Aspocomp’s Interim Report January-September 2025

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Aspocomp posts interim report for January-September 2025, net sales increased significantly, and the operating result was profitable.

July-September 2025 Highlights

• Net sales EUR 8.8 (6.4) million, increase of 39%
• Operating result EUR 0.3 (-1.2) million, 3.6% (-18.8%) of net sales
• Earnings per share EUR 0.03 (-0.20)
• Operative cash flow EUR 0.5 (-1.3) million
• Orders received EUR 5.7 (14.1) million, decrease of 60%
• Equity ratio 61.2% (56.5%)

January-September 2025 Highlights:

• Net sales EUR 29.3 (19.7) million, increase of 49%
• Operating result EUR 1.3 (-4.0) million, 4.5% (-20.6%) of net sales
• Earnings per share EUR 0.11 (-0.6)
• Operative cash flow EUR 3.0 (-4.4) million
• Orders received EUR 26.0 (28.3) million, decrease of 8%
• Order book at the end of the review period EUR 16.6 (19.1) million, decrease of 13%
• Equity ratio 61.2% (56.5%)

Outlook for 2025

In 2025, the demand for Aspocomp’s products is expected to remain solid. In particular, demand in the semiconductor market is anticipated to develop favorably thanks to significant investments in AI applications and data centers. Good growth in demand is also expected to continue in the Security, Defense and Aerospace customer segment.

Aspocomp reiterates the guidance that was published on February 26, 2025. Aspocomp estimates that its net sales for 2025 will grow significantly from the 2024 level, and that its operating result for 2025 will turn clearly profitable. In 2024, net sales amounted to EUR 27.6 million, and the operating result was a loss of EUR 4.0 million.

CEO’s Review

“Net sales for July–September increased to EUR 8.8 million, marking a 39% increase compared to the same period last year. Operating result for the quarter was EUR 0.3 million, an improvement of EUR 1.5 million. Third-quarter performance was impacted by the breakdown of plant machinery early in the quarter and the weaker margin of orders received in spring 2024.

Orders received dropped in July-September by 60% year-on-year. Orders received last year were exceptionally high as a result of capacity growth and recovery in demand. The order book was EUR 16.6 million at the end of the review period of which EUR 10.2 million are for 2025 and the remaining EUR 6.4 million for 2026. Cash flow from operations increased by EUR 1.8 million mainly due to the improvement in operating profit and the decrease in working capital and amounted to EUR 0.5 million.

Demand stayed robust, especially within the Semiconductor Industry customer segment, in which net sales increased year-on-year by 172%. Net sales also grew by 34% in the Security, Defense, and Aerospace segment. In contrast, the Automotive customer segment experienced a 23% decline in net sales, due to weak demand among end customers. The order book decreased by 13% from the same period last year, mainly due to last year’s exceptionally high order intake.

Due to strong demand, the Oulu plant’s capacity has been fully used for nearly a year. The commitment of the staff has enabled improvements in lead times and quality. Work on these continues, but I would like to thank the staff for their contribution to the change.

The company now has four consecutive profitable quarters behind it, after two difficult years. This, together with positive cash flow from operations, has allowed us to continue planning investments during July–September to increase capacity and improve quality. The planned equipment investments aim to not only increase capacity and improve quality, but also to reduce the risk of production disruptions. The company will continue to refine these plans during the autumn.”

NET SALES AND EARNINGS

July-September 2025

July-September 2025 net sales amounted to EUR 8.8 (6.4) million. Net sales increased year-on-year by 39% and growth came mainly from the Semiconductor Industry customer segment.

The Semiconductor Industry customer segment’s July-September net sales increased year-on-year by 172% to EUR 4.1 (1.5) million. Demand in the customer segment remained at a high level in the third quarter of the year.

The Security, Defense and Aerospace customer segment’s July-September net sales increased by 34% year-on-year and amounted to EUR 2.2 (1.6) million. Demand in the customer segment continued to grow in the third quarter of the year.

The Automotive customer segment’s July-September net sales decreased by 23% year-on-year and amounted to EUR 1.4 (1.8) million. The decrease in net sales in the customer segment was due to weak demand from end customers.

The Telecommunication customer segment’s July-September net sales decreased by 21% year-on-year and amounted to EUR 0.6 (0.7) million.

The Industrial Electronics customer segment’s July-September net sales decreased year-on-year by 11% to EUR 0.6 (0.7) million.

The five largest customers accounted for 65% (61%) of net sales. In geographical terms, 61% (75%) of net sales were generated in Europe and 39% (25%) on other continents. The change in the geographical distribution was caused by the relocation of existing customers’ production sites.

The operating result for July-September 2025 amounted to EUR +0.3 (-1.2) million. The operating result was improved by strong demand, especially in the Semiconductor Industry customer segment and in the Security, Defense and Aerospace customer segment. The improvement in operating result was also influenced by the high utilization of production capacity. The third-quarter result was negatively affected by an equipment failure at the plant and the weaker margin of orders received in spring 2024.

Operating result was +3.6% (-18.8%) of net sales.

Net financial expenses amounted to EUR 0.1 (0.2) million. The result before taxes was EUR 0.2 (-1.3) million. Taxes for the financial year were EUR -0.1 million. Earnings per share were EUR +0.03 (-0.20).

January-September 2025

January-September net sales amounted to EUR 29.3 (19.7) million, a year-on-year increase of 49%. The development of net sales was particularly affected by strong demand especially in the Semiconductor Industry customer segment and in the Security, Defense and Aerospace customer segment.

The Semiconductor Industry customer segment’s net sales increased by 253% to EUR 14.0 (4.0) million. Demand in the customer segment remained at a high level in January-September.

The Security, Defense and Aerospace customer segment’s net sales increased by 32% to EUR 6.6 (5.0) million. Demand in the customer segment continued to grow in January-September.

The Automotive customer segment’s net sales decreased by 8% year-on-year and amounted to EUR 5.4 (5.9) million.

The Telecommunication customer segment’s net sales decreased by 7% year-on-year and amounted to EUR 1.8 (2.0) million.

The Industrial Electronics customer segment’s net sales decreased year-on-year by 49% to EUR 1.5 (2.9) million. The decrease in net sales in the customer segment was due to weak demand from end customers.

The five largest customers accounted for 70% (56%) of net sales. In geographical terms, 57% (78%) of net sales were generated in Europe and 43% (22% on other continents. The change in geographical distribution was caused by the relocation of existing customers’ production sites.

January-September operating result amounted to EUR +1.3 (-4.0) million. The operating result was improved by strong demand, in the Semiconductor Industry segment and the Security, Defense and Aerospace customer segment. The improvement in operating result was also influenced by the high utilization rate of production capacity and improved profitability, especially in the early part of the year. The operating result was negatively affected by the weaker margin of orders in the previous year. Both the net sales and the operating result were affected by the delay in ramping up production following maintenance of a critical production process in April-June and the equipment failure in July-September.

January-September operating result was +4.5% (-20.6%) of net sales.

Net financial expenses amounted to EUR 0.4 (0.3) million. The result before taxes was EUR 0.9 (-4.3) million. Taxes for the financial period were EUR 0.2 (0.0) million. Earnings per share were EUR +0.11 (0.63).

The order book at the end of the review period was EUR 16.6 (19.1) million. Of the order book, EUR 10.2 million has been scheduled for delivery this year and the remaining EUR 6.4 million next year.