,722 | 49,546 | |
Discontinued operation | 497 | 128 | |
Total | 35,219 | 49,674 |
Investments consist of additions in tangible assets and intangible assets that will be used
during more than one financial year, excluding additions through acquisitions. The investments
of EUR 35.2 (49.7) million mainly consisted of ESL Shipping segment’s investments in Green
Coaster vessels. Additions of leased assets are disclosed in note 2.5 Leases.
119
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76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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’s tangible assets were classified as held for sale, as the entire Leipurin segment was classified as a
discontinued operation.
4.1 Tangible assets
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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.
121
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
122
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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’s 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.
4.2 Intangible assets
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76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
INTANGIBLE ASSETS
| 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.
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76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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’s 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’s cash-generating units on the operating segment level.
Goodwill is allocated to the cash-generating units as follows:
■
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’s goodwill. The carrying
amount of Leipurin’s goodwill is supported by Lantmännen’s 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.
4.3 Goodwill
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17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
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’s 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’s total net sales are taken into account in the WACC calculation. India and
Romania have therefore not been taken into account in Telko’s WACC calculation. For Telko,
the peer group’s 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’s beta.
■
POST-TAX WACC BY CASH GENERATING UNIT
2025 | 2024 | |
ESL Shipping | 8.86% | 7.69% |
Telko | 10.92% | 10.92% |
Leipurin | 7.90% |
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.
126
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
1,000 | EUR | 2025 | 2024 |
ESL Shipping | 16,762 | 21,413 | |
Telko | 44,734 | 48,117 | |
Leipurin | 14,653 | ||
Total | 61,496 | 84,183 |
127
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
4.5 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 |
| Accounts | Allowance for | Carrying | ||
1,000 | EUR | receivable | credit losses | amount |
Not matured | 42,298 | -29 | 42,269 | |
Matured 1–30 days ago | 3,806 | -13 | 3,793 | |
Matured 31–60 days ago | 207 | -2 | 205 | |
Matured 61–90 days ago | 52 | 0 | 52 | |
Matured 91–180 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 1–30 days ago | 6,343 | -29 | 6,315 | |
Matured 31–60 days ago | 414 | -38 | 376 | |
Matured 61–90 days ago | 271 | -2 | 269 | |
Matured 91–180 days ago | 115 | -45 | 70 | |
Matured more than 181 days ago | 875 | -875 | 0 | |
Total | 63,768 | -1,027 | 62,742 |
128
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
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 |
4.6 Accounts payable and other liabilities
129
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
■
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
130
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
■
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’ 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.
131
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
■
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 ON LEASE AGREEMENTS
1,000 | EUR | 2025 | 2024 |
Leased assets | 2,082 | 2,332 | |
Lease liabilities | 2,227 | 2,469 | |
Total | 145 | 137 |
132
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
5.1 Financial risks and the management of financial risks
5
OTHER NOTES
133
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
1,000 | EUR | 2025 | 2024 |
EUR | 235,067 | 201,331 | |
SEK | 3,339 | 3,412 | |
Total | 238,406 | 204,743 |
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 |
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 |
134
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
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 |
| 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 |
135
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
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 |
136
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
5.2 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 |
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 |
137
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
138
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
5.3 Related parties and 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 |
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 |
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 | |
Pöyry Salla** | 17 | ||
Ståhlberg 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 |
139
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
5.4 Share-based payments
■
SHARE-BASED PAYMENT EXPENSES RECOGNIZED
1,000 € | 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 2023–2025 and 2024–2026
have been terminated and that a new long-term share-based incentive plan 2025–2027 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 2025–2027
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’s shareholders and key employees to increase the company’s value in the long term, to
commit key employees to implementing the company’s strategy, objectives and long-term
interest, and to offer them a competitive incentive plan based on earning and accumulating
the company’s shares.
The Performance Share Plan 2025–2027 consists of one performance period, covering
the 2025–2027 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’s share and the company’s 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’s 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’s 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 2024–2026
On February 15, 2024, Aspo Plc’s Board of Directors approved a new share-based incentive
plan for the Group key employees by establishing a new performance share plan 2024–2026.
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´s shares.
Rewards earned from each of the three performance periods of the performance share
plan will be based on the Group’s 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´s 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´s 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´s
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 2024–2026 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.
140
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Share-based incentive plan 2023–2025
On February 15, 2023, Aspo Plc’s Board of Directors decided to establish a key employee
incentive plan for 2023–2025. The share-based incentive plan consists of three earnings peri-
ods, with the earned reward being based on the Group’s 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´s 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’ 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 2022–2024
On February 16, 2022, Aspo Plc’s Board of Directors decided to establish a key employee
incentive plan for 2022–2024. The share-based incentive plan consists of three earnings peri-
ods, with the earned reward being based on the Group’s 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’s 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’ 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’ Meeting held on April 4,
2023.
For the 2024 earnings period, the targets were met at 20% overall.
Share-based incentive plan 2020
In June 2022, Aspo’s Board of Directors granted 20,000 Aspo shares to Aspo’s CEO Rolf
Jansson based on the share-based incentive plan for 2020 and the conditions of the CEO’s
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’s Board of Directors granted 10,000 Aspo shares to Aspo’s 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.
141
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
| 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 2022–2024 | 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 2023–2025 | 15.2.2023 | 6.6.2023 | 26.3.2024 | 6,416 | 6.95 | 6.08 |
Share-based incentive plan 2024–2026 | 15.2.2024 | 28.3.2024 | 6.08 | |||
Share-based incentive plan 2025–2027 | 16.2.2025 | 28.3.2025 | 5.02 | |||
Share-based incentive plan 2025 | 16.2.2025 | 16.2.2025 | 5.02 |
142
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
5.5 Contingent assets and liabilities, 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 |
143
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
5.7 Changes in IFRS standards
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.
• Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates – 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:
• 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.
5.6 Events after the financial year
144
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
• Annual improvements to IFRS Accounting Standards - Volume 11. The management of the
145
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Parent company’s income statement
Parent company’s financial statements
EUR Note Jan 1–Dec 31, 2025 Jan 1–Dec 31, 2024
Net sales 1.1 1,694,702.04 704,516.00
Other operating income 1.2 514,461.45 1,177,109.75
Employee benefit expenses 1.3 -3,070,470.31 -2,454,756.70
Depreciation and amortization 1.4 -83,683.80 -33,063.27
Other operating expenses 1.5 -6,342,724.93 -4,196,435.79
Operating loss -7,287,715.55 -4,802,630.01
Financial income and expenses 1.6 18,294,320.96 19,067,070.80
Profit before appropriations and taxes 11,006,605.41 14,264,440.79
Appropriations 1.7 5,080,000.00 3,859,000.00
Profit for the period 16,086,605.41 18,123,440.79
146
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Parent company’s balance sheet
ASSETS
EUR Note Dec 31, 2025 Dec 31, 2024
Non-current assets
Intangible assets 2.1 297,319.87 364,395.27
Tangible assets 2.1 520.00 520.00
Investments 2.2 80,857,935.53 111,687,198.44
Total non-current assets 81,155,775.40 112,052,113.71
Current assets
Receivables from Group companies, non-current 2.3 80,393,257.28 102,001,725.31
Receivables from Group companies, current 2.3 21,277,861.64 5,727,458.01
Other current receivables 2.3 614,059.62 534,105.50
Cash and cash equivalents 29,355,351.48 20,267,049.40
Total current assets 131,640,530.02 128,530,338.22
Total assets 212,796,305.42 240,582,451.93
EQUITY AND LIABILITIES
EUR Note Dec 31, 2025 Dec 31, 2024
Equity
Share capital 2.4 17,691,729.57 17,691,729.57
Share premium reserve 2.4 4,351,173.64 4,351,173.64
Invested unrestricted equity reserve 2.4 20,443,410.45 21,131,584.71
Retained earnings 2.4 13,895,360.38 1,741,246.68
Profit for the period 16,086,605.41 18,123,440.79
Total equity 72,468,279.45 63,039,175.39
Provisions 2.5 46,000.00 41,205.60
Liabilities
Non-current liabilities
Bonds 2.6 15,000,000.00
Hybrid bond 2.6 30,000,000.00
Loans from financial institutions 2.6 80,000,000.00 110,000,000.00
Loans from Group companies 2.6 868,000.00 873,000.00
Total non-current liabilities 95,868,000.00 140,873,000.00
Current liabilities
Liabilities to Group companies 2.7 12,013,504.20 28,151,481.22
Commercial papers 2.7 5,000,000.00
Loans from financial institutions 2.7 30,000,000.00
Accounts payable 2.7 136,389.69
Other liabilities 2.7 117,621.10 67,161.41
Deferred liabilities 2.7 2,282,900.67 3,274,038.62
Total current liabilities 44,414,025.97 36,629,070.94
Total liabilities 140,282,025.97 177,502,070.94
Total equity and liabilities 212,796,305.42 240,582,451.93
147
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Parent company’s cash flow statement
EUR Jan 1–Dec 31, 2025 Jan 1–Dec 31, 2024
Cash flows from/used in operating activities
Operating loss -7,287,715.55 -4,802,630.01
Adjustments to operating loss 997,609.77 -469,770.63
Change in working capital 171,301.77 370,360.22
Interest paid -9,013,789.03 -10,078,724.10
Interest received 7,157,771.36 5,964,257.24
Dividends received 18,857,302.60 28,814,346.58
Net cash from operating activities 10,882,480.92 19,797,839.30
Cash flows from/used in investing activities
Investments in tangible and intangible assets -16,608.40 -324,880.13
Proceeds from sale of property, plant and equipment
and other intangible assets 3,014.61 540,186.28
Proceeds from sale of investments 180,290.02
Loans granted -17,310,694.20 -72,284,708.54
Capital repayment from a subsidiary 29,141,702.30
Proceeds from loans 38,919,162.23 44,482,164.39
Net cash used in investing activities 50,736,576.54 -27,406,947.98
EUR Jan 1–Dec 31, 2025 Jan 1–Dec 31, 2024
Cash flows from/used in financing activities
Proceeds from non-current loans from Group companies 875,000.00
Repayment of non-current loans from Group companies -5,000.00 -2,000.00
Proceeds from non-current loans 70,000,000.00
Repayment of non-current loans -42,500,000.00
Change in current receivables from Group companies -14,338,683.83 -1,453,470.33
Change in current liabilities to Group companies -16,135,823.00 3,151,963.05
Proceeds from current loans
Repayment of a bond loan -15,000,000.00
Proceeds from issuance of a bond loan 15,000,000.00
Proceeds from issuance of commercial papers 5,000,000.00
Repayment of commercial papers -5,000,000.00
Repayment of Hybrid bond -30,000,000.00
Group contributions received 3,859,000.00 1,550,000.00
Dividends paid -5,977,477.32 -7,546,951.42
Purchase of own shares -688,174.26
Proceeds from sale of treasury shares 51,031.73
Net cash used in financing activities -53,286,158.41 14,125,573.03
Change in cash and cash equivalents 8,332,899.05 6,516,464.35
Cash and cash equivalents Jan 1 20,267,049.40 13,750,585.05
Cash and cash equivalents transferred in merger 755,403.03
Cash and cash equivalents at year-end 29,355,351.48 20,267,049.40
148
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Notes to the parent company’s financial statements
ACCOUNTING PRINCIPLES
Basis of accounting
Aspo Plc’s financial statements have
been compiled in accordance with Finnish
Accounting Standards (FAS). The account-
ing principles have not changed from the
previous year. Aspo Plc is the parent com-
pany of Aspo Group. All figures in the finan-
cial statements are presented in full val-
ues. When appropriate, the financial state-
ments of Aspo Plc comply with the Group’s
accounting principles based on IFRS. Below
are described those accounting principles in
which the financial statements of Aspo Plc
differ from the accounting principles of the
Group. The accounting principles for the con-
solidated financial statements are presented
in the notes to the consolidated financial
statements. When compiling the financial
statements, the management of the com-
pany must, in accordance with valid regula-
tions and good accounting practice, make
estimates and assumptions that affect the
recognition and measurement of financial
statement items. The outcome may differ
from the estimates.
Investments
Subsidiary shares and other shares and par-
ticipations, included in non-current invest-
ments, are measured at the lower of the
acquisition cost or the fair value.
Leasing
Lease payments are recognized as rent
expenses during the lease period and
included in other operating expenses.
Provisions
Provisions include items that are either
based on contracts or otherwise binding obli-
gations but have not yet realized. Changes
in provisions are recognized in the income
statement.
Share-based payments
In the parent company’s financial state-
ments, share-based payment expenses
are recognized as expenses for the finan-
cial year, during which the obligation to pay
remunerations is generated. Share-based
payment expenses are recognized as provi-
sions if the shares have not been transferred
yet. The right to tax deductibility is estab-
lished when the shares are transferred. The
reward is settled partly in shares of the com-
pany and partly in cash, with cash being paid
to fulfil the withholding tax obligation. The
settlement of the reward in the company’s
own shares does not give rise to an account-
ing transaction.
Income taxes
The income taxes in the income statement
include taxes calculated on profit for the
period based on Finnish tax legislation and
considering losses carried forward, as well
as adjustment of taxes from previous finan-
cial years. No deferred tax asset has been
recognized on Aspo Plc's losses carried for-
ward of EUR 46.1 (42.1) million. The unrec-
ognized deferred tax asset is EUR 9.2 (8.4)
million.
Hybrid bond
The hybrid bond is presented in the parent
company’s balance sheet as liabilities and
the related interest is presented as financial
expenses in the income statement.
Cash pool arrangement
The Group has a cash pool arrangement, to
facilitate efficient liquid asset management
between the parent and its subsidiaries. The
cash pool balances of the subsidiaries are
presented in the parent company’s balance
sheet as either cash pool receivables or lia-
bilities.
Measurement of financial instruments
Fair value measurement compliant with
Chapter 5, section 2a of the Accounting Act
is applied to the accounting treatment of
financial derivatives, and changes in their fair
value are entered in the income statement.
Financial derivatives are measured at the
market prices at the balance sheet date.
149
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
1.3 Information about personnel and management
■
EMPLOYEE BENEFIT EXPENSES
EUR 2025 2024
Wages and salaries -2,496,929.95 -2,042,005.46
Share-based payments -124,492.81 -17,650.24
Profit bonus paid to the personnel fund -27,470.82 -14,020.04
Pension expenses -391,074.69 -376,731.55
Other social security expenses -30,502.04 -4,349.41
Total -3,070,470.31 -2,454,756.70
■
MANAGEMENT COMPENSATION
EUR 2025 2024
CEO, salaries 472,740.00 467,696.52
CEO, share-based payments 51,004.80 52,321.54
CEO, bonuses 104,568.75 87,117.64
Members of the Board of Directors, remunerations 344,400.00 346,714.28
Total 972,713.55 953,849.98
The CEO is entitled to a statutory pension, and the retirement age is determined according to
the statutory earnings-related pension scheme.
■
AVERAGE NUMBER OF PERSONNEL DURING THE FINANCIAL YEAR
2025 2024
Office staff 16 11
1.1 Net sales
1.2 Other operating income
■
NET SALES
EUR 2025 2024
Net sales 1,694,702.04 704,516.00
Distribution of net sales by market area %
Finland 100 100
■
OTHER OPERATING INCOME
EUR 2025 2024
Gain on sale of tangible assets 3,014.61 651,773.51
Other operating income Group companies 86,166.58
Rental income from Group companies 425,280.26 367,864.10
Other operating income 157,472.14
Total 514,461.45 1,177,109.75
150
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
OTHER OPERATING EXPENSES
EUR 2025 2024
Rents -556,160.12 -497,493.00
Administration and consultancy services -3,874,665.03 -3,247,225.08
Other expenses -1,911,899.78 -451,717.71
Total -6,342,724.93 -4,196,435.79
■
AUDITOR’S FEES
EUR 2025 2024
Audit fees 84,963.00 84,250.00
Other services 450,000.00 72,000.00
Total 534,963.00 156,250.00
The authorized public accountant firm Deloitte Oy is the company’s auditor. Deloitte’s fees for
other services in 2025 related to Aspo’s strategic projects EUR 0.4 million and to the limited
assurance of the sustainability statement EUR 0.1 (0.1) million.
1.5 Other operating expenses
■
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES
EUR 2025 2024
Amortization, other long-term expenditure -18,707.76 -14,030.46
Amortization, other long-term expenditure, IT-Software -64,976.04
Impairment losses on tangible assets -18,391.71
Depreciation, machinery and equipment -641.10
Total -83,683.80 -33,063.27
1.4 Depreciation, amortization
and impairment losses
151
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
FINANCIAL INCOME AND EXPENSES
EUR 2025 2024
Financial income
Dividend income
From Group companies 18,857,146.60 23,214,290.58
From others 156.00 56.00
Total 18,857,302.60 23,214,346.58
Other interest and financial income
From Group companies 5,973,122.96 4,779,731.66
Guarantee service fee 611,076.47 126,813.40
Exchange rate gains 18,679.32 1,012.55
From others 558,152.56 1,150,856.42
Total 7,161,031.31 6,058,414.03
Total financial income 26,018,333.91 29,272,760.61
Impairment losses on investments
Impairment losses on shares -53,159.00
Total impairment losses on investments -53,159.00
Financial expenses
Interest expenses and other financial expenses
To Group companies -541,402.65 -1,834,575.73
To others -7,182,610.30 -8,317,955.08
Total -7,724,012.95 -10,152,530.81
Total financial expenses -7,724,012.95 -10,152,530.81
Total financial income and expenses 18,294,320.96 19,067,070.80
1.6 Financial income and expenses
■
APPROPRIATIONS
EUR 2025 2024
Group contributions received 5,080,000.00 3,859,000.00
Total 5,080,000.00 3,859,000.00
1.7 Appropriations
152
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
INTANGIBLE AND TANGIBLE ASSETS 2025
EUR Intangible rights
Other long-term
expenditure
Total
intangibles Land Buildings
Machinery and
equipment
Other
tangible assets
Total
tangibles
Acquisition cost, Jan. 1 80,769.49 390,738.63 471,508.12 520.00 0.0 13,315.36 18,391.71 32,227.07
Additions 16,608.40 16,608.40
Decreases 0.00 -6,175.36 -9,721.25 -15,896.61
Acquisition cost, Dec. 31 80,769.49 407,347.03 488,116.52 520.00 0.0 7,140.00 8,670.46 16,330.46
Accumulated depreciation, Jan. 1 -80,769.49 -26,343.36 -107,112.85 -13,315.36 -18,391.71 -31,707.07
Accumulated depreciation of decreases 0.00 6,175.36 9,721.25 15,896.61
Depreciation and amortization for the period -83,683.80 -83,683.80 0.00 0.00 0.00
Accumulated depreciation, Dec. 31 -80,769.49 -110,027.16 -190,796.65 0.0 0.0 -7,140.00 -8,670.46 -15,810.46
Carrying amount, Dec. 31, 2025 0.00 297,319.87 297,319.87 520.00 0.00 0.00 0.00 520.00
■
INTANGIBLE AND TANGIBLE ASSETS 2024
EUR Intangible rights
Other long-term
expenditure
Total
intangibles Land Buildings
Machinery and
equipment
Other
tangible assets
Total
tangibles
Acquisition cost, Jan. 1 201,058.04 77,309.10 278,367.14 1,907.55 12,142.02 25,023.56 100,878.90 139,952.03
Additions 324,880.13 324,880.13
Decreases -120,288.55 -11,450.60 -131,739.15 -1,387.55 -12,142.02 -11,708.20 -82,487.19 -107,724.96
Acquisition cost, Dec. 31 80,769.49 390,738.63 471,508.12 520.00 0.00 13,315.36 18,391.71 32,227.07
Accumulated depreciation, Jan. 1 -201,058.04 -21,186.96 -222,245.00 -12,142.02 -24,382.46 -0.02 -36,524.50
Accumulated depreciation of decreases 120,288.55 8,874.06 129,162.61 12,142.02 11,708.20 -18,391.69 5,458.53
Depreciation and amortization for the period -14,030.46 -14,030.46 -641.1 -641.1
Accumulated depreciation, Dec. 31 -80,769.49 -26,343.36 -107,112.85 0.00 -13,315.36 -18,391.71 -31,707.07
Carrying amount, Dec. 31, 2024 0.00 364,395.27 364,395.27 520.00 0.00 0.00 0.00 520.00
2.1 Intangible and tangible assets
153
ii YEAR 2025
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
INVESTMENTS
EUR
Subsidiary
shares
Other
shares Total
Carrying amount, Jan. 1, 2025 111,657,131.12 30,067.32 111,687,198.44
Deductions -30,829,262.91 -30,829,262.91
Carrying amount, Dec. 31, 2025 80,827,868.21 30,067.32 80,857,935.53
Carrying amount, Jan. 1, 2024 81,657,131.12 161,000.45 81,818,131.57
Additions/Disposals 30,000,000.00 30,000,000.00
Impairment loss -130,933.13 -130,933.13
Carrying amount, Dec. 31, 2024 111,657,131.12 30,067.32 111,687,198.44
Decreases in subsidiary shareholdings during the 2025 financial year were mainly related to a capital repayment of EUR 29.1 million by ESL
Shipping Ltd. The remaining EUR 1.7 million of the change was related to the merger of Aspo Palvelut Oy with its parent company, Aspo
Plc, during the reporting period. The increase of EUR 30 million in subsidiary shares in the 2024 financial year resulted from the conversion
of a loan granted to ESL Shipping Oy to equity.
Subsidiaries of Aspo Plc Share
ESL Shipping Ltd, Helsinki 78.57%
Telko Ltd, Espoo 100%
SuHi- Suomalainen Hiili Oy, Helsinki 100%
Leipurin Plc, Helsinki 100%
Aspo Plc sold a share in ESL Shipping Ltd in the 2024 financial year. OP Finland Infrastructure’s and Varma Mutual Pension Insurance Com-
pany'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, which gave them an ownership share of 21.43% in ESL Shipping.
2.2 Investments
154
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
■
NON-CURRENT RECEIVABLES
EUR 2025 2024
Receivables from Group companies
Loan receivables 80,393,257.28 102,001,725.31
Total non-current receivables 80,393,257.28 102,001,725.31
The loan interest rate consists of the reference rate + 3.3% margin. Loans to domestic com-
panies are valid until further notice. Other loans will mature in 2027.
■
CURRENT RECEIVABLES
EUR 2025 2024
Receivables from Group companies
Interest receivables 25,621.91 25,698.62
Group contribution receivables 5,080,000.00 3,859,000.00
Cash pool receivables 16,172,239.73 1,833,555.90
Accounts receivables 9,203.49
Total 21,277,861.64 5,727,458.01
Other receivables 174,927.89 153,474.06
Deferred receivables
Interest 9,646.57
Other deferred receivables 439,131.73 370,984.87
Total other current receivables 614,059.62 534,105.50
Total current receivables 21,891,921.26 6,261,563.51
2.3 Receivables
2.4 Equity
■
EQUITY
EUR 2025 2024
Share capital, Jan. 1 17,691,729.57 17,691,729.57
Share capital, Dec. 31 17,691,729.57 17,691,729.57
Share premium reserve, Jan. 1 4,351,173.64 4,351,173.64
Share premium reserve, Dec. 31 4,351,173.64 4,351,173.64
Invested unrestricted equity reserve, Jan. 1 21,131,584.71 21,150,592.47
Share-based payments -19,007.76
Purchase of own shares -688,174.26
Invested unrestricted equity reserve, Dec. 31 20,443,410.45 21,131,584.71
Retained earnings, Jan. 1 19,864,687.47 9,211,409.83
Share-based payments 70,039.49
Dividend distribution -5,969,327.09 -7,540,202.64
Retained earnings, Dec. 31 13,895,360.38 1,741,246.68
Profit for the period 16,086,605.41 18,123,440.79
Total equity 72,468,279.45 63,039,175.39
■
CALCULATION REGARDING DISTRIBUTABLE EQUITY
EUR 2025 2024
Invested unrestricted equity reserve 20,443,410.45 21,131,584.71
Retained earnings 13,895,360.38 1,741,246.68
Profit for the period 16,086,605.41 18,123,440.79
Total 50,425,376.24 40,996,272.18
155
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
2.5 Provisions
■
PROVISIONS
EUR 2025 2024
Share based incentive plan 46,000.00 41,205.60
Total 46,000.00 41,205.60
■
NON-CURRENT LIABILITIES
EUR 2025 2024
Bonds 15,000,000.00
Hybrid bond 30,000,000.00
Loans from financial institutions 80,000,000.00 110,000,000.00
Total 95,000,000.00 140,000,000.00
Liabilities to Group companies
Loans 868,000.00 873,000.00
Total 868,000.00 873,000.00
Total non-current liabilities 95,868,000.00 140,873,000.00
In April 2025, Aspo participated in a multi-issuer bond guaranteed by Garantia with a EUR 15
million loan share. The bond’s maturity is five years.
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.
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 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.
2.6 Non-current liabilities
156
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
2.7 Current liabilities
■
CURRENT LIABILITIES
EUR 2025 2024
Loans from financial institutions
Loans from financial institutions 30,000,000.00
Commercial papers 5,000,000.00
Total 30,000,000.00 5,000,000.00
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.
EUR 2025 2024
Liabilities to Group companies
Cash pool accounts 12,008,115.80 28,149,327.20
Accounts payable 5,388.40 2,154.02
Total 12,013,504.20 28,151,481.22
Deferred liabilities
Interest 1,362,667.15 2,614,637.46
Personnel expenses 622,636.83 493,887.77
Other 297,596.69 165,513.39
Total 2,282,900.67 3,274,038.62
2.8 Guarantees and contingent liabilities
■
LEASE LIABILITIES
EUR 2025 2024
Payable within one year 938,176.38 695,437.68
Payable later 2,247,495.16 2,051,166.67
Total 3,185,671.54 2,746,604.35
■
GUARANTEES ON OWN BEHALF
EUR 2025 2024
Guarantees 117,439.40 117,439.40
Total 117,439.40 117,439.40
■
GUARANTEES ON BEHALF OF GROUP COMPANIES
EUR 2025 2024
Guarantees 117,241,621.16 91,967,735.86
Total 117,241,621.16 91,967,735.86
157
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Signatures on the financial statements, Board of Directors’ report
and sustainability statement
The financial statements drawn up in accordance with the applicable accounting regulations
provide a true and fair view of the assets, liabilities, financial position and profit or loss of both
the company and the group of companies included in its consolidated financial statements.
The Board of Directors’ report includes a true and fair view of the development and perfor-
mance of the business operations of the company on the one hand and of the group of com-
panies included in its consolidated financial statements on the other hand, and a description
of the most significant risks and uncertainties and other aspects of the company’s situation.
The sustainability statement included in the Board of Directors’ report has been prepared
in accordance with the reporting standards referred to in chapter 7 of the Accounting Act and
Article 8 of the Taxonomy Regulation.
Espoo, March 18, 2026
Heikki Westerlund Patricia Allam
Chairman Board member
Annika Ekman Tapio Kolunsarka
Board member Board member
Mikael Laine Kaarina Ståhlberg
Board member Board member
Tatu Vehmas
Board member
Rolf Jansson
CEO
The Auditor’s note
Our auditor’s report has been issued today.
Espoo, March 18, 2026
Deloitte Oy
Authorised public accountants
Jukka Vattulainen
APA
158
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
(Translation from the Finnish original)
Auditor’s report
To the Annual General Meeting of Aspo Plc
REPORT ON THE AUDIT OF FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Aspo Plc
(business identity code 1547798-7) for the year ended 31
December 2025. The financial statements comprise the
consolidated statement of financial position, statement of
comprehensive income, statement of changes in equity,
statement of cash flows and notes to the consolidated
financial statements, including material accounting policies,
as well as the parent company’s balance sheet, income
statement, cash flow statement and notes to the financial
statements.
In our opinion
• the consolidated financial statements give a true and
fair view of the group’s financial performance, financial
position and cashflows in accordance with International
Financial Reporting Standards as adopted by the EU; and
• the financial statements give a true and fair view of the
parent company’s financial performance and financial
position in accordance with the laws and regulations
governing the preparation of financial statements in
Finland and comply with statutory requirements.
Our opinion is consistent with the additional report
submitted to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with good auditing
practice in Finland. Our responsibilities under good auditing
practice are further described in the Auditor’s Responsibilities
for the Audit of Financial Statements section of our report.
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our audit, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements.
According to our best knowledge and understanding all
services other than the statutory audit we have provided
for parent company and group companies comply with
regulations governing the services other than the statutory
audit in Finland. We have not provided any prohibited non-
audit services referred to in Article 5(1) of regulation (EU)
537/2014. All services other than the statutory audit which
we have provided have been disclosed in note 3.5. to the
consolidated financial statements and in note 1.5 to the
parent company’s financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
we do not provide a separate opinion on these matters.
We have also addressed the risk of management override
of internal controls. This includes consideration of whether
there was evidence of management bias that represented a
risk of material misstatement due to fraud.
159
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Key audit matter How our audit addressed
the key audit matter
Revenue recognition
Refer to consolidated financial statements’ note 3.1.
In the financial year 2025 Aspo
Group’s revenue from continuing
operations amounted to EUR 469,1
million (EUR 459,5 million), most of
which consist of trade of goods and
the remainder from shipping business,
including income from sea freight and
sale of Green Coaster vessels.
Revenue is recognized when the
control of ownership has been
transferred to the buyer. Sea freight
revenue is recognized over time as
the services are rendered. Recognition
is based on transport of other service
agreements. For services sold to
customers, revenue is recognized
when the service has been performed.
Revenue is Group’s key performance
indicator, which may be an incentive
for premature revenue recognition.
We have assessed the internal controls
of Aspo Group’s information technology
systems relating to sales process and revenue
recognition focusing on access controls and
change management controls.
We have assessed the design of main controls
relating to major revenue streams and
assessed the operating effectiveness of these
controls.
We have assessed the compliance of
company’s accounting policies over revenue
recognition and comparison with applicable
IFRS accounting standards.
We have audited correctness of timing and
amounts of revenue recognized based on
samples and substantive analytical audit
procedures and comparison with applicable
accounting standards.
As part of our audit of revenue recognition
policies we have compared sales transactions
from accounting records against customer
contracts and verification of acceptance of
deliveries.
We have assessed the appropriateness and
adequacy of the information reported in the
consolidated financial statements.
We have no key audit matters to report with respect to our audit of the parent company
financial statements. There are no significant risks of material misstatement referred to
in EU Audit Regulation (537/2014) Article 10 paragraph 2 c in the consolidated financial
statements or the parent company’s financial statements.
Key audit matter How our audit addressed
the key audit matter
Goodwill impairment testing
Refer to the Aspo Plc’s consolidated financial statements’ note 4.3.
Consolidated financial statements
as of 31.12.2025 includes Goodwill
amounting to EUR 46,5 million
(EUR 67,0 million). Management
has conducted goodwill impairment
testing and as a result of the testing
conducted has not accounted for
impairment over goodwill during
financial year 1.1.-31.12.2025.
Goodwill impairment testing requires
substantial management judgment
over the recoverable amounts
which are for example associated
to following assumptions and
estimates:
• Estimations over the projected
future cash flow of the cash
generating units;
• Long term growth assumptions;
and
• Applied discount rate.
For further details over the goodwill
impairment testing conducted by the
management is presented in the note
4.3. within the consolidated financial
statements.
In connection with our audit, we have critically
assessed management's estimates of future
cash flows and compared management's
estimates for impairment testing with approved
budgets and forecasts. We have evaluated
the company's impairment testing processes
and the cash flow calculations on the basis of
which the calculations have been prepared. We
have assessed the technical adequacy of the
impairment testing calculation.
We have assessed the impairment testing of
goodwill booked to the consolidated financial
statements as at 31.12.2025 by:
• Evaluating the key assumptions affecting
the forecasts by segment;
• Assessing growth forecasts compared to
actual development;
• Comparing applied discount rates to
independent third- party sources;
• Performed a sensitivity analysis for long-
term assumptions and the discount rate
used.
• We have ensured that the discount rates
and long-term growth assumptions are
consistent with market information.
We have also assessed the sensitivity
analysis presented in Note 4.3 to the financial
statements with regard to the key factors
whose material change could lead to a
significant impairment of goodwill.
160
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
• Conclude on the appropriateness of
the Board of Directors’ and the Chief
Executive Officer use of the going
concern basis of accounting and based
on the audit evidence obtained, whether
a material uncertainty exists related
to events or conditions that may cast
significant doubt on the parent company’s
or the group’s ability to continue as
a going concern. If we conclude that
a material uncertainty exists, we are
required to draw attention in our auditor’s
report to the related disclosures in the
financial statements or, if such disclosures
are inadequate, to modify our opinion.
Our conclusions are based on the audit
evidence obtained up to the date of our
auditor’s report. However, future events
or conditions may cause the company to
cease to continue as a going concern.
• Evaluate the overall presentation,
structure and content of the financial
statements, including the disclosures,
and whether the financial statements
represent the underlying transactions and
events so that the financial statements
give a true and fair view.
• Obtain sufficient appropriate audit
evidence regarding the financial
information of the entities or business
activities within the group to express
an opinion on the consolidated financial
statements. We are responsible for the
direction, supervision and performance
of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit
and significant audit findings, including any
significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with
governance with a statement that we have
complied with relevant ethical requirements
regarding independence and communicate
with them all relationships and other
matters that may reasonably be thought
to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with
those charged with governance, we
determine those matters that were of most
significance in the audit of the financial
statements of the current period and are
therefore the key audit matters. We describe
these matters in our auditor’s report unless
law or regulation precludes public disclosure
about the matter or when, in extremely
rare circumstances, we determine that a
matter should not be communicated in our
report because the adverse consequences of
doing so would reasonably be expected to
outweigh the public interest benefits of such
communication.
Responsibilities of the Board of Directors
and the Chief Executive Officer for the
financial statements
The Board of Directors and the Chief
Executive Officer are responsible for the
preparation of consolidated financial
statements that give a true and fair view
in accordance with International Financial
Reporting Standards as adopted by the EU,
and of financial statements that give a true
and fair view in accordance with the laws
and regulations governing the preparation
of financial statements in Finland an comply
with statutory requirements. The Board of
Directors and the Chief Executive Officer are
also responsible for such internal control as
they determine is necessary to enable the
preparation of financial statements that are
free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the
Board of Directors and the Chief Executive
Officer are responsible for assessing the
parent company’s and the group’s ability
to continue as going concern, disclosing,
as applicable, matters relating to going
concern and using the going concern basis
of accounting. The financial statements are
prepared using the going concern basis of
accounting unless there is an intention to
liquidate the parent company or the group
or cease operations, or there is no realistic
alternative but to do so.
Auditor’s responsibilities in the audit of
financial statements
Our objectives are to obtain reasonable
assurance on whether the financial
statements as a whole are free from
material misstatement, whether due to
fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable
assurance is a high level of assurance, but
is not a guarantee that an audit conducted
in accordance with good auditing practice
will always detect a material misstatement
when it exists. Misstatements can arise
from fraud or error and are considered
material if, individually or in aggregate, they
could reasonably be expected to influence
the economic decisions of users taken on
the basis of the financial statements.
As part of an audit in accordance with good
auditing practice, we exercise professional
judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the financial statements,
whether due to fraud or error, design and
perform audit procedures responsive to
those risks, and obtain audit evidence
that is sufficient and appropriate to
provide a basis for our opinion. The risk
of not detecting a material misstatement
resulting from fraud is higher than for one
resulting from error, as fraud may involve
collusion, forgery, intentional omissions,
misrepresentations, or the override of
internal control.
• Obtain an understanding of internal
control relevant to the audit in order
to design audit procedures that are
appropriate in the circumstances, but
not for the purpose of expressing an
opinion on the effectiveness of the parent
company’s or the group’s internal control.
• Evaluate the appropriateness of
accounting policies used and the
reasonableness of accounting estimates
and related disclosures made by
management.
161
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
OTHER REPORTING REQUIREMENTS
Information on our audit engagement
We have been appointed as auditors by the
Annual General Meeting of Aspo Plc on 4
May 2020, and our appointment represents
a total period of uninterrupted engagement
of 6 years.
Other information
The Board of Directors and the Chief
Executive Officer are responsible for the
other information. The other information
comprises the report of the Board of
Directors and the annual review but does
not include the financial statements and our
report thereon. We have obtained the report
of the Board of Directors prior to the date
of this auditor’s report, and annual review is
expected to be made available to us after
that date.
Our opinion on the financial statements does
not cover the other information.
In connection with our audit of the financial
statements, our responsibility is to read
the other information identified above and,
in doing so, consider whether the other
information is materially inconsistent with
the financial statements, or our knowledge
obtained in the audit, or otherwise appears
to be materially misstated. With respect
to report of the Board of Directors, our
responsibility also includes considering
whether the report of the Board of Directors
has been prepared in compliance with
the applicable provisions, excluding the
sustainability report information on which
there are provisions in Chapter 7 of the
Accounting Act and in the sustainability
reporting standards.
In our opinion, the information in the report
of the Board of Directors is consistent with
the information in the financial statements
and the report of the Board of Directors
has been prepared in compliance with the
applicable provisions. Our opinion does not
cover the sustainability report information
on which there are provisions in Chapter 7 of
the Accounting Act and in the sustainability
reporting standards.
If, based on the work we have performed
on the other information that we have
obtained prior to the date of this auditor’s
report, we conclude that there is a material
misstatement of this other information, we
are required to report that fact. We have
nothing to report in this regard.
Espoo, March 18, 2026
Deloitte Oy
Audit Firm
Jukka Vattulainen
Authorised Public Accountant (KHT)
162
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1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Assurance report on the Sustainability Statement
To the Annual General Meeting of Aspo Plc
We have performed a limited assurance engagement on the
group sustainability statement of Aspo Plc (1547798-7) that
is referred to in Chapter 7 of the Accounting Act and that
is included in the report of the Board of Directors for the
reporting period 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the
evidence we have obtained, nothing has come to our
attention that causes us to believe that the group
sustainability statement does not comply, in all material
respects, with
• the requirements laid down in Chapter 7 of the Accounting
Act and the sustainability reporting standards (ESRS), and
• the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Aspo Plc
has identified the information for reporting in accordance
with the sustainability reporting standards (double materiality
assessment).
Our opinion does not cover the tagging of the group
sustainability statement with digital XBRL sustainability
tags in accordance with Chapter 7, Section 22, Subsection
1(2), of the Accounting Act, because sustainability reporting
companies have not had the possibility to comply with that
requirement in the absence of requirements for the tagging
of sustainability information in the ESEF regulation or other
European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability
statement as a limited assurance engagement in compliance
with good assurance practice in Finland and with the
International Standard on Assurance Engagements (ISAE)
3000 (Revised) Assurance Engagements Other than Audits
or Reviews of Historical Financial Information.
Our responsibilities under this standard are further described
in the Responsibilities of the Authorised Group Sustainability
Auditor section of our report.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Authorised group sustainability auditor's
Independence and Quality Management
We are independent of the parent company and of the group
companies in accordance with the ethical requirements that
are applicable in Finland and are relevant to our engagement,
and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
The authorised group sustainability auditor applies
International Standard on Quality Management ISQM 1,
which requires the authorised sustainability audit firm
to design, implement and operate a system of quality
management including policies or procedures regarding
compliance with ethical requirements, professional standards
and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors
and the Managing Director
The Board of Directors and the Managing Director of Aspo
Plc are responsible for:
• the group sustainability statement and for its preparation
and presentation in accordance with the provisions of
Chapter 7 of the Accounting Act, including the process
that has been defined in the sustainability reporting
standards and in which the information for reporting in
accordance with the sustainability reporting standards has
been identified,
• the compliance of the group sustainability statement with
the requirements laid down in Article 8 of the Regulation
(EU) 2020/852 of the European Parliament and of the
Council on the establishment of a framework to facilitate
sustainable investment, and amending Regulation (EU)
2019/2088, and
• such internal control as the Board of Directors and the
Managing Director determine is necessary to enable the
preparation of a group sustainability statement that is
free from material misstatement, whether due to fraud or
error.
(Translation of the Finnish original)
163
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iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
Inherent Limitations in the Preparation
of a Group Sustainability Statement
In preparing the group sustainability statement, the company
is required to conduct a materiality assessment to identify
relevant matters to be reported. This process involves
significant management judgement and choices. Due to the
nature and characteristics of sustainability reporting, this
type of information involves estimates and assumptions, as
well as measurement and evaluation uncertainties.
In reporting forward-looking information according to ESRS
standards, management is required to prepare the forward-
looking information on the basis of disclosed assumptions
about events that may occur in the future, possible future
actions by the Group, and prepare the forward-looking
information based on these assumptions. The actual
outcome is likely to be different since anticipated events
frequently do not occur as expected.
The determination of greenhouse gas emissions involves
inherent uncertainty due to incomplete scientific knowledge
used to define the numerical values for emission factors and
the combination of emissions from different gases.
Responsibilities of the Authorised Group
Sustainability Auditor
Our responsibility is to perform an assurance engagement
to obtain limited assurance about whether the group
sustainability statement is free from material misstatement,
whether due to fraud or error, and to issue a limited
assurance report that includes our opinion. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be
expected to influence the decisions of users taken on the
basis of the group sustainability statement.
Compliance with the International Standard on Assurance
Engagements (ISAE) 3000 (Revised) requires that we
exercise professional judgment and maintain professional
skepticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement of
the group sustainability statement, whether due to fraud
or error, and obtain an understanding of internal control
relevant to the engagement in order to design assurance
procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the parent company’s or the group’s
internal control.
• Design and perform assurance procedures responsive
to those risks to obtain evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
Description of the Procedures
That Have Been Performed
The procedures performed in a limited assurance
engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. The
nature, timing and extent of assurance procedures selected
depend on professional judgment, including the assessment
of risks of material misstatement, whether due to fraud or
error. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the
assurance that would have been obtained had a reasonable
assurance engagement been performed.
Our procedures included for ex. the following:
• Performed inquiries of the company’s management and
personnel responsible for collecting and reporting the
information contained in the sustainability statement
at the group level and for subsidiaries, as well as at the
different levels and business areas of the organization.
• Obtained an understanding of the company’s
sustainability reporting process, internal controls, and
information systems related to the sustainability reporting
process through inquiries.
• Reviewed the company’s internal guidelines and policies
relevant to the information presented in the group
sustainability statement.
• Reviewed the supporting documentation and records
prepared by the company, where applicable, and assessed
whether they support the information included in the
group sustainability statement.
• With respect to the double materiality assessment
process, we evaluated the implementation of the process
conducted by the company in relation to the requirements
of the ESRS standards and assessed whether the
disclosed information on the double materiality
assessment is in accordance with the ESRS standards.
• Evaluated whether the group sustainability statement
meets the requirements of the ESRS standards, in all
material aspects, regarding material sustainability matters
to a significant extent.
• With respect to the EU taxonomy information, we
obtained an understanding of the process by which the
company has identified taxonomy-eligible and taxonomy-
aligned economic activities and assessed the compliance
of the related disclosed information with the regulations.
Espoo, March 18, 2026
Deloitte Oy
Authorised Sustainability Audit Firm
Jukka Vattulainen
Authorised Sustainability Auditor
164
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS
165
Independent Auditor’s Report on the ESEF
Consolidated Financial Statements of Aspo Plc
To the Board of Directors of Aspo Plc
We have performed a reasonable assurance engagement on
the consolidated financial statements (aspoplc-2025-12-31-
0-fi.zip) of Aspo Plc (1547798-7) that have been prepared
in accordance with the Commission's regulatory technical
standard for the financial year ended 31.12.2025.
Responsibilities of the Board of Directors and the
Managing Director
The Board of Directors and Group CEO are responsible for the
preparation of the report of the Board of Directors and financial
statements (ESEF financial statements) in such a way that they
comply with the requirements of the Commission's regulatory
technical standard. This responsibility includes
• preparing the ESEF consolidated financial statements
in XHTML format in accordance with Article 3 of the
Commission's regulatory technical standard
• tagging the consolidated financial statements’ primary
statements, notes and copany’s identification data in the
consolidated financial statements that are included in the
ESEF financial statements with iXBRL tags in accordance
with Article 4 of the Commission's regulatory technical
standard and
• ensuring consistency between ESEF financial statements
and audited financial statements
The Board of Directors and CEO are also responsible for such
internal control as they determine is necessary to enable the
preparation of ESEF financial statements in accordance with
the requirements of the Commission's regulatory technical
standard.
Auditor’s Independence and Quality Management
We are independent of the company in accordance with the
ethical requirements that are applicable in Finland and are
relevant to the engagement we have performed, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements.
The auditor applies International Standard on Quality
Management (ISQM) 1, which requires the firm to design,
implement and operate a system of quality management
including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable
legal and regulatory requirements.
Auditor’s Responsibilities
Our responsibility is to, in accordance with Chapter 7, Section
8 of the Securities Markets Act, provide assurance on the
financial statements that have been prepared in accordance
with the Commission's regulatory technical standard. We
express an opinion on whether the consolidated financial
statements that are included in the ESEF financial statements
have been tagged, in all material respects, in accordance with
the requirements of Article 4 of the Commission's regulatory
technical standard.
Our responsibility is to indicate in our opinion to what extent
the assurance has been provided. We conducted a reasonable
assurance engagement in accordance with International
Standard on Assurance Engagements (ISAE) 3000.
The engagement includes procedures to obtain evidence on:
• whether the tagging of the consolidated financial
statement’s primary statements in the ESEF financial
statements has been prepared in all material respects
in accordance with the requirements of Article 4 of the
Commission's regulatory technical standard and
• whether the tagging of the consolidated financial
statements’ disclosures and identification data in the ESEF
financial statements has been prepared in all material
respects in accordance with the requirements of Article 4 of
the Commission's regulatory technical standard and
• whether the ESEF financial statements are consistent with
the audited financial statements.
The nature, timing and extent of the selected procedures
depend on the auditor’s judgment. This includes an assessment
of the risk of a material deviation due to fraud or error from
the requirements of the Commission's regulatory technical
standard.
We believe that the evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities
Markets Act is that the consolidated financial statements,
notes and company's identification data in the consolidated
financial statements that are included in the ESEF financial
statements of Aspo Plc (1547798-7) for the financial year
ended 31.12.2025 have been tagged, in all material respects,
in accordance with the requirements of the Commission's
regulatory technical standard.
Our audit opinion on the consolidated financial statements
of Aspo Plc for the financial year ended 31.12.2025 has
been expressed in our auditor’s report dated 18.3.2026.
With this report we do not express an opinion on the audit
of the consolidated financial statements nor express another
assurance conclusion.
Espoo, 18 March 2026
Deloitte Oy
Audit Firm
Jukka Vattulainen
APA
(Translation of the
Finnish Original)
ii YEAR 2025
iii CEO's review
iv-x Aspo in brief
1 BOARD OF DIRECTORS’ REPORT
17 – Sustainability statement
76 – Annexes to the sustainability statement
82 FINANCIAL STATEMENTS
83 Consolidated financial statements
146 Parent company financial statements
159 Auditor's report
163 Assurance report on the sustainability
statement
165 GOVERNANCE
166 Corporate Governance Statement
173 Board of Directors
175 Group Executive Committee
176 INVESTOR INFORMATION
CONTENTS