Aspo - Another record EBIT
Aspo’s Q2 results were broadly higher than expected as all three segments reached record-high quarterly profitability levels. ESL’s H2 looks to remain strong, while Telko needs to manage with decreasing top line due to the exit from Russia.
- Aspo Q2 revenue for continuing operations increased by 16% y/y to EUR 161.4m, compared to the EUR 142.0m/148.3m Evli/consensus estimates.
- Q2 adjusted EBIT was EUR 16.0m vs the EUR 9.3m/9.5m Evli/consensus estimates.
- ESL Q2 revenue amounted to EUR 60.3m vs our EUR 50.2m estimate, while adjusted EBIT landed at EUR 9.2m vs our EUR 6.3m estimate. All vessel categories’ profitability remained strong during the quarter. Demand looks to stay high at least over the course of H2.
- Telko’s top line was EUR 71.8m, compared to our EUR 68.5m estimate, whereas adjusted EBIT amounted to EUR 7.2m vs our EUR 4.2m estimate. Price levels remained high, and volumes grew especially in Western markets. Western sales are expected to stay at a relatively stable level, but significantly decreasing sales in Russia will drag revenue lower during H2. The overall outlook on prices seems to be somewhat stable.
- Leipurin Q2 revenue was EUR 29.3m vs our EUR 23.3m estimate. Adjusted EBIT came in at EUR 0.9m, compared to our EUR 0.3m estimate.
- Other operations cost EUR 1.4m, compared to our EUR 1.5m estimate.
- Aspo’s guidance remains unchanged as the company expects comparable operating profit to improve from previous year (EUR 42.4m).