Aspocomp Returns to Profitability in 2025 as Net Sales Jump 38%

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Aspocomp Group Plc reported a strong turnaround in 2025, with net sales rising 38% to EUR 38.2 million and operating profit reaching EUR 0.9 million, driven by robust demand from the semiconductor and defense sectors and supported by a solid order book entering 2026.

OCTOBER-DECEMBER 2025 HIGHLIGHTS

• Net sales EUR 8.9 (7.9) million, increase of 12%
• Operating result EUR -0.4 (0.1) million, -4.7% (1.0%) of net sales
• Earnings per share EUR -0.04 (0.12)
• Operative cash flow EUR -0.3 (-0.3) million
• Orders received EUR 13.3 (8.7) million, increase of 53%

JANUARY-DECEMBER 2025 HIGHLIGHTS

• Net sales EUR 38.2 (27.6) million, increase of 38%
• Operating result EUR 0.9 (-4.0) million, 2.4% (-14.4%) of net sales
• Earnings per share EUR 0.06 (-0.51)
• Operative cash flow EUR 2.7 (-4.7) million
• Orders received EUR 39.3 (37.0) million, increase of 6%
• Order book at the end of the review period EUR 21.1 (19.9) million, increase of 6%
• Equity ratio 65.0% (54.0%)
• Dividend / share EUR 0.00* (0.00)

*Board proposal

OUTLOOK FOR 2026

In 2026, the demand for Aspocomp’s products is expected to remain solid. In particular, demand in the defense industry and the semiconductor market is anticipated to remain good.

Aspocomp estimates that its net sales for 2026 will grow, and that its operating result for 2026 will improve compared to 2025. In 2025, net sales amounted to EUR 38.2 million, and the operating result was EUR 0.9 million.

CEO’S REVIEW

"Net sales for October-December increased to EUR 8.9 million, marking a 12% increase compared to the same period last year. However, the operating result for the quarter (EUR -0.4 million) was impacted by a single breakdown of plant machinery, which weakened production throughput in the last quarter. In addition, profitability was still burdened by low-margin orders that we had agreed in 2024 and which we will continue delivering to our customers until the second quarter of 2026.

Demand strengthened on all fronts despite challenges in production. Orders received increased by over 50% and the order book strengthened to EUR 21.1 million.

Semiconductor industry: Remains strong (October-November net sales amounted to approximately EUR 3.5 million) driven by investments in AI applications.

Security, Defense and Aerospace: Up by more than 80% year-on-year. This customer segment provides important stability for the company alongside the semiconductor industry.

Automotive industry: Slight increase in production volumes toward the end of year, although the full-year volume remained unchanged.

Aspocomp made a significant operational turnaround in 2025. Efficiency measures initiated at the end of 2024 increased net sales to EUR 38.2 million (+38%). Although this fell slightly short of the Group’s net sales record, our Oulu plant achieved its highest delivery volume ever. This was a key factor in the full-year operating result turning positive to EUR 0.9 million (EUR -4.0 million in 2024).

A significant geopolitical shift occurred in the operating environment. For the first time in the 2000s, demand for European PCB manufacturing has turned to growth. The importance of European self-sufficiency and security of supply has been highlighted, and we expect this trend to keep demand high in our key customer segments in the coming years. At the same time, market consolidation and the challenges faced by smaller players are reducing manufacturing capacity in Europe.

To respond to this historic turnaround, we have launched an investment program of over EUR 10 million at the Oulu plant. It is the backbone of growth, with which we will eliminate the risk of equipment failures, improve quality and significantly increase capacity. The new capacity is planned to be introduced in phases during 2027.

The implementation of the investment program requires a solid financial foundation. In the last quarter, we secured financing for the project with a loan and a directed share issue. We were also granted EUR 1.75 million in EU development assistance for the project in November, of which EUR 0.5 million was received in 2025. This investment support covers a significant part of the project costs. Mainly thanks to the share issue and positive earnings development, the company's equity ratio strengthened to 65.0 percent (54.0%) at the end of the year.

I would also like to thank our personnel for their excellent performance during the production challenges. Our record delivery volume is thanks to you, and it is good to continue our joint journey into 2026.”

NET SALES AND EARNINGS

October-December 2025

October-December 2025 net sales amounted to EUR 8.9 (7.9) million. Net sales increased year-on-year by 12% and growth came mainly from the Security, Defense and Aerospace customer segment.

The Semiconductor Industry customer segment’s October-December net sales decreased year-on-year by 23% to EUR 3.5 (4.5) million. Demand in the customer segment remained at a high level in the fourth quarter.

The Security, Defense and Aerospace customer segment’s October-December net sales increased by 83% year-on-year and amounted to EUR 2.8 (1.5) million. Demand in the customer segment continued to grow in the fourth quarter.

The Automotive customer segment’s October-December net sales increased by 34% year-on-year and amounted to EUR 1.5 (1.1) million. Due to the competitive situation in the automotive industry and weak demand from end customers, the customer segment’s net sales remained low.

The Telecommunication customer segment’s October-December net sales increased by 10% year-on-year and amounted to EUR 0.5 (0.4) million.

The Industrial Electronics customer segment’s October-December net sales increased year-on-year by 77% to EUR 0.7 (0.4) million.

The five largest customers accounted for 59% (76%) of net sales. In geographical terms, 48% (70%) of net sales were generated in Europe and 52% (30%) on other continents. The change in the geographical distribution was caused by the relocation of existing customers’ production sites.

The operating result for October-December 2025 amounted to EUR -0.4 (+0.1) million. October- December result was negatively affected by an equipment failure at the plant and the weaker margin of orders received in the spring of 2024.

Operating result was -4.7% (+1.0%) of net sales.

Net financial expenses amounted to EUR 0.1 (0.1) million. The result before taxes was EUR -0.5 (-0.0) million. Taxes for the financial year were EUR -0.1 (0.9) million. Earnings per share were EUR -0.04 (+0.12).

January-December 2025

January-December net sales amounted to EUR 38.2 (27.6) million, a year-on-year increase of 38%. 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 106% to EUR 17.5 (8.5) million. Demand in the customer segment remained at a high level in January-December.

The Security, Defense and Aerospace customer segment’s net sales increased by 44% to EUR 9.3 (6.5) million. Demand in the customer segment continued to grow in January-December.

The Automotive customer segment’s net sales decreased by 1% year-on-year and amounted to EUR 6.9 (7.0) million.

The Telecommunication customer segment’s net sales decreased by 4% year-on-year and amounted to EUR 2.3 (2.4) million.

The Industrial Electronics customer segment’s net sales decreased year-on-year by 34% to EUR 2.1 (3.3) million. The decrease in net sales in the customer segment was due to weak demand from end customers.

The five largest customers accounted for 67% (61%) of net sales. In geographical terms, 56% (76%) of net sales were generated in Europe and 44% (24%) on other continents. The change in geographical distribution was caused by the relocation of existing customers’ production sites.

January-December operating result amounted to EUR +0.9 (-4.0) million. The operating result was improved by strong demand in the Semiconductor Industry customer 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. Both the net sales and the operating result were negatively affected by the prolonged maintenance of a critical production process in April-June and the equipment failures in the second half of the year. The operating result was negatively affected by the weaker margin of orders in the previous year.

January-December operating result was +2.4% (-14.4%) of net sales.

Net financial expenses amounted to EUR 0.4 (0.4) million. The result before taxes was EUR 0.5 (-4.3) million. Taxes for the financial period were EUR -0.1 (0.9) million. Earnings per share were EUR +0.06 (-0.51).

The order book at the end of the review period was EUR 21.1 (19.9) million. Of the order book, EUR 20.5 million has been scheduled for delivery in 2026.​​​​​​