Aspo: Q2 below consensus, FY guidance unchanged - Nordea

The overall freight market activity slowed down significantly compared to the previous year in Q2. Weak spot market had a negative impact on the profitability of the ESL Shipping segment. Also Telko segment suffered from declining prices combined with soft end demand. Group level adjusted EBIT was EUR 2.7m (43%) below consensus (Refinitiv) in Q2.

Weak demand and pricing environment could remain in Telko and in ESL Shipping segments in Q3 2023 we believe. Aspo kept the full year guidance unchanged and was not able to tighten the full year adjusted EBIT guidance range. Adjusted EBIT guidance range for 2023 is even EUR 10m which could indicate weak visibility and uncertainty related to H2 2023.

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