Bittium Oyj (von NuWays AG): BUY 20.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Bittium Oyj - from NuWays AG



20.10.2026 / 09:00 CET/CEST
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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 46
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



Q3 preview: record backlog to support growth



Bittium publishes its Q3 business review on Thursday, 29 October. Q3'26e
sales are seen to increase 68% yoy to EUR 38.9m (eCons: EUR 34.4m), up 6% qoq
from an already exceptional quarter (Q2'26: EUR 36.6m). Record backlog of c. EUR
102m and Indra-related deliveries are seen to support Q3 growth (eNuW). The
latter should carry a high operating margin and support EBITDA to reach EUR
12.7m, at a 32.6% margin (eCons: EUR 10.2m / 29.7% margin). However, the Indra
licensing deal accelerates amortisation and is thus seen to lift D&A to EUR
5.0m in Q3 (Q2'26: EUR 2.0m), staying elevated for the remainder of the year
and thus offsetting the margin gain. This leaves our EBIT estimate at EUR 7.7m
with 19.8% margin (eCons: EUR 6.6m / 19.2% margin).



Q3 commercial newsflow centred on three events. Sweden placed its first
order for Tough SDR radios for c. EUR 0.7m under the Nordic framework
agreement, while Denmark joined the same framework. Bittium is set to win
further orders in Sweden and take market share from Elbit there, in our
view. Furthermore, Bittium signed an important MoU with Safran Electronics &
Defense to offer tactical communications to the French Armed Forces. The MoU
does not yet constitute a firm commercial agreement, but we regard it as
significant for the long-term. Bittium's agreements with Indra Sistemas, BAE
Systems and now Safran show that major European OEMs recognise its
competitiveness in tactical software-defined radios and IP networks.



Bittium unveiled a new business structure effective FY27. Engineering
Services merges into Defense & Security, leaving two reporting segments,
Defense & Security and Medical. In parallel, change negotiations at Bittium
Engineering Services Ltd concluded with the termination of 22 of 120
employees, generating annual cost savings of c. EUR 2m from January 2027.
Bittium expects restructuring costs of c. EUR 0.5m in H2'26.



Visibility remains excellent. The record order backlog of c. EUR 102m, 92% of
which lies in Defense & Security, covers much of the next twelve months and
underpins management's confidence in H2'26. Bittium announced no major
orders in Q3, but this does not imply weak order intake, as not every order
triggers a release and defence customers often limit disclosure.



We make minor adjustments to our model. We revise down Engineering Services
sales estimates for H2'26e and beyond. While the merger of the consulting
business into Defense & Security only takes effect from FY27, the headcount
reduction is seen to weigh on sales already in Q4'26. We also factor in the
c. EUR 2m run-rate savings. For H2'26, EBITDA estimates move up on
higher-margin Indra-related revenue, though higher D&A charges should offset
the incremental profitability gain at EBIT level. Our FY26e sales of EUR 156m
remain above guidance (EUR 140-155m) and eCons (EUR 153m), while our EBIT
estimate of EUR 29.2m sits within guidance (EUR 26-32m) and slightly below eCons
(EUR 30.3m).



Bittium enters year-end in a strong position: a record backlog, a
margin-accretive Indra deal and growing OEM validation underpin the
investment case. We reiterate BUY with a EUR 46 PT based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=32c7cac7cebce465a25095e31246f5e8
For additional information visit our website:
https://www.nuways-ag.com/research



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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2418432 20.10.2026 CET/CEST