European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank22

Finland · Technology

Bittium

Provides secure connectivity solutions, tactical communications, and products for measuring and monitoring biosignals.

+45%revenue growth
FY2022–FY2025
+8335%net-income growth
FY2022–FY2025
+681%stock return
FY2022–FY2025
−12%2026 stock return
current context only

Company profile

Secure connectivity for battlefields, mobile work and clinical monitoring

Bittium turns longstanding radio, wireless and signal-processing expertise into products for three distinct operating environments. Defence forces use TAC WIN backbones and Tough SDR radios to carry command data between headquarters, vehicles, soldiers and unmanned platforms. Government and critical-infrastructure teams use Tough Mobile devices and SafeMove software for secure work on the move. Hospitals, clinics and diagnostic providers use portable ECG, EEG and sleep-monitoring systems. Customer-specific engineering and long life-cycle services support these product platforms.

Battlefield communications

From command posts to soldiers and unmanned platforms

TAC WIN forms a wireless IP backbone for command-and-control and sensor data. Tough SDR Vehicular brings two-channel links to vehicles, naval vessels and sensor platforms; Tough SDR Handheld extends voice, data and video to dismounted leaders using the NATO-standard ESSOR waveform. Tough SDR Unmanned connects drones and ground or maritime robots as nodes in the same self-healing network. Two official films make the chain visible, from network management to real-time situational awareness.

Deployment and positioning

National programmes scale through integration, service and licensing

Defence sales progress through long sovereign programmes, not consumer cycles. Bittium says TAC WIN and Tough SDR were developed with the Finnish Defence Forces and now operate in five European countries. Austria is expanding a network supplied since 2019, with life-cycle services extending to 2038; Croatia extended the system from Navy and Land Forces to Air Force ground communications. Spain follows a different model: Indra licenses the radio technology for local development and manufacturing, while Bittium also sells customer-specific R&D services.

Secure mobile work

Separate systems serve classified users and mobile field teams

Tough Mobile 2 C is designed for government and authority users: one handset runs separated Personal and Confidential operating systems, with hardware-backed security, Privacy Mode and SafeMove-managed communications. The complete combination is approved for NATO Restricted and Finland's TL III Confidential level. SafeMove also serves a different setting: utilities and other mobile workforces that need an always-on, session-persistent VPN while devices move between weak or changing networks. Bittium cites UK Power Networks and Thames Water as field-service cases.

Portable clinical workflows

Heart, brain and sleep signals follow different care pathways

HolterPlus combines a waterproof Faros ECG recorder, MedicalSuite transfer and Cardiac Navigator analysis for monitoring outside hospital for up to 30 days. In Europe, BrainStatus instead places a CE-marked quick-fit forehead EEG in emergency and intensive-care workflows; Bittium separately states that US use is for research only, not diagnosis. Respiro is for home sleep-apnoea testing, after which its Analyst software pre-analyses the recording for clinical review. These are distinct cardiac, neurological and sleep products, but all rely on portable biosignal capture, digital data transfer and specialist analysis software.

Current 2026 update

What has changed in 2026?

Defence programme updates · 7 July 2026

Defence programme updateslatest official update
4company-specific highlights
−12%2026 stock return · context only

Revenue

Q1 revenue rose to EUR 21.3m from EUR 19.3m.

Q1 2026 · EUR 21.3m · +10.4%

Operating profit

Q1 operating profit rose to EUR 1.5m from EUR 0.4m.

Q1 2026 · EUR 1.5m · +275.0%

Engineering Services revenue

Engineering Services revenue fell to EUR 2.8m from EUR 3.9m, a counterpoint to group growth.

Q1 2026 · EUR 2.8m · -28.2%

Defence programme updates

Bittium joined an ESSOR amendment taking the shared ES4 contract above EUR 211m; work is allocated by member-state shares and Bittium's share is significantly below a direct relative split.

Defence programme updates

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202522+45%+8335%+681%