Märkte & Kurse

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Original-Research: Bittium Oyj - from NuWays AG

19.12.2025 / 09:14 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
     from:                        19.12.2025
     Target price:                EUR 26.50
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

Defense & Security gaining traction; PT UP

Bittium announced two significant defense-related order intakes, underlining
the strengtheningmomentum in its Defense & Security segment and increasing
international traction for its software-defined radio (SDR) and tactical
communications portfolio.

Firstly, Bittium received orders from the Finnish Defence Forces (FDF) with
a total value ofapproximately EUR 15.9m , of which EUR 12.4m relates to
deliveries of next-generation Bittium Tough SDRhandheld and vehicular
radios, with the remainder covering software development and
relatedservices. Deliveries and development work are scheduled across
2025/26.

The radios will gradually replace the FDF's legacy analogue tactical radios
and earlier-generationdigital systems, providing materially improved
performance and broadband tactical communications.Importantly, the radios
are fully compatible with Bittium's Tactical Wireless IP Network (TAC
WIN)backbone already deployed by the FDF, reinforcing Bittium's position as
a long-term strategicsupplier. The order was issued under the partnership
agreement running through 2025-2036,providing long-term visibility and a
structured framework for recurring annual purchases.

Secondly, the company received a EUR 18.5m purchase order via its Austrian
partner CancomAustria AG to expand the Austrian Armed Forces' tactical
communications network. The ordercovers product deliveries during 2025/26,
while associated life cycle services will extend through2038, supporting
revenue visibility well beyond the initial delivery phase. This contract
builds on amulti-year relationship that began in 2018 and further expands
the installed base of TAC WIN, ToughComnode devices and related accessories.
The inclusion of long-term support, maintenance and testsystems highlights
the stickiness of Bittium's solutions once embedded at system level.

Our take: Together, the two announcements represent roughly EUR 34m in orders,
a meaningfuladdition relative to Bittium's current Defense & Security
segment sales (9M: EUR 40.6m). We view theorders as clear evidence of growing
confidence among European defense customers inBittium's SDR technology,
particularly in environments with heightened electronic warfarerequirements.
Mind you, the company is already supplying several countries such as
Finland, Estonia, Austria and Croatia.

Importantly, we expect newsflow around Defense & Security order wins/intake
to remain strongduring the foreseeable future. In fact, we would regard
potential first orders from its Spanish partnerIndra as likely within the
short- to mid-term. Keep in mind, that Spain cut ties with Israeli
suppliersincluding Elbit Systems, one of Bittium's most relevant competitors
for tactical SDRs. First indicationssuggest that the Spanish government's
potential contract value to Indra and Bittium could be aroundEUR 770m (not yet
included in our estimates).

We confirm our BUY rating with a new EUR 26.50 PT (old: EUR 23.50) based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=101bb0fbb7c9c63f532c9fbd6b97138d
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 Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2248872 19.12.2025 CET/CEST

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