Net sales from continuing operations was 4% below our expectation in Q3. Adjusted EBITA from continuing operations came EUR 1m below our forecast in Q3. ESL Shipping segment reported clean EBITA of EUR 3.5m compared to our forecast of EUR 4.9m in Q3. Telko segment reported EUR 0.6m higher adjusted EBITA than we forecasted in Q3. ESL Shipping segment has suffered from availability (capacity) problems and from weak spot markets. Group level full year 2025 clean EBITA guidance of EUR 35-45m is still repeated. Our EBITA forecast (EUR 38m) has been below the guidance midpoint of EUR 40m in 2025. The company sold its Leipurin business for EV value of EUR 63m and its ESL Shipping segment could also be sold in 2026. Conclusion is that the company has speed up the process to split the company. ESL Shipping represents over 50% of the company's EV according to our SOTP analysis.
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