Letter from the CEO

Dear investors,

Consolidated turnover for the first half of the year amounts to 126 million lei (+41% vs H1 2025). Gross margin from continuing operations again grew at a faster rate than turnover, reaching 23.5 million lei (+49% vs H1 2025), directly driven by the doubling of service revenues: from 26 million in H1 2025 to 50.5 million in H1 2026. At the half-year mark, consolidated EBITDA stands at 3.2 million lei, while the operating result recorded a significant improvement versus the same period last year: a loss of -1.19 million lei in H1 2026, vs -17 million in H1 2025. Net profit was positively influenced by the sale of Elian, a transaction that generated a profit of 12.8 million lei. In this context, consolidated net profit for the reporting period is +8.5 million lei.

These results reflect the commitment we undertook in April 2024, reconfirmed by the general shareholder meetings of October 2025 and April 2026: monetising the assets in Bittnet’s portfolio, including through their sale, for the purpose of rewarding shareholders — returning capital via buybacks or dividends, alongside a continued focus on operational efficiency (continuous improvement).

From an operational standpoint, in the first half we successfully delivered the largest training projects in the history of the Education division: cybersecurity courses for the public sector. In this context, the division closed H1 with record revenue from customer contracts of 29.3 million lei and an operating profit of 4 million lei, exceeding the budget projected for the first half. This performance confirms both the contribution of the large-scale public projects — won at the end of 2025 and the start of 2026 — and the ability of our commercial and operational segments to sustain the delivery of a high number of classes at high frequency, for a large number of trainees.

As regards Dendrio, our main pillar by turnover, the first half of 2026 was a period of consolidation and execution of large IT infrastructure projects. Valued in May 2026 by an independent appraiser at approximately 30 million euro (2.3 times BNET’s entire market capitalisation as at 30.06.2026), Dendrio reconfirms its active market position through the signing of significant new contracts in the first half of the year and the continued delivery of opportunities in cybersecurity and hybrid infrastructure.

Revenues at Dendrio level amount to 94 million lei, up 14.3% versus last year, with a gross margin of 14.6 million lei, up 20% versus H1 2025, and a significant reduction in indirect costs (21% reduction in selling expenses and 18% reduction in administrative expenses), generating an operating loss of 4 million lei in H1 2026 — a 60% improvement in this indicator.

Nenos, our artificial intelligence pillar, continued its positive trajectory, recording revenue growth of over 80% (helped by the base effect), which translated into a similar increase in operating profit: from 315 thousand lei to 716 thousand lei in H1 2026.

At Bittnet Group level, for the coming period and in respect of continuing operations, the backlog of signed contracts with delivery in 2026 stands at approximately 175 million lei, with an estimated gross margin of 23 million lei, to which is added a qualified pipeline of nearly 300 million lei, with a historical conversion rate of approximately 50%.

Although these are two events subsequent to the first half and with no impact on H1 results: at the beginning of August we informed investors of the launch of a tender offer to repurchase up to 142 million own shares (approximately 22% of the total) with the intention of cancelling them, in line with the AGM approvals of April 2026. The offer documentation has been filed for ASF approval, and the subscription period will begin immediately upon receipt of the authorisations required for such an operation. The value of this buyback programme is 25 million lei, an amount equal to the Group’s proceeds to date from the sales of Elian, Optimizor and Softbinator, in accordance with the strategy of monetising assets and returning capital to shareholders.

In parallel, we completed the public offering of BNET31E corporate bonds — the tenth in Bittnet’s history and the first secured one — through which we raised 7.33 million euro, maturing in July 2031, with a fixed interest rate of 10.6% per year, paid semi-annually. For the second half of the year, we intend to run our first bond exchange offer, addressed to holders of our other listed issues, in accordance with the April AGM approval, and we are taking the necessary steps with capital market institutions to that end.

ASF has already registered the BNET31E bonds as financial instruments, a necessary step for their listing on the BVB regulated market — estimated for 8 September 2026. We thank investors for the confidence they have placed in us.

As always, we encourage you to send us feedback at our dedicated e-mail address investors@bittnet.ro.

Mihai Logofătu,
CEO & Co-founder Bittnet Group