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Corporate Information
The company\u2019s field of activities is the development,
production and selling of software, equipment and other
products for the automotive and electronics industry, the
production of R&D services and other services as well as other
industrial operations. The company may administer product
and other rights and conduct research and development
operations, hold and trade securities and real-estate and
conduct other investment activities.
The parent company of the group is Bittium Corporation, which
is a Finnish public company. The parent company is domiciled
in Oulu and its registered address is Ritaharjuntie 1, 90590
Oulu, Finland.
The Board of Directors of Bittium Corporation has approved
these consolidated financial statements on March 30, 2026.
Accounting Principles for the
Consolidated Accounts
Basis of Preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
and have been prepared in accordance with IAS and IFRS
accounting standards and SIC and IFRIC interpretations valid
on 31 December 2025. The financial statements are presented
in thousands of euros. The consolidated financial statements
have been prepared based on original acquisition prices, unless
otherwise stated in the accounting policies.
Consolidation Principles
The consolidated financial statements of Bittium include the
financial statements of the parent company Bittium
Corporation and its subsidiaries.
Subsidiaries
Subsidiaries are considered to be companies in which Bittium
Corporation exercises control and in which it directly or
indirectly owns more than 50% of the voting rights, or in which
Bittium Corporation otherwise exercises de facto control. The
existence of potential control has also been taken into account
when assessing the conditions for the emergence of control
when the instruments entitling to potential voting rights are
exercisable at the time of review.
Associated Companies
Associates are companies in which the Group has significant
influence. Significant influence means the power to participate
in the financial and operational decisions of the associate, but
does not have control or joint control over such decisions.
Investments in associates are accounted for using the equity
method in accordance with IAS 28. At the time of acquisition,
investments in associates are recorded at cost, adjusted by
any change in the Group's share of the associate's profit or loss
after the acquisition date. If the Group's share of the
associate's losses exceeds the carrying amount of the
investment, the investments are recorded in the balance sheet
at zero and the excess losses are consolidated only if the
Group is committed to fulfilling the associate's obligations. The
investment in the associate includes goodwill arising from the
acquisition. Unrealized gains or losses between the Group and
the associate are eliminated in accordance with the Group's
share of ownership.
The Group's share of the associated company's result, based
on its ownership interest, is presented as a separate item in the
income statement above operating profit or loss. The Group's
share of the associated company's changes in other
comprehensive income is presented in other comprehensive
income.
The carrying amount of an investment in an associated
company is tested by comparing it with the recoverable
amount of the investment. If the recoverable amount of the
investment is less than its carrying amount, the carrying
amount is reduced by recognizing an impairment loss in profit
or loss.
Elimination of Intra-Group Transactions
The Group's mutual shareholdings are eliminated using the
acquisition cost method. Acquired subsidiaries are
consolidated in the consolidated financial statements from the
moment the Group obtains control and disposed subsidiaries
until the moment control ceases. The difference between the
fair value of the subsidiary shares at the acquisition date and
the net amount of the subsidiaries' identifiable assets and
liabilities assumed at the acquisition date is partly allocated to
the balance sheet items from which it is considered to arise.
The excess is presented as consolidated goodwill. According to
IFRS, goodwill is not amortized, but goodwill is tested for
impairment annually.
All intra-group transactions, receivables, liabilities and
margins, as well as internal profit distribution, are eliminated
when preparing the consolidated financial statements.
Foreign Currency Transactions
Items related to the financial statements of the Group's units
are valued in the currency of each unit's primary operating
environment (functional currency). The consolidated financial
statements are presented in euros, which is the functional
currency of the Group's parent company.
Foreign currency transactions are translated into euros at the
exchange rate on the transaction dates. Receivables and
liabilities denominated in foreign currencies are translated into
euros at the exchange rate of the European Central Bank on
the balance sheet date. Exchange rate gains and losses arising
from business operations and financial assets and liabilities
are recognized in the income statement..
The income statements of Group companies whose functional
currency is not the euro are translated into euros at the
average exchange rates for the reporting period and the
balance sheets at the exchange rates on the reporting date.
The average exchange rate difference arising from the
translation of the income statement and balance sheet into a
different currency is recognized in equity. The translation
difference arising from the elimination of the acquisition cost
of a foreign subsidiary is recognized in equity. When a
subsidiary is sold, the accumulated translation differences are
recognized as part of the capital gain or loss in the income
statement.
If long-term loans have been issued within the Group that are
comparable in substance to equity, exchange rate differences
on these loans have been treated as part of equity, like
translation differences.
Goodwill arising from the acquisition of foreign units and fair
value adjustments made to the carrying amounts of the assets
and liabilities of those foreign units in connection with the
acquisition have been treated as assets and liabilities of those
foreign units and translated into euros using the exchange
rates at the balance sheet date.
Property, Plant and Equipment
Property, plant and equipment are valued at original
acquisition cost less depreciation and impairment losses.
Assets of acquired subsidiaries are valued at fair value at the
time of acquisition. Assets are depreciated on a straight-line
basis over their useful lives.
The most common estimated useful lives are:
\u2022 Buildings and structures 40 years
\u2022 Machinery and equipment 3-10 years
The residual value and useful life of assets are reviewed at
each balance sheet date and, if necessary, adjusted to reflect
changes in the expected future economic benefits. Ordinary
repairs and maintenance costs are expensed in the period in
which they are incurred. Gains and losses on disposals and
retirements are calculated as the difference between the net
proceeds received and the carrying amount. Capital gains and
losses are included in operating profit in the income statement.
Intangible Assets
Goodwill
Goodwill is tested for impairment annually or more frequently
if, due to changes in circumstances, it is likely that the value
may be reduced. Goodwill is allocated to cash-generating
units. If there is any indication of impairment, the recoverable
amount is determined for the cash-generating unit to which
the goodwill belongs. The recoverable amount of the cash-
generating unit is compared with its carrying amount and an
impairment loss is recognized if the recoverable amount is
lower than the carrying amount. An impairment loss is
recognized in the income statement.
Research and Development Expenditure
Research costs are recognized as an expense in the period in
which they are incurred. Development costs are capitalized if
they meet the criteria for capitalized development costs as
defined in IAS 38. Capitalized development costs mainly
include materials, supplies and direct labor costs. Capitalized
development costs are amortized over their useful lives. The
estimated useful lives of development costs are 3-5 years or
depreciation based on the number of goods delivered or
amortization included in technology licensing based on
management's estimated product volume.
Capitalized development costs are regularly tested for
impairment by comparing their recoverable amount with their
carrying amount. Changes in the technology environment are
taken into account. Unamortized, capitalized development
costs whose carrying amount is considered to be higher than
their recoverable amount are immediately recognized as an
expense.
Other Intangible Assets
Patents, trademarks and licenses with finite useful lives are
recognized in the balance sheet and amortized on a straight-
line basis in the income statement over their useful lives. If
there is any indication that the asset is impaired, the
recoverable amount of the intangible asset is determined and a
corresponding impairment loss is recorded. Intangible assets
with indefinite useful lives are not amortized but are tested
annually for impairment.
The estimated useful lives are:
\u2022 Intangible rights 3-10 years
\u2022 Other intangible assets 3-4 years
Inventories
Inventories are valued at the lower of cost or net realizable
value. Net realizable value is estimated by deducting the selling
price in the ordinary course of business less the costs of
completing the product and the estimated costs necessary to
make the sale.
The value of the material inventory is determined using the
weighted average price. The acquisition cost of finished goods
and work in progress consists of the purchase cost of raw
materials, costs of direct labor, other direct costs, variable
overheads for systematically allocated production and fixed
overheads for systematically allocated portion of production.
Borrowing Costs
Borrowing costs are recognized as an expense in the period in
which they are incurred in accordance with existing IFRS
accounting standards.
Government Grants
Government grants are recognized when it is reasonably
certain that the company will meet the related conditions and
the grants will be received. Financial grants provided by public
entities for research and development expenses are presented
in other operating income.
Leases
According to IFRS 16 Leases, all leases of the Group are
presented as assets or liabilities in the balance sheet. When
the Group is the lessee, lease liabilities are measured at the
inception of the lease at the present value of the rents that
have not been paid on that date. The rents are discounted
using the Group's incremental borrowing rate. The right-of-use
asset corresponding to the lease liability is measured at cost at
the inception of the lease. After the inception of the lease, the
right-of-use asset is measured using the cost model. Under the
cost model, the lessee measures the fixed asset at cost less
accumulated depreciation and impairment losses and
adjusted by the amount resulting from the remeasurement of
the lease liability.
The Group determines the lease term as the period during
which the lease is not cancellable. When determining the lease
term, any periods covered by an extension option and any
financial incentives to exercise the lease option or not to
exercise the termination option are taken into account. The
Group adjusts the lease term if the period during which the
lease is not cancellable changes. For short-term leases and
leases where the underlying asset is of low value, the Group
may recognize the rents related to such leases as expenses
either on a straight-line basis over the lease term or on some
other systematic basis.
Right-of-use assets under leases are included in fixed assets in
the item in which the corresponding underlying assets would
be presented if they were owned. Lease liabilities are included
in the Group's interest-bearing liabilities.
Impairment of Assets
The Group assesses at each balance sheet date whether there
is any indication that an asset may be impaired. If such an
indication exists, the recoverable amount of the asset is
estimated. The recoverable amount is also assessed annually
for the following assets, regardless of whether there is any
indication of impairment: investments, goodwill, intangible
assets with indefinite useful lives and intangible assets in
progress. The recoverable amount is generally based on the
future discounted net cash flows that can be obtained from the
corresponding asset.
An impairment loss is recognized when the carrying amount of
an asset exceeds its recoverable amount. The impairment loss
is recognized in the income statement. An impairment loss is
reversed if there has been a change in circumstances and the
recoverable amount has changed since the impairment loss
was recognized. However, impairment losses are not reversed
in excess of what the carrying amount would have been
without the impairment loss. An impairment loss recognized
for goodwill is not reversed in any circumstances.
Employee Benefits
Pension Liabilities
The Group has pension plans to cover the retirement benefits
of its employees around the world. The pension plans are based
on local legislation and established practice in each country.
These pension plans are classified as either defined
contribution or defined benefit plans.
In Finland, the Group has arranged pension coverage for its
personnel through external pension insurance companies. The
Finnish employment pension system is classified as a defined
contribution pension plan. In defined contribution plans,
pension contributions are paid to insurance companies and
recognized as an expense in the income statement of the
period to which they are allocated, after which the Group has
no further payment obligations. The Group\u2019s foreign pension
plans are also classified as defined contribution plans.
Share-Based Payment
The Group applies IFRS 2 Share-based Payments. The Group
has a remuneration arrangement where part of the Board of
Directors\u2019 remuneration is paid in shares. Bittium Corporation\u2019s
management also has a share-based incentive plan where the
fair value of the equity instruments granted is recognized in
personnel expenses and the corresponding increase in equity.
Cash-settled arrangements are measured at fair value in the
financial statements and changes in the fair value of the
liability are recognized in the income statement. The fair value
of the instruments is determined on the grant date and is
amortized over the period during which the employee receives
full ownership of the instruments. Share-based payments are
measured at fair value at the date of grant and recognized as
an expense in the income statement when the right arises.
Provisions
A provision is recognized in the balance sheet when the Group
has a present legal or constructive obligation as a result of a
past event and it is probable that an outflow of resources will
be required to settle the obligation, or an outflow of resources
can be estimated reliably. Provisions may relate to
restructuring of operations, onerous contracts, repair or
replacement of products during the warranty period,
environmental obligations, litigation and tax risks.
The amount recognized as a provision is the best estimate of
the expenditure required to settle the present obligation at the
balance sheet date. If the effect of the time value of money is
material, provisions are discounted..
When the Group expects to receive a refund for expenses
incurred, the compensation is recognized as a receivable when
it is virtually certain to be received.
Taxes
Taxes in the consolidated income statement include direct
taxes based on each company's taxable profit, calculated in
accordance with local tax regulations, and changes in deferred
tax liabilities and assets..
Deferred tax liabilities are calculated on all temporary
differences between the carrying amount of an asset and its
tax base. Deferred tax assets, including tax losses, are included
in the financial statements only to the extent that it is probable
that taxable income will be available against which the assets
can be utilized. Tax liabilities and assets are calculated using
the tax rates in effect at the time the financial statements are
prepared or, if they have been approved, the tax rates for the
year following the financial period.
Revenue Recognition
Bittium identifies customer contracts and their performance
obligation-specific revenue recognition principles using the
five-step method required by the IFRS15 accounting standard.
Bittium classifies signed contracts and purchase orders as
customer contracts in accordance with IFRS15. Framework
agreements and letters of intent may exceptionally be
classified as customer contracts to be recognized as revenue
only in situations where they can be demonstrated to otherwise
meet the conditions of IFRS15.
Bittium's performance obligations under the accounting
standard include product and license sales, product
development services, product maintenance and support
services, and extended product warranties. Bittium has list
prices for products and related maintenance and support
services and extended warranties. If the contract does not
specify the price of an individual performance obligation, the
price is estimated using the market price method or cost-
based. Service prices are determined individually for each
contract. Bittium has not capitalized the costs associated with
achieving the contract in the balance sheet or allocated them
to projects or products to be recognized as revenue. Such
additional costs have been minor and the economic life of the
asset resulting from the costs would be less than one year.
Revenue from services is recognized when the service is
performed. In this case, the performance obligation is satisfied
over time. In the case of a long-term service project with a
percentage of completion, revenue from the sale of services is
recognized based on the percentage of completion when the
final outcome of the project can be reliably measured. The
percentage of completion is measured by the proportion of
costs already incurred to the estimated total costs of the
project. Revenue recognition based on the percentage of
completion requires accurate forecasting of future sales and
costs for the entire duration of the contract. Forecasts are the
basis for revenue recognition and include the latest estimates
of contract sales, costs and risks. Forecasts may change
significantly due to the stage of completion of the contract,
changes in the scope of the contract, cost estimates and
customer plans, or other factors.
Revenue from the sale of goods is recognized when control of
the goods sold has been transferred to the buyer and the Group
no longer has a management role that is usually associated
with ownership and no effective control over the goods sold. In
this case, performance obligations are fulfilled at a single point
in time. When calculating turnover, sales revenue is adjusted
for indirect taxes and discounts.
If Bittium receives advance payments from the customer for
services, they are recognized as revenue in accordance with
the revenue recognition principles mentioned above. For
product warranties, Bittium amortizes warranty provisions,
which are released over time in accordance with the warranty
period. Additional product warranties for a fee are recognized
as revenue during the relevant warranty period over time.
The matrix described below is used to estimate revenue recognition:
Type of Contract
Contract Element
The Principle for Revenue Recognition and Possible Estimates
Sales of services
Customer contract, fixed price
Partial revenue is recognized based on estimated project costs according to the stage
of completion.
Sales of services
Customer contract based
on time, price per hours
Based on the work done for the customer and recognized upon invoicing.
Product/licence sales
Product, off the shelf
The contractual price of the product is recognized as revenue upon delivery, when
control has been transferred to the customer. Customization performed as product
development is recognized as revenue upon delivery of the product.
Product/licence sales
Product, customized
The contractual price of the product is recognized as revenue upon delivery, when
control has been transferred to the customer. Customization performed as product
development is recognized as revenue upon delivery of the product. Customization
performed as a service is treated as a separate performance obligation and is
recognized as revenue according to the above-mentioned service sales principles.
Product/licence sales
Product + maintenance
The contractual price of the product is recognized as revenue upon delivery, when
control has been transferred to the customer, and maintenance is recognized during
the maintenance period.
Product/licence sales
Product support services
Over time, based on the work done.
Other contracts
Rental agreements
During the rental period, according to the rental agreement.
Assets Held for Sale and Discontinued
Operations
Non-current assets held for sale and assets related to
discontinued operations are classified as held for sale and are
measured at the lower of carrying amount or fair value less
costs to sell if the carrying amount will be recovered primarily
from the sale of the asset rather than from continuing use.
Depreciation on these assets is discontinued at the time of
classification.
Financial Assets and Financial
Liabilities
Hedge accounting as defined in IFRS 9 Financial Instruments
has not been applied in the Group in the current or previous
financial years.
The Group classifies financial assets at initial recognition as
financial assets measured at amortized cost, financial assets
measured at fair value through other comprehensive income or
financial assets measured at fair value through profit or loss.
The classifications are made based on business models and an
analysis of contractual cash flows. After initial recognition,
financial assets are not reclassified except in situations where
the business model for managing the assets changes. At the
balance sheet date, the Group has only a small number of
financial assets other than those measured at amortized cost.
Financial assets are generally derecognized when:
\u2022 The contractual right to the cash flows of an item of
financial assets ceases to exist or;
\u2022 The Group has either transferred substantially all the risks
and rewards associated with the financial assets or has
transferred control of the financial assets..
The Impairment of Financial Assets
Based on the simplified model permitted by IFRS 9, the Group
records a deduction for expected credit losses from trade
receivables. The Group's trade receivables do not contain a
significant financing component.
The Group uses management judgment to determine the
expected credit losses on trade receivables. The provision is
based on historical observed default rates over the life of the
trade receivables and is adjusted for forward-looking
estimates. Changes in the allowance for doubtful accounts are
presented in expenses in the income statement.
Cash and Short-Term Deposits
Cash and cash equivalents consist of cash on hand, bank
deposits available for withdrawal on demand and other short-
term, highly liquid investments that are readily convertible to
known amounts of cash and are subject to an insignificant risk
of change in value. Items classified as cash and cash
equivalents have a maximum maturity of three months from
the date of acquisition. Cash and cash equivalents are
classified as financial assets measured at amortized cost.
Financial Liabilities
The Group\u2019s financial liabilities, which include trade and other
payables, loans and other financial liabilities, are measured at
amortized cost. Loans are initially recognized at fair value.
Transaction costs are included in the initial carrying amount of
the financial liabilities. Subsequently, loans are measured at
amortized cost using the effective interest method.
Financial liabilities are not reclassified after their initial
recognition in the balance sheet. Financial liabilities that
mature in more than one year are classified as non-current
liabilities, and liabilities that mature in less than one year are
classified as current liabilities.
A financial liability is derecognized when the contractual
liability is discharged, cancelled or matures. When the
contractual terms of a financial liability are materially changed
or when a new loan agreement is entered into with an existing
creditor, the change is treated as derecognition of the original
loan and recognition of the new loan. The difference in carrying
amounts is recognized in the income statement.
The Application of New and
Revised IFRS Regulations
The new IFRS 18 Presentation of Financial Statements and
Disclosures standard was published in April 2024. The
standard must be applied for financial periods beginning on or
after 1 January 2027. The Group estimates that the new
standard will potentially have an impact on the information
presented in the financial statements and the presentation of
the profit or loss statement. The Group is currently analyzing
the need for changes caused by the standard.
Other IFRS accounting standards or interpretations effective
on or after January 1, 2026 are not expected to have a material
impact on the Group's financial performance, financial position
or presentation of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-215": { "value": "Corporate InformationThe company\u2019s field of activities is the development, production and selling of software, equipment and other products for the automotive and electronics industry, the production of R&D services and other services as well as other industrial operations. The company may administer product and other rights and conduct research and development operations, hold and trade securities and real-estate and conduct other investment activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-216": { "value": "Bittium Corporation", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-217": { "value": "Bittium Corporation", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-218": { "value": "Bittium Corporation", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-219": { "value": "Finnish", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-220": { "value": "Finnish", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-221": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-222": { "value": "Oulu", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-223": { "value": "Ritaharjuntie 1, 90590 Oulu, Finland. The Board of Directors of Bittium Corporation has approved these consolidated financial statements on March 30, 2026.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-224": { "value": "
Basis of Preparation
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
and have been prepared in accordance with IAS and IFRS
accounting standards and SIC and IFRIC interpretations valid
on 31 December 2025. The financial statements are presented
in thousands of euros. The consolidated financial statements
have been prepared based on original acquisition prices, unless
otherwise stated in the accounting policies.
Consolidation Principles
The consolidated financial statements of Bittium include the
financial statements of the parent company Bittium
Corporation and its subsidiaries.
Subsidiaries
Subsidiaries are considered to be companies in which Bittium
Corporation exercises control and in which it directly or
indirectly owns more than 50% of the voting rights, or in which
Bittium Corporation otherwise exercises de facto control. The
existence of potential control has also been taken into account
when assessing the conditions for the emergence of control
when the instruments entitling to potential voting rights are
exercisable at the time of review.
Associated Companies
Associates are companies in which the Group has significant
influence. Significant influence means the power to participate
in the financial and operational decisions of the associate, but
does not have control or joint control over such decisions.
Investments in associates are accounted for using the equity
method in accordance with IAS 28. At the time of acquisition,
investments in associates are recorded at cost, adjusted by
any change in the Group's share of the associate's profit or loss
after the acquisition date. If the Group's share of the
associate's losses exceeds the carrying amount of the
investment, the investments are recorded in the balance sheet
at zero and the excess losses are consolidated only if the
Group is committed to fulfilling the associate's obligations. The
investment in the associate includes goodwill arising from the
acquisition. Unrealized gains or losses between the Group and
the associate are eliminated in accordance with the Group's
share of ownership.
The Group's share of the associated company's result, based
on its ownership interest, is presented as a separate item in the
income statement above operating profit or loss. The Group's
share of the associated company's changes in other
comprehensive income is presented in other comprehensive
income.
The carrying amount of an investment in an associated
company is tested by comparing it with the recoverable
amount of the investment. If the recoverable amount of the
investment is less than its carrying amount, the carrying
amount is reduced by recognizing an impairment loss in profit
or loss.
Elimination of Intra-Group Transactions
The Group's mutual shareholdings are eliminated using the
acquisition cost method. Acquired subsidiaries are
consolidated in the consolidated financial statements from the
moment the Group obtains control and disposed subsidiaries
until the moment control ceases. The difference between the
fair value of the subsidiary shares at the acquisition date and
the net amount of the subsidiaries' identifiable assets and
liabilities assumed at the acquisition date is partly allocated to
the balance sheet items from which it is considered to arise.
The excess is presented as consolidated goodwill. According to
IFRS, goodwill is not amortized, but goodwill is tested for
impairment annually.
All intra-group transactions, receivables, liabilities and
margins, as well as internal profit distribution, are eliminated
when preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-225": { "value": "
The consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards
and have been prepared in accordance with IAS and IFRS
accounting standards and SIC and IFRIC interpretations valid
on 31 December 2025.
The Application of New and
Revised IFRS Regulations
The new IFRS 18 Presentation of Financial Statements and
Disclosures standard was published in April 2024. The
standard must be applied for financial periods beginning on or
after 1 January 2027. The Group estimates that the new
standard will potentially have an impact on the information
presented in the financial statements and the presentation of
the profit or loss statement. The Group is currently analyzing
the need for changes caused by the standard.
Other IFRS accounting standards or interpretations effective
on or after January 1, 2026 are not expected to have a material
impact on the Group's financial performance, financial position
or presentation of the financial statements.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-227": { "value": "The financial statements are presented
in thousands of euros. The consolidated financial statements
have been prepared based on original acquisition prices, unless
otherwise stated in the accounting policies.
Consolidation Principles
The consolidated financial statements of Bittium include the
financial statements of the parent company Bittium
Corporation and its subsidiaries.
Subsidiaries
Subsidiaries are considered to be companies in which Bittium
Corporation exercises control and in which it directly or
indirectly owns more than 50% of the voting rights, or in which
Bittium Corporation otherwise exercises de facto control. The
existence of potential control has also been taken into account
when assessing the conditions for the emergence of control
when the instruments entitling to potential voting rights are
exercisable at the time of review.
Associated Companies
Associates are companies in which the Group has significant
influence. Significant influence means the power to participate
in the financial and operational decisions of the associate, but
does not have control or joint control over such decisions.
Investments in associates are accounted for using the equity
method in accordance with IAS 28. At the time of acquisition,
investments in associates are recorded at cost, adjusted by
any change in the Group's share of the associate's profit or loss
after the acquisition date. If the Group's share of the
associate's losses exceeds the carrying amount of the
investment, the investments are recorded in the balance sheet
at zero and the excess losses are consolidated only if the
Group is committed to fulfilling the associate's obligations. The
investment in the associate includes goodwill arising from the
acquisition. Unrealized gains or losses between the Group and
the associate are eliminated in accordance with the Group's
share of ownership.
The Group's share of the associated company's result, based
on its ownership interest, is presented as a separate item in the
income statement above operating profit or loss. The Group's
share of the associated company's changes in other
comprehensive income is presented in other comprehensive
income.
The carrying amount of an investment in an associated
company is tested by comparing it with the recoverable
amount of the investment. If the recoverable amount of the
investment is less than its carrying amount, the carrying
amount is reduced by recognizing an impairment loss in profit
or loss.
Elimination of Intra-Group Transactions
The Group's mutual shareholdings are eliminated using the
acquisition cost method. Acquired subsidiaries are
consolidated in the consolidated financial statements from the
moment the Group obtains control and disposed subsidiaries
until the moment control ceases. The difference between the
fair value of the subsidiary shares at the acquisition date and
the net amount of the subsidiaries' identifiable assets and
liabilities assumed at the acquisition date is partly allocated to
the balance sheet items from which it is considered to arise.
The excess is presented as consolidated goodwill. According to
IFRS, goodwill is not amortized, but goodwill is tested for
impairment annually.
All intra-group transactions, receivables, liabilities and
margins, as well as internal profit distribution, are eliminated
when preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-226": { "value": "The financial statements are presented
in thousands of euros. The consolidated financial statements
have been prepared based on original acquisition prices, unless
otherwise stated in the accounting policies.
Consolidation Principles
The consolidated financial statements of Bittium include the
financial statements of the parent company Bittium
Corporation and its subsidiaries.
Elimination of Intra-Group Transactions
The Group's mutual shareholdings are eliminated using the
acquisition cost method. Acquired subsidiaries are
consolidated in the consolidated financial statements from the
moment the Group obtains control and disposed subsidiaries
until the moment control ceases. The difference between the
fair value of the subsidiary shares at the acquisition date and
the net amount of the subsidiaries' identifiable assets and
liabilities assumed at the acquisition date is partly allocated to
the balance sheet items from which it is considered to arise.
The excess is presented as consolidated goodwill. According to
IFRS, goodwill is not amortized, but goodwill is tested for
impairment annually.
All intra-group transactions, receivables, liabilities and
margins, as well as internal profit distribution, are eliminated
when preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-228": { "value": "
Subsidiaries
Subsidiaries are considered to be companies in which Bittium
Corporation exercises control and in which it directly or
indirectly owns more than 50% of the voting rights, or in which
Bittium Corporation otherwise exercises de facto control. The
existence of potential control has also been taken into account
when assessing the conditions for the emergence of control
when the instruments entitling to potential voting rights are
exercisable at the time of review.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-230": { "value": "
Associated Companies
Associates are companies in which the Group has significant
influence. Significant influence means the power to participate
in the financial and operational decisions of the associate, but
does not have control or joint control over such decisions.
Investments in associates are accounted for using the equity
method in accordance with IAS 28. At the time of acquisition,
investments in associates are recorded at cost, adjusted by
any change in the Group's share of the associate's profit or loss
after the acquisition date. If the Group's share of the
associate's losses exceeds the carrying amount of the
investment, the investments are recorded in the balance sheet
at zero and the excess losses are consolidated only if the
Group is committed to fulfilling the associate's obligations. The
investment in the associate includes goodwill arising from the
acquisition. Unrealized gains or losses between the Group and
the associate are eliminated in accordance with the Group's
share of ownership.
The Group's share of the associated company's result, based
on its ownership interest, is presented as a separate item in the
income statement above operating profit or loss. The Group's
share of the associated company's changes in other
comprehensive income is presented in other comprehensive
income.
The carrying amount of an investment in an associated
company is tested by comparing it with the recoverable
amount of the investment. If the recoverable amount of the
investment is less than its carrying amount, the carrying
amount is reduced by recognizing an impairment loss in profit
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-229": { "value": "
Associated Companies
Associates are companies in which the Group has significant
influence. Significant influence means the power to participate
in the financial and operational decisions of the associate, but
does not have control or joint control over such decisions.
Investments in associates are accounted for using the equity
method in accordance with IAS 28. At the time of acquisition,
investments in associates are recorded at cost, adjusted by
any change in the Group's share of the associate's profit or loss
after the acquisition date. If the Group's share of the
associate's losses exceeds the carrying amount of the
investment, the investments are recorded in the balance sheet
at zero and the excess losses are consolidated only if the
Group is committed to fulfilling the associate's obligations. The
investment in the associate includes goodwill arising from the
acquisition. Unrealized gains or losses between the Group and
the associate are eliminated in accordance with the Group's
share of ownership.
The Group's share of the associated company's result, based
on its ownership interest, is presented as a separate item in the
income statement above operating profit or loss. The Group's
share of the associated company's changes in other
comprehensive income is presented in other comprehensive
income.
The carrying amount of an investment in an associated
company is tested by comparing it with the recoverable
amount of the investment. If the recoverable amount of the
investment is less than its carrying amount, the carrying
amount is reduced by recognizing an impairment loss in profit
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-231": { "value": "
Foreign Currency Transactions
Foreign currency transactions are translated into euros at the
exchange rate on the transaction dates. Receivables and
liabilities denominated in foreign currencies are translated into
euros at the exchange rate of the European Central Bank on
the balance sheet date. Exchange rate gains and losses arising
from business operations and financial assets and liabilities
are recognized in the income statement..
The income statements of Group companies whose functional
currency is not the euro are translated into euros at the
average exchange rates for the reporting period and the
balance sheets at the exchange rates on the reporting date.
The average exchange rate difference arising from the
translation of the income statement and balance sheet into a
different currency is recognized in equity. The translation
difference arising from the elimination of the acquisition cost
of a foreign subsidiary is recognized in equity. When a
subsidiary is sold, the accumulated translation differences are
recognized as part of the capital gain or loss in the income
statement.
If long-term loans have been issued within the Group that are
comparable in substance to equity, exchange rate differences
on these loans have been treated as part of equity, like
translation differences.
Goodwill arising from the acquisition of foreign units and fair
value adjustments made to the carrying amounts of the assets
and liabilities of those foreign units in connection with the
acquisition have been treated as assets and liabilities of those
foreign units and translated into euros using the exchange
rates at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-232": { "value": "
Items related to the financial statements of the Group's units
are valued in the currency of each unit's primary operating
environment (functional currency). The consolidated financial
statements are presented in euros, which is the functional
currency of the Group's parent company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-234": { "value": "
Property, Plant and Equipment
Property, plant and equipment are valued at original
acquisition cost less depreciation and impairment losses.
Assets of acquired subsidiaries are valued at fair value at the
time of acquisition. Assets are depreciated on a straight-line
basis over their useful lives.
The most common estimated useful lives are:
\u2022 Buildings and structures 40 years
\u2022 Machinery and equipment 3-10 years
The residual value and useful life of assets are reviewed at
each balance sheet date and, if necessary, adjusted to reflect
changes in the expected future economic benefits. Ordinary
repairs and maintenance costs are expensed in the period in
which they are incurred. Gains and losses on disposals and
retirements are calculated as the difference between the net
proceeds received and the carrying amount. Capital gains and
losses are included in operating profit in the income statement.
Research and Development Expenditure
Research costs are recognized as an expense in the period in
which they are incurred. Development costs are capitalized if
they meet the criteria for capitalized development costs as
defined in IAS 38. Capitalized development costs mainly
include materials, supplies and direct labor costs. Capitalized
development costs are amortized over their useful lives. The
estimated useful lives of development costs are 3-5 years or
depreciation based on the number of goods delivered or
amortization included in technology licensing based on
management's estimated product volume.
Capitalized development costs are regularly tested for
impairment by comparing their recoverable amount with their
carrying amount. Changes in the technology environment are
taken into account. Unamortized, capitalized development
costs whose carrying amount is considered to be higher than
their recoverable amount are immediately recognized as an
expense.
Other Intangible Assets
Patents, trademarks and licenses with finite useful lives are
recognized in the balance sheet and amortized on a straight-
line basis in the income statement over their useful lives. If
there is any indication that the asset is impaired, the
recoverable amount of the intangible asset is determined and a
corresponding impairment loss is recorded. Intangible assets
with indefinite useful lives are not amortized but are tested
annually for impairment.
The estimated useful lives are:
\u2022 Intangible rights 3-10 years
\u2022 Other intangible assets 3-4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-233": { "value": "
Property, Plant and Equipment
Property, plant and equipment are valued at original
acquisition cost less depreciation and impairment losses.
Assets of acquired subsidiaries are valued at fair value at the
time of acquisition. Assets are depreciated on a straight-line
basis over their useful lives.
The most common estimated useful lives are:
\u2022 Buildings and structures 40 years
\u2022 Machinery and equipment 3-10 years
The residual value and useful life of assets are reviewed at
each balance sheet date and, if necessary, adjusted to reflect
changes in the expected future economic benefits. Ordinary
repairs and maintenance costs are expensed in the period in
which they are incurred. Gains and losses on disposals and
retirements are calculated as the difference between the net
proceeds received and the carrying amount. Capital gains and
losses are included in operating profit in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-235": { "value": "Ordinary
repairs and maintenance costs are expensed in the period in
which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-236": { "value": "
Intangible Assets
Goodwill
Goodwill is tested for impairment annually or more frequently
if, due to changes in circumstances, it is likely that the value
may be reduced. Goodwill is allocated to cash-generating
units. If there is any indication of impairment, the recoverable
amount is determined for the cash-generating unit to which
the goodwill belongs. The recoverable amount of the cash-
generating unit is compared with its carrying amount and an
impairment loss is recognized if the recoverable amount is
lower than the carrying amount. An impairment loss is
recognized in the income statement.
Research and Development Expenditure
Research costs are recognized as an expense in the period in
which they are incurred. Development costs are capitalized if
they meet the criteria for capitalized development costs as
defined in IAS 38. Capitalized development costs mainly
include materials, supplies and direct labor costs. Capitalized
development costs are amortized over their useful lives. The
estimated useful lives of development costs are 3-5 years or
depreciation based on the number of goods delivered or
amortization included in technology licensing based on
management's estimated product volume.
Capitalized development costs are regularly tested for
impairment by comparing their recoverable amount with their
carrying amount. Changes in the technology environment are
taken into account. Unamortized, capitalized development
costs whose carrying amount is considered to be higher than
their recoverable amount are immediately recognized as an
expense.
Other Intangible Assets
Patents, trademarks and licenses with finite useful lives are
recognized in the balance sheet and amortized on a straight-
line basis in the income statement over their useful lives. If
there is any indication that the asset is impaired, the
recoverable amount of the intangible asset is determined and a
corresponding impairment loss is recorded. Intangible assets
with indefinite useful lives are not amortized but are tested
annually for impairment.
The estimated useful lives are:
\u2022 Intangible rights 3-10 years
\u2022 Other intangible assets 3-4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-237": { "value": "
Goodwill
Goodwill is tested for impairment annually or more frequently
if, due to changes in circumstances, it is likely that the value
may be reduced. Goodwill is allocated to cash-generating
units. If there is any indication of impairment, the recoverable
amount is determined for the cash-generating unit to which
the goodwill belongs. The recoverable amount of the cash-
generating unit is compared with its carrying amount and an
impairment loss is recognized if the recoverable amount is
lower than the carrying amount. An impairment loss is
recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-238": { "value": "
Research and Development Expenditure
Research costs are recognized as an expense in the period in
which they are incurred. Development costs are capitalized if
they meet the criteria for capitalized development costs as
defined in IAS 38. Capitalized development costs mainly
include materials, supplies and direct labor costs. Capitalized
development costs are amortized over their useful lives. The
estimated useful lives of development costs are 3-5 years or
depreciation based on the number of goods delivered or
amortization included in technology licensing based on
management's estimated product volume.
Capitalized development costs are regularly tested for
impairment by comparing their recoverable amount with their
carrying amount. Changes in the technology environment are
taken into account. Unamortized, capitalized development
costs whose carrying amount is considered to be higher than
their recoverable amount are immediately recognized as an
expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-239": { "value": "
Other Intangible Assets
Patents, trademarks and licenses with finite useful lives are
recognized in the balance sheet and amortized on a straight-
line basis in the income statement over their useful lives. If
there is any indication that the asset is impaired, the
recoverable amount of the intangible asset is determined and a
corresponding impairment loss is recorded. Intangible assets
with indefinite useful lives are not amortized but are tested
annually for impairment.
The estimated useful lives are:
\u2022 Intangible rights 3-10 years
\u2022 Other intangible assets 3-4 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-240": { "value": "
Inventories
Inventories are valued at the lower of cost or net realizable
value. Net realizable value is estimated by deducting the selling
price in the ordinary course of business less the costs of
completing the product and the estimated costs necessary to
make the sale.
The value of the material inventory is determined using the
weighted average price. The acquisition cost of finished goods
and work in progress consists of the purchase cost of raw
materials, costs of direct labor, other direct costs, variable
overheads for systematically allocated production and fixed
overheads for systematically allocated portion of production.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-241": { "value": "
Borrowing Costs
Borrowing costs are recognized as an expense in the period in
which they are incurred in accordance with existing IFRS
accounting standards.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-242": { "value": "
Government Grants
Government grants are recognized when it is reasonably
certain that the company will meet the related conditions and
the grants will be received. Financial grants provided by public
entities for research and development expenses are presented
in other operating income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-243": { "value": "
Leases
According to IFRS 16 Leases, all leases of the Group are
presented as assets or liabilities in the balance sheet. When
the Group is the lessee, lease liabilities are measured at the
inception of the lease at the present value of the rents that
have not been paid on that date. The rents are discounted
using the Group's incremental borrowing rate. The right-of-use
asset corresponding to the lease liability is measured at cost at
the inception of the lease. After the inception of the lease, the
right-of-use asset is measured using the cost model. Under the
cost model, the lessee measures the fixed asset at cost less
accumulated depreciation and impairment losses and
adjusted by the amount resulting from the remeasurement of
the lease liability.
The Group determines the lease term as the period during
which the lease is not cancellable. When determining the lease
term, any periods covered by an extension option and any
financial incentives to exercise the lease option or not to
exercise the termination option are taken into account. The
Group adjusts the lease term if the period during which the
lease is not cancellable changes. For short-term leases and
leases where the underlying asset is of low value, the Group
may recognize the rents related to such leases as expenses
either on a straight-line basis over the lease term or on some
other systematic basis.
Right-of-use assets under leases are included in fixed assets in
the item in which the corresponding underlying assets would
be presented if they were owned. Lease liabilities are included
in the Group's interest-bearing liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-245": { "value": "
Impairment of Assets
The Group assesses at each balance sheet date whether there
is any indication that an asset may be impaired. If such an
indication exists, the recoverable amount of the asset is
estimated. The recoverable amount is also assessed annually
for the following assets, regardless of whether there is any
indication of impairment: investments, goodwill, intangible
assets with indefinite useful lives and intangible assets in
progress. The recoverable amount is generally based on the
future discounted net cash flows that can be obtained from the
corresponding asset.
An impairment loss is recognized when the carrying amount of
an asset exceeds its recoverable amount. The impairment loss
is recognized in the income statement. An impairment loss is
reversed if there has been a change in circumstances and the
recoverable amount has changed since the impairment loss
was recognized. However, impairment losses are not reversed
in excess of what the carrying amount would have been
without the impairment loss. An impairment loss recognized
for goodwill is not reversed in any circumstances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-244": { "value": "
Impairment of Assets
The Group assesses at each balance sheet date whether there
is any indication that an asset may be impaired. If such an
indication exists, the recoverable amount of the asset is
estimated. The recoverable amount is also assessed annually
for the following assets, regardless of whether there is any
indication of impairment: investments, goodwill, intangible
assets with indefinite useful lives and intangible assets in
progress. The recoverable amount is generally based on the
future discounted net cash flows that can be obtained from the
corresponding asset.
An impairment loss is recognized when the carrying amount of
an asset exceeds its recoverable amount. The impairment loss
is recognized in the income statement. An impairment loss is
reversed if there has been a change in circumstances and the
recoverable amount has changed since the impairment loss
was recognized. However, impairment losses are not reversed
in excess of what the carrying amount would have been
without the impairment loss. An impairment loss recognized
for goodwill is not reversed in any circumstances.
The Impairment of Financial Assets
Based on the simplified model permitted by IFRS 9, the Group
records a deduction for expected credit losses from trade
receivables. The Group's trade receivables do not contain a
significant financing component.
The Group uses management judgment to determine the
expected credit losses on trade receivables. The provision is
based on historical observed default rates over the life of the
trade receivables and is adjusted for forward-looking
estimates. Changes in the allowance for doubtful accounts are
presented in expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-246": { "value": "
Employee Benefits
Pension Liabilities
The Group has pension plans to cover the retirement benefits
of its employees around the world. The pension plans are based
on local legislation and established practice in each country.
These pension plans are classified as either defined
contribution or defined benefit plans.
In Finland, the Group has arranged pension coverage for its
personnel through external pension insurance companies. The
Finnish employment pension system is classified as a defined
contribution pension plan. In defined contribution plans,
pension contributions are paid to insurance companies and
recognized as an expense in the income statement of the
period to which they are allocated, after which the Group has
no further payment obligations. The Group\u2019s foreign pension
plans are also classified as defined contribution plans.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-247": { "value": "
Share-Based Payment
The Group applies IFRS 2 Share-based Payments. The Group
has a remuneration arrangement where part of the Board of
Directors\u2019 remuneration is paid in shares. Bittium Corporation\u2019s
management also has a share-based incentive plan where the
fair value of the equity instruments granted is recognized in
personnel expenses and the corresponding increase in equity.
Cash-settled arrangements are measured at fair value in the
financial statements and changes in the fair value of the
liability are recognized in the income statement. The fair value
of the instruments is determined on the grant date and is
amortized over the period during which the employee receives
full ownership of the instruments. Share-based payments are
measured at fair value at the date of grant and recognized as
an expense in the income statement when the right arises.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-248": { "value": "
Provisions
A provision is recognized in the balance sheet when the Group
has a present legal or constructive obligation as a result of a
past event and it is probable that an outflow of resources will
be required to settle the obligation, or an outflow of resources
can be estimated reliably. Provisions may relate to
restructuring of operations, onerous contracts, repair or
replacement of products during the warranty period,
environmental obligations, litigation and tax risks.
The amount recognized as a provision is the best estimate of
the expenditure required to settle the present obligation at the
balance sheet date. If the effect of the time value of money is
material, provisions are discounted..
When the Group expects to receive a refund for expenses
incurred, the compensation is recognized as a receivable when
it is virtually certain to be received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-249": { "value": "
Taxes
Taxes in the consolidated income statement include direct
taxes based on each company's taxable profit, calculated in
accordance with local tax regulations, and changes in deferred
tax liabilities and assets..
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-250": { "value": "
Deferred tax liabilities are calculated on all temporary
differences between the carrying amount of an asset and its
tax base. Deferred tax assets, including tax losses, are included
in the financial statements only to the extent that it is probable
that taxable income will be available against which the assets
can be utilized. Tax liabilities and assets are calculated using
the tax rates in effect at the time the financial statements are
prepared or, if they have been approved, the tax rates for the
year following the financial period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-251": { "value": "
Revenue Recognition
Bittium identifies customer contracts and their performance
obligation-specific revenue recognition principles using the
five-step method required by the IFRS15 accounting standard.
Bittium classifies signed contracts and purchase orders as
customer contracts in accordance with IFRS15. Framework
agreements and letters of intent may exceptionally be
classified as customer contracts to be recognized as revenue
only in situations where they can be demonstrated to otherwise
meet the conditions of IFRS15.
Bittium's performance obligations under the accounting
standard include product and license sales, product
development services, product maintenance and support
services, and extended product warranties. Bittium has list
prices for products and related maintenance and support
services and extended warranties. If the contract does not
specify the price of an individual performance obligation, the
price is estimated using the market price method or cost-
based. Service prices are determined individually for each
contract. Bittium has not capitalized the costs associated with
achieving the contract in the balance sheet or allocated them
to projects or products to be recognized as revenue. Such
additional costs have been minor and the economic life of the
asset resulting from the costs would be less than one year.
Revenue from services is recognized when the service is
performed. In this case, the performance obligation is satisfied
over time. In the case of a long-term service project with a
percentage of completion, revenue from the sale of services is
recognized based on the percentage of completion when the
final outcome of the project can be reliably measured. The
percentage of completion is measured by the proportion of
costs already incurred to the estimated total costs of the
project. Revenue recognition based on the percentage of
completion requires accurate forecasting of future sales and
costs for the entire duration of the contract. Forecasts are the
basis for revenue recognition and include the latest estimates
of contract sales, costs and risks. Forecasts may change
significantly due to the stage of completion of the contract,
changes in the scope of the contract, cost estimates and
customer plans, or other factors.
Revenue from the sale of goods is recognized when control of
the goods sold has been transferred to the buyer and the Group
no longer has a management role that is usually associated
with ownership and no effective control over the goods sold. In
this case, performance obligations are fulfilled at a single point
in time. When calculating turnover, sales revenue is adjusted
for indirect taxes and discounts.
If Bittium receives advance payments from the customer for
services, they are recognized as revenue in accordance with
the revenue recognition principles mentioned above. For
product warranties, Bittium amortizes warranty provisions,
which are released over time in accordance with the warranty
period. Additional product warranties for a fee are recognized
as revenue during the relevant warranty period over time.
The matrix described below is used to estimate revenue recognition:
Type of Contract
Contract Element
The Principle for Revenue Recognition and Possible Estimates
Sales of services
Customer contract, fixed price
Partial revenue is recognized based on estimated project costs according to the stage
of completion.
Sales of services
Customer contract based
on time, price per hours
Based on the work done for the customer and recognized upon invoicing.
Product/licence sales
Product, off the shelf
The contractual price of the product is recognized as revenue upon delivery, when
control has been transferred to the customer. Customization performed as product
development is recognized as revenue upon delivery of the product.
Product/licence sales
Product, customized
The contractual price of the product is recognized as revenue upon delivery, when
control has been transferred to the customer. Customization performed as product
development is recognized as revenue upon delivery of the product. Customization
performed as a service is treated as a separate performance obligation and is
recognized as revenue according to the above-mentioned service sales principles.
Product/licence sales
Product + maintenance
The contractual price of the product is recognized as revenue upon delivery, when
control has been transferred to the customer, and maintenance is recognized during
the maintenance period.
Product/licence sales
Product support services
Over time, based on the work done.
Other contracts
Rental agreements
During the rental period, according to the rental agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-254": { "value": "
Assets Held for Sale and Discontinued
Operations
Non-current assets held for sale and assets related to
discontinued operations are classified as held for sale and are
measured at the lower of carrying amount or fair value less
costs to sell if the carrying amount will be recovered primarily
from the sale of the asset rather than from continuing use.
Depreciation on these assets is discontinued at the time of
classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-253": { "value": "
Assets Held for Sale and Discontinued
Operations
Non-current assets held for sale and assets related to
discontinued operations are classified as held for sale and are
measured at the lower of carrying amount or fair value less
costs to sell if the carrying amount will be recovered primarily
from the sale of the asset rather than from continuing use.
Depreciation on these assets is discontinued at the time of
classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-252": { "value": "
Assets Held for Sale and Discontinued
Operations
Non-current assets held for sale and assets related to
discontinued operations are classified as held for sale and are
measured at the lower of carrying amount or fair value less
costs to sell if the carrying amount will be recovered primarily
from the sale of the asset rather than from continuing use.
Depreciation on these assets is discontinued at the time of
classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-255": { "value": "
Financial Assets and Financial
Liabilities
Hedge accounting as defined in IFRS 9 Financial Instruments
has not been applied in the Group in the current or previous
financial years.
The Group classifies financial assets at initial recognition as
financial assets measured at amortized cost, financial assets
measured at fair value through other comprehensive income or
financial assets measured at fair value through profit or loss.
The classifications are made based on business models and an
analysis of contractual cash flows. After initial recognition,
financial assets are not reclassified except in situations where
the business model for managing the assets changes. At the
balance sheet date, the Group has only a small number of
financial assets other than those measured at amortized cost.
Financial assets are generally derecognized when:
\u2022 The contractual right to the cash flows of an item of
financial assets ceases to exist or;
\u2022 The Group has either transferred substantially all the risks
and rewards associated with the financial assets or has
transferred control of the financial assets..
The Impairment of Financial Assets
Based on the simplified model permitted by IFRS 9, the Group
records a deduction for expected credit losses from trade
receivables. The Group's trade receivables do not contain a
significant financing component.
The Group uses management judgment to determine the
expected credit losses on trade receivables. The provision is
based on historical observed default rates over the life of the
trade receivables and is adjusted for forward-looking
estimates. Changes in the allowance for doubtful accounts are
presented in expenses in the income statement.
Cash and Short-Term Deposits
Cash and cash equivalents consist of cash on hand, bank
deposits available for withdrawal on demand and other short-
term, highly liquid investments that are readily convertible to
known amounts of cash and are subject to an insignificant risk
of change in value. Items classified as cash and cash
equivalents have a maximum maturity of three months from
the date of acquisition. Cash and cash equivalents are
classified as financial assets measured at amortized cost.
Financial Liabilities
The Group\u2019s financial liabilities, which include trade and other
payables, loans and other financial liabilities, are measured at
amortized cost. Loans are initially recognized at fair value.
Transaction costs are included in the initial carrying amount of
the financial liabilities. Subsequently, loans are measured at
amortized cost using the effective interest method.
Financial liabilities are not reclassified after their initial
recognition in the balance sheet. Financial liabilities that
mature in more than one year are classified as non-current
liabilities, and liabilities that mature in less than one year are
classified as current liabilities.
A financial liability is derecognized when the contractual
liability is discharged, cancelled or matures. When the
contractual terms of a financial liability are materially changed
or when a new loan agreement is entered into with an existing
creditor, the change is treated as derecognition of the original
loan and recognition of the new loan. The difference in carrying
amounts is recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-256": { "value": "
Financial Assets and Financial
Liabilities
Hedge accounting as defined in IFRS 9 Financial Instruments
has not been applied in the Group in the current or previous
financial years.
The Group classifies financial assets at initial recognition as
financial assets measured at amortized cost, financial assets
measured at fair value through other comprehensive income or
financial assets measured at fair value through profit or loss.
The classifications are made based on business models and an
analysis of contractual cash flows. After initial recognition,
financial assets are not reclassified except in situations where
the business model for managing the assets changes. At the
balance sheet date, the Group has only a small number of
financial assets other than those measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-257": { "value": "
The Group classifies financial assets at initial recognition as
financial assets measured at amortized cost, financial assets
measured at fair value through other comprehensive income or
financial assets measured at fair value through profit or loss.
The classifications are made based on business models and an
analysis of contractual cash flows. After initial recognition,
financial assets are not reclassified except in situations where
the business model for managing the assets changes. At the
balance sheet date, the Group has only a small number of
financial assets other than those measured at amortized cost.
Financial assets are generally derecognized when:
\u2022 The contractual right to the cash flows of an item of
financial assets ceases to exist or;
\u2022 The Group has either transferred substantially all the risks
and rewards associated with the financial assets or has
transferred control of the financial assets..
The Impairment of Financial Assets
Based on the simplified model permitted by IFRS 9, the Group
records a deduction for expected credit losses from trade
receivables. The Group's trade receivables do not contain a
significant financing component.
The Group uses management judgment to determine the
expected credit losses on trade receivables. The provision is
based on historical observed default rates over the life of the
trade receivables and is adjusted for forward-looking
estimates. Changes in the allowance for doubtful accounts are
presented in expenses in the income statement.
Cash and Short-Term Deposits
Cash and cash equivalents consist of cash on hand, bank
deposits available for withdrawal on demand and other short-
term, highly liquid investments that are readily convertible to
known amounts of cash and are subject to an insignificant risk
of change in value. Items classified as cash and cash
equivalents have a maximum maturity of three months from
the date of acquisition. Cash and cash equivalents are
classified as financial assets measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-258": { "value": "After initial recognition,
financial assets are not reclassified except in situations where
the business model for managing the assets changes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-259": { "value": "
Financial assets are generally derecognized when:
\u2022 The contractual right to the cash flows of an item of
financial assets ceases to exist or;
\u2022 The Group has either transferred substantially all the risks
and rewards associated with the financial assets or has
transferred control of the financial assets..
A financial liability is derecognized when the contractual
liability is discharged, cancelled or matures. When the
contractual terms of a financial liability are materially changed
or when a new loan agreement is entered into with an existing
creditor, the change is treated as derecognition of the original
loan and recognition of the new loan. The difference in carrying
amounts is recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-260": { "value": "
The Impairment of Financial Assets
Based on the simplified model permitted by IFRS 9, the Group
records a deduction for expected credit losses from trade
receivables. The Group's trade receivables do not contain a
significant financing component.
The Group uses management judgment to determine the
expected credit losses on trade receivables. The provision is
based on historical observed default rates over the life of the
trade receivables and is adjusted for forward-looking
estimates. Changes in the allowance for doubtful accounts are
presented in expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-261": { "value": "
Cash and Short-Term Deposits
Cash and cash equivalents consist of cash on hand, bank
deposits available for withdrawal on demand and other short-
term, highly liquid investments that are readily convertible to
known amounts of cash and are subject to an insignificant risk
of change in value. Items classified as cash and cash
equivalents have a maximum maturity of three months from
the date of acquisition. Cash and cash equivalents are
classified as financial assets measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-264": { "value": "
Financial Liabilities
The Group\u2019s financial liabilities, which include trade and other
payables, loans and other financial liabilities, are measured at
amortized cost. Loans are initially recognized at fair value.
Transaction costs are included in the initial carrying amount of
the financial liabilities. Subsequently, loans are measured at
amortized cost using the effective interest method.
Financial liabilities are not reclassified after their initial
recognition in the balance sheet. Financial liabilities that
mature in more than one year are classified as non-current
liabilities, and liabilities that mature in less than one year are
classified as current liabilities.
A financial liability is derecognized when the contractual
liability is discharged, cancelled or matures. When the
contractual terms of a financial liability are materially changed
or when a new loan agreement is entered into with an existing
creditor, the change is treated as derecognition of the original
loan and recognition of the new loan. The difference in carrying
amounts is recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-263": { "value": "
Financial Liabilities
The Group\u2019s financial liabilities, which include trade and other
payables, loans and other financial liabilities, are measured at
amortized cost. Loans are initially recognized at fair value.
Transaction costs are included in the initial carrying amount of
the financial liabilities. Subsequently, loans are measured at
amortized cost using the effective interest method.
Financial liabilities are not reclassified after their initial
recognition in the balance sheet. Financial liabilities that
mature in more than one year are classified as non-current
liabilities, and liabilities that mature in less than one year are
classified as current liabilities.
A financial liability is derecognized when the contractual
liability is discharged, cancelled or matures. When the
contractual terms of a financial liability are materially changed
or when a new loan agreement is entered into with an existing
creditor, the change is treated as derecognition of the original
loan and recognition of the new loan. The difference in carrying
amounts is recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-262": { "value": "
Financial Liabilities
The Group\u2019s financial liabilities, which include trade and other
payables, loans and other financial liabilities, are measured at
amortized cost. Loans are initially recognized at fair value.
Transaction costs are included in the initial carrying amount of
the financial liabilities. Subsequently, loans are measured at
amortized cost using the effective interest method.
Financial liabilities are not reclassified after their initial
recognition in the balance sheet. Financial liabilities that
mature in more than one year are classified as non-current
liabilities, and liabilities that mature in less than one year are
classified as current liabilities.
A financial liability is derecognized when the contractual
liability is discharged, cancelled or matures. When the
contractual terms of a financial liability are materially changed
or when a new loan agreement is entered into with an existing
creditor, the change is treated as derecognition of the original
loan and recognition of the new loan. The difference in carrying
amounts is recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-265": { "value": "
Accounting Principles
Requiring Management
Judgment and Key
Uncertainties Related to
Values
When preparing the financial statements, estimates and
assumptions regarding the future must be made, the results of
which may differ from the estimates and assumptions made.
The estimates and assumptions used are based on past
experience and assumptions that are based on the
circumstances and prospects at the time of preparation of the
financial statements. The financial statements have been
prepared in accordance with the materiality principle and
judgment has been exercised in assessing the impact of
uncertainties and in applying the accounting principles.
During the comparison period, management judgment has
been used, among other things, in assessing future cost
estimates in projects for the recognition of service sales as a
percentage of revenue, in determining the value of intangible
assets in business acquisitions, and in assessing the future
prospects of group companies in connection with IAS 12
Income Taxes and IAS 36 Impairment of Assets. Management
judgment has also been applied in the depreciation of
development costs, which are largely based on the estimated
useful lives of development costs. In these cases, depreciation
is made on a straight-line basis over time. In some cases,
depreciation of product development costs may also be based
on the delivery volumes of goods or the estimated quantity of
products to be delivered based on the licensed technology.
The financial statements may include income and expenses
that affect comparability that are not related to normal
business operations or that occur only infrequently. Such items
include, among others, gains or losses on the sale of assets,
material changes in asset values, such as impairments or
reversals of impairments, material costs related to the
reorganization of operations, or other material items that
management considers to affect comparability.
When assessing the materiality of items affecting
comparability, the euro value of the item is taken into account,
and in connection with a change in the value of assets, its
share of the total value of the asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-266": { "value": "
1. Operating Segments
Accounting Principles
Bittium segments consist of the Group's business areas. Operations are divided into three
business segments; Defense & Security, Medical and Engineering Services, and Group functions.
The Group's chief operating decision maker is Bittium's Board of Directors, which is responsible
for allocating resources and assessing their performance. Bittium's segment information is
based on the Group's management structure and management reporting. The reporting
structure is consistent with how the chief operating decision maker monitors the operational
development of Bittium's segments. The assessment of segment performance is based on the
segment's operating profit. The chief operating decision maker does not monitor assets and
liabilities on a segment-by-segment basis. Financial income and expenses, as well as income
taxes, have not been allocated to segments.
Segment reporting follows the same accounting principles as the Group. Intra-group
transactions are eliminated when preparing the consolidated financial statements. The
comparative period data has been adjusted for internal revenue. There has been no inter-
segment revenue in the financial year ended and the comparative period. In segment reporting,
costs related to common services provided by Group functions to business segments are
allocated to business segments as a service fee in proportion to the number of employees in the
segments. The service fee is determined annually based on the budget. However, the service
charge is not adjusted to reflect the final result.
Bittiumin Operating Segments Include the following business operations
In the Defense & Security business segment, Bittium offers globally leading products, services
and systems to its customers in the defense, information security and government markets with
the goal of strengthening the national security of independent countries.
In the Medical business segment, Bittium offers its customers healthcare products and services
for measuring biosignals in the areas of cardiology, neurology and sports medicine. By
combining healthcare technologies with Bittium's long experience and expertise in wireless
technology and information security technology.
In the Engineering Services business segment, Bittium offers its customers product
development services and wireless connectivity solutions to develop innovative products in a
secure and evolving wireless environment. The company has focused its product development
service offering around radio technology and embedded devices.
Group operations include expenses related to group administration and property rental activities.
Group operations charge rent to business segments for premises owned by the Group. In
addition, Group operations provide services common to business segments that are justified to
be provided centrally. For these services, business segments pay a service fee in proportion to
the number of employees in the segments.
The operating segments described above do not include segments that are a combination of
several smaller segments.
Business Segment Results
1.1.\u201331.12.2025
1000 EUR
Defense &
Security
Medical
Engineering
Services
Group
Functions
Unallocated
items
Group
Total
Net sales, external
85,511
19,370
14,397
119,277
Net sales, internal
0
0
0
0
0
Other operating
income
1,972
1,570
345
405
4,292
Operating expenses
-56,279
-20,356
-14,156
-152
-90,943
Share of results of
the associated
companies
-14
-172
-186
EBITDA
31,190
411
586
253
32,440
Depreciation
-9,971
-967
-80
-2,001
-13,019
Operating profit/
loss
21,219
-556
506
-1,749
19,421
Financial income
and expenses
-431
-431
Profit before tax
18,990
1.1.\u201331.12.2024
1000 EUR
Defense &
Security
Medical
Engineering
Services
Group
Functions
Unallocated
items
Group
Total
Net sales, external
51,563
19,263
14,324
14
85,164
Net sales, internal
0
0
0
0
0
Other operating
income
1,283
1,833
242
407
3,765
Operating expenses
-39,254
-20,311
-13,377
1,386
-71,555
Share of result of
the associated
companies
-114
-114
EBITDA
13,593
671
1,188
1,807
17,259
Depreciation
-5,004
-1,533
-7
-2,087
-8,631
Operating profit/
loss
8,588
-862
1,181
-280
8,627
Financial income
and expenses
-1,242
-1,242
Profit before tax
7,385
Geographical Areas
Bittium operates in three geographical regions: Europe, the Americas and Asia. The revenue of
the geographical regions is presented according to the customer's location.
Geographical areas
1.1.\u201331.12.2025
1000 EUR
Finland
Europe
Americas
Asias
Group total
Net sales, external
58,788
41,360
17,956
1,173
119,277
1.1.\u201331.12.2024
1000 EUR
Finland
Europe
Americas
Asias
Group total
Net sales, external
43,117
21,678
19,125
1,243
85,164
The Group had three customers from 1 January to 31 December 2025, each generating more than
10 percent of the Group's revenue. Revenue from these customers amounted to EUR 47.5 million
and EUR 15,0 million in the Defense & Security business segment and EUR 13.3 million in the
Medical business segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-267": { "value": "
Accounting Principles
Bittium segments consist of the Group's business areas. Operations are divided into three
business segments; Defense & Security, Medical and Engineering Services, and Group functions.
The Group's chief operating decision maker is Bittium's Board of Directors, which is responsible
for allocating resources and assessing their performance. Bittium's segment information is
based on the Group's management structure and management reporting. The reporting
structure is consistent with how the chief operating decision maker monitors the operational
development of Bittium's segments. The assessment of segment performance is based on the
segment's operating profit. The chief operating decision maker does not monitor assets and
liabilities on a segment-by-segment basis. Financial income and expenses, as well as income
taxes, have not been allocated to segments.
Segment reporting follows the same accounting principles as the Group. Intra-group
transactions are eliminated when preparing the consolidated financial statements. The
comparative period data has been adjusted for internal revenue. There has been no inter-
segment revenue in the financial year ended and the comparative period. In segment reporting,
costs related to common services provided by Group functions to business segments are
allocated to business segments as a service fee in proportion to the number of employees in the
segments. The service fee is determined annually based on the budget. However, the service
charge is not adjusted to reflect the final result.
Bittiumin Operating Segments Include the following business operations
In the Defense & Security business segment, Bittium offers globally leading products, services
and systems to its customers in the defense, information security and government markets with
the goal of strengthening the national security of independent countries.
In the Medical business segment, Bittium offers its customers healthcare products and services
for measuring biosignals in the areas of cardiology, neurology and sports medicine. By
combining healthcare technologies with Bittium's long experience and expertise in wireless
technology and information security technology.
In the Engineering Services business segment, Bittium offers its customers product
development services and wireless connectivity solutions to develop innovative products in a
secure and evolving wireless environment. The company has focused its product development
service offering around radio technology and embedded devices.
Group operations include expenses related to group administration and property rental activities.
Group operations charge rent to business segments for premises owned by the Group. In
addition, Group operations provide services common to business segments that are justified to
be provided centrally. For these services, business segments pay a service fee in proportion to
the number of employees in the segments.
The operating segments described above do not include segments that are a combination of
several smaller segments", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-269": { "value": "
2. Net Sales
1000 EUR
2025
2024
Services
31,910
33,211
Products
87,368
51,953
Other
Total
119,277
85,164
The services include project sales with fixed prices and hourly rates. The product sales include all
the sales affected by products: the sales of products, product maintenance, extended
warranties, and license sales.
Construction contracts
The contract revenue is recognized in the income statement in proportion to the stage of
completion of the contract. The stage of completion is defined as the ratio of costs incurred to
total estimated costs. The turnover of construction contracts is, depending on the contract
elements, recognized over time or at a point in time. The principles of revenue recognition based
on IFRS 15 are presented in detail in the accounting principles of the consolidated financial
statements.
1000 EUR
2025
2024
Income recognized from construction contracts
12,428
15,114
Net sales other
106,849
70,050
Total
119,277
85,164
Income recognized\u00a0 over time based on the stage of
completion of long-term construction contracts
12,428
15,114
Revenue recognized from long-term construction
contracts in progress amounted to
6,375
11,190
Advances received from long-term construction
contracts recognized in the balance sheet amounted to
555
1,165
Receivables recognized from long-term construction
contracts amounted to
3,266
3,633
Unrecognized portion of unfinished long-term
construction contracts
Generate net sales within the next 1-5 years
14,468
12,988
The net sales by geographical areas is presented in the Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-268": { "value": "
2. Net Sales
1000 EUR
2025
2024
Services
31,910
33,211
Products
87,368
51,953
Other
Total
119,277
85,164
The services include project sales with fixed prices and hourly rates. The product sales include all
the sales affected by products: the sales of products, product maintenance, extended
warranties, and license sales.
Construction contracts
The contract revenue is recognized in the income statement in proportion to the stage of
completion of the contract. The stage of completion is defined as the ratio of costs incurred to
total estimated costs. The turnover of construction contracts is, depending on the contract
elements, recognized over time or at a point in time. The principles of revenue recognition based
on IFRS 15 are presented in detail in the accounting principles of the consolidated financial
statements.
1000 EUR
2025
2024
Income recognized from construction contracts
12,428
15,114
Net sales other
106,849
70,050
Total
119,277
85,164
Income recognized\u00a0 over time based on the stage of
completion of long-term construction contracts
12,428
15,114
Revenue recognized from long-term construction
contracts in progress amounted to
6,375
11,190
Advances received from long-term construction
contracts recognized in the balance sheet amounted to
555
1,165
Receivables recognized from long-term construction
contracts amounted to
3,266
3,633
Unrecognized portion of unfinished long-term
construction contracts
Generate net sales within the next 1-5 years
14,468
12,988
The net sales by geographical areas is presented in the Note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-272": { "value": "
3. Other Operating Income
1000 EUR
2025
2024
Government grants
4,022
3,687
Other income
270
78
Total
4,292
3,765
The most significant single project to receive government grants is the Seamless and Secure
Connectivity project, which Bittium launched on March 28, 2023. The purpose of the project is to
enable reliable, secure and fault-tolerant connectivity architectures and products for end-to-end
connections in various areas of operation, including lifecycle services for products and solutions.
Business Finland awarded the project 10 million euros in development grants in the challenger
competition for leading companies and 20 million euros in funding for ecosystem companies
and research partners surrounding the project. The four-year project, led by Bittium, will last until
2026. The government grants is tied to the project's objectives and is a maximum of 10 million
euros for Bittium, spread over a four-year period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-271": { "value": "
3. Other Operating Income
1000 EUR
2025
2024
Government grants
4,022
3,687
Other income
270
78
Total
4,292
3,765
The most significant single project to receive government grants is the Seamless and Secure
Connectivity project, which Bittium launched on March 28, 2023. The purpose of the project is to
enable reliable, secure and fault-tolerant connectivity architectures and products for end-to-end
connections in various areas of operation, including lifecycle services for products and solutions.
Business Finland awarded the project 10 million euros in development grants in the challenger
competition for leading companies and 20 million euros in funding for ecosystem companies
and research partners surrounding the project. The four-year project, led by Bittium, will last until
2026. The government grants is tied to the project's objectives and is a maximum of 10 million
euros for Bittium, spread over a four-year period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-270": { "value": "
3. Other Operating Income
1000 EUR
2025
2024
Government grants
4,022
3,687
Other income
270
78
Total
4,292
3,765
The most significant single project to receive government grants is the Seamless and Secure
Connectivity project, which Bittium launched on March 28, 2023. The purpose of the project is to
enable reliable, secure and fault-tolerant connectivity architectures and products for end-to-end
connections in various areas of operation, including lifecycle services for products and solutions.
Business Finland awarded the project 10 million euros in development grants in the challenger
competition for leading companies and 20 million euros in funding for ecosystem companies
and research partners surrounding the project. The four-year project, led by Bittium, will last until
2026. The government grants is tied to the project's objectives and is a maximum of 10 million
euros for Bittium, spread over a four-year period.
4. Other Operating Expenses
1000 EUR
2025
2024
External services
3,651
1,958
Voluntary staff expenses
1,089
469
Premises expenses
1,174
1,027
Travel expenses
1,213
940
IT expenses
3,433
3,086
Other expenses
8,090
6,524
Total
18,649
14,004
Expense relating to short-term leases under IFRS 16
66
123
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-273": { "value": "
4. Other Operating Expenses
1000 EUR
2025
2024
External services
3,651
1,958
Voluntary staff expenses
1,089
469
Premises expenses
1,174
1,027
Travel expenses
1,213
940
IT expenses
3,433
3,086
Other expenses
8,090
6,524
Total
18,649
14,004
Expense relating to short-term leases under IFRS 16
66
123
More information about Leases in Note 11.
Auditor'c charges
1000 EUR
2025
2024
PricewaterhouseCoopers Oy
Auditing
121
163
Tax advice
Other services
70
67
Total
191
230
Others
Auditing
26
40
Tax advice
6
10
Other services
51
40
Total
84
89
5. Depreciations and Impairments
1000 EUR
2025
2024
Depreciation
Intangible assets
\u00a0 Capitalized development expenditure
9,994
4,884
\u00a0 Capitalized development expenditure, impairments
52
692
\u00a0 Intangible rights
189
297
\u00a0 Customer relations and technology
0
119
\u00a0 Other intangible assets
29
56
Tangible assets
\u00a0 Buildings and constructions
764
763
\u00a0 Machinery and equipment
1,990
1,820
Total
13,019
8,631
Depreciation on property, plant and equipment acquired
by leases
Buildings and constructures
363
368
Machinery and equipment
609
756
More information about Leases in Note 11.
6. Employee Benefit Expenses and Number of Personnel
Number of personnel
2025
2024
Average number of personnel during the fiscal period
528
507
Personnel expenses 1000 EUR
2025
2024
Personnel expenses
Managing director's salaries *
852
357
Board of directors *
180
206
Other salaries and wages
36,781
33,303
Salaries capitalized to development expenses
-3,463
-4,838
Total
34,349
29,028
Pension expenses, defined contribution plans
6,304
5,838
Other personnel expenses
1,078
796
Total
41,731
35,663
*Including the share-based incentives. Further information in the Note 29.
7. Research and Development Expenses
1000 EUR
2025
2024
The research and development expenses total
15,335
13,544
Capitalized to the balance sheet
-4,113
-5,607
Recognition as an asset
10,046
5,576
The expensed research and development expenses
recognized in the income statement amounted to
21,268
13,514
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
9. Income Taxes
1000 EUR
2025
2024
Income taxes, current year
-178
-128
Other taxes
0
-5
Income taxes, previous years
-65
-14
Deferred taxes
2,593
30
Total
2,350
-118
A reconciliation between the effective tax rate and domestic tax rate (20.0 percent) of the Group:
1000 EUR
2025
2024
Profit before taxes
18,990
7,385
Tax at the domestic tax rate
-3,798
-1,473
Effect of tax rates of foreign subsidiaries
-9
-9
Taxes for prior years
-65
-14
Tax free income
0
469
Non-deductible expenses
-296
-800
Utilization of deferred tax assets from previous years
3,792
1,948
Reassessment of deferred tax assets
2,590
30
The deferred tax assets from tax losses
-64
-264
Others
200
-5
Income taxes in the consolidated income statement
2,350
-118
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-274": { "value": "
4. Other Operating Expenses
1000 EUR
2025
2024
External services
3,651
1,958
Voluntary staff expenses
1,089
469
Premises expenses
1,174
1,027
Travel expenses
1,213
940
IT expenses
3,433
3,086
Other expenses
8,090
6,524
Total
18,649
14,004
Expense relating to short-term leases under IFRS 16
66
123
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-275": { "value": "
Auditor'c charges
1000 EUR
2025
2024
PricewaterhouseCoopers Oy
Auditing
121
163
Tax advice
Other services
70
67
Total
191
230
Others
Auditing
26
40
Tax advice
6
10
Other services
51
40
Total
84
89
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-277": { "value": "
5. Depreciations and Impairments
1000 EUR
2025
2024
Depreciation
Intangible assets
\u00a0 Capitalized development expenditure
9,994
4,884
\u00a0 Capitalized development expenditure, impairments
52
692
\u00a0 Intangible rights
189
297
\u00a0 Customer relations and technology
0
119
\u00a0 Other intangible assets
29
56
Tangible assets
\u00a0 Buildings and constructions
764
763
\u00a0 Machinery and equipment
1,990
1,820
Total
13,019
8,631
Depreciation on property, plant and equipment acquired
by leases
Buildings and constructures
363
368
Machinery and equipment
609
756
More information about Leases in Note 11.
Impairment testing
1000 EUR
2025
2024
Goodwill, Defense & Security
3,164
3,178
Goodwill, Medical
1,983
1,992
Goodwill, Engineering Services
669
672
Total
5,816
5,842
Goodwill has been allocated to cash-generating units in accordance with the segment structure.
Bittium's cash-generating units are the Defense & Security, Medical and Engineering Services
business segments. Bittium determines the recoverable amount of a cash-generating unit based
on its value in use.
The calculations underlying the impairment testing are based on numerous estimates. The
determination of value is fundamentally based on judgment and it is quite possible that values
will change from one financial year to another, as management has to anticipate the demand
and supply related to individual business units, future selling prices and investment needs, and
achievable cost levels.
The cash flow projections used in the impairment testing calculations are based on budgeted
figures for 2026 and long-term financial plans (LRPs) for 2027\u20132028. Cash flows extending
beyond three years have been calculated using the residual value method. The calculation uses a
perpetual annual growth rate of 2%. At the business segment level, 86% of the value of Defense
& Security, 90% of Medical and 89% of Engineering Service is comprised of residual value. The
cash flow projections for the business are subject to the uncertainties described in the Board of
Directors\u2019 Report: Risks and uncertainties.
The discount rate used in the impairment testing calculations is the Weighted Average Cost of
Capital (WACC), which describes the total cost of equity and debt capital, taking into account the
specific risks associated with the assets. The calculation components of the return requirement
are the risk-free interest rate, liquidity premium, market risk premium, beta coefficient, cost of
debt, corporate tax rate and target capital structure. The discount rate calculated based on
these parameters was 8.5% (9.5% in 2024). The calculation components of the WACC have been
compared with the calculation components determined by an external party.
At the business segment level, Defense & Security's cash flow was higher than forecast in the
financial year 2025 due to higher than expected growth and better profitability and lower than
expected investments. The cash flow of the Medical and Engineering Services businesses was
lower than forecast in the financial year 2025 mainly due to weaker than expected business
growth and profitability.
Impairment testing is performed when necessary, but at least once a year. Based on the
impairment tests performed for the financial statements 2025, no need for impairment has been
identified. Recoverable amounts were significantly higher than the carrying amounts of assets at
each business segment level.
17. Inventories
1000 EUR
31.12.2025
31.12.2024
Raw materials and supplies
17,630
16,988
Work in progress
1,665
2,254
Finished products
5,073
5,561
Total
24,368
24,804
During the financial year 1.1.\u201331.12.2025, group has booked non-recurring write-down of EUR 0.1
million due to the impairment of inventory. (EUR 0.7 million 2024)
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-276": { "value": "
5. Depreciations and Impairments
1000 EUR
2025
2024
Depreciation
Intangible assets
\u00a0 Capitalized development expenditure
9,994
4,884
\u00a0 Capitalized development expenditure, impairments
52
692
\u00a0 Intangible rights
189
297
\u00a0 Customer relations and technology
0
119
\u00a0 Other intangible assets
29
56
Tangible assets
\u00a0 Buildings and constructions
764
763
\u00a0 Machinery and equipment
1,990
1,820
Total
13,019
8,631
Depreciation on property, plant and equipment acquired
by leases
Buildings and constructures
363
368
Machinery and equipment
609
756
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-278": { "value": "
6. Employee Benefit Expenses and Number of Personnel
Number of personnel
2025
2024
Average number of personnel during the fiscal period
528
507
Personnel expenses 1000 EUR
2025
2024
Personnel expenses
Managing director's salaries *
852
357
Board of directors *
180
206
Other salaries and wages
36,781
33,303
Salaries capitalized to development expenses
-3,463
-4,838
Total
34,349
29,028
Pension expenses, defined contribution plans
6,304
5,838
Other personnel expenses
1,078
796
Total
41,731
35,663
*Including the share-based incentives. Further information in the Note 29.
29. Related Party Disclosures
Bittium's related parties include subsidiaries, associated companies and joint ventures, and
shareholders of the company who own at least 20 percent of the shares or votes in the Company.
Related parties also include executives (members of the Company's Board of Directors, CEO and
members of the Management Group), as well as the spouse or common-law partner of the
aforementioned and their children and other dependents regardless of age or place of residence,
as well as entities in which the aforementioned related party, alone or together with their own
related party, exercises significant influence or control, which is considered CEO or ownership of
more than 20%.
The Group has the following structure:
Country of
incorporation
Owned by
Parent %
Owned by
Group %
Parent
Bittium Corporation
Finland
Subsidiaries
Bittium Technologies Ltd
Finland
100.00
100.00
Bittium Wireless Ltd
Finland
0.00
100.00
Bittium Safemove Ltd
Finland
0.00
100.00
Bittium Biosignals Ltd
Finland
0.00
100.00
Kiinteist\u00f6osakeyhti\u00f6 Oulun Ritaharjuntie 1
Finland
0.00
100.00
Kiinteist\u00f6osakeyhti\u00f6 Kuopion Pioneerinkatu 6
Finland
0.00
100.00
Bittium Germany GmbH
Germany
0.00
100.00
Bittium Mexico S.A. de C.V.
Mexico
0.00
100.00
Bittium USA, Inc.
USA
0.00
100.00
Bittium UK Ltd.
UK
0.00
100.00
During the financial period 1.1-31.12.2025, the subsidiary Bittium Medanalytics Oy, which was part
of the Group and has not had any business operations in the recent years, was dissolved. During
the financial period, a new subsidiary, Bittium UK Ltd., was established in London.
Information on the associated companies is presented in Note 14.
Related party transactions and balances:
1000 EUR
2025
2024
Associated companies
Net sales
2,110
1,205
Purchases
148
24
Receivables
225
451
Debts
50
100
Related party transactions have occured based on market terms.
1000 EUR
2025
2024
Employee benefits for key management
Salaries and remuneration
Managing director of the parent
Petri Toljamo 1.4.-31.12.2025
539
0
Johan Westermarck, 1.1-31.12.2024, 1.1-31.3.2025
88
357
Total
627
357
Remuneration of the members of the board of the parent, the
financial committee and the managing directors of the business
segments
Erkki Veikkolainen\u00a0 1.1.-31.12.2024, 1.1.-31.12.2025
44
33
Riitta Tiuraniemi 1.1.-31.12.2024, 1.1.-31.12.2025
30
24
Pekka Kemppainen 1.1.- 31.12.2024, 1.1.-31.12.2025
25
19
Raimo Jyv\u00e4sj\u00e4rvi 10.4.- 31.12.2024, 1.1.-31.12.2025
25
14
Petri Toljamo 1.1.-31.12.2024, 1.1.-31.3.2025
6
22
Veli-Pekka Paloranta 1.1.-31.12.2024, 1.1.-31.12.2025
28
22
Jukka Harju 7.5.-31.12.2025
20
0
Total
180
132
Share-based incentives
Board of directors
0
73
Members of the group executive board
224
0
Total
224
73
Except for Remunaration of the Management and the Members of
the Board Bittium has not had significant business transactions
with it's Board, Managing Director or Members of the Group
Executive Board, including the companies that they have control or
significant influence in. There have not been any business
transactions or open balances between the related parties.
Members of the group executive board
Salaries and remuneration
1,072
951
Annual incentive bonus short-term incentive plan
296
149
Share-based incentives
0
0
Total
1,368
1,100
Except for management remuneration, Bittium has not had any significant business
transactions with its Board of Directors, CEO or management team, including companies in
which they have control or significant influence.
Loans and guarantees to related party
There are no loans or guarantees granted between the related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-279": { "value": "
6. Employee Benefit Expenses and Number of Personnel
Number of personnel
2025
2024
Average number of personnel during the fiscal period
528
507
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-280": { "value": "
Personnel expenses 1000 EUR
2025
2024
Personnel expenses
Managing director's salaries *
852
357
Board of directors *
180
206
Other salaries and wages
36,781
33,303
Salaries capitalized to development expenses
-3,463
-4,838
Total
34,349
29,028
Pension expenses, defined contribution plans
6,304
5,838
Other personnel expenses
1,078
796
Total
41,731
35,663
*Including the share-based incentives. Further information in the Note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-281": { "value": "
7. Research and Development Expenses
1000 EUR
2025
2024
The research and development expenses total
15,335
13,544
Capitalized to the balance sheet
-4,113
-5,607
Recognition as an asset
10,046
5,576
The expensed research and development expenses
recognized in the income statement amounted to
21,268
13,514
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-288": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-287": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-286": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
Currency risk
The Group operates internationally and is therefore exposed to transaction risks arising from
different currency positions and risks arising when investments in different currencies are
translated into the parent company's functional currency. The most significant currencies for the
Group are the euro and the USD. Foreign exchange risks arise from commercial transactions,
monetary items on the balance sheet and net investments in foreign subsidiaries. The invoicing
currency is either the functional currency of the unit or currencies in general use (EUR, USD).
Further information on the functional currency and the translation of foreign currency items can
also be found in the accounting policies of the consolidated financial statements.
The Group follows a currency strategy, the aim of which is to minimise the impact of exchange
rates in order to secure the margin of the business in changing market conditions. According to
the principles of the currency strategy, the net position is hedged against the future net cash
flow in the relevant currency that is considered certain and most likely to occur, which is
determined on the basis of trade receivables, trade payables, order backlog and forecasted net
currency flow. According to the Group's currency strategy, the hedging ratio of the net position
can vary between approximately 50\u2013100% when the net position exceeds EUR 1.0 million in a
currency. According to the currency strategy, the Group may also apply hedge accounting in
accordance with IFRS 9 if necessary. Hedge accounting was not applied during 2025. At the end
of the review period, the hedged net position had a countervalue of EUR 6.1 million. During the
financial year, the amount of the hedged position has varied between EUR 2.5\u20136.1 million.
The transaction risk related to the income statement has been hedged, and the translation risk or
economic risk related to the equity in the balance sheet has not been hedged. The total equity of
the Group companies reported in foreign currencies on 31 December 2025 was EUR 1.2 million
(EUR 2.1 million, 2024), of which the total equity of the Group companies denominated in dollars
was EUR 1.1 million (EUR 1.9 million, 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-285": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-284": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-283": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-282": { "value": "
8. Financial Expenses
1000 EUR
2025
2024
Financial income
Interest income
425
297
Other financial income
27
21
Total
452
318
Financial expenses
Interest expenses
-858
-1,327
Other financial expenses
-54
-54
Exchange gains and losses
30
-179
Total
-883
-1,560
Total financial income and expenses
-431
-1,242
Interest expenses on lease liabilities under IFRS 16
-85
-102
More information about Leases in Note 11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-289": { "value": "
9. Income Taxes
1000 EUR
2025
2024
Income taxes, current year
-178
-128
Other taxes
0
-5
Income taxes, previous years
-65
-14
Deferred taxes
2,593
30
Total
2,350
-118
A reconciliation between the effective tax rate and domestic tax rate (20.0 percent) of the Group:
1000 EUR
2025
2024
Profit before taxes
18,990
7,385
Tax at the domestic tax rate
-3,798
-1,473
Effect of tax rates of foreign subsidiaries
-9
-9
Taxes for prior years
-65
-14
Tax free income
0
469
Non-deductible expenses
-296
-800
Utilization of deferred tax assets from previous years
3,792
1,948
Reassessment of deferred tax assets
2,590
30
The deferred tax assets from tax losses
-64
-264
Others
200
-5
Income taxes in the consolidated income statement
2,350
-118
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-290": { "value": "
10. Earnings per Share
Basic
Basic earnings per share amounts are calculated by dividing net profit for the year attributable to
ordinary equity holders of the parent by the weighted average number of ordinary shares
outstanding during the year.
1000 EUR
2025
2024
Profit attributable to the equity holders of the parent
(1,000 EUR)
21,340
7,267
Weighted average number of ordinary shares during the
financial year (1000 PCS)
35,505
35,486
Basic earnings per share, EUR
0.601
0.205
Diluted
Diluted earnings per share are calculated by dividing the net profit attributable to ordinary equity
holders of the parent by the weighted average number of ordinary shares outstanding during the
year plus the weighted average number of ordinary shares that would be issued on the
conversion of all the dilutive potential ordinary shares into ordinary shares. The number of shares
takes into account the impact of the share-based incentive plan.
1000 EUR
2025
2024
Profit attributable to the equity holders of the parent
(1,000 EUR)
21,340
7,267
Weighted average number of ordinary shares during the
financial year (1000 PCS)
35,540
35,486
Diluted earnings per share, EUR
0.600
0.205
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-291": { "value": "
11. Property, Plant, and Equipment
The Group has not revalued property, plant, and equipment, hence the Group has not recognized
any impairment losses directly to equity or recorded any reversals of those.
1000 EUR
31.12.2025
31.12.2024
Land and water
Acquisition cost Jan. 1
1,091
1,091
Additions during the period
0
0
Disposals during the period
-19
0
Acquisition cost at the end of the period
1,072
1,091
Carrying amount at the end of the period
1,072
1,091
Buildings and constructures
Acquisition cost Jan. 1
20,898
20,932
Translation differences
5
-34
Additions during the period
617
0
Disposals during the period
0
0
Acquisition cost at the end of the period
21,520
20,898
Accumulated depreciations Jan. 1
-8,131
-7,401
Translation differences
-5
34
Depreciation for the period
-764
-763
Carrying amount at the end of the period
12,620
12,767
No revaluations or capitalizations of interest costs have been done.
1000 EUR
31.12.2025
31.12.2024
Machinery and equipment
Acquisition cost Jan. 1
66,682
65,370
Translation differences
35
-30
Additions during the period
4,549
1,388
Disposals during the period
-29
-47
Acquisition cost at the end of the period
71,237
66,682
Accumulated depreciations Jan. 1
-63,659
-61,859
Translation differences
-35
30
Depreciation for the period
-1,990
-1,829
Carrying amount at the end of the period
5,553
3,023
Other tangible assets
Acquisition cost Jan. 1
88
88
Additions during the period
16
0
Disposals during the period
0
0
Acquisition cost at the end of the period
105
88
Accumulated depreciations Jan. 1
Depreciation for the period
0
0
Carrying amount at the end of the period
105
88
1000 EUR
31.12.2025
31.12.2024
Property, plant and equipment total
Acquisition cost Jan. 1
88,758
87,481
Translation differences
39
-64
Additions during the period
5,183
1,388
Disposals during the period
-48
-47
Acquisition cost at the end of the period
93,933
88,758
Accumulated depreciations Jan. 1
-71,789
-69,260
Translation differences
-39
64
Depreciation for the period
-2,755
-2,593
Carrying amount at the end of the period
19,349
16,969
Leases
The Group had the following amounts of property, plant and equipment acquired by finance
leases:
1000 EUR
31.12.2025
31.12.2024
Machinery and equipment
Acquisition cost
13,853
13,091
Accumulated depreciations
-12,762
-12,153
Carrying amount at the end of the period
1,091
938
Buildings and constructures
Acquisition cost
3,563
3,279
Accumulated depreciations
-2,679
-2,318
Carrying amount at the end of the period
884
961
Additions of property, plant, and equipment include assets acquired by leases of EUR 1.1 million in
1.1.\u201331.12.2025 (EUR 0.5 million in 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-292": { "value": "
Leases
The Group had the following amounts of property, plant and equipment acquired by finance
leases:
1000 EUR
31.12.2025
31.12.2024
Machinery and equipment
Acquisition cost
13,853
13,091
Accumulated depreciations
-12,762
-12,153
Carrying amount at the end of the period
1,091
938
Buildings and constructures
Acquisition cost
3,563
3,279
Accumulated depreciations
-2,679
-2,318
Carrying amount at the end of the period
884
961
Additions of property, plant, and equipment include assets acquired by leases of EUR 1.1 million in
1.1.\u201331.12.2025 (EUR 0.5 million in 2024).
27. Operating Lease Agreements
The Group as Lessee
The total of future minimum lease payments under non-cancellable operating leases for each of
the following periods:
1000 EUR
31.12.2025
31.12.2024
Not later than one year
10
59
The Group owns its facilities in Oulu and Kuopio. The facilities in other locations are rented. In
average the maturities of the lease agreements are from 1 month to 5 years, and normally they
include an option to extend the rental period from originally agreed end date. IFRS 16 Leases
standard has come into force on 1st of January 2019. According to the standard, in principle all
lease contracts of the Group are recognized as assets and liabilities in Group\u2019s Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-294": { "value": "
12. Intangible Assets
1000 EUR
31.12.2025
31.12.2024
Capitalized development expenses
Acquisition cost Jan. 1
87,452
81,845
Additions during the period
4,114
5,607
Acquisition cost at the end of the period
91,566
87,452
Accumulated depreciations Jan. 1
-36,969
-31,392
Depreciation for the period
-9,994
-4,884
Impairments for the period
-52
-692
Carrying amount at the end of the period
44,551
50,483
Intangible rights
Acquisition cost Jan. 1
6,342
6,172
Additions during the period
96
170
Acquisition cost at the end of the period
6,438
6,342
Accumulated depreciations Jan. 1
-5,864
-5,566
Depreciation for the period
-189
-297
Carrying amount at the end of the period
386
479
Customer relations and technology
Acquisition cost Jan. 1
1,780
1,780
Disposals during the period
-12
0
Acquisition cost at the end of the period
1,769
1,780
Accumulated depreciations Jan. 1
-1,766
-1,647
Depreciation for the period
0
-119
Carrying amount at the end of the period
3
14
1000 EUR
31.12.2025
31.12.2024
Other intangible assets
Acquisition cost Jan. 1
4,951
4,878
Translation differences
-13
7
Additions during the period
67
66
Acquisition cost at the end of the period
5,006
4,951
Accumulated depreciations Jan. 1
-4,886
-4,824
Translation differences
13
-7
Depreciation for the period
-29
-56
Carrying amount at the end of the period
103
65
Intangible assets total
Acquisition cost Jan. 1
100,526
94,676
Translation differences
-13
7
Additions during the period
4,266
5,843
Acquisition cost at the end of the period
104,779
100,526
Accumulated depreciations Jan. 1
-49,485
-43,430
Translation differences
13
-7
Depreciation for the period
-10,264
-6,048
Carrying amount at the end of the period
45,043
51,041
1000 EUR
31.12.2025
31.12.2024
Goodwill
Acquisition cost Jan. 1
5,842
5,828
Translation differences
-26
14
Carrying amount at the end of the period
5,816
5,842
Impairment testing
1000 EUR
2025
2024
Goodwill, Defense & Security
3,164
3,178
Goodwill, Medical
1,983
1,992
Goodwill, Engineering Services
669
672
Total
5,816
5,842
Goodwill has been allocated to cash-generating units in accordance with the segment structure.
Bittium's cash-generating units are the Defense & Security, Medical and Engineering Services
business segments. Bittium determines the recoverable amount of a cash-generating unit based
on its value in use.
The calculations underlying the impairment testing are based on numerous estimates. The
determination of value is fundamentally based on judgment and it is quite possible that values
will change from one financial year to another, as management has to anticipate the demand
and supply related to individual business units, future selling prices and investment needs, and
achievable cost levels.
The cash flow projections used in the impairment testing calculations are based on budgeted
figures for 2026 and long-term financial plans (LRPs) for 2027\u20132028. Cash flows extending
beyond three years have been calculated using the residual value method. The calculation uses a
perpetual annual growth rate of 2%. At the business segment level, 86% of the value of Defense
& Security, 90% of Medical and 89% of Engineering Service is comprised of residual value. The
cash flow projections for the business are subject to the uncertainties described in the Board of
Directors\u2019 Report: Risks and uncertainties.
The discount rate used in the impairment testing calculations is the Weighted Average Cost of
Capital (WACC), which describes the total cost of equity and debt capital, taking into account the
specific risks associated with the assets. The calculation components of the return requirement
are the risk-free interest rate, liquidity premium, market risk premium, beta coefficient, cost of
debt, corporate tax rate and target capital structure. The discount rate calculated based on
these parameters was 8.5% (9.5% in 2024). The calculation components of the WACC have been
compared with the calculation components determined by an external party.
At the business segment level, Defense & Security's cash flow was higher than forecast in the
financial year 2025 due to higher than expected growth and better profitability and lower than
expected investments. The cash flow of the Medical and Engineering Services businesses was
lower than forecast in the financial year 2025 mainly due to weaker than expected business
growth and profitability.
Impairment testing is performed when necessary, but at least once a year. Based on the
impairment tests performed for the financial statements 2025, no need for impairment has been
identified. Recoverable amounts were significantly higher than the carrying amounts of assets at
each business segment level.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-293": { "value": "
12. Intangible Assets
1000 EUR
31.12.2025
31.12.2024
Capitalized development expenses
Acquisition cost Jan. 1
87,452
81,845
Additions during the period
4,114
5,607
Acquisition cost at the end of the period
91,566
87,452
Accumulated depreciations Jan. 1
-36,969
-31,392
Depreciation for the period
-9,994
-4,884
Impairments for the period
-52
-692
Carrying amount at the end of the period
44,551
50,483
Intangible rights
Acquisition cost Jan. 1
6,342
6,172
Additions during the period
96
170
Acquisition cost at the end of the period
6,438
6,342
Accumulated depreciations Jan. 1
-5,864
-5,566
Depreciation for the period
-189
-297
Carrying amount at the end of the period
386
479
Customer relations and technology
Acquisition cost Jan. 1
1,780
1,780
Disposals during the period
-12
0
Acquisition cost at the end of the period
1,769
1,780
Accumulated depreciations Jan. 1
-1,766
-1,647
Depreciation for the period
0
-119
Carrying amount at the end of the period
3
14
1000 EUR
31.12.2025
31.12.2024
Other intangible assets
Acquisition cost Jan. 1
4,951
4,878
Translation differences
-13
7
Additions during the period
67
66
Acquisition cost at the end of the period
5,006
4,951
Accumulated depreciations Jan. 1
-4,886
-4,824
Translation differences
13
-7
Depreciation for the period
-29
-56
Carrying amount at the end of the period
103
65
Intangible assets total
Acquisition cost Jan. 1
100,526
94,676
Translation differences
-13
7
Additions during the period
4,266
5,843
Acquisition cost at the end of the period
104,779
100,526
Accumulated depreciations Jan. 1
-49,485
-43,430
Translation differences
13
-7
Depreciation for the period
-10,264
-6,048
Carrying amount at the end of the period
45,043
51,041
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-295": { "value": "
1000 EUR
31.12.2025
31.12.2024
Goodwill
Acquisition cost Jan. 1
5,842
5,828
Translation differences
-26
14
Carrying amount at the end of the period
5,816
5,842
Impairment testing
1000 EUR
2025
2024
Goodwill, Defense & Security
3,164
3,178
Goodwill, Medical
1,983
1,992
Goodwill, Engineering Services
669
672
Total
5,816
5,842
Goodwill has been allocated to cash-generating units in accordance with the segment structure.
Bittium's cash-generating units are the Defense & Security, Medical and Engineering Services
business segments. Bittium determines the recoverable amount of a cash-generating unit based
on its value in use.
The calculations underlying the impairment testing are based on numerous estimates. The
determination of value is fundamentally based on judgment and it is quite possible that values
will change from one financial year to another, as management has to anticipate the demand
and supply related to individual business units, future selling prices and investment needs, and
achievable cost levels.
The cash flow projections used in the impairment testing calculations are based on budgeted
figures for 2026 and long-term financial plans (LRPs) for 2027\u20132028. Cash flows extending
beyond three years have been calculated using the residual value method. The calculation uses a
perpetual annual growth rate of 2%. At the business segment level, 86% of the value of Defense
& Security, 90% of Medical and 89% of Engineering Service is comprised of residual value. The
cash flow projections for the business are subject to the uncertainties described in the Board of
Directors\u2019 Report: Risks and uncertainties.
The discount rate used in the impairment testing calculations is the Weighted Average Cost of
Capital (WACC), which describes the total cost of equity and debt capital, taking into account the
specific risks associated with the assets. The calculation components of the return requirement
are the risk-free interest rate, liquidity premium, market risk premium, beta coefficient, cost of
debt, corporate tax rate and target capital structure. The discount rate calculated based on
these parameters was 8.5% (9.5% in 2024). The calculation components of the WACC have been
compared with the calculation components determined by an external party.
At the business segment level, Defense & Security's cash flow was higher than forecast in the
financial year 2025 due to higher than expected growth and better profitability and lower than
expected investments. The cash flow of the Medical and Engineering Services businesses was
lower than forecast in the financial year 2025 mainly due to weaker than expected business
growth and profitability.
Impairment testing is performed when necessary, but at least once a year. Based on the
impairment tests performed for the financial statements 2025, no need for impairment has been
identified. Recoverable amounts were significantly higher than the carrying amounts of assets at
each business segment level.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-296": { "value": "
13. Acquisitions
Acquisitions in 2025
In 2025 or in the comparative period 2024 the Group did not have acquisitions to be reported
according to the IFRS standards.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-299": { "value": "
14. Shares in Associated Companies
Bittium Group owns 25% of Coronaria Analyysipalvelut Oy shares at the end of 2025. Through
this joint ownership, Bittium\u00a0 and Coronaria aim at gaining synergies from Bittium\u2019s device and
system development and the interfaces formed by Coronaria\u2019s clinical medicine and services.
Coronaria Analyysipalvelut Oy has been consolidated using the equity method\u00a0 using the
information that was available for the Bittium financial statements. The domicile of the company
is Oulu.
Bittium Group owns 20% of evismo AG shares at the end of 2025. Evismo AG provides medical
remote diagnostics services in Switzerland. Evismo AG has been consolidated using the equity
method using the information that was available for the Bittium financial statements. The
domicile of the company is in Zurich.
During the financial year 2025, Bittium acquired a 24.9% stake in Kradient Intelligence Oy, a
provider of artificial intelligence solutions. The aim of the ownership cooperation is to increase
the efficiency and features of Bittium's tactical communications products using artificial
intelligence. Kradient Intelligence Oy has been consolidated using the equity method using the
information that was available for the Bittium financial statements. The company has been
consolidated in the consolidated financial statements since the acquisition of the company on 1
October 2025. The company is domiciled in Turku.
1000 EUR
2025
2024
Shares in associated companies
Coronaria Analyysipalvelut Oy
919
1,002
Evismo AG
7
101
Kradient Intelligence Oy
2,301
0
Other associated companies
22
22
Assets total
3,250
1,125
Coronaria Analyysipalvelut Oy
Current assets
951
959
Non-current assets
731
1,116
Current liabilites
229
270
Non-current liabilites
0
25
Turnover
2,016
3,015
Net profit
-327
-65
Evismo AG
Current assets
391
537
Non-current assets
1,054
761
Current liabilites
768
620
Non-current liabilites
328
38
Turnover
1,851
1,331
Net profit
-271
-506
Kradient Intelligence Oy
Current assets
1,583
0
Non-current assets
2
0
Current liabilites
266
0
Non-current liabilites
296
0
Turnover
179
0
Net profit
-57
0
Shares in associated companies
Acquisition cost Jan. 1
1,125
1,042
Translation differences
-5
-18
Additions during the period
2,315
216
Disposals during the period
-186
-114
Carrying amount at the end of the period
3,250
1,125
The carrying amount of the associated company shares includes goodwill of EUR 0.8 million for
the shares of Coronaria Analyysipalvelut Oy and EUR 2.0 million for the shares of Kradient
Intelligence Oy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-298": { "value": "
14. Shares in Associated Companies
Bittium Group owns 25% of Coronaria Analyysipalvelut Oy shares at the end of 2025. Through
this joint ownership, Bittium\u00a0 and Coronaria aim at gaining synergies from Bittium\u2019s device and
system development and the interfaces formed by Coronaria\u2019s clinical medicine and services.
Coronaria Analyysipalvelut Oy has been consolidated using the equity method\u00a0 using the
information that was available for the Bittium financial statements. The domicile of the company
is Oulu.
Bittium Group owns 20% of evismo AG shares at the end of 2025. Evismo AG provides medical
remote diagnostics services in Switzerland. Evismo AG has been consolidated using the equity
method using the information that was available for the Bittium financial statements. The
domicile of the company is in Zurich.
During the financial year 2025, Bittium acquired a 24.9% stake in Kradient Intelligence Oy, a
provider of artificial intelligence solutions. The aim of the ownership cooperation is to increase
the efficiency and features of Bittium's tactical communications products using artificial
intelligence. Kradient Intelligence Oy has been consolidated using the equity method using the
information that was available for the Bittium financial statements. The company has been
consolidated in the consolidated financial statements since the acquisition of the company on 1
October 2025. The company is domiciled in Turku.
1000 EUR
2025
2024
Shares in associated companies
Coronaria Analyysipalvelut Oy
919
1,002
Evismo AG
7
101
Kradient Intelligence Oy
2,301
0
Other associated companies
22
22
Assets total
3,250
1,125
Coronaria Analyysipalvelut Oy
Current assets
951
959
Non-current assets
731
1,116
Current liabilites
229
270
Non-current liabilites
0
25
Turnover
2,016
3,015
Net profit
-327
-65
Evismo AG
Current assets
391
537
Non-current assets
1,054
761
Current liabilites
768
620
Non-current liabilites
328
38
Turnover
1,851
1,331
Net profit
-271
-506
Kradient Intelligence Oy
Current assets
1,583
0
Non-current assets
2
0
Current liabilites
266
0
Non-current liabilites
296
0
Turnover
179
0
Net profit
-57
0
Shares in associated companies
Acquisition cost Jan. 1
1,125
1,042
Translation differences
-5
-18
Additions during the period
2,315
216
Disposals during the period
-186
-114
Carrying amount at the end of the period
3,250
1,125
The carrying amount of the associated company shares includes goodwill of EUR 0.8 million for
the shares of Coronaria Analyysipalvelut Oy and EUR 2.0 million for the shares of Kradient
Intelligence Oy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-297": { "value": "
14. Shares in Associated Companies
Bittium Group owns 25% of Coronaria Analyysipalvelut Oy shares at the end of 2025. Through
this joint ownership, Bittium\u00a0 and Coronaria aim at gaining synergies from Bittium\u2019s device and
system development and the interfaces formed by Coronaria\u2019s clinical medicine and services.
Coronaria Analyysipalvelut Oy has been consolidated using the equity method\u00a0 using the
information that was available for the Bittium financial statements. The domicile of the company
is Oulu.
Bittium Group owns 20% of evismo AG shares at the end of 2025. Evismo AG provides medical
remote diagnostics services in Switzerland. Evismo AG has been consolidated using the equity
method using the information that was available for the Bittium financial statements. The
domicile of the company is in Zurich.
During the financial year 2025, Bittium acquired a 24.9% stake in Kradient Intelligence Oy, a
provider of artificial intelligence solutions. The aim of the ownership cooperation is to increase
the efficiency and features of Bittium's tactical communications products using artificial
intelligence. Kradient Intelligence Oy has been consolidated using the equity method using the
information that was available for the Bittium financial statements. The company has been
consolidated in the consolidated financial statements since the acquisition of the company on 1
October 2025. The company is domiciled in Turku.
1000 EUR
2025
2024
Shares in associated companies
Coronaria Analyysipalvelut Oy
919
1,002
Evismo AG
7
101
Kradient Intelligence Oy
2,301
0
Other associated companies
22
22
Assets total
3,250
1,125
Coronaria Analyysipalvelut Oy
Current assets
951
959
Non-current assets
731
1,116
Current liabilites
229
270
Non-current liabilites
0
25
Turnover
2,016
3,015
Net profit
-327
-65
Evismo AG
Current assets
391
537
Non-current assets
1,054
761
Current liabilites
768
620
Non-current liabilites
328
38
Turnover
1,851
1,331
Net profit
-271
-506
Kradient Intelligence Oy
Current assets
1,583
0
Non-current assets
2
0
Current liabilites
266
0
Non-current liabilites
296
0
Turnover
179
0
Net profit
-57
0
Shares in associated companies
Acquisition cost Jan. 1
1,125
1,042
Translation differences
-5
-18
Additions during the period
2,315
216
Disposals during the period
-186
-114
Carrying amount at the end of the period
3,250
1,125
The carrying amount of the associated company shares includes goodwill of EUR 0.8 million for
the shares of Coronaria Analyysipalvelut Oy and EUR 2.0 million for the shares of Kradient
Intelligence Oy.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-300": { "value": "
15. Other Financial Assets
1000 EUR
2025
2024
At 1 January
112
112
Additions
Disposals
At the closing date
112
112
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-301": { "value": "
16. Deferred Tax Liabilities and Assets
1000 EUR
1.1.2025
Recognized in
the income
statement
31.12.2025
Deferred tax assets
Tax loss carried forward
366
-88
278
Non-depreciated depreciations
7,014
1,646
8,660
Provisions
0
1,123
1,123
Lease liabilities
0
215
215
Other temporary differences
0
129
129
Netting against liabilities
0
-494
-494
Total
7,380
2,531
9,911
In the financial year 2025, previously unrecognized deferred tax assets have been reassessed. At
the end of the financial year 2025, deferred tax assets have been recognized in full at the
estimated probable tax benefit and deferred tax liabilities have been recognized in full.
At the end of the financial year 2024, the Group had unrecognized deferred tax assets mainly
resulting from confirmed losses, non-depreciated depreciation and provisions of approximately
EUR 6.4 million. In the comparison period, deferred tax assets have not been recognized in full
due to the uncertainty related to the utilization of tax assets.
1000 EUR
1.1.2025
Recognized in
the income
statement
31.12.2025
Deferred tax liabilities
Customer and technology assets
73
-20
53
Right-of-use assets
0
211
211
Other temporary differences
0
229
229
Netting against assets
0
-494
-494
Total
73
-74
0
1000 EUR
1.1.2024
Recognized in
the income
statement
31.12.2024
Deferred tax assets
Tax loss carried forward
526
-160
366
Non-depreciated depreciations
6,889
125
7,014
Total
7,415
-35
7,380
1000 EUR
1.1.2024
Recognized in
the income
statement
31.12.2024
Deferred tax liabilities
Customer and technology assets
114
-42
73
Total
114
-42
73
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-302": { "value": "
17. Inventories
1000 EUR
31.12.2025
31.12.2024
Raw materials and supplies
17,630
16,988
Work in progress
1,665
2,254
Finished products
5,073
5,561
Total
24,368
24,804
During the financial year 1.1.\u201331.12.2025, group has booked non-recurring write-down of EUR 0.1
million due to the impairment of inventory. (EUR 0.7 million 2024)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-304": { "value": "
18. Trade and Other Receivables (current)
1000 EUR
31.12.2025
31.12.2024
Non-current receivables
80
305
Non-current receivables total
80
305
Current receivables:
Trade receivables
53,299
27,351
Receivables from construction contracts
3,266
3,633
Prepaid expenses and accrued income
4,327
3,852
Other receivables
670
949
Current receivables total
61,562
35,786
1000 EUR
31.12.2025
31.12.2024
Prepaid expenses and accrued income
Government grants
2,318
2,195
Advance payments
1,131
872
Other prepaid expenses and accrued income
879
784
Prepaid expenses and accrued income total
4,327
3,852
The Group has recorded a provision for expected credit losses of EUR 0,5 million. (EUR 0,2 million
in 2024.)
During the financial year group has booked credit losses from accounts receivable EUR 0.0
million (EUR 0.0 million 2024)
1000 EUR
31.12.2025
31.12.2024
Age distribution of accounts receivable
Current
51,228
26,057
Aged Overdue Amounts
\u00a0 0-3 months
2,070
1,294
\u00a0 4-6 months
0
0
\u00a0 7-12 months
0
0
\u00a0 > 12 months
0
0
Total
53,299
27,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-303": { "value": "
18. Trade and Other Receivables (current)
1000 EUR
31.12.2025
31.12.2024
Non-current receivables
80
305
Non-current receivables total
80
305
Current receivables:
Trade receivables
53,299
27,351
Receivables from construction contracts
3,266
3,633
Prepaid expenses and accrued income
4,327
3,852
Other receivables
670
949
Current receivables total
61,562
35,786
1000 EUR
31.12.2025
31.12.2024
Prepaid expenses and accrued income
Government grants
2,318
2,195
Advance payments
1,131
872
Other prepaid expenses and accrued income
879
784
Prepaid expenses and accrued income total
4,327
3,852
The Group has recorded a provision for expected credit losses of EUR 0,5 million. (EUR 0,2 million
in 2024.)
During the financial year group has booked credit losses from accounts receivable EUR 0.0
million (EUR 0.0 million 2024)
1000 EUR
31.12.2025
31.12.2024
Age distribution of accounts receivable
Current
51,228
26,057
Aged Overdue Amounts
\u00a0 0-3 months
2,070
1,294
\u00a0 4-6 months
0
0
\u00a0 7-12 months
0
0
\u00a0 > 12 months
0
0
Total
53,299
27,351
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-305": { "value": "
19. Cash and Short-Term Deposits
1000 EUR
31.12.2025
31.12.2024
Cash and short-term deposits
20,883
21,775
Total
20,883
21,775
Cash and cash equivalents at consolidated cash flow
statement consist of:
Cash and short-term deposits
20,883
21,775
Total
20,883
21,775
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-307": { "value": "
20. Issued Capital and Reserves
Shares
1000 PCS
Share
premium
1000 EUR
Invested
non-restricted
equity fund
1000 EUR
Total
1000 EUR
31.12.2024
35,702
12,941
25,953
38,894
31.12.2025
35,702
12,941
26,053
38,994
Shares and the Share Capital
The shares of Bittium Corporation are listed on the NASDAQ OMX Helsinki Ltd. The Corporation
has one series of shares. All the shares entitle their holders to dividends of equal value. Each
share has one vote. The share does not have a nominal value. The company\u2019s shares have been
entered into the Finnish Central Securities Depository Ltd\u2019s book-entry securities system.
At the end of the financial period, the fully paid share capital of the company entered into the
Finnish Trade Register was EUR 12,941,269.00 and the total number of the shares was
35,702,264. The accounting per value of the company\u2019s share is EUR 0.10. The company has
186,248 own shares in its possession
Translation Differences
The translation reserve comprises all foreign exhange differences arising from the transition of
the financial statements of foreign subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-306": { "value": "
20. Issued Capital and Reserves
Shares
1000 PCS
Share
premium
1000 EUR
Invested
non-restricted
equity fund
1000 EUR
Total
1000 EUR
31.12.2024
35,702
12,941
25,953
38,894
31.12.2025
35,702
12,941
26,053
38,994
Shares and the Share Capital
The shares of Bittium Corporation are listed on the NASDAQ OMX Helsinki Ltd. The Corporation
has one series of shares. All the shares entitle their holders to dividends of equal value. Each
share has one vote. The share does not have a nominal value. The company\u2019s shares have been
entered into the Finnish Central Securities Depository Ltd\u2019s book-entry securities system.
At the end of the financial period, the fully paid share capital of the company entered into the
Finnish Trade Register was EUR 12,941,269.00 and the total number of the shares was
35,702,264. The accounting per value of the company\u2019s share is EUR 0.10. The company has
186,248 own shares in its possession
Translation Differences
The translation reserve comprises all foreign exhange differences arising from the transition of
the financial statements of foreign subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-309": { "value": "
20. Issued Capital and Reserves
Shares
1000 PCS
Share
premium
1000 EUR
Invested
non-restricted
equity fund
1000 EUR
Total
1000 EUR
31.12.2024
35,702
12,941
25,953
38,894
31.12.2025
35,702
12,941
26,053
38,994
Shares and the Share Capital
The shares of Bittium Corporation are listed on the NASDAQ OMX Helsinki Ltd. The Corporation
has one series of shares. All the shares entitle their holders to dividends of equal value. Each
share has one vote. The share does not have a nominal value. The company\u2019s shares have been
entered into the Finnish Central Securities Depository Ltd\u2019s book-entry securities system.
At the end of the financial period, the fully paid share capital of the company entered into the
Finnish Trade Register was EUR 12,941,269.00 and the total number of the shares was
35,702,264. The accounting per value of the company\u2019s share is EUR 0.10. The company has
186,248 own shares in its possession
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-308": { "value": "
20. Issued Capital and Reserves
Shares
1000 PCS
Share
premium
1000 EUR
Invested
non-restricted
equity fund
1000 EUR
Total
1000 EUR
31.12.2024
35,702
12,941
25,953
38,894
31.12.2025
35,702
12,941
26,053
38,994
Shares and the Share Capital
The shares of Bittium Corporation are listed on the NASDAQ OMX Helsinki Ltd. The Corporation
has one series of shares. All the shares entitle their holders to dividends of equal value. Each
share has one vote. The share does not have a nominal value. The company\u2019s shares have been
entered into the Finnish Central Securities Depository Ltd\u2019s book-entry securities system.
At the end of the financial period, the fully paid share capital of the company entered into the
Finnish Trade Register was EUR 12,941,269.00 and the total number of the shares was
35,702,264. The accounting per value of the company\u2019s share is EUR 0.10. The company has
186,248 own shares in its possession
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-310": { "value": "
Dividends
The Board of Directors proposes to the Annual General Meeting to be held on April 22, 2026, that
a dividend of EUR 0.15 per share be paid based on the balance sheet to be adopted for the
financial year ended December 31, 2025.
The Board of Directors furthermore proposes that the Annual General Meeting would authorize
the Board of Directors to decide, at its discretion, on the payment of an extraordinary dividend of
EUR 0.15 per share, by September 30, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-311": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-312": { "value": "0.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-313": { "value": "
21. Share-Based Payment Plans
Remuneration of the Management
The Board of Directors of Bittium Corporation has today decided on the establishment of a one-
off matching share plan for the Chief Executive Officer (CEO) of the company. The matching
share plan is a one-off plan, in which the CEO is expected to make an investment of
approximately EUR 100,000 in shares of Bittium Corporation. Bittium Corporation will match the
share investment by way of delivering matching shares without consideration with a net value of
EUR 100,000 to the CEO. The matching shares delivered to the CEO will be subject to a transfer
restriction of two years.
Share-based Remuneration of the
Management paid in financial year
2025
Form of the reward
Shares
Payment date
May 15, 2025
Total amount of the executed shares
14,949
Share price at the grant date, EUR
6.69
Total expenses of the reward, EUR
million
0.1
Vesting conditions
Ownership of the shares was transferred to the CEO
at once but the matching shares will be subject to a
transfer restriction (lock-up) of three years.
Execution
In shares
Share-based remuneration of the Management in the financial year 2025, PSP 2025-2027
On 19 June 2023, the Board of Directors of Bittium Corporation decided on the establishment of
a new share-based long-term incentive scheme for the Company's management. The PSP
consists of three annually commencing three-year performance share plans, PSP 2023-2025,
PSP 2024-2026, and PSP 2025-2027, each with a one-year performance period, which is
followed by the payment of the share reward and a two-year transfer restriction period. The
commencement of the following two plans, PSP 2024-2026, and PSP 2025-2027, is, however,
subject to a separate Board decision.
On 28 May 2025, the Board of Directors of Bittium Corporation decided to start a new period in
the long-term share-based incentive plan for the company's management, comprising a
performance-based share plan (Performance Share Plan) for the calendar years 2025\u20132027
(\"PSP 2025-2027\").
Share-based Remuneration of the
Management, PSP 2025\u20132027
Form of the reward
Shares
Grant date
May 28, 2025
Total amount of the shares at the most
62,523
Share price at the grant date, EUR
6.89
Total expenses of the reward at the
most, EUR million
0.4
Execution
In shares
The PSP 2025-2027 share incentive scheme has been expensed in the financial period 1 January
- 31 December 2025 at EUR 0.3 million.
Board of Directors\u2019 share-based compensation
During the financial year 2024, the Group paid part of the total Board of Directors\u2019 compensation
in company shares. The parent company acquired the shares on the stock exchange. The key
terms of the compensation arrangement are presented in the table below.
Share-based remuneration of the board
of directors paid in financial year 2024
Form of the reward
Shares
Payment date
May 2, 2024
Total amount of the executed shares
12,076
Share price at the grant date, EUR
6.03
Total expenses of the reward, EUR
million
0.1
Vesting conditions
Ownership of the shares was transferred to the
recipients at once but the recipients have agreed the
lock-up undertaking until the membership in the
board have ceased.
Execution
In shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-314": { "value": "
22. Provisions
1000 EUR
Guarantee
provisions
Repair
provisions
Others
Total
31.12.2024
4,326
1,112
16
5,454
Increase in
provisions
1,468
1,158
201
2,827
Utilized provisions
-320
-904
-1,224
Reversal of untilized
provisions
-1,384
-50
-1,434
31.12.2025
4,090
1,316
217
5,622
Current provisions
4,090
1,316
217
5,622
Total
4,090
1,316
217
5,622
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-315": { "value": "
23. Financial Liabilities
1000 EUR
31.12.2025
31.12.2024
Non-current loans
Non-current loans from financial institutions
15,626
17,000
Lease liabilities
1,160
1,025
Other non-current loans
185
268
Total
16,970
18,294
Current loans
Current loans from financial institutions
2,217
2,000
Lease liabilities
866
910
Trade and other payables
33,891
25,605
Total
36,974
28,515
Repayment schedule of\u00a0 loans:
2025
29,277
2026
37,555
3,366
2027
3,549
3,004
2028
3,028
2,638
2029
11,421
11,305
Later
86
0
Total
55,639
49,589
The Group has a senior loan from Nordea Bank Plc in the amount of EUR 17 million and a credit
limit agreement of EUR 10.0 million. The senior loan matures on 24 May 2029 and is repaid semi-
annually by EUR 1.0 million. The credit limit agreement is valid for a fixed term until 24 May 2026,
after which it will continue to be valid indefinitely. At the end of the financial year, there was no
credit limit in use. These agreements include customary covenants, including those related to
the equity ratio, interest-bearing liabilities and EBITDA, and the transfer and pledge of assets, the
terms of which were met at the end of the financial year.
The original carrying amount of the liabilities corresponds to their fair value, as the effect of
discounting is not material considering the maturity of the liabilities.
Interest-bearing long-term liabilities are divided by currency as follows:
1000 EUR
31.12.2025
31.12.2024
EUR
16,786
18,025
Total
16,786
18,025
Interest-bearing short-term liabilities are divided by currency as follows:
1000 EUR
31.12.2025
31.12.2024
EUR
3,084
2,910
Total
3,084
2,910
Maturity dates of lease liabilities:
1000 EUR
31.12.2025
31.12.2024
Lease liabilities - minimum lease payments
Within one year
931
973
After one year but no more than five years
1,136
1,001
After five years
84
88
Lease liabilities - Present value of minimum lease
payments
2,026
1,935
Within one year
866
910
After one year but no more than five years
1,092
954
After five years
68
71
Future finance charges
124
126
Total amount of lease liabilities
2,150
2,061
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-316": { "value": "
24. Changes in Liabilities Arising from Financing Activities
1000 EUR
1.1.2025
Cash flows
New leases
31.12.2025
Lease and financing
contracts
20,935
-3,216
2,149
19,869
Total
20,935
-3,216
2,149
19,869
1000 EUR
1.1.2024
Cash flows
New leases
31.12.2024
Lease and financing
contracts
22,568
-2,110
478
20,935
Total
22,568
-2,110
478
20,935
27. Operating Lease Agreements
The Group as Lessee
The total of future minimum lease payments under non-cancellable operating leases for each of
the following periods:
1000 EUR
31.12.2025
31.12.2024
Not later than one year
10
59
The Group owns its facilities in Oulu and Kuopio. The facilities in other locations are rented. In
average the maturities of the lease agreements are from 1 month to 5 years, and normally they
include an option to extend the rental period from originally agreed end date. IFRS 16 Leases
standard has come into force on 1st of January 2019. According to the standard, in principle all
lease contracts of the Group are recognized as assets and liabilities in Group\u2019s Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-322": { "value": "
25. Trade and Other Payables
1000 EUR
31.12.2025
31.12.2024
Non-current liabilities
Other non-current liabilities, non-interest bearing
Non-current advances received
168
202
Other non-current liabilities, non-interest bearing
16
66
Total
185
268
Current liabilities
Trade and other payables
Trade liabilities
11,995
7,232
Advances received
4,560
3,581
Accrued liabilities, deferred income
12,944
10,925
Other liabilities
4,391
3,867
Total
33,891
25,605
1000 EUR
31.12.2025
31.12.2024
Accrued liabilities, deferred income
Personnel expenses
6,050
5,764
Taxes
179
129
Other accrued liabilities, deferred income
6,716
5,033
Total
12,944
10,925
Material of accrued expenses and deferred income consists of personnel expenses and other
accruals.
The fair value of the\u00a0 liabilities doesn\u2019t significantly differ from the initial carrying value, because
the impact on discounting is not significant when taking into account the maturities of the loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-321": { "value": "
25. Trade and Other Payables
1000 EUR
31.12.2025
31.12.2024
Non-current liabilities
Other non-current liabilities, non-interest bearing
Non-current advances received
168
202
Other non-current liabilities, non-interest bearing
16
66
Total
185
268
Current liabilities
Trade and other payables
Trade liabilities
11,995
7,232
Advances received
4,560
3,581
Accrued liabilities, deferred income
12,944
10,925
Other liabilities
4,391
3,867
Total
33,891
25,605
1000 EUR
31.12.2025
31.12.2024
Accrued liabilities, deferred income
Personnel expenses
6,050
5,764
Taxes
179
129
Other accrued liabilities, deferred income
6,716
5,033
Total
12,944
10,925
Material of accrued expenses and deferred income consists of personnel expenses and other
accruals.
The fair value of the\u00a0 liabilities doesn\u2019t significantly differ from the initial carrying value, because
the impact on discounting is not significant when taking into account the maturities of the loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-320": { "value": "
25. Trade and Other Payables
1000 EUR
31.12.2025
31.12.2024
Non-current liabilities
Other non-current liabilities, non-interest bearing
Non-current advances received
168
202
Other non-current liabilities, non-interest bearing
16
66
Total
185
268
Current liabilities
Trade and other payables
Trade liabilities
11,995
7,232
Advances received
4,560
3,581
Accrued liabilities, deferred income
12,944
10,925
Other liabilities
4,391
3,867
Total
33,891
25,605
1000 EUR
31.12.2025
31.12.2024
Accrued liabilities, deferred income
Personnel expenses
6,050
5,764
Taxes
179
129
Other accrued liabilities, deferred income
6,716
5,033
Total
12,944
10,925
Material of accrued expenses and deferred income consists of personnel expenses and other
accruals.
The fair value of the\u00a0 liabilities doesn\u2019t significantly differ from the initial carrying value, because
the impact on discounting is not significant when taking into account the maturities of the loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-319": { "value": "
25. Trade and Other Payables
1000 EUR
31.12.2025
31.12.2024
Non-current liabilities
Other non-current liabilities, non-interest bearing
Non-current advances received
168
202
Other non-current liabilities, non-interest bearing
16
66
Total
185
268
Current liabilities
Trade and other payables
Trade liabilities
11,995
7,232
Advances received
4,560
3,581
Accrued liabilities, deferred income
12,944
10,925
Other liabilities
4,391
3,867
Total
33,891
25,605
1000 EUR
31.12.2025
31.12.2024
Accrued liabilities, deferred income
Personnel expenses
6,050
5,764
Taxes
179
129
Other accrued liabilities, deferred income
6,716
5,033
Total
12,944
10,925
Material of accrued expenses and deferred income consists of personnel expenses and other
accruals.
The fair value of the\u00a0 liabilities doesn\u2019t significantly differ from the initial carrying value, because
the impact on discounting is not significant when taking into account the maturities of the loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-318": { "value": "
25. Trade and Other Payables
1000 EUR
31.12.2025
31.12.2024
Non-current liabilities
Other non-current liabilities, non-interest bearing
Non-current advances received
168
202
Other non-current liabilities, non-interest bearing
16
66
Total
185
268
Current liabilities
Trade and other payables
Trade liabilities
11,995
7,232
Advances received
4,560
3,581
Accrued liabilities, deferred income
12,944
10,925
Other liabilities
4,391
3,867
Total
33,891
25,605
1000 EUR
31.12.2025
31.12.2024
Accrued liabilities, deferred income
Personnel expenses
6,050
5,764
Taxes
179
129
Other accrued liabilities, deferred income
6,716
5,033
Total
12,944
10,925
Material of accrued expenses and deferred income consists of personnel expenses and other
accruals.
The fair value of the\u00a0 liabilities doesn\u2019t significantly differ from the initial carrying value, because
the impact on discounting is not significant when taking into account the maturities of the loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-317": { "value": "
25. Trade and Other Payables
1000 EUR
31.12.2025
31.12.2024
Non-current liabilities
Other non-current liabilities, non-interest bearing
Non-current advances received
168
202
Other non-current liabilities, non-interest bearing
16
66
Total
185
268
Current liabilities
Trade and other payables
Trade liabilities
11,995
7,232
Advances received
4,560
3,581
Accrued liabilities, deferred income
12,944
10,925
Other liabilities
4,391
3,867
Total
33,891
25,605
1000 EUR
31.12.2025
31.12.2024
Accrued liabilities, deferred income
Personnel expenses
6,050
5,764
Taxes
179
129
Other accrued liabilities, deferred income
6,716
5,033
Total
12,944
10,925
Material of accrued expenses and deferred income consists of personnel expenses and other
accruals.
The fair value of the\u00a0 liabilities doesn\u2019t significantly differ from the initial carrying value, because
the impact on discounting is not significant when taking into account the maturities of the loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-323": { "value": "
26. Financial Risk Management
The Group is exposed to several financial risks in the normal course of business. The main
financial risks consist of currency, interest rate, investment and credit risks. The objective of the
Group's financial risk management is to reduce the impact of price fluctuations and other
uncertainties on the profit, balance sheet and cash flow and to ensure sufficient liquidity. The
Group uses forward exchange contracts and interest rate swaps in risk management.
Professional portfolio managers external to the Group are used in investment activities.
The general principles of the Group's financial risk management are approved by the Board of
Directors, and their practical implementation is the responsibility of the Group's Finance
Department together with the business units. The Group's Finance Department identifies and
assesses risks and acquires the necessary instruments to hedge against risks in close
cooperation with the operational units. The company's management assesses risk
concentrations from a business perspective by taking into account the similarity of the
characteristics of each concentration, which are affected in the same way by changes in
economic or other circumstances. Operations and loan arrangements carried out in the financial
markets are mainly centralized in the parent company. The financing of subsidiaries is mainly
handled through intra-Group loans and group account limits.
The Group's financial risks are divided into market, credit and liquidity risks.
Market Risks
Market risks arise from changes in the exchange rates or prices of currencies, interest rates and
securities. These changes may have an impact on the Group's results, cash flows and balance
sheet.
Currency risk
The Group operates internationally and is therefore exposed to transaction risks arising from
different currency positions and risks arising when investments in different currencies are
translated into the parent company's functional currency. The most significant currencies for the
Group are the euro and the USD. Foreign exchange risks arise from commercial transactions,
monetary items on the balance sheet and net investments in foreign subsidiaries. The invoicing
currency is either the functional currency of the unit or currencies in general use (EUR, USD).
Further information on the functional currency and the translation of foreign currency items can
also be found in the accounting policies of the consolidated financial statements.
The Group follows a currency strategy, the aim of which is to minimise the impact of exchange
rates in order to secure the margin of the business in changing market conditions. According to
the principles of the currency strategy, the net position is hedged against the future net cash
flow in the relevant currency that is considered certain and most likely to occur, which is
determined on the basis of trade receivables, trade payables, order backlog and forecasted net
currency flow. According to the Group's currency strategy, the hedging ratio of the net position
can vary between approximately 50\u2013100% when the net position exceeds EUR 1.0 million in a
currency. According to the currency strategy, the Group may also apply hedge accounting in
accordance with IFRS 9 if necessary. Hedge accounting was not applied during 2025. At the end
of the review period, the hedged net position had a countervalue of EUR 6.1 million. During the
financial year, the amount of the hedged position has varied between EUR 2.5\u20136.1 million.
The transaction risk related to the income statement has been hedged, and the translation risk or
economic risk related to the equity in the balance sheet has not been hedged. The total equity of
the Group companies reported in foreign currencies on 31 December 2025 was EUR 1.2 million
(EUR 2.1 million, 2024), of which the total equity of the Group companies denominated in dollars
was EUR 1.1 million (EUR 1.9 million, 2024).
At the balance sheet date, the Group had the following nominal amounts of currency derivatives
(the nominal amounts do not correspond to the cash payments exchanged between the parties):
Derivatives
1000 EUR
2025
2024
Forward contracts
Market value
67
-45
Nominal value
6,122
2,500
Dollar-denominated assets and liabilities converted into euros at the exchange rate on the
balance sheet date are as follows:
1000 EUR
2025
2024
Long-term assets
0
0
Long-term liabilities
0
0
Current assets
4,820
6,297
Current liabilities
3,688
4,384
The table below shows a 10% appreciation or depreciation of the euro against the US dollar, all
other factors remaining constant. The sensitivity analysis is based on the foreign currency
denominated assets and liabilities at the balance sheet date. The change in USD-denominated
trade receivables and liabilities would have been primarily due to currency exchange rate
changes.
Changes in income statement
Changes in equity before tax
1000 EUR
2025
2024
2025
2024
EUR appreciates
-100
-200
-100
-200
EUR depreciates
100
200
100
200
Interest rate risk
Some of the Group's loans are tied to fixed interest rates. The Group had loans tied to fixed
interest rates as follows on the balance sheet date:
1000 EUR
2025
2024
Fixed interest rate debts
2,869
1,935
The table below describes the interest rate risk of loans if there had been a +/- 1% change in the
interest rates of loans tied to short-term reference rates, calculated as annual interest expense
on the average loan principal at the beginning of the financial year and the balance sheet date,
all other factors remaining unchanged.
Changes in income statement
Changes in equity before tax
1000 EUR
2025
2024
2025
2024
Loan stock
20,900
22,600
Loan stock
19,900
20,900
Average loan
20,400
21,800
Change in
interest
+/- 200
+/- 200
+/- 200
+/- 200
Credit risk
The Group's credit risks are primarily related to trade receivables, cash and cash equivalents,
investment activities and derivative contracts used for hedging. In deposit, investment and
hedging activities, the Group only works with well-known partners with good creditworthiness.
Approximately 82% of the Group's trade receivables are from ten customers. Otherwise, trade
receivables are spread across a wide customer base in different geographical areas. Where
necessary, credit risk is reduced by, for example, letters of credit and bank guarantees. The
concentration of credit risk related to trade receivables is assessed primarily as the share of
individual customers in the Group's trade receivables, but also based on the maturity of the
receivables.
The amount of credit losses recognized in profit or loss during the financial year was
approximately EUR 0.0 million (EUR 0.0 million, 2024). The amount of loans granted to the
Group's associated companies at the end of 2025 was EUR 0.0 million (EUR 0.0 million, 2024).
The Group had no capital loans granted outside the Group at the end of 2025 (EUR 0.0 million,
2024).
The Group's maximum credit risk exposure corresponds to the carrying amount of financial
assets at the end of the financial year. The aging of trade receivables is presented in Note 18.
Liquidity risk
The Group and business segments continuously assess and monitor the amount of financing
required by the business so that the Group has sufficient liquid assets to finance operations and
repay maturing loans. The Group seeks to ensure the availability and flexibility of financing
through the Group\u2019s strong financial position and liquid investments. The Group has a senior loan
from Nordea Bank Plc in the amount of EUR 17.0 million and a binding credit limit agreement of
EUR 10.0 million. The senior loan term expires on 24 May 2029 and is repaid semi-annually by
EUR 1.0 million. The credit limit agreement is valid for a fixed term until 24 May 2026, after which
it is valid indefinitely with a one-month notice period. These agreements include customary
covenants, including those related to the equity ratio, interest-bearing liabilities and EBITDA, and
the transfer and pledge of assets. Credit limits of EUR 0.0 million were in use at the end of the
financial year. The age distribution of loans is presented in Note 23.
Capital management
The Group's capital management aims to support the business by ensuring normal operating
conditions under all circumstances through an optimal capital structure. An optimal capital
structure also ensures lower costs of capital.
The capital structure is influenced, among other things, through dividend distribution and share
issues. The Group may vary and adjust the amount of dividends paid to shareholders or the
amount of capital returned to them or the number of new shares issued, or decide on asset sales.
The company's management has regularly monitored the Group's net gearing and equity ratio.
The Group's interest-bearing net debt was EUR -1.0 million at the end of 2025 (EUR -0.8 million at
31 December 2024) and the net gearing was -0.8% (-0.7% at 31 December 2024). The Group's
equity ratio was 70.5% at the end of 2025 (69.9% at 31 December 2024).
Fair values of financial assets and liabilities
The fair value measurement policies used by the Group for all financial instruments are
presented below. The table also details the carrying amounts of each item whose fair values are
not considered to differ materially from those presented in the consolidated balance sheet.
Except for derivative contracts, all financial assets and liabilities are measured at amortized cost
in accounting.
1000 EUR
Note
Book value
2025
Fair value
2025
Book value
2024
Fair value
2024
Financial assets
Other financial assets
15
112
112
112
112
Non-Current receivables
18
80
80
305
305
Trade receivables
18
53,299
53,299
27,351
27,351
Cash and cash equivalents
19
20,883
20,883
21,775
21,775
Currency forwards
18
67
67
0
0
Financial liabilities
Bank loans
23
17,843
17,843
19,000
19,000
Trade payables and
25
16,555
16,555
10,813
10,813
Currency forwards
25
0
0
45
45
Equity and fund investments and other investments
Available-for-sale financial assets consist mainly of fixed income funds, the fair value of which is
based on the quotation on the balance sheet date (fair value level 1 in accordance with IFRS 13;
quoted (unadjusted) prices in active markets for identical assets and liabilities).
Derivatives
The fair values of forward currency contracts are determined based on publicly quoted currency
and interest rate data using generally accepted valuation techniques (fair value level 2 under
IFRS 13; instruments whose fair value is observable either directly (i.e. as a price) or indirectly (i.e.
derived)). The calculations have been prepared by an external expert.
Bank loans
The fair values are estimated to approximately correspond to the book values.
Accounts receivable
The original carrying amount of trade receivables corresponds to their fair value, as the effect of
discounting is not material considering the maturity of the receivables.
Accounts payable and advances received
The original carrying amount of trade payables and advances received corresponds to their fair
value, as the effect of discounting is not material considering the maturity of the liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-324": { "value": "
Market Risks
Market risks arise from changes in the exchange rates or prices of currencies, interest rates and
securities. These changes may have an impact on the Group's results, cash flows and balance
sheet.
Currency risk
The Group operates internationally and is therefore exposed to transaction risks arising from
different currency positions and risks arising when investments in different currencies are
translated into the parent company's functional currency. The most significant currencies for the
Group are the euro and the USD. Foreign exchange risks arise from commercial transactions,
monetary items on the balance sheet and net investments in foreign subsidiaries. The invoicing
currency is either the functional currency of the unit or currencies in general use (EUR, USD).
Further information on the functional currency and the translation of foreign currency items can
also be found in the accounting policies of the consolidated financial statements.
The Group follows a currency strategy, the aim of which is to minimise the impact of exchange
rates in order to secure the margin of the business in changing market conditions. According to
the principles of the currency strategy, the net position is hedged against the future net cash
flow in the relevant currency that is considered certain and most likely to occur, which is
determined on the basis of trade receivables, trade payables, order backlog and forecasted net
currency flow. According to the Group's currency strategy, the hedging ratio of the net position
can vary between approximately 50\u2013100% when the net position exceeds EUR 1.0 million in a
currency. According to the currency strategy, the Group may also apply hedge accounting in
accordance with IFRS 9 if necessary. Hedge accounting was not applied during 2025. At the end
of the review period, the hedged net position had a countervalue of EUR 6.1 million. During the
financial year, the amount of the hedged position has varied between EUR 2.5\u20136.1 million.
The transaction risk related to the income statement has been hedged, and the translation risk or
economic risk related to the equity in the balance sheet has not been hedged. The total equity of
the Group companies reported in foreign currencies on 31 December 2025 was EUR 1.2 million
(EUR 2.1 million, 2024), of which the total equity of the Group companies denominated in dollars
was EUR 1.1 million (EUR 1.9 million, 2024).
At the balance sheet date, the Group had the following nominal amounts of currency derivatives
(the nominal amounts do not correspond to the cash payments exchanged between the parties):
Derivatives
1000 EUR
2025
2024
Forward contracts
Market value
67
-45
Nominal value
6,122
2,500
Dollar-denominated assets and liabilities converted into euros at the exchange rate on the
balance sheet date are as follows:
1000 EUR
2025
2024
Long-term assets
0
0
Long-term liabilities
0
0
Current assets
4,820
6,297
Current liabilities
3,688
4,384
The table below shows a 10% appreciation or depreciation of the euro against the US dollar, all
other factors remaining constant. The sensitivity analysis is based on the foreign currency
denominated assets and liabilities at the balance sheet date. The change in USD-denominated
trade receivables and liabilities would have been primarily due to currency exchange rate
changes.
Changes in income statement
Changes in equity before tax
1000 EUR
2025
2024
2025
2024
EUR appreciates
-100
-200
-100
-200
EUR depreciates
100
200
100
200
Interest rate risk
Some of the Group's loans are tied to fixed interest rates. The Group had loans tied to fixed
interest rates as follows on the balance sheet date:
1000 EUR
2025
2024
Fixed interest rate debts
2,869
1,935
The table below describes the interest rate risk of loans if there had been a +/- 1% change in the
interest rates of loans tied to short-term reference rates, calculated as annual interest expense
on the average loan principal at the beginning of the financial year and the balance sheet date,
all other factors remaining unchanged.
Changes in income statement
Changes in equity before tax
1000 EUR
2025
2024
2025
2024
Loan stock
20,900
22,600
Loan stock
19,900
20,900
Average loan
20,400
21,800
Change in
interest
+/- 200
+/- 200
+/- 200
+/- 200
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-325": { "value": "
At the balance sheet date, the Group had the following nominal amounts of currency derivatives
(the nominal amounts do not correspond to the cash payments exchanged between the parties):
Derivatives
1000 EUR
2025
2024
Forward contracts
Market value
67
-45
Nominal value
6,122
2,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-326": { "value": "
Credit risk
The Group's credit risks are primarily related to trade receivables, cash and cash equivalents,
investment activities and derivative contracts used for hedging. In deposit, investment and
hedging activities, the Group only works with well-known partners with good creditworthiness.
Approximately 82% of the Group's trade receivables are from ten customers. Otherwise, trade
receivables are spread across a wide customer base in different geographical areas. Where
necessary, credit risk is reduced by, for example, letters of credit and bank guarantees. The
concentration of credit risk related to trade receivables is assessed primarily as the share of
individual customers in the Group's trade receivables, but also based on the maturity of the
receivables.
The amount of credit losses recognized in profit or loss during the financial year was
approximately EUR 0.0 million (EUR 0.0 million, 2024). The amount of loans granted to the
Group's associated companies at the end of 2025 was EUR 0.0 million (EUR 0.0 million, 2024).
The Group had no capital loans granted outside the Group at the end of 2025 (EUR 0.0 million,
2024).
The Group's maximum credit risk exposure corresponds to the carrying amount of financial
assets at the end of the financial year. The aging of trade receivables is presented in Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-327": { "value": "
Liquidity risk
The Group and business segments continuously assess and monitor the amount of financing
required by the business so that the Group has sufficient liquid assets to finance operations and
repay maturing loans. The Group seeks to ensure the availability and flexibility of financing
through the Group\u2019s strong financial position and liquid investments. The Group has a senior loan
from Nordea Bank Plc in the amount of EUR 17.0 million and a binding credit limit agreement of
EUR 10.0 million. The senior loan term expires on 24 May 2029 and is repaid semi-annually by
EUR 1.0 million. The credit limit agreement is valid for a fixed term until 24 May 2026, after which
it is valid indefinitely with a one-month notice period. These agreements include customary
covenants, including those related to the equity ratio, interest-bearing liabilities and EBITDA, and
the transfer and pledge of assets. Credit limits of EUR 0.0 million were in use at the end of the
financial year. The age distribution of loans is presented in Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-328": { "value": "
Capital management
The Group's capital management aims to support the business by ensuring normal operating
conditions under all circumstances through an optimal capital structure. An optimal capital
structure also ensures lower costs of capital.
The capital structure is influenced, among other things, through dividend distribution and share
issues. The Group may vary and adjust the amount of dividends paid to shareholders or the
amount of capital returned to them or the number of new shares issued, or decide on asset sales.
The company's management has regularly monitored the Group's net gearing and equity ratio.
The Group's interest-bearing net debt was EUR -1.0 million at the end of 2025 (EUR -0.8 million at
31 December 2024) and the net gearing was -0.8% (-0.7% at 31 December 2024). The Group's
equity ratio was 70.5% at the end of 2025 (69.9% at 31 December 2024).
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-330": { "value": "
Fair values of financial assets and liabilities
The fair value measurement policies used by the Group for all financial instruments are
presented below. The table also details the carrying amounts of each item whose fair values are
not considered to differ materially from those presented in the consolidated balance sheet.
Except for derivative contracts, all financial assets and liabilities are measured at amortized cost
in accounting.
1000 EUR
Note
Book value
2025
Fair value
2025
Book value
2024
Fair value
2024
Financial assets
Other financial assets
15
112
112
112
112
Non-Current receivables
18
80
80
305
305
Trade receivables
18
53,299
53,299
27,351
27,351
Cash and cash equivalents
19
20,883
20,883
21,775
21,775
Currency forwards
18
67
67
0
0
Financial liabilities
Bank loans
23
17,843
17,843
19,000
19,000
Trade payables and
25
16,555
16,555
10,813
10,813
Currency forwards
25
0
0
45
45
Equity and fund investments and other investments
Available-for-sale financial assets consist mainly of fixed income funds, the fair value of which is
based on the quotation on the balance sheet date (fair value level 1 in accordance with IFRS 13;
quoted (unadjusted) prices in active markets for identical assets and liabilities).
Derivatives
The fair values of forward currency contracts are determined based on publicly quoted currency
and interest rate data using generally accepted valuation techniques (fair value level 2 under
IFRS 13; instruments whose fair value is observable either directly (i.e. as a price) or indirectly (i.e.
derived)). The calculations have been prepared by an external expert.
Bank loans
The fair values are estimated to approximately correspond to the book values.
Accounts receivable
The original carrying amount of trade receivables corresponds to their fair value, as the effect of
discounting is not material considering the maturity of the receivables.
Accounts payable and advances received
The original carrying amount of trade payables and advances received corresponds to their fair
value, as the effect of discounting is not material considering the maturity of the liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-329": { "value": "
Fair values of financial assets and liabilities
The fair value measurement policies used by the Group for all financial instruments are
presented below. The table also details the carrying amounts of each item whose fair values are
not considered to differ materially from those presented in the consolidated balance sheet.
Except for derivative contracts, all financial assets and liabilities are measured at amortized cost
in accounting.
1000 EUR
Note
Book value
2025
Fair value
2025
Book value
2024
Fair value
2024
Financial assets
Other financial assets
15
112
112
112
112
Non-Current receivables
18
80
80
305
305
Trade receivables
18
53,299
53,299
27,351
27,351
Cash and cash equivalents
19
20,883
20,883
21,775
21,775
Currency forwards
18
67
67
0
0
Financial liabilities
Bank loans
23
17,843
17,843
19,000
19,000
Trade payables and
25
16,555
16,555
10,813
10,813
Currency forwards
25
0
0
45
45
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-333": { "value": "
28. Securities and Contingent Liabilities
1000 EUR
31.12.2025
31.12.2024
Against own liabilities
Floating charges
Guarantee limits
5,000
5,000
Guarantee limits\u00a0 (guarantees issued)
65
89
Other contractual liabilities
\u00a0 Falling due in the next year
1,144
1,391
\u00a0 Falling due after one year
675
823
Material purchase commitments
14,191
12,028
Other Liability
Group has made real estate investments as referred to in
the value-added tax law, the adjustment periods for
which, the value-added tax included in the investment,
the value-added tax deducted from construction costs,
and the amount subject to annual adjustment are
presented in the attached table.
10 year review period:
Real estate investment (net)
13,041
13,041
Value Added Tax on real estate investment
3,130
3,130
Reduced VAT
3,130
3,130
Annual amount subject to review
313
313
Adjustmet Liability
313
626
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-332": { "value": "
28. Securities and Contingent Liabilities
1000 EUR
31.12.2025
31.12.2024
Against own liabilities
Floating charges
Guarantee limits
5,000
5,000
Guarantee limits\u00a0 (guarantees issued)
65
89
Other contractual liabilities
\u00a0 Falling due in the next year
1,144
1,391
\u00a0 Falling due after one year
675
823
Material purchase commitments
14,191
12,028
Other Liability
Group has made real estate investments as referred to in
the value-added tax law, the adjustment periods for
which, the value-added tax included in the investment,
the value-added tax deducted from construction costs,
and the amount subject to annual adjustment are
presented in the attached table.
10 year review period:
Real estate investment (net)
13,041
13,041
Value Added Tax on real estate investment
3,130
3,130
Reduced VAT
3,130
3,130
Annual amount subject to review
313
313
Adjustmet Liability
313
626
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-331": { "value": "
28. Securities and Contingent Liabilities
1000 EUR
31.12.2025
31.12.2024
Against own liabilities
Floating charges
Guarantee limits
5,000
5,000
Guarantee limits\u00a0 (guarantees issued)
65
89
Other contractual liabilities
\u00a0 Falling due in the next year
1,144
1,391
\u00a0 Falling due after one year
675
823
Material purchase commitments
14,191
12,028
Other Liability
Group has made real estate investments as referred to in
the value-added tax law, the adjustment periods for
which, the value-added tax included in the investment,
the value-added tax deducted from construction costs,
and the amount subject to annual adjustment are
presented in the attached table.
10 year review period:
Real estate investment (net)
13,041
13,041
Value Added Tax on real estate investment
3,130
3,130
Reduced VAT
3,130
3,130
Annual amount subject to review
313
313
Adjustmet Liability
313
626
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "
29. Related Party Disclosures
Bittium's related parties include subsidiaries, associated companies and joint ventures, and
shareholders of the company who own at least 20 percent of the shares or votes in the Company.
Related parties also include executives (members of the Company's Board of Directors, CEO and
members of the Management Group), as well as the spouse or common-law partner of the
aforementioned and their children and other dependents regardless of age or place of residence,
as well as entities in which the aforementioned related party, alone or together with their own
related party, exercises significant influence or control, which is considered CEO or ownership of
more than 20%.
The Group has the following structure:
Country of
incorporation
Owned by
Parent %
Owned by
Group %
Parent
Bittium Corporation
Finland
Subsidiaries
Bittium Technologies Ltd
Finland
100.00
100.00
Bittium Wireless Ltd
Finland
0.00
100.00
Bittium Safemove Ltd
Finland
0.00
100.00
Bittium Biosignals Ltd
Finland
0.00
100.00
Kiinteist\u00f6osakeyhti\u00f6 Oulun Ritaharjuntie 1
Finland
0.00
100.00
Kiinteist\u00f6osakeyhti\u00f6 Kuopion Pioneerinkatu 6
Finland
0.00
100.00
Bittium Germany GmbH
Germany
0.00
100.00
Bittium Mexico S.A. de C.V.
Mexico
0.00
100.00
Bittium USA, Inc.
USA
0.00
100.00
Bittium UK Ltd.
UK
0.00
100.00
During the financial period 1.1-31.12.2025, the subsidiary Bittium Medanalytics Oy, which was part
of the Group and has not had any business operations in the recent years, was dissolved. During
the financial period, a new subsidiary, Bittium UK Ltd., was established in London.
Information on the associated companies is presented in Note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-334": { "value": "
29. Related Party Disclosures
Bittium's related parties include subsidiaries, associated companies and joint ventures, and
shareholders of the company who own at least 20 percent of the shares or votes in the Company.
Related parties also include executives (members of the Company's Board of Directors, CEO and
members of the Management Group), as well as the spouse or common-law partner of the
aforementioned and their children and other dependents regardless of age or place of residence,
as well as entities in which the aforementioned related party, alone or together with their own
related party, exercises significant influence or control, which is considered CEO or ownership of
more than 20%.
The Group has the following structure:
Country of
incorporation
Owned by
Parent %
Owned by
Group %
Parent
Bittium Corporation
Finland
Subsidiaries
Bittium Technologies Ltd
Finland
100.00
100.00
Bittium Wireless Ltd
Finland
0.00
100.00
Bittium Safemove Ltd
Finland
0.00
100.00
Bittium Biosignals Ltd
Finland
0.00
100.00
Kiinteist\u00f6osakeyhti\u00f6 Oulun Ritaharjuntie 1
Finland
0.00
100.00
Kiinteist\u00f6osakeyhti\u00f6 Kuopion Pioneerinkatu 6
Finland
0.00
100.00
Bittium Germany GmbH
Germany
0.00
100.00
Bittium Mexico S.A. de C.V.
Mexico
0.00
100.00
Bittium USA, Inc.
USA
0.00
100.00
Bittium UK Ltd.
UK
0.00
100.00
During the financial period 1.1-31.12.2025, the subsidiary Bittium Medanalytics Oy, which was part
of the Group and has not had any business operations in the recent years, was dissolved. During
the financial period, a new subsidiary, Bittium UK Ltd., was established in London.
Information on the associated companies is presented in Note 14.
Related party transactions and balances:
1000 EUR
2025
2024
Associated companies
Net sales
2,110
1,205
Purchases
148
24
Receivables
225
451
Debts
50
100
Related party transactions have occured based on market terms.
1000 EUR
2025
2024
Employee benefits for key management
Salaries and remuneration
Managing director of the parent
Petri Toljamo 1.4.-31.12.2025
539
0
Johan Westermarck, 1.1-31.12.2024, 1.1-31.3.2025
88
357
Total
627
357
Remuneration of the members of the board of the parent, the
financial committee and the managing directors of the business
segments
Erkki Veikkolainen\u00a0 1.1.-31.12.2024, 1.1.-31.12.2025
44
33
Riitta Tiuraniemi 1.1.-31.12.2024, 1.1.-31.12.2025
30
24
Pekka Kemppainen 1.1.- 31.12.2024, 1.1.-31.12.2025
25
19
Raimo Jyv\u00e4sj\u00e4rvi 10.4.- 31.12.2024, 1.1.-31.12.2025
25
14
Petri Toljamo 1.1.-31.12.2024, 1.1.-31.3.2025
6
22
Veli-Pekka Paloranta 1.1.-31.12.2024, 1.1.-31.12.2025
28
22
Jukka Harju 7.5.-31.12.2025
20
0
Total
180
132
Share-based incentives
Board of directors
0
73
Members of the group executive board
224
0
Total
224
73
Except for Remunaration of the Management and the Members of
the Board Bittium has not had significant business transactions
with it's Board, Managing Director or Members of the Group
Executive Board, including the companies that they have control or
significant influence in. There have not been any business
transactions or open balances between the related parties.
Members of the group executive board
Salaries and remuneration
1,072
951
Annual incentive bonus short-term incentive plan
296
149
Share-based incentives
0
0
Total
1,368
1,100
Except for management remuneration, Bittium has not had any significant business
transactions with its Board of Directors, CEO or management team, including companies in
which they have control or significant influence.
Loans and guarantees to related party
There are no loans or guarantees granted between the related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:743700NFG5W5I59OVX65", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "
30. Events After the Balance Sheet Date
On February 18, 2025, Bittium Corporation's current CEO Johan Westermarck resigned from his
position. The Board of Directors of Bittium Corporation appointed Petri Toljamo (M.Sc., eMBA) as
the new CEO as of April 1, 2025. Johan Westermarck will continue in his position until March 31,
2025.
On March 6, 2025, Niina Huikuri (M.Sc.) was appointed as the President of Bittium Corporation's
Medical Business Segment and a member of the Management Team, effective May 1, 2025. The
current President of the Medical Business Segment and a member of the Management Team,
Laura Kauppinen, has resigned from her position. Kauppinen will continue in her position until
April 30, 2025.
6.3.2026 M.Sc. (Eng.) Hanna Hulkko has been appointed as Senior Vice President of Bittium
Corporation\u2019s Engineering Services Business Segment and a member of the Management Group
as of 11 June 2026. In her role, she will report to Bittium Corporation\u2019s CEO Petri Toljamo. The
current head of the Engineering Services Business Segment and member of the Management
Group, Jari Inget, will continue in the Engineering Services Business Segment as Business
Development Director, focusing on advancing the strategic focus areas.
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Financial statements prepared in accordance with applicable accounting regulations give a true
and fair view of the assets, liabilities, financial position and profit or loss of the company and the
companies included in its consolidated financial statements.
The report of the Board of Directors contains a true and fair view of the development and results
of the business of the company and of the companies included in its consolidated financial
statements, as well as a description of the most significant risks and uncertainties and other
aspects of the company's status.
The sustainability statement included in the annual report has been prepared in accordance with
the sustainability reporting standards referred to in Chapter 7 of the Accounting Act and Article 8
of the Taxonomy Regulation.
Oulu, March 30, 2026
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