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Original-Research: Bittium Oyj - from NuWays AG

12.02.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Bittium Oyj

     Company Name:                Bittium Oyj
     ISIN:                        FI0009007264

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 40
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

On the brink of becoming THE European supplier; PT UP

Following the licensing agreement with Indra Sistemas, bullish sentiment has
naturally surged around the Bittium story. Beyond the significant financial
impact, the agreement with Indra strongly validates Bittium's techstack,
boosting the company's prospects for winning larger tenders. Building on
this momentum, a tender for renewing tactical communication systems for the
British Armed Forces was published last month (worth some £ 8bn). Here, we
provide background and context on the UK tender, as well as an update on our
estimates and rating.

UK tactical comms: a rocky modernisation road

In 2017, General Dynamics had initially secured a £ 395m Evolve-to-Open
(EvO) contract to upgrade the British Armed Forces' Bowman tactical
communication systems into a vendor-agnostic, open architecture. Bowman
refers to the British Armed Forces primary tactical communications system in
use since the early 2000s. It is considered outdated as it is
hardware-centric and thus difficult to upgrade (non-reconfigurable via
software). The EvO initiative had aimed at enabling multi-vendor
participation across the ecosystem while delivering comprehensive system
modernisation.

Nevertheless, in 2023, the UK MoD ended up cancelling the EvO contract with
General Dynamics, owing to the project's excessive complexity, with costs
exceeding £ 828m. EvO was a key upgrade phase of the broader Morpheus
program, a £ 3.2bn initiative to replace Bowman with next-generation
tactical communication and information systems. As a result, Bowman's
operational lifespan was extended to 2031-35, but bereft of vital
modernisation upgrades.

To argue that the EvO upgrade and Morpheus rollouts were very complex from
the onset, is probably an understatement. To put it simply, the British MoD
tried to implement a procurement approach where it would not be dependent on
one single large supplier, but instead foster competition among multiple
vendors, who would together contribute to Bowman's architecture. One of the
main rationales here was likely to save money.

UK MoD announces a new significant tender

Following these failures however, the UK MoD is getting serious with
modernising tactical communication systems. In January 2026, a tender notice
for renewing tactical communication systems for the British Armed Forces was
published. The tender notice states that it establishes an open framework
valued at some £ 8bn (excl. VAT), with the contract expected to run from
June 2026 to June 2034. As the tender submission deadline is set for today,
there now seems to be more urgency to replace Bowman with modern systems.

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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