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Bittium Corporation Half- year Financial Report 2026 Petri Toljamo , CEO Petri Hiljanen , CFO Karoliina Malmi , VP , Communications & Sustainability ■ 7 AUGUST 2026 Bittium
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© B I T T I U M I P U B L I C 2 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 Agenda Highlights from 2Q and 1H 2026 Financial development Defence & Security business segment Medical business segment Engineering Services business segment Q&A 01 02 03 04 05 05
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Some statements made in this material relating to future circumstances or status, including, without limitation, the future performance of the company, expectations regarding market growth, trend projections as well as any statements preceded by the words “expect”, “believe”, “foresee” or similar expressions are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty, and actual results may, therefore, differ materially from the results that are expressed or implied by these forward-looking statements. Bittium Corporation disclaims all obligations to update such forward-looking statements except as required by mandatory law. H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 © B I T T I U M I P U B L I C 3 Forward-looking statements
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4 Highlights 2Q 2026 © B I T T I U M I P U B L I C H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 60.1 % Net sales growth 36.6 MEUR 27.5 % EBITDA % of net sales 10.1 MEUR +22.2 % OP % of net sales 8.1 MEUR 8.8 M€ Operating cash flow 2Q 2026 46.3 M€ New orders 2Q 2026 575 Personnel 30.6.2026 4
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5 Highlights 1H 2026 © B I T T I U M I P U B L I C H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 37.2 % Net sales growth 57.9 MEUR 22.3 % EBITDA % of net sales 12.9 MEUR 16.6 % OP % of net sales 9.6 MEUR 36.9 M€ Operating cash flow 1-6 2026 81.0 M€ New orders 1-6 2026 102.2 M€ Order Book 30.6.2026 5
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• Outstanding financial performance, both net sales and operational results within Company’s strategic long- term financial goals • Technology leadership and future investments through new product launches and strategic partnerships • Scaling operations to ensure fast deliveries, investing in process development and data-driven systems continued • Defence & Security driving the growth with 67.8% growth and strong order intake • Medical turns profitable, restructuring paying off • Engineering Services still a challenge, turnaround underway • ICB sector reclassified to "Defence" enabling access to international defence ETF indices • Strong cash flow, significantly strengthened financial position and record order backlog provide a strong platform for strategy implementation and future growth H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 © B I T T I U M I P U B L I C 6 1H 2026 Highlights
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Financial review 2Q 2026 and 1-6 2026 Petri Hiljanen, CFO H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 © B I T T I U M I P U B L I C 7
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Group quarterly net sales development © B I T T I U M I P U B L I C 8 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 10,7 11,9 7,0 22,3 10,8 15,1 15,8 45,7 14,2 27,8 7,4 7,9 7,0 10,9 8,5 7,8 7,4 8,3 7,1 8,8 0,0 10,0 20,0 30,0 40,0 50,0 60,0 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Products Services MEUR % of net sales 76.1% y-o-y growth 60.1% Net sales Products % of net sales 23.9% Services
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Group quarterly operating result development © B I T T I U M I P U B L I C 9 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 % of net sales (8.1 MEUR) 22.2% % of net sales (10.1 MEUR) 27.5% 2Q 2026 EBITDA2Q 2026 EBIT MEUR 1,0 1,9 -0,3 6,0 0,4 1,1 2,5 15,4 1,5 8,1 -5,0 % 0,0 % 5,0 % 10,0 % 15,0 % 20,0 % 25,0 % 30,0 % 35,0 % -5,0 0,0 5,0 10,0 15,0 20,0 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 Operating result % of net sales
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Group half-yearly net sales development © B I T T I U M I P U B L I C 10 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 22,6 29,3 25,9 61,5 42,0 15,3 17,9 16,3 15,6 15,9 0 10 20 30 40 50 60 70 80 1H/24 2H/24 1H/25 2H/25 1H/26 Products Services MEUR % of net sales 72.6% y-o-y growth 37.2% Net sales Products % of net sales 27.4% Services
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Building growth on a solid base © B I T T I U M I P U B L I C 11 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 % of net sales (9.6 MEUR) 16.6% % of net sales (12.9 MEUR) 22.3% 1H 2026 EBITDA1H 2026 EBIT MEUR 2,9 5,7 1,5 17,9 9,6 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 0 5 10 15 20 1H 24 2H 24 1H 25 2H 25 1H 26 Operating result % of net sales
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R&D investments and long-term financial goals © B I T T I U M I P U B L I C 12 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 Average annual net sales growth 20–30 % (net sales growth 40.1 % in 2025) and operating result level. 10–20 % (16.3 % in 2025) 7,9 5,6 7,9 7,4 10,3 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 0 5 10 15 20 1H 24 2H 24 1H 25 2H 25 1H 26 R&D investments % of net sales LONG-TERM FINANCIAL GOALSMEUR
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Orderbook and outlook 2026 © B I T T I U M I P U B L I C 13 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 Orderbook by Business Segments (30.6.2026) Defense & Security Medical Engineering Services 36,5 43,1 33,0 77,9 92,5 102,2 0 20 40 60 80 100 31.3.2025 30.6.2025 30.9.2025 31.12.2025 31.3.2026 30.6.2026 Orderbook development Estimated net sales in 2026 140–155 M€ (119.3 M€ in 2025) Estimated operating profit in 2026 26–32 M€ (19.4 M€ 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. FINANCIAL OUTLOOK 2026 MEUR
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Cash flow key figures 1-6 2026 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 OPERATING CASH FLOW 36.9 M€ Net Cash from Operations 1H 2025: 9.2 MEUR INVESTING CASH FLOW -4.3 M€ Net Cash from Investing 1H 2025: -5.2 MEUR FINANCING CASH FLOW -6.9 M€ Net Cash from Financing 1H 2025: -4.0 MEUR NET CHANGE 25.6 M€ Net Change in Cash 1H 2025: 0.0 MEUR • Operating cash flow increased to 36.9 MEUR (9.2 MEUR) • Working capital improvement of 25.2 MEUR caused by receivables conversion • Cash and liquid assets grew by 25.6 MEUR, reaching a total of 46.5 MEUR • Investing cash flow was -4.3 MEUR, mainly R&D and capex • 5.3 MEUR in dividends paid © B I T T I U M I P U B L I C 14
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Strong balance sheet © B I T T I U M I P U B L I C 15 H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 197.8 M€ Total assets Strong balance sheet 133.3 M€ Equity 68 % of balance sheet 71.1 % Equity ratio Very strong -20.8 % Net gearing Net debt free 114.6 M€ Cash and other current assets 18.8 M€ Interest bearing debt +37.2 % Net sales growth 16.6 % Operating profit margin Dividend: 0.15 €/share (ordinary) + 0.15 €/share (additional) = total of 0.30 €/share
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Business Segments Petri Toljamo, CEO H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 16
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Defence & Security Resilient communications. Total awareness. Decision dominance.
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© B I T T I U M I P U B L I C 18 QUARTERLY DEVELOPMENT HALF-YEARLY DEVELOPMENT H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 | D E F E N C E & S E C U R I T Y Growth continued strong 9,3 11,7 7,0 23,7 10,7 14,3 15,5 45,0 13,3 28,7 -10,0 0,0 10,0 20,0 30,0 40,0 50,0 Net sales Operating result 21,0 30,6 25,0 60,5 42,0 -10,0 0,0 10,0 20,0 30,0 40,0 50,0 60,0 70,0 1H/24 2H/24 1H/25 2H/25 1H/26 Net sales Operating result % of net sales 24.5% y-o-y growth 67.8% Net sales OP margin % of net sales 30.6% y-o-y growth 100.6% Net sales OP margin
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• Record order backlog and strong new orders creating solid foundation for future growth • Important key customer wins during the first half: Finland, Austria, Croatia, Estonia • New customer acquisition progressing well • Building new strategic partnerships: Himera (Ukraine) • New product and solution launches to new verticals: FUSOR, Tough SDR Unmanned, MissionNet • Bittium SafeMove product portfolio unified • AI integration in tactical communication solutions advancing with MarshallAI and NestAI • Hybrid network solution for Finnish Defence Forces showcased with Telia • Production capacity scaled up to meet growing customer demand • NATO framework agreement signed regarding secure communication products • Geopolitical uncertainty continues, increased Defence budget allocations H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 | D E F E N C E & S E C U R I T Y Defence & Security highlights 1H 2026 © B I T T I U M I P U B L I C 19 MEUR 64.4 MEUR 6.6 R&D investments New orders MEUR 94.2 Order book
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Medical Reliable data. Accurate Diagnoses. Better care.
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© B I T T I U M I P U B L I C 21 QUARTERLY DEVELOPMENT HALF-YEARLY DEVELOPMENT H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 | M E D I C A L Profitability turnaround MEUR 9,7 9,6 9,5 9,9 10,1 -2 0 2 4 6 8 10 12 1H/24 2H/24 1H/25 2H/25 1H/26 Net sales Operating result MEUR 5,2 4,5 4,1 5,5 4,7 4,7 4,3 5,7 5,2 4,9 -2 0 2 4 6 8 10 Net sales Operating result % of net sales 5.5% y-o-y growth 6.3% Net sales OP margin % of net sales 2.1% y-o-y growth 3.2% Net sales OP margin
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• Strategic focus on Cardiac & Sleep are delivering results • 2025 restructuring cost benefits now fully materializing and profitability turnaround has been made • Cardiac business driving growth with 33% growth outside of US in 1H 2026 • Collaboration with Boston Scientific progressing as planned, growth in product deliveries y-on-y • Sleep business still developing, waiting for results from pilots by the end of this year • New distribution agreements signed in Europe and new growth markets • New long-term EKG monitoring device launching in H2/2026, expected to accelerate Cardiac sales • R&D investments for future product innovation continued • Positive outlook for future growth H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 | M E D I C A L Positive signs, commercialization continues © B I T T I U M I P U B L I C 22 1-6 2026 9.8 M€ 1-6 2026 2.9 M€ R&D investments New orders 30.6.2026 5.4 M€ Order book
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Engineering Services Your product. Our expertise. Ideas engineered.
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© B I T T I U M I P U B L I C 24 QUARTERLY DEVELOPMENT HALF-YEARLY DEVELOPMENT H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 | E N G I N E E R I N G S E R V I C E S Focus on turnaround 3,7 3,5 3 4,1 3,9 3,8 3,3 3,3 2,8 3,3 -1 0 1 2 3 4 5 6 Net sales Operating result MEUR 7,3 7,1 7,7 6,7 6,1 -2 0 2 4 6 8 10 1H/24 2H/24 1H/25 2H/25 1H/26 Net sales Operating result MEUR of net sales -9.5% y-o-y growth -14.5% Net sales OP margin of net sales -9.0% y-o-y growth -20.9% Net sales OP margin
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• Challenging 1H due to weak market situation • Clear strategic focus towards defence sector and Edge AI • First defence industry client wins, validating the new strategic direction • VTT partnership strengthening position as a defence R&D partner • New leadership: Hanna Hulkko, SVP of the segment • Staff utilisation maintained through Defence & Security project contributions • Weak market expected to continue through 2026, however, the growing European defence budgets, Europe's push for technological sovereignty, and the increasing adoption of Edge AI are creating new opportunities for the segment. • Long-term competitive advantage through a unique combination of deep embedded SW and HW expertise with practical AI application capabilities positions it as a strong partner for companies seeking to integrate AI into product development, particularly in the defence industry. H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 | E N G I N E E R I N G S E R V I C E S Strategic repositioning underway © B I T T I U M I P U B L I C 25 1-6 2026 6.9 M€ 30.6.2026 114 Personnel New orders 30.6.2026 2.6 M€ Order book
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• Bittium is delivering on its strategy • Growth is solid and market outlook remains good • Profits are converting to cash • Defence megatrend is a structural tailwind for both Defence & Security and Engineering Services segments • Innovation pipeline secures long-term competitiveness • Clear strategy, strong execution and favourable megatrends are the corner stones for the future growth H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 © B I T T I U M I P U B L I C 26 Summary
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H A L F- Y E A R F I N A N C I A L R E P O R T 2 0 2 6 © B I T T I U M I P U B L I C 27 Q&A
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W W W . B I T T I U M . C O M