Bittium Oyj's Strong Q2 Performance and Updated Buy Rating

Bittium Oyj has reported impressive financial results for Q2. Sales surged by 60.1% year-on-year, reaching €36.6m, surpassing consensus expectations by 25%. This growth was driven primarily by the Defense & Security (D&S) segment, with sales doubling to €28.7m. Although Medical sales saw a modest increase, Engineering Services faced a decline due to market conditions and resource allocation to D&S projects.

The order intake was notable, increasing to €38.2m, a significant rise compared to Q2'25 figures. Total group order backlog grew by 137% to €102.2m, with D&S contributing a major portion. The profitability was bolstered by the shift towards product sales, with EBITDA reaching €10.1m, marking a considerable improvement.

Bittium's guidance for FY26 remains at €140-155m in sales with €26-32m EBIT. Additionally, an extraordinary dividend of €0.15/share has been announced. The revised price target has been increased to €42, affirming a BUY recommendation.