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HALF - YEAR FINANCIAL REPORT January – June 202 6 Substantial profit improvement CEO Rolf Jansson CFO Erkka Repo August 3, 2026 Q 2
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January - June 2026 highlights 3.8.2026 Aspo H1 2026 • Aspo’s comparable EBITA, continuing operations was EUR 17.9 (14.8) million and comparable EBITA, continuing operations rate was 7.3% (6.1%). • ESL Shipping EUR 7.1 (9.1) million • Telko EUR 12.9 (8.7) million • EBITA Group total was EUR 29.8 (16.6) million. The divestment of Leipurin to Lantmännen was completed on March 2, 2026 • ESL Shipping: The construction of the first methanol - powered Green Handy vessel commenced on June 1, 2026. All twelve Green Coasters are expected to be in commercial traffic by year end 2026 • Telko: New strategy and operating model launched as of May 1, 2026. Strong organic sales growth throughout the first half of 2026 • Free cash flow was EUR 35.4 million (8.8) and net debt / comparable EBITDA 3.1 (3.7) • Comparable ROE Group total was 19.9% (14.3%) • Comparable EPS, continuing operations was EUR 0.50 (0.24) • EPS Group total increased to EUR 0.87 (0.27) Because the future estimates presented in this financial statements release are based on the current understanding, they involve significant risks and uncertainties, due to which actual future outcomes may differ from the estimates.
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Q2 2026 • Comparable EBITA, continuing operations was EUR 10.8 (7.5) million and the comparable EBITA, continuing operations rate was 8.2% (6.0%) • Comparable EBITA of ESL Shipping declined in the second quarter to EUR 3.8 (5.0) million • Profitability was negatively impacted by technical maintenance of owned fleet and weak contractual demand • ESL Shipping has continued to implement a wide range of efforts for improving profitability • Comparable EBITA of Telko improved in the second quarter to EUR 8.2 (4.3) million • In the volume products, profitability was supported by the rapid increase in market prices, as old inventory could to some extent be sold at higher market prices. The positive EBITA impact is estimated to be EUR 2 - 2.5 million • Profitability improved due to sales growth and a continued positive sales margin trend which was driven by systematic sales margin management Aspo’s comparable EBITA increased significantly in Q2 2026 3.8.2026 Aspo H1 2026 202 4 202 5 202 6 MEUR Comp. EBITA, continuing operations 10.8 6 .0 7.5 0% 2% 4% 6% 8% 10% 12% 0 2 4 6 8 10 12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Comp. EBITA, continuing operations Comp. EBITA, continuing operations %
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Strong safety development in H1 2026 for ESL Shipping and Telko • Aspo has set Total Recordable Injury Frequency (TRIF) targets for both ESL Shipping and Telko • The TRIF target for ESL Shipping is 6.7 and the TRIF target for Telko is 3.2 - No injuries occurred during the second quarter in ESL Shipping, resulting in a TRIF of 2.0 in the period of January – June 2026 - One injury occurred on Telko’s premises in June , resulting in a TRIF of 2.8 • All accidents are carefully analyzed, and proactive corrective measures have been taken to prevent similar incidents in the future • Aspo is continuing the development of a proactive safety culture and its efforts to develop safe operating models • Since joining the SBT initiative and its requirements, Aspo will communicate the emission related targets on annual basis. 3.8.2026 Aspo H1 2026 2.0 Target 2026 6.7 ESL Shipping Acci dent frequency (TRIF), 1 - 6 2026 8.7 in 2025 2.8 Target 2026 3.2 Telko Acci dent frequency (TRIF), 1 - 6 2026 7.1 in 2025
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Separation of ESL Shipping and Telko Separation of ESL Shipping and Telko
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• May 14, 2024, Aspo announced a new vision to form two separate companies (Aspo Infra and Aspo Compounder). The goal was to: • Enable value creation and continued growth for the businesses • Investigate strategic alternatives for both businesses • November 3, 2025, Aspo provided more detailed information on the main alternatives for the strategic evaluation: • Partial demerger of Aspo • Divestment of ESL Shipping. The goal was set to implement the divestment of ESL Shipping or the partial demerger of Aspo by the end of 2026. • August 3, 2026, the Board of Directors has completed its review and assessment of strategic alternatives. As a result, Board of Directors has approved a demerger plan concerning the separation of the company's subsidiary, ESL Shipping Ltd, into a new independent listed company. 3.8.2026 Development of the strategic evaluation
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| The separation of ESL Shipping from Aspo aims to increase the shareholder value by enabling each business to more effectively execute its own focused strategies and profit growth opportunities Tailored capital structures to enable growth Transparent valuation and company structure Limited synergies between the businesses • The separation would enable each business to more effectively organize their capital allocation and tailor financing solutions while focusing on ongoing profit growth opportunities • T elko Group would benefit from having a more moderate leverage while implementing its new growth strategy and the new structure would allow the use of Telko Group’s shares for M&A purposes • Higher overall debt capacity as separate entities, especially for ESL Shipping • Very different business models currently adding complexity to decision-making. The businesses differ across several dimensions, including strategic focus, capital expenditure, business time horizon, KPI’s and ESG focus areas • The businesses are separate already currently with limited synergies between them • Reduced complexity and stronger management focus as separate entities • Clear company investment profiles would lower the hurdle to invest • Increased transparency of financial reporting • Specialized investor focus for stand- alone entities • New option for shareholders to allocate ownership in ESL Shipping Group and Telko Group based on the investors' own priorities 3.8.2026
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3.8.2026 Aspo H1 2026 Separation of ESL Shipping Ltd into a new independent listed company • The demerger is conditional upon approval by the Extraordinary General Meeting of Aspo, which is expected to be held on 7 December 2026 . The demerger is supported by certain major shareholders • It is intended that Rolf Jansson will be elected as Chair of the Board and Matti - Mikael Koskinen as the CEO of ESL Shipping Group • The planned completion date of the demerger is 31 December 2026 • The arrangement is planned to be implemented as a partial demerger of Aspo Plc, whereby Aspo's shareholders would receive one (1) share in ESL Shipping Group Plc for each share they hold in Aspo as consideration for the demerger upon its completion. • Aspo Plc would be renamed Telko Group Plc in connection with the demerger
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Key strategic strengths of ESL Shipping Group • Stable Northern Bothnian Bay market with expected structural demand growth • Leadin g market player in an attractive niche market with strict requirements • Unique expertise tailor - made for the core market • Infrastructure - like operations through contracted revenue • Sustainability expertise driving competitive advantage • Potential profit growth path through new green investments and optimization • Operative cash flow and strong debt capacity as enablers 3.8.2026Aspo H1 2026
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Key strategic strengths of Telko Group • A specialized regionally leading chemicals distributor • Significant organic growth opportunity supported by M&A • Focus on specialty chemicals and value - added services • Clear strategy for potential fu ture profit growth • Aiming to be a forerunner in sustainability in the industry • The business model is characterized by a stable cash flow and strong returns 3.8.2026 Aspo H1 2026
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New medium - term financial targets and dividend policies for ESL Shipping Group and Telko Group 3.8.2026 Aspo H1 2026 ESL Shipping Group • Comparable EBIT more than EUR 40 million in 2030 • Return on equity above 20% • Equity ratio above 35% • The goal is to annually distribute approximately 50% of profit for the period in dividends The financing of ESL Shipping Group's investment program will affect the equity ratio and dividend - paying capacity in the coming years, for the duration of the current significant investment program. Telko Group • Net sales more than EUR 500 million in 2030 • Comparable EBITA margin above 8% in 2030 • Return on equity above 20% • Net debt to comparable EBITDA below 2.5x • The goal is to annually distribute approximately 30% of profit for the period in dividends The financial targets and dividend policies will become effective on the completion date of the demerger.
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Preliminary timeline for the demerger 3.8.2026 Aspo H1 2026 Demerger plan approved August 3, 2026 Publishing demerger and listing prospectus in November 2026 Planned Capital Markets Days November 24, 2026 Planned demerger completion date December 31, 2026 Planned Extraordinary General Meeting December 7, 2026 Trading in the shares of ESL Shipping Group is currently planned to commence on or about January 4, 2027, or as soon as possible thereafter While systematically executing the demerger scenario, a possible sale of ESL Shipping Ltd remains an alternative scenario, in case this would prove to maximize shareholder value creation.
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Current ownership structure ~ 21% Aspo shareholders Telko Ltd 100% ESL Shipping Ltd Lighthouse HoldCo Ky Aspo Plc 100% ~ 79% • OP Finland Infrastructure LP and Varma Mutual Pension Insurance Company together have, through Lighthouse HoldCo Ky, a 21.43% minority ownership stake in ESL Shipping Ltd • Lighthouse would exchange its shares in ESL Shipping Ltd for new shares in the listed ESL Shipping Group Plc • Lighthouse is intended to be dissolved after the completion of the share exchange and after the share exchange shares have been delivered to Lighthouse’s book - entry account • As a result of the completion of the share exchange and the dissolution, OP Finland Infrastructure LP and Varma Mutual Pension Insurance Company, current limited partners of Lighthouse, would become the two largest shareholders of ESL Shipping Group Plc 3.8.2026 Aspo H1 2026
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• Aspo’s shareholders will receive one (1) share in ESL Shipping Group Plc for each share they hold in Aspo as consideration for the demerger upon its implementation • After the demerger, Aspo’s shareholder will hold the same amount of Telko Group’s shares and ESL Shipping Group’s shares and the value will be split between the two companies New ownership structure A specialized, regionally leading chemicals distributor Telko Group Plc (Aspo Plc) ~79% ESL Shipping Group Plc 100% Leading market player in the Northern Bothnian Bay ~ 21% Aspo shareholders 100% 3.8.2026 Aspo H1 2026 OP Finland Infrastructure LP (~14%) Varma Mutual Pension Insurance Company (~7%)
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Largest shareholders 3.8.2026 Aspo H1 2026 Aspo Oyj 78.6% Lighthouse HoldCo Ky 21.4% Aspo Oyj (30.6.2026) 1. Havsudden Oy AB 10,9 % 2. AEV Capital Holding Oy 10,5 % 3. Keskinäinen Työeläkevakuutusyhtiö Varma 4,5 % 4. Tapio Vehmas 4,1 % 5. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 2,8 % 6. Citibank Europe Plc 2,7 % 7. Gustav Nyberg 2,5 % 8. Nordea Nordic Small Cap Fund 2,3 % 9. IAIK Oy 2,0 % 10. Mandatum Henkivakuutusosakeyhtiö 2,0 % Others 55,8 % Total 100,0 % ESL Shipping (30.6.2026) Note: ESL Shipping Group Oyj 1.1.2027 shareholding list is calculated assuming Aspo Oyj and ESL Shipping 30.6.2026 shareholding structures ESL Shipping Group Oyj (1.1.2027) 1. OP Finland Infrastructure LP 14,3 % 2. Keskinäinen Työeläkevakuutusyhtiö Varma 10,7 % 3. Havsudden Oy AB 8,5 % 4. AEV Capital Holding Oy 8,2 % 5. Tapio Vehmas 3,2 % 6. Keskinäinen Eläkevakuutusyhtiö Ilmarinen 2,2 % 7. Citibank Europe Plc 2,1 % 8. Gustav Nyberg 2,0 % 9. Nordea Nordic Small Cap Fund 1,8 % 10. IAIK Oy 1,6 % Others 45,4 % Total 100,0 % Illustrative
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Key figures, Last 12 months (July 1, 2025 – June 30, 2026) 3.8.2026 Aspo H1 2026 ESL Shipping Group Telko Group, continuing operations EUR million LTM Net Sales 178.4 Comparable EBITDA 32.0 Comparable EBITA 14.4 Invested capital 250.1 Net debt 150.8 EUR million LTM Net Sales 294.6 Comparable EBITDA 22.1 Comparable EBITA 18.1 Invested capital 139.6 Net debt 34.1
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202 4 202 5 20 2 6 Rolling 12 months comparable EBITA Telko continued to perform with improved profitability 3.8.2026 Aspo H1 2026 ESL Shipping Telko Aspo , continuing operations Rolling 12months comparable EBITA % Rolling 12months comparable EBITA 202 4 202 5 20 2 6 202 4 202 5 2026 MEUR MEUR MEUR 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 5 10 15 20 25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 5 10 15 20 25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
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202 4 202 5 202 6 Q2 2026 • Comparable EBITA decreased by 25% to EUR 3.8 (5.0) million , with comparable EBITA rate being 8.0% (9.7%) • Like - for - like net sales for Coaster and Handy operations (excl. vessel sales) increased by 20% driven by higher contractual fuel cost surcharges due to higher energy prices • Steel industry’s transport demand during the second quarter was soft due to planned maintenance breaks. Demand in the forest industry shipments improved during the second quarter, but it remained still at a historically low level in sawn goods. Project cargo shipments increased for Coasters. • Profitability was negatively impacted by technical maintenance of owned fleet and weak contractual demand in the early part of the quarter. Development in marine fuel prices had a neutral impact on profitability • ESL Shipping has continued to implement a wide range of efforts for improving profitability Q2: ESL profitability was negatively impacted by technical maintenance of the fleet and weak contractual demand Comp. EBITA, ESL Shipping 3.8.2026 Aspo H1 2026 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 1 2 3 4 5 6 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 MEUR Comp. EBITA Comp. EBITA % 5.0 6.1 3.8
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Q2: Record high profitability for Telko 3.8.2026 Aspo H1 2026 MEUR 2024 2025 2026 Q2 2026 • Comparable EBITA increased to EUR 8.2 (4.3) million, with comparable EBITA rate being 9 .8% (5. 8 %) • Telko’s net sales increased by 14%. Market demand overall improved moderately as customers increased inventories to secure supply • The average sales prices for the quarter were at a significantly higher level compared with the second quarter of 2025. Market prices increased especially in commodity products • In the volume products, profitability was supported by the rapid increase in market prices, as old inventory could to some extent be sold at higher market prices. The positive EBITA impact is estimated to be EUR 2 - 2.5 million • Profitability improved due to sales growth and a continued positive sales margin trend which was driven by systematic sales margin management Comp EBITA, Telko 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 1 2 3 4 5 6 7 8 9 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Comp. EBITA Comp. EBITA % 1.8 4.3 8.2
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• Other operations include Aspo Group’s administration and some common services • During 2025, common IT, finance and HR services were moved to the businesses. Full carve - out of the services is ongoing and expected to be completed during this year • Aspo - level costs are expected to be reduced in 2026 while the implementation of Aspo’s strategic transformation continues -6 -5 -4 -3 -2 -1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Aspo Group level costs are expected to reduce in 2026 while Aspo’s strategic transformation continues 3.8.2026 Aspo H1 2026 MEUR Comp. EBITA Other operations, rolling 12 months 202 4 202 5 202 6 - 3.9
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202 4 202 5 202 6 • Net debt to EBITDA ratio was 3.1 (3.7) • Net debt includes EUR 64.7 million for advance payments of vessels under construction • Investments in Q2 2026 were EUR 15.8 million and consisted mainly of vessel and maintenance investments of ESL Shipping. • During Q2 2026, working capital increased by EUR 10 million driven largely by the impact of higher oil prices • The net cash inflow from the divestment of Leipurin was EUR 58.1 million, and the reduction in lease liabilities was EUR 4.9 million, which decreased net debt in Q1 2026 • Net debt of the businesses: ESL Shipping: EUR 150.8 million Telko: EUR 34.1 million Net debt increased in Q2 to EUR 185 million 3.8.2026 Aspo H1 2026 Net debt / EBITDA Net debt, MEUR Net Debt and Net Debt / EBITDA 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4. 0 4. 5 120 224 185 40 90 140 190 240 290 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net debt, MEUR Net debt / EBITDA
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0 10 20 30 40 50 60 70 80 90 100 1.7.2026-> 2027 2028 2029 2030 2031 2032 -> Term loans Bonds RCFs (fully unused) Liquidity continued strong 3.8.2026 Aspo H1 2026 MEUR • Liquidity continued strong with EUR 22.8 million in cash and EUR 50 million of unused RCFs. • EUR 20 million of RCF maturing in 2027 was cancelled after the review period in July 2026. • There are EUR 99.5 million of committed undrawn loan agreements in place for funding the Green Handy investment. ESL Shipping has committed financing in place for all decided investment in the next generation vessels. • As preparation for the possible demerger, several loan agreements were renewed in June 2026. All lenders have given their consent for the demerger. • In the possible demerger all the loans of Aspo Plc would continue as loans of Telko Group, and all the loans of ESL Shipping Ltd and its subsidiaries would continue as loans of ESL Shipping Group. • Average loan maturity 6.1 years (4.7 years in Dec 2025) • Average interest rate 4 .3% ( 4 .1% in June 2025) Maturity profile of Aspo Group
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• Net debt for ESL Shipping was EUR 150.8 (123.2 in Dec 2025) million, of which EUR 64.7 million for advance payments of vessels under construction. • Net debt to comparable EBITDA ratio was 4.7 • Net debt (excluding advance payments) to comparable EBITDA ratio was 2.7 • There are EUR 99.5 million of committed undrawn loan agreements in place for funding the Green Handy investment. ESL Shipping has secured financing for all decided investments in the next generation vessels through committed financing arrangements and credit commitments. • EUR 20 million unused committed RCF for securing liquidity • The remaining Green Handy investment commitment is approximately EUR 158 million. Cash outflows are expected to be about 10% for 2026, 60% for 2027 and 30% for 2028. ESL Shipping is exploring the possibility of selling one of the four Green Handies to a group of investors (pooling arrangement) Funding needs of ESL Shipping secured with long maturities MEUR 0 5 10 15 20 25 30 35 40 45 1.7.2026-> 2027 2028 2029 2030 2031 2032-> Term loans Bonds RCFs (fully unused) Maturity profile of ESL Shipping Group 3.8.2026 Aspo H1 2026
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0 10 20 30 40 50 60 70 1.7.2026-> 2027 2028 2029 2030 2031 2032 -> Term loans Bonds RCFs (fully unused) Telko’s low net debt level enables the execution of acquisitions MEUR • Net debt for Telko Group: EUR 34.1 million • Net debt to comparable EBITDA ratio was 1.5 • With 75 MEUR of loans, Telko Group has about EUR 41 million of available cash. Strong liquidity position and low net debt level enables the execution of the acquisition strategy of Telko • In addition, EUR 30 million of unused committed RCFs of which EUR 20 million was cancelled after the review period in July 2026 Maturity profile of Telko Group
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3.8.2026 Aspo H1 2026 MEUR 0 5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Comp. EBITA Continuing operations, rolling 12 months Guidance for 2026 Aspo Group’s comparable EBITA from continuing 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 completed on March 2, 2026. 202 4 202 5 202 6 32.5
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Assumptions behind the guidance • Economic growth is expected to slowly revive throughout the year in our core markets. • Geopolitical uncertainty, war in Iran, and global trade tensions are also expected to have a negative impact on economic growth, inflation , global trade and supply chains 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 facilitated by Telko’s new operating model, • and a reduction of Aspo - level costs. Possible expenses 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 in 2026, with spot market pricing also expected to gradually improve. Dockings are expected to have slight negative financial impact during the third quarter of the year. • For Telko , underlying volume demand is expected to be stable or slightly increase compared with the previous year. Price levels are expected to remain stable or decline in the second half of 2026 compared with the current levels. Once the oil price and chemicals supply chain disruptions have normalized, prices and customers’ inventory levels are expected to decrease from the current highs in the volume products. • Telko is expected to continue to grow via acquisitions in 2026. Possible acquisition - related expenses are excluded from the comparable EBITA. 3.8.2026 Aspo H1 2026
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Highlights Strong profitability: Aspo’s comparable EBITA, continuing operations was EUR 10.8 (7.5) million Aspo’s Board of Directors has approved a demerger plan concerning the separation of ESL Shipping into a new independent listed company 3.8.2026 Aspo H1 2026 Tailored medium - term targets launched for ESL Shipping and Telko, focusing on long - term profitability growth and on building strong investor returns
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Q & A 3.8.2026 Aspo H1 2026