Original-Research: Bittium Oyj (von NuWays AG): BUY

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 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.

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

Q4'25 net sales is seen at € 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 € 15.9m for Tough SDRs from the Finnish Defense Forces and an order of € 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 € 40m, or +68.8% yoy (eNuW)
• Medical net sales is estimated to increase to € 5.7m, or +11.8% yoy (eNuW)
• Engineering Services net sales is estimated to increase to € 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 € 14.1m, or 35.3% margin (eNuW)
• Medical EBIT is estimated at € 0.6m, or 10.9% margin (eNuW)
• Engineering Services EBIT is estimated at € 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 € 40 based on DCF model unchanged.


You can download the research here: bittium-oyj-2026-02-17-previewreview-en-f0f2a
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: [e-mail]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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