Bittium will publish its Q1'26 results on April 29. Q1'26e group net sales are seen to grow strongly 39% yoy to € 26.9m, with Defense & Security doing the heavy lifting with an impressive +91% yoy to € 20.5m (eNuW). Aggregate growth in Q1 is expected to exceed the FY26e run rate of +28% (eNuW), largely reflecting the favourable low base of Q1'25 (€ 19.3m) and the tailwind from the three major orders secured in December 2025; Finnish Defence Forces (€ 15.9m), Austrian Armed Forces (€ 18.5m) and Indra Sistemas (€ 50m).
We only make minor adjustments to our model ahead of Q1'26 results. We keep our BUY rating and PT of € 40 unchanged, based on DCF model.