Bittium Oyj: Strong Order Intake Despite Q1 Performance Miss

Bittium Oyj, classified by NuWays AG, published its Q1 2026 business review noting a 10.2% year-on-year sales increase to €21.3m. This figure fell short of expectations due largely to timing issues, not raising alarm. EBITDA was reported at €2.8m, undershooting the anticipated €5.2m. However, EBIT matched expectations even if it was below consensus estimates.

The Defence & Security segment saw 24.1% growth, although below target, with an 11.5% EBIT margin. The Medical segment performed above expectations, driven by new orders, while Engineering Services faced a decline due to softer market conditions. Notably, Bittium's order intake surged to €34.8m, marking an increase in the backlog.

Despite the Q1 miss, the company maintains its FY26 guidance, backed by a robust backlog and sales pipeline, including potential deals with the Swedish Armed Forces and the UK tactical communications tender. A BUY recommendation is retained with a price target of €40.