Summa Defence Plc, Company announcement 31.3.2026 at 16.45 EET

This release is a summary of Summa Defence's financial statements release for January-December 2025. The release is attached to this company release in its entirety and is available on our website at: www.summadefence.fi

Financial statements release 1.1.-31.12.2025 (unaudited)

Net sales increased, but the result was negative.

Unless otherwise stated, figures presented in parentheses refer to the financial year 2024.

October-December 2025 in brief

• Net sales were EUR 34.8 (20.4) million. Of the net sales, EUR 34.8 (3.9) million was generated from the Group's continuing operations and the renewable energy business and EUR 0.0 (16.5) million from the divested business (Meriaura Oy).
• EBITDA was EUR -3.7 (1.3) million, or -10.5 (6.3) % of net sales. EBITDA included an impairment loss of EUR 1.1 million, which is related to inventories as well as intangible and tangible assets in the renewable energy business.
• Operating profit (EBIT) was EUR -7.7 (-16.5) million, or -22.2 (-81.1) % of net sales. The operating profit included an impairment loss on inventories of EUR 1.1 million and an increase in goodwill amortization resulting from the corporate restructuring of EUR 2.5 million.
• Result for the review period was EUR -8.6 (-16.7) million, or -24.6 (-82.1) % of net sales. The result for the review period included an impairment of inventories of EUR 1.1 million and an increase in goodwill amortization resulting from the corporate restructuring of EUR 2.5 million.
• Undiluted and diluted earnings per share were EUR -0.187 (-1.932).

January-December 2025 in brief

• Net sales were EUR 100.9 (79.2) million. Of the net sales, EUR 71.0 (12.9) million was accrued from the Group's continuing operations and the renewable energy business and EUR 29.9 (66.2) million from the divested business (Meriaura Oy).
• EBITDA was EUR -4.9 (6.2) million, or -4.9 (7.9) % of net sales. EBITDA included EUR 1.6 million in inventory impairment charges in the renewable energy business, a loss of EUR 1.6 million from the sale of Meriaura's maritime logistics and other costs of EUR 1.1 million from the merger.
• Operating profit (EBIT) was EUR -19.8 (-16.0) million, or -19.7 (-20.2) % of net sales. Operating profit included the impairment of inventories, loss on disposal and corporate restructuring costs (totaling 4.3 million euros) as well as an increase in goodwill amortization resulting from the corporate restructuring of 9.8 million euros.
• The result for the review period was -22.5 (-20.7) million euros, or -22.3 (-26.1) % of net sales. The result for the review period included the impairment of inventories, loss on disposal and corporate restructuring costs (totaling 4.3 million euros) as well as an increase in goodwill amortization resulting from the corporate restructuring of 9.8 million euros.
• Undiluted and diluted earnings per share were -0,763 (-2.387) euros.

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.

Key figures

*Audited.

 **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-December 2025, pro forma net sales were EUR 100.1 (67.1) million, whereof net sales for Summa Defence's continuing operations EUR 88.9 (54.2) million and for Renewable Energy 11.3 (12.9) million.
• Pro forma adjusted EBITA was EUR -11.1 (-9.6) million, of which Summa Defence's continuing operations EUR -6.6 (-7.3) million (including costs related to the group's construction, potential transfer to the main list and corporate restructuring totaling EUR 3.8 million) and renewable energy EUR -4.5 (-2.3) million.

Financial guidance 2026

Summa Defence Plc estimates that its net sales from continuing operations in 2026 will be EUR 110-120 million and EBITDA is expected to turn positive during 2026. The focus of growth and profitability is expected to be in the second half of the year. The financial assessment is based on the company's strengthened order book, which was EUR 134 million as of March 30, 2026. The defence and security sector accounts for 75 million euros of the order backlog.

The company's pro forma net sales in 2025 were EUR 100.1 million, of which EUR 88.9 million from continuing operations and EUR 11.3 million from renewable energy.

Significant events during review period

• On December 19, 2025, Summa Defense announced that the significant order with a NATO country announced on November 4, 2025, will be moved to the first half of 2026. The company announced the deal signed on March 18, 2026. The total value of the contract is EUR 35 million, which increased the order book for the first half of 2026. Deliveries are scheduled mainly for 2026, 2027 and partly for 2028.
• On December 5, 2025, the company announced that the company's CFO and a member of the management team will leave the company.
• On November 6, 2025, the company announced that Timo Huttunen has been appointed interim CEO.
• On October 28, 2025, the company announced that Board member Erja Sankari will resign from the company.

• On 22 September 2025, Summa Defence announced having updated its strategy. According to the updated strategy, Summa Defence aims for both M&A-driven and organic growth across three focus areas: maritime technologies, land technologies and new technologies.
• On 19 September 2025, Summa Defence announced that the Extraordinary General Meeting of the company held on the same day had resolved on a reverse split of the company's shares to improve the conditions for trading the shares by increasing the value of an individual share and to improve the formation of the share price. The reverse split was implemented on 23 September 2025.
• On 29 August 2025, Summa Defence announced that its subsidiary Lännen Tractors had received an order from the Finnish Defence Forces Logistics Command for the procurement of eight multipurpose machines. The total value of the orders, excluding VAT, exceeds 3 million euros. The orders were recorded in the company's order book for the third quarter.
• On 29 August 2025, Summa Defence announced that the company's Board of Directors had decided to establish an Audit and Risk Committee and a Nomination and Remuneration Committee. The members of the Audit and Risk Committee are Sirpa-Helena Sormunen (Chairperson), Jussi Mälkiä and Erja Sankari, and the members of the Nomination and Remuneration Committee are Arto Räty (Chairperson) and Antti Vehviläinen.
• On 12 August 2025, Summa Defence announced that its subsidiary IntLog has won two tenders for the Finnish Defence Forces' logistics facility in a public procurement procedure. IntLog will supply the Defence Forces with an unheated ruin house training device for combat training in a built-up area and a spare parts container for Jurmo-class personnel transport boats.
• On 27 June 2025, Lightspace Technologies, a subsidiary of Summa Defence Plc, announced an investment in a production facility in Ventspils, Latvia, to improve its cleanroom production capacity. The investment will enable higher volume production in the production of Lightspace Technologies' augmented reality displays.
• On 12 June 2025, Uudenkaupungin Työvene, a subsidiary of Summa Defence Plc, acquired the property of Olkiluoto shipyard in Finland from Aslemetals Oy to increase production capacity. In addition to the shipyard, the transaction included all buildings and equipment on the property.
• On 9 June 2025, Meriaura Group Plc acquired the entire share capital of Summa Defence Oy by paying the purchase price through a share exchange and at the same time sold all of its shares in Meriaura Oy to Meriaura Invest Oy. After the completion of the transaction, the company's business name was changed to Summa Defence Plc. At the same time, the change of the company's trading code from MERIS (Nasdaq First North Sweden) and MERIH (Nasdaq First North Finland) to SUMMAS and SUMMA entered into force.

Interim CEO Timo Huttunen

"The stock market journey of the new Finnish defence and security company, Summa Defence Plc, on the Stockholm and Helsinki First North Growth Market marketplaces began on 11 June 2025 following the merger of Summa Defence Oy and Meriaura Group Plc. The combination of Summa Defence Oy and Meriaura Group Plc created an entirely new corporate entity.

The company's revenue increased, but profitability remained weak. The general rise in demand within the security and defence sector supported the company's pro forma revenue growth of nearly 50% compared to 2024. Pro forma revenue amounted to EUR 100.1 million in 2025, compared to EUR 67.1 million in 2024. Although adjusted EBITA improved towards the end of 2025, profitability nevertheless fell short of the company's targets. The establishment of the new company, significant early-stage cost items and several unprofitable business operations weighed on the company's result.

In late 2025, the company initiated measures to improve profitability. The cost structure has been reviewed across all areas, and previously announced projects related to a main list uplisting and the transition to IFRS reporting were postponed. In addition, head office functions were reorganised. These cost savings will be fully reflected from the second half of 2026 onwards. The Company also decided to launch an assessment of the loss-making Summa Energy business.

The company completed several significant product development projects during 2025, laying the foundation for 2026. Uudenkaupungin Työvene's SWATH product development project progressed to testing and delivery of the first vessel to the customer. Lännen Tractors introduced the Lundberg 60 product generation, covering environmental management machines in the 4-, 6- and 8-tonne classes. The Lundberg multipurpose machine was demonstrated in December with autonomous driving over a 5G network to the Finnish Defence Forces, together with IntLog's energy trailer and Summa's ZEUS FPV drones. LightSpace also continued the development of augmented reality (AR) solutions. The company's operations are built on dual-use products serving both critical infrastructure and comprehensive security.

The order backlog of Summa Defence Plc's subsidiaries weakened from the end-September level, as revenue in the final quarter increased significantly compared to previous quarters. The order backlog amounted to approximately EUR 108 million at the end of the financial year. Uudenkaupungin Työvene's shipyard has been engaged in 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 arrived in Uusikaupunki for outfitting before the year-end. Lännen Tractors received a significant order for eight Lännen multipurpose machines from the Finnish Defence Forces. The project was underway at the turn of the year, and deliveries to the Defence Forces Logistics Command were completed in early 2026. During the autumn, IntLog delivered space-solution projects to the Finnish Defence Forces at two sites. Watermaster multipurpose dredgers were delivered to critical water-infrastructure projects for, among others, the administration of New Delhi in India, the Ministry of Environment of the Dominican Republic, Austria's largest hydropower company Verbund, and reconstruction projects in Ukraine.

At the end of the financial year, the company announced the postponement of a significant order with a European NATO country. In March 2026, the company finally received confirmation of the order, valued at EUR 35 million. In addition to this order, the company signed a delivery agreement with the German Federal Armed Forces (Bundeswehr) for a SWATH vessel, which we were able to announce in March 2026. Consequently, the outlook for 2026 has improved compared to the completed financial year, taking into account the strengthened order backlog, the growing share of defence and security in revenue, and the cost savings implemented, the full impact of which will be visible during the current financial year.

I would like to thank our personnel, customers and stakeholders for their trust and excellent cooperation. Together we are stronger."

Events after the reporting period

• On 19 March 2026, the company announced that Summa Defence Plc's subsidiary, Uudenkaupungin Työvene Oy, had signed a delivery agreement with the German Federal Armed Forces (Bundeswehr) for the supply of a SWATH vessel.
• On 18 March 2026, the company announced that Summa Defence Plc's subsidiary, Lännen Tractors Oy, had signed a EUR 35 million delivery agreement with a European NATO country.
• On 12 March 2026, the company announced the appointment of M.Sc. MBA Robert Blumberg as the new CEO. Blumberg will assume the position on a date to be announced separately.
• On 6 March 2026, the company announced that it is exploring strategic options for Summa Energy Oy.
• On 4 March 2026, the company announced that its subsidiary, Lightspace Technologies, had received an order for a new high-resolution, helmet-mounted augmented reality (AR) headset. The order is valued at EUR 500.000, with deliveries planned for the second and third quarters of 2026.

Financial reporting in 2026

Summa Defence's financial statements and Board of Directors' report for 2025 will be published on the company's website no later than 30.4.2026.

• The half-year report for January-June will be published on 27.8.2026.

The financial reports will be published in Finnish and English.

Helsinki 31.3.2026

Summa Defence Plc
Board of Directors

More information:

Timo Huttunen, interim CEO
Tel: +358 50 517 5508
Email: timo.huttunen@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 organic and inorganic 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.