Interim report
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SUMMA DEFENCE PLC HALF-YEAR REPORT January–June 2025
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Half-year report 1 January–30 June 2025 2 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Summa Defence Plc Half-year report January–June 2025: Summa Defence Plc started operations, significant investments in growth CEO Jussi Holopainen Summa Defence Plc, a new growth company in the defence and security sector, started operations on 9 June 2025 after the merger of Summa Defence Oy and Meriaura Group Plc. We are the first defence and security industry company on the First North Growth Market marketplaces in Stockholm and Helsinki. The directed share issue arranged for the share exchange significantly strengthened the company's equity, and our financial position is strong. The amount of investments raised in connection with the corporate transactions was EUR 28.15 million. At the end of June, the company was net debt-free, and our equity ratio was 63.4%. Investments in new production facilities In line with our strategy, we have been able to quickly support the operations of our subsidiaries and secure financing and working capital for product development, internationalization and next-stage corporate transactions. After the merger, our subsidiary Uudenkaupungin Työvene acquired the property of Olkiluoto shipyard to increase its production capacity, and Lightspace Technologies announced an investment in its production facility in Ventspils, Latvia, to improve its cleanroom production capacity. In addition, our subsidiaries have several ongoing product development projects. The new production facilities of the Summa Drones business have been put into operation in Southern Finland, and the first test batch is being manufactured with our Ukrainian partner. We expect the first production batches to be completed and deliveries to begin during the second half of the year. Pro forma net sales increased by 35 per cent Several of our subsidiaries have already increased their net sales significantly compared to the previous year. In January–June 2025, our pro forma net sales were EUR 42.1 million, compared to EUR 31.1 million a year earlier. The net sales of our companies increased by more than 35 per cent in the first half of the year. Net sales in Summa Defence's continuing operations focusing on defence and security were EUR 34.9 (25.3) million and in the Renewable Energy business EUR 7.2 (5.8) million.
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Half-year report 1 January–30 June 2025 3 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Profitability improved During the first half of the year, our profitability also started to improve clearly, although the delay in the transaction slowed down the growth of the business volume of our subsidiaries. The profitability of our continuing operations was already slightly positive in the first half of the year, but Group administration expenses (EUR -1.9 million) and the result of the Renewable Energy business (EUR -1.9 million) pushed the pro forma adjusted operating profit to EUR -3.7 (-5.2) million. In most of our businesses, there was a clear turnaround in profitability, and in some companies, operating profit rose to positive numbers. The profitability of the Renewable Energy business has been burdened by delays in customer deliveries of large plants. In addition, industrial investments in low-carbon solutions have been slowed down by the uncertain political climate, especially in Germany, the challenging nature of project financing, the slowness of support systems and the strong focus of public budgeting on defence investments. We have started measures to improve the profitability of the business area. Change negotiations have been initiated in the unit. Thanks to the strong market situation, we expect the growth of our companies to accelerate and the turnaround in profitability to accelerate during the rest of the year. Closer cooperation with the defence sector Our subsidiaries have a long and extensive history as partners in the defence sector around the world. Summa Defence and its subsidiaries will continue and develop this good cooperation together in the future as well. With the funding and support of the Summa Defence Group, our subsidiaries can make quick investment decisions, scale up production quickly and increase production to a whole new level. At the end of June, our subsidiaries had a strong order book of more than EUR 160 million. Over the years, the value of deliveries from our subsidiaries to the defence and armed forces of various countries and other security authorities has been approximately EUR 300 million, and demand continues at a good level. I would like to thank our customers, partners, investors and personnel for a successful merger and the first half of the year. Summa Defence Plc Summa Defence Plc is a Finnish defence and security technology group that brings together security companies and together secures resources for product development and growth in a globally growing and developing sector. The company focuses on dual-use technology, i.e. developing and producing products for the defence, security and civilian sectors. Summa Defence Plc was born on 9 June 2025 following the merger of Summa Defence Oy and Meriaura Group Plc. The company’s share is listed on the Nasdaq First North Growth Market Finland and Sweden marketplaces.
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Half-year report 1 January–30 June 2025 4 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 As part of the transaction, Meriaura Group Plc sold the shares of the marine logistics company Meriaura Oy to Meriaura Invest Oy. In the transaction, the Renewable Energy business of Meriaura Group remained in Summa Defence Plc. This half-year report presents financial information for the combined Summa Defence Plc for the period 1 January–30 June 2025 including information on the following businesses for the time that they have been part of the Group. Thus, the focus of the financial information in the half-year report is on the companies from the time of Meriaura Group Plc: • Marine logistics: divested business (for 1 January–9 June 2025) • Renewable Energy: business remaining in the Group (for 1 January–30 June 2025) • Summa Defence's continuing operations (for 9–30 June 2025) Summa Defence's continuing operations refer to the Group's subsidiaries, which are Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, Lightspace Group, Summa Drones and administrative companies. The financial information has been prepared in accordance with the principles of the Finnish Accounting Standards (FAS). Unless otherwise stated, figures in parentheses refer to the comparison period. This half-year report is unaudited. The figures for the financial year 2024 are audited. Pro forma financial information on Summa Defence’s subsidiaries This half-year report also includes other unaudited pro forma financial information on Summa Defence’s subsidiaries. They present the result of Summa Defence's continuing operations as if the merger with Meriaura had taken place on 1 January 2025. April–June 2025 in brief • Net sales were EUR 21.5 (22.1) million. Of net sales, EUR 12.1 (18.2) million was accrued from the divested business (Meriaura Oy) and EUR 9.4 (3.9) million from the Group’s continuing operations and the Renewable Energy business. • EBITDA was EUR 0.1 (2.3) million, or 0.9 (10.4) % of net sales. • Operating profit (EBIT) was EUR -2.4 (0.8) million, or -11.3 (3.5) % of net sales. • Result for the review period was EUR -3.1 (0.3) million, or -14.4 (1.3) % of net sales. • EBITDA, operating profit (EBIT) and result for the review period included a loss of EUR 1.6 million caused by the sale of Meriaura Marine Logistics. • Undiluted and diluted earnings per share were EUR -0.002 (0.000). January–June 2025 in brief • Net sales were EUR 42.9 (40.0) million. Of net sales, EUR 29.9 (34.1) million was accrued from the divested business (Meriaura Oy) and EUR 13.0 (5.8) million from the Group’s continuing operations and the Renewable Energy business. • EBITDA was EUR 1.6 (3.5) million, or 3.8 (8.7) % of net sales.
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Half-year report 1 January–30 June 2025 5 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 • EBITDA included a loss of EUR 1.6 million caused by the sale of Meriaura Marine Logistics and EUR 1.1 million of other costs arising from the transaction. • Operating profit (EBIT) was EUR -2.5 (0.6) million, or -5.8 (1.5) % of net sales. • Result for the review period was EUR -3.6 (-0.2) million, or -8.5 (-0.4) % of net sales. • Operating profit (EBIT) and result for the review period included an increase of EUR 1.4 million in amortisation of goodwill arising from the transaction, in addition to the sales loss and costs arising from the transaction. • Undiluted and diluted earnings per share were EUR -0.003 (0.000). Key figures EUR 1,000 unless otherwise stated 4–6/25 4–6/24 1–6/25 1–6/24 1–12/24* Net sales 21,521 22,095 42,903 39,951 79,164 EBITDA 195 2,300 1,643 3,493 6,221 EBITDA, % of net sales 0.9% 10.4% 3.8% 8.7% 7.9% Operating profit (EBIT)** -2,438 781 -2,506 595 -15,960 Operating profit (EBIT), % of net sales -11.3% 3.5% -5.8% 1.5% -20.2% Result for the review period -3,103 281 -3,647 -177 -20,688 Result for the review period, % of net sales -14.4% 1.3% -8.5% -0.4% -26.1% Undiluted and diluted EPS, EUR -0.002 0.000 -0.003 0.000 -0.024 Equity ratio, % 63.4% 53.8% 63.4% 53.8% 36.1% Net gearing, % -0.1% 43.2% -0.1% 43.2% 54.1% Cash and cash equivalents at end of period 9,734 7,023 9,734 7,023 8,114 *Audited. **1-12/2024 includes non-recurring items, i.e. a capital loss of EUR 3.3 million related to the sale of a minority stake in Meriaura Oy on 2 July 2024 and an impairment loss of EUR 16.4 million related to the transaction announced on 29 January 2025. Pro forma net sales and adjusted operating profit (EBITA) for Summa Defence’s continuing operations This unaudited pro forma financial information has been prepared to illustrate net sales and profitability of the Group’s continuing operations during the review period. The profitability indicator used is the alternative performance measure adjusted EBITA, the content of which is described in the tables section of the half-year report. • The subsidiaries' financial statements have been combined into pro forma figures as if the merger with Meriaura had taken place on 1 January 2025. Intra-Group transactions have been eliminated. The pro forma figures have been prepared in accordance with the same accounting principles as the official figures for the review period. The accounting principles are described in the tables section of the half-year report. As a result of the transaction completed on 9 June 2025, Summa Defence's continuing operations are the Group’s subsidiaries, i.e., Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, Lightspace Group, Summa Drones and administrative companies. • The pro forma figures also include the figures for the Renewable Energy business, which remained in the Group in connection with the merger.
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Half-year report 1 January–30 June 2025 6 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 • In January–June 2025, pro forma net sales were EUR 42.1 (31.1) million, whereof net sales for Summa Defence’s continuing operations EUR 34.9 (25.3) million and for Renewable Energy 7.2 (5.8) million. • Pro forma adjusted operating profit (EBITA) was EUR -3.7 (-5.2) million, whereof Summa Defence’s continuing operations amounted to EUR -1.7 (-3.9) million (including a total of EUR 1.9 million in Group administration expenses) and Renewable Energy to -1.9 (-1.3) million. Financial guidance Summa Defence Plc will issue financial guidance in connection with the Business review for January–September 2025. Significant events during the review period • On 27 June 2025, Lightspace Technologies, a subsidiary of Summa Defence Plc, announced an investment in a production facility in Ventspils, Latvia, to improve its cleanroom production capacity. The investment will enable higher volume production in the production of Lightspace Technologies' augmented reality displays. • On 16 June 202,5 IntLog, a subsidiary of Summa Defence Plc, announced having received new container orders from the Finnish National Emergency Supply Agency and the Rescue Department of Central Ostrobothnia. • On 12 June 2025, Uudenkaupungin Työvene, a subsidiary of Summa Defence Plc, acquired the property of Olkiluoto shipyard in Finland from Aslemetals Oy to increase production capacity. In addition to the shipyard, the transaction included all buildings and equipment on the property. • On 9 June 2025, Meriaura Group Plc acquired the entire share capital of Summa Defence Oy by paying the purchase price through a share exchange and at the same time sold all of its shares in Meriaura Oy to Meriaura Invest Oy. After the completion of the transaction, the company's business name was changed to Summa Defence Plc. At the same time, the change of the company's trading code from MERIS (Nasdaq First North Sweden) and MERIH (Nasdaq First North Finland) to SUMMAS and SUMMA entered into force. • On 15 May 2025, Rasol Oy, at the time part of the Meriaura Group, launched a smart system called “Sunplussa” suitable for homes and properties, which combines local energy production and storage as well as energy consumption control. Operating environment during the review period Summa Defence operates in the following market segments: multi-purpose machinery, multi-purpose dredgers, shipbuilding, mobile space manufacturing, sales and rental; XR technology, drone manufacturing and renewable energy. In multi-purpose machinery, the company is the second largest player in the Nordic countries, and the growth prospects in non-cyclical industries such as environmental management, maintenance and defense applications as well as in electric line and rail construction are positive. The shallow water dredger market is global and growing, and it requires efficient water management solutions, which the company has developed for its Watermaster dredger. The growth prospects of the company's multi-purpose dredger business are good despite growing competition. The Watermaster dredgers have already been delivered to 85 countries.
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Half-year report 1 January–30 June 2025 7 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 In shipbuilding, the company operates in the market of professional and official vessels primarily in the European Economic Area. Competition in the market is intense, but the green transition and digitalisation have a significant impact on the industry and create opportunities for the company. The offshore wind segment is growing strongly, and the demand in the defence and security sectors is also increasing. Activity in the market for mobile premises has increased. The company strengthened its position especially in special-purpose container solutions and accommodation solutions. The long-term outlook remains positive, especially for energy solutions. The company's XR technology business focuses on high-value-added professional use in the growing defence and healthcare markets, as well as in industrial assembly and maintenance applications. In Europe, the demand for AR headsets for the defence industry is increasing, but there are technology challenges in the supply chain of optical components. The market for the company's drone manufacturing business is also growing. The new production facilities of the Summa Drones business have been put into operation in Southern Finland, and the first test batch is being manufactured with a Ukrainian partner. The situation of the renewable energy market in large and medium-sized projects was challenging during the review period, both in Finland and internationally. There are good opportunities in technology related to the stabilisation of the power grid, in particular in battery storage and related solutions, in the market for both large and medium-sized solutions. Projects related to the security of supply and availability of energy are becoming more prominent in both industrial and commercial companies and the energy sector. Financial review Order book On 30 June 2025, Summa Defence's order book was EUR 161 million (on 21 February 2025: approximately EUR 200 million). Net sales, profitability and profit April–June 2025 In April–June 2025, the Group's net sales were EUR 21.5 (22.1) million. Of net sales, EUR 12.1 (18.2) million was accrued from the divested business (Meriaura Oy) and EUR 9.4 (3.9) million from the Group’s continuing operations and the Renewable Energy business. EBITDA was EUR 0.2 (2.3) million, or 0.9 (10.4) % of net sales. Operating profit (EBIT) was EUR -2.4 (0.8) million, or -11.3 (3.5) % of net sales. Result for the review period was EUR -3.1 (0.3) million. EBITDA, operating profit
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Half-year report 1 January–30 June 2025 8 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 (EBIT) and result for the review period included a loss of EUR 1.6 million caused by the sale of Meriaura Marine Logistics. Undiluted and diluted earnings per share were EUR -0.002 (0.000). January–June 2025 In January–June 2025, the Group's net sales were EUR 42.9 (40.0) million. Of net sales, EUR 29.9 (34.1) million was accrued from the divested business (Meriaura Oy) and EUR 13.0 (5.8) million from the Group’s continuing operations and the Renewable Energy business. EBITDA was EUR 1.6 (3.5) million, or 3.8 (8.7) % of net sales. EBITDA included a loss of EUR 1.6 million caused by the sale of Meriaura Marine Logistics and EUR 1.1 million of other costs arising from the transaction. Operating profit (EBIT) was EUR -2.5 (0.6) million, or -5.8 (1.5) % of net sales. Result for the review period was EUR -3.6 (-0.2) million. Operating profit (EBIT) and result for the period included an increase of EUR 1.4 million in amortisation of goodwill arising from the transaction, in addition to the sales loss and costs arising from the transaction. Undiluted and diluted earnings per share were EUR -0.003 (0.000). Financial position and cash flow On 30 June 2025, the Group's balance sheet total was EUR 303.5 (74.6) million. Equity was EUR 188.0 (39.8) million. Equity ratio was 63.4 (53.8) %. At the end of the review period, the Group's interest-bearing net debt was EUR -0.3 (17.2) million and net gearing was -0.1 (43.2) %. The Group's other non-current non-interest-bearing liabilities included EUR 74.9 million of additional purchase price liabilities related to the transaction, which will be paid with the company's shares if the criteria specified in the share exchange agreements of Summa Holding Oy's subsidiaries are met. On 30 June 2025, the Group's cash and cash equivalents amounted to EUR 9.7 (7.0) million. Net cash flow from operating activities for 1 January–30 June 2025 was EUR 2.3 (-0.3) million. Net cash flow from investing activities was EUR 5.8 (-5.3) million. Cash flow from investing activities included EUR 4.8 million in fixed asset investments related to operations. Net cash flow from financing activities was EUR -6.5 (5.0) million. During the review period, EUR 5.5 million of long-term and short-term loans were repaid. Research and development Lännen Tractors develops applications for both the civilian and defence sectors. The company has developed a completely new series of the Lundberg-60 environmental machines. 3 new models in the series are planned to be launched during 2025. In addition, a new 22-metre-high passenger and freight lift will be launched for Lännen's backhoe loaders for line construction work at the end of the year. Acquamec develops the Watermaster multi-purpose dredgers to ensure safe operation in shallow waterways, anchoring and mooring sites and ports, and to enhance the maintenance of water areas. During the second half of 2025, the company will introduce a new manufacturing concept with the aim to further increase Watermaster's competitiveness in the market and provide the conditions for growing business volumes.
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Half-year report 1 January–30 June 2025 9 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Uudenkaupungin Työvene invests in product development, for example, in special vessels in the offshore wind power segment and environmentally friendly passenger vessels. The company's first hybrid-ready SWATH personnel carrier is under construction and is scheduled to be completed during the third quarter of 2025. An environmentally friendly battery-hybrid passenger ship is also under construction. During the review period, IntLog's product development focused on the preparation of a prototype of an energy trailer. With the help of the energy trailer, even more efficient and versatile solutions are offered to meet the needs of customers. The prototype is scheduled to be completed in autumn 2025. There are also plans to develop a cost-effective accommodation/construction site module and CBRN facilities (chemical, biological, radiological and nuclear protection zones). Lightspace develops AR headsets for research and durable AR devices for the defense industry. The company's new Crew Enhanced Vision headset is scheduled to be introduced to the market in September 2025. The Renewable Energy business develops innovative energy system solutions that combine local energy production, electricity storage and AI-based control into one smart entity. The solutions respond to the requirements of the changing energy market and enable the construction of a decentralised, sustainable energy system for different uses. During the review period, the Sunplussa energy solution for residential properties was launched, and the development of the product portfolio is progressing. Changes in management On 28 April 2025, Meriaura Group announced that Hanna Kyrki had been appointed Summa Defence Oy’s Chief Legal Officer and member of the Executive Management Team as of 4 August 2025. On 30 May 2025, Meriaura Group announced that Riitta Honkanen-Vaheri, Summa Defence Oy's Chief Human Resources Officer and member of the Executive Management Team, was leaving her position and that Hanna Korhonen had been appointed as Summa Defence's new Chief Human Resources Officer and member of the Executive Management Team as of 11 August 2025. In connection with the merger of Meriaura Group Plc and Summa Defence Oy on 9 June 2025, Meriaura Group Plc's CEO Jussi Mälkiä left his position and Jussi Holopainen was appointed CEO of Meriaura Group (currently Summa Defence Plc). After the review period, on 12 August 2025, Summa Defence announced that Juha Vauhkonen, the company’s Director of Defence and Security affairs and Executive Management Team member, was leaving his position. Personnel and management On 30 June 2025, Summa Defence's number of employees was 320 (172). During the review period, the Group's average number of employees was 309. On 30 June 2025, the members of the Group’s Executive Management Team were Jussi Holopainen, President and CEO; Tommi Malinen, Chief Sales Officer; Tommi Manninen, Chief Communications Officer; Risto Takkala, Chief Financial Officer; and Juha Vauhkonen, General Staff Officer. After the review period, Hanna Kyrki, General Counsel, and Hanna Korhonen, Chief Human Resources Officer, joined the Executive Management Team. Juha
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Half-year report 1 January–30 June 2025 10 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Vauhkonen left his position in the Executive Management team and in the company after the review period, on 12 August 2025. Governance Changes in the Group structure On 9 June 2025, Meriaura Group Plc acquired the entire share capital of Summa Defence Oy. The transaction was carried out through a share exchange by arranging a directed share issue to the shareholders of Summa Defence. The name of the new listed company is Summa Defence Plc. Annual General Meeting and authorisations of the Board of Directors Meriaura Group Plc's Annual General Meeting held on 24 April 2025 adopted the financial statements for the financial year 1 January–31 December 2024 and discharged the persons who had acted as members of the Board of Directors or the CEO during the financial year from liability. The General Meeting resolved that the loss of EUR 12,236,659.36 for the financial period 1.1.–31.12.2024 be transferred to the profit/loss account of previous financial years and that no dividend be paid. In accordance with the proposal of the Board of Directors, the General Meeting unanimously approved a package of arrangements, which included the amendment of the company's Articles of Association and the authorisation for the Board of Directors to acquire the shares of Summa Defence Oy through a share exchange (directed share issue), to sell the shares of the subsidiary Meriaura Oy, including the seller's financing to be given to the buyer, and to repurchase the company's own shares from Meriaura Invest Oy in a directed manner. The General Meeting resolved to establish a Shareholders' Nomination Board for an indefinite period of time until a General Meeting resolves otherwise. Remuneration of the members of the Board of Directors The General Meeting resolved that the following remuneration be paid to the members of the Board of Directors: EUR 60,000 to the Chairman of the Board and EUR 30,000 to each of the other members of the Board. In addition, the members of the Board will be paid reasonable travel and accommodation expenses incurred by the meeting. Number of members of the Board of Directors and election of members The General Meeting resolved that the Board of Directors shall consist of five (5) ordinary members. Antti Vehviläinen, Jussi Mälkiä, Arto Räty, Sirpa-Helena Sormunen and Erja Sankari were elected as members of the Board. The Board of Directors convened after the Annual General Meeting and elected Arto Räty as the Chairman of the Board. Election and remuneration of the auditor and sustainability reporting assurer The Annual General Meeting elected KPMG Oy Ab, a firm of authorised public accountants, as the company's auditor. The Annual General Meeting also selected the sustainability audit firm KPMG Oy Ab as the assurance
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Half-year report 1 January–30 June 2025 11 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 provider for sustainability reporting. The principal auditor and sustainability reporting assurer is Henry Maarala, Authorised Public Accountant, Authorised Sustainability Auditor. The remuneration of the auditor and the sustainability reporting assurer will be paid according to a reasonable invoice approved by the Board of Directors. Authorisation for the Board of Directors to decide on the issuance of shares and special rights entitling to shares The General Meeting authorised the Board of Directors to decide on the issuance of shares and the issuance of option rights and other special rights entitling to shares in one or more instalments as follows: the number of shares to be issued on the basis of the authorisation may not exceed 979,573,759 shares, which corresponds to approximately 20 percent of the total number of shares in the company after the completion of the transaction. Share issues and the issuance of option rights and other special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive subscription right (directed issue) if there is a weighty financial reason for the company to do so. In the company's share issues, shares can be transferred either against payment or without payment. A directed share issue can only be free of charge if there is a particularly weighty financial reason for it from the company's point of view and considering the interests of all its shareholders. The Board of Directors decides on all terms and conditions of the issuance of shares, options and other special rights entitling to shares. The authorisation was valid until 30 June 2026. Board of Directors On 30 June 2025, the members of the Board of Directors of Summa Defence Plc were Arto Räty (Chairman), Antti Vehviläinen, Jussi Mälkiä, Sirpa-Helena Sormunen and Erja Sankari. Auditor and sustainability reporting assurer Summa Defence's auditor and sustainability reporting assurer is KMPG Oy Ab. Henry Maarala acts as the auditor with principal responsibility and sustainability reporting auditor. Share and shareholders Summa Defence Plc has one series of shares. Each share carries one vote at the Annual General Meeting. On 30 June 2025, the company had 4,567,193,463 (866,801,277) shares. The company's share capital is EUR 470,210. Average number of shares during the review period was 1,296,515,521 (866,801,277). On 21 February 2025, a total of 693,488 shares were issued for the remuneration of the Board of Directors in shares. On 9 June 2025, it was resolved on a share issue related to the transaction between Meriaura Group Plc and Summa Defence Oy, as a result of which a total of 4,030,374,032 new shares were issued. A decision was made on 9 June 2025 to cancel 330,675,334 of the company's own shares. On 30 June 2025, the company did not hold any of its own shares. The company's shares are listed on Nasdaq First North Growth Market Finland under the trading code SUMMA and on Nasdaq First North Growth Market Sweden under the trading code SUMMAS. During the review period, the highest share price on Nasdaq First North Growth Market Finland was EUR 0.19, the lowest EUR 0.03 and the average price EUR 0.08. The closing price on 30 June 2025 was EUR 0.05. The trade-weighted average of the shares during the review period was EUR 0.09, and the market capitalisation on 30 June 2025 was EUR 232.9 million. The highest share price on Nasdaq Stock First North Growth Market Sweden during the review period was
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Half-year report 1 January–30 June 2025 12 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 SEK 2.08, the lowest was SEK 0.38 and the average price SEK 0.8. The closing price on 30.6.2025 was SEK 0.58. The trade-weighted average of the shares during the review period was SEK 0.9, and the market capitalisation on 30 June 2025 was SEK 2,630.7 million. On 30 June 2025, Summa Defence had 19,265 shareholders. Nominee-registered shares accounted for 22.6 per cent of the share capital. The company's largest shareholders and shareholders by sector are presented on the company's website at https://summadefence.fi/en/investors/share-information/shareholders/. Managers' holdings On 30 June 2025, the members of Summa Defence's Board of Directors, the CEO and the members of the Executive Management Team, including the entities under their control, owned a total of 572,466,354 shares, representing 12.6 per cent of the total number of shares. Flagging notifications Between 10 and 30 June 2025, Summa Defence received the following notifications of a change in holdings in accordance with Chapter 9, Section 10 of the Finnish Securities Markets Act: • The holding of Oy Haapalandia Invest Ltd, controlled by Oy Haapalandia Ltd, exceeded 5% of Summa Defence Plc's share capital and voting rights on 10 June 2025 • Jussi Mälkiä's direct and indirect combined holding had decreased to less than 10% of Summa Defence Plc's share capital and voting rights on 10 June 2025 • Baltic Work Boats' holding exceeded 5% of Summa Defence Plc's share capital and voting rights on 10 June 2025 • The holding of PM Ruukki Oy, controlled by Markku Kankaala, exceeded 5% of Summa Defence Plc's share capital and voting rights on 10 June 2025 • The holding of Jerovit Investment Oy, controlled by Samuli Koskela, exceeded 5% of Summa Defence Plc's share capital and voting rights on 10 June 2025 • The holding of Holoborg Oy, controlled by Jussi Holopainen, exceeded 5% of Summa Defence Plc's share capital and voting rights on 10 June 2025 Related party events On 19 January 2025, Meriaura Group Plc announced a planned corporate transaction where Meriaura and Summa Defence would merge. In connection with the merger of, Meriaura's Maritime Logistics business was to be sold to Meriaura Invest Oy, which is a company controlled by Jussi Mälkiä, the owner and member of the Board of Directors of Summa Defence Plc. The transaction was implemented on 9 June 2025. In the transaction, the Group incurred a loss of EUR 18 million. An impairment of EUR 16.4 million of the capital loss was recognised in Meriaura's income statement for the financial year 2024 and EUR 1.6 million in Summa Defence's income statement for January–June 2025.
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Half-year report 1 January–30 June 2025 13 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Short-term risks and uncertainties The main objective of Summa Defence's risk management is to support the implementation of the strategy of the Group and its companies through ensuring the continuity of operations and the achievement of business objectives by anticipating, identifying and managing risks related to the Group's operations. The Group's risk management is integrated into the company's strategy process, business planning and Group management. Risks are identified and managed as part of operations, planning and decision-making in accordance with the company's management system and responsibilities. Risks are reported externally as part of financial reporting. The Group's risks are classified into strategic, operational and financial risks as well as compliance and regulatory risks. Risks are anticipated by continuously monitoring the operating environment and integrating risk management into the company's key processes. Strategic risks Summa Defence's business opportunities are affected by changes in geopolitics, international trade policy and the competitive situation. Changes in the operating environment affect the market prices, demand or price level of the company's products, and the costs and availability of raw materials affect the company's costs and production. Dependence on large projects can also have a significant impact on the company's business. In addition, the protection of the company's intellectual property rights involves risks. Operational risks The availability of skilled and experienced personnel and the operation of production equipment affect the company's operations and manufacturing process. The drone technology business involves special risks related to the establishment of a production plant and the company's own development of drone technology; in addition, the ongoing war in Ukraine may cause unexpected effects on the drone technology business. Financial risks Summa Defence's financial risks are related to the availability of capital and the profitability of the Group's business units. Changes in the exchange rates between different currencies and the Euro also affect the company's financial result and position. Compliance and regulatory risks Changes in the regulatory environment or the application or interpretation of regulations affect the company’s business operations, business models, and strategies, and a failure to comply with applicable laws, regulations, and related guidelines, may have a material adverse effect on the company's business, financial condition, results of operations, prospects, and/or the value of the company's securities.
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Half-year report 1 January–30 June 2025 14 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Strategy and financial targets Summa Defence supports ambitious dual-use technology companies and creates the conditions for them to grow and expand. The company's operations combine expertise in the defence sector and traditional industry with solutions enabled by new technologies. The company actively promotes the use of new innovative products and operating methods, such as artificial intelligence. Summa Defence focuses on companies whose products and technologies are suitable for both defence and civilian markets and provides a growth platform for the Group companies that it owns. Summa Defence focuses on dual-use technologies related to situational awareness, mobility and defence. Dual-use capabilities reduce business risks by providing flexibility and the ability to leverage the same technology across both civilian and defence and security sectors. This reduces dependence on a single market and helps balance fluctuations in demand. Summa Defence's goal is to achieve net sales of EUR 500 million in the medium term and increase shareholder value by building a significant defence and security group. The company's growth strategy is based on organic growth and growth through acquisitions. Events after the reporting period On 14 July 2025, Summa Defence announced that its subsidiary IntLog had received an order for a total of 30 accommodation modules from Harriniva Hotels & Safaris, a tourism company operating in Lapland, Finland. The modules will be delivered for personnel accommodation purposes and will support the growing demand in northern tourism. The order value is EUR 700,000, and it will be recorded in Summa Defence Plc's third quarter order book. On 12 August 2025, Summa Defence announced that IntLog had won two tenders from the Defence Forces Logistics Command in public procurement procedures. IntLog will deliver to the Defence Forces a non-heated ruins house training facility for built-up area combat training, as well as a spare parts container for Jurmo-class personnel transport boats. The combined value of the orders is over EUR 500,000. The orders will be recorded in Summa Defence Plc's third quarter order book. The procurement also includes possible options for two spare parts containers for the years 2026 and 2027. On 12 August 2025, Summa Defence announced that the company’s Director of Defence and Security affairs and Executive Management Team member Juha Vauhkonen was leaving his position. Financial reporting in 2025 Summa Defence will publish the following financial reports in 2025: • business review for January–September 2025 on Friday 31 October 2025 Helsinki, 22 August 2025
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Half-year report 1 January–30 June 2025 15 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Summa Defence Plc Board of Directors
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Half-year report 1 January–30 June 2025 16 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Tables 1 January–30 June 2025 Accounting principles This half-year report has been prepared in accordance with the principles of business continuity as defined in Chapter 3, Section 3 of the Finnish Accounting Act and in accordance with the Finnish Accounting Standards (FAS). The same accounting principles have been applied in the preparation of the half-year report as in the annual financial statements for 2024. In terms of depreciation, there are minor differences in the accounting policies compared to the annual financial statements for 2024, because the Group has harmonised the depreciation policies as of 1 July 2025. The consolidated financial statements have been prepared using the acquisition cost method. The financial statements of the subsidiaries have been consolidated since the Group acquired control. All intra-Group transactions, receivables and liabilities have been eliminated. The figures presented in this half-year report are unaudited unless otherwise stated. The figures for the financial year 2024 are audited. All figures presented have been rounded, so the sum of the individual figures may not necessarily equal the total shown. Corporate transactions and Group structure During the review period, the Group acquired the entire share capital of Summa Defence Oy, and the company and its subsidiaries have been consolidated in the consolidated financial statements as of 9 June 2025. The acquisition has been processed using the purchase cost method, and as a result, the Group's goodwill increased by EUR 235 million. The Group's goodwill has been recognised in the balance sheet as intangible assets and is amortised on a straight-line basis over a period of 10 years. As part of the transaction, Meriaura Group Plc sold the shares of the maritime logistics company Meriaura Oy to Meriaura Invest Oy. In the transaction, the Renewable Energy business of Meriaura Group remained in Summa Defence Plc. Additional purchase price liabilities Contingent purchase prices agreed upon in connection with acquisitions are recognised as liabilities at the time of acquisition, if their realisation is probable and the amount can be reliably estimated. The liability is measured at fair value and adjusted later if the estimate of the realisation changes. Any changes are recognised through profit or loss. Additional purchase price liabilities are presented as non-current liabilities, as they mature within 1–3 years of the acquisition. The repayment of the liability depends on the realisation of the acquired company's financial result in accordance with the agreed terms. Comparison by review period EUR 1,000 unless otherwise stated 4–6/2025 4–6/2024 1–6/2025 1–6/2024 Net sales 21,521 22,096 42,904 39,951 EBITDA 195 2,300 1,643 3,493
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Half-year report 1 January–30 June 2025 17 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Operating profit/loss (EBIT) -2,438 781 -2,506 595 Result for the period -3,103 281 -3,647 -177 Earnings per share, EUR undiluted -0.002 0.000 -0.003 0.000 diluted -0.002 0.000 -0.003 0.000 Consolidated income statement EUR 1,000 unless otherwise stated 1–6/2025 1–6/2024 1–12/2024 Net sales 42,904 39,951 79,164 Increase/decrease in inventories of finished goods and work in progress 176 Manufacture for own use 2,252 Other operating income 1,466 159 244 Materials and services -32,327 -27,037 -53,839, Personnel expenses -6,307 -5,476 -11,067 Depreciation and amortisation -4,148 -2,897 -22,181 Other operating expenses -6,522 -4,249 -8,369 Operating profit/loss -2,506 595 -15,960 Financial income and expenses -631 -735 -4,596 Profit/loss before taxes -3,137 -139 -20,556 Income taxes -17 -37 -16 Non-controlling interests -493 -116 Result for the period -3,647 -177 -20,688 Basic earnings per share, EUR -0.003 0.000 -0.024 Consolidated balance sheet EUR 1,000 unless otherwise stated 30 Jun 2025 30 Jun 2024 31 Dec 2024 Assets Non-current assets Intangible assets* 253,172 7,227 6,837 Property, plant and equipment 16,050 44,563 26,936 Investments 64 Total non-current assets 269,285 51,791 33,773 Current assets Inventories 13,110 2,829 2,767 Non-current receivables 598 35 9 Account receivables 6,061 5,927 4,576 Loan receivables 4 Other receivables 2,243 516 693
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Half-year report 1 January–30 June 2025 18 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Prepayments and accrued income 2,487 6,432 3,572 Cash and cash equivalents 9,734 7,023 8,114 Total current assets 34,238 22,763 19,731 Total assets 303,523 74,554 53,504 Equity and liabilities Equity Share capital 470 470 470 Reserve for invested unrestricted equity 277,530 89,804 89,804 Retained earnings -86,353 -50,265 -50,265 Translation differences 18 Result for the period -3,647 -177 -20,688 Total equity 188,018 39,832 19,321 Minority share 7,993 Provisions Other mandatory provisions 848 303 367 Liabilities Non-current liabilities Loans from financial institutions 6,881 15,646 10,921 Other liabilities** 76,751 5,820 3,368 Accruals and deferred income 342 Total non-current liabilities 83,975 21,467 14,289 Current liabilities Loans from financial institutions 2,575 2,768 4,286 Advances received 7,068 518 569 Account payables 8,356 4,137 2,976 Other liabilities 5,130 815 913 Accruals and deferred income 7,555 4,714 2,791 Total current liabilities 30,683 12,952 11,535 Total liabilities 114,658 34,419 25,823 Total equity and liabilities 303,523 74,554 53,504 * Intangible assets as of 30 June 2025 include EUR 235 million of consolidated goodwill ** Other liabilities as of 30 June 2025 include EUR 74.9 million in additional purchase price liabilities Consolidated statement of cash flows EUR 1,000 unless otherwise stated 1–6/2025 1–6/2024 1–12/2024 Cash flow from operating activities Result for the period -3,137 -139 -20,556 Adjustments 4,796 3,730 26,900
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Half-year report 1 January–30 June 2025 19 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 Change in current non-interest-bearing receivables -698 -4,795 -760 Change in inventories 910 -314 -252 Change in current non-interest-bearing liabilities 1,049 1,939 1,820 Interest paid -631 -734 -1,273 Taxes paid -17 Cash flow from operating activities 2,272 -313 5,879 Cash flow from investing activities Investments in tangible and intangible assets -4,754 -5,339 -6,651 Fixed asset sales 17 Acquisition of a subsidiary 18,968 Divestment of a subsidiary -8,380 Cash flow from investing activities 5,834 -5,339 -6,634 Cash flow from financing activities Share issue against payment 26 Repurchase of own shares* -1,000 Withdrawals of non-current loans 3,389 5,797 Repayments of non-current loans -5,390 -388 -6,574 Withdrawals of current loans 2,800 Repayments of current loans -121 -1,100 1,822 Other non-current liabilities 177 Other non-current receivables 72 98 Net cash flow from financing activities -6,486 4,950 1,143 Change in cash and cash equivalents 1,620 -702 388 Cash and cash equivalents at beginning of period 8,114 7,726 7,726 Cash and cash equivalents at end of period 9,734 7,023 8,114 * In the cash flow statement, the purchase price of the company's own shares is EUR 1.0 million. The total amount of the procurement was EUR 15.4 million, but the consideration of EUR 14.4 million received from the sale of Meriaura Oy was deducted from it. Because the assets and liabilities were deducted against each other, the cash flow calculation shows only the net effect. Statement of changes in the Group’s equity EUR 1,000 unless otherwise stated Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Result for the reporting period Total Equity 1 Jan 2025 470 89,804 -70,953 19,321 Share issue 187,726 187,726 Acquisition of own shares -15,400 -15,400 Result for the reporting period -3,647 -3,647 Translation differences 18 18 Equity 30 Jun 2025 470 277,530 18 -86,353 -3,647 188, 018
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Half-year report 1 January–30 June 2025 20 (20) 22.8.2025 SUMMA DEFENCE PLC | MÄKELÄNKATU 87 | 00610 HELSINKI | FINLAND | summadefence.fi | Business ID 2309682-6 EUR 1,000 unless otherwise stated Share capital Reserve for invested unrestricted equity Translation differences Retained earnings Result for the reporting period Total Equity 1 Jan 2024 470 89,804 -50,265 40,009 Result for the reporting period -177 -177 Equity 30 Jun 2024 470 89,804 -50,265 -177 39,832 Calculation principles of key figures Equity ratio, % Equity according to the balance sheet at the end of the financial year x 100 / (Balance sheet total – advances received) Net gearing, % 100 x (interest-bearing liabilities –cash and cash equivalents) / Equity Number of shares Number of shares at the end of the financial year Average number of shares Average number of shares per month adjusted for share issue Earnings per share, EUR Profit for the period / Average number of shares per month adjusted for share issues Alternative performance measures Adjusted EBITA Operating result before amortisation and impairment of intangible assets and excluding transaction costs