Bittium Corporation’s Half-Year Financial Report January-June 2026

Bittium Corporation
Half Year financial report

Bittium Corporation’s Half-Year Financial Report January-June 2026

Bittium Corporation’s Stock Exchange Release on 7 August 2026, at 8.00 am (CEST+1)
 

Net sales, profitability and order backlog grew significantly

Unless otherwise mentioned, the figures in brackets refer to the corresponding period in the previous year.
 

Summary April-June 2026

• Net sales grew 60.1 percent (15.6 percent) from the previous year and were EUR 36.6 million (EUR 22.9 million). Net sales in Defence & Security Business Segment grew by 100.6 percent, and in Medical Business Segment by 3.2 percent. Net sales in Engineering Services Business Segment decreased by 14.5 percent from the previous year.
• Product-based net sales were EUR 27.8 million (EUR 15.1 million), representing 76.1 percent (66.0 percent) of total net sales.
• Services-based net sales were EUR 8.8 million (EUR 7.8 million), representing 23.9 percent (34.0 percent) of total net sales.
• EBITDA was EUR 10.1 million (EUR 2.9 million), representing 27.5 percent of net sales (12.6 percent).
• Operating result was EUR 8.1 million (EUR 1.1 million), representing 22.2 percent of net sales (4.9 percent).
• The result for the period was EUR 6.4 million (EUR 1.1 million) and earnings per share were EUR 0.180 (EUR 0.032).
• Cash flow from operating activities was EUR 8.8 million (EUR 0.0 million).
• Net cash flow was EUR -0.2 million (EUR -6.1 million).
• Order intake was EUR 46.3 million (EUR 30.7 million).
• Hanna Hulkko was appointed as Senior Vice President of Engineering Services Business Segment and a member of the Management Group as of 11 June 2026.
• On 11 June 2026 Bittium received a  purchase order from the Finnish Defence Forces for next-generation Bittium Tough SDR radios, valued approximately at EUR 14 million.
• 15 April 2026 the Board of Directors of Bittium Corporation decided on the establishment of new share-based long-term incentive scheme for company's key persons.
• The Annual General Meeting held on 22 April 2026 decided, in accordance with the Board of Directors' proposal, that a dividend of EUR 0.15 per share be distributed based on the approved balance sheet for the financial period 1 January–31 December 2025. In addition, the Annual General Meeting authorized the Board of Directors to decide, at its discretion, on an extraordinary dividend of EUR 0.15 per share by 30 September 2026.
• On 7 August 2026, the Board of Directors of Bittium Corporation decided, with the authorization granted by the Annual General Meeting held on 22 April 2026, to distribute an additional dividend of EUR 0.15 per share. The dividend will be paid to shareholders who are registered in the company's shareholder register maintained by Euroclear Finland Ltd on the dividend record date of 11 August 2026. The dividend payment date is 18 August 2026.

Summary January-June 2026

• Net sales grew 37.2 percent (11.3 percent) from the previous year and were EUR 57.9 million (EUR 42.2 million). Net sales in Defence & Security Business Segment grew by 67.8 percent, and in Medical Business Segment by 6.3 percent. Net sales in Engineering Services Business Segment decreased by 20.9 percent from the previous year.
• Product-based net sales were EUR 42.0 million (EUR 25.9 million), representing 72.6 percent (61.4 percent) of the total net sales.
• Services-based net sales were EUR 15.9 million (EUR 16.3 million), representing 27.4 percent (38.6 percent) of the total net sales.
• EBITDA was EUR 12.9 million (EUR 4.8 million), representing 22.3 percent of net sales (11.4 percent).
• Operating result was EUR 9.6 million (EUR 1.5 million), representing 16.6 percent of net sales (3.6 percent).
• The result for the period was EUR 7.5 million (EUR 1.5 million) and earnings per share were EUR 0.211 (EUR 0.043).
• Cash flow from operating activities was EUR 36.9 million (EUR 9.2 million).
• Net cash flow was EUR 25.6 million (EUR 0.0 million).
• Order intake was EUR 81.0 million (EUR 41.8 million).
• Order backlog was EUR 102.2 million (EUR 43.1 million).
• Number of personnel at the end of the period was 575 (538).

Bittium's CEO Petri Toljamo

The financial development in the second quarter of 2026 was excellent. Net sales increased by 60.1 percent from the previous year and amounted to EUR 36.6 million. Profitability improved and operating profit increased significantly compared to the previous year. Operating profit amounted to EUR 8.1 million, which corresponds to 22.2 percent of net sales. The growth and improved profitability were due to the growth and increased product deliveries of the Defence & Security business segment. Net sales of the Medical business segment increased slightly and the operating result was positive. Net sales of the Engineering Services business segment decreased due to the weak market situation and the result remained negative. The development of net sales was also influenced by the allocation of personnel to projects in the Defence & Security business segment.

Net sales for January-June increased by 37.2 percent year-on-year to EUR 57.9 million. Operating profit was EUR 9.6 million, representing 16.6 percent of net sales. Thanks to strong growth in the Defence & Security business, net sales growth exceeded our long-term growth target of 20–30 percent, and the operating profit level was in line with our strategic target range.

The key focus of our strategy is to accelerate international growth. We have continued to build new customer relationships and deepen existing partnerships. During the first half of the year, the order intake was EUR 81.0 million, which increased the order backlog to a record of EUR 102.2 million. 92.2 percent of the order backlog is from Defence & Security business segment.

The financial development of the review period was also reflected in strong cash flow. Cash flow from operating activities in January–June strengthened significantly to EUR 36.9 million, mainly due to payments received from trade receivables. Cash and cash equivalents increased by EUR 25.6 million to EUR 46.5 million during the period. The company's financial position is now very strong creating a solid foundation for the implementation of our strategy.

Technological leadership is the basis of Bittium's competitive advantage. During the review period, new product launches and AI integrations in the Defence & Security business expanded our offering to new verticals and customer segments. In the Medical segment, we continued our product development investments, which are laying the foundation for the next-generation diagnostic solutions. In the Engineering Services segment, we strengthened our embedded AI expertise, which is building a foundation and opening up new opportunities, especially in the defence industry market.

During the review period, we continued to improve our production and delivery capabilities to meet growing demand. By manufacturing products in advance, we are able to shorten delivery times for our customers. We ensured the availability of critical components for a longer period by ordering them into stock, which increased our inventories slightly.

Strong growth and internationalization require that our internal operating model also evolves at a similar pace. Building a data-driven and scalable operating model is one of the cornerstones of our strategy. We continued to invest in renewing our processes and developing our IT systems.

The significant growth of the Defence & Security business led to a change in Bittium's international ICB industry classification used in the capital markets, and the company's new subsector is now "defence". This change has enabled Bittium to become part of the investment funds that track international defence indexes. The number of analysts following Bittium increased to seven, which indicates increased interest in the company among investors. The expanded analyst coverage increases the company's visibility in the capital markets, supports the liquidity of the share, and provides both owners and investors with a more diverse and comparable information base to support investment decisions.

I am satisfied with the achievements of the first half of the year and look forward to the future with confidence. Growing defence investments and healthcare technology markets, as well as the growing adoption of AI are opening up new opportunities across all our businesses. We have a clear strategy, a skilled team and a record order backlog. These provide visibility for the rest of the year and a good foundation for the future.

Outlook for 2026 (unchanged)

Bittium estimates the net sales in 2026 to be EUR 140–155 million (EUR 119.3 million in 2025) and operating profit to be EUR 26–32 million (EUR 19.4 million in 2025). The operating result will be affected by depreciations related to the license income received in 2026.

Net sales and operating profit are expected to be weighted toward the second half of 2026. The timing of net sales and operating profit between quarters may be significantly influenced by individual orders or deliveries.

More information about Bittium´s market outlook is presented on the company’s internet pages at www.bittium.com.

Invitation to a press conference

Bittium will organize a webcast of the half-year report for the press, analysts and institutional investors on Friday, 7 August 2026 at 9:00 am. The conference will be held in English.

Link to the webcast: https://bittium.videosync.fi/q2-2026

Recording the webcast and the presentation will be available after the conference on Bittium’s website at www.bittium.com/investors.

In Oulu, Finland, 7  August 2026
Bittium Corporation
The Board of Directors
Further information:

Petri Toljamo
CEO
Tel. +358 40 344 2789 (group communications)

Karoliina Malmi
Vice President, Communications & Sustainability
Tel. +358 40 344 2789
 

Distribution:

Nasdaq Helsinki
Main Media

Bittium

Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its over 40-year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology and neurophysiology. Net sales in 2025 were EUR 119.3 million and operating profit was EUR 19.4 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com