Summa Defence (SUMMAS) H1 2026 earnings summary

Executive summary

• Net sales increased 38% year-over-year to €59.3 million in H1 2026, driven by major defense sector orders, including a €35 million NATO contract and shipbuilding for the German Bundeswehr.

• Order book at the end of June reached €105 million, with €61 million from defense and security, strengthening the company's position in the sector.

• Profitability remained below targets due to a heavy cost structure and working capital constraints, though EBITDA losses improved compared to H2 2025.

• Significant management and board changes occurred in H1, with a new CEO, CFO, and board elected to drive operational improvements.

• Major restructuring included divestments of Rasol Oy and Summa Energy, and a strategic review of Group structure and subsidiaries.

Financial highlights

• H1 2026 revenue was €59.3 million, with Maritime Technologies contributing €44 million and Land Technologies €15.2 million.

• EBITDA loss for H1 was €5.6 million, an improvement from the €6.5 million loss in H2 2025.

• EBIT for H1 was -€16.4 million, mainly due to €8.8 million in goodwill amortization and a €1 million write-down.

• Net result for H1 was -€17.9 million; EPS: -€0.393.

• Cash and cash equivalents at period end were €2.9 million.

Outlook and guidance

• Full-year 2026 revenue guidance maintained at €110–120 million.

• Management expects positive EBITDA from continuing operations in H2 2026, supported by a strong order book and improved order quality.

• Focus remains on stabilizing operations, securing financing, and preparing for future growth.