Good morning everyone from Helsinki, and welcome to Summa Defence's result webcast. My name is [Tina Niemi], and I will be your host today. Summa Defence's half year result will be presented today by the company's new President and CEO, Robert Blumberg, and the new CFO, Petter Ruda. We will have a Q&A session at the end of the webcast. Questions will also be answered by the CEO, Robi, and also by the CFO, Petter. You can send the questions via chat function throughout the whole webcast. Please send your questions in English, in Finnish, or in Swedish. You may send all the questions via the chat function during the whole webcast, or you can ask them when the Q&A session starts. Before we start, I would also like to remind you that this webcast is recorded, and this will be available on Summa Defence's website later today. We are now ready to begin the presentation, so please go ahead. Thanks, [Tina]. All right. Hello everybody, and to those listening in to this live, as well as those who will be following the recording later. The half year report for the first half of 2026. The agenda we will run through a brief introduction to Summa Defence and its group companies, then a summary of the first half, and then I will talk about the actions taken and also the specified financial guidance. Then, we take the Q&A. Summa Defence as a group, it's a young one. We were listed on the stock exchange in this form in June last year, so we are still in our infancy as a group, but we are picking up speed. The company consists of Lännen Tractors Oy and Lännen MCE AB. It's the oldest company we have in our portfolios already, founded in 1952. We make multipurpose machinery, with the brands Lännen as well as Lundberg, and the applications are both for civil use and also for military and defense purposes, especially the Lännen is aimed for the latter one. Aquamec makes dredgers. These come for shallow waters and actually has a global reach, where we have sold them through all over the world. They're also manufactured at the same plant as the Lännen multipurpose machines. IntLog, located in Säkylä, is making specialized containers for various purposes, and these three form our Land Technologies segment. Then we have the single company in the Maritime segment is the Nordic Yards, located mainly in Uusikaupunki on the west coast in Finland, and we also have a dockyard in Olkiluoto, slightly north from there. It was founded in 1987 and has delivered 250 ships all over the world during its time. Lightspace Group is located in Riga, in Latvia, making augmented reality glasses. It is still more in its technological development phase now, turning into a business, but earlier in its development stage as a company. Summa Drones is also a fresh start that was founded as part of the Summa Defence Group, a very young subsidiary in that sense. January- June in summary. Twofold first half. Our net sales compared with the first half of last year grew strongly, but perhaps most significant is that we received major orders from the defense sector that they were published and disclosed in March. We are building a ship for the Bundeswehr in Germany, and we have signed a major deal with a NATO country worth EUR 35 million that we are delivering for defense purposes. We can say that our position as a European defense and security technology company has overall become stronger during the first half. However, our profitability was clearly short of targets. We have a too heavy cost structure. Also, we have been suffering from working capital scarcity, and that has been also seen in our disclosures during the first half, that this is an issue we are actively dealing with. Our financial positions has required and will continue to require immediate actions. Our net sales grew quite nicely, and here you can see the distinguished, where we have the continuing operations, which we are focusing on. As you can see, they are coming together now in first half, which shows that we have taken actions to focus really at what we have is continuing operations, and the not continuing operations have been much dealt with during, well, the H1. But strong growth on the revenue side, which is then indicative that we are working towards becoming a solid company. Net sales per segment, which we are just verbally updating to give an idea of how Summa Defence continuing operations have been formed in H1 unaudited figures. But, we have had a very good first half-year revenue-wise on the Maritime Technologies forming a large substantial part of EUR 44 million out of our almost EUR 60 million revenue in the first half, and the Land Technologies stood for EUR 15 million, and the New Technologies on the revenue side is not significant yet. Mentioning the orders here, as I said earlier already, the European NATO country, then we have an order that we are delivering throughout this year and then next year, brought us a big boost and then ramping up the production at the facilities in Loimaa. It is the Lännen 8800M-DF multipurpose machine, and we already sold some of these models, the DF models. Last year, it was disclosed already in 2025 that we sold systems to the Finnish Defence Forces, but this major deal is then to a NATO country. Uudenkaupungin Työvene, we have developed this SWATH concept vessel for the German Bundeswehr, but we have sold already earlier three of these for wind farm maintenance purposes. The Small Waterplane Area Twin Hull is the concept for this, and it is a very robust design that can really go to sea where other ships have to stay at port. It is very stable in rough seas and therefore very well adapted to the harsh Nordic conditions of high seas, and this has turned out to be a very good concept we have developed. We saw already another order from our Scottish customers, where we disclosed in the summer that we sold another one with an option for one more. In that sense, we have performed quite well with the received orders for what we call our main businesses. The order book at the end of June stood at EUR 105 million, which I consider a good foundation for building our future business. When I refer to our position as a European defense and security technology company, strength is that compared with what we performed last year, we really have been building on our defense and security portfolio. Out of the EUR 105 million of order book we had at the end of H1, EUR 61 million of these were from defense and security, so more than half. On the downside, the profitability fell clearly short of targets, and we also have to keep in mind that it has been a year of formation from 2025 to 2026, where the whole Summa Group was founded. We did do an improvement on the, or let us say we were not as unprofitable in H1 this year as we were in H2 last year. When we had EBITDA losses of EUR 5.6 million in H1, we had EUR 6.5 million in H2 last year. Although both are not nice figures, at least it is trending in the right direction, and we are taking a lot of actions and putting a lot of focus on improving our profitability. Actions taken. The company during H1 has gone through both a management change and a board change. As [Tina] said at the beginning, I started as Group CEO on 13th of April this year, been at the job slightly more than four months, and Petter started on the same day. We have hit the ground running. We have had a long agenda to deal with, and we have one to continuously do. At the AGM, a completely new board was elected as well, who has also started with a fast pace right out of the gates. In May, we disclosed that we are doing a strategic review of our portfolio and then, of course, financing, as has been stated publicly, has been a major issue for us and where we took a step forward to becoming a normally funded company as a first step is that we announced on 5th of June a bridge financing package of EUR 8 million that we received with a very short negotiation period. It was as per that agreement subsequently converted into a convertible loan, actually, after the reporting period on 3rd of July. Actions have continued and are continuing on this front. The new board of directors as of June, we have Juha Pinomaa as the Chairman, Mikko Haapala, Jyrki Heinimaa, Ville Heikkinen, Ville Jaakonsalo, and Tapani Kiiski, form a very active and diverse group of directors. Diverse in the sense that the background is supporting and enables really a view from many sides on all the things we are dealing with. This board, and I would say the management as well, knows what good looks like. Meaning that there is forming, and we are actively working on how to bring this company to its target state. The management team as of April 13th, myself, Petter, and Hanna Korhonen, Hanna Kyrki, form the small but efficient management team. We have covered then the executive role, the financial, human resources, and general counsel role with this. What is Summa Defence all about. We are building and we are still building a defense and dual-use industrial group, and our intention is to create a strong industrial foundation of innovative defense and dual-use SMEs for strengthening the comprehensive security of our society and our societies. As said already, it's Maritime, it's Land, and technology opportunities with an emphasis on the first two. How Summa creates and intends to create value is to provide better customer access and credibility and size to defense government and public sector customers, where a smaller company alone cannot perhaps get that reach, and this is what we are actively working on to improve further. Financial strength is also, perhaps you could put it on the intention target, we have not quite performed there yet, as is well known when one reads our disclosures. The intention really is to create value by making the sum of the parts greater than the individual companies counted together. Operational excellence is where we really, as a management and the board, can bring value to the table, and where we can support our subsidiaries to perform better. This is a focus area, as we can see from our profitability figures, where we really need to work upon selective synergies. If you look at our portfolio, striving for great synergies on the operational level is not what we are looking at. That would be the target, to get selective synergies combined, especially where we have our technology opportunities, and then cross-breed these so that we also here can create value that is greater than the sum of its parts. Really on the short term, and what we have set forth with the new board, is the path to profitable growth is that we really stabilize. Stabilization is what we are doing right now. We are building the foundation. We are securing financing and liquidity. We are simplifying the portfolio, and we are working on strengthening governance and reporting in order to really have all the levers at hand and all the dashboard in front of us, so that we really have a clear way of efficiently steering this company. Improvement at the side, these are parallel swim lanes where we intend to strengthen our performance further. Driving profitability and operating cash flow is in great focus and optimizing the operations, as well as then strengthening our working capital and removing the stops we have there for further growth, which has been hampering us from time to time. We have, with the board, set gates for these that we will work through the agenda before we move on to the growth phase. The growth phase remains strategically important, but we have to grow from strength. We have to work on growth on the organic side from our existing businesses. We have to expand on our defense and NATO opportunities, where still much of our business focus is within Finland, partly in the Nordics, and as already we see in Central Europe. This is a good basis for building further, as we have said. Our market we are focusing on is the European Union and NATO countries, and there is plenty of potential here as well. Scale the dual-use offerings and then eventually accelerate growth through M&A. I want to stress that fixing the foundation and improving performance are key priorities before we move on to the strategically important part of growth. We have announced a strategic review of our group structure, and the objective is to support the group's long-term strategy and develop its capital structure, and then accelerate growth in our core businesses in the defense and dual-use sectors. As per the announcement done in May, Rasol Oy was divested, not a big business, not a core business in June. Summa Energy's business divested, that was also not a core business. Therefore, our portfolio has been to some extent and to the most important parts cleansed already. What we are evaluating, no decisions made and as announced, we are also looking at IntLog, Lightspace, and Aquamec, and seeing what the best alternatives for these companies going forward will be. If decisions and when decisions are made, separate announcements will be made. On the financing side, on 13th of May, we announced a renewed working capital statement, and it was then confirmed by the audit report for the year of 2025 that without new financing or payment arrangements, the working capital of the company would not be sufficient for the company's need over the next 12 months, i.e. we announced that our working capital statement is not clean, and we estimated at that time that the horizon, the runway is quite short, approximately two months. Also, with the assumptions that certain arrangements would proceed as planned, which they eventually to some extent did and to some extent don't. After that, we announced on 5th of June with a loan agreement with Largus Holding Aktiebolag on this EUR 8 million bridge loan, and thereby we extended our runway from 5th of June onwards to secure approximately three to five months. As said, this is not yet covering the next 12 months, so work remains on this front. This said bridge loan with Largus Holding was then subsequently converted into a convertible bond and announced at that day. At this moment, we are actively looking at different financing options to ensure a return to a normal financing position. This is a top priority item we are working on and the alternatives that we are looking are, of course, we include resolutions authorized by the AGM on the 24th of June on potential rights issues, share issues, and the issuance of option rights and special rights entitling to shares, among others. Financial guidance. We have not issued a new guidance. However, looking at the verbiage on the latest guidance we had from March this year. We maintain our guidance as then announced on EUR 110 million to EUR 120 million for the full year. But in order to be really specific and clear in our wording, also now with H1 in the books, we are stating that the EBITDA from our continuing operations will be positive in the second half of 2026. Now, time for questions and answers there too. Okay, thank you very much for your presentation. Thank you also for the questions we have already received. The Q&A session will last about 15- minutes. Before we move to the questions, I will remind you that you can still send us questions in English, in Finnish or in Swedish. We are pleased to receive all the questions, and we are now ready to start with the questions. The first one will be in Finnish. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. The next question is in English. Why do you have goodwill amortization? Should I take it? Go ahead. Very good question. Summa Defence is reporting according to Finnish Accounting Standards, FAS, and according to FAS, we depreciate goodwill on a straight line for 10 years. This is perhaps the biggest difference between FAS and IFRS, so very important to know for everyone that we don't report according to IFRS. This is also why when we look at figures comparing EBITDA to EBIT, the big chunk of depreciation comes from goodwill. Okay, yes. I would like to add that is really worth emphasizing, that is why when we look at the profitability of the company, EBITDA is the key profitability driver, and the big difference between EBITDA and EBIT is exactly the goodwill depreciation, amortization. I am an Engineer. But that is why I stress that EBITDA is the key indicator of the profitability of the company. Okay. Well, actually, the next question is in English and concerning EBIT. And it goes: Your EBIT for the first half of the year was EUR -16.4 million. Why? Continuous on that, but Petter can— It is the same answer as the previous question. The big difference from EBITDA to EBIT, it is the amortization of goodwill, which I perhaps should stress that, of course, does not have an impact on cash flow. Highlighting that chunk in the first half of the year, the amortization of goodwill was EUR 8.8 million, which is not insignificant, but it is not cash impacting. Yes, okay. The next question is also in English, and it goes to the listing documents. The listing documents in 2025 describe the previous board as being very experienced. Why did the entire previous board need to be replaced? I assume by the previous board, we mean the one that was changed in June this year. Based on that assumption, that is how the Annual General Meeting elected, and I cannot say anything more about that. Yes, thank you. Then question about the main drivers. Hi, what are the main drivers for the expected EBITDA improvement in the second quarter? Well, let's say that, again, referring back to the significant order book we have, and especially the quite vast inflow that we received in March, gives us a substantial order book. Twofold, on the shipbuilding side, we recognize percentage of completion. We melt the order book into revenue as time goes by, and we recognize revenue at the same time. I could say that the order book quality grade from a profitability perspective is good. That gives us the anticipation of the updated guidance or specified guidance. On the other hand, Lännen Tractors then recognizes as machines are then finalized and in that sense, it's about ramping up production from the good order book they have. Thank you very much. Let's see about the other questions. Yes, the next one also in Finnish, and this is about the order book, [Non-English content]. [Non-English content]. [Non-English content]. The first question is in Finnish. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. [Non-English content]. On behalf of Summa Defence, thank you very much for the questions and also for participation today. [Non-English content]. We appreciate your interest in the company and I wish everyone a pleasant Thursday afternoon. [Non-English content]. Thank you and goodbye. Thank you. Thank you. [Non-English content].