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Exceptional Q3 beat on Indra licence; guidance up
Looking ahead, whether further Indra milestones fall in Q4 remains open, but with D&A only seen to normalise in 2027e, we expect some additional Indra licence revenue to land in Q4, albeit well below the Q3 level (eNuW). We previously estimated that the € 50m licensing deal from last December contributed c. € 10m in Q4’25, and we now estimate a further c. € 20m was recognised in Q3’26. This leaves max € 20m still to be recognised, which is seen to be spread across Q4’26 and FY27 (eNuW).
With a backlog of € 71.7m, Bittium is well positioned to deliver on this year’s sales guidance, and we stay slightly above the range at € 156m (guidance: € 140-155m). Order intake in Q4 remains the key item to monitor for 2027 runway, and given the typical seasonality of the business, we expect a strong Q4 once again.