^ Original-Research: Bittium Oyj - from NuWays AG

30.12.2025 / 09:23 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Bittium Oyj

Company Name: Bittium Oyj ISIN: FI0009007264

Reason for the research: Update Recommendation: BUY from: 30.12.2025 Target price: EUR 31.50 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo

Indra deal accelerates Bittium's market penetration; PT UP

Yesterday, Bittium announced a licensing agreement with major defense player IndraSistemas, whereby Bittium licenses its Tough SDR technology to Indra. The technology transferhas already begun, with Indra set to develop and manufacture handheld, vehicular, and manpackradios for its customers. The initial EUR 50m order targets the Spanish Armed Forces, with Bittiumestimating an additional EUR 70m order over the next decade. Noteworthy, the deal also allowsIndra to extend the manufacturing of SDRs for customers outside of Spain.

As a result, Bittium raised its financial 2025 outlook. The company now estimates Net Sales of EUR 116m - 120m (previously EUR 95m - 105m) while Operating Result was significantly increased to EUR19m - 21m range (previously EUR 10m - 13m).

The finalisation of the Indra deal has major positive ramifications for Bittium: 1. The financial implications are overwhelmingly positive. The licensing deal can be divided into threerevenue streams; (i) licensing, (ii) technology transfer projects and (iii) royalties. Due to thenature of the agreement, the first order of EUR 50m, should come with an EBIT margin of 70% (EUR 35m) to be realised until the end of 2027. Noteworthy, the additional EUR 70m order is only arough estimate and could potentially be higher. As mentioned, the deal permits Indra to developand manufacture Tough SDRs also for countries outside of Spain, increasing Bittium's commercialreach in regions where it is not yet strongly entrenched.

2. Bittium has transformed itself from a niche Nordic player, to a European powerhouse in thefield of tactical backbone networks and secure radio communications. We view thefinalisation of the Indra deal as confirmation of Bittium's exceptional know-how in military-graderadio technology. Bittium possesses a technological lead over major peers, some of whichstruggle due to tech and integration issues, while others face challenging business environmentsdue to politics. Bittium is now a major supplier of radio technology for the militaries of Finland,Estonia, Austria, Croatia, and Spain , and should win further tenders in the mid-term (eNuW).

Looking ahead, we continue to remain upbeat about the case. The company looks well positioned tocross-sell to existing customers; for example, Tough SDRs for the Austrian Armed Forces or TACWIN systems for the Spanish Armed Forces. Importantly, we also see Bittium growing by winningfurther major customers. For instance, we think that Scandinavia, especially Sweden, represents ahigh potential market. As a reminder, in November 2025, the Finnish Defence Forces, the SwedishArmed Forces and Bittium signed a framework agreement in the field of command-and-controlsystems, which paves the way for Sweden's first orders from Bittium. We are also awaiting a highly anticipated tender in the United Kingdom, where Bittium will offer its tactical backbonenetworks and Tough SDRs by way of a partnership with BAE Systems.

We confirm our BUY rating with a new EUR 31.50 PT (old: EUR 26.50) based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=a4afc01593dd167545521708917f2079 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=26dcc966-e558-11f0-be29-0694d9af22cf&lang=en

---------------------------------------------------------------------------

2252588 30.12.2025 CET/CEST

°

Quelle: dpa-Afx