Original-Research: Bittium Oyj (von NuWays AG): BUY - T-Online

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tactical communications. The MoU frames joint development, production and

at this time. Yet, this news is a major step forward. Safran, with the

Safran does not intend to act as a mere reseller. Instead, the partners are

Bittium's tactical communication technology directly into Safran's offering.

radio, and secure communications. The scope covers the French army only (for

The product fit appears compelling. While Safran leads in domains such as

has nevertheless a gap in tactical communication capabilities. Two examples

illustrate how Bittium could close this gap. In dismounted operations, the

voice and data link. In ground-based air defence, Bittium's solutions would

already serves for air defence manufacturers.

Together, Safran and Bittium are set to challenge Thales on its home turf.

Thales has long dominated the tactical communications market in France.

weight while Bittium gains a clear foot in the door. The missing piece is a

definitive agreement, which could take several forms, incl. a licensing deal

similar to the one Bittium signed with Indra Sistemas in December 2025.

and Bittium as high (eNuW). Following an exceptional Q2, the Nordics have

Administration placed a first order of ~EUR 0.7m for Tough SDR radios for

pilot use in the Swedish Army, likely paving the way for more orders (eNuW).

Denmark has also joined the framework agreement. Beyond this, Bittium

tender remains a significant catalyst.

long-term sales estimates. We raise our PT to EUR 46 per share (old: EUR 42),

and reiterate our BUY rating continued momentum.

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