In this episode of TechEyeSpy, we look at Summa Defence, a small Finnish defence and security group positioned at the centre of Europe’s rearmament story.

Summa Defence is listed in Finland as SUMMA.HE, with a Swedish listing under SUMMAS. It is trying to build a compact defence platform by bringing together specialist businesses in maritime systems, land equipment, modular logistics, drones and dual-use technologies. That gives the company exposure to some of the most important themes in modern security: Finland’s NATO role, Ukraine-driven drone warfare, military logistics, civil defence and the rebuilding of European defence supply chains.

But this is not a comfortable defence stock. Summa Defence is not BAE Systems, Saab or Rheinmetall. It is smaller, younger and financially more exposed. The company has real strategic logic, but a ...