Aspo: Challenging market outlook for 2025 justifies hybrid capital in the balance sheet; slightly credit-negative - Nordea

Aspo reported a weak Q4 that was affected by low industrial activity and low spot prices in ESL, whereas Telko and Leipurin delivered slightly improved financials. For 2025, Aspo expects comparable EBITA to be EUR 35-45m (EUR 29m in 2024), driven by green coaster vessels, new acquisitions and profit improvement actions. Aspo’s reported net leverage stood at 3.2x, remaining above the target of 3.0x, which could justify a continuing use of the hybrid capital in the balance sheet, given that Aspo expects the operating environment to remain challenging at least H1 2025. Aspo has EUR 30m of hybrid capital outstanding with a first call date on June 2025.

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