Q3 earnings improved y/y, but the underlying result was mixed. The adjusted EBITA margin for the Telko segment was good, but low cargo demand and poor vessel utilisation affected ESL Shipping's profitability. Aspo maintained its outlook, guiding for a y/y EBITA improvement in 2026, prompting us to slightly reduce our near-term EBITA forecasts. Our long-term estimates still support a fair value range of EUR 7.1-8.7, based on an equal weighting of our DCF, P/E and SOTP valuations. Our current forecasts still include both segments. Aspo will host a CMD on 24 November 2026.