Third party research

Bittium Q1 preview: excellent growth, pipeline rich in catalysts - NuWays AG Research

This is a third party research report and does not necessarily reflect our views or values

Bittium will publish its Q1'26 results on April 29. Q1'26e group net sales are seen to grow strongly 39% yoy to € 26.9m, with Defense & Security doing the heavy lifting with an impressive +91% yoy to € 20.5m (eNuW). Aggregate growth in Q1 is expected to exceed the FY26e run rate of +28% (eNuW), largely reflecting the favourable low base of Q1'25 (€ 19.3m) and the tailwind from the three major orders secured in December 2025; Finnish Defence Forces (€ 15.9m), Austrian Armed Forces (€ 18.5m) and Indra Sistemas (€ 50m).

We only make minor adjustments to our model ahead of Q1'26 results. We keep our BUY rating and PT of € 40 unchanged, based on DCF model.