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Aspo Oyj reported robust financial performance for Q1 2025, with net sales increasing by 14% to €151 million. Earnings before interest, taxes, and amortization (EBITA) rose to €8.8 million from €5.1 million in the previous year. The company’s stock reacted positively, with a notable increase of 7.11%, reflecting investor confidence in Aspo’s strategic initiatives and market position. According to InvestingPro data, the company has maintained consistent revenue growth, with a 10.47% increase over the last twelve months, while analysts expect net income growth this year.
Key Takeaways
- Net sales grew by 14% to €151 million.
- EBITA increased significantly to €8.8 million.
- Stock price rose by 7.11% following the earnings announcement.
- Expanded Green Coaster fleet and long-term contract with SSAB.
- Market conditions remain challenging, but improvements are expected in the latter half of 2025.
Company Performance
Aspo Oyj demonstrated strong performance in Q1 2025, driven by strategic expansions and cost efficiencies. The company expanded its Green Coaster fleet and secured a long-term contract with SSAB, enhancing its competitive edge in the transportation sector. Despite challenging market conditions, Aspo’s focus on operational improvements and strategic acquisitions has bolstered its market position. With a market capitalization of €191.2 million and a healthy current ratio of 2.15, InvestingPro analysis indicates the company’s liquid assets exceed short-term obligations, providing financial flexibility for future growth initiatives.
Financial Highlights
- Revenue: €151 million, up 14% year-over-year.
- EBITA: €8.8 million, compared to €5.1 million in Q1 2024.
- Free cash flow: -€4.4 million.
- Cash at the end of the quarter: €23.9 million.
- Net debt to EBITDA: 3.3% (target:3.0%).
Market Reaction
Aspo’s stock surged by 7.11% to €5.42, reflecting investor optimism following the earnings report. The stock’s movement places it closer to its 52-week high of €6.16, indicating strong market sentiment. This positive reaction can be attributed to the company’s solid financial performance and strategic initiatives. Trading at a P/E ratio of 38.57, the stock offers a dividend yield of 3.75%, with an impressive track record of 26 consecutive years of dividend payments. For deeper insights into Aspo’s valuation and growth potential, InvestingPro subscribers can access comprehensive financial health scores and exclusive ProTips.
Outlook & Guidance
Aspo provided an optimistic outlook for 2025, forecasting EBITA in the range of €35-45 million, compared to €29.1 million in 2024. The company anticipates market conditions to improve in the second half of the year, with a continued focus on profitability and long-term financial goals, including a target of €1 billion by 2028.
Executive Commentary
CEO Rolf highlighted the company’s commitment to profitability, stating, "Profitability generation is a top priority for us in 2025." He also expressed confidence in market recovery, noting, "We expect the market to remain challenging during the first half of the year and gradually improve."
Risks and Challenges
- Weak industrial activity in Europe could impact demand.
- Soft spot market pricing poses a challenge for revenue growth.
- Trade tensions and tariffs create uncertainty in the market.
- Potential risks from supply chain disruptions and cost pressures.
Q&A
During the earnings call, analysts inquired about the earnings potential of the Green Coaster investment and the impact of oil price fluctuations. The company reassured investors of the limited impact from oil prices and emphasized ongoing efforts in M&A screening and integration.
Full transcript - Aspo Oyj (ASPO) Q1 2025:
Rolf, CEO or Senior Executive, ASPO: Welcome to the quarter one twenty twenty five reporting of ASPA. I start with a bit of background. So as we communicated before, profitability generation is a top priority for us year 2025. We want to maximize the benefits from the transactions done last year, the completed acquisitions as well as the investments done in ESL. And we’re focusing a lot on the organic growth as well as profitability improvement measures.
And in parallel, we are, of course, working on the long term ambition, financial ambition of €1,000,000,000 for 2028 and then also the portfolio vision to split ASPA into two separate companies. If we look at the first quarter this year, there’s a couple of key highlights. Unfortunately, quite challenging market conditions, low level of industrial activity overall, low demand in Europe, these both factors affecting particularly ESL as well as Telco. Good to see that Telco and Leiporin achieved very strong growth if you compare to last year first quarter. And most importantly, all businesses of ASPO were able to improve their profitability quite significantly compared to last year.
Positive impact from the strategic decisions done over the past years, the acquisitions of Telco and Leiporin and then also the investments in ESL, specifically into the green coasters, which you already can see then in the results now in the first quarter. I’m also glad to say that the initiatives that we have started to improve the profitability in the businesses, they are clearly paying off. As a couple of examples, the supply chain improvement efforts, particularly in Sweden and Leiporin, giving us clear benefits. Synergies are building up when it comes to telcos acquisitions. And then clear operational efficiency improvement of ESL during this first quarter compared to last year.
If we then jump into the numbers, we had 14% of growth compared to Q1 last year. We had EUR8.8 million of EBITA compared to 5,100,000.0 in the first quarter last year. And naturally also the earnings per share figures clearly improved compared to Q1 twenty twenty four. If we look at ESG, emission intensity improved. We had during the first quarter zero point ’2 ’5 again 0.3, and that is emissions, CO2 emissions as part divided by net sales.
This improvement was behind it was two drivers. One is that ESL’s emissions are relatively seen reduced due to the investments we made in new fleet And then at the same time, when ASPO is growing, this KPI is also improving. Unfortunately, on the safety side, our injury frequency increased actually quite significantly compared to last year. We had a total of four safety accidents in ESL and Telco, and we continue to put a lot of efforts and focus onto these to improve performance. At the end of the day, this is a lot about communication as well.
If we look then at ASPO level numbers and starting with net sales, as said, 14% growth, we had net sales of EUR 151,000,000 for the first quarter. If we start with ESL, we had a decline in net sales, minus 5%, excluding the Supramax vessels. And that is driven by the fact that the spot market pricing was very weak and in addition, the expected volumes on the contractual side were lower than expected. And that is specifically related to energy, but then also kind of overall modest industrial activity, for example, in the forest industry, low performance there from ESL’s perspective. Then Telco, close to 50 growth, driven not only by the acquisitions made last year, but also organic growth across all product lines, across all geographical areas, and sales prices slightly higher than the first quarter last year.
Leiporin, ’8 percent growth. It was due to the acquisitions in Sweden, namely Kebelco. The Cartagena acquisition did not very much was not evident in the Q1 numbers because it was completed in late February. Also, Leiporin had organic volume growth. And specifically in Sweden, the net sales grew quite a lot.
Prices slightly above last year, and we continue the strategy to abandon certain lower margin commodities, and that has had a negative effect on the volumes. If we then look at profitability, million compared to EUR5.1 million first quarter last year, now we’re close to 6% of EBITA. All business is improving their profitability. ESL Shipping, EUR 4,100,000.0. And the drivers behind this profitability improvement is basically that we adjusted the capacity compared to demand, getting rid of certain quite expensive time chartered vessels during the quarter the first quarter twenty twenty five.
If you look at Telco, quite significant profitability improvement, EUR4.4 million, driven really by the acquisitions done, organic growth, and then we didn’t have any M and A costs during the first quarter this year compared to the first quarter last year, which was close to EUR 1,000,000 of M and A costs. Then finally, Leipur in really good performance, 1,500,000.0, and that was the improvement of some EUR 300,000 where it relates to two things: one is the acquisitions done in Sweden, basically, Kebelco. And secondly, we got good signs of a lot better efficiency in the supply chain in Sweden when we started this program, now implementing it in the, let’s say, the Stockholm area, also suggesting good opportunities going forward to improve profitability of Leinpure. Items affecting comparability, so onetime cost of EUR 1,100,000.0. This relates to a payment fraud of ESL Shipping, an external payment fraud.
And good though to emphasize that no data breaches when it comes to ESL Shipping or ASPO. Police investigation ongoing, and we expect for the Q2 still some EUR300000 of additional costs for specifically legal costs. And this can then be compared with last year, 8,000,000, which was mainly related to the sales of the Supramax vessels and then also the minority investment of paying Fram Varma. Looking at cash flow. Free cash flow minus EUR4.4 million.
If you look at the operating cash flow, there was a buildup of inventory when it comes to ESL, and the reason is that this is the sixth vessel, the Green Coaster vessel, which will be sold to the pool investors, and that is then reported as part of the working capital. And that was actually driving up the working capital with EUR 7,800,000.0. And then between operating cash flow and free cash flow, some smaller investments into ESL and then also acquisition related investments, both earn out as well as the Kartagena acquisition. From a strategic perspective, the most important event in the first quarter was the extension of the SSCB contract, extremely important for Aspa and ESL. This contract covers, let’s say, 6,000,000 to 7,000,000 tons annually.
It’s of extreme importance. And it covers raw material transportation in the Baltic Sea region. And there’s also it includes ESL offering fossil free transportation to SSAB going forward. So that means that this contract extension is very much linked to our investments into the Green Handys, which we announced in fall last year. Leiporin continued its expansion, actually a continuation on the Kebelco acquisition, this time in Lithuania, Cartagena, also operating in the food industry, giving us approximately close to EUR 2,000,000 of additional sales with good profitability.
Think of textbook example of what Leiporen should be doing also going forward. Then I will welcome Erkka on the stage to go through the business specific results. Thank you, Rolf.
Erkka, CFO or Senior Financial Executive, ASPO: For ESL, the market continued soft. Our contractual volumes were on the same level than last year. However, when considering that last year, we were affected with the harsh ice conditions and political strikes, it tells that the overall market this year is, has been softer than what it was last year. Also, the spot prices were on clearly lower level this year than what they were last year. The comparable net sales was 5 percent down compared to the last year.
From the profitability point of view, ESL profits improved from €2,700,000 to 4,100,000.0 The market, like I said, was comparable with from the volume point of view, but from spot prices were lower. The profit improvement is coming from that we have more cost efficient fleet at our hands. So the cost efficiency is improving our result compared to the last year. For Telco, 46% sales growth, driven mainly by the acquisitions, large acquisitions done last year, but also organic growth was on all of our businesses and on all of our markets in the first quarter. That was well done in a challenging market than what we have today.
Sales prices were slightly higher this year than what they were last year. We can see customers that they are postponing decisions and uncertainty is there visible. But despite that uncertainty, we were able to grow also organically on the first quarter. Telugos profitability increased to €4,400,000 mainly driven by the impact of the acquisitions and also from the organic sales growth. In the first quarter, we didn’t have any M and A related costs in the result, while in last year, there were 900,000 Mete related costs included in the first quarter result.
Telco continues to focus on profit improvement, getting the synergies on the acquisitions and improving otherwise also the profitability, while we are also preparing for the future growth simultaneously. For Leiporin, sales increased by 8%, driven by the acquisition and also from the organic growth in Sweden. Overall, the volumes slightly declined, mainly in the low margin commodities. And the same way then in Telco, also in laboring, the sales prices were slightly higher this year than what they were last year. And on profitability, Leiporin had actually a record quarter on the first quarter, EUR ’1 point ’5 million, really, really excellent result on a quite stable market, mainly driven by our cost efficiency efforts, especially the supply chain optimization in Sweden.
And also, acquisition had a positive impact to the result. And we are quite positive with labor and seeing good possibilities for further profit improvement with the actions that we have ongoing there on Laborent. Then on our financing. Our liquidity has continued strong. We had 23,900,000 cash at the end of the quarter.
We have now secured the debt financing for our Greenhandi project. We signed €70,000,000 loan with Svendska Skepsupotej Skarsson for Greenhandy investment. That loan is expected to be drawn in 2027 and ’twenty eight, and the loan has a long fifteen years maturity. And in April, we also signed EUR45 million loan with Nordic Investment Bank for Greenhandi investment and €22,500,000 were withdrawn in May for this loan. That loan is for ten years maturity.
And this Nordic Investment Bank loan is for building phase funding for the project. In addition to this, ASPO participated in the multi issuer bond guaranteed by Garantia for €15,000,000 loan share, and that bond has a five years maturity. We also today announced a redemption of our EUR30 million hybrid bond, and the bond is paid back in June. And after the bond hybrid bond redemption, we continue to have strong liquidity with this funding that we have now organized. Our net debt to EBITDA increased to 3.3% from 3.2% on the fourth quarter.
If considering all the acquisitions we completed last year and then the EBITDA of those, then the net debt to EBITDA ratio would be slightly smaller, 3.2. Our net debt to EBITDA is expected to increase by 0.5%, with the impact from the hybrid bond when that is on our included to our net debt. We remain committed on our three point zero target for our net debt to EBITDA. We have very low CapEx for this year, EUR 15,000,000 overall and EUR 25,000,000 for next year. And with the improved profitability, we are committed to bring the net debt to EBITDA ratio back to our target level.
Equity ratio was 36.6%. And also there, the hybrid bond redemption will have an impact of a bit more than 5% on the equity ratio. But the same way then on the net debt to EBITDA with the low CapEx and improved profitability, we will also strengthen that ratio going forward. Then I hand over back to Ralf for highlights. Thank you, Erik.
Rolf, CEO or Senior Executive, ASPO: So first quarter highlights: strong net sales growth, strong profitability improvement both in EBITA and also in earnings per shares. Glad also to say that it looks like the strategy is paying off. The acquisitions done last year is contributing to the profitability. The full potential program of Leiporin is yielding results, and ESL was able to extend its cooperation with SSAB via our new long term contract. And as said, this year, we will focus on profitability generation.
And despite this short term focus, we naturally also look at the longer term financial profitability and our portfolio vision. Then over to the assumptions behind the guidance. When it comes to ESL, we expect the weak overall market to continue during the first half of the year, and that means fairly low contractual volumes and low spot market pricing. And during the second half of the year, we see the volumes and the demand to revive positively. When it comes to Telco, stable development going forward and also here, we expect demand to slowly pick up.
And after these, for Telco, quite major acquisitions, Telco is focusing on synergies and integration this year. And we expect the M and A related costs to be a lot lower this year compared to last year when they were EUR3.4 million. For Leiporin, stable market, great opportunities to grow, particularly in the food industry, where we’re still a small player. And then Leiporin is in a really good position to continue to improve its profitability. And there, we have some good signs already when it comes to the supply chain improvements, particularly in Sweden.
If we then look at the guidance for this year, EBITA of EUR 35,000,000 to 45,000,000 compared to EUR 29,100,000.0 last year, We expect the market to remain challenging during the first half of the year and gradually improve then moving towards the end of the year. There’s a polarized picture with the defense investments and increased infra spending in Europe, which should have a positive impact on the economical development, particularly in Europe. And then at the same time, we have trade tensions and high tariffs, which are imposed and planned by U. S, EU and China, which then significantly increases the uncertainty and can have a negative effect on the overall economical development. Still, we see that we are in a good position to improve our profitability, and that is based on the actions that we’ve taken over the past couple of years.
Green Coaster vessels, last year, we had two vessels in traffic in average. This year, we will have six Green Coaster vessels in traffic. We have made a lot of acquisitions, both Telco as well as Leiporin, which basically did not yield almost no profitability last year, and we expect these acquisitions to give us a profit boost this year. We also have a lot of performance improvement actions and programs going on in each of the businesses, and we see these yielding results. And then to reach the higher end of the range, we need to be successful in these performance improvement measures and then economical recovery needs to happen during the second half.
And if the economical recovery is being postponed, then we will end up closer to the lower end of the range of this guidance. And I would ask Erka to join me on the stage and we are ready for some questions. Maybe starting here on the floor and Passy Weissenmann, please.
Passy Weissenmann, Analyst, Nordea: Thanks. This is Passy from Nordea. I would like to start with the ASL Shipping segment. And when now looking at the drybulk market, it has been very weak, definitely weaker than beginning of the year. So I would like to actually ask that are you confident regarding the earnings increase coming from these green coasters as today as you already planned, picking up this year?
So is the outlook for these green coasters and the earnings effect on full year basis still intact? And secondly, regarding the Telco segment, I mean, we have seen that crude oil price is heavily down and most likely that will take also down to sales prices in the Telco segment. So what could be possible EBITDA effect on the segment coming from the lower sales prices? Or is there any so what’s the sensitivity coming from the lower prices for the segment? And maybe lastly, when looking at your kind of investment targets and medium, long term financial targets, so is this €30,000,000 you now paid as sort of out this hybrid debt?
So is this amount off from your investment capabilities in the future? And respectively, is that off from the kind of that so is the medium term financial targets harder to reach without that money available for the investments? Thank
Rolf, CEO or Senior Executive, ASPO: you, Pasi. I’ll start and then Hirk can complement my answer. So if you look at the sales, I think we have some mixed drivers. If you look at our what we are doing, I think we’ve been able to adjust capacity. We have a lot cheaper capacity now compared to what we had in the beginning of the year.
And then if we look at market development, it’s very much twofold. We have the overall investments into Europe, defense industry as well as infra giving some positive impact. And then we have this vague uncertainty when it comes to geopolitical tensions and tariffs, which we analyzed a lot both for ESL as well as Telco. And at the end of the day, we see the direct impact to be limited. But then what will happen indirectly, kind of projects being postponed due to uncertainty and then also economical development not rolling out as planned.
That’s basically the answer. But overall, I think the green coasters puts us in a very good position because that allows us to have very cost and competitive capacity in this type of market. And maybe I continue with Telco. The positive things of Telco is that we made the acquisitions, we can have benefits from synergies, we have benefits from the acquired companies yielding results, then the fact that the oil prices are coming down. At the end of the day, it’s a quite short time span which that will impact the result negatively.
And once again, if you look at our product portfolio, we are more linked to the specialty products, which are fairly far away from the oil prices development as such.
Erkka, CFO or Senior Financial Executive, ASPO: Maybe we continue with the ESL. So I think it’s twofold that we know that the cost efficiency is there. We have already kind of proven that, that the new fleet is very cost efficient compared to the older fleet. And then even though the market is soft, there are still pockets of growth in the soft market, and we need to capture those growth with the new fleet that is coming in. So therefore, I think that we on track there with the GreenCoaster investment.
And on Telco, in a way, we all the time pricing in the increases or decreases in the market prices. So a longer term, I think that the market price levels as such shouldn’t have an impact to our profitability. Of course, it can have very short term impacts either way from the stock rotation point of view, but that is very, very short term and not really changing the picture on the longer term.
Passy Weissenmann, Analyst, Nordea: Excellent. And if I may just kind of conclude, are you kind of midpoint now easier or harder to reach than three months ago? And regarding this €30,000,000 you paid this in hybrid debt of so, is that now missing from your investment capabilities on a medium term basis?
Rolf, CEO or Senior Executive, ASPO: If I comment the guidance and then if you continue, so there has been also positive development during the first quarter of this year. And if I jump back to January, then we were expecting strikes having a negative impact on our financial performance. So that being considered, I think we are on an equal level compared to when the guidance was given.
Erkka, CFO or Senior Financial Executive, ASPO: And then for the longer term, our CapEx guidance, that is still valid as it was communicated and updated at the end of last year. And you’re thinking that the investments in ESL, which are the committed CapEx that we have, they are very low for this year and next year. And that gives us room to improve the balance sheet and then continue investing with the profitability that we are generating.
Matagorno, Analyst, OP: Excellent. Thanks.
Kasper, Analyst, Inderes: This is Kasper from Inderes. How significant was the profit impact of these time chartered contracts of negative profitability that ended in Q1?
Rolf, CEO or Senior Executive, ASPO: I could say that these time chartered vessels were loss making during end of last year. And then when we’re gradually able to instead utilize our expanding Green Coaster fleet, there’s quite a positive development because looking then at last year, actually, the Green Coaster traffic, if you look at the Coaster segment, was clearly the most profitable segment. So there’s a shift from loss making to kind of the best segment, the best vessel type in our fleet.
Erkka, CFO or Senior Financial Executive, ASPO: If you think that our volumes were the same than last year, spot prices are lower, and our result was higher. So it really means that, of course, both from the new fleet that we have and then expiring the loss making fleet, those together have made the profit improvement. Okay. Then you told
Kasper, Analyst, Inderes: us about the payment fraud that ESL experienced in Q1. Could you elaborate a bit what resulted to this?
Rolf, CEO or Senior Executive, ASPO: On external payment fraud, and what I can emphasize is that there were no kind of IT breaches when it comes to Aspos or ESL systems. So it was not a kind of cyber attack and our no breaches into our systems. And the police investigation is going on and nothing more further to report on that.
Kasper, Analyst, Inderes: Okay. Lastly, is there any more room for efficiency improvements from Leiporn’s previous acquisitions?
Rolf, CEO or Senior Executive, ASPO: I think there’s tremendous opportunities if you look at Leiporin. So if you look at the supply chain improvements that we’ve done, it’s so far, it’s purely the Stockholm area, which we have in execution. If you look at the synergies between KEBELCO and the rest of the Leiporen, there’s only a fraction which we have captured so far. And then I would also add that the Cartagena acquisition, we could see in March, we could see kind of first positive results building up, but the acquisition was completed in February, so there’s more to come.
Kasper, Analyst, Inderes: Thank you very much.
Matagorno, Analyst, OP: This is Matagorno from OP. One question about these new vessels and the new fleet. So what is kind of the you said that you are getting quite a significant like cost savings there with the new fleet. So could you elaborate a little bit of the kind of the impact there?
Rolf, CEO or Senior Executive, ASPO: On a very high level, if we look at the investment in the 12 green coasters and the investment in the four green handies, these all taken together, we expect an EBITDA improvement beyond €30,000,000
Erkka, CFO or Senior Financial Executive, ASPO: And then if you the cost efficiency where it is coming from of the new fleet, they are more fuel efficient. The cargo haul design is such that we can have, on certain cases, more cargo on the same size of a ship. And then typically, also the manning is more efficient than on older ships. There is a clear cost efficiency benefits. And of course, the CO2 emissions are also something that with the increasing regulation that also gives competitiveness.
Matagorno, Analyst, OP: Maybe then another question regarding the these contractual volumes with under ESL. So could you remind us a little bit like what is actually fixed? Is it the price or the volume which is fixed with these contracts? And if we continue to see this low demand from these industrial players around the Baltic Sea? So is it coming from the volume wise or the price wise under your P and L?
Rolf, CEO or Senior Executive, ASPO: If you look at ESL, so approximately 80% of the volumes uals and 20% are on the spot market. And then if you look at the contracts, the prices are fixed, but they are typically tied to indices. And then there are certain cost elements which are pushed forward to the clients, so for example, the fuel. The volume is not fixed, but there are different depending on the agreement, there are different elements impacting on that. And if you look at our key contracts, at the end of the day, the fluctuations of these contracts from year to year, looking at the Handysize and the Koster business, have been fairly small.
So quite little volatility when it comes to the volumes on a year to year basis.
Matagorno, Analyst, OP: Thank you. One final question about this hybrid loan payback. So could a little bit kind of open to financing behind this payback? So are you getting new funding from or is it this NEB loan or which is used then to pay back the hybrid? Or how is it done?
Erkka, CFO or Senior Financial Executive, ASPO: We have now the liquidity with the arrangements that we have already done for paying it back.
Rolf, CEO or Senior Executive, ASPO: Any questions online?
Speaker 5: The next question comes from Jonas Ilvanen from Evli. Please go ahead.
Jonas Ilvanen, Analyst, Evli: Hi. It’s Jonas from Evli. If I may return to this straightforward tension question you talked about. So you mentioned that you seeing some customer projects being postponed. But on the positive side, you also see that there will be an increase in European defense and infra spending.
So my question is, have you seen any specific concrete projects that might benefit or help the relevant demand for some key ESL or telco customers?
Rolf, CEO or Senior Executive, ASPO: If I give one example, so if you look at the infra investments in Europe, they use a lot of aggregates, which we are transporting via sea. So there we see demand. I think also when it comes to the steel industry, etcetera, there are some positive impact.
Jonas Ilvanen, Analyst, Evli: Okay. That’s clear. And then what can you tell us about your M and A pipeline at this point? I mean, I guess, it’s obvious you won’t be expecting to close quite that many deals this year. Have these straightforward tensors maybe somehow affected your pipeline?
Or is it just can you talk about it a bit about
Rolf, CEO or Senior Executive, ASPO: I think we realize that we need to keep on screening possible M and A targets on a continuous basis, both when it comes to Telco as well as Leiporin. That being said, I think we have a good pipeline, but profitability improvement is top priority for us this year. We made quite a lot of acquisitions from our perspective last year, adding close to a run rate of EUR 100,000,000 of sales to ASPA. So that means that we need to focus on integrating these companies, capturing the synergies, specifically on the kind of cross sales and utilizing the same suppliers across countries, there’s good opportunities there. That is our focus.
But at the same time, we are looking into acquisitions as well.
Jonas Ilvanen, Analyst, Evli: Thanks. And maybe a couple of questions related to Telco. So this pricing level question and its impact on profitability, I think that’s clear. But can you just maybe clear things up? In Q1, were still like increasing or rather stable.
But are you seeing like some price deflation now in Q2?
Rolf, CEO or Senior Executive, ASPO: If you look at Q1 last year, we had a slight price increase overall in Telco. But then if you compare to Q4 last year, price development was very stable. Then kind of forward looking, I would expect fairly stable price development, as said, going forward. And of course, there can be different patterns then for more specialty technical products compared to more volume based products.
Jonas Ilvanen, Analyst, Evli: All right. And final question related to Telco. I think Telco’s amortizations were maybe a bit high in Q1. Was there anything special happening there?
Erkka, CFO or Senior Financial Executive, ASPO: No, nothing special there.
Jonas Ilvanen, Analyst, Evli: Okay. That’s all for
Speaker 5: As a reminder, if you wish to ask a question, please dial 5 on your telephone keypad. There are no questions at this time. So I hand the conference back to the speakers for any closing comments.
Rolf, CEO or Senior Executive, ASPO: Big thank you for joining the Q1 twenty twenty five reporting of Ospre. Thank you very much.
Erkka, CFO or Senior Financial Executive, ASPO: Thank you.
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