Very good morning for everyone and a warm welcome for the first Summa Defence Capital Markets Day. My name is Jussi Holopainen, I'm the CEO of Summa Defence, and I'm guiding you through today's programme, which we have very interesting topics to go through. In the end of the session, around 10:30-11:00 A.M., we have questions and answers. If you have any questions after the presentations, you can ask those either in Finnish or English in the end. I think one of the most interesting topics today is also Summa Defence's daughter companies, which are all presenting today their businesses, what are the interests today, what's the key highlights of the companies, how we see the future. I will go through the Summa in brief and also some key points of our new strategy, which we published on Monday, and also what has happened after the Summa got listed in June this year. I'm really happy to see that we have these two gentlemen here on the stage today having most probably a very interesting discussion on how we see the Finnish opportunities in this geopolitical situation where we are today. First, if we look at the market, how is the situation? We all know that there are a lot of tendencies all around the world, not just in Europe, in the Middle East, also in the Asia direction. The world is changing. There are crises around the world. Crises create also opportunities, and that's where Summa Defence is actually born originally. When we focus a little bit more in deeper to Europe, we can see big business opportunities, mainly driven by a few key topics. Of course, the situation in Ukraine, Russian aggression towards Ukraine has created a constant need for different kinds of products or services, support from Western countries, and this is something where Summa Defence also sees a lot of opportunities. What changed in the U.S. creates again needs in Europe to increase the spendings in defence, and not just like pure defence, what happens in the battlefield, but we can look at wider range, like comprehensive security. Comprehensive security means that everything what happens around or behind the battlefield as well. As we have seen and as we know, if society is not working properly during the crises, nothing works in the battlefield either. This is something where you will hear today later from the daughter company presentations as well, big opportunities what we have already and what we see in the future. Of course, the NATO new guidelines of the increase of the investments also is creating more opportunities, and if we think the level of the many European countries where we are starting or where they are starting to increase their spendings, it's quite low. Even if the crisis or war in Ukraine would end today, we can see that next 10, 15 years there is a lot of opportunities for investments. European countries are increasing their stocks on the defense segment, and this is something where Summa sees a lot of opportunities and has also already made several investments in our daughter companies to be ready to answer for these needs. With these starting welcoming words, I would move the word on the stage where we have Ben Hodges, former Commander of General U.S.-Europe, welcome, and the Chair of Summa Defence, Arto Räty, who have also very long experience from the military, from Finland, and of course also the international background. Gentlemen, please go ahead. Thank you, and good morning all on my behalf too, and welcome to our first Capital Markets Day. It's a pleasure to have you, Ben, here because I know you full-time, and I know that you are one of the best analysts when it comes to European or global security questions. Our topic was today what can Finland offer in the defense and security sector to Europe or the world. Since I heard the news from New York, I have to ask you a question about U.S. policy at the moment. It seems that there's a shift in U.S. policy because President Trump clearly stated that Ukraine can actually take back those territories occupied by Russia and even go further. Is there a shift ongoing in U.S. policy today? I hope so. I think everybody was, or many people were surprised when President Trump said that yes, of course, Ukraine could defeat Russia and take back all of its territory. We'll see. If that's the new policy, I am thrilled because that's what it should be, because it's in our interest, it's in the interest of Finns, it's in the interest of all of Europe, not just Ukraine. The Chinese are watching to see, are we serious? Do we have the will and the capability to help Ukraine defeat Russia? If we can't do that, then I think the Chinese will not be very impressed with anything that we say about sovereignty or deterrence and so on. This is a big deal, and I hope it represents a policy change. I have to be honest, after eight months of the president saying, oh, in two weeks this, in two weeks this, we'll see, I think people are going to wait and see what really happens. Does he do the things that only the President of the United States can do? He has more economic leverage that he could use and could encourage others to use that would crush Russia's oil export, for example. Without that, no way Russia's even in this war anymore. We'll see if he does it. I have not seen the evidence that would convince me that he's really going to do this, but I will be very happy to be proven wrong if this is in fact a policy change. Most of the Congress wants this. Even Republicans in Congress have been pro-Ukraine, pro-NATO, pro-Transatlantic. Maybe his administration is finally believing now the intelligence reports of what Ukraine is actually accomplishing and the trouble that Russia's economy faces. It seems that there's a shift which has not happened yesterday. He always stated in the U.K. that Putin has betrayed him, and he is not trusting Putin anymore. There's a step-by-step approach to harder actions. I personally hope too that this will happen. I think that the Ukrainians, to their credit, also have become even more savvy about how to talk to the Trump administration, and I think they've adjusted. It would not surprise me, and of course there's speculation all over social media about what brought this about. I doubt that it's a new worldview. I would believe it's more that President Trump finally, finally realizes that Putin has no respect for him and probably has learned what the Russians really think about him. It's always been my hope that the president would finally get tired of being mocked by the Russians and disrespected, and then he would unleash the economic power of the United States. Once again, the U.S. becomes the arsenal of democracy, helping countries like Ukraine and working with our allies. Plus, your president has been extremely effective also. I think he's one of the few, he is a leader that our president really respects, and I think President Stubb has played a role also in helping to change my president's understanding of the situation. That's good to hear because it's of course a question of security for Finland too, because we all know that if Russia succeeds in Ukraine, it will not stop there. Right. You're exactly right, and the Russians have said that. They don't even disguise that, you know, Georgia, Moldova, Baltic countries, that's all theirs in their view. Of course, the goal from the Kremlin has always been to have this wedge between the U.S. and Europe, going all the way back to the Cold War days, and to break NATO. The way to break NATO is not by destroying the alliance on the battlefield, but by creating a situation where NATO countries would not respond to an armed attack. If there was a situation where, say, they invaded Latvia, for example, and then said, do you guys really want to get into a nuclear war over Latvia? That would be the approach. If the answer was no, then that's the end of our great alliance if we don't actually respond. It's not helpful when the President of the United States is like, oh, you know, it depends on the context. Instead of saying, of course we'll defend every inch of NATO and everything that threatens NATO, of course we'll do that. That's dangerous. I think what Trump has said about Europeans taking over certain responsibilities and investing more for their defense and their security and supporting more Ukraine is justified because Europeans have been laying on their back, waiting for U.S. to support and give help and trusting only on U.S. assets and U.S. capabilities, which should not be the case. I think that is well-justified action and has forced European countries now to take actions increasing their defense budgets. Of course, there's still a lot of talk about those actions still to be seen, but things are moving in the right direction in European countries. How do you see that? Of course, Americans are like, why does the United States carry the burden of security for Europe? To be very clear, it's in our interest that Europe is prosperous, which means Europe has to be secure and stable. It's in our economic interest that Europe, our largest trading partner, is very wealthy. It's in our interest. Still, many Americans are wondering, why do we seem to be the ones carrying the lion's share of it? That's not entirely accurate, but that's what most people think. It's why every American president since President Truman has said, you know, our allies have got to do more. You can't just assume we will always do everything. Russia should be terrified of Europe. If you add together the economies of all 27 members of the European Union, plus Canada, plus U.K., plus Norway, it's like 15 times more than Russia. It's not even close. The populations, the combined militaries, all the defense industries, the technological advantages. Yesterday, Russia's, or two days ago, Russia's whining at the United Nations that sanctions should be stopped because they don't have enough parts to keep air flight going. Too bad, okay? They can't even do that. The only thing that Europe lacks as an entity, and I know obviously Europe is not one thing, but NATO, let's say NATO minus the U.S., the only thing that's lacking is the political will to come together and tell the Russians, stop what you're doing or we're going to wreck your oil exports. By the way, we're going to stop buying your oil and gas, and we are going to enforce all these sanctions so that you can no longer make missiles that are loaded with American and European parts that are killing innocent Ukrainians. We're going to end that right now. We're going to take all visas, no Russian citizens will be allowed to wander around and go shopping in Helsinki or London or Milan. We're going to end all of that unless they're here to publicly denounce the Putin regime, then you're welcome. There are so many steps we could be taking. It's not just about giving artillery ammunition to the Ukrainians. The Russians see that we're not willing to do that yet. Let's move to the lessons learned from I have strong feelings about this, by the way. I can see, I can hear that. Do we. Question about what kind of lessons learned do you think Europeans should draw from the war in Ukraine? At least from the Finnish point of view, we have always been building up this kind of comprehensive security concept in Finland, understanding that you cannot win the war or defend your country only by military. You need to have the whole society approach. What is your view? Is there something all the European countries should learn from Ukraine and the war there today? Ukraine has reminded all of us that war is a test of will and it's a test of logistics. At the end of the day, it's not just about drones. Drones are like hand grenades. I love drones, but it's a weapon. It's a thing. Maritime drones, of course, have changed the character of war on small seas, like the Baltic Sea or Black Sea, what the Ukrainian Navy did. Even though they don't have a ship in the traditional sense, the great Black Sea fleet is gone. They're not even a factor anymore. The Ukrainians did that with maritime unmanned systems, unmanned aerial systems, and a few really sharp British-made Storm Shadows that destroyed the headquarters in Sevastopol. They have changed the character of war, but not the nature of war. It still is about will. It is still about logistics, getting all the stuff that is needed. I think also it's reminded us that it's about having quality women and men who are fit, committed, well-trained, disciplined, that use whatever equipment they have. One of the most popular weapon systems that the Ukrainian armed forces have is the Bradley. The Bradley came in the U.S. Army when I came in the Army. That was a long time ago, but you've got good soldiers in there that know how to take advantage of this weapon. As we reflect on lessons learned from watching Ukrainians, having people who are confident that can adapt new technologies and putting it in the hands of soldiers, even if it's an 80% solution, and let them figure out how to use that. That's where they have really impressed me. I also think, if there were three things that I wanted to focus on if I'm watching Ukraine, it's air defence, air defence, and air defence. To knock down missiles, drones, Sukhoi, all of it. Of course, it's not one weapon. You've got to have layers to identify what's coming in, and you've got to be able to shoot it down with the right weapon. Not everything requires an F-35. Some things can be brought down with even something as old as a German Gepard or shoulder-fired weapon or helicopters chasing them down. It's a full range, but the ability to protect your airspace and protect all your critical infrastructure, and that would be in the air, but also at sea. I think there's also something to learn from Israel in that case, because the drone attacks against Israel were quite heavy, and they were successful in their defense. Yeah, the Israelis obviously wake up every morning wondering if this is going to be Armageddon. I mean, that's their existence. Of course, it helps them that they have the U.S. Air Force, the Royal Air Force, the Jordanian Air Force, and others that are willing to actually be there. I don't understand why we're not willing to do that in Ukraine, that we should be, all of us should be there helping to knock down. We don't need to shoot down Russian aircraft, although I'm not against that, but we could certainly be in Ukraine helping to knock down missiles, drones, all these other things that are headed towards Ukrainian civilian targets. Now, of course, the Israeli Iron Dome system, obviously very effective, it also is able to tell if a missile is going to hit a building or is it going to land out in the desert somewhere, so they don't waste going after missiles that are going to land in the dirt somewhere. I think that's an important part of the system of systems for air and missile defense. You have to exercise. You know, we have not had a joint multinational integrated air and missile defense exercise in Europe in over a decade. I mean, where you integrated air, land, sea, all the different things against an attack like what Ukraine faces every day. We haven't exercised it. Unless you exercise it and find out where all the, as you know, the problems, you've got different languages, different air traffic control systems, all of these things have to be integrated. You've got to be able to pick out, is this a Lufthansa flight or is this an SAS flight or is this a Russian Air Force flight? I mean, it's very difficult. We have not exercised this enough yet. Let's move to Finland now, because the topic was to what can we offer to European defence and security. Finland has executed, as I said, the comprehensive security package through its history. Is there something Finland could offer as a country to European countries? Okay, you may be surprised to hear this, but everybody in Europe and most of America points to Finland as the model. I mean, I know that nobody's perfect, but everywhere I go, and this is my life now, we're in conferences all the time and everybody, oh, in Finland, they have got this comprehensive thing and they teach children early days to identify fake news. You've got this incredible mobilization system where you can put hundreds of thousands of people that already know how to do things in the field. You're the model for everybody else. Even if you may be skeptical of that, everybody points to you as the example. The Estonians are not so thrilled with you as everybody else, but they say, hey, we do that too. I do have a Finnish friend, Mina Olender, some of you know her. She says, Ben, do you know why the Finns are never scared? It's because we're always prepared. She said that not in a braggadocious sort of way or nationalistic way. It was a very matter-of-fact way that she said it. That's been my experience with your armed forces, the quality of officers, the quality of people. The alliance got better the day Finland joined because the geography changed even more to the advantage of NATO. Not just this border now with Russia that now Russia has to worry about, but your Arctic experience, the Baltic Sea. Finland could almost single-handedly stop, if everybody else backed you up, could stop Russia's export of oil out through the Baltic Sea. Three ships a day go out through the Baltic Sea. What President Stubb did back in January when he invited all the heads of government from every nation on the Baltic Sea, plus the President of the European Commission and plus Secretary General Rutte, invited countries to come talk about how do we protect our infrastructure, how do we stop the shadow fleet. This was regional leadership also, which is important. Everything doesn't have to be done at 32 in Brussels. You can do things in a regional way. When I think about the threats that we see from Russia, the so-called gray zone, that's where you get requirements from. For industry, you see the requirements and you say, well, I have a capability that will answer that requirement. Or I want to develop a capability that will answer that requirement. Protecting against undersea cables and pipelines being destroyed, for example. The ability to stop shadow fleet vessels, which the Special Envoy for Sanctions for the European Commission, Mr. Sullivan, calls all these ships end-of-life vessels. Each one of them is an environmental disaster waiting to happen. What does Finland, what do Finnish armed forces have that can help stop that? Knowing that the Russians will react the way they did after the Estonians went out to stop one of these ships, being prepared for that is important. The fact that Russia flew three aircraft in Estonian airspace for about 12 minutes was obviously not a mistake. Is Finland prepared? Do you have the systems? It's not just about platforms, but the whole early warning detection system. Are you prepared to shoot that down? With 21 drones, an operation by Russia launched 21 drones into Poland. Are you prepared to be able to detect five times that many, all coming at once, going to different targets? That's a requirement to be able to do that. It's the full range of things, not just artillery and long-range rockets and drones. It's also the system that's connected and able to work with your allies, whoever else is going to be there. See, our time is running out, so I have to come to the major question at the end. What would be your advice to Finnish defense and security industry? What can we do to help Europe and make our industry to grow? Take risk. You know, Admiral Rob Bauer, the former Chairman of the Military Committee, even when he was still in uniform, would tell industry, hey, look, you guys have to take risk with us. You have become very successful because of the protection provided by NATO. You can't just sit back and say, oh, well, we can't do anything until the government gives us an order. You have to lean forward as well, be part of the risk sharing. If you're right, if you took risk and you've got a capability that answers a requirement, you'll be very successful as well as contributing. I would say also look at the various laws that are out there. Are there any laws in Finland that prohibit industry from taking that risk, from being able to experiment? I live in Frankfurt, Germany. You can feel in Germany that it is absolutely changing. There's no doubt about it. Not at the speed we would all want. They just opened an ammunition factory. 18 months from the shovel touching in the hands of Olaf Scholz to cutting a ribbon with Friedrich Merz. 18 months in an ammunition factory in Germany. That is lightning speed. It is possible if you have political will. Also make sure that your universities in Germany, students are not allowed to do research in most German universities if it has a defense or security outcome. It's cultural things that have to change as well. I think we have only two restrictions in Finland. Number one is euros, and number two is attitude. I've taken the risk. You mentioned an extremely important topic in my thinking. Requirement comes before the capability. Yes. Identify the requirement, and then we have the capability that can answer that requirement. Ben, thank you very much for the discussion. I'd be good carrying on this for a couple of hours more, but it has been great to talk to you, and I wish you all the best. You're talking to the audience in Nordic Business Forum too. Thank you for the privilege. Thank you. Thank you, gentlemen. It was a very interesting discussion, and if I would raise up a couple of topics from that comprehensive security, which is a key element of Summa Defence portfolio, and also taking risks, not taking stupid risks, but taking investments, looking forward, looking future, seeing opportunities, not waiting just orders before taking any investments. That's something that Summa Defence is also up to. Next in the program, I will go through briefly the Summa Defence history and then some key points of the Monday released strategy highlights. After that, we will continue with the daughter company presentations. Maybe this is a bit repeating what has happened, but in a nutshell, Summa Defence as a listed company was born in June this year. When we look at the timescale, Summa Defence was founded pretty much one year before the listing, so the speed has been very fast and a lot of things have happened. I would say that's also in the DNA of Summa Defence. We do things fast. We have high targets. We are aiming those, and we are not afraid of those. Comprehensive security was raising up as a topic on the discussion as well. As mentioned, that's something which is in the DNA of Summa Defence. Dual-use technology, so products, services, what we are doing, are fitting on the civil segment as well as on the defence segment, creating also from the company point of view different kinds of approaches on the shorter timescale and for the longer timescale. We all understand that the defence business is a trust business which takes long to get orders, of course, by our daughter companies which have a long history. We are already there, but at the same time, we see this comprehensive security dual use as a key element in Summa Defence. Creating the new type of player, which we are already in the market, to bring something different on a very traditional industry, which different industry, of course, is. As mentioned, the group companies of Summa Defence are having separate presentations, each of them. I'm not going through in the details now, but you can see the first setup of the companies, and this is the start of Summa Defence. These are the first companies who, and then the prevalence behind the companies who saw the strength to being part of the bigger group, be part of the Summa Defence. You will hear more about their strengths later. If we put these to the numbers, I would say it's quite an impressive start for the company, being as a group one year old. Order backlog EUR 161 million at the end of June. Industrial manufacturing capabilities or facilities, 45,000 square meters. That's a lot of capabilities, what we can do in the units. Total, we are employing roughly 700 people, 300 directly, and also employing indirectly 400. We have patents in different subsidiaries, depending, of course, on the companies. First half of the year, turnover EUR 42 million. If we are looking at 2024 numbers, roughly, we are on the same level already in the first half of the year. Since the company was listed, we have started to execute what we have promised for the group companies. Doing the investments, we did the investment in the shipyard Olkiluoto to scale up the production of Uudenkaupungin Työvene. We did the investment for the Lightspace in Latvia to be able to scale up the production facilities. We have set it up and started operations, Summa Drones in South Finland. We are supporting constantly other ways as well, the group companies. Giving support on the administrative things, of course, but also on the sales point of view, R&D side, and other ways. As the time is a bit limited, I go forward on the presentation. Here you can see our Board of Directors, Arto Räty was on the stage earlier here, and you see that we have a very experienced, wide understanding from different angles of the business on our board and from the defense point of view, but also from the business point of view, experienced people, also from being a board member of the listed company. I would say we have a good foundation to go forward from the board support point of view as well. Executive Management Team on the group level, we are building up. I would say the similar approach exists that we have people with the listed company background from the business background, but also understanding what defense industry needs and what kind of capabilities you need to have there. All this information is, of course, available from the Summa Defence website as well. I go forward for the strategy, which we published on Monday. EUR 500 million revenue target medium term. That's the foundation where companies go in. Meaning Summa Defence is a strong growth company. We are not afraid to say that we want to grow. We have started our journey and we are going forward towards that. Mission, vision, values. I will go on these separate slides through. We have decided to divide the business in three segments, so selected growth focus areas. Earlier, when the company was founded, we had more wide, like general definitions of the areas where we are operating, but now there is a clear focus area. Maritime technologies, you will hear today from Uudenkaupungin Työvene opportunities and what we are doing there. We see here quite an interesting opportunity, especially on the Baltic Sea area, to be one of the key players on this segment. Ground technologies, we have a wide range of different kinds of services, products also here. As we know, also in Finland, the army, the ground technologies is going to be something in the near future, next areas where the military is making investments. We have different kinds of solutions, which you will hear today. Of course, new technologies. We want to be innovative. We want to be aware, awake to different kinds of new technologies, what's coming to the market. We are taking a risk also to develop those further, putting investments when we see clear opportunities on this side as well. If we jump to the strategy headlines, the mission, as mentioned, strong industrial foundation. We want to have companies which have a dual use, defence approach, innovative solutions, comprehensive security, as already mentioned many times. That's some key element, not just in Finland, but in Europe generally. We see all the time different kinds of crises or approaches done by Russians, where you need to have a strong comprehensive security system to be able to survive on these days. Vision, in nutshell, forerunner, comprehensive security, industry. Same words in a bit different form. This is a key element, DNA of Summa Defence. If we go forward to what kind of approach we have in our strategy, how we execute our growth. We are going to be very active on the unorganized growth. We look at targets consistently. We look at companies where we see the good technology, good products, which need support from the company point of view, which owners, entrepreneurs are committed for the growth. Of course, the market currently is strong and even its crises all around the world, the crises create opportunities as well. This is something where Summa is focusing. We see the companies, especially where the owners are willing to continue and they see the growth opportunities to being part of the Summa Defence. What's currently ongoing and what we are planning on the future? On Friday, we had an EGM meeting where the revised split was approved. This is the way how the company goes forward as we announced on Monday. Also, the transfer to the main list or target to be transferred to the main list during the 26th. These are the actions what companies are doing to enable to answer for the growth what we have set as a target for the company. IFR conversion is, of course, mandatory when you are a main list company. That's also something what we are working on. These are the things which we will then later on announce in details when things go forward. I think we are going to move forward now on the program for, I would say, maybe the most interesting parts of today's presentation and diving deeply to the daughter companies of the Summa Defence. As a first company, we have Uudenkaupungin Työvene. Juha Granqvist, the Managing Director of the company, is coming to tell about it more. Good morning, everyone. My name is Juha Granqvist. I'm the Managing Director of Uudenkaupungin Työvene. I have been with the company for almost two decades. My background is I'm a naval architect, but I have been quite heavily involved in the shipbuilding industry for the last 25 years. Small anecdote, General Hutchins mentioned that the Estonian Navy stopped this shadow fleet vessel in the Baltic Sea. Actually, it was this vessel designed and built by us that stopped the ship. Työvene, the official name is Uudenkaupungin Työvene, which relates to the location we are in in Uusikaupunki, which is between Turku and Rauma on the southwest coast of Finland. The company was established in 1987, so almost 40 years old now. We have production facilities both in Uusikaupunki and now in Olkiluoto through this acquisition with the help of Summa. In Uusikaupunki, we have a slipway for launching vessels up to 120 meters in length. In Olkiluoto, we have a dry dock for fitting 85-meter long vessels. To date, we have built 250 vessels, or actually more than 250 vessels. We design and deliver demanding vessels and also do some major refits. The products are ranging from aluminum-hulled petrol boats to steel-hulled vessels up to 100, let's say 120 meters almost. All of our management systems are certified by class, by Bureau Veritas, 9001, 14001, and 45001. We have also a lot of references for NATO AQAP projects, which means the NATO Quality Assurance Program. We also have been security audited, and we have valid security contracts with both Finnish Border Guard and Finnish Armed Forces. As of last year, we also have the International Facility Security Certification, so we can handle classified material internationally. We operate mostly in the European Economic Zone. Furthest deliveries we have are into the Mediterranean. Our customers are mostly authorities or publicly owned shipowners or shipping companies. We also do work with private shipowners. A lot of them, though, are involved in public tenders, so they are working on public routes. As Jussi mentioned, in June this year, we acquired the Olkiluoto shipyard, which increased our shipbuilding and retrofit capabilities quite significantly because we now have a dry dock as well. Also, the green transition and digitalization is significantly impacting the industry at the moment, and this is creating a lot of opportunities for us, which we already have on our order book, but we see a lot of potential there. I would also like to mention that we are a shipyard, but we are a project management company. We have also built ships elsewhere. We have built one ship in Sweden on Lake Vättern, so we can operate almost anywhere. Where we are in the market, we are building vessels that you cannot build in your backyard. You have to have shipyard facilities to build them. On the other hand, these very complicated vessels that the authorities require might be a little bit too small for the bigger yards to be interested in. We see that a lot of times in the tenders that there is not so much competition in our size range. Here are some key products we are working at the moment. On the left, we have the offshore patrol vessel for the Finnish Coast Guard. We have two of these on order book. This is a joint project together with Meyer Turku. Meyer Turku is the prime contractor. We are acting as their partner. We have a very big role and crucial role in this operation. We have built the superstructures, and we are also doing a lot of the outfitting works and the commissioning of the vessel, both vessels. We also see that there's a lot of potential for similar kind of cooperation because typically this kind of product, it's public information that the price for this vessel is EUR 220 million. It's something that the bigger yards are certainly interested in, but also, for example, Meyer Turku, they don't want to bring this in their size range, small vessel, into their cruise ship dock. They are looking for this kind of partnership. I know that other yards are looking at the same kind of partnerships. There is potential there for us. We are working on these SWAT vessels. This is a very special design, very seaworthy, very capable vessel. There are not so many yards in the world that build SWAT vessels. This is our first reference to the offshore wind market. We have three of these on order. The first one will be delivered very likely end of this week or during next week. We see a strong demand for this kind of vessels. We are also working on two full electric passenger ferries for a Norwegian client. Actually, these vessels will be operating in Sweden, on the west coast of Sweden. These are very environmental-friendly, fully electric ferries. This is also something that we see a huge potential in the market. Our strengths, we are very agile and capable because we are rather small compared to our competition, who are typically bigger yards. We have very low overhead costs, and compared to the bigger shipyards, we have a very good reputation on the market as a supplier of high-quality tailored vessels. We have a lot of repeat customers, of course. A lot of them come through public tenders, but in the end, also the references and the quality of the work that we do, that has a quite high stake on who they order from. We also have a pool of very talented employees and very low employee turnover. At the moment, we are constantly doing product development, of course. Typically, it's related to the products that we have on order. We have two bigger product development projects that I want to mention. One is this SWAT vessel that you saw. We already see that the proof of concept is there. We have done all the sea trials with the vessel, and she performs exactly like planned. The other bigger development project is this environmentally friendly battery hybrid passenger ship, which we will deliver end of next year. I'm running out of time. Market outlook, competition is quite intense still in the market in our segment. As I mentioned, we are quite well positioned because we are building ship size that are not that interesting to the bigger yards. I already mentioned about the green transition and digitalization. Offshore wind segment is expected to grow strongly. It was expected to do that already some years ago, but there has been a little bit of, let's say, idle time at the moment. We see that the political decisions have been made about building offshore wind. We see that that market is still coming, and it could be that the market runs out of shipyards to build these vessels to service the fields. We also see a really high demand in defense and security sectors. At the moment, we already are in discussions with the Finnish Coast Guard and Finnish Navy, and we see that they will have a lot of projects upcoming in the next 10 years. We also see a lot of room for growth through these strategic partnerships. One is already published regarding this Norwegian partnership, and also these new technologies through these partnership agreements or M&A. We have a very long history of dual-use products, so we have quite an extensive portfolio of defense products, but also civilian products, which are needed for, especially in the wartime, are needed for logistics, for example. As I mentioned, we have a long list of defense references. Offshore wind packs vessels, that means passenger vessels, special vessels like dredgers, coast guard, military vessels, and we are also on the NATO portal and looking active there. That was it. Thank you. Next, I invite Pekka Kemppainen, Director of Summa Drones. Good morning, everyone. My name is Pekka Kemppainen, Business Unit Director for Summa Drones. I come with plus 30 years experience on Finnish export industry. Today, we will scratch the surface of our operations and operation principles in this presentation. This way. Yes, Summa Defence has been really leaning forward on starting building Finnish drones manufacturing industrial scale capability. The prime idea and focus here is that we shall do that with our joint venture partners. We will do that with pre-series, meaning small volumes, assuring that processes and related supply chain is working correctly. The short-term plan is really that we are able to have flexible and scalable capability existing with our technology partners. The market outlook, it's growing rapidly. There are a number of estimates how it's developing. The one I have here, it's made by the European Parliament Research Service, meaning that from now, in the next five years, it will double for drones. This two-dimensional graph here illustrates different mission types, counter-missions in the function of distance. If we add here a third dimension, height, meaning weather systems, weather conditions, navigation, operational environment, we talk about a huge ocean of applications. It's fair to say that any player or few players in the market cannot dominate all of that. Summa is really a trial actor on the market and a right partner for innovative SME companies. There's a lot of growth opportunities together to make successful products to the market in the coming years. This is the outcome of the current year. First half, we have been working with our premises, around about 2,000 square meters. We have been reviewing our joint venture base to identify who we will start our pilot projects. Currently, we have been selecting and working on three different projects, FPV type of drones, one of them optical. They come with different sizes. Today, we are close to start the field test part of that, first starting in Finland and then followed by tests in Ukraine. That will be the outcome of getting things completed, followed by also software simulator solutions, which are part of the ecosystem coming later. The outlook for next year is so that we will have the scalable production existing. We are going to start new similar pre-series projects with which we are testing the capabilities and readiness. In addition, also technology partners will be reviewed who with we will continue the development of the products. Here's the framework how we do the projects. In the preparation phase, we shall first do the technical and legal compliance activities, technical feasibility, market studies, followed by the due diligence process, reviewing our frame agreement base. We have the focus on what type of products we are looking at. When everything is good to go, we will start phase one, meaning concept phase, like now, today, having design, having builds, verifying and validating until we are ready to go to the market. That's also where the paperwork starts with the compliance with aviation regulation and standards. In the end, the product production, marketing readiness will be prepared on that step. Here's the snapshot of ongoing things. We have some rapid methods available for small parts. Lots of ones will be utilizing composite technologies. Typically, this is pretty much comparing to electromechanical assembly work as such. It's amazingly strong structures, like here in the picture. It can withstand 100 kilos static load when somebody's standing on the frame. It's really a strong structure. When looking further, the long-term view, we can see the whole thing as an ecosystem. We have the ever-changing market conditions generating new mission types, counter-missions, tenders, RFIs. There's a constant flow of needs of different types of solutions. This is the one area where Summa philosophy steps in, combining the parts to make the whole and being able to generate vehicles, unmanned systems, training and simulator solutions, and also lifecycle services when needed. Here's the picture from the first article testing. Dual-use purpose, capable of doing also for civil use, but really preferent equipment. It's going to be field tested anytime soon. Thank you for your attention. Next, I will invite Lightspace Technologies, Ilmars Osmanis, Managing Director. Thank you. Hello everybody, ladies and gentlemen. It's been a very exciting beginning of the presentation, so I will carry on trying to make an interesting story for you. We are going to talk about augmented reality. You probably, everyone had some opinion on what it is. Initially, it was something you wear on your head, and it gets you dizzy and gets headaches and some other things. Yes, that was the beginning of the technologies. Lightspace has changed that. Lightspace has invented multifocal projection, which reflects very natural seeing things and makes the whole thing be totally different. My name is Ilmars Osmanis. I am the founder and now Managing Director of this company within the Summa Group. Lightspace has been developing this technology, invented new technology, and that's DeepTech. In terms of that technology, we are a global leader here. Basically, when we are presenting our technology to these different shows, practically no one else has been able to kind of compete with us there. What we are delivering to the table is a strong IP portfolio. We have a lot of big numbers of applications. We have 19 granted U.S. patents. Some of them also are granted in Europe. Products, we are developing hardware, optics, augmented reality headsets, which have outstanding 3D image quality and eye comfort. I especially focus here, need to stress the fact that we are coming up with this new technology now, which is changing the myth about headsets, that they are getting you dizzy and getting headaches and getting eye strain. Our headsets have been developed with good knowledge on how to mitigate those systems, and we are bringing eye comfort, first of all, and the ability to use in long term with no hurting vision. Those can be used specifically in mission-critical applications, defense, industry, and healthcare. By merging into Summa, we are delivering all those new technologies, and we are getting a strong position, being part of it, and in finance and market penetration. Where we stand in the business, we are also in the initial phase of commercialization of the products. Last year, we have signed a partnership agreement with a very well-known company in Europe, Rheinmetall Electronics, on joint development and commercialization of multifocal augmented reality systems. This is our invention. That's public. We are working jointly for new developments. At the same time, we've been part of very challenging projects in the United States. We participated in two SBR projects, subcontract agreements in partnership with Hello Chip Corporation. We had two projects. One was for the U.S. Army to deliver a new head-up display, and the other one was for NASA, NASA new space suits. Our technology has been recognized as being very suitable for these mission-critical applications. We have a few testimonies here from the medical field. Medtronic engineers, after testing our technology, I think a year ago, said the consensus is that your system has impressive optics and display technology, which has great potential. The Polish company, Medap, came back with the feedback that the quality of rendering is really astonishing. That's where we are. We are working currently, our current projects, we are working on one of the product lines, which are meant to be used with armed vehicles. If you understand that in the beginning, it was what General Hodges mentioned broadly, for example, those machines have been invented and built quite a while ago. Even the new ones are building. There's very, very small space inside in cabins, so you could have a lot of, there's no space for putting large displays or to increase the awareness of the crew. Our glasses that we are starting to use there can give you another layer of information. They increase the bandwidth, your visual perception bandwidth, like for commander or for driver, for any other role within a vehicle. It's not only providing increased vision, it's also providing interface to AI solutions. You could use artificial intelligence to help or guide in a battlefield or suggestions through the visual perception. That's how you get it. We are a very important element of deploying artificial intelligence solutions. There are a few more work projects, but that one I described, that we are very far away. Next year will be the first commercial project, meaning it will be deployed into the vehicles. What we are seeing in the market, huge demand from European countries to improve military technologies. That comes also from the U.S. It's not only Europe. EU and individual nations have announced substantial government funding plans to support defense capability growth. This is the background where we are playing. Future prospects, there have been some historic players. Microsoft HoloLens wanted to be very advanced into defense in the U.S. It didn't work out for the one simple reason that that headset was not fit for the use. We totally knew everything, why it failed. Our solution is solving all those issues and problems. We probably can go back in the U.S. for a little while when they find out all the wrong ways that we'll pick the right technology. What we are seeing is that due to our activities and our demo projects that we've been carrying through in the U.K. and also in some other countries, awareness about our technology is growing. More customers and countries are requesting suitable headsets. We have to see that everyone comes with all requirements. Basically, all our products are customized for each use case. We started negotiations right now with the people from Italy, Norway, and Finland. Nordic countries are interested in these technologies. We're having a very strong project pipeline. That kind of right now completes my presentation. I invite Veli Ollila, Managing Director of Lännen Tractors, to continue. Yeah. Thank you. Thank you. Good morning, ladies and gentlemen. My name is Veli Ollila. I am Managing Director of Lännen Tractors. We are an international supplier of smart and mobile multifunctional machines. Our machines are dual use, both in civil and military purposes. They provide comprehensive security and security of supply in many aspects. They are widely used in both construction and maintenance of critical infrastructure, like municipal and compact engineering, railway and network construction, environmental management, and military logistics. Our customers include The Finnish Defence Forces, Norwegian Defence Forces. The business originally was established in the early 1950s. We have almost two hectares of production facility in Loimaa, southwest Finland. Here you can see a summary of the products we produce in our factory. Our own brands in Lännen Tractors, Lännen and Lundberg, and Watermaster, multi-purpose dredgers we produce for our sister company, Aquamec. Mr. Timo Huttunen will present you Watermaster later, so I will focus on our own brands, Lännen and Lundberg. Lännen, multi-purpose machines for municipal engineering and infrastructure construction. Lundberg, multi-purpose machines for environmental management. On this slide, you can see Lännen, which is definitely a lot more than an ordinary backhoe loader. The machine in the picture is equipped both for rail and line construction and maintenance. It can operate both on rubber wheels and rail wheels. Construct and maintain both electrified rails, railroads, and electric lines, as well as telecom networks. Here you can see our range of Lundberg multifunctional environmental machines. This year we are launching the full series of new models, of which we have already launched two first ones. We have launched 8-ton and 6-ton versions. The 4-ton version will come later this year. The reception on the market has been very positive for these new models. What comes to dual use, historically Lundberg has been volume-wise bigger product than Lännen among defense sector customers. As an example of comprehensive security, what we can provide, I have here an example of an application which we have created in Lännen. This application is equipped for fire departments. As an idea, we have technology which can be used in many ways to provide security for our societies. In late August, we had a great pleasure to release this press release. We have got a very important reference order from Finnish Defence Forces Logistics Command. It was about eight multi-purpose Lännen for military engineering operations. With this reference, we believe we will receive more orders from other NATO countries as well. Total value of the order, excluding VAT, was more than EUR 3 million. I believe this is only a starting point for us. Now, as a summary, what we are and why we are important for our customers, we have very strong brands. Lännen is really a well-known brand in Finland. Lundberg does the same in Scandinavia, Sweden, and Norway. We have, in both product lines, potential for the military sector. We have these important customers, which I have named here. There is commercial potential, as said, in other NATO countries as well. We can develop and tailor our products more directly for military use as well. That is because we have our own in-house design expertise. Our own design is led by Mr. Pesonen, who has earlier been working as R&D Director at Patria Weapon Systems. Our strength is also that our business is not dependent on the construction cycle. That is because most customers for our machines and for our customers are in the public sector or act as subcontractors for the public sector. We also see that support packages and reconstruction in Ukraine will be a potential market for our company. In any way, the end of the war will support the machinery market and price development in our brands. I will raise again Loimaa factory as one strong asset. It's almost two hectares of heated production space, one of the best factories for this kind of business in southwest Finland. There is a lot of capacity for steel parts and assembly of different types of mobile machinery. We have skilled, committed, motivated personnel, unique expertise, which you can't find other places in Finland, at least. Thank you very much. I think I was very effective in what comes to time. Now I would like to invite Mrs. Emilia Koivisto to present you Intlog. Thank you. Good morning, everyone. My name is Emilia Koivisto and I am Managing Director at Intlog. I have been at Intlog since 2014. We are a Finnish manufacturer of space solutions. We produce different kinds of spaces and containers tailor-made to customers' needs, for example, accommodation, office, storage, and any kind of special spaces. Intlog was founded in 2010 and we have 5,000 square meter production facilities in Säkylä. We produce all our products over there. We have joined Summa Defence to strengthen our position in the defense industry and to expand our network and international presence. We are one of the leading suppliers of customized container solutions for defense and rescue in Finland. At the moment, we operate mainly domestically, but we plan to expand our operation internationally. Our main customers at the moment are the Finnish Defence Force, National Emergency Supply Agency of Finland, rescue departments, municipalities, cities, and different kinds of private companies. We recently have significant new orders. One of them was 30 units of accommodation modules to Harriniva Muonio. These modules will be used for staff housing. There are also two separate orders from Defence Force Logistics Command. One is a spare parts container customized from a standard shipping container. The other is a non-heated training facility for simulation exercises. This is also called a ruin house. This we will deliver to Santahamina in October. Here are our key products, which we are very proud of. These all have been designed for demanding use. Multi-purpose container for demanding rescue operations to the rescue department. This multi-purpose container has been manufactured with a vacuum lamination process. Training container for CPR and preparedness and rescue operations to the National Emergency Supply Agency of Finland. Maintenance container for demanding military use to the Defence Force Logistics Command. Both of these training and maintenance containers are customized from a standard shipping container. Quick Space is a foldable container. It's a 30-centimeter thick storage package, so it's very cost-effective to transport. You can transport 30 units by one Finnish truck compared to a standard shipping container, where you can transport three units by one Finnish truck. Quick Space is quick and easy to set up. It takes only 10 minutes and it's ready for use. This is an important feature, for example, in Defence Force exercises. We have two models of Quick Space, basic and comp. We have delivered both of them to the Defence Force. Why choose us? Our products are high standard and they have been tested in demanding conditions. We deliver our products on time and they work as we promise. We can customize our solutions for each customer's needs. Here is our current development project, Energy Trailer Prototype. This development has been started at the request from a public sector client. It's a mobile power generation unit with a smart control. It has a battery pack, diesel generator, and solar panels in it. It has been developed for off-grid operations when the grid is not available. It's easy to transport anywhere because it's on the trailer. It's suitable for both civilian and defence sector. We plan to keep a demo event in this autumn for this prototype. Regarding market outlook, we have strengthened our position, especially in customized container solutions and accommodation solutions. For example, the new significant orders that we have. The long-term outlook remains positive, especially in defence and energy solutions. We have a strong demand in Finland, but we expect growing opportunities in Nordic and international markets. For the future prospects, we have new product segments developing. CPR and facilities, these can be used as staff safe shelter in field conditions. Quick Space Nordic, it's a foldable container like Quick Space basic and comp, but it's bigger and it has a better insulation, so it's optimized for Nordic conditions. You can transport 18 units of these by one Finnish truck. All these Quick Space products can be used also, for example, office or accommodation spaces. All these products are suitable for both civilian and defence sector. We plan to expand our operation and our products internationally together with Summa. Thank you. Next, welcome Timo Huttunen, Managing Director of Aquamec. Thank you, Emilia. Good morning, everyone. I still hope that you are still awake. We are running towards the end of the presentations. My name is Timo Huttunen. I am the Managing Director of Aquamec. My professional background is that I have an engineering degree in the nowadays called Aalto University of Helsinki and also a master's degree in law. I started my professional career in the early 1990s. I worked for 14 years for a couple of publicly listed companies in Finland, top executive positions, and then took a management buyout for Lännen Group, which was presented by my colleague Veli a few minutes ago. Also, Aquamec was a part of Lännen Group, which then became, during the share transfer exercise, part of Summa Group. Nowadays, since June, we have been part of Summa Defence Group. Now, talking about Aquamec, we are actually a dedicated team of professionals working for a company which was established in 1995, 30 years ago, quite exactly August 1995, established company. Technology is a little bit older than that, but the separate company started then. Our manufacturing facilities, as my colleague Veli explained in Lännen presentation, they are located in Loimaa, and we are occupying something like 2,000 square meters there. We are a small team of professionals working for Watermaster Concept. We are a global company. You will hear later on the earliest emails this morning have come from Kazakhstan, some early hours, and I will get the late emails sometime late in the night from South America tonight. We have been talking about the comprehensive security concept of societies, and our angle to look into that is the water security, which we are supporting around the world. Our Watermaster Concept is Eco-Drecher. We are restoring and maintaining shallow waters, with meaning to say that we are restoring rivers, lakes, canals, reservoirs, and also other types of water bodies blocked by sediment and invasive vegetation. We are reducing flood and drought by improving water flow. Of course, we are rehabilitating water bodies and supporting biodiversity. In some applications, we do, of course, construction work in the shallow waters, bank protection and foundation work. One machine replaces many, many several conventional machines, reducing cost, saving time, and lowering emissions, and helping the environment. We are working in 85 countries with our concept, and we have more than 400 references all around the world. Roughly one half of our customers are repeat customers. Watermaster has actually created this market segment, this market category for the concept, which is called Amphibious Multi-Purpose Dredger. Today, we are working with the fifth generation of Eco-Dredger, and the development work actually started in the late 1980s. As I said, the company was established in 1995, and it has still many good years to go. Our global operations are supported, of course, by dedicated local agents and distributors. We have a central team taking care of the marketing and the sales support, R&D, project management, after sales, but then the local dedicated agents and distributors are taking care of the local activities. Our main focus in the markets today, yes, Europe is important, but our main focus is in Africa and Latin America, and there we have strong demand from these countries who are actively investing in water security. Our diverse customer base actually includes customers from the public sector, governments, cities, and municipalities, various industries like mining and hydropower, as well as the private environmental operators who are working for the industries or these public sectors. I name you some of the latest deliveries we have done. We have done deliveries for the Mexican Navy, for instance, taking care of the water management of different cities and municipalities in Mexico. Dominican Navy, the same thing, working there. We have now delivered a few units over the past year or two to Ukraine as well. The potential there is very, very huge, as all can understand, and the demand and need for the water management is increasing, unfortunately, day by day when the war continues. If you look at the applications for Watermaster, the left two bubbles are actually more like environmental work, environmental dredging. We are cleaning the invasive vegetation. We are cleaning the sediments and preventing floods and droughts. If you look at the two center bubbles there, we are maintaining, this is more like infrastructural work. We are maintaining waterways and marinas, and then water infrastructure, logistics needed for the water activities. The right-hand bubble is the industrial activities we are doing for mining and hydropower segments. Everything is based on our base concept of one machine doing many applications, and we are aiming for cleaner, safer, and better functioning waters. If you look at the global strengths, the equipment, the concept is versatile. It's, of course, proven. It's a serially manufactured unit, but then with the different attachments, it can be equipped for different applications: dredging, raking, piling, and more, up to six meters depth working distance. The concept, one machine replaces several conventional machines. It's mobile. It's very simple to mobilize. As you can see, it can walk from the trailer directly to the water. It has its own propulsion system, and it can run on the water and move there from place to another, and even move to places where other systems cannot do. As I said, we are proven. We have been operating in 30 years. The technology is 40 years old. We are working in fifth-generation equipment at this point of time, delivered in 85 countries worldwide, from tropics to the Arctic conditions. We can always assure that the investment is very safe for the customer. It's a serial product and made in Finland, which gives a good quality image for the concept. Talking about the manufacturing summary, we are now expanding our manufacturing volumes. The business is expanding, and we are changing our manufacturing concept to a modular manufacturing, which will increase our competitiveness in the market. It will lead to shorter lead times in the production and cut working capital, and that will give us a good base for growing business. Talking about the market outlook as such, everyone can understand that the shallow water cleaning activities is something it's a very huge market. It's a global market totally. This is driven by population growth, climate change, and urbanization. That will create a lot of demand for effective water management solutions. If you look at our future as such, the concept is still new in many countries, and we have a very high potential with the existing marketing concept and existing concept. This is a new concept in the market, although it has been in the market for 30 years. By partnering with different players, we can be a key solution provider for the customers. We need to develop a service level in strategic areas and build better and better distribution network and after-sales services. This is mainly our future, how it looks. I thank you for your attention and invite my colleague from Summa Energy, Antti Lilleberg, to come here. Welcome, Antti. Thank you. Good morning, everybody. My name is Antti Lilleberg, and I'm the Managing Director of the Summa Defence Energy Business Company, Summa Energy and Russell. We were originally part of Meri-Aura Group, and then we joined Summa Defence Group as part of the merger that took place in June of this year, transitioning us to Summa Defence. What is energy in Summa Defence? Today we learned more about the role of Summa Defence in comprehensive security. In the energy business, we provide operational resilience and security of supply for the energy infrastructure of our society. We have two companies. With Summa Energy, we focus on large-scale local energy production and storage facilities, meaning thermal plants and thermal storages mainly, for distributing companies, energy companies, industrial companies, providing local security supply for these actors. With Russell, we focus on smaller-scale solutions for buildings and properties level, for intelligent energy solutions, combining smart AI-driven energy management systems, battery storages, as well as local energy production for industrial customers, commercial customers, as well as public sector and government customers. Originally established in 2009, the business is already over 15 years old at the moment. We have a global network of installed base from Mexico to China, with over 25 large systems installed and hundreds or thousands of smaller installations done. We have a very strong market position in our chosen target markets. With Summa Energy, our main markets are in France and Germany, and as an emerging market, Poland. There our main customer segments are energy companies, distributing and other energy companies, as well as industrial customers. With Russell, we have a very strong presence in Finland, with a growing international footprint, with a number of installations already in Germany. There we target commercial and industrial properties, as well as logistics centers, but also public actors on civilian and dual-use and crisis management sectors. Our main solutions, what do we sell on the Summa Energy side, on the large plants' large installation side, we deliver the tried and tested Saval technology, utility-scale energy plants for thermal energy, local production and storage. With Russell, on the buildings and properties scale, we have the Plussa line of solutions, Sun Plussa mainly targeted for residential properties, and then Isoplussa targeted for commercial, industrial, and logistics properties, as well as other closer to utility-scale applications. Why are we such a chosen supplier? What are our strengths? We always focus on the cost of energy, because that's the most important decision criteria for our customers. We aim to offer the most competitive cost of energy. We also provide efficient solutions, using the best technologies to create the optimal solutions for our customers. We are also very experienced. We are a leading supplier with the highest installed base, for example, in this thermal plant segment for industrial and distributing customers. In the energy sector, the market needs are always constantly evolving. It's a very rapidly changing environment. We must always be able to adapt our offering of local energy production, storages, and then smart control to be able to respond to emerging market needs. What is really the focus of all development and future activities is decentralized, distributed, sustainable energy systems for different use cases, both on the private as well as on the public sector. We are making great headway with the Sun Plussa properties, residential properties, and commercial properties sector. We are expanding our customer base on the industrial side, and we are making progress developing our energy management solution, X Plussa, for demanding environments that's intended for mobile field use. Let's talk about construction site energy management, crisis management, or even government and military energy management solutions. For the market, the energy market outlook, at the moment, the energy market is, as I said, constantly evolving. Rising energy costs globally also will impact Finland in the short or medium term, as well as supply shortages. They drive local energy production and storage markets globally. There are definitely good opportunities in Finland and internationally in technology that provides stabilization of power or energy grids, as well as offering security of supply for industrial, municipal, or other energy networks, as well as then dual-use applications. We move towards offering more and more smarter and better solutions on energy storages and AI-driven optimization, providing operational resilience and energy security for both the private as well as the public sector. Thank you for your attention. Now I invite to the stage Jussi Holopainen, the CEO of Summa Defence. Thank you, Jussi. Thank you. Okay, we are starting to get into the end of this morning's session. First of all, I want to thank you, my colleagues, for the excellent presentations. I hope this is opening up a bit in details. What kind of services and track record history, experience also from the defense segment is having, not just the civil segment, but having said that, comprehensive security is something which is a strong part of the Summa, and this is something leading concept what we are looking for the future as well. Several times mentioned already that we are seeking the companies which fit into the Summa Defence concept. We are creating the strong industrial foundation to be able to answer the demand that comes from the market. All the companies what we are having as a part of the group are having unique capabilities. Some of those are fitting to each other's. There are some synergies, some of companies not, and that's not the key driver. The key driver is to be innovative, to see the future growth prospects, to be able to answer for the needs of the market. The world is in big change at the moment. There is a lot of crises, but every crisis creates also opportunities for the business point of view. We are moving too much for the questions and answers section. As mentioned in the beginning, questions can be presented either in English or Finnish. Those who are not present here can also ask questions via chat function. Please, if you have any questions, I'm happy to answer, and also my colleagues who are here in present. [Foreign Language] [Foreign Language] Hi, Walter Rossi from Danske Bank. Thanks for the presentation. First, maybe on the sales side, do you give the sales per group company specifically? To the market, you mean? Yeah. We haven't reported separately. We are reporting as one. Okay. Which of these focus areas are you expected to bring most growth towards the $500 million, and how much of that do you expect to come through M&A? If you look first at the companies what we are currently having in the portfolio, the maritime technology is having the biggest order backlog, and we see there are a lot of interesting opportunities as we have this M&A discussion with the Norwegian possible target as well. Nevertheless, all the areas we see organic growth as well. Unorganic growth is part of the growth path. Of course, if you are looking at the turnover level where we are now, and mid-term we are aiming to be EUR 500 million turnover, it needs to be successful M&A activities as well. It's difficult to say exactly how much comes as a percentage from the M&A side, but a big amount also. All right, thanks. Maybe on the same topic, what's the duration of the order backlog? When will these orders materialize? Especially in the maritime side, are there multi-year projects or orders? Maritime, the order backlog is the longest. We are talking two, three years in some cases. For the smaller group companies, those can be months. Okay. Lastly, the geographical split of the business, how does it look now compared to, let's say, five years ago? You mean like a market outlook point of view, like where we are selling or what we are producing? Yeah, maybe sales right now. sales point of view, yeah. Of course, most of the companies that we are having now are Finnish-based companies which have a strong customer base in Finland. On the other hand, for example, Aquamec has a very wide presence globally. From the group point of view, Europe is a very interesting market, and especially the Baltic Sea area from the maritime industry point of view. It's not limited just in Finland. Of course, we have references from here, strong ones. Hi. You haven't really talked much about earnings or earnings targets, which are pretty important for investors, and you're currently making losses. Can you open up anything about what kind of margins or returns on capital you are aiming and what are the kind of major steps to reach profitability or those targets? Yeah, that's a very good point. It's true that some of the companies are turnaround companies which are part of the group, and of course, the starting point is negative, which we are aiming to turn for the positive side. We haven't announced yet the guidance for the end of the year and next year, but we have announced that we are publishing in quarter three report of those. Unfortunately, there is not much to tell about that at the moment. It varies, of course, the% depending on the companies which are part of the group. All right, thank you. Do we have from the remote questions? Yes, we have a couple of questions. How large do you think the market opportunity for the drone segment is, and how tough is the competition in that market? It was actually mentioned in Pekka's presentation, the Eurowise market size. It's true that the drone segment is a very competitive area, and there are a lot of different kinds of players and new companies coming all the time. The Summa concept, it's a bit different as we are having the production facilities which can produce different kinds of drones from different kinds of partners. That's why I see our position a little bit different and see good opportunities there for Summa to have the place. It's clear that there need to be capabilities for production also in the longer term, even if industrial size capabilities. Even mass production on the warehouses is maybe not the right way to do it. On the other hand, via our Ukrainian partners, we have also channels to Ukraine where, of course, the needs for the drone is huge. Yeah, continuing with the drones. Are drones made by Summa Defence participating in combat operations in Ukraine? Tests are done in Finland and Ukraine, and drones which are delivered later to Ukraine are part of the combat operations. The next one is in Finnish. [Foreign Language] [Foreign Language] What kind of profitability is Summa Defence currently making? First half of the year numbers are, of course, public, so you can find those examples from the Summa website. That was still negative. Having said that, the starting point of the companies, especially some companies, are low, and we are improving, making the turnarounds. The guidance, we will come back in quarter three. [Foreign Language] [Foreign Language] The last question about M&A cases. What plans do you have for the future subsidiaries? We have published this one ongoing case with the Norwegian possible target. Now, as we announced these focus areas, we are seeking on those areas all kinds of targets. We have on the pipeline more than 50 different companies. Of course, some of those are very early stage, and some of those are in the longer-term discussions as part of the growth story. The path is unorganic growth, so definitely we will have M&A cases. [Foreign Language] [Foreign Language] Yes, Walter Rossi from Danske Bank. Still a few questions. About the M&A criteria, what size of companies are you looking for, and in which areas are you looking for to strengthen the existing focus areas or going into new verticals? First on the line are the companies which are strengthening the current portfolio, and now these focus areas: maritime, ground, and then new technologies. Size-wise, it depends on which area is fitting. Of course, I would say the net sales is not, in the big picture, the net sales and turnover is, of course, making difference as we have strong growth targets. It has to be also operationally fitting to some of these areas. In that sense, the turnover is not the only thing that matters. I would say the biggest matter is that the owners of the company are willing to continue, and they see it as beneficial to be part of Summa Defence. That's the key driver because we are an entrepreneur-driven group of companies which need to have an appetite and willingness to continue. Okay. Maybe lastly, looking at the group companies, some of them are quite different between each other. Would it be a right assumption that Uudenkaupungin Työvene, Lännen Tractors, Intlog, and Aquamec are the ones who are actually contributing to concrete sales today, and drones and Lightspace, and maybe the energy business is more in a development phase at this point? If you look today, I would add the energy also of the companies which are generating the turnover. Today, Lightspace is on the development phase, and as you saw on the presentation, Summa Drones as well. Okay. One last one. The synergies between these companies, could you comment on that? Yes, some of the companies are having synergies, not all the companies. If you look, for example, Lightspace solutions, and compared to the drones, there is a clear synergy opportunity. If we look at the energy segment to the Intlog example, we have clear synergies there as well. If we look at the autonomous developments in the future, there could be naval drones, or there could be other naval solutions. There are, under the bigger picture, also a lot of synergies. Even if you look only at the operational activities, it may not look like that. Thank you. There is one question. Glen Grant from Lightspace. You see, most defense companies produce something along the lines of weapons. At the moment, Summa is not in that field. Do you see a partnership coming with any particular organization to actually bring that into the mix? You are right that currently we are not producing weapons, but we are already partnering with many different partners who are weapon producers as well. As you mentioned, Lightspace, and it's public information that Lightspace is having a cooperation with Rheinmetall, for example, which is a weapon producer. Clearly, Summa's concept is that we are working with the weapon companies, but we are at least not currently producing ourselves weapons. We have a few more questions. Two more questions. How much defense actually accounts from your net sales? We haven't published the separate segments. A very good question. Currently, the civil side or dual use is higher than pure defence. Of course, we see that side as a growing market. Having said that, it's also many times longer negotiations, depending, of course, on the products. Which gives you the confidence that you can turn around these companies, which historically have been loss-making? We have made, of course, the detailed analyses, and actually, we are seeing already the turnaround. We are confident that with the capabilities and skills of the entrepreneurs in the companies and then support of the Summa Defence resources, turnarounds will happen. As I mentioned, we are seeing already that. It seems that no further questions, and we've been quite sharply using all the time that was reserved for this morning's session. On behalf of me, I would like to thank you, all the audience, your attention and then excellent questions as well in the end of the session. Welcoming, of course, all new investors, shareholders to be part of the journey of the Summa Defence. There is a lot of going to happen in the future, and we are going to be part of the comprehensive security as a key player. Thank you very much.