Q1 2025 Aspo Oyj Earnings Call Transcript
Key Points
- Aspo PLC (FRA:ZYD) reported a 14% growth in net sales compared to Q1 last year, reaching €151 million.
- The company's EBITA improved significantly to €8.8 million from €5.1 million in the first quarter of the previous year.
- Telco and Leurin achieved strong growth, with Telco experiencing close to 50% growth driven by acquisitions and organic growth.
- ESL's profitability improved from €2.7 million to €4.1 million, attributed to a more cost-efficient fleet.
- The company secured important financing for its Greenhand project, including a €70 million loan with a 15-year maturity and a €45 million loan with a 10-year maturity.
- Challenging market conditions were noted, with low industrial activity and demand in Europe affecting ESL and telco.
- ESL experienced a 5% decline in net sales, excluding supermax vessels, due to weak spot market pricing and lower-than-expected contractual volumes.
- The company's injury frequency increased significantly compared to last year, with four safety accidents reported in ESL and telco.
- Free cash flow was negative at €4.4 million, impacted by inventory build-up and acquisition-related investments.
- A payment fraud incident resulted in a one-time cost of €1.1 million, with ongoing legal costs expected to add €300,000 in Q2.
Welcome to the quarter 1, 2025 reporting of OSPO.
I start with a bit of background, so as we communicated before, profitability, generation is a top priority for us, year 2025.
We want to maximize the benefits from the transactions done last year, the completed acquisitions as well as the investments done in ESL.
And we're focusing a lot on the organic growth as well as profitability improvement measures.
And in parallel we are of course working on the long term ambition, financial ambition of â¬1 billion for 2028 and then also the portfolio vision to split OSO into two separate companies.
If you look at the first quarter this year, there's a couple of key highlights. Unfortunately, quite challenging marketing market conditions.
Low level of industrial activity overall, low demand in Europe, these both factors affecting particularly ESL as well as telco.
Good to see that Telco and Leurin achieved a very strong growth.
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