Aspo Oyj
Sector unknown·ASPO · Nasdaq Helsinki·Fiscal year to 31/12/2025
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
EU climate and energy policy
Regulation
DriverMixed impact: mixed
“Changes in environmental legislation and uncertainty in the timing of the green transition may impact the competitiveness of Aspo’s businesses, and the competitiveness of key principals and customers for Aspo’s businesses. This could negatively impact the volumes and margins of Aspo’s business.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Telko aims to provide customers with more sustainable and responsible alternatives such as chemicals that support the achievement of customers’ sustainability goals. Many customers, especially in Europe, also require this.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Transition risks are mostly related to changes in legislation, resulting from additional regulatory costs affecting different parts of the value chain.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Shipping and logistics
End markets
DriverNegative impact: weakens
“Sale of Green Coaster vessels 25.2 25.3 Supra 7.5 16.8 EBITA, MEUR 25.5 9.2 17.8 Items affecting comparability, MEUR 9.1 -7.6 -0.6 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 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 contractual freight volume demand caused by overall modest industrial activity, especially in the coaster segment.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“At the end of the year, the shipping company’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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“The operating segments have been identified based on Aspo Group’s organizational structure, in which each business is led separately. • ESL Shipping conducts sea transportation of raw materials for industry and the energy sector and offers related services. • Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Telko’s product prices decreased significantly during the year, but the average sales price rose slightly due to a higher share of specialty products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Product prices in general have significantly declined during the year, driven by a decline in oil price. Price levels stabilized during the fourth quarter.”
Annual report 2025A · The company itself
Market
“In 2025, turnover from the transportation of fossil fuels, i.e., coal for energy production, totaled EUR 3 805 595.”
Annual report 2025A · The company itself
Market
“Telko’s profit from the oil refining industry in 2025 was EUR 139 436.”
Annual report 2025A · The company itself
Chains out: this strengthens Plastics and polymers
Plastics and polymers
Raw materials and inputs
StrategyPositive impact: strengthens
“The supply of bio-based plastics is emphasized in the sustainability of products. Bio-based or recycled plastics can replace fossil plastics.”
Annual report 2025A · The company itself
Market
“Telko is a leading expert in and supplier of plastic raw materials, industrial chemicals and lubricants.”
Annual report 2025A · The company itself
Market
“Chemicals business 99.8 82.7 59.4 Lubricants business 70.2 64.7 50.5 EBITA, MEUR 17.5 12.5 8.7 Items affecting comparability, MEUR -0.4 -0.1 -1.0 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.”
Annual report 2025A · The company itself
Market
“Telko’s significant product and service groups are industrial chemicals, plastics and lubricants, which it sells, processes and transports.”
Annual report 2025A · The company itself
Market
“The operating segments have been identified based on Aspo Group’s organizational structure, in which each business is led separately. • ESL Shipping conducts sea transportation of raw materials for industry and the energy sector and offers related services. • Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry. Its extensive customer service also covers technical support and the development of production processes.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
Agriculture and food production
End markets
DriverPositive impact: strengthens
“The Swedish 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.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Market
“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 plantbased proteins and future microbial foods.”
Annual report 2025A · The company itself
Market
“Customers include bakeries, other food industry, retail and restaurant services.”
Annual report 2025A · The company itself
Chains in: Grain and agricultural commodities mixed effect, Climate change and extreme weather weakens, Grocery retail and private label weakens
Chemicals and specialty chemicals
Raw materials and inputs
Market
“Telko is a leading expert in and supplier of plastic raw materials, industrial chemicals and lubricants.”
Annual report 2025A · The company itself
Market
“Chemicals business 99.8 82.7 59.4 Lubricants business 70.2 64.7 50.5 EBITA, MEUR 17.5 12.5 8.7 Items affecting comparability, MEUR -0.4 -0.1 -1.0 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.”
Annual report 2025A · The company itself
Market
“Telko’s significant product and service groups are industrial chemicals, plastics and lubricants, which it sells, processes and transports.”
Annual report 2025A · The company itself
Market
“The operating segments have been identified based on Aspo Group’s organizational structure, in which each business is led separately. • ESL Shipping conducts sea transportation of raw materials for industry and the energy sector and offers related services. • Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry. Its extensive customer service also covers technical support and the development of production processes.”
Annual report 2025A · The company itself
Industrial manufacturing
End markets
Market
“A significant number of ESL Shipping’s customers operate in energy production and industry, especially in the metal and forest industries.”
Annual report 2025A · The company itself
Market
“Telko’s customer groups can be divided into industrial customers and buyers of lubricants. Industrial customer relationships consist of several subgroups, including industrial subcontractors and the end-product manufacturing industry.”
Annual report 2025A · The company itself
Market
“The operating segments have been identified based on Aspo Group’s organizational structure, in which each business is led separately. • ESL Shipping conducts sea transportation of raw materials for industry and the energy sector and offers related services. • Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry.”
Annual report 2025A · The company itself
Market
“Its extensive customer service also covers technical support and the development of production processes.”
Annual report 2025A · The company itself
Batteries and energy storage
Technology
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Carbon tax and ETS prices
Regulation
DriverPositive impact: strengthens
“Many key customers have ambitious emission targets, and ESL Shipping is engaged in an ongoing dialogue with its customers to reduce emissions.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Grain and agricultural commodities
Raw materials and inputs
InputNegative impact: weakens
“Leipurin focuses on plant- and dairy-based raw materials, packaging materials and supplies.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Leipurin supports consumers’ sustainable choices, for example through R&D based on plant-based proteins.”
Annual report 2025A · The company itself
Market
“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 plantbased proteins and future microbial foods.”
Annual report 2025A · The company itself
Chains out: this strengthens Beer and beverages, mixed effect Agriculture and food production
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“The supply of bio-based plastics is emphasized in the sustainability of products. Bio-based or recycled plastics can replace fossil plastics.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
Electrification
Technology
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
Retail
End markets
Market
“Buyers of lubricants include repair shop chains and retail.”
Annual report 2025A · The company itself
Market
“Customers include bakeries, other food industry, retail and restaurant services.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Steel
Raw materials and inputs
Market
“In March 2025, a multiyear extension to an agreement with the global steel manufacturer SSAB was announced covering inbound raw material sea transportation within the Baltic Sea and from the North Sea. The transportation volume is estimated to be 6–7 million tons annually.”
Annual report 2025A · The company itself
Market
“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.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Utilities
End markets
Market
“A significant number of ESL Shipping’s customers operate in energy production and industry, especially in the metal and forest industries.”
Annual report 2025A · The company itself
Market
“The operating segments have been identified based on Aspo Group’s organizational structure, in which each business is led separately. • ESL Shipping conducts sea transportation of raw materials for industry and the energy sector and offers related services. • Telko acquires and supplies plastic raw materials, chemicals and lubricants to industry.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“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.”
Annual report 2025A · The company itself
Coal and coke
Raw materials and inputs
Market
“In 2025, turnover from the transportation of fossil fuels, i.e., coal for energy production, totaled EUR 3 805 595.”
Annual report 2025A · The company itself
Energy efficiency
Technology
StrategyPositive impact: strengthens
“In lubricants, Telko provides for example lubricants that have a long change interval and can help improve the efficiency of wind turbines and vessels.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices strengthens, EU climate and energy policy strengthens
Hospitality and leisure
End markets
Market
“Customers include bakeries, other food industry, retail and restaurant services.”
Annual report 2025A · The company itself
Chains in: Consumer spending strengthens
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“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 previous year.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Industrial production is expected to have increased by 1.5% over the year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Overall market development, especially in Europe, has been weak. Price volatility and demand fluctuations have had their biggest impact on commodity products.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Sale of Green Coaster vessels 25.2 25.3 Supra 7.5 16.8 EBITA, MEUR 25.5 9.2 17.8 Items affecting comparability, MEUR 9.1 -7.6 -0.6 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 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 contractual freight volume demand caused by overall modest industrial activity, especially in the coaster segment.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Economic growth is expected to slowly revive throughout the year in our core markets, 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.”
Annual report 2025A · The company itself
DriverMixed impact: mixed
“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.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Continued geopolitical tensions, including the ongoing war in Ukraine, increased security 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 activities in Aspo’s market areas.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Economic growth is expected to slowly revive throughout the year in our core markets, 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.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“Telko aims to provide customers with more sustainable and responsible alternatives such as chemicals that support the achievement of customers’ sustainability goals. Many customers, especially in Europe, also require this.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“A key challenge in environmentally sustainable solutions is their price: solutions that promote sustainable development are more expensive and raise costs throughout the value chain that accumulate for the end customer. The volumes of the most sustainable products therefore remain small.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“A general challenge in the development of plant-based proteins is making products’ flavor, texture and appearance pleasing to consumers.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Telko sees significant opportunities in the 1.5°C scenario, where growing demand for alternative (e.g., non-fossil) products enables revenue growth.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“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.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“(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 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 Transition opportunity (Policy & regulatory changes), short-term New opportunity, identified in 2025 Increased demand for low-emission transportation (ESL Shipping) Increased revenue with increased demand for low-emission transportation Downstream Physical risk (chronic), medium-term Impacts of climate change on raw material costs (Leipurin) Global warming may lead to increased raw material costs.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In addition, Telko faces physical risks related to logistics, such as weather-induced delays and material losses.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the 3°C scenario, changes in raw material availability and rising prices affect Leipurin.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Fuel
Raw materials and inputs
DriverNegative impact: weakens
“A challenge in renewable fuels is their limited availability and high price, which reduces customers’ willingness to use them.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“(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 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 Transition opportunity (Policy & regulatory changes), short-term New opportunity, identified in 2025 Increased demand for low-emission transportation (ESL Shipping) Increased revenue with increased demand for low-emission transportation Downstream Physical risk (chronic), medium-term Impacts of climate change on raw material costs (Leipurin) Global warming may lead to increased raw material costs.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Inflation
Macro
DriverMixed impact: mixed
“Inflation stood at around 2.3% in 2025, and short-term market interest rates in the eurozone stabilized at around 2% over the year.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“In the 3°C scenario, changes in raw material availability and rising prices affect Leipurin.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“Economic growth is expected to slowly revive throughout the year in our core markets, 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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“(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 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 Transition opportunity (Policy & regulatory changes), short-term New opportunity, identified in 2025 Increased demand for low-emission transportation (ESL Shipping) Increased revenue with increased demand for low-emission transportation Downstream Physical risk (chronic), medium-term Impacts of climate change on raw material costs (Leipurin) Global warming may lead to increased raw material costs.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Aspo’s operations depend on the availability 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.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Global trade volumes
Macro
DriverPositive impact: strengthens
“(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 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 Transition opportunity (Policy & regulatory changes), short-term New opportunity, identified in 2025 Increased demand for low-emission transportation (ESL Shipping) Increased revenue with increased demand for low-emission transportation Downstream Physical risk (chronic), medium-term Impacts of climate change on raw material costs (Leipurin) Global warming may lead to increased raw material costs.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“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 Low availability of renewable fuels and the cost impacts of low-emission solutions affect competitiveness and revenue.”
Annual report 2025A · The company itself
Packaging
Raw materials and inputs
InputNegative impact: weakens
“Leipurin focuses on plant- and dairy-based raw materials, packaging materials and supplies.”
Annual report 2025A · The company itself
Chains out: this weakens Beer and beverages
Packaging regulation and deposit schemes
Regulation
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
Asia and emerging markets
Geography
Geography
“Telko operates in 18 countries, mainly in Europe and in some parts of Asia.”
Annual report 2025A · The company itself
Geography
“Other important markets are Central Asia and China.”
Annual report 2025A · The company itself
Geography
“In 2025, operations were expanded to India.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“NET SALES BY MARKET AREA, CONTINUING OPERATIONS 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.”
Annual report 2025A · The company itself
Geography
“Telko operates in 18 countries, mainly in Europe and in some parts of Asia.”
Annual report 2025A · The company itself
Geography
“Most of Telko’s operating countries are in Europe, which is also the largest market area.”
Annual report 2025A · The company itself
Nordics
Geography
Geography
“NET SALES BY MARKET AREA, CONTINUING OPERATIONS 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.”
Annual report 2025A · The company itself
Geography
“Finland, Sweden and the Baltic countries.”
Annual report 2025A · The company itself
China
Geography
Geography
“Other important markets are Central Asia and China.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“NET SALES BY MARKET AREA, CONTINUING OPERATIONS 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.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverMixed impact: mixed
“Inflation stood at around 2.3% in 2025, and short-term market interest rates in the eurozone stabilized at around 2% over the year.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.47 bn EUR |
| Revenue growth vs. the year before, same method | 2.1 % |
| EBITDA reported by the company | 0.06 bn EUR |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.72 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.