Net sales from continuing operations was in line with our expectation in Q1. Adjusted EBITA from continuing operations came slightly above our forecast in Q1. ESL Shipping segment reported clean EBITA of EUR 3.3m compared to our forecast of EUR 3.6m in Q1. ESL Shipping segment has suffered from weak markets. Telko segment reported EUR 0.3m higher adjusted EBITA than we forecasted in Q1. Reported figures included the sales gain of EUR 12m in Q1.
Aspo guides for an improvement in comparable EBITA from continuing operations in 2026 y/y. Guidance is not challenging in our opinion. There were no new information regarding the possible divestment of the ESL Shipping segment. SOTP valuation is highly sensitive to a possible divestment price for ESL Shipping.
We use an EV/EBIT multiple of 11x in our SOTP analysis for the ESL Shipping segment. We would consider the execution of the company’s value creation strategy successful if ESL Shipping were sold at an EV/EBIT of >12x.