Summa Defence
Summa Defence is a listed Finnish defence group assembling dual-use businesses by acquisition, and building a Finnish drone factory with Ukrainian partners including TAF Industries.
Background
Summa Defence is a Finnish defence and security technology group listed on the Nasdaq First North Growth Market in both Sweden and Finland, trading as SUMMAS and SUMMA.
It began trading on 11 June 2025 following the merger of Summa Defence Oy with the listed Meriaura Group.
The group is built by consolidation rather than by a single product line. Its businesses cover what it describes as situational awareness, mobility and protection, spanning drone systems, marine vessels through Uudenkaupungin Työvene, LightSpace Technologies displays and space technology.
Jussi Holopainen led the company from its 2024 founding until November 2025, when he moved to a Director, New Technologies role and Timo Huttunen was named interim chief executive.
Its Ukrainian activity is the reason it enters this directory. Summa is establishing a drone production facility in Finland with Ukrainian partners to make aerial, ground and marine drones — both to raise output for combat use in Ukraine and to industrialise production in Finland and Europe.
Financial footing
- Pro forma 2025 revenue EUR 100.1M (2024: EUR 67.1M)
- Order book ~EUR 200M
- Establishing a Finnish drone production facility with Ukrainian partners to make aerial, ground and marine drones, and signed with Ukraine's TAF Industries to scale interceptor production on Finnish infrastructure
- Backers: Public shareholders
Summa Defence reported pro forma revenue of EUR 100.1 million for 2025, against EUR 67.1 million in 2024.
An earlier company description had guided EUR 110-140 million revenue for 2025 with adjusted EBITA of EUR 9-12 million, so the outturn landed below the guided range.
The order book was reported at approximately EUR 200 million in mid-2025, roughly a third of it defence and other public procurement, and the group has said its subsidiaries' cumulative deliveries to defence, military and other security authorities amount to about EUR 300 million. The stated ambition is to exceed EUR 500 million in revenue before 2028.
This is a real operating business with revenue and an order book, which distinguishes it sharply from most companies added in this pass.
Major customers & contracts
Finnish and other Nordic defence and security authorities are the core customers, through the group's marine, situational-awareness and protection businesses.
The Ukrainian relationship runs in two directions. Summa named Kort, Elf Systems, Skyassist and MPS Development as Ukrainian partners for the Finnish drone facility, and separately signed with TAF Industries — the maker of the Kolibri-i10 interceptor codified by Ukraine's Defence Ministry, tracked in this directory — to scale drone production on Finnish manufacturing infrastructure under the Build with Ukraine initiative.
Leadership & contact surface
Leadership: Timo Huttunen (interim; Jussi Holopainen to Nov 2025)
Official site: https://summadefence.fi
Competitive position
Summa competes with Nordic and European mid-tier defence suppliers and, in its marine business, with established shipbuilders.
It is not a technology leader in any single segment; its proposition is consolidation — assembling dual-use businesses with existing revenue into a listed vehicle at a moment when European defence budgets are expanding and public-market appetite for defence exposure is strong.
Its distinctive move is the Ukrainian manufacturing bridge. Alongside Patria's letter of intent with General Cherry, Summa's arrangement with TAF Industries makes Finland the most active jurisdiction in Europe for hosting Ukrainian drone production.
Finland's motive is not charitable: it shares an 1,340 km border with Russia, and acquiring the ability to mass-produce combat-proven drones domestically is a national requirement.
The risk is the ordinary one for roll-ups. A group spanning workboats, displays, space technology and drones has weak technical coherence, and the 2025 revenue outturn fell short of its own guidance while the company targets a five-fold increase by 2028.
Battlefield relevance
No direct combat use by Summa itself. Its battlefield relevance is as manufacturing capacity: the Finnish facility is intended to raise output of drones used in combat in Ukraine, and its partner TAF Industries produces the Kolibri-i10, an interceptor approved by Ukraine's Defence Ministry and used against Molniya, Orlan and Zala drones. Summa supplies the industrial base rather than the system.
Sources & verification
- https://summadefence.fi/en/investors/summa-defence-as-an-investment/from-the-ceo/
- https://news.cision.com/summa-defence-oyj/r/summa-defence-to-establish-a-drone-production-facility-in-finland-with-ukrainian-partners,c4072435
- https://www.pravda.com.ua/eng/news/2026/08/12/8048405/
- https://www.tradingview.com/news/reuters.com,2025-07-21:newsml_Wkr1855jb:0-summa-defence-s-subsidiaries-deliveries-to-defence-and-military-forces-and-other-security-authorities-approximately-eur-300-million/
- https://view.news.eu.nasdaq.com/view?id=b13f1a84ceb518627a37d59953b56cbef&lang=en&src=micro
- https://www.inderes.dk/en/releases/summa-defence-oyj-summa-defence-plc-to-provide-financial-guidance-in-connection-with-q3-business-review
- https://www.sttinfo.fi/tiedote/70393119/summa-defence-ltd-is-a-new-finnish-defence-consortium?publisherId=69820790&lang=en