Märkte & Kurse

    ^
Original-Research: Bittium Oyj - from NuWays AG

10.06.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

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

Bittium plugs drones into its secured tactical network

Yesterday, Bittium announced two significant developments. The first is a
software upgrade adding AI and electronic warfare (EW) capabilities to its
radios, through its partnership with MarshallAI. The second is a product
launch, Tough SDR Unmanned, which capitalises on Bittium's extensive
expertise in secure wireless communications to address unmanned vehicles'
most critical battlefield challenge: reliable connectivity under jamming.

Tough SDR Unmanned is a dedicated radio module that integrates unmanned
land, air and maritime platforms directly into the tactical IP network used
by soldiers and commanders. Until now, drones and unmanned ground vehicles
have relied on fragile point-to-point links, disconnected from the broader
operational picture and highly vulnerable to jamming. Tough SDR Unmanned is
set to eliminate these deficiencies. In this new setup, unmanned platforms
become active network nodes, rerouting communications, the same way
Bittium's vehicular or hand-held radios do. Bittium has spent years building
a deep R&D base in secure wireless communications, which has allowed it to
compete with defence giants such as Thales and L3Harris for tactical
communications. This technological moat is now being applied to the unmanned
platforms market, a segment that critically needs exactly this kind of
expertise.

Announced on the same day, the MarshallAI partnership takes the product
portfolio a step further. Via software update, Bittium's tactical radios
gain ISTAR-capable EW sensing: The AI autonomously scans the radio frequency
spectrum, detects unknown signals and switches to safer channels before
disruptions occur. The AI processing runs entirely on-device, with no cloud
dependency. This update effectively means that all soldiers and vehicles
equipped with a Bittium radio contribute to a distributed EW capability,
feeding real-time electromagnetic analysis into command and control (C2)
systems.

We view both product launches as structurally significant: Bittium is
evolving beyond tactical communications into a broader battlefield
capability provider, now addressing EW sensing and unmanned integration
within the same ecosystem, resulting in a more comprehensive offering. This
stands in contrast to pure-play drone communication vendors, which are
largely trying to solve a point-to-point resilience problem, keeping a
single platform connected under jamming. Here, Bittium solves a
fundamentally different and more valuable challenge: integrating unmanned
platforms into a resilient, self-healing, AI-aware tactical network.

The first Tough SDR Unmanned products are not expected before 2027, and
therefore we do not expect any material contribution to 2026 sales.
Nevertheless, the addition of AI-enabled EW capabilities and secure wireless
communications for unmanned platforms strengthens Bittium's product
portfolio, enhancing its competitiveness and supporting its ability to win
future tenders, including in the near-term (eNuW).

Pending further developments regarding the UK tender and other near-term
opportunities, we make no changes to our estimates. We remain highly
convinced by Bittium's long-term prospects, keeping our BUY rating and PT of
EUR 40 unchanged at this time.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=df0f24c9d471aacaae7daf55f51222b7
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
++++++++++
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.
++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=53af87c4-6494-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2342808 10.06.2026 CET/CEST

°