European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · 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
+15%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. Separately, the CE-marked Faros Pro and single-use EasyFlex one-lead patch support continuous ambulatory ECG recording from 24 hours to 30 days; Faros Pro provides up to 21 days on one charge depending on settings, and availability varies by market. 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 is changing at Bittium in 2026?

Bittium is adding functions and users to owned platforms: MarshallAI software is being developed to turn existing tactical radios into distributed sensors, while a separate Tough SDR Unmanned module connects robotic systems; interoperability and Finnish orders widen deployment paths; and Faros Pro with EasyFlex renews long-term ECG monitoring. Products constituted the majority of H1 sales.

Latest official evidence Faros Pro launch and H1 portfolio update Published 27 August 2026

The change in one sentence

Owned platforms are gaining functions, users and a larger share of the period sales mix.

Development, adoption and revenue remain different stages: AI functions have no disclosed field deployment; ESSOR's total is not Bittium's order; Finnish orders are only part of backlog; and Faros-family history is not Faros Pro adoption.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · Radios gain new roles

Software-defined radios are being developed as sensors, routers and unmanned nodes

Bittium says a software-only MarshallAI upgrade is intended to make tactical radios scan a broad radio-frequency spectrum, detect unknown signals and switch to safer channels before jamming cuts communications, with communications and sensing operating simultaneously and AI processing on the device. A separate NestAI collaboration plans cognitive routing for FUSOR and acoustic sensing via radio microphones to detect events such as drones or explosions. Tough SDR Unmanned is a distinct dedicated radio module connecting land, air and sea systems to a tactical network; no source says the AI layers are part of it. No AI trials, customer orders, field deployment or revenue are disclosed.

02 · Interoperability and adoption

A common waveform and Finnish orders show two paths to scale

Within ESSOR ES4, Bittium works with Indra, Leonardo, Radmor, Rohde & Schwarz and Thales on a narrow-band waveform aligned with future NATO STANAG 5630 Edition 2 and intended to be portable to national SDRs of the same architecture. The ES4 value exceeds EUR 211 million, but Bittium says its share is significantly below a direct proportional split and gives no amount. Separately, June Finnish Defence Forces orders total approximately EUR 21.4 million for Tough SDR radios, TAC WIN devices and support for 2026 delivery. They are only part of the EUR 102.2 million H1 backlog, 92.2% of which is Defence & Security.

03 · Long-term ECG renewal

Faros Pro and EasyFlex extend monitoring while patients continue daily life

Bittium launched the Faros Pro ambulatory ECG device, CE marked under EU MDR, with the single-use EasyFlex one-lead electrode patch outside the United States. The system supports continuous recording from 24 hours to 30 days and up to 21 days on one charge depending on settings. Bittium says more than 600,000 Faros-family devices have historically been delivered to over 40 countries; that installed-base figure is not Faros Pro sales. Product availability varies by market, and no new-device order, revenue or adoption figure is disclosed.

  • Current signal24 hours to 30 days · up to 21 days per charge · CE marked
  • Why it mattersThe launch renews Bittium's medical product base alongside defence growth, but regulatory marking and family history do not establish commercial uptake of the new model.
  • Faros Pro and EasyFlex launch Bittium · 2026-08-27
  • H1 product mix and backlog Bittium · 2026-08-07

04 · What to watch

Three questions for the next disclosures

Three questions track conversion from product development and standards into deployment, delivery and new-model adoption.

  • AI and unmanned useWhich sensing or routing functions reach trials or orders, and is any integration with Tough SDR Unmanned disclosed?
  • Waveform and deliveriesDoes ENBWF enter qualification and national radios while Finnish 2026 orders convert into delivered products and support?
  • Faros Pro adoptionIn which markets does Faros Pro become available, and does Bittium disclose orders, use or integration into wider clinical workflows?

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%