Bittium’s Q2 was strong, beating our expectations. We think the P&L beat was driven by delivery timing, but orders also exceeded SEBe. We see comments regarding the client funnel and defence OEMs as positive. In the short term, the case focus is on potential new clients, which could be a positive share price trigger, but is also required in our view if it is to reach our 2027 growth estimates. A brisk H2 and suitable timing could drive the P&L above guidance.
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