From the CEO
7 JANUARY 2026: NEW YEAR’S GREETING FROM SUMMA DEFENCE PLC
The new growth company in the defence and security sector with decades of experience
The stock market journey of Summa Defence Plc, a new Finnish defence and security company, began on 11 June 2025 on the First North Growth Markets in Stockholm and Helsinki following the merger of Summa Defence Oy and Meriaura Group Plc. Although Summa Defence Oyj is a young company, the Group’s subsidiaries together represent nearly 200 years of history. The oldest subsidiary began operations as early as the 1950s.
2025: investments in expanding production and product development
Summa Defence Plc’s first half-year period from summer 2025 to the end of the year included many interesting events. Several subsidiaries have invested in expanding their production capacity, including LightSpace Technologies in Ventspils, Latvia, and Uudenkaupungin Työvene in Olkiluoto, Finland, where two battery-hybrid vessels are currently being manufactured for Sweden. In the Summa Drones business, new production facilities were commissioned, and the first product batches were delivered to Ukraine.
Significant product development projects were also completed. Uudenkaupungin Työvene’s SWATH product development project progressed to testing and delivery of the first vessel to the customer. The vessel met all performance requirements set for it in North Sea offshore wind farms, and the concept can now be offered more broadly for crew transfer in both civilian and defence sectors.
Lännen Tractors introduced the Lundberg 60 product generation, covering environmental maintenance machines in the 4-, 6- and 8-ton categories. In December, the Lundberg multipurpose machine was demonstrated to the Finnish Defence Forces with autonomous driving over a 5G network, together with IntLog’s energy trailer and Summa’s ZEUS FPV drones. LightSpace also continued to develop augmented reality (AR) solutions in cooperation with Rheinmetall Electronics.
Dual-use products for both critical infrastructure and comprehensive security
The order book of Summa Defence Plc’s subsidiaries has remained at the same level as at the end of September. The Uudenkaupungin Työvene’s shipyard has been busy building new offshore patrol vessels for the Finnish Border Guard in cooperation with the Meyer Turku shipyard. The first vessel is already well advanced, and the hull of the second vessel has arrived in Uusikaupunki for outfitting. At the end of the summer, Lännen Tractors received a significant order from the Finnish Defence Forces for eight Lännen multipurpose machines. The project is currently underway, and the first deliveries have already been made to the Finnish Defence Forces Logistics Command. During the autumn, IntLog delivered facility solution projects to the Defence Forces at two locations. Watermaster multipurpose dredgers were delivered to critical water infrastructure projects, including to the Government of New Delhi in India, the Ministry of Environment of the Dominican Republic, Austria’s largest hydropower company Verbund, and reconstruction projects in Ukraine.
Looking ahead to 2026
Summa Defence Plc is looking to 2026 in a positive light across all three of its strategic focus areas: ground technologies, maritime technologies, and new technologies. Summa Energy’s situation will be assessed separately from these focus areas. Summa Defence Plc has renewed its financing structure in cooperation with banks and shareholders and intensified its operational management for the coming year.
Timo Huttunen
Interim CEO
31 october 2025: CEO JUSSI HOLOPAINEN IN CONNECTION WITH business review JANUARY–september 2025
Summa Defence Plc started its operations this summer on 9 June. Now the first full quarter of the new Group is behind us. In the third quarter, we continued our determined work to build and strengthen the Group for our future plans.
In September, we announced that we will start exploring the possibility of transferring our shares to the main list of Nasdaq Helsinki and Stockholm during 2026. We also implemented a reverse share split, which simplifies our share structure. As part of the preparations for a possible transfer to the main list, we are also planning to transition from the Finnish Accounting Standards (FAS) to the International Financial Reporting Standards (IFRS) as of the 2025 Financial Statements Bulletin.
We strengthened our operational, sales and innovation capabilities with new recruitments. In addition, Summa Defence’s Board of Directors established an Audit and Risk Committee and a Nomination and Remuneration Committee to support good governance.
Pro forma net sales increased significantly
As the Summa Defence Group was established only in June, we have calculated the pro forma figures for our existing businesses to increase comparability for the full-year development. In January–September, the net sales of our subsidiaries grew strongly, 47 per cent year on year. Pro forma net sales were EUR 65.3 million, compared to EUR 44.4 million in the corresponding period a year earlier.
Work to improve profitability continues
On the other hand, our Group’s profitability has not yet developed in line with our expectations. In many of our subsidiaries, the profitability turnaround continued in the third quarter, but at a slower pace than anticipated. Of our companies, the profitability of Aquamec and Uudenkaupungin Työvene has already risen positive, and we expect the same from Lännen Tractors and IntLog in the near future. Instead, the profitability of the Renewable Energy business continued to be weak in January–September, at EUR -2.7 million. As a result of the change negotiations in the business, operations in the Mikkeli factory are now being discontinued. Operations will continue in Vantaa, and solar collectors and other components will be procured from external suppliers. Investments in the future were also reflected in the expenses related to the Group’s construction, potential transfer to the main list and corporate transactions, which totalled EUR -3.3 million in January–September.
Order book at a satisfactory level
At the end of September, the order book of our subsidiaries was at a satisfactory level at EUR 123 million.
Some of the projects that we previously expected will materialise towards the end of the year, and we expect that the growth of our companies will accelerate and the profitability turnaround will continue during the rest of the year. We expect the Group’s full-year pro forma net sales to be in the range of EUR 90–110 million.
Excellent market outlook
The future prospects for dual-use products in the comprehensive security sector are excellent in the short and long term. In connection with the strategy update published in September, we reiterated our medium-term financial target of EUR 500 million in net sales.
We will drive M&A-driven and organic growth in three focus areas: maritime technologies, ground technologies and new technologies. Our mission is to create a strong industrial foundation of innovative defence and dual use SMEs for strengthening the comprehensive security of society, and our vision is to be a forerunner in the comprehensive security industry.
We operate in the defence and security industry and in the civilian market
The orders that we received from the Finnish Defence Forces during the review period are strategically very important to us. The agreements signed by Lännen Tractors and IntLog with the Finnish Defence Forces Logistics Command strengthen our position as a domestic defence industry partner and open doors to international markets. With these orders, we are also an even more credible player in the civilian market.
The first test batch production of the Summa Drones business, which focuses on the design, production and lifecycle services of drones and drone systems, has progressed well to the test flight phase, and the products will be ready for delivery during this year. Lightspace, on the other hand, is manufacturing a test batch of augmented reality (AR) smart glasses for a major European defence industry partner. In the review period, we have been able to support the operations of our subsidiaries and secure financing and working capital for product development. The company is exploring options for financing growth in the future.
I would like to thank our personnel, customers and stakeholders for their trust and cooperation. Together, we are building a stronger Summa Defence.
22 AUGUST 2025: CEO JUSSI HOLOPAINEN IN CONNECTION WITH HALF-YEAR REPORT JANUARY–JUNE 2025
Summa Defence Plc, a new growth company in the defence and security sector, started operations on 9 June 2025 after the merger of Summa Defence Oy and Meriaura Group Plc. We are the first defence and security industry company on the First North Growth Market marketplaces in Stockholm and Helsinki.
The directed share issue arranged for the share exchange significantly strengthened the company’s equity, and our financial position is strong. The amount of investments raised in connection with the corporate transactions was EUR 28.15 million. At the end of June, the company was net debt-free, and our equity ratio was 63.4%.
Investments in new production facilities
In line with our strategy, we have been able to quickly support the operations of our subsidiaries and secure financing and working capital for product development, internationalization and next-stage corporate transactions.
After the merger, our subsidiary Uudenkaupungin Työvene acquired the property of Olkiluoto shipyard to increase its production capacity, and Lightspace Technologies announced an investment in its production facility in Ventspils, Latvia, to improve its cleanroom production capacity. In addition, our subsidiaries have several ongoing product development projects.
The new production facilities of the Summa Drones business have been put into operation in Southern Finland, and the first test batch is being manufactured with our Ukrainian partner. We expect the first production batches to be completed and deliveries to begin during the second half of the year.
Pro forma net sales increased by 35 per cent
Several of our subsidiaries have already increased their net sales significantly compared to the previous year. In January–June 2025, our pro forma net sales were EUR 42.1 million, compared to EUR 31.1 million a year earlier. The net sales of our companies increased by more than 35 per cent in the first half of the year. Net sales in Summa Defence’s continuing operations focusing on defence and security were EUR 34.9 (25.3) million and in the Renewable Energy business EUR 7.2 (5.8) million.
Profitability improved
During the first half of the year, our profitability also started to improve clearly, although the delay in the transaction slowed down the growth of the business volume of our subsidiaries. The profitability of our continuing operations was already slightly positive in the first half of the year, but Group administration expenses (EUR -1.9 million) and the result of the Renewable Energy business (EUR -1.9 million) pushed the pro forma adjusted operating profit to EUR -3.7 (-5.2) million.
In most of our businesses, there was a clear turnaround in profitability, and in some companies, operating profit rose to positive numbers. The profitability of the Renewable Energy business has been burdened by delays in customer deliveries of large plants. In addition, industrial investments in low-carbon solutions have been slowed down by the uncertain political climate, especially in Germany, the challenging nature of project financing, the slowness of support systems and the strong focus of public budgeting on defence investments. We have started measures to improve the profitability of the business area. Change negotiations have been initiated in the unit.
Thanks to the strong market situation, we expect the growth of our companies to accelerate and the turnaround in profitability to accelerate during the rest of the year.
Closer cooperation with the defence sector
Our subsidiaries have a long and extensive history as partners in the defence sector around the world. Summa Defence and its subsidiaries will continue and develop this good cooperation together in the future as well. With the funding and support of the Summa Defence Group, our subsidiaries can make quick investment decisions, scale up production quickly and increase production to a whole new level.
At the end of June, our subsidiaries had a strong order book of more than EUR 160 million. Over the years, the value of deliveries from our subsidiaries to the defence and armed forces of various countries and other security authorities has been approximately EUR 300 million, and demand continues at a good level.I would like to thank our customers, partners, investors and personnel for a successful merger and the first half of the year.
9 JUNE 2025: A new growth company in the defence and security sector has been BORN
National, Nordic, and European defense, security of supply, and protection of critical infrastructure play a central role in the changed security environment.
Summa Defence responds to the needs of Finnish defense and security companies and the entire industry. We strengthen comprehensive security, and our goal is to build a strong group in Finland focused on security and supply reliability, with dual-use technology playing a significant role.
Our aim is to achieve a turnover of 500 million euros in the medium term. Being listed on the First North Growth Market in Stockholm and Helsinki as the first defense and security industry company supports this goal. The listing brings us more visibility and ensures financing for our subsidiaries’ product development, internationalization, and next-phase corporate arrangements. We intend to continue actively implementing our acquisition strategy.
Summa Defence offers financial backing and new growth opportunities for companies. Together with Summa Defence, small and medium-sized defense companies have the opportunity to grow, develop, and internationalize.
We combine the industry’s best technological know-how, entrepreneurial spirit, and innovation capability to support industrial-scale production. This makes Summa Defence a significant new player aiming for international growth and cooperation with reliable partners.
Finland has an enormous amount of expertise and innovation capability in the defense and security industry. Together, we can achieve more than as individual actors while strengthening our national security and creating significant innovations for international markets. Together we are stronger!