Core Insights - NORBIT has secured a new contract manufacturing order valued at approximately NOK 120 million from an undisclosed European client in the defence and security sector, with deliveries scheduled for late 2025 and early 2026 [1] - This new contract follows a previous award of approximately NOK 100 million for initial deliveries in the first quarter of 2026 [1] Company Overview - NORBIT is a global provider of tailored technology solutions, focusing on sustainability and innovation, structured into three business segments: Oceans, Connectivity, and Product Innovation & Realization [3] - The Oceans segment delivers technology solutions to maritime markets, the Connectivity segment provides wireless solutions for identification and tracking, and the Product Innovation & Realization segment offers R&D services and contract manufacturing [3] - The company is headquartered in Trondheim, has manufacturing facilities in Europe and North America, employs around 650 people, and operates a worldwide sales and distribution platform [3] Industry Context - The defence and security industry is experiencing strong momentum in the current complex geopolitical landscape, prompting NORBIT to build capacity and inventory through strategic partnerships [2] - The company's CEO emphasizes the importance of positioning for opportunities in this evolving market, aligning with the company's core value of delivering on commitments [2]

Group 1 - The Issuer, Valstybės investicinis kapitalas UAB, has announced an updated and approved EUR 400,000,000 Medium-Term Note Programme with a credit rating of A [1] - The updated Programme aims to invest in strengthening the Lithuanian defence and security industry, with plans to distribute up to EUR 54.5 million worth of bonds in 2025 [2] - The bonds under the Programme will be secured by a state guarantee [2] Group 2 - Fitch has affirmed the credit rating of the Valstybės investicinis kapitalas UAB Note Programme at 'A' [3][4]

Group 1 - The Issuer, UAB "Valstybės investicinis kapitalas," has approved a renewed EUR 400,000,000 medium-term note programme aimed at strengthening Lithuania's defence and security industry [1][2] - The notes issued under the programme will be guaranteed by the State, with plans to issue up to EUR 55 million in notes in 2025 [1] - Luminor Bank AS Lithuanian branch is the arranger of the programme, responsible for the offering of the notes and their admission to trading on the Nasdaq Vilnius stock exchange [2]

Group 1: Launch of Sunplussa - Rasol Oy, a subsidiary of Meriaura Group, has launched 'Sunplussa', a smart energy management solution that integrates local energy production, storage, and consumption control for properties [1][2] - The system includes solar panels and battery storage tailored to the customer's energy consumption profile, connected via a smart control system that manages energy usage [1][2] - The AI-based control system optimizes electricity production, storage, and consumption based on market prices and weather conditions, enabling cost savings by utilizing cheaper electricity hours [2] Group 2: Merger with Summa Defence Oy - Meriaura Group signed a conditional share exchange agreement to acquire Summa Defence Oy, creating a strong group focused on safety and security in Finland, with a significant role for dual-use technology [5] - Following the merger, Meriaura Group's shareholders will hold 11.8% of the new company, Summa Defence Plc, while Summa Defence's shareholders will hold 88.2% [5] Group 3: Business Overview - Meriaura Group operates in two main business areas: Marine Logistics and Renewable Energy [6][9] - The Marine Logistics segment provides low-emission marine transport services, particularly for bulk cargo and renewable energy construction projects in Northern Europe [7] - The Renewable Energy segment focuses on clean energy solutions, including solar power systems for various applications [9]

Core Insights - Meriaura Group's revenue for January-March 2025 increased by 20% year-on-year, reaching EUR 21.4 million, driven by growth in both Marine Logistics and Renewable Energy sectors [2][16][23] - The company announced a conditional transaction to acquire Summa Defence Oy, which will enhance its focus on safety and security supply in Finland, with the new entity named Summa Defence Plc [7][26][39] Financial Performance - Marine Logistics revenue grew by 12% to EUR 17.8 million, attributed to increased ship capacity, while Renewable Energy revenue surged by 83% to EUR 3.6 million due to a rise in project numbers [2][16][23] - EBITDA for the group improved to EUR 1.4 million, representing 6.8% of revenue, with Marine Logistics contributing EUR 2.3 million and Renewable Energy reporting a loss of EUR 0.9 million [21][22][23] - The operating result (EBIT) was slightly improved at EUR -0.1 million, with Marine Logistics showing a profit of EUR 1.0 million and Renewable Energy at a loss of EUR 1.0 million [22][23] Market Conditions - Demand for dry cargo remained stable despite weaker spot cargo demand, supported by a strong contract base [3][17] - The Renewable Energy sector faced challenges due to slow project deliveries and adverse weather conditions, impacting overall results [4][20] Strategic Developments - The acquisition of Summa Defence Oy is expected to create a robust group focused on dual-use technology, with significant growth potential in the civil and security sectors due to increased defense spending in European NATO countries [8][26] - The transaction will involve the sale of Meriaura's Marine Logistics business to Meriaura Invest Oy, with current shareholders retaining an 11.8% stake in the new company [27][39] Future Outlook - The new Summa Defence Plc is projected to have a revenue estimate of EUR 110-140 million for 2025, based on a confirmed order backlog of around EUR 200 million [29] - The completion of the transaction is anticipated by May 2025, with shares expected to trade on Nasdaq First North Growth Market [40][45]

Core Points - The Annual General Meeting of Meriaura Group Plc approved all proposals made by the Board of Directors [1] - The financial statements for the period from January 1, 2024, to December 31, 2024, were adopted [2] - A loss of EUR 12,236,659.36 for the financial year will be carried over to retained earnings, and no dividend will be paid [3] - All members of the Board of Directors and the CEO were discharged from liability for the financial period [4] Financial Transactions - The company will acquire the entire share capital of Summa Defence Oy for approximately EUR 187.7 million through a directed share issue, resulting in the issuance of 4,030,374,032 new shares at a subscription price of EUR 0.04657136 [5] - Meriaura Group will sell approximately 79.4% of its subsidiary Meriaura Oy for EUR 14.4 million and provide short-term seller's financing of EUR 14.4 million [5] - The company will acquire 330,675,334 of its own shares from Meriaura Invest Oy at a total purchase price of around EUR 15.4 million, offsetting the seller's financing against the purchase price [5][6] Amendments to Articles of Association - Amendments to the Articles of Association include changes to the company's line of business to focus on defense equipment and related operations, as well as maritime logistics and renewable energy [7][8] - The registered name of the company will change to Summa Defence Oyj following the completion of the transaction [8] Board of Directors and Auditor - The number of members of the Board of Directors was set to five, with specific members elected for a term ending at the next Annual General Meeting [18] - KPMG Oy Ab was re-elected as the auditor, with Henry Maarala as the principal auditor [19] - KPMG Oy Ab was also elected as the sustainability reporting assurer [20] Share Issuance Authorization - The Board of Directors was authorized to issue up to 979,573,759 shares, representing around 20% of all shares post-transaction, with the ability to deviate from shareholders' pre-emptive rights if justified [21][22][23]