Aspo’s EUR 9.6m comparable EBITA was roughly in line with estimates, although ESL’s result stayed weak while Telko delivered another relatively strong quarter. ESL’s still weak comparable EBITA was offset by the strength of Telko and Leipurin, and Aspo retains its guidance according to which FY’25 comparable EBITA will be in the range of EUR 35-45m; in our view the higher end of the range might be hard to reach unless ESL improves very significantly in Q4’25.
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