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Defence & Security grew 24.1% yoy to € 13.3m (miss vs. eNuW € 20.5m), with an 11.5% EBIT margin. As mentioned above, the miss was mainly driven by deliveries timing.
Medical grew 9.5% yoy to € 5.2m (beat vs. eNuW € 4.0m), with an 8.8% EBIT margin, a positive surprise driven by orders from new distributors and stronger deliveries to Boston Scientific.
Engineering Services decreased 27.3% yoy to € 2.8m (beat vs. eNuW € 2.4m), with an -8.4% EBIT margin, reflecting the softer market conditions.
Order backlog increased across all segments, with demand in Defense & Security remaining exceptionally strong. Group order intake was strong at € 34.8m (vs. € 11.2m year-prior), lifting the aggregate order backlog qoq from € 77.9m to € 92.5m. Defense & Security order intake was € 26.3m, implyling a book-to-bill of ~2x. Defense & Security's backlog increased from € 70.9m to € 84.4m, covering 80% of eNuW Q2-Q4'26 segment sales. Noteworthy, part of the backlog extends into FY27. Management confirmed no internal capacity constraints, citing manufacturing investments made last year and a pre-built component inventory buffer ahead of the Iran war, which will support meeting Q2-Q4'26 delivery commitments without incremental capex.
FY26 guidance is unchanged. Given the seasonality of the business and the strong backlog, we remain confident Bittium will achieve its guidance of € 140-155m sales and € 26-32m EBIT (eNuW). The group’s visibility is noticeably better than it was at this point in prior years; Q1'26 order backlog covers ~70% of Q2-Q4'26 sales; this was 47% in Q1'24 and 37% Q1'25.
Sales pipeline remains very strong. As flagged in our Q1'26 preview, many deal-driven catalysts give reasons to be upbeat about Bittium. Among others, a first order for the Swedish Armed Forces is to be expected this year (eNuW). The UK tactical communications tender, due to conclude in June 2026, should yield a decision or an update by Q3 at the latest. While not entirely discounting the chances of other peers, we see the pairs Thales/Babcock and Bittium/BAE Systems as the frontrunners for the UK tender, with either or both well-positioned to capture meaningful portions, if not the entirety, of the contract.
We keep our BUY rating and € 40 PT unchanged, based on DCF.
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