SUMMANasdaq HelsinkiMarine ShippingIFRS · EUR

Summa Defence Oyj

Summa Defence Oyj is a Finnish defense and security technology group built around a portfolio of industrial companies serving defense, dual-use, infrastructure, and marine end markets. Its business includes land technology, marine technology, and new technologies through subsidiaries such as Lännen Tractors, Aquamec, Uudenkaupungin Työvene, IntLog, LightSpace Group, and Summa Drones.

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Revenue101m EUR
+27.5 %y/y
Operating profit (EBIT)-19.8m EUR
−24.3 %y/y
EBIT margin-19.7%
+0.5 ppy/y
Net income-24.4m EUR
−18.2 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

-250255075100125m EUR2022: 8.6 m EUR2022: EBIT -3.8 m EUR20222023: 66 m EUR2023: EBIT 1.0 m EUR20232024: 79 m EUR2024: EBIT -16 m EUR20242025: 101 m EUR2025: EBIT -20 m EUR2025101-20
RevenueOperating profit (EBIT)
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Business

Share of revenue
Land technology45 %

Mobile machines, dredgers, and field equipment used in infrastructure, waterworks, and defense applications.

Marine technology25 %

Design and construction of professional vessels and ships for commercial and public-sector use.

New technologies15 %

Drone-related and other dual-use technology solutions developed for defense and security needs.

Space and modular systems15 %

Modular space and field solutions supplied through IntLog and related operations.

Customers

Customers include defense and security users, public-sector buyers, infrastructure and water-construction contractors, and industrial customers needing specialized equipment. The group also serves private and business customers through modular space solutions and selected industrial products. Demand is driven by mission-critical use cases where reliability, mobility, and customization matter more than standard off-the-shelf equipment.

Defense and security organizations

Buy dual-use machines, drones, and technology that support operational readiness and resilience.

Public-sector infrastructure and water authorities

Buy dredgers, mobile machines, and vessels for water management, environmental work, and infrastructure projects.

Industrial and construction contractors

Buy specialized equipment for earthmoving, water construction, and site operations.

Marine and vessel customers

Buy custom-built aluminum and steel vessels for professional and public uses.

Commercial and private modular customers

Buy space modules and field modules for temporary or permanent use cases.

Strategy

The group’s strategy is to build an industrial platform for defense and dual-use SMEs and help them scale through shared ownership, technology, and operating capabilities. It emphasizes combining traditional industrial know-how with newer technologies such as AI and drones, while developing businesses that can serve both civilian and defense end markets. The portfolio structure is intended to create cross-selling, technical depth, and access to larger project opportunities than the individual companies could pursue alone.

Scale the defense and dual-use portfolioMedium term

A broader industrial base can improve market access and project capability across defense and security end markets.

Develop new technologies and dronesMedium term

New technology offerings can differentiate the group and create higher-value solutions for defense customers.

Expand international reachLong term

Export markets diversify demand and support larger addressable markets for specialized equipment.

Geography

Summa Defence is headquartered in Finland and its operating base is centered there, with key industrial activities in places such as Uusikaupunki and other Finnish sites. Aquamec sells internationally and its Watermaster products are used in more than 85 countries, giving the group a broad export footprint. The business is therefore exposed to both domestic public-sector demand and international project markets, with foreign-currency and geopolitical exposure tied to its export-oriented subsidiaries.

Risks

The group is exposed to project concentration, execution risk in specialized manufacturing, and demand swings in defense, infrastructure, and marine markets. Its report also highlights material financial risk around liquidity and working-capital sufficiency, plus currency exposure and conflict-related uncertainty for drone-related activities. Because the portfolio includes capital-intensive industrial businesses, supply-chain, personnel, and intellectual-property risks can also affect delivery and competitiveness.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Working-capital and liquidity shortfall1Project concentration2Drone technology and conflict exposure3Raw-material and supply availability4Foreign exchange volatility5Intellectual property protection6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Working-capital and liquidity shortfallImpact: CriticalLikelihood: High

    The report states current working capital is not sufficient without new financing or payment arrangements.

    Exposure: Group-wide

  2. Project concentrationImpact: HighLikelihood: Medium

    A dependence on large projects can materially affect revenue timing and profitability if orders are delayed or canceled.

    Exposure: Industrial and marine businesses

  3. Drone technology and conflict exposureImpact: HighLikelihood: Medium

    The report notes specific risks tied to drone production ramp-up and the impact of wars and conflicts.

    Exposure: Summa Drones and related technologies

  4. Raw-material and supply availabilityImpact: MediumLikelihood: Medium

    Production costs and delivery schedules depend on the availability and pricing of materials and components.

    Exposure: Manufacturing subsidiaries

  5. Foreign exchange volatilityImpact: MediumLikelihood: Medium

    International sales and purchases create exposure to changes in exchange rates versus the euro.

    Exposure: Export-oriented subsidiaries

  6. Intellectual property protectionImpact: MediumLikelihood: Medium

    The group relies on proprietary designs and technology, making IP protection important to competitiveness.

    Exposure: Technology and equipment businesses

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Accounting

Judgemental items
Business combination and comparability

The 2025 transaction materially changed the group structure, limiting year-on-year comparability.

Impact: Reported revenue, assets, and expenses reflect a different group composition than prior periods.

Impairment testing

Industrial and technology assets may require impairment if demand, margins, or project pipelines weaken.

Impact: Could affect goodwill, fixed assets, and equity.

Provisions and contingent liabilities

The report discloses guarantees, residual value commitments, and buyback commitments.

Impact: Can affect liabilities and cash flow expectations.

Lease accounting

Manufacturing, shipbuilding, and office operations typically use leased premises and equipment.

Impact: Affects EBITDA-style metrics, assets, and lease liabilities.

Foreign currency translation

International operations and export sales create translation and transaction effects.

Impact: Can move reported profit and balance sheet values.

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Last updated: 24/09/2026