Märkte & Kurse

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Original-Research: Bittium Oyj - from NuWays AG

17.02.2026 / 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

Q4 preview; exceptional quarter expected, eyes on guidance

Bittium will publish its Q4'25 results on February 19. Bittium recently
raised and narrowed its financial guidance for FY25, following the licensing
agreement with Indra Sistemas. Thus, the Q4'25 numbers should not offer any
major surprises, rather the focus will be on management's outlook and
guidance for FY26. Our preview in detail:

For FY25, management guides net sales to land between EUR 116m to EUR 120m and
operating profit to be between EUR 19m to EUR 21m. In our projections, net sales
are seen at EUR 115.6m, slightly below the lower end of guidance, while
operating profit is estimated at EUR 19.7m (eNuW).

Q4'25 net sales is seen at EUR 50.3m, or +52.9% (eNuW). Adjusted for the Indra
contribution, we estimate Q4'25 LfL net sales would have increased by +22.5%
yoy (eNuW). In December, Bittium announced it had received an order of EUR
15.9m for Tough SDRs from the Finnish Defense Forces and an order of EUR 18.5m
for TAC WIN systems from Cancom Austria AG. In both instances, deliveries
started in Q4'25 and extend into FY26. Top-line Q4'25 in segment detail:

  * Defense & Security net sales is estimated to increase to EUR 40m, or
    +68.8% yoy (eNuW)

  * Medical net sales is estimated to increase to EUR 5.7m, or +11.8% yoy
    (eNuW)

  * Engineering Services net sales is estimated to increase to EUR 4.60m, or
    +12.2% yoy (eNuW)


Aggregate FY25 operating margin should expand to 17.1%, mainly driven by
Defense & Security (~35% EBIT %, eNuW). Here, the licensing agreement with
Indra offers significant margin boost. We see Medical's operating margins to
stay improved, following strong profitability in the last quarter, on the
back of a leaner business. For reference, Medical achieved operating margins
of 12.3% in Q3'25. Q4'25 operating results in segment detail:

  * Defense & Security EBIT is estimated at EUR 14.1m, or 35.3% margin (eNuW)

  * Medical EBIT is estimated at EUR 0.6m, or 10.9% margin (eNuW)

  * Engineering Services EBIT is estimated at EUR 0.3m, or 5.5% margin (eNuW)

All eyes will be on outlook and guidance for this year. FY26 is a year full
of expectations, with a long list of potential catalysts, to name a few
major ones; (i) the UK tender, in which a win is possible, should be
concluded by the end of Q2'26, (ii) potential Tough SDR orders from the
Swedish Armed Forces; and, (iii) increased strategic flexibility following
the strengthening of the balance sheet, including potential M&A activity.
Further clarity is expected regarding management's view on the financial
targets presented at the 2025 CMD, particularly in light of the strong
newsflow in recent months.
Following our update last week, we keep our BUY rating and our PT of EUR 40
based on DCF model unchanged.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6f55b8f446c440e5242ed990945e5fcb
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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2277214 17.02.2026 CET/CEST

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