Summa Defence (summas) Q3 2025 earnings summary

Executive summary

• Pro forma net sales grew 47% year-over-year for January–September 2025, reaching €65.3 million.

• Order book stood at €123 million as of 30 September 2025, with key contracts from the Finnish Defence Forces.

• Operations began in June 2025 following a merger, with the first full quarter completed and ongoing efforts to build and strengthen the Group.

• Strategic focus on dual-use technology for defence, security, and civilian sectors, aiming to create a strong industrial foundation for comprehensive security.

• The group is pursuing both M&A-driven and organic growth, targeting €500 million in medium-term revenue.

Financial highlights

• Pro forma net sales for January–September 2025: €65.3 million, up from €44.4 million year-over-year.

• Group net sales for January–September 2025 were €66.1 million (2024: €58.8 million); EBITDA was €-1.2 million (2024: €4.9 million), and EBIT was €-12.1 million (2024: €0.6 million).

• Pro forma adjusted operating profit for continuing operations was negative, impacted by €3.3 million in non-recurring expenses.

• Renewable Energy business reported a pro forma adjusted operating loss of €-2.7 million; operations in Mikkeli discontinued.

• Result for the review period was €-13.9 million (2024: €-3.9 million), with significant non-recurring expenses and increased amortisation of goodwill.

Outlook and guidance

• Pro forma net sales guidance for 2025 is €90–110 million.

• Medium-term financial target reiterated at €500 million in net sales.

• Growth expected to accelerate and profitability turnaround to continue.

• Strong market prospects driven by rising European defence spending.