Summa Defence (summas) Q4 2024 earnings summary

Executive summary

• Revenue grew 20% year-over-year to EUR 79.2 million, driven by both Marine Logistics and Renewable Energy.

• Full-year EBITDA was EUR 6.2 million (7.9% margin), slightly below the previous year.

• Net profit was heavily impacted by non-recurring items, resulting in a loss of EUR -20.7 million; adjusted net loss was EUR -1.0 million.

• Major strategic shift planned: acquisition of Summa Defence Oy and divestment of Marine Logistics business.

• Significant investments in new vessels and solar projects, with a focus on growth and sustainability.

Financial highlights

• Q4 revenue: EUR 20.4 million (Q4 2023: EUR 19.0 million); full-year revenue: EUR 79.2 million (2023: EUR 66.2 million).

• Q4 EBITDA: EUR 1.3 million (Q4 2023: EUR 2.1 million); full-year EBITDA: EUR 6.2 million (2023: EUR 6.3 million).

• Q4 EBIT: EUR -16.5 million (Q4 2023: EUR 0.8 million), mainly due to a EUR 16.4 million impairment.

• Full-year EBIT: EUR -16.0 million; adjusted EBIT (excluding non-recurring items): EUR 0.4 million.

• Earnings per share: EUR -0.024 (2023: EUR 0.000).

Outlook and guidance

• Marine Logistics outlook for 2025 is relatively good, with demand expected to remain at 2024 levels due to strong contract base.

• Renewable Energy business targets growth in solar thermal, large solar parks, and energy storage, leveraging strong order backlog.

• Strategic focus will shift significantly if the Summa Defence Oy transaction is completed.