Aspo’s Q2 results were mostly as expected as ESL’s profitability topped estimates while Telko fell somewhat short. The EUR 7.4m comparable EBITA thus came in close to estimates.
Aspo Q2 revenue from continuing operations amounted to EUR 153.5m vs the EUR 141.8m/144.2m Evli/consensus estimates. Comparable EBITA landed at EUR 7.4m, compared to the EUR 7.4m/7.4m Evli/consensus EBIT estimates.
ESL revenue was EUR 60.3m vs the EUR 49.9m/48.5m Evli/consensus estimates, while comparable EBITA amounted to EUR 6.1m vs the EUR 4.9m/5.0m Evli/consensus EBIT estimates. Strikes impacted Q2 profitability by some EUR 0.5m while unusually heavy ice conditions continued until May in the northernmost part of Bothnian Bay. Steel industry demand was good while forest industry continues to pick up also in H2.
Telko’s top line amounted to EUR 60.9m, compared to the EUR 57.2m/60.5m Evli/consensus estimates, whereas comparable EBITA was EUR 1.8m vs the EUR 3.0m/2.8m Evli/consensus EBIT estimates. Sales prices were significantly lower y/y but have remained mainly stable so far this year. Market price-based valuation of inventories had a negative EBITA impact due to M&A. Especially construction and automotive related businesses have seen soft demand, however overall price levels are expected to increase and demand to pick up gradually in H2.
Leipurin revenue came in at EUR 32.3m, compared to the EUR 34.7m/35.1m Evli/consensus estimates. Comparable EBITA amounted to EUR 1.3m vs the EUR 1.2m/1.3m Evli/consensus EBIT estimates. Slightly deflationary market is expected going forward.
Aspo guides FY ’24 comparable EBITA to exceed EUR 32m, compared to EUR 27.9m the previous year (unchanged).