Summa Defence Plc
Company announcement 31 October 2025 at 9:00 EET
CEO Jussi Holopainen
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.
Summa Defence Plc
Summa Defence Plc is a Finnish defence and security technology group that brings together security companies and together secures resources for product development and growth in a globally growing and developing sector. The company focuses on dual-use technology, i.e. developing and producing products for the defence, security and civilian sectors.
Summa Defence Plc was born on 9 June 2025 following the merger of Summa Defence Oy and Meriaura Group Plc. The company's share is listed on the Nasdaq First North Growth Market Finland and Sweden marketplaces.
As part of the transaction, Meriaura Group Plc sold the shares of the marine logistics company Meriaura Oy to Meriaura Invest Oy. In the transaction, the Renewable Energy business of Meriaura Group remained in Summa Defence Plc.
This business review presents financial information for the combined Summa Defence Plc for the period 1 January-30 September 2025 including information on the following businesses for the time that they have been part of the Group.
- Marine logistics: divested business (for 1 January-9 June 2025)
- Renewable Energy: business remaining in the Group (for 1 January-30 September 2025)
- Summa Defence's continuing operations (for 9 June-30 September 2025)
Summa Defence's continuing operations refer to the Group's subsidiaries, which are Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, Lightspace Group, Summa Drones and administrative companies.
The financial information has been prepared in accordance with the principles of the Finnish Accounting Standards (FAS). Unless otherwise stated, figures in parentheses refer to the comparison period. This business review is unaudited. The figures for the financial year 2024 are audited.
Pro forma financial information on Summa Defence's subsidiaries
This business review also includes other unaudited pro forma financial information on Summa Defence's subsidiaries. They present the result of Summa Defence's continuing operations as if the merger with Meriaura had taken place on 1 January 2025.
July-September 2025 in brief
- Net sales were EUR 23.2 (18.8) million. Of net sales, EUR 23.2 (3.2) million was accrued from the Group's continuing operations and the Renewable Energy business and EUR 0.0 (15.7) million from the divested business (Meriaura Oy).
- EBITDA was EUR -2.9 (1.4) million, or -12.4 (7.6) % of net sales. EBITDA included an expense item of EUR 0.5 million related to the impairment of inventories in the Renewable Energy business.
- EBITA was EUR -3.2 (0.3) million, or -13.8 (1.4) % of net sales.
- Operating profit (EBIT) was EUR -9.6 (0.0) million, or -41.3 (0.0) % of net sales. Operating profit (EBIT) included EUR 0.5 million related to the impairment of inventories and an increase of EUR 5.9 million in amortisation of goodwill caused by the transaction.
- Result for the review period was EUR -10.3 (-3.8) million, or -44.3 (-20.0) % of net sales. Result for the review period included EUR 0.5 million related to the impairment of inventories and an increase of EUR 5.9 million in amortisation of goodwill caused by the transaction.
January-September 2025 in brief
- Net sales were EUR 66.1 (58.8) million. Of net sales, EUR 36.2 (9.0) million was accrued from the Group's continuing operations and the Renewable Energy business and EUR 29.9 (49.8) million from the divested business (Meriaura Oy).
- EBITDA was EUR -1.2 (4.9) million, or -1.9 (8.4) % of net sales. EBITDA included an expense item of EUR 0.5 million related to the impairment of inventories in the Renewable Energy business, a loss of EUR 1.6 million from the sale of Meriaura's marine logistics, and other expenses of EUR 1.1 million arising from the transaction.
- EBITA was EUR -4.0 (1.4) million, or -6.0 (2.4) % of net sales.
- Operating profit (EBIT) was EUR -12.1 (0.6) million, or -18.3 (1.0) % of net sales. In addition to the impairment of inventories, sales loss and expenses arising from the transaction (total EUR 3.2 million), operating profit (EBIT) included an increase of EUR 7.3 million in amortisation of goodwill caused by the transaction.
- Result for the review period was EUR -13.9 (-3.9) million, or -21.1 (-6.7) % of net sales. In addition to the impairment of inventories, sales loss and expenses arising from the transaction (total EUR 3.2 million), result for the review period included an increase of EUR 7.3 million in amortisation of goodwill caused by the transaction.
Key figures
| EUR 1,000 unless otherwise stated | 7-9/25 | 7-9/24 | 1-9/25 | 1-9/24 | 1-12/24* |
| Net sales | 23,233 | 18,820 | 66,136 | 58,771 | 79,164 |
| EBITDA | -2,871 | 1,434 | -1,229 | 4,927 | 6,221 |
| EBITDA, % of net sales | -12.4% | 7.6% | -1.9% | 8.4% | 7.9% |
| EBITA | -3,196 | 262 | -3,994 | 1,384 | -14,910** |
| EBITA, % of net sales | -13.8% | 1.4% | -6.0% | 2.4% | -18.8% |
| Operating profit (EBIT)*** | -9,603 | -24 | -12,109 | 571 | -15,960 |
| Operating profit (EBIT), % of net sales | -41.3% | -0.1% | -18.3% | 1.0% | -20.2% |
| Result for the review period | -10,283 | -3,766 | -13,930 | -3,943 | -20,688 |
| Result for the review period, % of net sales | -44.3% | -20.0% | -21.1% | -6.7% | -26.1% |
*Audited.
**Unaudited.
***1-12/2024 includes non-recurring items, i.e. a capital loss of EUR 3.3 million related to the sale of a minority stake in Meriaura Oy on 2 July 2024 and an impairment loss of EUR 16.4 million related to the transaction announced on 29 January 2025.
Pro forma net sales and adjusted operating profit (EBITA) for Summa Defence's continuing operations
This unaudited pro forma financial information has been prepared to illustrate net sales and profitability of the Group's continuing operations during the review period. The profitability indicator used is the alternative performance measure adjusted EBITA.
- The subsidiaries' financial statements have been combined into pro forma figures as if the merger with Meriaura had taken place on 1 January 2025. Intra-Group transactions have been eliminated. The pro forma figures have been prepared in accordance with the same accounting principles as the official figures for the review period. As a result of the transaction completed on 9 June 2025, Summa Defence's continuing operations are the Group's subsidiaries, i.e. Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, Lightspace Group, Summa Drones and administrative companies.
- The pro forma figures also include the figures for the Renewable Energy business, which remained in the Group in connection with the merger.
- In January-September 2025, pro forma net sales were EUR 65.3 (44.4) million, whereof net sales for Summa Defence's continuing operations EUR 55.2 (35.4) million and for Renewable Energy EUR 10.1 (9.0) million.
- Pro forma adjusted operating profit (EBITA) was EUR -7.0 (-7.1) million, whereof Summa Defence's continuing operations amounted to EUR -4.2 (-5.2) million (including a total of EUR 3.3 million in expenses arising from the construction of the Group administration, potential transfer to the main list and corporate transactions) and Renewable Energy to EUR -2.7 (-1.9) million.
Financial guidance
Summa Defence Plc expects its pro forma net sales in 2025 to amount to EUR 90-110 million.
Financial reporting in 2026
Summa Defence will publish the financial reporting schedule for 2026 in December 2025.
Media invitation: Briefing on Summa Defence Plc's business review for January-September on 31 October 2025
Summa Defence Plc will organise a media event on 31 October at 10:30 am. In the media event, CEO Jussi Holopainen and CFO Risto Takkala will present the business review and answer any questions.
The event is intended for media representatives and analysts. The event will be held on Teams.
Please register for the event by email to tommi.manninen@summadefence.com. A Teams link will be sent to registered participants.
SUMMA DEFENCE PLC
More information:
Jussi Holopainen, CEO
Phone: +358 44 517 4543
email: jussi.holopainen@summadefence.com
Media contact:
Tommi Manninen, Chief Communications Officer
Phone: +358 400 437 515
email: tommi.manninen@summadefence.com
Summa Defence in brief
Summa Defence Plc is a Finnish defence and security technology group whose mission is to create a strong industrial foundation of innovative defence and dual use SMEs for strengthening the comprehensive security of society.
Summa Defence aims for both M&A-driven and organic growth across three focus areas: maritime technologies, land technologies and new technologies. The company's vision is to be a forerunner in comprehensive security industry.
The shares of Summa Defence Plc are listed on the Nasdaq First North Growth Market in Sweden (SUMMAS) and Finland (SUMMA).
www.summadefence.fi/en/
The company's Certified Adviser is Augment Partners AB, info@augment.se, tel. +46 8-604 22 55.
Attachments
Summa Defence Plc's business review January-September 2025