Summa Defence (summas) Q4 2025 earnings summary

Executive summary

• Net sales rose to EUR 100.9 million in 2025, up from EUR 79.2 million in 2024, driven by strong demand in defence and security sectors and the merger with Meriaura Group Plc.

• Despite revenue growth, profitability remained weak with a net loss of EUR 22.5 million and negative EBITDA and EBIT, impacted by impairments, restructuring, and unprofitable operations.

• Major corporate restructuring included the divestment of marine logistics, integration of renewable energy, and a reverse share split to improve share trading conditions.

• Order backlog at year-end was EUR 108 million, with significant new contracts signed post-period, including a EUR 35 million NATO country order and a Bundeswehr vessel agreement.

Financial highlights

• Net sales: EUR 100.9 million (2025) vs. EUR 79.2 million (2024); continuing operations contributed EUR 71.0 million.

• EBITDA: EUR -4.9 million (-4.9% margin), down from EUR 6.2 million (7.9%) in 2024.

• Operating profit (EBIT): EUR -19.8 million (-19.7% margin), compared to EUR -16.0 million (-20.2%) in 2024.

• Net result: EUR -22.5 million (-22.3% margin); EPS: EUR -0.763.

• Equity ratio improved to 74.2% (from 36.1%); net gearing reduced to 4.6% (from 54.1%).

• Cash and cash equivalents at year-end: EUR 4.7 million.

Outlook and guidance

• 2026 net sales from continuing operations expected at EUR 110–120 million; EBITDA forecast to turn positive, with growth and profitability focused in H2 2026.

• Order backlog as of March 2026 was EUR 134 million, with EUR 75 million from defence and security.

• Medium-term revenue target set at EUR 500 million.