Original-Research: Bittium Oyj (von NuWays AG): BUY
Veröffentlicht am: 10.08.2026 um 09:00 Uhr | dpa.de
Original-Research: Bittium Oyj - from NuWays AG
10.08.2026 / 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 42
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
Q2 review: Blow out sales and order intake; PT UP
Bittium printed an exceptional Q2. Sales grew 60.1% yoy to EUR 36.6m (eNuW: EUR
27.2m, eCons: EUR 29.3m), a 25% beat vs consensus, on very strong Defense &
Security (D&S) backlog conversion and product deliveries. D&S sales doubled
yoy to EUR 28.7m (eNuW: EUR 19m, eCons: EUR 20.7m), 39% above consensus and the
source of the entire group beat. Medical sales grew 3.2% yoy to EUR 4.9m
(eNuW: EUR 4.8m, eCons: EUR 5.1m), while Engineering Services sales declined
14.5% yoy to EUR 3.3m (eNuW: EUR 3.4m, eCons: EUR 3.5m), due to a weak market and
the reallocation of personnel to D&S projects.
In addition to the very strong deliveries, the D&S order intake in Q2 was
arguably more impressive at EUR 38.2m (Q2'25: EUR 20.0m), implying a
book-to-bill of 1.33x even as deliveries doubled yoy. Group order backlog
grew 137% yoy to a record EUR 102.2m, of which EUR 94.2m in D&S. Notably, part
of the orders came from weapons manufacturers, an order source that has
developed faster than we anticipated, adding a second demand channel
alongside national procurement. The CEO named manufacturers of ground-based
air defence systems as one such customer group, integrating Bittium's
tactical communications into their platforms.
The mix shift toward product sales drove outstanding profitability. EBITDA
grew to EUR 10.1m (Q2'25: EUR 2.9m; eNuW: EUR 4.6m, eCons: EUR 6.4m), implying a
27.5% margin (+14.9pp yoy; eCons: 21.3%). EBIT came in at EUR 8.1m (Q2'25: EUR
1.1m; eNuW: EUR 2.6m, eCons: EUR 4.0m), more than double consensus, for a 22.2%
margin (+17.3pp yoy), near our assumed structural run-rate level (~24%;
eNuW). The margin step-up is above all a mix effect: product-based sales
reached EUR 27.8m or 76.1% of group sales (+10.1pp yoy). The high-margin
hardware contribution is most visible in D&S, where EBIT grew to EUR 8.8m
(Q2'25: EUR 1.7m; eNuW: EUR 2.4m, eCons: EUR 3.9m) at a 30.6% margin (+18.8pp yoy;
eCons: 18.4%). Bittium does not disclose how much Indra-related income was
recognised in Q2, only noting that the cooperation is progressing according
to plan. Nevertheless, Q2'26 was a high-quality beat, carried by the higher
share of product sales and the resulting operating leverage (eNuW). Both
rest on Bittium's early-mover lead in tactical communications, built on ~EUR
200m invested over the past decade.
FY26 guidance of EUR 140-155m sales and EUR 26-32m EBIT was confirmed. The board
also resolved to pay an extraordinary dividend of EUR 0.15/share, increasing
the FY25 distribution to EUR 0.30/share.
The robust delivery execution and the even more impressive order intake
increase our confidence in a strong finish to the year. Management
reiterated its guidance for an H2 weighting, consistent with the seasonality
of the past three years. We raise sales estimates for this and the coming
years as we see Bittium increasingly gaining traction across customer groups
and regions.
In light of the above, we raise our PT to EUR 42 (old: EUR 40) and reiterate our
BUY rating, based on our DCF model.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f659069038f8acf6d275c06cf0d63aa8
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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