Bittium Q2 preview: backlog supports growth, H2 has catalyst firepower - NuWays AG Research
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Bittium Q2 preview: backlog supports growth, H2 has catalyst firepower - NuWays AG Research

Bittium will publish its H1'26 report on August 7. Publicly announced orders during Q2'26 totalled € 26.6m, the vast majority from FDF and set for delivery during FY26. Growth this year is still supported by the very strong order intake from December 2025 (€ 84.4m from Indra, FDF and AAF), with Indra placing a further € 20m order in January 2026. On this basis, Q2'26e group net sales are seen to grow 18.8% yoy to € 27.2m, with Defense & Security (D&S) contributing € 19m (+33% yoy; eNuW). Mind you, aggregate growth in Q2 is expected to be below the FY26e run rate of +28% (eNuW), consistent with commentary that net sales will be heavily weighed towards H2'26, a pattern clearly exhibited between 2022-25.

Given the seasonality and strong sales pipeline of Bittium we see current price levels as an excellent entry point, with +44% upside to our price target. We confirm our BUY rating and € 40 PT based on a DCF model.
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