Core Insights - Aspo Plc's interim report for January 1 – September 30, 2025, indicates a strategic focus on profitability improvement and divestment activities to enhance financial performance [1] Financial Performance - Net sales for the group decreased to EUR 144.3 million in Q3 2025 from EUR 146.6 million in Q3 2024, while net sales from continuing operations decreased to EUR 108.1 million from EUR 113.7 million [5] - Comparable EBITA for the group increased to EUR 9.6 million in Q3 2025, representing 6.6% of net sales, compared to EUR 8.7 million and 5.9% in Q3 2024 [5][13] - For the first nine months of 2025, net sales grew by 5.9% to EUR 458.3 million, with comparable EBITA reaching EUR 27.5 million, up from EUR 21.1 million in the same period of 2024 [18][22] Business Segments - ESL Shipping reported a slight decline in comparable EBITA to EUR 3.5 million due to weak market conditions, particularly in the Coaster vessel segment [15] - Telko's comparable EBITA improved to EUR 4.8 million, driven by higher sales margins and the absence of acquisition-related expenses [16] - Leipurin's comparable EBITA for discontinued operations was EUR 1.9 million, with strong organic growth noted, particularly in Sweden [17] Strategic Actions - Aspo announced the divestment of its Leipurin business to Lantmännen for an enterprise value of EUR 63 million, expected to generate a gain of approximately EUR 16 million [20] - The divestment is part of Aspo's strategy to create two separate companies, Aspo Infra and Aspo Compounder, aimed at enhancing shareholder value [19] Guidance and Market Outlook - The company expects comparable EBITA for 2025 to be in the range of EUR 35–45 million, reflecting ongoing profitability improvement initiatives [6] - The operating environment is anticipated to remain challenging due to geopolitical uncertainties and global trade tensions, although increased defense and infrastructure spending in Europe may support recovery [7] Key Financial Ratios - Comparable return on equity (ROE) for the group was 13.4% for the first nine months of 2025, compared to 7.8% in the same period of 2024 [22] - The net debt to comparable EBITDA ratio increased to 3.9, attributed to hybrid bond repayments and investments in Green Coaster vessels [21]

Core Viewpoint - Knighted Pastures, LLC, which owns approximately 31.5% of Allied Gaming's shares, advocates for change in the company's board and recommends shareholders vote for their nominee, Roy Choi, at the upcoming annual meeting [1][2]. Group 1: Operational Performance and Governance - Allied Gaming has underperformed financially and operationally across various metrics, lacking a clear strategy and exhibiting poor corporate governance [2][4]. - The company's overall financial performance has been characterized by slow revenue growth and persistent losses since 2019, continuing into Q1 2025 [4]. - There are significant concerns regarding the independence of the board, particularly due to ties with the largest shareholder, Ourgame, which raises questions about governance and decision-making [3][6]. Group 2: Proxy Advisory Firm's Recommendations - Institutional Shareholder Services Inc. (ISS) has recommended that stockholders vote for the election of Knighted's Class B director candidate, Roy Choi, citing the need for boardroom change [1][4]. - ISS supports Knighted's critique of Allied Gaming's unfocused strategy and lack of transparency in capital allocation decisions, which have led to operational challenges and litigation risks [4][6]. Group 3: Strategic Vision - Knighted emphasizes the need to restore accountability in the boardroom and implement a coherent strategic vision to unlock Allied Gaming's untapped potential for sustainable growth [4][5]. - The company has faced challenges with operational performance and has not provided shareholders with sufficient information to evaluate its performance effectively [4].