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

Classification of NuWays AG to Bittium Oyj

Company Name:	Bittium Oyj
ISIN:	FI0009007264
Reason for the research:	Update
Recommendation:	BUY
from:	19.12.2025
Target price:	EUR 26.50
Target price on sight of:	12 months
Last rating change:
Analyst:	Julius Neittamo

Defense & Security gaining traction; PT UP Bittium announced two significant defense-related order intakes, underlining the strengtheningmomentum in its Defense & Security segment and increasing international traction for its software-defined radio (SDR) and tactical communications portfolio. Firstly, Bittium received orders from the Finnish Defence Forces (FDF) with a total value ofapproximately € 15.9m , of which € 12.4m relates to deliveries of next-generation Bittium Tough SDRhandheld and vehicular radios, with the remainder covering software development and relatedservices. Deliveries and development work are scheduled across 2025/26. The radios will gradually replace the FDF’s legacy analogue tactical radios and earlier-generationdigital systems, providing materially improved performance and broadband tactical communications.Importantly, the radios are fully compatible with Bittium’s Tactical Wireless IP Network (TAC WIN)backbone already deployed by the FDF, reinforcing Bittium’s position as a long-term strategicsupplier. The order was issued under the partnership agreement running through 2025-2036,providing long-term visibility and a structured framework for recurring annual purchases. Secondly, the company received a € 18.5m purchase order via its Austrian partner CancomAustria AG to expand the Austrian Armed Forces’ tactical communications network. The ordercovers product deliveries during 2025/26, while associated life cycle services will extend through2038, supporting revenue visibility well beyond the initial delivery phase. This contract builds on amulti-year relationship that began in 2018 and further expands the installed base of TAC WIN, ToughComnode devices and related accessories. The inclusion of long-term support, maintenance and testsystems highlights the stickiness of Bittium’s solutions once embedded at system level. Our take: Together, the two announcements represent roughly € 34m in orders, a meaningfuladdition relative to Bittium’s current Defense & Security segment sales (9M: € 40.6m). We view theorders as clear evidence of growing confidence among European defense customers inBittium’s SDR technology, particularly in environments with heightened electronic warfarerequirements. Mind you, the company is already supplying several countries such as Finland, Estonia, Austria and Croatia. Importantly, we expect newsflow around Defense & Security order wins/intake to remain strongduring the foreseeable future. In fact, we would regard potential first orders from its Spanish partnerIndra as likely within the short- to mid-term. Keep in mind, that Spain cut ties with Israeli suppliersincluding Elbit Systems, one of Bittium’s most relevant competitors for tactical SDRs. First indicationssuggest that the Spanish government’s potential contract value to Indra and Bittium could be around€ 770m (not yet included in our estimates). We confirm our BUY rating with a new € 26.50 PT (old: € 23.50) based on DCF. You can download the research here: bittium-oyj-2025-12-19-update-en-3fd32 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++