Summa Defence (summas) Q1 2025 earnings summary

Executive summary

• Revenue for January–March 2025 rose 20% year-over-year to EUR 21.4 million, with growth in both Marine Logistics and Renewable Energy.

• EBITDA increased to EUR 1.4 million (6.8% of revenue), while EBIT improved to EUR -0.1 million.

• Net loss remained stable at EUR -0.5 million, impacted by industrial action in Finnish ports and higher fairway dues.

• Major strategic transaction: acquisition of Summa Defence Oy and divestment of Marine Logistics business, with AGM approval in April 2025.

Financial highlights

• Group revenue: EUR 21.4m (Q1 2024: EUR 17.9m); Marine Logistics: EUR 17.8m (+12%); Renewable Energy: EUR 3.6m (+83%).

• EBITDA: EUR 1.4m (Q1 2024: EUR 1.2m); Marine Logistics: EUR 2.3m; Renewable Energy: EUR -0.9m.

• EBIT: EUR -0.1m (Q1 2024: EUR -0.2m); Marine Logistics: EUR 1.0m; Renewable Energy: EUR -1.0m.

• Net loss: EUR -0.5m (Q1 2024: EUR -0.5m); cash and cash equivalents: EUR 8.0m; equity: EUR 18.7m; equity ratio: 34.3%.

Outlook and guidance

• Summa Defence estimates 2025 revenue of EUR 110–140m and adjusted EBITA of EUR 9–12m, based on a EUR 200m order backlog.

• Defence sector and public procurement represent EUR 66m of the backlog; transaction expected to close by 7 May 2025.