2 September 2026, Helsinki - The Disciplinary Committee of Nasdaq Helsinki Ltd (the Exchange) has imposed a warning and a disciplinary fine of EUR 200,000 on Summa Defence Oyj for violation of the Exchange's rules. The share of the Summa Defence Oyj is traded on Nasdaq First North Growth Market in Nasdaq Helsinki (trading code: SUMMA) and in Nasdaq Stockholm (trading code: SUMMAS).
Summa Defence Oyj (the Company) had failed to disclose, in accordance with the rules, changes in information regarding the adequacy of its working capital by September-October 2025 at the latest, and had failed, by October 2025 at the latest, to issue a profit warning concerning the development of its financial results for 2025. The Company had also not complied, in November and December of 2025 and in March and April of 2026, with the relevant rules of Nasdaq First North Growth Market Rulebook for Issuers of Shares when disclosing agreements, it had negotiated and entered into and had failed to comply with its obligations regarding the establishment and termination of insider lists in a timely manner and disclosure of the Company's financial statement in due course.
In addition, the Disciplinary Committee considered that the Company had acted contrary to good securities market practice under the rules and Securities Markets Act by failing in December 2025 to correct a previously disclosed matter concerning a change relating to the appointment of a member of the Company's management. According to the Disciplinary Committee, the Company had also failed to organize the Company's administration in the manner required by the rules.
According to the Disciplinary Committee, the Company's numerous and consecutive, but separately assessed, rule violations were material and concerned the fundamental obligations of a listed company. The Disciplinary Committee considers the Company's failures in disclosing changes in the information regarding its working capital and financial result development to be particularly serious. Failure to comply with disclosure timeliness requirements, failure to comply with obligations concerning insider lists, and deficiencies in the organization of administration, particularly with respect to financial information, have an adverse effect on the position of investors and on the reliability of the securities markets and the Exchange's operations. Taking into account the Company's financial situation, the Disciplinary Committee considered that a warning and a disciplinary fine of EUR 200,000 constituted a proportionate sanction to be imposed on the Company in this case.
The Disciplinary Committee dismissed three other rule violations asserted by the Exchange's Market surveillance.
The Disciplinary Committee's decision is available at:
https://www.nasdaq.com/market-regulation/nordic/helsinki/disciplinary/decisions-sanctions
Surveillance at Nasdaq Helsinki and the Disciplinary Committee
The surveillance unit of Nasdaq Helsinki Ltd investigates all suspected breaches of regulations. Minor breaches will result in reprimand to the company, whereas more serious cases are referred to the Disciplinary Committee. The members of the Disciplinary Committee are legal and financial experts independent of Nasdaq Helsinki Ltd. The members of the Committee are chair Mr. Ari Kantor, Justice, Supreme Court of Finland; Deputy chair Mrs. Helena Kontkanen, L. of Laws and trained on the bench; and members Mr. Kari Hietanen, Master of Laws; Mrs. Tarja Ollilainen, M.Sc. (Econ. & Bus. Adm.); and Mr. Sami Torstila, D. Sc, M. of Laws, Associate Professor. The sanctions may be a warning, a fine or a delisting. For more information about the Disciplinary Committee please visit https://www.nasdaq.com/market-regulation/nordic/helsinki/disciplinary
Nasdaq Nordic Foundation
Established in 2006, the Foundation supports financial markets through scientific research. The Nasdaq Nordic Foundation receives paid fines from breaches by members or listed companies in Nasdaq Helsinki, Nasdaq Copenhagen, and Nasdaq Stockholm. The Foundation's mission is to promote scientific research and other initiatives related to financial markets in Finland, Denmark, and Sweden, with the goal of increasing competence and competitiveness for the financial markets in these countries.
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