ESL Shipping segment reported clean EBITA of EUR 4.3m compared to our forecast of EUR 4.8m in Q4. ESL Shipping segment suffered from low activity and from weak spot market in Q4. Shipping’s demand could remain weak in H1 2025. Telko segment reporte EBITA of EUR 3.9m (Nordea EUR 3.6m). The end demand in the Telko segment could slowly improve in 2025. Dividend proposal is EUR 0.19 (consensus EUR 0.19). In the short term, Aspo could concentrate to profitability improvement leading to a slower M&A activity we believe. Full year 2025 clean EBITA is guided to EUR 35-45m (consensus EUR 40m, Nordea EUR 39m). We expect market consensus clean EBITA 2025 to be downgraded by EUR 2m (5%) after Q4 release.
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