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Original-Research: Bittium Oyj - from NuWays AG
20.02.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Bittium Oyj
Company Name: Bittium Oyj
ISIN: FI0009007264
Reason for the research: Update
Recommendation: BUY
Target price: EUR 40
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
Outstanding Q4 as expected, cautious FY26 guidance
Yesterday, Bittium reported record results and presented its financial
guidance for FY26. The report was known to be very strong, as the company
had recently raised its FY25 outlook. Group results beat many of our
estimates, with a very strong Defense & Security segment, while Medical and
Engineering Services disappointed. Guidance for FY26 is EUR 140-155m for net
sales and EUR 26-32m for operating profit, broadly in line with our previous
estimates. Yet, this remains a cautious guidance, that can be beat thanks to
positive momentum. Our review in detail:
Q4'25 with outstanding Defense & Security performance: Group net sales grew
62.5% yoy to EUR 53.9m (beat eNuW +52.9%/EUR 50.3m), achieving the highest
quarterly revenue in Bittium's history, supported by several new orders in
Defence & Security. EBIT came in at EUR 15.4m (beat eNuW EUR 15m), while EBIT
margin was 28.5% (vs eNuW 29.8%). Management used its discretion to
accelerate depreciation of Tough SDR technology following the Indra
licensing deal (depreciation EUR 7.6m in Q4 vs EUR 2.6m year prior).
Medical and Engineering Services (17% of group sales in Q4) dragged
operating margins, both achieving EBIT EUR -0.1m (vs eNuW EUR +0.6m/EUR +0.3m
respectively).
Q4 new orders reached a record EUR97.9m, +152 yoy (FY25 orders jumped by 50%
to EUR 153m), mainly driven by Defence deals: (i) Finnish Defence Forces
EUR15.9m (Tough SDR radios), (ii) Austria EUR18.5m (TAC WIN systems) and, (iii)
Indra EUR 50m licensing deal.
The board has proposed a EUR 0.15/sh. dividend on FY-25 results (0.10/sh. last
year) and an extraordinary dividend of EUR 0.15/sh.
FY26 guidance was broadly in line at the midpoint, implying 17-30% sales
growth to EUR 140-155m and 34-65% EBIT growth to EUR 26-32m. FY26 Outlook is
well supported by a robust backlog of EUR 77.9m at the end of 2025 (vs. EUR45.1m
year earlier). The sales guidance is cautious, given that the company is
currently in talks with ~10 different militaries, while targets to win at
least one "decent sized country" as customer this year. With the ongoing
commercial momentum and newsflow, the guidance can be beat. Note that the
recent success with Indra positions Bittium as a legitimate partner for the
larger European militaries, increasing expectations for key auctions in
2026, notably the upcoming tender for renewing tactical communication
systems for the British Armed Forces.
We make a few adjustments to the DCF model: Our FY26 net sales is slightly
increased and lands at EUR 154m (+29% yoy), on the upper end of the guidance,
to reflect a higher contribution from Indra. In FY26, EBIT is reduced from EUR
30.8m (20.7% margin) to EUR 27.6m (18% margin) due to the aforementioned
higher depreciation driven by the Indra licensing deal. New estimates
results in an unchanged PT, due to higher working capital needs. We
reiterate our BUY rating on continued momentum.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6e138e8283f165fdd37a081458371147
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2279052 20.02.2026 CET/CEST
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