Summa Defence Plc's half-year report January-June 2026: Net sales grew-profitability and financial position required action

Summa Defence Plc      Company announcement          27 August 2026 08:30 a.m. EEST

This release is a summary of Summa Defence's half-year report for January–June 2026. The half-year report is attached to this company announcement in its entirety and is available on our website at https://summadefence.fi/en/investors/reports-and-presentations/financial-reports/.

Unless otherwise stated, the figures in parentheses refer to the corresponding period of the previous year. Summa Defence's continuing operations refer to the Group's subsidiaries, which are Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, LightSpace Group and Summa Drones, as well as the administrative companies. Divested businesses refer to the Summa Energy business and Rasol Oy divested in 2026, and Meriaura Oy divested in 2025. The comparison figures for 1 January–30 June 2025 include Meriaura's financial information for the period 1 January–9 June 2025, and financial information for Summa Defence Plc and the subsidiaries it had acquired has been combined for the period 9–30 June 2025. Meriaura's business was in the shipping industry, and its profit figures are very poorly comparable with those of Summa Defence Plc. The balance sheet information for the comparison period is well comparable.

January–June 2026 in brief

• Net sales were EUR 59.3 (42.9) million. Of net sales, EUR 59.4 (34.9) million was accrued from the Group's continuing operations.
• EBITDA was EUR -5.6 (1.6) million, or -9.4 (3.8) % of net sales. EBITDA included a loss of EUR 650,000 from the divestment of Rasol Oy. EBITDA for the comparison period included a loss of EUR 1.6 million caused by the sale of Meriaura's maritime logistics and other costs of EUR 1.1 million related to the transaction.
• Operating profit (EBIT) was EUR -16.4 (-2.5) million, or -27.6 (-5.8) % of net sales.
• Result for the review period was EUR -17.9 (-3.6) million, or -30.2 (-8.5) % of net sales.
• Operating profit (EBIT) and the result for the review period included EUR 8.8 million of amortisation of goodwill and a write-down of EUR 1 million of shares in the subsidiary Summa Energy Oy.
• Undiluted and diluted earnings per share were EUR -0.393 (-0.003).

Key figures

EUR 1,000 unless otherwise stated	1–6/26	7–12/25	1–6/25	1–12/25
Net sales	59,345	58,022	42,903	100,926
EBITDA	-5,557	-6,535	1,643	-4,892
EBITDA, % of net sales	-9.4%	-11.3%	3.8 %	-4.9%
Operating profit (EBIT)	-16,392	-19,298	-2,506	-21,804
Operating profit (EBIT), % of net sales	-27.6%	-33.3%	-5.8 %	-21.6%
Result for the review period	-17,938	-20,796	-3,647	-24,443
Result for the review period, % of net sales	-30.2%	-35.8%	-8.5 %	-24.2%
Undiluted and diluted EPS, EUR	-0.393	-0.412	-0.003	-0.830
Equity ratio, %	67.6%	74.0%	63.4 %	74.0%
Net gearing, %	13.2%	4.7%	-0.1 %	4.7%
Cash and cash equivalents at end of period	2,855	4,654	9,734	4,654

Financial guidance 2026 (specified)

Summa Defence Plc estimates that its net sales from continuing operations in 2026 will be EUR 110–120 million. Additionally, the company estimates that in the second half of 2026, EBITDA from continuing operations will be positive.

CEO Robert Blumberg:

”The first half of the year was twofold for Summa Defence. On the other hand, our net sales grew strongly, we received several new strategically significant orders and strengthened our position as a European defence and security technology company. Although profitability improved compared to the second half of 2025, it fell clearly short of our targets, and the Group's financial position required immediate measures in the first half of the year.

I am not satisfied with the financial result for the first half of the year. The increase in net sales was not yet sufficiently reflected in the result or cash flow. In addition, the Group's cost structure was too heavy and working capital was too scarce to support the growing business.

I started as the CEO of Summa Defence together with the new CFO on 13 April. The first few months were both familiarisation with the Group and the initiation of several key measures for the Group's future. We stabilised our financial position, launched a strategic review of the Group structure and prepared several measures to improve profitability and operational efficiency in cooperation with the previous Board of Directors.

At the Annual General Meeting in June, a completely new Board of Directors was elected. Together with the new Board, we have started the implementation phase aimed at the second half of the year, the focus of which will be on stabilisation of the Group, improvement of profitability, strengthening operational performance and building the next phase of growth.

The Group's net sales grew clearly in the first half of the year, 38% year on year. In January–June 2026, net sales were EUR 59.3 million, compared to EUR 42.9 million a year earlier. In comparable terms, net sales from continuing operations increased by 70% to EUR 59.4 million, compared to EUR 34.9 million a year earlier.

Profitability was still too weak in the first half of the year. Our EBITDA was EUR -5.6 million.  Operating profit (EBIT) in January–June was EUR -16.4 (-2.5) million. Operating profit was and will continue to be burdened by amortisation of goodwill.

The EUR 8 million bridge financing carried out in June secured the Group's short-term liquidity. After the review period, the loan was converted into a convertible loan, which relieved the immediate repayment pressure and gave us time to implement longer-term financing solutions. The work to strengthen the financial position continues.

At the same time, we have started a determined clarification of the Group structure. The sale of the subsidiary Rasol was completed during the review period, and Summa Energy's business was divested in June. In addition, we are evaluating strategic alternatives to IntLog, LightSpace and Aquamec. We examine, among other things, various partnerships, financing options, ownership arrangements and other solutions that can accelerate the development of the businesses and strengthen the entire Group.

Although the financial result was weak, the fundamentals of the business developed in the right direction. Lännen Tractors signed a EUR 35 million supply contract with a European NATO country. Uudenkaupungin Työvene received new orders for SWATH vessels from both the German Bundeswehr and Maritime Craft Services in Scotland. At the end of June, our order book amounted to EUR 105 million. The defence and security sector's share of the order book was EUR 61 million.

Europe is investing in defence, security of supply and critical infrastructure in an unprecedented way. This supports the long-term market outlook, which remains very strong. Summa Defence has the opportunity to capitalise on this market change in a profitable way.

Summa Defence Plc estimates that net sales from continuing operations in 2026 will be EUR 110–120 million and that EBITDA from continuing operations will be positive in the second half of 2026. Our most important task now is to stabilise the Group's financial position, improve profitability and ensure that the strong order book can be implemented in a controlled manner that supports cash flow.

The beginning of the year has demanded a lot from our personnel, and I would like to thank everyone for an exceptionally demanding half of the year. I would also like to thank our customers and partners at the beginning of the year. The work continues.”

Significant events during the review period

• On 25 June 2026, Summa Defence announced that its subsidiary Uudenkaupungin Työvene Oy had signed a contract with Maritime Craft Services (Clyde) Ltd that operates in Scotland for the construction and delivery of one additional SWATH (Small Waterplane Area Twin Hull) vessel. The agreement also includes an option for one further vessel in the same class. The vessel will be built at Uudenkaupungin Työvene Oy’s Olkiluoto shipyard facilities in Finland. The delivery is scheduled for 2027.
• On 9 June 2026, Summa Defence announced having sold the business of its subsidiary Summa Energy Oy to the Swedish company Absolicon Solar Collector AB.
• On 5 June 2026, Summa Defence announced that it had entered into a loan agreement with Largus Holding AB concerning an EUR 8 million bridge financing arrangement and updated its liquidity and working capital position. According to the company, without new financing or payment arrangements, the company’s current working capital was not sufficient for its needs for the next 12 months. The bridge financing was expected to cover the company’s liquidity and working capital needs for approximately three to five months, but it did not remove the company’s need to complete a longer-term financing solution.
• On 22 May 2026, Summa Defence announced having signed an agreement on the divestment of its subsidiary Rasol to the company’s operating management.
• On 15 May 2026, Summa Defence announced having initiated a strategic review to focus the Group's core businesses, covering the Group’s subsidiaries IntLog Oy, LightSpace Group Inc. and its subsidiaries, Aquamec Oy and Rasol Oy.
• On 13 May 2026, Summa Defence announced its estimate that, without new financing or payment arrangements, the company's working capital would not be sufficient for the company's needs over the next 12 months or for implementing its strategy to the planned extent. The company estimated that its working capital at the time would be sufficient for approximately two months, provided that the payment and financing arrangements needed in the short term proceed as planned. The company also announced that it was preparing a rights issue to strengthen its financial position. On 28 May 2026, Summa Defence announced that the rights issue negotiations had ended without result and that it would continue active negotiations on financing solutions.
• On 13 May 2026, Summa Defence announced that Hanna Kyrki, a member of the Group's Executive Management Team, had announced that she would leave her position in the company by 13 November 2026 at the latest.
• On 29 April 2026, Summa Defence announced that its subsidiary IntLog Oy had been selected as a supplier of ruin rescue containers to the Finnish Defence Forces as well as to rescue departments and services.
• On 2 April 2026, Summa Defence announced changes in its Executive Management Team. Robert Blumberg began as the company's CEO and Petter Ruda as the company's CFO on 13 April 2026.
• On 31 March 2026, Summa Defence announced that it had fully drawn down EUR 5.3 million in working capital financing from the company’s key owners and a Nordic corporate bank as well as EUR 6.7 million of guarantee facilities from Finnvera.
• On 19 March 2026, Summa Defence announced that its 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, Summa Defence announced that its subsidiary Lännen Tractors Oy had signed a EUR 35 million supply agreement with a European NATO member state for the delivery of Lännen 8800M-DF multipurpose machines.
• On 12 March 2026, Summa Defence announced the appointment of M.Sc. (Eng.), MBA Robert Blumberg as the company's new CEO from 12 September 2026 at the latest.
• On 6 March 2026, Summa Defence announced that it was exploring strategic options for Summa Energy Oy.
• On 4 March 2026, Summa Defence announced that its subsidiary LightSpace Technologies had received an order for a new model of 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.

Events after the reporting period

• On 3 July 2026, Summa Defence announced having agreed with Largus Holding AB on the conversion of the EUR 8.0 million bridge financing loan announced by the company on 5 June 2026 into a convertible bond.
• On 2 July 2026, Summa Defence announced that the Finnish Defence Forces Logistics Command had decided to revoke its procurement decision dated 28 April 2026 under which IntLog Oy, a subsidiary of Summa Defence Plc, had been selected as the supplier of urban search and rescue containers as well as to discontinue the procurement process and announced that a new tender procedure would be launched based on a corrected invitation to tender. Summa Defence is currently assessing the grounds for the decision and the legal remedies available. The company investigated the possibility of appealing the procurement through the legal remedies provided for in the Finnish Act on Public Procurement and Concession Contracts. As a result of the investigation, the company decided not to appeal the procurement decision.
• On 1 July 2026, Summa Defence announced that Michael Bogomolec had been appointed Managing Director of Lännen Tractors Oy, a subsidiary of the company.

Financial reporting in 2027

Summa Defence will publish the schedule for its financial reporting in 2027 in December 2026.

Helsinki, 27 August 2026

Summa Defence Plc
Board of Directors

Further information

Robert Blumberg, CEO
Phone: +358 40 839 7408
Email: robert.blumberg@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. The company pursues 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. Summa Defence Plc's shares are listed on Nasdaq First North Growth Market in Sweden (SUMMAS) and Finland (SUMMA). https://summadefence.fi/en/

The company's Certified Adviser is Augment Partners AB, info@augment.se, tel. +46 8 604 22 55.