Bittium (BITTI) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, with net sales up 40.1% to €119.3 million, driven by a new international growth strategy and significant order intake increases, especially in Defense & Security.

• Strengthened market position in the Defense sector, with notable technological leadership, international expansion, and record order intake and backlog.

• Major international orders and licensing agreements, particularly with Indra, and new framework agreements with Swedish, Austrian, and other European defense customers significantly boosted results and outlook.

• Medical and Engineering Services segments remained stable, with Medical focusing on Cardiac and Sleep products and Engineering Services investing in embedded AI and defense.

• Share price increased 371% year-over-year, with the shareholder base expanding to 27,895.

Financial highlights

• Q4 2025 sales reached a record €54 million, up 63% year-on-year; full-year net sales were €119.3 million, up 40.1%.

• Full-year operating profit was €19.4 million (16.3% margin), and EBITDA was €32.4 million (27.2% margin).

• Order intake grew to €153.3 million, with year-end order backlog at €77.9 million.

• Cash flow from operations was €15.3 million, but net cash flow was -€0.9 million due to increased working capital and investments.

• Equity ratio stood at 70.9% and net gearing at -0.8%; company remains net debt-free.

Outlook and guidance

• 2026 net sales expected between €140 million and €155 million; operating profit guidance €26–32 million, with results weighted toward the second half.

• Long-term targets: average annual revenue growth of 20–30% and operating profit margin of 10–20%.

• Dividend proposal of €0.15 per share, with potential for an additional €0.15 extraordinary dividend.